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Questions and Answers of Accounting

Cross Timbers Energy Co. is in its third year of operations, and the company has grown. To expand the business, Cross Timbers borrowed $15 million from Bank of Fort Worth. As a condition for making
The net income of Sola's Photography Company decreased sharply during 2010. Lisa Almond, owner of the company, anticipates the need for a bank loan in 2011. Late in 2010, Almond instructed Brad Lail,
During 2007, Foot Locker, Inc., had numerous accruals and deferrals. As a new member of Foot Locker, Inc.’s accounting staff, it is your job to explain the effects of accruals and deferrals on net
Amazon.com, Inc. like all other businesses adjusts accounts prior to year end to get correct amounts for the financial statements. Examine Amazon.com, Inc.’s Consolidated Balance Sheets in Appendix
Mark Davis formed a lawn service company as a summer job. To start the business on May 1, he deposited $2,000 in a new bank account in the name of the corporation. The $2,000 consisted of a $1,600
Research has shown that over 50% of financial statement frauds are committed by companies that improperly recognize revenue. What does this mean? Describe the most common ways companies improperly
Study the 2010 (not 2011) income statement of Household Imports, Inc., and answer these questions about the company:1. How much gross profit did Household earn on the sale of its products? How much
Knowledge King, Inc., reported the following items, listed in no particular order at December 31, 2010 (in thousands):Income tax of 30% applies to all items.Prepare Knowledge Kings income statement
Return to the Knowledge King data in Short Exercise. Knowledge King had 10,000 shares of common stock outstanding during 2010. Knowledge King declared and paid preferred dividends of $1,000 during
Use the Knowledge King data in Short Exercise. In addition, Knowledge King had unrealized gains of $1,100 on investments and a $2,400 foreign-currency translation adjustment (a gain) during 2010.
For fiscal year 2010, Kiwi Computer, Inc., reported net sales of $19,322 million, net income of $1,993 million, and no significant discontinued operations, extraordinary items, or accounting changes.
Scorzelli Motor Company has preferred stock outstanding and issued additional common stock during the year.1. Give the basic equation to compute earnings per share of common stock for net income.2.
Christianson Cruise Lines, Inc., reported the following income statement for the year ended December 31, 2010: MillionsOperating revenues
Freeman Marine, Inc., had income before income tax of $122,000 and taxable income of $94,000 for 2010, the company’s first year of operations. The income tax rate is 30%.1. Make the entry to record
iPlace, Inc., was set to report the following statement of retained earnings for the year ended December 31, 2010:iPlace, Inc.Statement of Retained EarningsYear Ended December 31, 2010Retained
Use the statement of stockholders equity to answer the following questions about MasonElectronics Corporation:1. How much cash did the issuance of common stock bring in during 2010?2. What was the
The annual report of Ashburnham Computer, Inc., included the following:Management s Annual Report on Internal Control over Financial ReportingThe Company s management is responsible for establishing
Suppose Dighton Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Dighton€™s financial statements
The Regan Books Company accounting records include the following for 2010 (in thousands):Other revenues............................................................................. $ 2,400Income
During 2010, Prime, Inc., had sales of $7.26 billion, operating profit of $2.20 billion, and net income of $3.30 billion. EPS was $4.80. On March 13, 2011, one share of Primes common stock was priced
Jetty Loan Company’s balance sheet reports the following:Preferred stock, $60 par value, 3%, 12,000 shares issued ............ $720,000Common stock, $0.75 par, 1,100,000 shares
Athens Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. Year 2010 was interesting for Athens, which reported the following on its income
For 2010, its first year of operations, Quinn Advertising, Inc. earned pretax accounting income (on the income statement) of $375,000. Taxable income (on the tax return filed with the Internal
During 2010, the Alvin Heights Corp. income statement reported income of $330,000 before tax.The company’s income tax return filed with the IRS showed taxable income of $280,000.During 2010, Alvin
Domicile, Inc., a household products chain, reported a prior period adjustment in 2010. An accounting error caused net income of 2009 to be overstated by $16 million. Retained earnings at December
At December 31, 2010, Pacheco Mall, Inc., reported stockholders equity as follows:Common stock, $1.75 par, 400,000 sharesauthorized, 310,000 shares issued ........................ $ 542,500Additional
Clean Water Company reported the following items on its statement of shareholders equity for the year ended December 31, 2010:Requirements1. Determine the December 31, 2010, balances in Clean Waters
Suppose Searstown Cycles, Inc., reported a number of special items on its income statement.The following data, listed in no particular order, came from Searstownâ€™s financial statements
The Beemer Books Company accounting records include the following for 2010 (in thousands):Other revenues............................................................................. $ 2,100Income
During 2010, Doppler, Inc., had sales of $7.36 billion, operating profit of $2.10 billion, and net income of $3.10 billion. EPS was $4.20. On April 12, 2011, one share of Doppler’s common stock was
Tidepool Loan Company’s balance sheet reports the following:Preferred stock, $40 par value, 4%, 9,000 shares issued.............. $ 360,000Common stock, $2.00 par, 1,000,000 shares
Helenic Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. Year 2010 was interesting for Helenic, which reported the following on its income
For 2010, its first year of operations, Johnson Advertising earned pretax accounting income (on the income statement) of $750,000. Taxable income (on the tax return filed with the Internal Revenue
During 2010, Florimax Heights Corp. income statement reported income of $410,000 before tax. The company’s income tax return filed with the IRS showed taxable income of $360,000. During 2010,
Tidy, Inc., a household products chain, reported a prior-period adjustment in 2010. An accounting error caused net income of 2009 to be understated by $8 million. Retained earnings at December 31,
At December 31, 2010, Cox Mall, Inc., reported stockholders equity as follows:Common stock, $2.00 par, 600,000 sharesauthorized, 280,000 shares issued ................ $ 560,000Additional paid-in
Rockaway Water Company reported the following items on its statement of shareholders equity for the year ended December 31, 2010:Requirements1. Determine the December 31, 2010, balances in Rockaway
Multiple Choice Questions1. What is the best source of income for a corporation?a. Discontinued operationsb. Continuing operationsc. Extraordinary itemsd. Prior-period adjustmentsMichaels Lotion
Multiple Choice Questions1. Copyhouse Corporation has income before income tax of $160,000 and taxable income of $120,000. The income tax rate is 30%. Copyhouse€™s income statement will
The following information was taken from the records of Daughtry Cosmetics, Inc., at December 31, 2010:Requirements1. Prepare Daughtry Cosmetics single-step income statement, which lists all revenues
Use the data in Problem to prepare the Daughtry Cosmetics statement of retained earnings for the year ended December 31, 2010.Use the Statement of Retained Earnings for Maxim, Inc., in the
Daughtry Cosmetics in Problem holds significant promise for carving a niche in its industry. A group of Irish investors is considering purchasing the company€™s outstanding common stock.
Overhaul Experts, Ltd., (OEL) specializes in taking underperforming companies to a higher level of performance. OELs capital structure at December 31, 2009, included 11,000 shares of $2.30 preferred
Jim Heller, accountant for Perfect Pie Foods, was injured in an auto accident. Another employee prepared the following income statement for the fiscal year ended June 30, 2010:The individual amounts
The accounting (not the income tax) records of Crowley Publications, Inc., provide the comparative income statement for 2010 and 2011, respectively:Taxable income for 2010 includes these
Falmouth Food Specialties, Inc., reported the following statement of stockholders equity for the year ended October 31, 2010:RequirementsAnswer these questions about Falmouth Food Specialties
The following information was taken from the records of Ahern Cosmetics, Inc., at December 31, 2010:Requirements1. Prepare Ahern Cosmetics single-step income statement, which lists all revenues
Use the data in Problem to prepare the Ahern Cosmetics statement of retained earnings for the year ended December 31, 2010.Use the Statement of Retained Earnings for Maxim, Inc., in the
Ahern Cosmetics in Problem holds significant promise for carving a niche in its industry. A group of Swedish investors is considering purchasing the company€™s outstanding common stock.
New Ventures Ltd. (NVL) specializes in taking underperforming companies to a higher level of performance. NVLs capital structure at December 31, 2009, included 12,000 shares of $2.20 preferred stock
Jack Hodges, accountant for Edible Pie Foods, was injured in an auto accident. Another employee prepared the following income statement for the fiscal year ended June 30, 2010:The individual amounts
The accounting (not the income tax) records of Consolidated Publications, Inc., provide the comparative income statement for 2010 and 2011, respectively:Taxable income for 2010 includes these
Franklin Food Specialties Inc. reported the following statement of stockholders equity for the year ended October 31, 2010:RequirementsAnswer these questions about Franklin Food Specialties
Prudhoe Bay Oil Co. is having its initial public offering (IPO) of company stock. To create public interest in its stock, Prudhoe Bay’s chief financial officer has blitzed the media with press
Mike Magid Toyota is an automobile dealership. Magid’s annual report includes Note 1 Summary of Significant Accounting Policies as follows:Income RecognitionSales are recognized when cash payment
The income statement of Royal Bank of Singapore reported the following results of operations:Earnings before income taxes and extraordinary gain ............... $187,046Income tax expense
This case is based on the Foot Locker, Inc., consolidated financial statements in Appendix B at the end of this book.1. Foot Locker, Inc.’s consolidated statements of operations report only one
Refer to the Amazon.com, Inc., consolidated financial statements in Appendix A at the end of this book.1. Amazon.com, Inc.’s consolidated statements of operations do not mention income from
Answer these questions about investments.1. What is the amount to report on the balance sheet for a trading security?2. Why is a trading security always a current asset? Explain.
Newsome Corp. holds a portfolio of trading securities. Suppose that on November 1, Newsome paid $87,000 for an investment in Quark shares to add to its portfolio. At December 31, the market value of
McCarver Investments purchased Hoffman shares as a trading security on December 18 for $103,000.1. Suppose the Hoffman shares decreased in value to $96,000 at December 31. Make the McCarver journal
Susan Perry keeps the Accounts Receivable T-account of Abraham & Paige, a partnership.What duty will a good internal control system withhold from Perry? Why?
As a recent college graduate, you land your first job in the customer collections department of Countryroad’s Publishing. Zach Peters, the manager, asked you to propose a system to ensure that cash
During its first year of operations, Turning Leaves Furniture Restoration, Inc., had sales of $312,000, all on account. Industry experience suggests that Turning Leaves Furniture Restorations
During 2011, Turning Leaves Furniture Restoration completed these transactions:1. Sales revenue on account, $1,000,0002. Collections on account, $870,0003. Write-offs of uncollectibles, $12,0004.
Use the information from the following journal entries of Turning Leaves Furniture Restoration to answer the questions below:Requirements1. Start with Accounts Receivables beginning balance ($38,000)
Gray and Dumham, a law firm, started 2010 with accounts receivable of $31,000 and an allowance for uncollectible accounts of $4,000. The 2010 service revenues on account totaled $175,000 and cash
Perform the following accounting for the receivables of Evans and Tanner, a law firm, at December 31, 2010.Requirements1. Start with the beginning balances for these T-accounts:Accounts Receivable,
Answer these questions about receivables and uncollectibles. For the true-false questions, explain any answers that turn out to be false.1. True or false? Credit sales increase receivables.
Northend Bank & Trust Company lent $130,000 to Sylvia Peters on a six-month, 9% note. Record the following for bank (explanations are not required):a. Lending the money on May 6.b. Collecting the
1. Compute the amount of interest during 2010, 2011, and 2012 for the following note receivable:On April 30, 2010, BCDE Bank lent $170,000 to Carl Abbott on a two-year, 7% note.2. Which party has a
On August 31, 2010, Nancy Thompson borrowed $2,000 from Green Interstate Bank. Thompson signed a note payable, promising to pay the bank principal plus interest on August 31, 2011. The interest rate
Using your answers to Short Exercise show how the Green Interstate Bank will report the following:a. Whatever needs to be reported on its classified balance sheet at June 30, 2011.b. Whatever needs
West Highland Clothiers reported the following amounts in its 2011 financial statements. The 2010 amounts are given for comparison.Requirements1. Compute West Highlands acid-test ratio at the end of
Norbert Medical Service reported the following items, (amounts in thousands):Requirements1. Classify each item as (a) income statement or balance sheet and as (b) debit balance or credit balance.2.
Northern Corporation, the investment banking company, often has extra cash to invest. Suppose Northern buys 800 shares of Andy, Inc., stock at $54 per share. Assume Northern expects to hold the Andy
On November 16, ACA, Inc., paid $95,000 for an investment in the stock of American Pacific Railway (APR). ACA plans to account for these shares as trading securities. On December 12, ACA received a
Sponsor Corporation reports short-term investments on its balance sheet. Suppose a division of Sponsor completed the following short-term investment transactions during 2010:Requirement1. Prepare
At December 31, 2010, Darci’s Travel has an accounts receivable balance of $88,000. Allowance for Doubtful Accounts has a credit balance of $900 before the year-end adjustment. Service revenue for
On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance for Uncollectible Accounts. During October, the store made credit
Refer to Exercise. On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance for Uncollectible Accounts. During October,
At December 31, 2010, before any year-end adjustments, the Accounts Receivable balance of Alpha Company is $210,000. The Allowance for Doubtful Accounts has a $13,500 credit balance.Alpha Company
Assume Dogwood Leaf Foods, Inc., experienced the following revenue and accounts receivable write-offs:Suppose Dogwood Leaf estimates that 1% of revenues will become uncollectible.Requirement1.
Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue did Aegean earn this year? Use a 365-day year for interest computations, and round
Assume Port City Credit Union completed these transactions:Show what the company would report for these transactions on its 2010 and 2011 balance sheets and incomestatements.
Cherokee, Inc., reported the following items at December 31, 2010 and 2009:Requirement1. Compute Cherokees (a) Acid-test ratio (b) Days sales in average receivables for 2010.Evaluate each ratio value
Modern Co., Inc., the electronics and appliance chain, reported these figures in millions of dollars:Requirements1. Compute Moderns average collection period during 2011.2. Is Moderns collection
River Corporation, the investment banking company, often has extra cash to invest. Suppose River buys 600 shares of Eathen, Inc., stock at $40 per share. Assume River expects to hold the Eathen stock
On November 16, SRO, Inc., paid $98,000 for an investment in the stock of Northwest Pacific Railway (NPR). SRO intends to account for these shares as trading securities. On December 12, SRO received
Eastern Corporation reports short-term investments on its balance sheet. Suppose a division of Eastern completed the following short-term investment transactions during 2010:Requirement1. Prepare
At December 31, 2010, Whites Travel has an accounts receivable balance of $92,000. Allowance for Doubtful Accounts has a credit balance of $820 before the year-end adjustment. Service revenue for
On April 30, Hilltop Party Planners had a $33,000 balance in Accounts Receivable and a $4,000 credit balance in Allowance for Uncollectible Accounts. During May, the store made credit sales of
Refer to Exercise.On April 30, Hilltop Party Planners had a $33,000 balance in Accounts Receivable and a $4,000 credit balance in Allowance for Uncollectible Accounts. During May, the store made
At December 31, 2010, before any year-end adjustments, the accounts receivable balance of Digital Electronics Company is $150,000. The allowance for doubtful accounts has a $6,800 credit
Assume Birch Leaf Foods, Inc., experienced the following revenue and accounts receivable write-offs:Requirement1. Journalize service revenue (all on account), bad-debt expense, and write-offs during
Record the following note receivable transactions in the journal of Celtic Realty. How much interest revenue did Celtic earn this year? Use a 365-day year for interest computations, and round
Assume Tradesmen Credit Union completed these transactions:Show what the company would report for these transactions on its 2010 and 2011 balance sheets and incomestatements.
Navajo, Inc., reported the following items at December 31, 2010 and 2009:Requirement1. Compute Navajos (a) Acid-test ratio (b) Days sales in average receivables for 2010. Evaluate each ratio value as
Contemporary Co., Inc., the electronics and appliance chain, reported these figures in millions of dollars:Requirements1. Compute Contemporary€™s average collection period during 2011.2. Is
Radical Shirt Company sells on credit and manages its own receivables. Average experience for the past three years has been as follows:Jack Ryan, the owner, is considering whether to accept bankcards

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