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accounting

Questions and Answers of Accounting

Use the information from BE13-13, but assume Mike Holmgren Football Corporation declared a 100% stock dividend rather than a 5% stock dividend. Prepare the journal entries for both the date of
Divac Corporation issued 1,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 98, and the warrants had a market
Ceballos Corporation issued 1,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling separately at 98. The market price of the
Malik Sealy Corporation issued 2,000 shares of $10 par value common stock upon conversion of 1,000 shares of $50 par value preferred stock. The preferred stock was originally issued at $55 per
During its first year of operations, Collin Raye Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 80,000 shares for cash at $6 per share.Mar. 1 Issued 5,000
Kathleen Battle Corporation was organized on January 1, 2008. 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
Twenty-five thousand shares reacquired by Elixir Corporation for $53 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange the common
Faith Evans Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ (National Association of Securities Dealers Quotes). Faith Evans
Dave Matthew Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.Instructions(a) Prepare the journal entry for the
Lindsey Hunter Corporation is authorized to issue 50,000 shares of $5 par value common stock. During 2008, Lindsey Hunter took part in the following selected transactions.1. Issued 5,000 shares of
Chauncy Company has outstanding 40,000 shares of $5 par common stock which had been issued at $30 per share. Chauncy then entered into the following transactions.1. Purchased 5,000 treasury shares at
Otis Thorpe Corporation has 10,000 shares of $100 par value, 8%, preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2008. InstructionsAnswer the questions
Pistons Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned
For a recent 2-year period, the balance sheet of Santana Dotson Company showed the following stockholders€™ equity data at December 31 in millions.Instructions(a) Answer the following
Lotoya Davis Corporation has ten million shares of common stock issued and outstanding. On June 1 the board of directors voted an 80 cents per share cash dividend to stockholders of record as of June
The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The directors wish to reduce the share price and increase share volume prior to a new issue.The per share par value
The stockholders’ equity accounts of G.K. Chesterton Company have the following balances on December 31, 2008.Common stock, $10 par, 300,000 shares issued and outstanding ... $3,000,000Paid-in
The following data were taken from the balance sheet accounts of Masefield Corporation on December 31, 2007.Current assets ........ $540,000Investments .......... 624,000Common stock (par value
The following information has been taken from the ledger accounts of Isaac Stern Corporation.Total income since incorporation ..... $317,000Total cash dividends paid ........ 60,000Total value of
Bruno Corporation's post-closing trial balance at December 31, 2008, was as follows.At December 31, 2008, Bruno had the following number of common and preferred shares.The dividends on preferred
Anne Cleves Company reported the following amounts in the stockholders’ equity section of its December 31, 2007, balance sheet.Preferred stock, 10%, $100 par (10,000 shares authorized, 2,000 shares
Shown below is the liabilities and stockholders' equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company. Each has assets totaling $4,200,000.For the year each
Presented below is information from the annual report of Emporia Plastics, Inc.Operating income ..... $ 532,150Bond interest expense ... 135,000
On September 1, 2008, Sands Company sold at 104 (plus accrued interest) 4,000 of its 9%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two
On May 1, 2008, Friendly Company issued 2,000 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the market value
Matsui Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions involving the issuance of
Before Polska Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value of its stock is $30 per
Constantine Company has the following stockholders’ equity accounts at December 31, 2007.Common Stock-$100 par value, authorized 8,000 shares . $480,000Retained Earnings ..................
The books of John Dos Passos Corporation carried the following account balances as of December 31, 2007.Cash ....................... $ 195,000Preferred stock, 6% cumulative, nonparticipating, $50 par
Gutsy Company provides you with the following condensed balance sheet information.Instructions For each transaction below, indicate the dollar impact (if any) on the following five items: (1) Total
The following is a summary of all relevant transactions of Jackson Day Corporation since it was organized in 2008.In 2008, 15,000 shares were authorized and 7,000 shares of common stock ($50 par
Jenny Dill Inc.’s $10 par common stock is selling for $120 per share. Five million shares are currently issued and outstanding. The board of directors wishes to stimulate interest in Jenny Dill
Gul Ducat Corporation has outstanding 2,000,000 shares of common stock of a par value of $10 each. The balance in Retained Earnings at January 1, 2008, was $24,000,000, and it then had additional
Ohio Company was formed on July 1, 2005. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8% $25 par value, cumulative and nonparticipating preferred
The stockholders’ equity section of McLean Inc. at the beginning of the current year appears below.Common stock, $10 par value, authorized 1,000,000shares, 300,000 shares issued and outstanding
Alvarado Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Eduardo Alvarado, president. Of the remainder, 10% is held by members of his family and 10% by
Crosby Corporation is planning to issue 3,000 shares of its own $10 par value common stock for two acres of land to be used as a building site.Instructions(a) What general rule should be applied to
The directors of Amman Corporation are considering the issuance of a stock dividend. They have asked you to discuss the proposed action by answering the following questions.Instructions(a) What is a
Kitakyushu Inc., a client, is considering the authorization of a 10% common stock dividend to common stockholders. The financial vice president of Kitakyushu wishes to discuss the accounting
Michael Tilsen Thomas Inc. reported in a recent annual report “Restricted cash for debt redemption.” What section of the balance sheet would report this item?
Stowe Enterprises owns the following assets at December 31, 2008.Cash in bank-savings account . 63,000Checking account balance .... 17,000Cash on hand ........ 9,300Postdated checks ........ 750Cash
Montoya Co. uses the gross method to record sales made on credit. On June 1, 2008, it made sales of $40,000 with terms 3/15, n/45. On June 12, 2008, Montoya received full payment for the June 1 sale.
Use the information from BE8-2, assuming Montoya Co. uses the net method to account for cash discounts. Prepare the required journal entries for Montoya Co.
Battle Tank, Inc. had net sales in 2008 of $1,200,000. At December 31, 2008, before adjusting entries, the balances in selected accounts were: Accounts Receivable $250,000 debit, and Allowance for
Use the information presented in BE8-4 for Battle Tank, Inc.(a) Instead of estimating the uncollectibles at 2% of net sales, assume that 10% of accounts receivable will prove to be uncollectible.
Addams Family Importers sold goods to Acme Decorators for $20,000 on November 1, 2008, accepting Acme’s $20,000, 6-month, 6% note. Prepare Addams’s November 1 entry, December 31 annual adjusting
Aero Acrobats lent $15,944 to Afterburner, Inc., accepting Afterburner’s 2-year, $20,000, zero-interest-bearing note. The implied interest rate is 12%. Prepare Aero’s journal entries for the
On October 1, 2008, Akira, Inc. assigns $1,000,000 of its accounts receivable to Alisia National Bank as collateral for a $700,000 note. The bank assesses a finance charge of 2% of the receivables
CRC Incorporated factored $100,000 of accounts receivable with Fredrick Factors Inc. on a without recourse basis. Fredrick assesses a 2% finance charge of the amount of accounts receivable and
Use the information in BE8-9 for CRC. Assume that the receivables are sold with recourse. Prepare the journal entry for CRC to record the sale, assuming that the recourse obligation has a fair value
Keyser Woodcrafters sells $200,000 of receivables to Commercial Factors, Inc. on a with recourse basis. Commercial assesses a finance charge of 5% and retains an amount equal to 4% of accounts
Use the information presented in BE8-11 for Keyser Woodcrafters but assume that the recourse obligation has a fair value of $4,000, instead of $8,000. Prepare the journal entry and discuss the
The financial statements of General Mills, Inc. report net sales of $5,416,000,000. Accounts receivable are $277,300,000 at the beginning of the year and $337,800,000 at the end of the year.
Genesis Company designated Alex Kidd as petty cash custodian and established a petty cash fund of $200. The fund is reimbursed when the cash in the fund is at $17. Petty cash receipts indicate funds
Jaguar Corporation is preparing a bank reconciliation and has identified the following potential reconciling items. For each item, indicate if it is(1) Added to balance per bank statement,(2)
Use the information presented in BE8-15 for Jaguar Corporation. Prepare any entries necessary to make Jaguar’s accounting records correct and complete.
The controller for Clint Eastwood Co. is attempting to determine the amount of cash to be reported on its December 31, 2008, balance sheet. The following information is provided.1. Commercial
Presented below are a number of independent situations.InstructionsFor each individual situation, determine the amount that should be reported as cash. If the item(s) is not reported as cash, explain
Jim Carrie Company shows a balance of $181,140 in the Accounts Receivable account on December 31, 2008. The balance consists of the following.Installment accounts due in 2009 ......
Your accounts receivable clerk, Mitra Adams, to whom you pay a salary of $1,500 per month, has just purchased a new BMW. You decided to test the accuracy of the accounts receivable balance of
On June 3, Arnold Company sold to Chester Company merchandise having a sale price of $3,000 with terms of 2/10, n /60, f.o.b. shipping point. An invoice totaling $90, terms n /30, was received by
Presented below is information from Perez Computers Incorporated.July 1 Sold $20,000 of computers to Robertson Company with terms 3/15, n/60. Perez uses the gross method to record cash discounts.10
Duncan Company reports the following financial information before adjustments.InstructionsPrepare the journal entry to record Bad Debt Expense assuming Duncan Company estimates bad debts at(a) 1% of
At the end of 2007 Aramis Company has accounts receivable of $800,000 and an allowance for doubtful accounts of $40,000. On January 16, 2008, Aramis Company determined that its receivable from
The trial balance before adjustment of Reba McIntyre Inc. shows the following balances.InstructionsPrepare the entry for estimated bad debts assuming that the allowance is to provide for doubtful
The chief accountant for Emily Dickinson Corporation provides you with the following list of accounts receivable written off in the current year.Emily Dickinson Corporation follows the policy of
Danica Patrick, Inc. includes the following account among its trade receivables.InstructionsAge the balance and specify any items that apparently require particular attention atyear-end.
Presented below is information related to James Garfield Corp.July 1 James Garfield Corp. sold to Warren Harding Co. merchandise having a sales price of $8,000 with terms 2/10, net/60. Garfield
On April 1, 2008, Rasheed Company assigns $400,000 of its accounts receivable to the Third National Bank as collateral for a $200,000 loan due July 1, 2008. The assignment agreement calls for
The trial balance before adjustment for Phil Collins Company shows the following balances.InstructionsUsing the data above, prepare the journal entries required to record each of the following cases.
Ames Quartet Inc. factors receivables with a carrying amount of $200,000 to Joffrey Company for $160,000 on a with recourse basis.InstructionsThe recourse provision has a fair value of $1,000. This
Beyonce Corporation factors $175,000 of accounts receivable with Kathleen Battle Financing, Inc. on a with recourse basis. Kathleen Battle Financing will collect the receivables. The receivables
JFK Corp. factors $300,000 of accounts receivable with LBJ Finance Corporation on a without recourse basis on July 1, 2008. The receivables records are transferred to LBJ Finance, which will receive
On July 1, 2008, Agincourt Inc. made two sales.1. It sold land having a fair market value of $700,000 in exchange for a 4-year zero-interest-bearing promissory note in the face amount of $1,101,460.
On December 31, 2008, Ed Abbey Co. performed environmental consulting services for Hayduke Co. Hayduke was short of cash, and Abbey Co. agreed to accept a $200,000 zero-interest-bearing note due
Part 1On July 1, 2008, John Depp Company, a calendar-year company, sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. John Depp
Sergey Luzov Wholesalers Co. sells industrial equipment for a standard 3-year note receivable. Revenue is recognized at time of sale. Each note is secured by a lien on the equipment and has a face
On July 1, 2008, Gale Sondergaard Company sold special-order merchandise on credit and received in return an interest-bearing note receivable from the customer. Sondergaard will receive interest at
Presented below is information for Jones Company.1. Beginning-of-the-year Accounts Receivable balance was $15,000.2. Net sales (all on account) for the year were $100,000. Jones does not offer cash
Use the information for Jones Company as presented in E8-23. Jones is planning to factor some accounts receivable at the end of the year. Accounts totaling $25,000 will be transferred to Credit
Carolyn Keene, Inc. decided to establish a petty cash fund to help ensure internal control over its small cash expenditures. The following information is available for the month of April.1. On April
The petty cash fund of Fonzarelli€™s Auto Repair Service, a sole proprietorship, contains the following.The general ledger account Petty Cash has a balance of $300.InstructionsPrepare the
Angela Lansbury Company deposits all receipts and makes all payments by check. The following information is available from the cash records.Instructions(a) Prepare a bank reconciliation going from
Logan Bruno Company has just received the August 31, 2008, bank statement, which is summarized below.The general ledger Cash account contained the following entries for the month of August.Deposits
Dumaine Equipment Co. closes its books regularly on December 31, but at the end of 2008 it held its cash book open so that a more favorable balance sheet could be prepared for credit purposes. Cash
Presented below are a series of unrelated situations.1. Spock Company's unadjusted trial balance at December 31, 2008, included the following accounts.Spock Company estimates its bad debt expense to
Mary Pierce Corporation operates in an industry that has a high rate of bad debts. Before any year-end adjustments, the balance in Pierce's Accounts Receivable account was $555,000 and the Allowance
From inception of operations to December 31, 2008, Blaise Pascal Corporation provided for uncollectible accounts receivable under the allowance method: provisions were made monthly at 2% of credit
Presented below is information related to the Accounts Receivable accounts of Gulistan Inc. during the current year 2008.1. An aging schedule of the accounts receivable as of December 31, 2008, is
The balance sheet of Antonio Vivaldi Company at December 31, 2007, includes the following.Transactions in 2008 include the following.1. Accounts receivable of $138,000 were collected including
Nikos Company finances some of its current operations by assigning accounts receivable to a finance company. On July 1, 2008, it assigned, under guarantee, specific accounts amounting to $100,000.
On October 1, 2008, Jeppo Farm Equipment Company sold a pecan-harvesting machine to Lujan Brothers Farm, Inc. In lieu of a cash payment Lujan Brothers Farm gave Jeppo a 2-year, $100,000, 8% note (a
On December 31, 2008, Menachem Inc. rendered services to Begin Corporation at an agreed price of $91,844.10, accepting $36,000 down and agreeing to accept the balance in four equal installments of
Connecticut Inc. had the following long-term receivable account balances at December 31, 2007.Note receivable from sale of division ... $1,800,000Note receivable from officer .......
Radisson Company requires additional cash for its business. Radisson has decided to use its accounts receivable to raise the additional cash and has asked you to determine the income statement
Rosita Arenas Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have
Bill Howe is reviewing the cash accounting for Kappeler, Inc., a local mailing service. Howe's review will focus on the petty cash account and the bank reconciliation for the month ended May 31,
The cash account of Jose Orozco Co. showed a ledger balance of $3,969.85 on June 30, 2008. The bank statement as of that date showed a balance of $4,150. Upon comparing the statement with the cash
Presented below is information related to Tanizaki Inc. Balance per books at October 31, $41,847.85; receipts $173,523.91; disbursements $166,193.54. Balance per bank statement November 30,
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

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