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accounting

Questions and Answers of Accounting

Stacey Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2010, an asset account for the company showed the following
Refer to the information in E8–5.Required:Indicate the effects (accounts, amounts, and + or –) of the following on the accounting equation.Date Assets = Liabilities
Rita's Pita Company bought a new dough machine at the beginning of the year at a cost of $6,000. The estimated useful life was four years, and the residual value was $1,000. Assume that the estimated
Alexa Plastics Company purchased a new stamping machine at the beginning of the year at a cost of $280,000. The estimated residual value was $30,000. Assume that the estimated useful life was five
A recent annual report for Ford Motor Company contained the following note:Significant Accounting PoliciesDepreciation and Amortization of Property, Plant, and EquipmentProperty and equipment are
A recent annual report for Federal Express Corporation includes the following information:For financial reporting purposes, depreciation and amortization of property and equipment is provided on a
Daisey Company bought a machine for $66,000 cash. The estimated useful life was four years, and the estimated residual value was $6,000. Assume that the estimated useful life in productive units is
United Parcel Service states in a recent 10-K report, we are the world’s largest package delivery company and a leading global provider of specialized transportation and logistics services. The
Federal Express is the world’s leading express-distribution company. In addition to the world’s largest fleet of all-cargo aircraft, the company has more than 669 aircraft and 53,000 vehicles and
Trump Entertainment Resorts owns and manages three casino hotel properties, Trump Plaza Hotel and Casino, Trump Taj Mahal Casino Resort, and Trump Marina Hotel Casino, totaling over $1.5 billion in
On January 1, 2010, the records of Pastuf Corporation showed the following regarding a truck:Equipment (estimated residual value, $4,000) ........$18,000Accumulated depreciation (straight-line, three
Freeport-McMoRan Copper & Gold Inc. is one of the world's largest copper and gold mining and production companies with the majority of its natural resources in Indonesia. Annual revenues exceed
Katie Company had three intangible assets at the end of 2010 (end of the accounting year):a. A patent purchased from J. Miller on January 1, 2010, for a cash cost of $6,000. Miller had registered the
Cambridge Company had three intangible assets at the end of 2012 (end of the accounting year):a. A copyright purchased on January 1, 2011 for a cash cost of $12,300. The copyright is expected to have
Starbucks Corporation is a rapidly expanding retailer of specialty coffee with thousands of stores worldwide. Assume that Starbucks planned to open a new store on Commonwealth Avenue near Boston
At the end of the annual accounting period, December 31, 2011, Shafer Company’s records reflected the following for Machine A:Cost when acquired ..........$30,000Accumulated depreciation ........
Todd Company owns the building occupied by its administrative office. The office building was reflected in the accounts at the end of last year as follows:Cost when acquired
On January 2, 2011, Shallish Company bought a machine for use in operations. The machine has an estimated useful life of eight years and an estimated residual value of $1,800. The company provided
A recent annual report for FedEx included the following note:Property and EquipmentExpenditures for major additions, improvements, flight equipment modifications and certain equipment overhaul costs
At the beginning of the year, Rattner's Martial Arts Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The
REX Stores Corporation, headquartered in Dayton, Ohio, is one of the nation€™s leading consumer electronics retailers operating more than 190 stores in 35 states. The following is a note
You are a financial analyst for General Motors Corporation and have been asked to determine the impact of alternative depreciation methods. For your analysis, you have been asked to compare methods
During 2011, Jensen Company disposed of three different assets. On January 1, 2011, prior to their disposal, the accounts reflected the following:The machines were disposed of in the following
Singapore Airlines reported the following information in the notes to a recent annual report (in Singapore dollars):Singapore Airlines also reported the following cash flow details:Required:1.
During the 2011 annual accounting period, Terwilliger Company completed the following transactions:a. On January 1, 2011, purchased a patent for $21,000 cash (estimated useful life, seven years).b.
The notes to a recent annual report from Weebok Corporation included the following:Business AcquisitionsDuring the current year, the Company acquired the assets of Sport Shoes, Inc . . .Assume that
Fearn Company has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these
Rungano Corporation is a global publisher of magazines, books, and music and video collections, and is a leading direct mail marketer. Many direct mail marketers use high-speed Didde press equipment
On June 1, 2011, the Wilbur Corp. bought a machine for use in operations. The machine has an estimated useful life of six years and an estimated residual value of $2,000. The company provided the
A recent annual report for AMERCO, the holding company for U-Haul International, Inc., included the following note:Property, Plant and EquipmentProperty, plant and equipment are stated at cost.
At the beginning of the year, Labenski Inc. bought three used machines from Moore Corporation. The machines immediately were overhauled, installed, and started operating. The machines were different;
The Gap, Inc., is a global specialty retailer of casual wear products for women, men, and children under the Gap, Banana Republic, Old Navy, Forth & Towne, and Piperline brands. As of February 3,
During 2010, Kosik Company disposed of three different assets. On January 1, 2010, prior to their disposal, the accounts reflected the following:The machines were disposed of in the following ways:a.
During the 2012 annual accounting period, Chu Corporation completed the following transactions:a. On January 1, 2012, purchased a license for $7,200 cash (estimated useful life, three years).b. On
Evans Corporation has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these
A note to a recent annual report for Black & Decker contained the following information (dollars in thousands):Current YearLand and improvements ...........$ 69,091Buildings .................
A recent annual report for the Depp Company contained the following note:Property, plant, and equipment is stated at cost, less allowance for depreciation. Depreciation expense is determined
The Little Company operates in both the beverage and entertainment industries. In June 2001, Little purchased Good Time, Inc., that produces and distributes motion picture, television, and home video
A recent annual report for Eastman Kodak reported that the balance of property, plant, and equipment at the end of the current year was $16,774 million. At the end of the previous year, it had been
The capitalization of interest associated with self-constructed assets was discussed in this chapter. A recent annual report for Hess Corporation disclosed the following information concerning
An annual report for Ford Motor Company included the following information:Note 6. Net Property, Depreciation and Amortization-AutomotiveAssets placed in service before January 1, 1993, are
The comparative income statements of Martin Corporation at December 31, 2010, showed the following summarized pretax data:Included in the 2010 data is a $3,000 expense that was deductible only in the
What is the current ratio? How is it related to the classification of liabilities?
Jacobs Company borrowed $600,000 on a 90-day note at 11 percent interest. The money was borrowed for 30 days in 2009 and 60 days in 2010; the note and interest were to be paid upon maturity in 2010.
Farmer Corporation borrowed $290,000 on October 1, 2009. The note carried a 10 percent interest rate with the principal and interest payable on May 1, 2010. Prepare the journal entry to record the
The balance sheet for Shaver Corporation reported the following: total assets, $360,000; noncurrent assets, $239,000; current liabilities, $46,000; total stockholders’ equity, $92,000. Compute
BSO, Inc., has a current ratio of 2.0 and working capital in the amount of $1,240,000. For each of the following transactions, determine whether the current ratio and working capital will increase,
As a result of a slowdown in operations, Mercantile Stores is offering employees who have been terminated a severance package of $118,000 cash, another $129,000 to be paid in one year, and an annuity
Wilemon Corporation is preparing its 2010 balance sheet. The company records show the following selected amounts at the end of the accounting period, December 31, 2010:Total assets ..........
Warner Company completed the salary and wage payroll for March 2009. The payroll provided the following details:Salaries and wages earned ....... $200,000Employee income taxes withheld ....
Colonial Company has completed the payroll for January 2010, reflecting the following data:Salaries and wages earned ..... $86,000Employee income taxes withheld .... 10,000FICA payroll taxes*
Beall’s Department Store reported a current ratio of 1.5. A review of their balance sheet revealed the following information:Current assets .... $750,000Noncurrent assets ... 450,000Noncurrent
Bryant Company sells a wide range of goods through two retail stores operated in adjoining cities. Most purchases of goods for resale are on invoices. Occasionally, a short-term note payable is used
As the new vice president for consumer products at Acme Manufacturing, you are attending a meeting to discuss a serious problem associated with delivering merchandise to customers. Bob Smith,
The comparative income statement for Chung Corporation at the end of December 31, 2010, provided the following summarized pretax data:Included in the 2010 data is a $4,000 revenue that was taxable
The annual report for Colgate-Palmolive contains the following information (in millions):Income Taxes Temporary differences between accounting for financial statement purposes and accounting for tax
On January 1, 2009, Vigeland Company completed the following transactions:a. Bought a delivery truck and agreed to pay $50,000 at the end of three years.b. Rented an office building and was given the
Dan Roger Company has purchased a new office building. The company has agreed to pay the developer $55,000 annually for nine years. Using present value techniques, determine the value that should be
Curb Company completed the following transactions during 2009. The annual accounting period ends December 31, 2009.Jan. 15 Purchased and paid for merchandise for resale at an invoice cost of
Smith Company completed the following transactions during 2009. The annual accounting period ends December 31, 2009.Jan. 8 Purchased merchandise for resale on account at an invoice cost of $14,860;
During 2010, Riverside Company completed the following two transactions. The annual accounting period ends December 31.a. Paid and recorded wages of $130,000 during 2010; however, at the end of
Using the data from the previous exercise, complete the following requirements.Required:1. Determine the financial statement effects for each of the following: (a) The adjusting entry required on
At December 31, 2009, the records of Pearson Corporation provided the following information:Income statementRevenues ................. $140,000Depreciation expense (straight line) .....
On January 1, 2009, Plymouth Company completed the following transactions (use a 7 percent annual interest rate for all transactions):a. Borrowed $115,000 for seven years. Will pay $8,050 interest at
On December 31, 2009, Post Company created a fund that will be used to pay the principal amount of a $120,000 debt due on December 31, 2012. The company will make four equal annual deposits on each
On January 1, 2009, Plymouth Company completed the following transactions (use an 8 percent annual interest rate for all transactions):a. Deposited $50,000 in a debt retirement fund. Interest will be
Curb Company completed the following transactions during 2010. The annual accounting period ends December 31, 2010.Jan. 15 Recorded tax expense for the year in the amount of $125,000. Current taxes
Using data from problem AP9-1, complete the following requirements.Required:1. For each transaction (including adjusting entries) listed in the previous problem, indicate the effects (e.g., cash + or
On January 1, 2009, Neeley Company completed the following transactions (use an 8 percent annual interest rate for all transactions):a. Borrowed $2,000,000 to be repaid in five years. Agreed to pay
On January 1, 2009, Jacobs Auto Company decided to accumulate a fund to build an addition to its plant. The company will deposit $320,000 in the fund at each year-end, starting on December 31,
Price Company plans to issue $600,000, 10-year bonds that pay 8 percent payable semiannually on June 30 and December 31. All of the bonds will be sold on January 1, 2009. Determine the issuance price
Waterhouse Company plans to issue $900,000, 10-year, 6 percent bonds. Interest is payable semiannually on June 30 and December 31. All of the bonds will be sold on January 1, 2009. Determine the
Hopkins Company issued $1,000,000, 10-year, 10 percent bonds on January 1, 2009. The bonds sold for $940,000. Interest is payable semiannually each June 30 and December 31. Record the sale of the
Garland Company issued $600,000, 10-year, 10 percent bonds on January 1, 2009. The bonds sold for $580,000. Interest is payable semiannually each June 30 and December 31. Record the sale of the bonds
Coopers Company plans to issue $500,000, 10-year, 10 percent bonds. Interest is paid semiannually on June 30 and December 31. All of the bonds will be sold on January 1, 2009. Determine the issuance
Price Company issued $600,000, 10-year, 9 percent bonds on January 1, 2009. The bonds sold for $620,000. Interest is payable annually each December 31. Record the sale of the bonds on January 1,
IDS Company issued $850,000, 10-year, 8 percent bonds on January 1, 2009. The bonds sold for $900,000. Interest is payable annually each December 31. Record the sale of the bonds on January 1, 2009,
Thompson Corporation is planning to issue $100,000, seven-year, 8 percent bonds. Interest is payable each December 31. All of the bonds will be sold on January 1, 2009.Required:Compute the issue
Oxxford Corporation is planning to issue $500,000 worth of bonds that mature in 10 years and pay 6 percent interest each June 30 and December 31. All of the bonds will be sold on January 1,
Wilson Corporation issued a $100,000 bond that matures in five years. The bond has a stated interest rate of 6 percent. On January 1, 2009, when the bond was issued, the market rate was 8 percent.
On January 1, 2009, Seton Corporation sold a $750,000, 8 percent bond issue (9 percent market rate). The bonds were dated January 1, 2009, pay interest each December 31, and mature in 10 years.
On January 1, 2009, Hyde Corporation sold a $600,000, 7.5 percent bond issue (8.5 percent market rate). The bonds were dated January 1, 2009, pay interest each June 30 and December 31, and mature in
Northland Corporation had $300,000, 10-year bonds outstanding on December 31, 2009 (end of the accounting period). Interest is payable each December 31. The bonds were issued on January 1, 2009.The
Stein Corporation sold a $1,000 bond on January 1, 2009. The bond specified an interest rate of 6 percent payable at the end of each year. The bond matures at the end of 2011. It was sold at a market
On January 1, 2009, Bochini Corporation sold a $1,400,000, 8 percent bond issue (6 percent market rate). The bonds were dated January 1, 2009, pay interest each June 30 and December 31, and mature in
Shuttle Company issued a $10,000, three-year, 5 percent bond on January 1, 2009. The bond interest is paid each December 31. The bond was sold to yield 4 percent.Required:1. Complete a bond payment
Grocery Corporation sold a $300,000, 6 percent bond issue on January 1, 2009, at a market rate of 3 percent. The bonds were dated January 1, 2009, with interest to be paid each December 31; they
Imai Company issued a $1 million bond that matures in 10 years. The bond has a 10 percent stated rate of interest. When the bond was issued, the market rate was 8 percent. The bond pays interest each
Several years ago, Walters Company issued a $600,000 bond at par value. As a result of declining interest rates, the company has decided to call the bond at a call premium of 8 percent. Record the
The Nair Company issued $500,000 in bonds at a discount five years ago. The current book value of the bond is $475,000. The company now has excess cash on hand and plans to retire the bonds. The
Cricket Corporation's financial statements for 2009 showed the following:Notice in these data that the company had a debt of only $40,000 compared with common stock outstanding of $230,000. A
On January 1, 2009, Donovan Company issued $300,000 in bonds that mature in five years. The bonds have a stated interest rate of 8 percent and pay interest on June 30 and December 31 each year. When
Quartz Corporation sold a $500,000, 7 percent bond issue on January 1, 2009. The bonds pay interest each June 30 and December 31 and mature 10 years from January 1, 2009. For comparative study and
Sikes Corporation, whose annual accounting period ends on December 31, issued the following bonds:Date of bonds: January 1, 2009Maturity amount and date: $100,000 due in 10 yearsInterest: 10 percent
On January 1, 2009, Carter Corporation issued $200,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 6 percent and pay interest on December 31. When the bonds were sold,
On January 1, 2009, Neeley Company issued $700,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 8 percent and pay interest on June 30 and December 31 each year. When the
On January 1, 2009, TCU Utilities issued $1,000,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 10 percent and pay interest on June 30 and December 31 each year. When
Dektronik Corporation manufactures electrical test equipment. The company’s board of directors authorized a bond issue on January 1, 2009, with the following terms:Maturity (par) value:
On January 1, 2009, Vigeland Corporation issued $2,000,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 10 percent and pay interest on June 30 December 31 each year.When
On January 1, 2009, Moncrief Corporation issued $700,000 in bonds that mature in five years. The bonds have a stated interest rate of 13 percent and pay interest on June 30 and December 31 each year.

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