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business
accounting

Questions and Answers of Accounting

A plant asset with a cost of $40,000 and accumulated depreciation of $36,000 is sold for $6,000.Requireda. What is the book value of the asset at the time of sale?b. What is the amount of gain or
On January 1, 2011, Gert Enterprises purchased a parcel of land for $12,000 cash. At the time of purchase, the company planned to use the land for future expansion. In 2012, Gert Enterprises changed
Print Service Co. purchased a new color copier at the beginning of 2011 for $35,000. The copier is expected to have a five-year useful life and a $5,000 salvage value. The expected copy production
On January 1, 2012, Harris Machining Co. purchased a compressor and related installation equipment for $64,000. The equipment had a three-year estimated life with a $4,000 salvage value.
Zell’s Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $900, and the book value prior to the repair was $5,000. In addition, the company spent $8,000
Sequoia Construction Company purchased a forklift for $110,000 cash. It had an estimated useful life of four years and a $10,000 salvage value. At the beginning of the third year of use, the company
On January 1, 2012, Valley Power Company overhauled four turbine engines that generate power for customers. The overhaul resulted in a slight increase in the capacity of the engines to produce power.
Ecru Sand and Gravel paid $600,000 to acquire 800,000 cubic yards of sand reserves. The following statements model reflects Ecru's financial condition just prior to purchasing the sand reserves. The
Texas Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items.Patent with 5 remaining years of legal life ......$36,000Goodwill
Mike Wallace purchased the business Magnum Supply Co. for $275,000 cash and assumed all liabilities at the date of purchase. Magnum's books showed assets of $280,000, liabilities of $40,000, and
Khan Company made several purchases of long-term assets in 2012. The details of each purchase are presented here.New Office Equipment1. List price: $40,000; terms: 1/10 n/30; paid within the discount
KC Company began operations when it acquired $30,000 cash from the issue of common stock on January 1, 2011. The cash acquired was immediately used to purchase equipment for $30,000 that had a $5,000
The following transactions pertain to Optimal Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year.20121. Acquired $60,000
O’Brian Service Company purchased a copier on January 1, 2012, for $17,000 and paid an additional $200 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.
Same Day Laundry Services purchased a new steam press on January 1, for $35,000. It is expected to have a five-year useful life and a $3,000 salvage value. Same Day expects to use the steam press
McNabb Corporation purchased a delivery van for $25,500 in 2012. The firm's financial condition immediately prior to the purchase is shown in the following horizontal statements model:The van was
Three different companies each purchased a machine on January 1, 2012, for $54,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $4,000. All three
Favre Exploration Corporation engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities: Jan. 1, 2012
Big Sky Inc. recorded the following transactions over the life of a piece of equipment purchased in 2011:Jan. 1, 2011 Purchased the equipment for $36,000 cash. The equipment is estimated to have a
Vernon Manufacturing paid $58,000 to purchase a computerized assembly machine on January 1, 2012. The machine had an estimated life of eight years and a $2,000 salvage value. Vernon's financial
Mia-Tora Company purchased a fast-food restaurant for $1,400,000. The fair market values of the assets purchased were as follows. No liabilities were assumed.Equipment ........ $320,000Land
Springhill Co. purchased the assets of Canyon Co. for $1,000,000 in 2012. The estimated fair market value of the assets at the purchase date was $920,000. Goodwill of $80,000 was recorded at
Several years ago, Wilson Blowhard founded a communications company. The company became successful and grew by expanding its customer base and acquiring some of its competitors. In fact, most of its
Understanding real-world annual reportsRequiredUse the Target Corporation’s annual report in Appendix B to answer the following questions.a. What method of depreciation does Target use?b. What
Sweet’s Bakery makes cakes, pies, and other pastries that it sells to local grocery stores. The company experienced the following transactions during 2012.1. Started business by acquiring $60,000
Compute the missing amounts for each of the following notes.
Nieto Co. elects to use the percentage-of-sales basis in 2011 to record bad debts expense. It estimates that 2% of net credit sales will become uncollectible. Sales are $800,000 for 2011, sales
What classifications and amounts are shown in PepsiCo’s Note 4 to explain its total property, plant, and equipment (net) of $11,663 million?
Don Walls’s gross earnings for the week were $1,780, his federal income tax withholding was $301.63, and his FICA total was $135.73.Instructions(a) What was Walls’s net pay for the week?(b)
According to the accountant of Ulner Inc., its payroll taxes for the week were as follows:$198.40 for FICA taxes, $19.84 for federal unemployment taxes, and $133.92 for state unemployment
The following financial data were reported by 3M Company for 2007 and 2008 (dollars in millions).Instructions(a) Calculate the current ratio and working capital for 3M for 2007 and 2008.(b) Suppose
Jim Thome has prepared the following list of statements about bonds.1. Bonds are a form of interest-bearing notes payable.2. When seeking long-term financing, an advantage of issuing bonds over
On June 1, 2011, Logsdon Corp. issued $1,500,000, 8%, 5-year bonds at face value. The bonds were dated June 1, 2011, and pay interest semiannually on June 1 and December 1. Financial statements are
Merendo Co. sold $600,000, 9%, 10-year bonds on January 1, 2011. The bonds were dated January 1, and interest is paid on January 1 and July 1.The bonds were sold at 105.Instructions(a) Prepare the
Egan Electronics issues a $500,000, 8%, 10-year mortgage note on December 31, 2011, to help finance a plant expansion program. The terms provide for semiannual installment payments, not including
On July 1, 2011, Matlock Satellites issued $2,700,000 face value, 9%, 10-year bonds at $2,531,760.This price resulted in an effective-interest rate of 10% on the bonds. Matlock uses the
On July 1, 2011, S. Posadas Chemical Company issued $3,000,000 face value, 10%, 10-year bonds at $3,407,720. This price resulted in an 8% effective-interest rate on the bonds.Posadas uses the
Roeder Company sold $4,000,000, 9%, 20-year bonds on January 1, 2011. The bonds were dated January 1, 2011, and pay interest on January 1 and July 1. Roeder Company uses the straight-line method to
Karjala Corporation sold $5,000,000, 8%, 10-year bonds on January 1, 2011.The bonds were dated January 1, 2011, and pay interest on July 1 and January 1. Karjala Corporation uses the straight-line
The following is taken from the Magana Corp. balance sheetInterest is payable semiannually on January 1 and July 1.The bonds are callable on any semiannual interest date. Magana uses straight-line
On January 1, 2009, Bailey Corporation issued $6,000,000 of 5-year, 8% bonds at 96. The bonds pay interest semiannually on July 1 and January 1. By January 1, 2011, the market rate of interest for
Ken Robson, president of the Robson Corporation, is considering the issuance of bonds to finance an expansion of his business. He has asked you to (a) Discuss the advantages of bonds over common
As indicated in the “All About You” feature in this chapter (page 468), medical costs are substantial and rising. But will medical costs be your most substantial expense over your lifetime? Not
Paris Company and Troyer Company are competing businesses. Both began operations 6 years ago and are quite similar in most respects. The current balance sheet data for the two companies are shown
Mike Horn, a student, asks your help in understanding the following characteristics of a corporation:(a) Separate legal existence, (b) Limited liability of stockholders, and (c) Transferable
(a) Your friend Veena Gall cannot understand how the characteristic of corporation management is both an advantage and a disadvantage. Clarify this problem for Veena.(b) Identify and explain two
Kari Jonas believes a corporation must be incorporated in the state in which its headquarters office is located. Is Kari correct? Explain.
The corporate charter of Sokol Corporation allows the issuance of a maximum of 100,000 shares of common stock. During its first two years of operations, Sokol sold 80,000 shares to stockholders and
For what reasons might a company like IBM repurchase some of its stock (treasury stock)? Discuss in detail.
Chen, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $12,000. Assuming the shares are held in the treasury, what effect does this transaction have on: (a) Net
The treasury stock purchased in question 13 is resold by Chen, Inc. for $15,000. What effect does this transaction have on(a) Net income, (b) Total assets, (c) Total paid-in capital, and (d) Total
What three conditions must exist before a cash dividend is paid?
Three dates associated with Naperville Company’s cash dividend are May 1, May 15, and May 31. Discuss the significance of each date and give the entry at each date.
Fields Corporation has 20,000 shares of $10 par value common stock outstanding when it announces a 2-for-1 stock split. Before the split, the stock had a market price of $120 per share. After the
The board of directors is considering either a stock split or a stock dividend. They understand that total stockholders’ equity will remain the same under either action. However, they are not sure
What is the formula for computing book value per share when a corporation has only common stock?
Alou Inc.’s common stock has a par value of $1, a book value of $29, and a current market value of $15. Explain why these amounts are all different.
Ron Child is studying for his accounting midterm examination. Identify for Ron the advantages and disadvantages of the corporate form of business organization.
On June 1, Herrera Inc. issues 3,000 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
Tara Inc.’s $10 par value common stock is actively traded at a market value of $16 per share. Tara issues 5,000 shares to purchase land advertised for sale at $85,000. Journalize the issuance of
On July 1,Fritz Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $9 per share. On September 1, it sells 300 shares of the treasury stock for cash
Chavez Corporation has 50,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1.The dividend is paid on December 31.
Walters Corporation has 60,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $16.The dividend shares are issued
The stockholders’ equity section of Martin Corporation consists of common stock ($10 par) $2,000,000 and retained earnings $300,000. A 10% stock dividend (20,000 shares) is declared when the market
For the year ending December 31, 2011, Mount Inc. reports net income $120,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on
During its first year of operations, Klumpe Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 70,000 shares for cash at $5 per share.July 1 Issued 40,000 shares
Garza Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in
As an auditor for the CPA firm of Agler and Carl, you encounter the following situations in auditing different clients.1. Desi Corporation is a closely held corporation whose stock is not publicly
On January 1, 2011, the stockholders’ equity section of Rowen Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings
Tinker Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and
The stockholders€™ equity section of Lumley Corporation at December 31 is as follows.InstructionsFrom a review of the stockholders€™ equity section, as chief accountant, write a
Flores Corporation 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 his textbooks
On January 1, Armada Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.Apr. 1 Issued
On January 1, 2011, Abdella Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 60,000 shares of common stock
On October 31, the stockholders’ equity section of Omar Company consists of common stock $600,000 and retained earnings $900,000. Omar is considering the following two courses of action: (1)
Before preparing financial statements for the current year, the chief accountant for Springer Company discovered the following errors in the accounts.1. The declaration and payment of $50,000 cash
On January 1, 2011, Castle Corporation had retained earnings of $550,000. During the year, Castle had the following selected transactions.1. Declared cash dividends of $120,000.2. Corrected
The ledger of O’Dell Corporation contains the following accounts: Common Stock, Preferred Stock, Treasury Stock—Common, Paid-in Capital in Excess of Par Value—PreferredStock, Paid-in Capital in
The following accounts appear in the ledger of Tiger Inc. after the books are closed at December 31.Common Stock, no par, $1 stated value, 400,000 shares authorized;300,000 shares issued
At December 31, Missouri Corporation has total stockholders’ equity of $3,000,000.Included in this total are preferred stock $500,000 and paid-in capital in excess of par value—preferred stock
On October 1, Chile Corporation’s stockholders’ equity is as follows.Common stock, $5 par value ......... $200,000Paid-in capital in excess of par value ...... 25,000Retained earnings
Hayslett Corporation was organized on January 1, 2011. 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
The stockholders’ equity accounts of Jajoo Corporation on January 1, 2011, were as follows.Preferred Stock (10%, $100 par noncumulative, 5,000 shares authorized) . $ 300,000Common Stock ($5 stated
On January 1, 2011, Galactica Corporation had the following stockholders’ equity accounts.Common Stock ($20 par value, 60,000 shares issued andoutstanding) ............... $1,200,000Paid-in
The ledger of Nakona Corporation at December 31, 2011, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (10,000 shares issued) .......
Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated
On January 1, 2011, Snider Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 90,000 shares issued andoutstanding) ................... $900,000Paid-in Capital
The following stockholders’ equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2011.Common Stock ($10 stated value) ........... $1,500,000Paid-in
On January 1, 2011, Hamblin Inc. had the following stockholders’ equity balances.Common Stock (500,000 shares issued) .... $1,000,000Paid-in Capital in Excess of Par Value ....... 500,000Common
Keeler Corporation was organized on January 1, 2011. 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
Goldberg Corporation had the following stockholders’ equity accounts on January 1, 2011: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par Value $200,000, and Retained Earnings
The stockholders’ equity accounts of Port Corporation on January 1, 2011, were as follows.Preferred Stock (8%, $50 par cumulative, 10,000 shares authorized) . $ 400,000Common Stock ($1 stated
On January 1, 2011, Argentina Corporation had the following stockholders’ equity accounts.Common Stock ($20 par value, 75,000 shares issued andoutstanding) ................ $1,500,000Paid-in
On December 31, 2010, Bradstrom Company had 1,500,000 shares of $10 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2010, had the following
The post-closing trial balance of Chen Corporation at December 31, 2011, contains the following stockholders’ equity accounts.Preferred Stock (15,000 shares issued) ....... $ 750,000Common Stock
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Rizzo Corporation at December 31, 2011.Common Stock ($5 stated value) ........... $2,500,000Paid-in Capital
Sal Greco, your uncle, is an inventor who has decided to incorporate. Uncle Sal knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with the question, “I’m filling
The stockholders€™ meeting for Harris Corporation has been in progress for some time. The chief financial officer for Harris is presently reviewing the company€™s financial
Bohanon Company pays $318,000 to purchase all the outstanding common stock of Erin Corporation. At the date of purchase the net assets of Erin have a book value of $290,000. Bohanon’s management
Paula Company acquires 100% of the common stock of Shannon Company for $190,000 cash. On the acquisition date, Shannon’s ledger shows Common Stock $120,000 and Retained Earnings $70,000. Complete

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