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accounting

Questions and Answers of Accounting

The management of Genco Utilities Inc. is considering two capital investment projects. The estimated net cash flows from each project are as follows:The generating unit requires an investment of
The investment committee of Safe Hands Insurance Co. is evaluating two projects. The projects have different useful lives, but each requires an investment of $225,000. The estimated net cash flows
Madison Capital Group is considering allocating a limited amount of capital investment funds among four proposals. The amount of proposed investment, estimated income fromoperations, and net cash
The capital investment committee of Triple C Trucking Inc. is considering two investment projects. The estimated income from operations and net cash flows from each investment are as follows:Each
Family Life Publications Inc. is considering two new magazine products. The estimated net cash flows from each product are as follows:Each product requires an investment of $440,000. A rate of 15%
First Security Bancorp Inc. wishes to evaluate three capital investment projects by using the net present value method. Relevant data related to the projects are summarized as follows:Instructions1.
The management of Horizon Media Inc. is considering two capital investment projects. The estimated net cash flows from each project are as follows:The radio station requires an investment of
The investment committee of Mr. Bob Restaurants Inc. is evaluating two restaurant sites. The sites have different useful lives, but each requires an investment of $445,000. The estimated net cash
Horizon Communications Inc. is considering allocating a limited amount of capital investment funds among four proposals. The amount of proposed investment, estimated income from operations, and net
Elisa McRae was recently hired as a cost analyst by Medlab Medical Supplies Inc. One of Elisa’s first assignments was to perform a net present value analysis for a new warehouse. Elisa performed
A Masters of Accountancy degree at Mid-State University would cost $15,000 for an additional fifth year of education beyond the bachelor’s degree. Assume that all tuition is paid at the beginning
Global Products Inc. invested $1,000,000 to build a plant in a foreign country. The labor and materials used in production are purchased locally. The plant expansion was estimated to produce an
You are considering an investment of $300,000 in either Project A or Project B for West Coast Studios Inc. In discussing the two projects with an advisor, you decided that, for the risk involved, an
Why does money have a time value?
Describe the four basic time-value-of-money problems.
How is compound interest computed? What is a future value? What is a present value?
Define an annuity in general terms. Describe the cash flows related to an annuity from the viewpoint of the lender in terms of receipts and payments.
Explain how to use time-value-of-money calculations to measure an installment note liability.
Explain How Compound Interest Works Assume you have $6,000.Required:Calculate the future value of the $6,000 at 12 percent compounded quarterly for five years.
Use Future Value Tables to Apply compound Interest to Accounting Transactions Effingham Lumber makes annual deposits of $500 at 6 percent compounded annually for three years.Required:What is the
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting TransactionsLisa inherited $140,000 from an aunt.Required:If Lisa decides not to spend her inheritance but to
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting TransactionsTim wants to save some money so that he can make a down payment of $3,000 on a car when he graduates
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting Transactions Joe makes equal deposits of $500 semiannually for four years.Required:What is the future value at 8
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting Transactions Curtis, a high school math teacher, wants to set up an IRA account into which he will deposit $2,000
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting TransactionsJoan will receive $7,000 in seven years.Required:What is the present value at 7 percent compounded
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting TransactionsA bank is willing to lend money at 6 percent interest, compounded annually.Required:How much would the
Use Future Value And Present Value Tables To Apply Compound Interest To Accounting TransactionsBill can earn 6 percent.Required:How much would have to be deposited in a savings account in order for
Justice wins the lottery. He wins $20,000 per year to be paid to him for 10 years. The state offers him the choice of a cash settlement now instead of the annual payments for 10 years.Required:If the
Using the appropriate tables in the text,Required:Determine:a. the future value of a single cash flow of $5,000 that earns 7 percent interest compounded annually for 10 years.b. the future value of
Using the appropriate tables in the text,Required:Determine:a. the present value of $1,200 to be received in seven years, assuming that the interest (discount) rate is 8 percent per year.b. the
Using the appropriate tables in the text,Required:Determine:a. the future value of a single deposit of $15,000 that earns compound interest for four years at an interest rate of 10 percent per
Pueblo Pottery, Inc., engaged in the following transactions during 2009:a. On January 1, 2009, Pueblo deposited $12,000 in a certificate of deposit paying 6 percent interest compounded semiannually
On January 1, you make a single deposit of $8,000 in an investment account that earns 8 percent interest.Required:1. Calculate the balance in the account in five years assuming the interest is
Fargo Transit Company invested $70,000 in a tax-anticipation note on June 30, 2009.The note earns 12 percent interest compounded monthly (1 percent per month) and matures on March 31,
Using the appropriate tables in the text,Required:Determine:a. the present value of a single $14,000 cash flow in seven years if the interest (discount) rate is 8 percent per year.b. the number of
Ramon Company signed notes to make the following two purchases on January 1, 2009:a. a new truck for $60,000, with payment deferred until December 31, 2010. The appropriate interest rate is 9 percent
You have an opportunity to purchase a government security that will pay $200,000 in five years.Required:1. Calculate what you would pay for the security if the appropriate interest (discount) rate is
On December 31, 2009, you sign a contract to make annual deposits of $4,200 in an investment account that earns 10 percent. The first deposit is made on December 31, 2009.Required:1. Calculate what
Purdue Savings Bank pays 8 percent interest compounded weekly (0.154 percent per week) on savings accounts. The bank has asked your help in preparing a table to show potential customers the number of
Shubert Products has just been paid $25,000 by Apex Enterprises, which has owed Shubert this amount for 30 months but been unable to pay because of financial difficulties. Had it been able to invest
Johnson Properties owns land on which natural gas wells are located. Columbus Gas Company signs a note to buy this land from Johnson on January 1, 2009. The note requires Columbus to pay Johnson
Jeffrey’s Billiards sold a pool table to C. Cobbs on October 31, 2009. The terms of the sale are no money down and payments of $50 per month for 30 months, with the first payment due on November
1. Which of the following best describes international financial reporting standards?a. IFRS describes the generally accepted accounting principles that are currently used by all companies in the
Define accounting. How does accounting differ from bookkeeping?
Why is there a demand for accounting information? Name five groups that create demand for accounting information about businesses, and describe how each group uses accounting information.
What is an accounting entity?
Name and describe three different forms of business organization.
Name and describe the three main types of business activities.
Define the words assets, liabilities, and stockholders' equity. How are the three words related?
Define the words revenue and expense.
Name and briefly describe the purpose of the four financial statements.
What types of questions are answered by the financial statements?
What is point-in-time measurement? How does it differ from period-of-time measurement?
Write the fundamental accounting equation. What is its significance?
What information is included in the heading of each of the four financial statements?
Define current assets and current liabilities. Why are current assets and current liabilities separated from noncurrent assets and long-term liabilities on the balance sheet?
Describe how items are ordered within the current assets and current liabilities sections on a balance sheet.
Name the two main components of stockholders' equity. Describe the main sources of change in each component.
How does the multiple-step income statement differ from the single-step income statement?
Explain the items reported on a statement of retained earnings.
Name and describe the three categories of the statement of cash flows.
How is the statement of changes in retained earnings related to the balance sheet? How is the income statement related to the statement of changes in retained earnings?
Describe the items (other than the financial statements) found in the annual report.
Give an example of unethical behavior by a public accountant and describe its consequences.
Multiple Choice Questions1. Which of the following statements is false concerning forms of business organization?a. A sole proprietorship is an easy type of business to form.b. It is easier for a
Multiple Choice Questions1. Using the information in Multiple-Choice Exercise 1-7, what is Marker’s stockholders’ equity?a. $22,500b. $18,200c. $12,500d. $5,7002. Which of the following
Consider the forms of business organization discussed in the chapter.Required:What are the three different forms of business organization? List the advantages and disadvantages of each form.
Listed below are various activities that companies engage in during a period.a. The sale of goods or servicesb. The purchase of equipmentc. The payment of a dividendd. The purchase of suppliese.
Listed below are three independent scenarios.Required:Use the fundamental accounting equation to find the missingamounts.
At the beginning of the year, Morgan Company had total assets of $325,000 and total liabilities of $225,000.Required:Use the fundamental accounting equation to answer the following independent
Listed below are elements of the financial statements.a. Revenueb. Assetsc. Dividendsd. Net change in cashe. Expensesf. Cash flow from operating activitiesg. Liabilitiesh. Stockholders’
Listed below are items that may appear o n a balance sheet. Item Classification________________1. Accounts payable a. Current assets2. Machinery b. Property, plant, and
An analysis of the transactions of Cavernous Homes, Inc., yields the following totals at December 31, 2009: cash, $2,200; accounts receivable, $5,100; notes payable, $4,000; supplies, $8,500; common
An analysis of the transactions of Canary Cola, Inc., for the year 2009 yields the following information: revenue, $70,000; supplies expense, $30,900; rent expense, $24,000; and dividends,
Parker Company has a balance of $25,000 in retained earnings on January 1, 2009. During 2009, Parker reported revenues of $60,000 and expenses of $47,000. Parker also paid a dividend of
Decision-makers use accounting information in a wide variety of decisions including the following:1. Deciding whether or not to invest in a business2. Deciding whether or not to lend money to a
Listed below are the three types of business entities and definitions, examples, or descriptions.Entity Definition, Example, or Description___________Sole proprietorship 1. Can sell goods
Bill and Steve recently formed a company that manufactures and sells high-end kitchen appliances. The following are a list of activities that occurred during the year.a. Bill and Steve each
A list of accounting concepts and related definitions are presented below. Concept Definition________________________1. Revenue a. Owner’s claim on the resources of a company2.
Financial information for three independent cases is given below.Required:Compute the missing numbers in each of the three independent cases describedabove.
The following accounts exist in the ledger of Higgins Company: Accounts payable, Accounts receivable, Accumulated depreciation on building, Accumulated depreciation on equipment, Bonds payable,
Dunn Sporting Goods sells athletic clothing and footwear to retail customers. Dunn's accountant indicates that the firm's operating cycle averages six months. At December 31, 2009, Dunn has the
Hanson Construction has an operating cycle of nine months. On December 31, 2009, Hanson has the following assets and liabilities:a. A note receivable in the amount of $1,000 to be collected in six
Swanson Products was organized as a new business on January 1, 2009. On that date, Swanson acquired equipment at a cost of $400,000, which is depreciated at a rate of $40,000 per
On January 1, 2009, Mulcahy Manufacturing, Inc., a newly formed corporation, issued 1,000 shares of common stock in exchange for $150,000 cash. No other shares were issued during 2009, and no shares
College Spirit sells sportswear with logos of major universities. At the end of 2009, the following balance sheet account balances were available.Accounts payable
Jerrison Company operates a wholesale hardware business. The following balance sheet accounts and balances are available for Jerrison at December 31, 2009.Accounts payable .....................$
The following accounts exist in the ledger of Butler Company: administrative salaries expense, advertising expense cost of goods sold, depreciation expense on office equipment, interest expense,
The accounting profession is organized into three major groups: (1) Accountants who work in nonbusiness entities, (2) Accountants who work in business entities, (3) Accountants in public practice.
Agency Rent-A-Car, Inc., rents cars to customers whose vehicles are unavailable due to accident, theft, or repair (''Wheels while your car heals''). The company has a fleet of more than 40,000 cars
Reproduced on the following page are portions of the president's letter to shareholders and selected income statement and balance sheet data for the Wright Brothers Aviation Company. Wright Brothers
Obtain Apple, Inc.'s 2007 annual report either through the “Investor Relations” portion of their website (do a web search for Apple investor relations) or go to www.sec.gov and click Search for
Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:Answer the following questions:1. What is the fiscal year-end of Abercrombie
Professional ethics guide public accountants in their work with financial statements.Required:1. Why is ethical behavior by public accountants important to society?2. Describe the incentives that
Lola, the CEO of JB Inc., and Frank, the accountant for JB Inc., were recently having a meeting to discuss the upcoming release of the company's financial statements.Following is an excerpt of their
ERS, Inc., maintains and repairs office equipment. ERS had an average of 10,000 shares of common stock outstanding for the year. The following income statement account balances are available for ERS
The following information is available for Bergin Pastry Shop.Gross margin ...................$30,700Income from operations ............... 9,200Income taxes expense (15% of income before taxes) ...
The following information is available for Wright Auto Supply at December 31, 2009.Cost of goods sold ................$277,000Depreciation expense on building .......... 29,000Income taxes expense
At the end of 2008, Sherwood Company had retained earnings of $21,240. During 2009, Sherwood had revenues of $831,400 and expenses of $792,100, and paid cash dividends in the amount of
Walters, Inc. began operations on January 1, 2009. The following information relates to Walters’ cash flows during 2009.Cash received from owners ............ $200,000Cash paid for purchase of land

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