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accounting

Questions and Answers of Accounting

Use the information for IBM from BE17-6. Assume the direct-financing lease was recorded at a present value of $150,000. Prepare IBM’s December 31, 2008, entry to record interest.
Jennifer Brent Corporation owns equipment that cost $72,000 and has a useful life of 8 years with no salvage value. On January 1, 2008, Jennifer Brent leases the equipment to Havaci Inc. for one year
Indiana Jones Corporation enters into a 6-year lease of machinery on January 1, 2008, which requires 6 annual payments of $30,000 each, beginning January 1, 2008. In addition, Indiana Jones
Starfleet Corporation manufactures replicators. On January 1, 2008, it leased to Ferengi Company a replicator that had cost $110,000 to manufacture. The lease agreement covers the 5-year useful life
On January 1, 2008, Burke Corporation signed a 5-year non- cancelable lease for a machine. The terms of the lease called for Burke to make annual payments of $8,668 at the beginning of each year,
Delaney Company leases an automobile with a fair value of $8,725 from John Simon Motors, Inc., on the following terms.1. Noncancelable term of 50 months.2. Rental of $200 per month (at end of each
Assume that on January 1, 2008, Kimberly- Clark Corp. signs a 10-year non-cancelable lease agreement to lease a storage building from Sheffield Storage Company. The following information pertains to
Macinski Leasing Company leases a new machine that has a cost and fair value of $95,000 to Maggie Sharrer Corporation on a 3-year non-cancelable contract. Maggie Sharrer Corporation agrees to assume
Crosley Company, a machinery dealer, leased a machine to Dexter Corporation on January 1, 2008. The lease is for an 8-year period and requires equal annual payments of $35,013 at the beginning of
On January 1, 2008, Bensen Company leased equipment to Flynn Corporation. The following information pertains to this lease.1. The term of the non-cancelable lease is 6 years, with no renewal option.
Morgan Marie Leasing Company signs an agreement on January 1, 2008, to lease equipment to Cole William Company. The following information relates to this agreement.1. The term of the non-cancelable
Laura Leasing Company signs an agreement on January 1, 2008, to lease equipment to Plote Company. The following information relates to this agreement.1. The term of the non-cancelable lease is 5
On January 1, 2008, Doug Nelson Co. leased a building to Patrick Wise Inc. The relevant information related to the lease is as follows.1. The lease arrangement is for 10 years.2. The leased building
On January 1, 2008, a machine was purchased for $900,000 by Tom Young Co. The machine is expected to have an 8-year life with no salvage value. It is to be depreciated on a straight-line basis. The
On February 20, 2008, Barbara Brent Inc., purchased a machine for $1,500,000 for the purpose of leasing it. The machine is expected to have a 10-year life, no residual value, and will be depreciated
Synergetics Inc. leased a new crane to M. K. Gumowski Construction under a 5-year noncancelable contract starting January 1, 2008. Terms of the lease require payments of $22,000 each January 1,
Cascade Industries and Barbara Hardy Inc. enter into an agreement that requires Barbara Hardy Inc. to build three diesel-electric engines to Cascade’s specifications. Upon completion of the
The following facts pertain to a noncancelable lease agreement between Ben Alschuler Leasing Company and John McKee Electronics, a lessee, for a computer system.Inception date: .............October
Assume the same information as in P17-3.Instructions(Round all numbers to the nearest cent.)(a) Assuming the lessor’s accounting period ends on September 30, answer the following questions with
Brennan Steel Company as lessee signed a lease agreement for equipment for 5 years, beginning December 31, 2008. Annual rental payments of $32,000 are to be made at the beginning of each lease year
On January 1, 2008, Charlie Doss Company contracts to lease equipment for 5 years, agreeing to make a payment of $94,732 (including the executory costs of $6,000) at the beginning of each year,
John Roesch Inc. was incorporated in 2007 to operate as a computer software service firm with an accounting fiscal year ending August 31. Roesch’s primary product is a sophisticated on-line
On January 1, 2008, Sandy Hayes Company entered into a noncancelable lease for a machine to be used in its manufacturing operations. The lease transfers ownership of the machine to Yen Quach by the
Laurie Gocker Inc. entered into a lease arrangement with Nathan Morgan Leasing Corporation for a certain machine. Morgan’s primary business is leasing, and it is not a manufacturer or dealer.
On January 1, Shinault Company, a lessee, entered into three noncancelable leases for brand-new equipment, Lease L, Lease M, and Lease N. None of the three leases transfers ownership of the equipment
Sandwich State Bank has followed the practice of capitalizing certain marketing costs and amortizing these costs over their expected life. In the current year, the bank determined that the future
Indicate how the following items are recorded in the accounting records in the current year of Tami Agler Co.(a) Impairment of goodwill.(b) A change in depreciating plant assets from accelerated to
R. M. Andrews Construction Co. had followed the practice of expensing all materials assigned to a construction job without recognizing any salvage inventory. On December 31, 2008, it was determined
E. A. Basler Inc. wishes to change from the completed contract to the percentage-of-completion method for financial reporting purposes. The auditor indicates that a change would be permitted only if
At December 31, 2008, Amad Company had 600,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on
Beaty Construction Company decided at the beginning of 2008 to change from the completed-contract method to the percentage-of-completion method for financial reporting purposes. The company will
Refer to the accounting change by Beaty Construction Company in BE18-1. Beaty has a profit-sharing plan, which pays all employees a bonus at year-end based on 1% of pre-tax income. Compute the
Robert Boey, Inc., changed from the LIFO cost flow assumption to the FIFO cost flow assumption in 2008. The increase in the prior year’s income before taxes is $1,000,000. The tax rate is 40%.
Bickner Company changed depreciation methods in 2008 from double-declining-balance to straightline. Depreciation under double-declining-balance was $90,000, whereas straight-line depreciation prior
Nancy Castle Company purchased a computer system for $60,000 on January 1, 2006. It was depreciated based on a 7-year life and an $18,000 salvage value. On January 1, 2008, Castle revised these
In 2008, John Hiatt Corporation discovered that equipment purchased on January 1, 2006, for $75,000 was expensed at that time. The equipment should have been depreciated over 5 years, with no salvage
At January 1, 2008, William R. Monat Company reported retained earnings of $2,000,000. In 2008, Monat discovered that 2007 depreciation expense was understated by $500,000. In 2008, net income was
Haley Corporation had 2008 net income of $1,200,000. During 2008, Haley paid a dividend of $2 per share on 100,000 shares of preferred stock. During 2008, Haley had outstanding 250,000 shares of
Barkley Corporation had 120,000 shares of stock outstanding on January 1, 2008. On May 1, 2008, Barkley issued 45,000 shares. On July 1, Barkley purchased 10,000 treasury shares, which were reissued
Green Corporation had 200,000 shares of common stock outstanding on January 1, 2008. On May 1, Green issued 30,000 shares. (a) Compute the weighted average number of shares outstanding if the 30,000
Strickland Corporation earned net income of $300,000 in 2008 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $400,000 of 10% bonds, which are
Sabonis Corporation reported net income of $400,000 in 2008 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred
Sarunas Corporation reported net income of $300,000 in 2008 and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year were 30,000 options to purchase common
The 2008 income statement of Schrempf Corporation showed net income of $480,000 and an extraordinary loss of $120,000. Schrempf had 50,000 shares of common stock outstanding all year. Prepare
Pam Erickson Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2008. For tax purposes, the
Holder-Webb Company began operations on January 1, 2005, and uses the average cost method of pricing inventory. Management is contemplating a change in inventory methods for 2008. The following
Taveras Co. decides at the beginning of 2008 to adopt the FIFO method of inventory valuation. Taveras had used the LIFO method for financial reporting since its inception on January 1, 2006, and had
Gordon Company started operations on January 1, 2002, and has used the FIFO method of inventory valuation since its inception. In 2008, it decides to switch to the average-cost method. You are
Presented below are income statements prepared on a LIFO and FIFO basis for Kenseth Company, which started operations on January 1, 2007. The company presently uses the LIFO method of pricing its
Kathleen Cole Inc. acquired the following assets in January of 2005. Equipment, estimated service life, 5 years; salvage value, $15,000 ........$525,000 Building, estimated service life, 30 years; no
Presented below are the comparative income statements for Denise Habbe Inc. for the years 2007 and 2008.The following additional information is provided:1. In 2008, Denise Habbe Inc. decided to
Listed below are various types of accounting changes and errors.______ 1. Change in a plant asset’s salvage value.______ 2. Change due to overstatement of inventory.______ 3. Change from
Joy Cunningham Co. purchased a machine on January 1, 2005, for $550,000. At that time it was estimated that the machine would have a 10-year life and no salvage value. On December 31, 2008, the
On January 1, 2004, Jackson Company purchased a building and equipment that have the following useful lives, salvage values, and costs.Building, 40-year estimated useful life, $50,000 salvage value,
Peter M. Dell Co. purchased equipment for $510,000 which was estimated to have a useful life of 10 years with a salvage value of $10,000 at the end of that time. Depreciation has been entered for 7
Gerald Englehart Industries changed from the double-declining balance to the straight-line method in 2008 on all its plant assets. There was no change in the assets’ salvage values or useful lives.
Cullen Construction Company changed from the completed-contract to the percentage-of-completion method of accounting for long-term construction contracts during 2008. For tax purposes, the company
On the next page is the net income of Anita Ferreri Instrument Co., a private corporation, computed under the three inventory methods using a periodic system.Instructions(Ignore tax
Newton Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 shares of $10 par common stock. At no time has Newton issued any potentially dilutive
On January 1, 2008, Wilke Corp. had 480,000 shares of common stock outstanding. During 2008, it had the following transactions that affected the common stock account.February 1 ..........Issued
Ace Company had 200,000 shares of common stock outstanding on December 31, 2008. During the year 2009 the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year
Flagstad Inc. presented the following data.Net income ..............$2,500,000Preferred stock: 50,000 shares outstanding,$100 par, 8% cumulative, not convertible ....5,000,000Common stock: Shares
A portion of the combined statement of income and retained earnings of Seminole Inc. for the current year follows.During the year, Seminole Inc. suffered a major casualty loss of $1,340,000 after
On January 1, 2008, Lennon Industries had stock outstanding as follows.6% Cumulative preferred stock, $100 par value,issued and outstanding 10,000 shares ....$1,000,000Common stock, $10 par value,
At January 1, 2008, Langley Company’s outstanding shares included the following.280,000 shares of $50 par value, 7% cumulative preferred stock 900,000 shares of $1 par value common stock Net
In 2007 Chirac Enterprises issued, at par, 60 $1,000, 8% bonds, each convertible into 100 shares of common stock. Chirac had revenues of $17,500 and expenses other than interest and taxes of $8,400
On January 1, 2008, Crocker Company issued 10-year, $2,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Crocker common stock. Crocker’s net income in 2008 was
Venzuela Company’s net income for 2008 is $50,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2007, each exercisable for one share at $6. None has been
The management of Kreiter Instrument Company had concluded, with the concurrence of its independent auditors, that results of operations would be more fairly presented if Kreiter changed its method
On December 31, 2008, before the books were closed, the management and accountants of Keltner Inc. made the following determinations about three depreciable assets.1. Depreciable asset A was
Diane Leto, controller at Dewey Yaeger Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for
Hillel Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2007, and May 31, 2008. The income from operations for
Edmund Halvor of the controller’s office of East Aurora Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2008.
The information below pertains to Prancer Company for 2008.Net income for the year ........................$1,200,0008% convertible bonds issued at par ($1,000 per bond). Each bond is convertible
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
Twin Ricky Inc. (TRI) manufactures a variety of consumer products. The company's founders have run the company for 30 years and now are interested in retiring. They are seeking a purchaser who will
Erin Kramer Inc. has recently hired a new independent auditor, Jodie Larson, who says she wants “to get everything straightened out.” Consequently, she has proposed the following accounting
Various types of accounting changes can affect the financial statements of a business enterprise differently. Assume that the following list describes changes that have a material effect on the
Listed below are three independent, unrelated sets of facts relating to accounting changes.Situation 1Penelope Millhouse Company is in the process of having its first audit. The company has used the
As a certified public accountant, you have been contacted by Ben Thinken, CEO of Sports-Pro Athletics, Inc., a manufacturer of a variety of athletic equipment. He has asked you how to account for the
Fernandez Corporation, a new audit client of yours, has not reported earnings per share data in its annual reports to stockholders in the past. The treasurer, Angelo Balthazar, requested that you
Little Texas Inc. recently noted that its 4% preferred stock and 4% participating second preferred stock, which are both cumulative, have priority as to dividends up to 4% of their par value. Its
Pleasant Dolls Inc. purchases 10,000 shares of its own previously issued $10 par common stock for $290,000. Assuming the shares are held in the treasury with intent to reissue, what effect does this
The following comment appeared in the notes of Alvarado Corporation’s annual report: “Such distributions, representing proceeds from the sale of James Buchanan, Inc. were paid in the form of
This comment appeared in the annual report of Rodriguez Lopez Inc.: “The Company could pay cash or property dividends on the Class A common stock without paying cash or property dividends on the
On July 1, 2008, Roberts Corporation issued $3,000,000 of 9% bonds payable in 20 years. The bonds include detachable warrants giving the bondholder the right to purchase for $30 one share of $1 par
Lost Vikings Corporation issued 300 shares of $10 par value common stock for $4,100. Prepare Lost Vikings’ journal entry.
Shinobi Corporation issued 600 shares of no-par common stock for $10,200. Prepare Shinobi’s journal entry if(a) The stock has no stated value, and(b) The stock has a stated value of $2 per share.
Lufia Corporation has the following account balances at December 31, 2008.Common stock, $5 par value .... $ 210,000Treasury stock ........... 90,000Retained earnings ......... 2,340,000Paid-in
Primal Rage Corporation issued 300 shares of $10 par value common stock and 100 shares of $50 par value preferred stock for a lump sum of $14,200. The common stock has a market value of $20 per
On February 1, 2008, Mario Andretti Corporation issued 2,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2008, journal entry.
Powerdrive Corporation issued 2,000 shares of its $10 par value common stock for $70,000. Powerdrive also incurred $1,500 of costs associated with issuing the stock. Prepare Powerdrive’s journal
Maverick Inc. has outstanding 10,000 shares of $10 par value common stock. On July 1, 2008, Maverick reacquired 100 shares at $85 per share. On September 1, Maverick reissued 60 shares at $90 per
Power Rangers Corporation has outstanding 20,000 shares of $5 par value common stock. On August 1, 2008, Power Rangers reacquired 200 shares at $75 per share. On November 1, Power Rangers reissued
Popeye Corporation issued 450 shares of $100 par value preferred stock for $61,500. Prepare Popeye’s journal entry.
Micro Machines Inc. declared a cash dividend of $1.50 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on
Ren Inc. owns shares of Stimpy Corporation stock classified as available-for-sale securities. At December 31, 2007, the available-for-sale securities were carried in Ren’s accounting records at
Radical Rex Mining Company declared, on April 20, a dividend of $700,000 payable on June 1. Of this amount, $125,000 is a return of capital. Prepare the April 20 and June 1 entries for Radical Rex.
Mike Holmgren Football Corporation has outstanding 200,000 shares of $10 par value common stock. The corporation declares a 5% stock dividend when the fair value of the stock is $65 per share.

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