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accounting

Questions and Answers of Accounting

A corporation declared a cash dividend of $50,000 on December 31, 2009.Required:What is the appropriate journal entry to record this declaration?
ToyWorld reported the following information: Common stock $1 par, 200,000 shares authorized 100,000 shares issued and outstanding.Required:What is the typical effect of a 2-for-1 stock split on the
Bowman Corporation reported the following information: Common stock, $3 par, 10,000 shares authorized 5,000 shares issued and outstanding.Required:What is the appropriate journal entry to record a 10
Yossarian Corporation has a single class of common stock and a single class of cumulative preferred stock. The cumulative preferred stock requires the corporation to pay an annual dividend of $3,750
Seashell Corporation has 10,000 shares outstanding of 10 percent, $20 par value, cumulative preferred stock. In 2007 and 2008, no dividends were declared on preferred stock. In 2009, Seashell had a
Titanic Corporation's net income for the year ended December 31, 2007, is $235,000. On June 30, 2007, a cash dividend was declared for all common stockholders in the amount of $0.50 per share. Common
Refer to the information provided in Cornerstone Exercise 10-39. Assume that on July 31, 2007, Titanic discovered that 2006 depreciation was overstated by $50,000.Required:Provide Titanic's statement
The following information pertains to Milo Minderbender Corporation:Net income ............$46,000Dividends per common share ..... $1.50Common shares ........... 1,000Purchases of treasury stock
The following information pertains to Montague Corporation:Net income .............. $55,000Average common equity .........$1,500,000Preferred dividends ........... $7,500Average common shares
Thoman Products, Inc., sold 21,250 shares of common stock to stockholders at the time of its incorporation. Thoman received $24.40 per share for the stock.Required:1. Assume that the stock has a $20
Redbird, Inc., had the following transactions related to its common and preferred stock: January 15 Sold 50,000 shares of $0.50 par common stock for $12 per share. Sold 2,000 shares of $10 par
Renee Corporation has the following stockholders' equity information:Retained earnings is $109,400, and the cost of treasury shares is $42,000.Required:Prepare the stockholders' equity portion of
Wildcat Drilling has the following accounts on its trial balance.Required:Prepare the stockholders' equity portion of Wildcat's balancesheet.
Kress Products' corporate charter authorizes the firm to sell 800,000 shares of $10 par common stock. At the beginning of 2009, Kress had sold 243,000 shares and had reacquired 1,650 of those shares.
Dennison Service Corporation had no treasury stock at the beginning of 2009. During January 2009, Dennison purchased 7,600 shares of treasury stock at $21 per share. In April 2009, Dennison sold
Berkwild Company is authorized to issue 1,000,000 shares of common stock. At the beginning of 2009, Berkwild had 338,000 issued and outstanding shares. On July 2, 2009, Berkwild purchased 1,310
Crystal Corporation has the following information regarding its common stock: Its common stock is $20 par, with 300,000 shares authorized, 132,000 shares issued, and 130,600 shares outstanding. In
The balance sheet of Castle Corporation includes the following equity section:Capital stock:Common stock, $2 par, 50,000 shares authorized,30,000 shares issued and outstanding ........... $
Nathan Products’ equity includes 10.8 percent, $100 par preferred stock. There are 100,000 shares authorized and 20,000 shares outstanding. Assume that Nathan Products declares and pays preferred
Capital stock of Barr Company includes:Capital stock:Common stock, $10 par, 150,000 shares outstanding .....$1,500,000Preferred stock, 12 percent cumulative, $100 par,5,000 shares outstanding
Gibson Products had beginning retained earnings of $1,000,000. During the year Gibson paid $50,000 of cash dividends to preferred shareholders and $25,000 of cash dividends to common shareholders.
At December 31, 2008, Longfellow Clothing had $107,300 of retained earnings, all unrestricted. During 2009, Longfellow earned net income of $39,500 and declared and paid cash dividends on common
Consider the following information from Priceline.com.Required:1. Calculate the stockholder payout ratios.2. Calculate the stockholder profitabilityratios.
A list of terms and a list of definitions or examples are presented below. Make a list of the numbers 1 through 12 and match the letter of the most directly related definition or example with each
Yeager Corporation was organized in January 2009. During 2009, Yeager engaged in the following stockholders' equity activities:a. Secured approval for a corporate charter that authorizes Yeager to
Klaus Herrmann, a biochemistry professor, organized Bioproducts, Inc., early this year. The firm will manufacture antibiotics using gene splicing technology. Bioproducts' charter authorizes the firm
Hansen, Inc., engaged in the following transactions during the current year:a. Purchased 4,000 shares of its own $20 par common stock for $26 per share on January 14.b. Sold 2,400 treasury shares to
At the end of 2009, Jeffco, Inc., had the following equity accounts and balances:Common stock, $20 par ...............$410,000Paid-in capital in excess of par, common stock ...... 381,400Retained
Papke Payroll Service began 2009 with 1,000,000 authorized and 225,000 issued and outstanding $10 par common shares. During 2009, Papke entered into the following transactions:a. Declared a $0.40 per
Lance Products' balance sheet includes total assets of $320,000 and the following equity account balances at December 31, 2009:Capital stock:Common stock, $5 par, 20,000 shares issued andoutstanding
Magic Conglomerates had the following preferred stock outstanding at the end of a recent year:$25 par, 10 percent ............ 6,000 shares$40 par, 8 percent, cumulative .........11,000 shares$50
Consider the following information taken from the stockholders' equity section:Additional Information (all numbers in thousands other than per share information):Weighted average common shares
Steven's Restorations was organized in January 2008. During 2008, Steven's engaged in the following stockholders' equity activities:a. Secured approval for a corporate charter that authorizes
Tom Smith, a biochemistry professor, organized Biointernational, Inc., earlier this year. The firm will manufacture antibiotics using gene splicing technology. Biointernational's charter authorizes
Bentonite Adhesives, Inc., engaged in the following transactions during the current year:a. Purchased 5,000 shares of its own $15 par common stock for $17 per share on January 14.b. Sold 2,100 of the
At the end of 2009, Stanley Utilities, Inc., had the following equity accounts and balances:Common stock, $10 par ..............$200,000Paid-in capital in excess of par, common stock .....
Thompson Payroll Service began in 2008 with 2,000,000 authorized and 450,000 issued and outstanding $7 par common shares. During 2008, Thompson entered into the following transactions:a. Declared a
Murphy’s Products balance sheet includes total assets of $620,000 and the following equity account balances at December 31, 2008:Capital stock:Common stock, $8 par, 10,000 shares issued and
Steel Corporation had the following preferred stock outstanding at the end of a recent year:$20 par, 12 percent ..............10,000 shares$40 par, 6 percent, cumulative .........13,000 shares$50
Consider the following information taken from the stockholders' equity section:Additional Information (all numbers in thousands other than per share information):Weighted average common shares
Roger and Gordon are middle managers at a large, publicly traded corporation. Roger tells Gordon that the company is about to sign an exclusive product distribution agreement with a small, publicly
Charlene Jones is the office manager for MK Corporation. MK constructs, owns, and manages apartment complexes. Charlene has been involved in negotiations between MK and prospective lenders as MK
Expansion Company now has $2,500,000 of equity (100,000 common shares). Current income is $400,000 and Expansion Company needs $500,000 of additional capital. The firm's bankers insist that this
Enrietto Aquatic Products' offer to acquire Fiberglass Products for $2,000,000 cash has been accepted. Enrietto has $1,000,000 of liquid assets that can be converted into cash and plans to either
Obtain Priceline.com’s 2006 10-K through the ‘‘Investor Relations’’ portion of their website (do a web search for 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:1. Both Abercrombie & Fitch (Note 13) and Aeropostale (Note 15) have notes that
What are liabilities?
How is the amount of a liability measured?
What are current liabilities? Provide some common examples.
Describe two ways (the book mentions three, but you only need two) in which current liabilities are frequently ordered on the balance sheet.
What is the difference between an account payable and a note payable?
What type of transaction typically creates a note payable?
Why is interest ignored when recording accounts payable?
When would debt that must be repaid within the next year be classified as long-term instead of current?
What do we mean by accrued liabilities? Provide some common examples.
Provide examples of payroll taxes that are paid by the employee through reduction of their gross pay. Provide some examples of payroll taxes that are paid by the employer.
Why do unearned revenues and customers' deposits qualify as liabilities?
What are contingent liabilities? Provide an example.
Why is the liability for warranties recognized when products are sold rather than when the warranty services are performed?
Describe the circumstances under which the current, quick, and cash ratios, respectively, are more appropriate measures of short-term liquidity than the other ratios?
Describe the differences between the current, quick, and cash ratios. Which one is the most conservative measure of short-term liquidity?
How does the rationale for the operating cash flow ratio differ from the rationale for the current, quick, and cash ratios?
Multiple-Choice Questions1. Liabilities are recognized:a. In exchange for goods.b. In exchange for services.c. In exchange for borrowing money.d. All of the above.2. When reporting liabilities on a
Multiple-Choice Questions1. Payroll taxes typically include all of the following except:a. Social Security taxb. Federal excise taxc. Medicare taxd. Federal income tax2. When a credit is made to the
On June 30, Carmean Inc. borrows $100,000 from 1st National Bank with a 10-month, 6 percent note.Required:What journal entry is made on June 30?
Rogers Machinery Company borrowed $240,000 on June 1, with a six-month, 8.5 percent, interest-bearing note.Required:1. Record the borrowing transaction.2. Record the repayment transaction.
On October 1, Wilshire Company borrowed $60,000 from People's National Bank on a one-year, 7 percent note.Required:What adjusting entry should Wilshire make at December 31?
On May 1, the Garner Corporation borrowed $30,000 from the First Bank of Midlothian on a one-year, 6 percent note.Required:If the company keeps its records on a calendar year, what adjusting entry
Annual property taxes covering the preceding 12 months are always paid to the county on June 30. Elise, Inc., is always assessed a $2,500 property tax by the county.Required:Given this information,
Garner's Antique Hot Rods recently sold a 1957 Chevy for $13,000. The state sales tax is 7 percent, and there is a $100-per-car federal excise tax.Required:Provide the journal entry to record the
Cobb Baseball Bats sold 150 bats for $50 each, plus an additional sales tax of 7 percent.Required:Provide the journal entry to record the sale.
Hernandez Builders has a gross payroll for June amounting to $400,000. The following amounts have been withheld:Federal income tax ..........$70,000State income tax ........... 30,000Social Security
Kinsella, Inc., has a gross payroll of $8,000 for the pay period. Social Security and Medicare for both the employees and Kinsella are 6.2% and 1.45%, respectively, of the entire payroll. Kinsella
A company's weekly payroll amounts to $50,000 and payday is every Friday. Employees work five days per week, Monday through Friday. The appropriate journal entry was recorded at the end of the
Brand Landscaping offers a promotion where they will mow your lawn 15 times if the customer pays $600 in advance.Required:Make the journal entry to record:1. The customers' prepayment of $600.2.
Many companies provide warranties with their products. Such warranties typically guarantee the repair or replacement of defective goods for some specified period of time following the
In 2009, Waldo Balloons sold 100 hot air balloons at $4,000 each. The balloons carry a five-year warranty for defects. Waldo estimates that repair costs will average 4 percent of the total selling
A company has $200 in cash, $500 in accounts receivable, $700 in inventory, and $400 in current liabilities.Required:1. What is its current ratio?2. What is its quick ratio?3. What is its cash ratio?
Assume cash is $150, short-term marketable securities are $50 accounts receivable are$350, inventories are $275, current liabilities are $65, and total liabilities are $100.Required:1. What is the
Glenview Hardware had the following transactions that produced liabilities during 2009:a. Purchased merchandise on credit for $20,000.b. Year-end wages of $7,600 incurred, but not paid. Related
Morton Electronics had the following obligations:a. A legally enforceable claim against the business to be paid in three months.b. A guarantee given by a seller to a purchaser to repair or replace
For Hammerton Autos, a used-car dealer, the following transactions occurred during the first 10 days of August:a. Hammerton purchased, on credit, space for classified advertisements in the Chicago
Charger Electronics had the following items that require adjusting entries at the end of the year.1. Charger pays its employees $2,500 every Friday. This year December 31 falls on a Thursday.2.
Thornwood Tile had the following items that require adjusting entries at the end of the year.1. Thornwood pays payroll of $30,000 every other Friday. This year December 31 falls on the Tuesday before
Weston Cellular provides wireless phone service. During April 2010, it billed customers a total of $75,000 before taxes. Weston also must pay the following taxes on these charges:1. State of Illinois
Blitzen Marketing Research paid its weekly and monthly payroll on January 31. The following information is available about the payroll:Blitzen will pay both the employer's taxes and the taxes
Irvine Pest Control signed a $2,100-per-month contract on November 1, 2009, to provide pest control services to rental units owned by Garden Grove Properties. Irvine received three months' service
A list of alternative accounting treatments is followed by a list of potential contingent liabilities.Alternative Accounting Treatmentsa. Estimate the amount of liability and record.b. Do not record
Moon Electronics sells television sets and other sound and video equipment. Sales and expected warranty claims for the year are as follows:Required:Prepare the entry to record warranty expense for
Intel Corporation provided the following information on its 2006 balance sheet and statement of cash flows:Required:1. Calculate the following:a. Current ratiob. Quick ratioc. Cash ratiod. Operating
Richmond Company engaged in the following transactions during 2009:a. Purchased $16,000 of merchandise on February 16. The seller offered terms of 1/10, n/15.b. Paid for the purchased merchandise
Stadium Manufacturing has the following data available for its September 30, 2009, payroll:Wages earned .............$183,000*Federal income tax withheld ....... 45,900State income tax withheld
Fairborne Company borrowed $240,000 on a five-month, 7 percent, interest-bearing note on November 1, 2008. Fairborne ends its fiscal year on December 31. The note was paid with interest on March 31,
Conti Products owed $50,000 on account for inventory purchased on December 1, 2010. Conti's fiscal year ends on December 31. Conti was unable to pay the amount owed by the February 28 due date
Clinton Power provides electricity to a wide area of western Kentucky. During October 2011 it billed 1,000 of its residential customers located in the town of Heyworth a total of $131,000 for
On November 20, 2009, Green Bay Electronics agreed to manufacture and supply 500 electronic control units used by Wausau Heating Systems in large commercial and industrial installments. Wausau
Mason Auto Repair specializes in the repair of foreign car transmissions. To encourage business, Mason offers a six-month warranty on all repairs. The following data are available for
Consider the following information taken from Green Mountain Coffee Roaster's (GMCR's) financial statements:Also, Green Mountain Coffee Roaster's operating cash flows were $12,829 and $14,874 in 2006
Daniels Company engaged in the following transactions during 2010:a. Purchased $48,000 of merchandise on January 26. The seller offered terms of 1/10, n/15.b. Paid for the purchased merchandise
McLaughlin Manufacturing has the following data available for its March 31, 2009, payroll:Wages earned ...............$366,000*Federal income tax withheld ........ 91,800State income tax withheld

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