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accounting

Questions and Answers of Accounting

Fernetti Advertising Agency, Inc. was founded by John Fernetti in January of 2010. Presented on page 138 are both the adjusted and unadjusted trial balances as of December 31, 2011.Instructions(a)
On September 1, 2011, the account balances of Rand Equipment Repair, Inc. were as follows.During September the following summary transactions were completed.Sept. 8 Paid $1,400 for salaries due
The adjusted trial balance columns of the worksheet for Goode Company are as follows.InstructionsComplete the worksheet.
Emil Skoda Company had the following adjusted trial balance.Instructions(a) Prepare closing entries at June 30, 2011.(b) Prepare a post-closing trialbalance.
Apachi Company ended its fiscal year on July 31, 2011. The company€™s adjusted trial balance as of the end of its fiscal year is as shown at the top of page 186.Instructions(a) Prepare the
The adjusted trial balance for Karr Bowling Alley at December 31, 2011, contains the following accounts.Instructions(a) Prepare a classified balance sheet; assume that $13,900 of the note payable
The following items were taken from the financial statements of R. Stevens Company. (All dollars are in thousands.)InstructionsPrepare a classified balance sheet in good form as of December 31,2011.
These financial statement items are for B. Snyder Company Inc. at year-end, July 31, 2011.Instructions(a) Prepare an income statement and a retained earnings statement for the year.(b) Prepare a
The completed financial statement columns of the worksheet for Woods Company Inc. are shown below.Instructions(a) Prepare an income statement, a retained earnings statement, and a classified balance
Disney Amusement Park, Inc. has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.Instructions(a) Prepare a complete worksheet.(b) Prepare a
Joe Edmonds, CPA, was retained by Clark Cable Inc. to prepare financial statements for April 2011. Edmonds accumulated all the ledger balances per Clark€™s records and found the
The adjusted trial balance columns of the worksheet for Rachel Company Inc. are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b)
The completed financial statement columns of the worksheet for Muddy Company are shown below.Instructions(a) Prepare an income statement, a retained earnings statement, and a classified balance
Rockford Management Services Inc. began business on January 1, 2011, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own
Maine Department Store is located near the Village Shopping Mall. At the end of the company€™s calendar year on December 31, 2011, the following accounts appeared in two of its trial
Tarp Department Store is located in midtown Platteville. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company€™s
a. Differentiate between common stock and preferred stock.b. Describe briefly cumulative preferred stock.
Indicate which of the following accounts would be reported as part of paid-in capital on the balance sheet:a. Retained Earningsb. Common Stockc. Preferred Stock
A corporation reacquires 5,000 shares of its own $40 par common stock for $370,000, recording it at cost. (a) What effect does this transaction have on revenue or expense of the period? (b) What
The treasury stock in Question 14 is resold for $400,000. (a) What is the effect on the corporation’s revenue of the period? (b) What is the effect on stockholders’ equity?
Explain how shareholders can avoid earnings per share dilution from common stock issuances?
An owner of 200 shares of Dunston Company common stock receives a stock dividend of four shares. (a) What is the effect of the stock dividend on the stockholder’s proportionate interest (equity) in
What is other comprehensive income, and how is it disclosed?
Use either the Internet or the newspaper to determine the following for The Coca-Cola Company:a. What stock exchange trades the common stock?b. What is the exchange abbreviation for the common
Fiji Inc., a developer of radiology equipment, has stock outstanding as follows: 25,000 shares of 1% cumulative preferred stock of $100 par, and 250,000 shares of $50 par common. During its first
Infinity.com, a software development firm, has stock outstanding as follows: 100,000 shares of 2% cumulative preferred stock of $20 par, and 50,000 shares of $100 par common. During its first five
On July 7, Sloth Inc., a marble contractor, issued for cash 40,000 shares of $25 par common stock at $40, and on October 20, it issued for cash 15,000 shares of $100 par preferred stock at $120.a.
On February 20, Mudguard Corp., a carpet wholesaler, issued for cash 100,000 shares of no-par common stock (with a stated value of $10) at $15, and on April 30, it issued for cash 4,000 shares of $25
On August 29, Welch Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 10,000 shares of $15 par common stock with a current market price of $28. Journalize the entry to
Pearl.com, with an authorization of 50,000 shares of preferred stock and 200,000 shares of common stock, completed several transactions involving its stock on May 1, the first day of operations. The
Calvert Products Inc., a wholesaler of office products, was organized on January 5 of the current year, with an authorization of 80,000 shares of 2% noncumulative preferred stock, $50 par and 250,000
On December 15, 2004, Las Vegas Sands Corp., owner of the Venetian Hotel in Las Vegas, conducted an initial public offering of 23.8 million shares of $0.001 par value common stock at a price of $29
Crystal Springs Inc. bottles and distributes spring water. On June 1 of the current year, Crystal reacquired 2,500 shares of its common stock at $60 per share. On July 8, Crystal sold 1,500 of the
Geyser Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On March 3 of the current year, Geyser Inc. reacquired 7,500 shares of its common stock at $120 per
Aspen Inc. manages resort properties. On August 1 of the current year, Aspen Inc. reacquired 12,000 shares of its common stock at $36 per share. On September 23, Aspen Inc. sold 7,500 of the
Golden Hearth Corporation wholesales ovens and ranges to restaurants throughout the Midwest. Golden Hearth Corporation, which had 25,000 shares of common stock outstanding, declared a 5-for-1 stock
Triangle Media Group, Inc., issued 15,000 shares of $0.10 par value common stock at a price of $50 per share on January 1, 2007. The proceeds will be used to invest in a project that is expected to
Sunrise Developments, Inc., is considering two financing alternatives for a $9,500,000 retail complex. One option is to issue 250,000 shares of common stock at a price of $38 per share. The second
The important dates in connection with a cash dividend of $120,000 on a corporation’s common stock are February 13, March 15, and April 10. Record the entries required on each date.
Health Co. is an HMO for 12 businesses in the Chicago area. The following account balances appear on the balance sheet of Health Co.: Common stock (250,000 shares authorized), $100 par, $12,500,000;
Selected transactions completed by Indy Boating Supply Corporation during the current fiscal year are as follows:Feb. 9 Split the common stock 3 for 1 and reduced the par from $120 to $40 per
A recent statement of comprehensive income for Caterpillar, Inc., was disclosed as follows (all amounts in millions):The balance sheet dated December 31, 2003, showed a retained earnings balance of
Big Boy Toys Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Big Boy Toys Inc. on October 31, the end of the current
The stockholders' equity T-accounts of Tender Heart Greeting Cards Inc. for the current fiscal year ended December 31, 2007, are as follows. Prepare a statement of stockholders' equity for the fiscal
Procter & Gamble is the largest manufacturer of consumer household products in the United States. The selected entries at the top of the following page were disclosed on the statement of
The Wall Street Journal reported the following stock exchange information for General Electric Co. on January 18, 2005:a. If you owned 500 shares of GE, what amount would you receive as a quarterly
At the market close of January 19, 2005, Bank of America Corp. had a closing stock price of $44.97. In addition, Bank of America had earnings per share of $3.76 and dividend per share was $1.80.
General Motors Corporation had earnings per share of $5.62 for 2003 and $4.95 for 2004. In addition, the dividend was $2.00 per share during these two years. The market price for GM closed at $40.17
Lemonds Corp. manufactures mountain bikes and distributes them through retail outlets in Oregon and Washington. Lemonds Corp. has declared the following annual dividends over a six-year period: 2003,
Diamond Optics produces medical lasers for use in hospitals. The following accounts and their balances appear in the ledger of Diamond Optics on September 30 of the current year:Preferred 5% Stock,
Elk River Corporation sells and services pipe welding equipment in Wyoming. The following selected accounts appear in the ledger of Elk River Corporation on January 1, 2007, the beginning of the
Aerotronics Enterprises Inc. produces aeronautical navigation equipment. The stockholders’ equity accounts of Aerotronics Enterprises Inc., with balances on January 1, 2007, are as follows:Common
Serra do Mar Corporation manufactures and distributes leisure clothing. Selected transactions completed by Serra do Mar during the current fiscal year are as follows:Jan. 8 Split the common stock 3
Da Show Inc. owns and operates movie theaters throughout Texas and California. Da Show has declared the following annual dividends over a six-year period: 2003, $18,000; 2004, $54,000; 2005, $70,000;
On January 1 of the current year, the following accounts and their balances appear in the ledger of Dahof Corp., a meat processor:Preferred 4% Stock, $100 par (20,000 shares authorized, 6,000 shares
The following selected accounts appear in the ledger of Kingfisher Environmental Corporation on March 1, 2007, the beginning of the current fiscal year:Preferred 2% Stock, $75 par (10,000 shares
Shoshone Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Shoshone Enterprises Inc., with balances on January 1, 2007, are as follows:Common Stock, $20 stated
Selected transactions completed by Mead Boating Supply Corporation during the current fiscal year are as follows:Jan. 20 Split the common stock 5 for 1 and reduced the par from $50 to $10 per
The following dividend announcement was made by Campbell Soup Company on November 18, 2004:Campbell Soup Company today announced that the Company’s Board of Directors declared a regular quarterly
Yahoo’s Web portal provides stock market information for publicly traded companies. Go to finance.yahoo.com on the Internet. Enter the symbol for Chevron Texaco Corp. using the “Symbol Lookup”
Phoenix Footwear Group, Inc., designs and distributes shoes under the SoftWalk® and Trotters® brand names. The company made the following announcement in July 2004:Phoenix Footwear Group, Inc.
The recent market price per share and dividend per share are provided for five large financial services and insurance companies traded on the New York Stock Exchange in the following table:a.
Thomas Nelson, Inc., is a publisher of Bibles and other religious materials. Thomas Nelson, Inc., had the following statement of stockholders' equity for the fiscal year ended March 31, 2004:a. What
The following chart shows the retained earnings (deficits) balance for Amazon.com, Inc., from its initial public offering date until December 31, 2004:As can be seen, Amazon.com has accumulated
7-Eleven operates more than 24,000 convenience food stores worldwide. 7-Eleven stores are normally less than 3,000 square feet and carry a variety of items, including soft drinks, candy and snacks,
In early 2002, Bernie Ebbers, then CEO of WorldCom Group, a major telecommunications company, was having personal financial troubles. Ebbers pledged a large stake of his WorldCom stock as security
Lois Heck and Keith Ryan are organizing Beaufort Unlimited Inc. to undertake a high-risk goldmining venture in Canada. Lois and Keith tentatively plan to request authorization for 80,000,000 shares
Kilimanjaro Inc. began operations on January 6, 2007, with the issuance of 400,000 shares of $50 par common stock. The sole stockholders of Kilimanjaro Inc. are Donna White and Dr. Larry Klein, who
Matterhorn Inc. has paid quarterly cash dividends since 1993. These dividends have steadily increased from $0.05 per share to the latest dividend declaration of $0.40 per share. The board of
Maxwell Company owns an equipped plant that has a book value of $150 million. Due to a permanent decline in consumer demand for the products produced by this plant, the market value of the plant and
How should the severance costs of terminated employees be accounted for?
During the current year, 40 acres of land that cost $200,000 were condemned for construction of an interstate highway. Assuming that an award of $350,000 in cash was received and that the applicable
Corporation X realized a material gain when its facilities at a designated floodway were acquired by the urban renewal agency. How should the gain be reported in the income statement?
A recent annual report of Viacom, Inc., the parent company of CBS and MTV, disclosed the sale of Blockbuster, Inc. The estimated after-tax loss of these operations was $1.1 billion. Indicate how the
If significant changes are made in the accounting principles applied from one period to the next, why should the effect of these changes be disclosed in the financial statements?
A corporation reports earnings per share of $1.38 for the most recent year and $1.10 for the preceding year. The $1.38 includes a $0.45-per-share gain from insurance proceeds related to a fully
a. What method of accounting is used for long-term investments in stock in which there is significant influence over the investee?b. Under what caption are long-term investments in stock reported on
An annual report of The Campbell Soup Company reported on its income statement $2.4 million as “equity in earnings of affiliates.” Prepare necessary entry that Campbell would have made to record
Microsoft Corporation stock recently traded at $26 per share and had earnings per share of $0.92. Determine Microsoft’s price-earnings ratio. Round to two decimal places.
LightWave Communications, Inc., spent $100 million expanding its fiber optic communication network between Chicago and Los Angeles during 2005. The fiber optic network was assumed to have a 10-year
Sunset Resorts, Inc., owns and manages resort properties. On January 15, 2007, one of its properties was found to be adjacent to a toxic chemical disposal site. As a result of the negative publicity,
Jen-King Company’s board of directors approved and communicated an employee severance plan in response to a decline in demand for the company’s products. The plan called for the elimination of
Mango Juice Company has been suffering a downturn in its juice business due to adverse publicity regarding the caffeine content of its drink products. As a result, the company has been required to
Conway Transportation Company has suffered losses due to increased competition in its service market from low-cost independent truckers. As a result, on December 31, 2006, the board of directors of
The notes to recent financial statements of Xerox Corporation disclosed the following tabular information regarding restructuring charges. (Assume all restructuring charges were for employee
A company received life insurance proceeds on the death of its president before the end of its fiscal year. It intends to report the amount in its income statement as an extraordinary item. Would
For the year ended December 31, 2002, Delta Air Lines, Inc., provided the following note to its financial statements:On September 22, 2001, the Air Transportation Safety and System Stabilization Act
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).a. Interest revenue on notes
Wave Runner, Inc., produces and distributes equipment for sailboats. On the basis of the following data for the current fiscal year ended June 30, 2006, prepare a multiple-step income statement for
Audio Affection, Inc., sells automotive and home stereo equipment. It has 50,000 shares of $100 par common stock outstanding and 10,000 shares of $2, $100 par cumulative preferred stock outstanding
Glow-Rite Lighting Company had earnings for 2006 of $740,000. The company had 125,000 shares of common stock outstanding during the year. In addition, the company issued 50,000 shares of $100 par
Hazard Guard Insurance Company had 100,000 shares of $4, $100 par value preferred stock issued and outstanding during 2006. In addition, the company had 500,000 shares of common stock issued, of
The statement of comprehensive income for the years ended December 31, 2006 and 2007, plus selected items from comparative balance sheets of McClain Wholesalers, Inc., are as follows:There were no
During 2006, Cosby Corporation held a portfolio of available-for-sale securities having a cost of $260,000. There were no purchases or sales of investments during the year. The market values after
The temporary investments of Secure Connections, Inc., include only 10,000 shares of Lambert Acres, Inc., common stock purchased on January 10, 2006, for $20 per share. As of the December 31, 2006,
During 2006, its first year of operations, Lyon Research Corporation purchased the following securities as a temporary investment:a. Record the purchase of the temporary investments for cash.b.
Using the data for Lyon Research Corporation in Exercise 12-17, assume that as of December 31, 2006, the M-Labs, Inc., stock had a market value of $28 per share and the Spectrum Corp. stock had a
On February 27, Ball Corporation acquired 3,000 shares of the 50,000 outstanding shares of Beach Co. common stock at 40.75 plus commission charges of $150. On July 8, a cash dividend of $1.50 per
At a total cost of $1,820,000, Joshua Corporation acquired 70,000 shares of Caleb Corp. common stock as a long-term investment. Joshua Corporation uses the equity method of accounting for this
Toys€œR€Us Inc. is a major retailer of toys in the United States. A recent balance sheet disclosed a long-term investment in Toys-Japan, a public company trading on the Tokyo

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