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Questions and Answers of Accounting

8 Purchased 18 boxes of Ping Pong Balls from Sport Borders for $168 each, terms net 30.10 Paid the full amount owing to Sports 'R Us, Check No. 776. Payment fell outside discount period.10 Sold 11 NX
Montgomery & Co., a well-established law firm, provided 500 hours of its time to Fink Corporation in exchange for 1,000 shares of Fink's $5 par common stock. Mitchell's usual billing rate is $700
The Trotter Trust has the receipts and expenditures listed below for the current year. Assume the Uniform Act (1962) governs an item's classification as principal or income. The trustee's fee is
On August 31, 2008, the balances of the accounts appearing in the ledger of The Bent Needle Company, a furniture wholesaler, area follow:Administrative Expenses $125,000Building 512,500Cash
Roberto Corporation was organized on January 1, 2011. The firm was authorized to issue 100,000 shares of $5 par common stock. During 2011, Roberto had the following transactions relating to
The shareholders' equity of Green Corporation includes $200,000 of $1 par common stock and $400,000 of 6% cumulative preferred stock. The board of directors of Green declared cash dividends of
If the firm were using 30% debt and 70% equity and earned a 11.7% return on investment, would this mean that stockholders would receive less than their required return? What would the stockholders
Carlos Diego paid the following expenses during the current tax year State sales tax ............... $600Sales tax on purchase of automobile ...... 800License plate tax based on weight-of
Bill is cash basis calendar year taxpayer. Which of the following December items result in gross income or deductions for the current year?a. Check received for December rent, 700 not deposited until
Charles is employed as a full-time high school teacher. The school district for which he works recently instituted a policy requiring all of its teachers to start working on a master’s
Norm purchases a new sports utility vehicle (SUV) on October 12, 2010, for $50,000. The SUV has a gross vehicle weight of 6,200 lbs. It is used 100% of the time for business and it is the only
A proposed new investment has projected sales of $830,000. Variable costs are 60% of sales, and fixed costs are $181,000; depreciation is $77,000. Prepare a pro forma income statement assuming a tax
Celeste contributed business-related assets valued at $250,000(basis of $100,000) in exchange for her 50% interest in the Celestine Partnership. Ernestine contributed land and a building valued at
ABC Company's pension expense for 2010 is:Service cost ........... $30,000Interest cost ........... $18,000Actual return on plan assets .... $15,000Beginning of year plan assets
A friend promises to pay you $1,000 two years from now if you lend hime $800 today. What annual rate of interest is your friend offering?
In Westlandia, the public holds 50% of M1 in the form of currency, and the required reserve ratio is 20%. Estimate how much the money supply will increase in response to a new cash deposit of
Assuming an interest rate of 8.4 percent compounded semiannually, the future value of $2,100 in 17 years is $______. (Do not include the dollar sign ($). Round your answer to 2 decimal places.
Future value: Chuck Tomkovick is planning to invest $25,000 today in a mutual fund that will provide a return of 8 percent each year. What will be the value of the investment in 10 years?
AirJet Best Parts, Inc. has decided to take a $6,950,000 loan being offered by Regions Best at 8.6% APR for 5 years. What is the monthly payment amount on this loan?
Suppose you have $500 in savings when the price level index is at 100.(a) If inflation pushes the price level up by 10 percent, what will be the real value of your savings?(b) What is the real value
A bond currently sells for $1,050, which gives it a YTM of 6%. Suppose that if the yield increases by 25 basis points, the price of the bond falls to $1,025. What is the duration of this bond?
How long will it take your $10,000 to double in value if it earns 5% annually?
Suppose you want to buy some new furniture for your family room. You currently have $500 and the furniture you want costs $600. If you can earn 6%, how long will you have to wait if you don’t add
Suppose you are offered the following investment choices:– You can invest $500 today and receive $600 in 5 years. The investment is considered low risk.– You can invest the $500 in a bank account
If the interest is $5,000 on a 6%, 60 day note, what is the principal?
Greg has negotiated a $20,000 price on a new pick-up truck. The manufacturer is offering a $1,500 rebate or 3.9 percent, three-year financing. Greg is also able to get 7 percent, three-year financing
You want to buy a new ski boat 2 years from now, and you plan to save $8,200 per year, beginning one year from today. You will deposit your savings in an account that pays 6.2% interest. How much
For each of the following cases, indicate(a) To what rate columns, and(b) To what number of periods you would refer in looking up the interest factor.1. In a future value of 1 table2. In a present
Alan Jackson invests $20,000 at 8% annual interest, leaving the money invested without withdrawing any of the interest for 8 years. At the end of the 8 years, Alan withdrew the accumulated amount of
Using the appropriate interest table, answer each of the following questions. (Each case is independent of the others.)(a) What is the future value of $7,000 at the end of 5 periods at 8% compounded
Using the appropriate interest table, answer the following questions. (Each case is independent of the others).(a) What is the future value of 20 periodic payments of $4,000 each made at the
Using the appropriate interest table, compute the present values of the following periodic amounts due at the end of the designated periods.(a) $30,000 receivable at the end of each period for 8
Presented below are three unrelated situations.(a) Dwayne Wade Company recently signed a lease for a new office building, for a lease period of 10 years. Under the lease agreement, a security deposit
Clarence Weatherspoon, a super salesman contemplating retirement on his fifty-fifth birthday, decides to create a fund on an 8% basis that will enable him to withdraw $20,000 per year on June 30,
LEW Company purchased a machine at a price of $100,000 by signing a note payable, which requires a single payment of $123,210 in 2 years. Assuming annual compounding of interest, what rate of
Consider the following independent situations.(a) Mike Finley wishes to become a millionaire. His money market fund has a balance of $92,296 and has a guaranteed interest rate of 10%. How many years
Sosa Excavating Inc. is purchasing a bulldozer. The equipment has a price of $100,000. The manufacturer has offered a payment plan that would allow Sosa to make 10 equal annual payments of
The Black Knights Inc., a manufacturer of high-sugar, low-sodium, low cholesterol TV dinners, would like to increase its market share in the Sunbelt. In order to do so, Black Knights has decided to
Lance Armstrong Inc. manufactures cycling equipment. Recently the vice president of operations of the company has requested construction of a new plant to meet the increasing demand for the
Nerwin, Inc. is a furniture manufacturing company with 50 employees. Recently, after a long negotiation with the local labor union, the company decided to initiate a pension plan as a part of its
Andrew Bogut just received a signing bonus of $1,000,000. His plan is to invest this payment in a fund that will earn 8%, compounded annually.Instructions(a) If Bogut plans to establish the AB
Jesper Parnevik borrowed $70,000 on March 1, 2006. This amount plus accrued interest at 12% compounded semiannually is to be repaid March 1, 2016. To retire this debt, Jesper plans to contribute to a
Your client, Ron Santo Leasing Company, is preparing a contract to lease a machine to Souvenirs Corporation for a period of 25 years. Santo has an investment cost of $365,755 in the machine, which
Assume that Sonic Foundry Corporation has a contractual debt outstanding. Sonic has available two means of settlement: It can either make immediate payment of $2,600,000, or it can make annual
Assuming the same facts as those in EA-18 except that the payments must begin now and be made on the first day of each of the 15 years, what payment method would you recommend?
For each of the following, determine the expected cashflows.
Andrew Kelly is trying to determine the amount to set aside so that he will have enough money on hand in 2 years to overhaul the engine on his vintage used car. While there is some uncertainty about
Various Time Value Situations Answer each of these unrelated questions.(a) On January 1, 2008, Aaron Brown Corporation sold a building that cost $250,000 and that had accumulated depreciation of
During the past year, Nicole Bobek planted a new vineyard on 150 acres of land that she leases for $27,000 a year. She has asked you as her accountant to assist her in determining the value of her
Time Value Concepts Applied to Solve Business Problems Answer the following questions related to Derek Lee Inc.(a) Derek Lee Inc. has $572,000 to invest. The company is trying to decide between two
Larry's Lawn Equipment sells high-quality lawn mowers and offers a 3-year warranty on all new lawn mowers sold. In 2008, Larry sold $300,000 of new specialty mowers for golf greens for which Larry's
At the end of 2008, Richards Company is conducting an impairment test and needs to develop a fair value estimate for machinery used in its manufacturing operations. Given the nature of Richard's
On July 1, 2008, Ingalls Company purchased $2,000,000 of Wilder Company’s 8% bonds, due on July 1, 2015. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for
Harry Company sold 10,000 shares of Potter Co. common stock for $27.50 per share, incurring $1,770 in brokerage commissions. These securities were classified as trading and originally cost $250,000.
Distinguish between the accounting treatment for available for- sale equity securities and trading equity securities.
Elizabeth Corp. has an investment with a carrying value (equity method) on its books of $170,000 representing a 40% interest in Dole Company, which suffered a $620,000 loss this year. How should
Moonwalker Company purchased, as a held-to-maturity investment, $50,000 of the 9%, 5-year bonds of Prime Time Corporation for $46,304, which provides an 11% return. Prepare Moonwalker’s journal
Use the information from BE14-1, but assume the bonds are purchased as an available-for-sale security. Prepare Moonwalker’s journal entries for (a) The purchase of the investment, (b) The receipt
Mask Corporation purchased, as a held-to-maturity investment, $40,000 of the 8%, 5-year bonds of Phantasy Star, Inc. for $43,412, which provides a 6% return. The bonds pay interest semiannually.
Pete Sampras Corporation purchased trading investment bonds for $40,000 at par. At December 31, Sampras received annual interest of $2,000, and the fair value of the bonds was $38,400. Prepare
Buttercup Corporation purchased 300 shares of Bubbles Inc. common stock as an available-for-sale investment for $9,900. During the year, Bubbles paid a cash dividend of $3.25 per share. At year-end,
Use the information from BE14-5 but assume the stock was purchased as a trading security. Prepare Buttercup’s journal entries to record (a) The purchase of the investment, (b) The dividends
Penn Corporation purchased for $300,000 a 25% interest in Teller, Inc. This investment enables Penn to exert significant influence over Teller. During the year Teller earned net income of $180,000
Swartentruber Company has a stock portfolio valued at $4,000. Its cost was $3,500. If the Securities Fair Value Adjustment (Available-for-Sale) account has a debit balance of $200, prepare the
The following information relates to Starbucks for 2006: net income $564.259 million; unrealized holding gain of $1.767 million related to available-for-sale securities during the year; accumulated
Raveonette Co. has an available-for-sale investment in the bonds of No Doubt Corp. with a carrying (and fair) value of $75,000. Raveonette determined that due to poor economic prospects for No Doubt,
On January 1, 2008, Dagwood Company purchased at par 12% bonds having a maturity value of $300,000. They are dated January 1, 2008, and mature January 1, 2013, with interest receivable December 31 of
On January 1, 2008, Hi and Lois Company purchased 12% bonds, having a maturity value of $300,000, for $322,744.44. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2008,
Assume the same information as in E14-3 except that the securities are classified as available-for-sale. The fair value of the bonds at December 31 of each year-end is as follows.Instructions(a)
On January 1, 2008, Phantom Company acquires $200,000 of Spiderman Products, Inc., 9% bonds at a price of $185,589. The interest is payable each December 31, and the bonds mature December 31, 2010.
The following information is available for Barkley Company at December 31, 2008, regarding its investments.Instructions(a) Prepare the adjusting entry (if any) for 2008, assuming the securities are
On December 21, 2008, Bucky Katt Company provided you with the following information regarding its trading securities.During 2009, Colorado Company stock was sold for $9,400. The fair value of the
Satchel Corporation purchases equity securities costing $73,000 and classifies them as available-for-sale securities. At December 31, the fair value of the portfolio is $65,000.InstructionsPrepare
At December 31, 2008, the available-for-sale equity portfolio for Steffi Graf, Inc. is as follows.On January 20, 2009, Steffi Graf, Inc. sold security A for $15,100. The sale proceeds are net of
Assume the same information as E14-9 and that Steffi Graf Inc. reports net income in 2008 of $120,000 and in 2009 of $140,000. Total holding gains (including any realized holding gain or loss)
Arantxa Corporation made the following cash purchases of securities during 2008, which is the first year in which Arantxa invested in securities.1. On January 15, purchased 10,000 shares of Sanchez
Presented below are two independent situations.Situation 1Conchita Cosmetics acquired 10% of the 200,000 shares of common stock of Martinez Fashion at a total cost of $13 per share on March 18, 2008.
Parent Co. invested $1,000,000 in Sub Co. for 25% of its outstanding stock. Sub Co. pays out 40% of net income in dividends each year.InstructionsUse the information in the following T-account for
Oregon Co. had purchased 200 shares of Washington Co. for $40 each this year and classified the investment as a trading security. Oregon Co. sold 100 shares of the stock for $45 each. At year end the
Kenseth Company has the following securities in its trading portfolio of securities on December 31, 2008.All of the securities were purchased in 2008.In 2009, Kenseth completed the following
Jaycie Phelps Inc. acquired 20% of the outstanding common stock of Theresa Kulikowski Inc. on December 31, 2008. The purchase price was $1,200,000 for 50,000 shares. Kulikowski Inc. declared and paid
On January 1, 2008, Pennington Corporation purchased 30% of the common shares of Edwards Company for $180,000. During the year, Edwards earned net income of $80,000 and paid dividends of
Hagar Corporation has municipal bonds classified as available-for-sale at December 31, 2008. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $720,000.
Presented below is an amortization schedule related to Kathy Baker Company's 5-year, $100,000 bond with a 7% interest rate and a 5% yield, purchased on December 31, 2008, for $108,660.The following
On January 1, 2008, Rob Wilco Company purchased $200,000, 8% bonds of Mercury Co. for $184,557. The bonds were purchased to yield 10% interest. Interest is payable semiannually on July 1 and January
Octavio Paz Corp. carries an account in its general ledger called Investments, which contained debits for investment purchases, and no credits. These debits are described as
Presented below is information taken from a bond investment amortization schedule with related fair values provided. These bonds are classified as available-for-sale.Instructions(a) Indicate whether
Incognito Company has the following securities in its investment portfolio on December 31, 2007 (all securities were purchased in 2007): (1) 3,000 shares of Green Day Co. common stock which cost
Loxley Company has the following portfolio of investment securities at September 30, 2008, its last reporting date.On October 10, 2008, the Fogelberg shares were sold at a price of $54 per share. In
The following information relates to the debt securities investments of Yellow jackets Company.1. On February 1, the company purchased 12% bonds of Hilton Paris Co. having a par value of $500,000 at
Pacers Corp. is a medium-sized corporation specializing in quarrying stone for building construction. The company has long dominated the market, at one time achieving a 70% market penetration. During
Woolford Company has the following portfolio of available-for-sale securities at December 31, 2008.Instructions(a) What should be reported on Woolford's December 31, 2008, balance sheet relative to
On January 1, 2008, Enid Inc. had the following balance sheet.The accumulated other comprehensive income related to unrealized holding gains on available-for-sale securities. The fair value of Enid
Big Brother Holdings, Inc. had the following available-for- sale investment portfolio at January 1, 2008.During 2008, the following transactions took place.1. On March 1, Josie Company paid a $2 per
Alvarez Corp. invested its excess cash in available-for-sale securities during 2008. As of December 31, 2008, the portfolio of available-for-sale securities consisted of the following common
The financial statements of Procter & Gamble (P&G) can be accessed at the book’s website.InstructionsRefer to P&G’s financial statements and the accompanying notes to answer the following
The financial statements of The Coca-Cola Company and PepsiCo, Inc. can be accessed at the book’s website.InstructionsUse information found at the book’s website to answer the following
You have just started work for Andre Love Co. as part of the controller’s group involved in current financial reporting problems. Jackie Franklin, controller for Love, is interested in your
James Joyce Co. has the following available-for-sale securities outstanding onDecember 31, 2008 (its first year of operations).During 2009 D. H. Lawrence Company stock was sold for $9,200, the
In 2008, Speedy Gonzalez Corporation had pretax financial income of $168,000 and taxable income of $110,000. The difference is due to the use of different depreciation methods for tax and accounting

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