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Questions and Answers of Accounting

On January 1, 2012, Woodland Enterprises issued bonds with a face value of $50,000, a stated rate of interest of 8 percent, and a five-year term to maturity. Interest is payable in cash on December
On January 1, 2012, Smith and Associates issued bonds with a face value of $1,000,000, a stated rate of interest of 9 percent, and a 20-year term to maturity. Interest is payable in cash on December
The following transactions apply to Artesia Co. for 2012, its first year of operations.1. Received $40,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year
Norman Co. borrowed $15,000 from the local bank on April 1, 2012, when the company was started. The note had an 8 percent annual interest rate and a one-year term to maturity. Norman Co. recognized
The following selected transactions were taken from the books of Caledonia Company for 2012.1. On March 1, 2012, borrowed $50,000 cash from the local bank. The note had a 6 percent interest rate and
Contingent liabilitiesRequireda. Give an example of a contingent liability that is probable and reasonably estimable. How would this type of liability be shown in the accounting records?b. Give an
Multistep income statement and classified balance sheetRequiredUse the following information to prepare a multistep income statement and a classified balance sheet for Douglas Company for2012.
On January 1, 2012, Sneed Co. borrowed cash from Best Bank by issuing a $100,000 face value, four-year term note that had a 10 percent annual interest rate. The note is to be repaid by making annual
The following transactions apply to Whitter Co. for 2012, its first year of operations.1. Received $100,000 cash in exchange for issuance of common stock.2. Secured a $200,000, 10-year installment
Acqua Marine Co. uses a line of credit to help finance its inventory purchases. Acqua Marine sells boats and equipment and uses the line of credit to build inventory for its peak sales months,
Inman Company has a line of credit with Bay Bank. Inman can borrow up to $300,000 at any time over the course of the 2012 calendar year. The following table shows the prime rate expressed as an
Hale Co. was formed when it acquired cash from the issue of common stock. The company then issued bonds at a discount on January 1, 2012. Interest is payable on December 31 with the first payment
During 2012 and 2013, Gupta Co. completed the following transactions relating to its bond issue. The company’s fiscal year ends on December 31.2012Mar. 1 Issued $100,000 of eight-year, 7 percent
On January 1, 2012, Crume Incorporated issued bonds with a face value of $100,000, a stated rate of interest of 9 percent, and a five-year term to maturity. Interest is payable in cash on December
Use the Target Corporation’s annual report in Appendix B to answer the following questions related to Target’s 2009 fiscal year. You will need to read carefully the company’s Consolidated
The following three companies issued the following bonds:1. Lot, Inc., issued $100,000 of 8 percent, five-year bonds at 102 ¼ on January 1, 2012. Interest is payable annually on December 31.2. Max,
Complete the requirements below using the most current annual reports or the Forms 10-K for Lowe’s, a company that sells home-building supplies, and Dominion Resources, one of the nation’s
A sole proprietorship was started on January 1, 2012, when it received $60,000 cash from Mark Pruitt, the owner. During 2012, the company earned $40,000 in cash revenues and paid $19,300 in cash
Justin Harris and Paul Berryhill started the HB partnership on January 1, 2012. The business acquired $56,000 cash from Harris and $84,000 from Berryhill. During 2012, the partnership earned $65,000
Morris Corporation was started with the issue of 5,000 shares of $10 par common stock for cash on January 1, 2012. The stock was issued at a market price of $18 per share. During 2012, the company
Newly formed Home Medical Corporation has 100,000 shares of $5 par common stock authorized. On March 1, 2012, Home Medical issued 10,000 shares of the stock for $12 per share. On May 2 the company
Rainoy, Inc., was organized on June 5, 2012. It was authorized to issue 400,000 shares of $10 par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock had
Eaton Corporation issued 5,000 shares of no-par common stock for $20 per share. Eaton also issued 2,000 shares of $50 par, 6 percent noncumulative preferred stock at $60 per share.RequiredRecord
Kaylee Corporation was formed when it issued shares of common stock to two of its shareholders.Kaylee issued 5,000 shares of $10 par common stock to K. Breslin in exchange for $60,000 cash (the issue
Graves Corporation repurchased 2,000 shares of its own stock for $40 per share. The stock has a par of $10 per share. A month later Graves resold 1,200 shares of the treasury stock for $48 per
The following information pertains to Smoot Corp. at January 1, 2012.Common stock, $10 par, 10,000 shares authorized,2,000 shares issued and outstanding ....... $20,000Paid-in capital in excess of
On October 1, 2012, Smart Corporation declared a $60,000 cash dividend to be paid on December 30 to shareholders of record on November 20.RequiredRecord the events occurring on October 1, November
When Polledo Corporation was organized in January 2012, it immediately issued 5,000 shares of $50 par, 5 percent, cumulative preferred stock and 10,000 shares of $10 par common stock. The company’s
B&S Corporation had the following stock issued and outstanding at January 1, 2012:1. 100,000 shares of $5 par common stock.2. 5,000 shares of $100 par, 5 percent, noncumulative preferred stock.On
Varsity Corp. had the following stock issued and outstanding at January 1, 2012.1. 200,000 shares of no-par common stock.2. 10,000 shares of $100 par, 8 percent, cumulative preferred stock.
Rollins Corporation issued a 5 percent stock dividend on 10,000 shares of its $10 par common stock. At the time of the dividend, the market value of the stock was $14 per share.Requireda. Compute the
The market value of Coe Corporation’s common stock had become excessively high. The stock was currently selling for $180 per share. To reduce the market price of the common stock, Coe declared a
Super Drugs (one of the three largest drug makers) just reported that its 2012 third-quarter profits had increased substantially over its 2011 third-quarter profits. In addition to this announcement,
Calloway Company was started on January 1, 2012, when the owners invested $40,000 cash in the business. During 2012, the company earned cash revenues of $18,000 and incurred cash expenses of $12,500.
Davis Corporation was authorized to issue 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 6 percent, cumulative preferred stock. Davis Corporation completed the following
Midwest Corp. completed the following transactions in 2012, the first year of operation.1. Issued 20,000 shares of $10 par common stock at par.2. Issued 2,000 shares of $30 stated value preferred
Boley Corporation reports the following information in its January 1, 2012, balance sheet:Stockholders’ equityCommon stock, $10 par value,50,000 shares authorized, 30,000 shares issued and
Chan Corp. completed the following transactions in 2012, the first year of operation.1. Issued 20,000 shares of $20 par common stock for $30 per share.2. Issued 5,000 shares of $50 par, 5 percent,
The stockholders' equity section of the balance sheet for Brawner Company at December 31, 2012, is as follows:Requireda. What is the par value per share of the preferred stock?b. What is the
Shawn Bates was working to establish a business enterprise with four of his wealthy friends. Each of the five individuals would receive a 20 percent ownership interest in the company. A primary goal
The following events were experienced by Abbot Inc.:1. Issued cumulative preferred stock for cash.2. Issued common stock for cash.3. Distributed a 2-for-1 stock split on the common stock.4. Issued
Use the Target Corporation’s annual report in Appendix B to answer the following questions.Requireda. What is the par value per share of Target’s stock?b. How many shares of Target’s common
Listed here are the stockholders' equity sections of three public companies for years ending in 2008 and 2007:RequiredGroup TasksBased on the company assigned to your group, answer the following
Using either Big Lots, Inc. most current Form 10-K or the company’s annual report, answer the questions below. To obtain the Form 10-K use either the EDGAR system following the instructions in
Metro Shuttle Inc. is considering investing in two new vans that are expected to generate combined cash inflows of $28,000 per year. The vans’ combined purchase price is $91,000. The expected life
Paxton Kingsley, the chief executive officer of Kingsley Corporation, has assembled his top advisers to evaluate an investment opportunity. The advisers expect the company to pay $400,000 cash at the
Karen and Steve Catrow want to replace the windows in the older house they purchased recently.The company they have talked to about doing the work claims that new windows will reduce the couple’s
Explain the term stakeholder. Distinguish between stakeholders with a direct versus an indirect interest in the companies that issue accounting reports.
Why is accounting called the language of business?
What is the primary mechanism used to allocate resources in the United States?
In a business context, what does the term market mean?
What market trilogy components are involved in the process of transforming resources into finished products?
Give an example of a financial resource, a physical resource, and a labor resource.
What type of return does an investor expect to receive in exchange for providing financial resources to a business? What type of return does a creditor expect from providing financial resources to an
How do financial and managerial accounting differ? Discuss.
Describe a not-for-profit or nonprofit enterprise. What is the motivation for this type of entity?
What are the U.S. rules of accounting information measurement called?
Explain how a career in public accounting differs from a career in private accounting.
What is the nature of creditors’ claims on assets?
What term describes creditors’ claims on the assets of a business?
How does acquiring capital from owners affect the accounting equation?
What is the difference between assets that are acquired by issuing common stock and those that are acquired using retained earnings?
What is the source of retained earnings?
What four general-purpose financial statements do business enterprises use?
Discuss the term articulation as it relates to financial statements.
How do temporary accounts differ from permanent accounts? Name three temporary accounts. Is retained earnings a temporary or a permanent account?
What is the historical cost concept and how does it relate to the reliability concept?
What is U.S. GAAP? What is IFRS?
Free economies use open markets to allocate resources.RequiredIdentify the three participants in a free business market. Write a brief memo explaining how these participants interact to ensure that
Assume that Kennedy Company acquires $1,600 cash from creditors and $1,800 cash from investors.Requireda. Explain the primary differences between investors and creditors.b. If Kennedy has a net loss
Accounting is commonly divided into two sectors. One sector is called public accounting. The other sector is called private accounting.Requireda. Identify three areas of service provided by public
Kenneth Chang recently started a business. During the first few days of operation, Mr. Chang transferred $30,000 from his personal account into a business account for a company he named Chang
Missing information in the accounting equationRequiredCalculate the missing amounts in the following table.
As of December 31, 2012, Eber Company had total assets of $156,000, total liabilities of $85,600, and common stock of $52,400. During 2013 Eber earned $36,000 of cash revenue, paid $20,000 for cash
The December 31, 2012, balance sheet for Classic Company showed total stockholders’ equity of $82,500. Total stockholders’ equity increased by $53,400 between December 31, 2012, and December 31,
Shiloh Company was started in 2012 when it acquired $15,000 cash by issuing common stock. The cash acquisition was the only event that affected the business in 2012.RequiredWrite an accounting
Marcum Company was started in 2012 when it issued a note to borrow $6,200 cash.RequiredWrite an accounting equation, and record the effects of the borrowing transaction under the appropriate general
Rhodes Company was started on January 1, 2011. During 2012, the company experienced the following three accounting events:(1) Earned cash revenues of $13,500(2) Paid cash expenses of $9,200, and(3)
At the beginning of 2012, J & J Corp.'s accounting records had the following general ledger accounts and balances.J & J Corp. completed the following transactions during 2012.1. Purchased land for
BJ’s Business Services experienced the following events during its first year of operations.1. Acquired $10,000 cash from the issue of common stock.2. Borrowed $8,000 cash from First Bank.3. Paid
Classifying items for the statement of cash flowsRequiredIndicate how each of the following would be classified on the statement of cash flows as operating activities (OA), investing activities (IA),
Montana Company experienced the following events during 2012.1. Acquired $30,000 cash from the issue of common stock.2. Paid $12,000 cash to purchase land.3. Borrowed $10,000 cash.4. Provided
Davis Company was started on January 1, 2012. During the month of January, Davis earned $4,600 of revenue and incurred $3,000 of expense. Davis closes its books on December 31 of each year.Requireda.
Washington Company was organized when it acquired $2,000 cash from the issue of common stock. During its first accounting period the company earned $800 of cash revenue and incurred $500 of cash
Hilltop, Inc., purchased land in January 2009 at a cost of $270,000. The estimated market value of the land is $350,000 as of December 31, 2012.Requireda. Name the December 31, 2012, financial
Wright Company was started in 2012 when it acquired $25,000 cash by issuing common stock to Cal Wright.Requireda. Was this event an asset source, use, or exchange transaction for Wright Company?b.
City Consulting Services experienced the following events during 2012.1. Acquired cash by issuing common stock.2. Collected cash for providing tutoring services to clients.3. Borrowed cash from a
Expo Co. was started in 2012. During 2012, the company(1) Acquired $11,000 cash from the issue of common stock,(2) Earned cash revenue of $18,000,(3) Paid cash expenses of $10,500, and(4) Paid a
Solito, Inc., was started on January 1, 2012. The company experienced the following events during its first year of operation.1. Acquired $50,000 cash from the issue of common stock.2. Paid $12,000
Partner€™s Pet Store experienced the following events during its first year of operations, 2012.1. Acquired cash by issuing common stock.2. Purchased land with cash.3. Borrowed cash from a
Seacrest Company is a U.S.–based company that develops its financial statements under GAAP. The total amount of the company’s assets shown on its December 31, 2012, balance sheet was
Teresa Hill is struggling to pass her introductory accounting course. Teresa is intelligent but she likes to party. Studying is a low priority for Teresa. When one of her friends tells her that she
The following business scenarios are independent from one another.1. Beth Mays purchased an automobile from Mills Bros. Auto Sales for $9,000.2. Bill Becham loaned $15,000 to the business in which he
Relating titles and accounts to financial statementsRequiredIdentify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by placing a
Webster Consulting experienced the following transactions for 2012, its first year of operations, and 2013. Assume that all transactions involve the receipt or payment of cash.Transactions for 20121.
Gofish Enterprises started the 2012 accounting period with $50,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, Gofish earned cash revenues of $38,000,
The following unrelated events are typical of those experienced by business entities.1. Acquire cash by issuing common stock.2. Purchase land with cash.3. Purchase equipment with cash.4. Pay monthly
Texas Corporation experienced the following transactions during 2012.1. Paid a cash dividend to the stockholders.2. Acquired cash by issuing additional common stock.3. Signed a contract to perform
Cooley Company was started on January 1, 2012, and experienced the following events during its first year of operation.1. Acquired $30,000 cash from the issue of common stock.2. Borrowed $40,000 cash
The following selected financial information is available for HAS, Inc. Amounts are in millions of dollars.Requireda. Divide the class into groups of four or five students each. Organize the groups

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