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accounting

Questions and Answers of Accounting

On December 31, 2008, Beauty Box Company borrowed $3,000,000 by issuing three-year, zero coupon bonds. The face value of the bonds is $3,250,000. Beauty Box uses the straight-line method to amortize
Kleinfelder Company has decided to lease its new office building. The following information is available for the lease:Lease:Payments ..............$75,000 per year*Length of lease ...........15
You are the CFO of Diversified Industries. Diversified has suffered through four or five tough years. This has deteriorated their financial condition to a point that they are in danger of violating
Debtholders receive note contracts, one for each note, that describe the payments promised by the issuer of the debt. In addition, the issuing corporation frequently enters a supplementary agreement,
Gearing Manufacturing, Inc., is planning a $1,000,000 expansion of its production facilities. The expansion could be financed by the sale of $1,250,000 in 8 percent notes or by the sale of $1,250,000
Cook Corporation issued financial statements at December 31, 2008, that include the following information:Balance sheet at December 31, 2008:Assets .................$8,000,000Liabilities
Obtain Marriott's 2007 10-K through the ''Investor Relations'' portion of their website. (Using a search engine, search for: Marriott investor relations.) Once at the Investor Relations part of the
Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:1. Look at Abercrombie & Fitch's and Aeropostale's long-term debt footnotes. Which
Explain the accounting equation for the income statement. What are the three major items reported on the income statement?
Explain the accounting equation for the balance sheet. Define the three major components reported on the balance sheet.
Explain the accounting equation for the statement of cash flows. Explain the three major components reported on the statement.
Explain the accounting equation for the statement of retained earnings. Explain the four major items reported on the statement of retained earnings.
Honda Motor Corporation of Japan is a leading international manufacturer of automobiles, motorcycles, all-terrain vehicles, and personal watercraft. As a Japanese company, it follows Japanese GAAP
Terry Lloyd and Joan Lopez organized Read More Store as a corporation; each contributed $75,000 cash to start the business and received 4,000 shares of common stock. The store completed its first
Assume that you are the owner of The University Shop, which specializes in items that interest students. At the end of January 2010, you find (for January only) this information:a. Sales, per the
Walgreen Co. is the nation’s leading drugstore chain. Its recent quarterly income statement contained the following items (in millions). Solve for the missing amounts and prepare an income
Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in
Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each independent case to compute the two missing amounts for each case. Assume that
Review the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each independent case to compute the two missing amounts for each case. Assume that
Clay Corporation was organized by five individuals on January 1, 2011. At the end of January 2011, the following monthly financial data are available:Total revenues .....................$299,000Total
Stone Culture Corporation was organized on January 1, 2009. For its first two years of operations, it reported the following:Net income for 2009 .......... $34,000Net income for 2010 ..........
NITSU Manufacturing Corporation is preparing the annual financial statements for the stockholders. A statement of cash flows must be prepared. The following data on cash flows were developed for the
Assume that you are the president of Propane Company. At the end of the first year (December 31, 2009) of operations, the following financial data for the company are available:Cash
During the summer between her junior and senior years, Susan Irwin needed to earn sufficient money for the coming academic year. Unable to obtain a job with a reasonable salary, she decided to try
Ace Trucking Company was organized on January 1, 2010. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the
On January 1, 2009, three individuals organized West Company as a corporation. Each individual invested $10,000 cash in the business. On December 31, 2009, they prepared a list of resources owned
Assume that you are the president of Arkur Corporation. At the end of the first year (June 30, 2010) of operations, the following financial data for the company are available:Cash
Upon graduation from high school, John Abel immediately accepted a job as an electrician's assistant for a large local electrical repair company. After three years of hard work, John received an
Bocarex Poultry Company was organized on January 1, 2010. At the end of the first quarter (three months) of operations, the owner prepared a summary of its activities as shown in the first row of the
Multiple Choice Questions1. Which of the following accounts would not appear in a closing entry?a. Interest Incomeb. Accumulated Depreciationc. Retained Earningsd. Salary Expense2. Which account is
Puglisi Company has the following adjusted accounts and balances at year-end (June 30, 2010):Prepare an adjusted trial balance in good form for the Puglisi Company at June 30,2010.
Match each definition with its related term by entering the appropriate letter in the spaceprovided.
Using the three-step process illustrated in the chapter, (1) identify the type of adjustment that is required for each of the following transactions (a) through (c) for Morgan Marketing Company, (2)
Using the three-step process illustrated in the chapter,(1) Identify the type of adjustment that is required for each of the following transactions (a) through (c) for Morgan Marketing Company(2)
Darrius Consultants, Inc., provides marketing research for clients in the retail industry. The company had the following unadjusted balances at September 30, 2010:Required:Prepare in good form an
In its annual report, Hewlett-Packard Company states, "We are a leading global provider of products, technologies, solutions and services to consumers and businesses. Our offerings span information
Gonzalez Company completed its first year of operations on December 31, 2010. All of the 2010 entries have been recorded except for the following:a. At year-end, employees earned wages of $6,000,
Latta Company is making adjusting entries for the year ended December 31, 2011. In developing information for the adjusting entries, the accountant learned the following:a. A two-year insurance
Heald's Variety Store is completing the accounting process for the year just ended, December 31, 2011. The transactions during 2011 have been journalized and posted. The following data with respect
Johnson's Boat Yard, Inc., is completing the accounting process for the year just ended, November 30, 2010. The transactions during 2010 have been journalized and posted. The following data with
The following accounts are used by Britt€™s Knits, Inc.Required:For each of the following nine independent situations, give the journal entry by entering the appropriate code(s)
DuPage Company started operations on January 1, 2010. It is now December 31, 2010, the end of the annual accounting period. The part-time bookkeeper needs your help to analyze the following three
Note 1: On April 1, 2011, Seaquist Corporation received a $20,000, 10 percent note from a customer in settlement of a $20,000 open account receivable. According to the terms, the principal of the
Deere & Company is the world€™s leading producer of agricultural equipment; a leading supplier of a broad range of industrial equipment for construction, forestry, and public works; a
Goldberg & Broverman, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31):a. Did not record $15,000 depreciation on the
On December 31, 2011, Quinlan-Cohen Company prepared an income statement and balance sheet and failed to take into account four adjusting entries. The income statement, prepared on this incorrect
On December 31, 2010, the bookkeeper for Joseph Company prepared the following income statement and balance sheet summarized here but neglected to consider three adjusting entries.Data on the three
Derek, Inc., a party rental business, completed its first year of operations on December 31, 2011. Because this is the end of the annual accounting period, the company bookkeeper prepared the
Seneca Company prepared the following trial balance at the end of its first year of operations ending December 31, 2010. To simplify the case, the amounts given are in thousands of dollars.Other data
Dell Inc. is the world's largest computer systems company selling directly to customers. Products include desktop computer systems, notebook computers, workstations, network server and storage
Burress Company's annual accounting year ends on December 31. It is December 31, 2011, and all of the 2011 entries except the following adjusting entries have been made:a. On September 1, 2011,
Totka Towing Company is at the end of its accounting year, December 31, 2011. The following data that must be considered were developed from the company's records and related documents:a. On July 1,
The following information was provided by the records of Collegetown Apartments (a corporation) at the end of the annual fiscal period, December 31, 2010:Renta. Rent revenue collected in cash during
Wagonblatt Company is completing the information processing cycle at its fiscal year-end, December 31, 2010. Following are the correct balances at December 31, 2010, for the accounts both before and
St. Denis, Inc., a small service company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end
Brothers Steve and Herman Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2010. The annual reporting period ends December 31. The trial balance on January 1,
Starbucks Corporation purchases and roasts high-quality whole bean coffees and sells them along with fresh-brewed coffees, Italian-style espresso beverages, a variety of pastries and confections,
Brandon Company's annual accounting year ends on June 30. It is June 30, 2010, and all of the 2010 entries except the following adjusting entries have been made:a. On March 30, 2010, Brandon paid a
Wendy's Catering Company is at its accounting year-end, December 31, 2011. The following data that must be considered were developed from the company's records and related documents:a. During 2011,
Abraham Company is completing the information processing cycle at the end of its fiscal year, December 31, 2009. Following are the correct balances at December 31, 2009, for the accounts both before
Austin Co., a small service repair company, keeps its records without the help of an accountant. After much effort, an outside accountant prepared the following unadjusted trial balance as of the end
Joe Gaskins and Matthew Perry began operations of their furniture repair shop (New Again Furniture, Inc.) on January 1, 2010. The annual reporting period ends December 31. The trial balance on
A March 8, 2004, article in The Wall Street Journal discusses the underlying cause of accounting scandals and offers a suggestion for improved reporting.* You can access the article on the
The pre-closing balances in the T-accounts of Hook M Horns Company at the end of the third year of operations, December 31, 2010, follow. The 2010 adjusting entries are identified by
S. Shirley Land Company, a closely held corporation, invests in commercial rental properties. Shirley's annual accounting period ends on December 31. At the end of each year, numerous adjusting
Erickson Company was organized on January 1, 2009. At the end of the first year of operations, December 31, 2009, the bookkeeper prepared the following trial balances (amounts in thousands of
Crystal Mullinex owns and operates Crystal's Day Spa and Salon, Inc. She has decided to sell the business and retire. She has had discussions with a representative from a regional chain of day spas.
Magliochetti Moving Corporation has been in operation since January 1, 2010. It is now December 31, 2010, the end of the annual accounting period. The company has not done well financially during the
You are the regional sales manager for Bruzzese News Company. Bruzzese is making adjusting entries for the year ended March 31, 2011. On September 1, 2010, customers in your region paid $18,000 cash
How is the financial leverage ratio computed and interpreted?
Multiple Choice Questions 1. If a publicly traded company is trying to maximize its perceived value to decision makers external to the corporation, the company is most likely to understate which of
Calculate the financial leverage ratio for Sal€™s Pizza Company based on the following data:What does the result suggest about the company? What can you say about Sal€™s Pizza
The following are independent situations.a. A company orders and receives 10 personal computers for office use for which it signs a note promising to pay $25,000 within three months.b. A company
As described in a recent annual report, Polaroid Corporation designs, manufactures, and markets worldwide a variety of products primarily in instant image-recording fields, including instant
The following events occurred for Perkins Company:a. Received investment of $24,000 cash by organizers and distributed stock to them.b. Purchased $8,000 of equipment, paying $1,000 in cash and
Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world’s leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The
Grady Service Company, Inc., was organized by Chris Grady and five other investors. The following activities occurred during the year:a. Received $63,000 cash from the investors; each was issued
During its first week of operations ending January 7, 2011, Cirba Sports Inc. completed six transactions with the dollar effects indicated in the following schedule:Required:1. Write a brief
During its first month of operations, March 2010, Clifford€™s Cleaning, Inc., completed six transactions with the dollar effects indicated in the following schedule:Required:1. Write a
Franklin Corporation was organized on May 1, 2011. The following events occurred during the first month.a. Received $60,000 cash from the five investors who organized Franklin Corporation.b. Borrowed
BMW Group, headquartered in Munich, Germany, manufactures several automotive brands including BMW, MINI, and Rolls-Royce. Financial information is reported in the euro (€) monetary unit using
Massimo Company has been operating for one year (2010). You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of 2011,
Refer to E2–13.Required:From the ending balances in the T-accounts in E2–13, prepare a classified balance sheet at December 31, 2011, in good form.
Chu Delivery Company, Inc., was organized in 2010. The following transactions occurred during year 2010:a. Received $40,000 cash from organizers in exchange for stock in the new company.b. Purchased
Staub and Gever Furniture Repair Service, a company with two stockholders, began operations on June 1, 2011. The following T-accounts indicate the activities for the month of June.Required:Explain
The following T-accounts indicate the effects of normal business transactions:Required:1. Describe the typical investing and financing transactions that affect each T-account. That is, what economic
Foot Locker, Inc., (formally Woolworth Corporation) is a large global retailer of athletic footwear and apparel selling directly to customers and through the Internet, including the Foot Locker
Hilton Hotels Corporation constructs, operates, and franchises domestic and international hotel and hotel-casino properties. Information from the company’s recent annual statement of cash flows
Cornell Home Healthcare Services was organized on January 1, 2009, by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,000 shares of stock. To date, they are
Injection Plastics Company has been operating for three years. At December 31, 2010, the accounting records reflected the following:During the year 2011, the company had the following summarized
Dell Inc., headquartered in Austin, Texas, is the global leader in selling computer products and services.The following is Dell’s (simplified) balance sheet from a recent year.DELL INC.Balance
Kalman Incorporated is a small manufacturing company that makes model trains to sell to toy stores. It has a small service department that repairs customers' trains for a fee. The company has been in
Ethan Allen Interiors, Inc., is a leading manufacturer and retailer of home furnishings in the United States and abroad. The following is adapted from Ethan Allen's June 30, 2007, annual financial
Recent balance sheets of Gateway, Inc., producer and marketer of a broad range of personal computers, consumer electronic products, and related tools and services, are provided.Required:1. Is Gateway
The following accounts, in alphabetical order, are adapted from a recent McDonald's Corporation's balance sheet (amounts are in millions of dollars):Required:1. Construct a classified balance sheet
Morrison Music Company had the following transactions in March:a. Sold instruments to customers for $12,000; received $7,000 in cash and the rest on account. The cost of the instruments was $8,000.b.
The following transactions are July 2011 activities of Bob€™s Bowling, Inc., which operates several bowling centers (for games and equipment sales). If revenue is to be recognized in July,
The following transactions are July 2011 activities of Bob€™s Bowling, Inc., which operates several bowling centers (for games and equipment sales). If expense is to be recognized in July,
The following transactions are July 2011 activities of Bob€™s Bowling, Inc., which operates several bowling centers (for games and equipment sales). For each of the following transactions,
The following transactions are July 2011 activities of Bob€™s Bowling, Inc., which operates several bowling centers (for games and equipment sales). For each of the following transactions,

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