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Questions and Answers of Accounting

The following financial information is available for Sara Lee Corporation.InstructionsCalculate the payout ratio and return on common stockholders' equity ratio for 2007 and2006. Comment on
The following financial information is available for Walgreen Company.InstructionsCalculate the payout ratio and return on common stockholders€™ equity ratio for 2007 and2006. Comment on
Oslo Corporation decided to issue common stock and used the $300,000 proceeds to retire all of its outstanding bonds on January 1, 2010. The following information is available for the company for
Flypaper Airlines is considering these two alternatives for financing the purchase of a fleet of airplanes:1. Issue 60,000 shares of common stock at $45 per share. (Cash dividends have not been paid
Alexander Company has $1,000,000 in assets and $1,000,000 in stockholders’ equity, with 50,000 shares outstanding the entire year. It has a return on assets ratio of 10%. In the past year it had
On January 1, 2010, Gant Corporation had $1,500,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on
Pinson Corporation was organized on January 1, 2010. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1
The stockholders’ equity accounts of Sigma Corporation on January 1, 2010, were as follows.Preferred Stock (8%, $100 par noncumulative, 5,000 shares authorized) .....$ 300,000Common Stock ($5
On December 31, 2009, Milo Company had 1,300,000 shares of $5 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2009, had the balances listed here.Common
The ledger of Gamma Corporation at December 31, 2010, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (10,000 shares issued)
Bodley Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated
On January 1, 2010, Sampson Inc. had these stockholders’ equity balances. Common Stock, $1 par (2,000,000 shares authorized,800,000 shares issued and outstanding) .....$ 800,000Paid-in Capital in
Parcells Company manufactures backpacks. During 2010 Parcells issued bonds at 10% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for
On January 1, 2010, Werth Corporation had these stockholders’ equity accounts. Common Stock ($10 par value, 80,000 shares issued and outstanding) .....$800,000Paid-in Capital in Excess of Par
Cates Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $2
The stockholders’ equity accounts of Mota Corporation on January 1, 2010, were as follows.Preferred Stock (7%, $50 par cumulative, 10,000 shares authorized) .......$ 300,000Common Stock ($1 stated
On December 31, 2009, Brant Company had 1,000,000 shares of $1 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2009, had the balances listed here.Common
The post-closing trial balance of Fernetti Corporation at December 31, 2010, contains these stockholders’ equity accounts.Preferred Stock (8,000 shares issued) ...........$400,000Common Stock
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Selig Corporation at December 31, 2010.Common Stock ($5 stated value, 800,000 shares authorized)
On January 1, 2010, Leyland Inc. had these stockholder equity balances. Common Stock, $1 par (1,000,000 shares authorized;500,000 shares issued and outstanding) .....$ 500,000Paid-in Capital in
Willingham Company manufactures raingear. During 2010 Willingham Company decided to issue bonds at 8% interest and then used the cash to purchase a significant amount of treasury stock. The following
On January 1, 2010, Dolen Corporation had these stockholders’ equity accounts. Common Stock ($20 par value, 90,000 shares issued and outstanding) ............$1,800,000Paid-in Capital in Excess of
Hiatt Corporation's balance sheet at December 31, 2009, is presented below.During 2010, the following transactions occurred.1. On January 1, 2010, Hiatt issued 1,500 shares of $20 par, 7% preferred
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information in these financial
The March 27, 2007, edition of the Wall Street Journal has an article by Serena Ng and Karen Richardson titled “How Borrowing Yields Dividends at Many Firms.”InstructionsRead the article and
In recent years the fast-food chain Wendy€™s International has purchased many treasury shares. From December 28, 2003, to December 31, 2006, the number of shares outstanding has fallen from
Frank DeMotte, your uncle, is an inventor who has decided to incorporate. Uncle Frank knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with the question, “I’m
The R&D division of Nanco Corp. has just developed a chemical for sterilizing the vicious Brazilian “killer bees” which are invading Mexico and the southern United States. The president of
What are the two most important factors an accountant must estimate in the capital investment decision?
What does the time value of money mean?
What is the difference between revenues and cash inflows?
What is the difference between expenses and cash outflows?
What is the difference between depreciation and the tax shield on depreciation?
Given two projects with equal cash flows but different timing, how can we determine which (if either) project should be selected for investment?
What are the four types of cash flows related to a capital investment project and why do we consider them separately?
Is depreciation included in the computation of net present value? Explain.
The total tax deduction for depreciation is the same over the life of the project regardless of depreciation method. Why then would one be concerned about the depreciation method for capital
Working capital is just the temporary use of money during the life of the project. What is initially contributed is returned at the end, so it can be ignored in evaluating a project. Comment.
Star City is considering an investment in the community center that is expected to return the following cash flows:Year Net Cash Flow1 . . . . . . . . . . . . $ 20,0002 . . . . . . . . . . . .
Rush Corporation plans to acquire production equipment for $600,000 that will be depreciated for tax purposes as follows: year 1, $120,000; year 2, $210,000; and in each of years 3 through 5, $90,000
The Johnson Research Organization, a nonprofit organization that does not pay taxes, is considering buying laboratory equipment with an estimated life of seven years so it will not have to use
Square Manufacturing is considering investing in a robotics manufacturing line. Installation of the line will cost an estimated $4.5 million. This amount must be paid immediately even though
Dungan Corporation is evaluating a proposal to purchase a new drill press to replace a less efficient machine presently in use. The cost of the new equipment at time 0, including delivery and
What are the iGAAP requirements with respect to expense classification?
Explain the iGAAP reporting guidelines for items recognized in comprehensive income but that do not affect net income.
Qualitative Characteristics SFAC No. 2 identifies the qualitative characteristics that make accounting information useful. Presented below are a number of questions related to these qualitative
What accounting constraints are illustrated by the items below?(a) Greco’s Farms, Inc. reports agricultural crops on its balance sheet at fair value.(b) Rafael Corporation does not accrue a
Presented below are three different transactions related to materiality. Explain whether you would classify these transactions as material.(a) Blair Co. has reported a positive trend in earnings over
Do the iGAAP and U.S. GAAP conceptual frameworks differ in terms of the role of financial reporting? Explain.
A business had revenues of $430,000 and operating expenses of $615,000. Did the business (a) Incur a net loss or (b) Realize net income?
A business had revenues of $825,000 and operating expenses of $708,000. Did the business(a) Incur a net loss or(b) Realize net income?
On June 10, Easy Repair Service extended an offer of $95,000 for land that had been priced for sale at $118,500. On August 2, Easy Repair Service accepted the seller’s counteroffer of $105,000. On
On February 7, AAA Repair Service extended an offer of $50,000 for land that had been priced for sale at $65,000. On February 21, AAA Repair Service accepted the seller’s counteroffer of $57,500.
Using the following data for Dynasty Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of June 30, 2012.Accounts receivable
Using the following data for Escape Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5B, prepare a balance sheet as of November 30, 2012.Accounts receivable
A summary of cash flows for Dynasty Travel Service for the year ended June 30, 2012, is shown below.Cash receipts:Cash received from customers ............$920,000Cash received from additional
A summary of cash flows for Escape Travel Service for the year ended November 30, 2012, is shown below.Cash receipts:Cash received from customers ................ $875,000Cash received from
The following data were taken from White Company€™s balance sheet:a. Compute the ratio of liabilities to owner€™s equity.b. Has the creditor€™s risk increased or
The following data were taken from Stone Company€™s balance sheet:a. Compute the ratio of liabilities to owner€™s equity.b. Has the creditor€™s risk increased or
The following is a list of well-known companies.1. H&R Block2. eBay Inc.3. Wal-Mart Stores, Inc.4. Ford Motor Company5. Citigroup6. Boeing7. SunTrust8. Alcoa Inc.9. Procter & Gamble10.
A fertilizer manufacturing company wants to relocate to Jones County. A report from a fired researcher at the company indicates the company’s product is releasing toxic by-products. The company
Rocky Mountain Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Rocky Mountain Sports is owned and operated by Mike Weber, a well-known sports enthusiast and
The total assets and total liabilities of Peat€™s Coffee & Tea Inc. and Starbucks Corporation are shown below.Determine the owners€™ equity of eachcompany.
The total assets and total liabilities of Dollar Tree Inc. and Target Corporation are shown below.Determine the owners equity of each company.
Todd Olson is the owner and operator of Alpha, a motivational consulting business. At the end of its accounting period, December 31, 2011, Alpha has assets of $800,000 and liabilities of $350,000.
Jeremy Zabel operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction
The income statement of a proprietorship for the month of December indicates a net income of $120,000. During the same period, the owner withdrew $130,000 in cash from the business for personal use.
Four different proprietorships, Aries, Gemini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner€™s equity,
Financial information related to the proprietorship of Lady Interiors for July and August 2012 is as follows:a. Prepare balance sheets for Lady Interiors as of July 31 and August 31, 2012.b.
Empire Realty, organized May 1, 2012, is owned and operated by Bertram Mitchell. How many errors can you find in the following statements for Empire Realty, prepared after its first month
The Home Depot, Inc., is the world€™s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 2,000
Lowe€™s, a major competitor of The Home Depot in the home improvement business, operates over 1,600 stores. For the years ending January 30, 2009, and February 1, 2008, Lowe€™s
On September 1 of the current year, Maria Edsall established a business to manage rental property. She completed the following transactions during September:a. Opened a business bank account with a
Following are the amounts of the assets and liabilities of New World Travel Agency at December 31, 2012, the end of the current year, and its revenue and expenses for the year. The capital of Kris
Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Gwen
Anny’s Dry Cleaners is owned and operated by Anny Brum. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The financial statements at the end of Cyber Realty's first month of operations are shown below.InstructionsBy analyzing the interrelationships among the four financial statements, determine the
Pat Sharpe enjoys listening to all types of music and owns countless CDs. Over the years, Pat has gained a local reputation for knowledge of music from classical to rap and the ability to put
Mavis Curry owns and operates A2Z Delivery Services. On January 1, 2011, Mavis Curry, Capital had a balance of $600,000. During the year, Mavis made no additional investments and withdrew $45,000.
After the accounts have been adjusted at June 30, the end of the fiscal year, the following balances were taken from the ledger of Hillcrest Landscaping Co.:Bryan Orr, Capital ........ $275,000Bryan
Pacifica Consulting is a consulting firm owned and operated by Tara Milsap. The end-of- period spreadsheet shown below was prepared for the year ended August 31, 2012.Based on the preceding
Three Winds Consulting is a consulting firm owned and operated by Gabriel Brull. The following end-of-period spreadsheet was prepared for the year ended June 30, 2012.Based on the preceding
The following account balances were taken from the adjusted trial balance for On-Time Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2012:Prepare an
The following revenue and expense account balances were taken from the ledger of Graphics Services Co. after the accounts had been adjusted on February 29, 2012, the end of the current fiscal
FedEx Corporation had the following revenue and expense account balances (in millions) at its fiscal year-end of May 31, 2009:a. Prepare an income statement.b. Compare your income statement with the
Fouts Systems Co. offers its services to residents in the Chicago area. Selected accounts from the ledger of Fouts Systems Co. for the current fiscal year ended October 31, 2012, are as
Selected accounts from the ledger of Balboa Sports for the current fiscal year ended June 30, 2012, are as follows:Prepare a statement of owner's equity for theyear.
At the balance sheet date, a business owes a mortgage note payable of $480,000, the terms of which provide for monthly payments of $2,500.Explain how the liability should be classified on the
My-Best Weight Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2012, the end of the current fiscal year, the balances
List the errors you find in the following balance sheet. Prepare a corrected balancesheet.
Imex Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at March 31, the end of the fiscal year, the following balances
An accountant prepared the following post-closing trial balance:Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown arecorrect.
Zeidman Security Services Co. offers security services to business clients. The trial balance for Zeidman Security Services Co. has been prepared on the end-of-period spreadsheet (work sheet) for the
Zeidman Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet (work sheet) for Zeidman Security ServicesCo.
Beacon Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown on below at October 31, 2012, the
Info-Mart Company is an investigative services firm that is owned and operated by Tom Wagner. On June 30, 2012, the end of the current fiscal year, the accountant for Info-Mart Company prepared an
The unadjusted trial balance of Launderland at November 30, 2012, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Laundry
The ledger and trial balance of Wizard Services Co. as of July 31, 2012, the end of the first month of its current fiscal year, are presented in the working papers.Data needed to determine the
The unadjusted trial balance of Bruno’s Hauling at February 29, 2012, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a. Supplies on

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