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Questions and Answers of Accounting

On January 1, 2010, Valuation Allowance for Trading Investments has a credit balance of $8,700. On December 31, 2010, the cost of the trading securities portfolio was $52,400 and the fair value was
On January 1, 2010, Valuation Allowance for Trading Investments has a credit balance of $1,200. On December 31, 2010, the cost of the trading securities portfolio was $99,600, and the fair value was
On January 1, 2010, Valuation Allowance for Available-for-Sale Securities has a debit balance of $1,500. On December 31, 2010, the cost of the available-for-sale securities was $67,500, and the fair
On January 1, 2010, Valuation Allowance for Available-for-Sale Securities has a credit balance of $3,400. On December 31, 2010, the cost of the available-for-sale securities was $35,700, and the fair
Mercer Investments acquired $120,000 Jericho Corp., 6% bonds at par value on September 1, 2010. The bonds pay interest on September 1 and March 1. On March 1, 2011, Mercer sold $40,000 par value
Lance Co. purchased $36,000 of 6%, 10-year Bergen County bonds on July 12, 2010, directly from the county at par value. The bonds pay semiannual interest on May 1 andNovember 1. On December 1, 2010,
The following bond investment transactions were completed during 2010 by TorrenceCompany:Jan. 21. Purchased 30, $1, 000 par value government bonds at 100 plus 20 days’ accrued interest. The bonds
On May 1, 2010, Carly Company purchased $84,000 of 5%, 12-year Baltimore Company bonds at par plus 2 months’ accrued interest. The bonds pay interest on March 1 and September 1. On October 1, 2010,
On February 17, Asher Corporation acquired 3,000 shares of the 100,000 outstanding shares of Dan Co. common stock at $28.90 plus commission charges of $300. On July 11, a cash dividend of $0.95 per
The following equity investment-related transactions were completed by Lance Company in 2010:Jan. 12. Purchased 1,800 shares of Baxter Company for a price of $56.50 per share plus a brokerage
Plumbline Tech Corp. manufactures surveying equipment. Journalize the entries to record the following selected equity investment transactions completed by Plumbline during 2010:Feb. 2. Purchased for
During 2010, its first year of operations, LandStar Corporation purchased the following securities classified as available-for-sale securities: (a) Record the purchase of the investments for
At a total cost of $710,000, Abbott Corporation acquired 50,000 shares of Costello Corp. common stock as a long-term investment. Abbott Corporation uses the equity method of accounting for this
On January 15, 2010, National Star Inc. purchased 80,000 shares of Krypton Labs Inc. directly from one of the founders for a price of $55 per share. Krypton has 250,000 shares outstanding, including
The investments of Commerce Bank Inc. include 12,000 shares of RadTek Inc. common stock purchased on February 21, 2010, for $16 per share. These shares were classified as trading securities. As of
Horizon Bancorp Inc. purchased a portfolio of trading securities during 2009. The cost and fair value of this portfolio on December 31, 2009, was as follows: On April 3, 2010, Horizon Bancorp Inc.
Union Financial Services, Inc., purchased the following trading securities during 2009, its first year of operations: The market price per share for the trading security portfolio on December 31,
The income statement for Harris Company was as follows: The balance sheet dated December 31, 2009, showed a Retained Earnings balance of $823,000 and a Valuation Allowance for Trading Investments
The investments of Charter Inc. include 10,000 shares of Wallace Inc. common stock purchased on January 10, 2010, for $30 per share. These shares were classified as available-for sale securities. As
Lipscomb Inc. purchased a portfolio of available-for-sale securities in 2009, its first year of operations. The cost and fair value of this portfolio on December 31, 2009, was as follows: On May 10,
During 2010, its first year of operations, Myron Company purchased two available-for sale investments as follows: Assume that as of December 31, 2010, the Olson Products, Inc., stock had a market
During 2010, Toney Corporation held a portfolio of available-for-sale securities having a cost of $190,000. There were no purchases or sales of investments during the year. The market values at the
On January 2, 2010, Patel Company purchased $80,000, 10-year, 7%, government bonds at 104, including the brokerage commission. January 2 is an interest payment date.(a) Journalize the entry to record
On September 1, 2010, Longstreet Company purchased $150,000 of 20-year, 6%, Marvin Company bonds at 97, including the brokerage commission. September 1 is an interest payment date.(a) Journalize the
On May 1, 2010, Starmaker Machinery, Inc., purchased $60,000 of 10-year, 5% government bonds at 103, including the brokerage commission. The interest is received semiannually on May 1 and November
On June 1, 2010, Firefly, Inc., purchased $120,000 of 10-year, 6% Barron Company bonds at 98, including the brokerage commission. The interest is payable semiannually on June 1 and December 1.(a)
On April 23, 2010, Albert Co. purchased 1,500 shares of Conover, Inc., for $55 per share including the brokerage commission. The Conover investment was classified as an available-for-sale security.
On December 31, 2009, Phoenix Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:Available-for sale investment (at cost)
At the market close on January 29, 2008, Bank of America Corporation had a closing stock price of $41.84. In addition, Bank of America had a dividend per share of $2.40.Determine Bank of America’s
The market price for Microsoft Corporation closed at $29.86 and $35.60 on December 29, 2006, and December 31, 2007, respectively. The dividends per share were $0.37 for 2006 and $0.41 for 2007.(a)
eBay Inc. developed a Web-based marketplace at www.ebay.com, in which individuals can buy and sell a variety of items. eBay also acquired PayPal, an online payments system that allows businesses and
What are the major advantages of the indirect method of reporting cash flows from operating activities?
A long-term investment in bonds with a cost of $60,000 was sold for $72,000 cash. (a) What was the gain or loss on the sale? (b) What was the effect of the transaction on cash flows? (c) How should
Fully depreciated equipment costing $100,000 was discarded. What was the effect of the transaction on cash flows if (a) $24,000 cash is received, (b) No cash is received?
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows.(a) Issuance of common stock (b) Purchase of land (c) Payment
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows.(a) Payment for selling expenses (b) Issuance of bonds
Choi Corporation’s accumulated depreciation—furniture increased by $7,000, while $2,600 of patents were amortized between balance sheet dates. There were no purchases or sales of depreciable or
Singh Corporation’s accumulated depreciation—equipment increased by $6,000, while $2,200 of patents were amortized between balance sheet dates. There were no purchases or sales of depreciable or
Watson Corporation's comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $320,000 for changes in operating assets and liabilities to arrive at net
Chopra Corporation's comparative balance sheet for current assets and liabilities was as follows: Adjust net income of $115,000 for changes in operating assets and liabilities to arrive at net
Trahan Inc. reported the following data:Net income $175,000Depreciation expense 30,000Loss on disposal of equipment 12,200Increase in accounts
Daly Inc. reported the following data:Net income $225,000Depreciation expense 25,000Gain on disposal of equipment 20,500Decrease in accounts
Slocum Corporation purchased land for $600,000. Later in the year, the company sold land with a book value of $360,000 for $410,000. How are the effects of these transactions reported on the
Verplank Corporation purchased land for $340,000. Later in the year, the company sold land with a book value of $145,000 for $110,000. How are the effects of these transactions reported on the
Sales reported on the income statement were $46,200. The accounts receivable balance decreased $3,400 over the year. Determine the amount of cash received from customers.
Sales reported on the income statement were $521,000. The accounts receivable balance increased $56,000 over the year. Determine the amount of cash received from customers.
Cost of merchandise sold reported on the income statement was $130,000. The accounts payable balance increased $6,200, and the inventory balance increased by $11,400 over the year. Determine the
Cost of merchandise sold reported on the income statement was $420,000. The accounts payable balance decreased $22,500, and the inventory balance decreased by $26,000 over the year. Determine the
State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:(a) Sold a new issue of $200,000 of bonds at 99.(b) Purchased 4,000
Identify the type of cash flow activity for each of the following events (operating, investing, or financing):(a) Issued common stock.(b) Redeemed bonds.(c) Issued preferred stock.(d) Purchased
Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method: (a) Decrease in accounts receivable
The net income reported on the income statement for the current year was $132,000. Depreciation recorded on store equipment for the year amounted to $21,800. Balances of the current asset and current
The income statement disclosed the following items for 2010:Depreciation expense $ 36,000Gain on disposal of equipment 21,000Net income
The board of directors declared cash dividends totaling $152,000 during the current year. The comparative balance sheet indicates dividends payable of $42,000 at the beginning of the year and
An analysis of the general ledger accounts indicates that office equipment, which cost $67,000 and on which accumulated depreciation totaled $22,500 on the date of sale, was sold for $38,600 during
An analysis of the general ledger accounts indicates that delivery equipment, which cost $96,000 and on which accumulated depreciation totaled $42,100 on the date of sale, was sold for $46,500 during
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows:
On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cashflows:
On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing section of the statement of cash flows, assuming no gain
Sanhueza, Inc., reported a net cash flow from operating activities of $162,500 on its statement of cash flows for the year ended December 31, 2010. The following information was reported in the Cash
List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $100,320. All other amounts are correct, except the cash balance at the end of
The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:(a) If sales for the current year were $685,000 and accounts
The cost of merchandise sold for Kohl's Corporation for a recent year was $9,891 million. The balance sheet showed the following current account balances (in millions): Determine the amount of
Selected data taken from the accounting records of Lachgar Inc. for the current year ended December 31 are as follows: During the current year, the cost of merchandise sold was $448,500, and the
The income statement of Kodiak Industries Inc. for the current year ended June 30 is as follows: Changes in the balances of selected accounts from the beginning to the end of the current year are
The income statement for M2 Pizza Pie Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of the year are as follows: Prepare the Cash Flows
Morrocan Marble Company has cash flows from operating activities of $300,000. Cash flows used for investments in property, plant, and equipment totaled $65,000, of which 75% of this investment was
The financial statements for Nike, Inc., are provided in Appendix E at the end of the text.Determine the free cash flow for the year ended May 31, 2007. Assume that 90% of additions to property,
(a) What is a statement of cash flows?(b) John Norris maintains that the statement of cash flows is an optional financial statement. Do you agree? Explain.
What questions about cash are answered by the statement of cash flows?
Distinguish among the three types of activities reported in the statement of cash flows.
(a) What are the major sources (inflows) of cash in a statement of cash flows?(b) What are the major uses (outflows) of cash?
Why is it important to disclose certain noncash transactions? How should they be disclosed?
Wilma Flintstone and Barny Rublestone were discussing the format of the statement of cash flows of Hart Candy Co. At the bottom of Hart Candy’s statement of cash flows wasa separate section
Why is it necessary to use comparative balance sheets, a current income statement, and certain transaction data in preparing a statement of cash flows?
Contrast the advantages and disadvantages of the direct and indirect methods of preparing the statement of cash flows. Are both methods acceptable? Which method is preferred by the FASB? Which method
Describe the indirect method for determining net cash provided (used) by operating activities.
Why is it necessary to convert accrual-based net income to cash-basis income when preparing a statement of cash flows?
The president of Ferneti Company is puzzled. During the last year, the company experienced a net loss of $800,000, yet its cash increased $300,000 during the same period of time. Explain to the
Identify five items that are adjustments to convert net income to net cash provided by operating activities under the indirect method.
Why is the statement of cash flows useful?
Describe the direct method for determining net cash provided by operating activities.
Give the formulas under the direct method for computing(a) Cash receipts from customers and(b) Cash payments to suppliers.
Garcia Inc. reported sales of $2 million for 2010.Accounts receivable decreased $200,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable
In its 2007 statement of cash flows, what amount did PepsiCo report for net cash (a) Provided by operating activities, (b) Used for investing activities, and (c) Used for financing activities?
Each of these items must be considered in preparing a statement of cash flows for Kiner Co. for the year ended December 31, 2010. For each item, state how it should be shown in the statement of cash
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.(a). Purchase of equipment.(b). Sale of building.(c).
The following T account is a summary of the cash account of Edmonds Company. What amount of net cash provided (used) by financing activities should be reported in the statement of cashflows?
Martinez, Inc. reported net income of $2.5 million in 2010. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased $280,000. Compute net cash
The net income for Adcock Co. for 2010 was $280,000. For 2010 depreciation on plant assets was $70,000, and the company incurred a loss on sale of plant assets of $12,000. Compute net cash provided
The comparative balance sheets for Goltra Company show these changes in noncash current asset accounts: accounts receivable decrease $80,000, prepaid expenses increase $28,000, and inventories
The T accounts for Equipment and the related Accumulated Depreciation for Pettengill Company at the end of 2010 are shown here.In addition, Pettengill Company’s income statement reported a loss on
In a recent year, Cypress Semiconductor Corporation reported cash provided by operating activities of $155,793,000, cash used in investing of $207,826,000, and cash used in financing of $33,372,000.
Lott Corporation reported cash provided by operating activities of $360,000, cash used by investing activities of $250,000, and cash provided by financing activities of $70,000. In addition, cash
In a recent quarter, Alliance Atlantis Communications Inc. reported cash provided by operating activities of $45,600,000 and revenues of $264,800,000. Cash spent on plant asset additions during the
The management of Radar Inc. is trying to decide whether it can increase its dividend. During the current year it reported net income of $875,000. It had cash provided by operating activities of
During the year, prepaid expenses decreased $6,600, and accrued expenses increased $2,400. Indicate how the changes in prepaid expenses and accrued expenses payable should be entered in the
Columbia Sportswear Company had accounts receivable of $206,024,000 at the beginning of a recent year, and $267,653,000 at year-end. Sales revenues were $1,095,307,000 for the year. What is the
Young Corporation reported income taxes of $340,000,000 on its 2010 income statement and income taxes payable of $277,000,000 at December 31, 2009, and $522,000,000 at December 31, 2010. What amount

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