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business
accounting

Questions and Answers of Accounting

Assume G-1 Designing Consultants purchased a building for $400,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $55,000. After using the building for 20
Assume that on January 2, 2010, Maxwell of Michigan purchased fixtures for $8,800 cash, expecting the fixtures to remain in service for five years. Maxwell has depreciated the fixtures on a
Honest Truck Company is a large trucking company that operates throughout the United States. Honest Truck Company uses the units-of-production (UOP) method to depreciate its trucks. Honest Truck
Rocky Mines paid $426,000 for the right to extract ore from a 275,000-ton mineral deposit. In addition to the purchase price, Rocky Mines also paid a $120 filing fee, a $2,100 license fee to the
1. Morris Printers purchased for $900,000 a patent for a new laser printer. Although the patent gives legal protection for 20 years, it is expected to provide Morris Printers with a competitive
Assume Haledan paid $16 million to purchase Northshore.com. Assume further that Northshore had the following summarized data at the time of the Haledan acquisition (amounts in
Assume Shoe Warehouse Corporation completed the following transactions:a. Sold a store building for $650,000. The building had cost Shoe Warehouse $1,700,000, and at the time of the sale its
Lavallee Self Storage purchased land, paying $155,000 cash as a down payment and signing a $195,000 note payable for the balance. Lavallee also had to pay delinquent property tax of $4,000, title
Eastwood Manufacturing bought three used machines in a $216,000 lump-sum purchase. An independent appraiser valued the machines as shown in the table. Machine No. Appraised Value1
Assume Delicious Desserts, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital expenditure or an immediate expense related to machinery:a. Sales tax paid
During 2010, Tao Book Store paid $488,000 for land and built a store in Detroit. Prior to construction, the city of Detroit charged Tao $1,800 for a building permit, which Tao paid. Tao also paid
Southern’s Pizza bought a used Nissan delivery van on January 2, 2010, for $19,200. The van was expected to remain in service four years (30,000 miles). At the end of its useful life, Southern’s
Assume that in January 2010, an International Eatery restaurant purchased a building, paying $52,000 cash and signing a $106,000 note payable. The restaurant paid another $62,000 to remodel the
On June 30, 2010, Roy Corp. paid $200,000 for equipment that is expected to have an eight-year life. In this industry, the residual value is approximately 10% of the asset s cost. Roy s cash revenues
Assume B–1 Accounting Consultants purchased a building for $435,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $73,000. After using the building for
Assume that on January 2, 2010, McKnight of Wyoming purchased fixtures for $8,300 cash, expecting the fixtures to remain in service for five years. McKnight has depreciated the fixtures on a
Trusty Truck Company is a large trucking company that operates throughout the United States. Trusty Truck Company uses the units-of-production (UOP) method to depreciate its trucks. Trusty Truck
Mighty Mines paid $432,000 for the right to extract ore from a 425,000-ton mineral deposit. In addition to the purchase price, Mighty Mines also paid a $150 filing fee, a $2,700 license fee to the
1. Miracle Printers purchased for $700,000 a patent for a new laser printer. Although the patent gives legal protection for 20 years, it is expected to provide Miracle Printers with a competitive
Assume Kaledan paid $18 million to purchase Southwest.com. Assume further that Southwest had the following summarized data at the time of the Kaledan acquisition (amounts in
Assume Shoes-R-Us Corporation completed the following transactions:a. Sold a store building for $610,000. The building had cost Shoes-R-Us $1,300,000, and at the time of the sale its accumulated
Buff Gym purchased exercise equipment at a cost of $107,000. In addition, Buff paid $3,000 for a special platform on which to stabilize the equipment for use. Freight costs of $1,600 to ship the
Wilson Corporation reported the following for property and equipment (in millions, adapted):During 2011, Wilson paid $2,510 million for new property and equipment. Depreciation for the year totaled
Norzani, Inc., has a popular line of sunglasses. Norzani reported net income of $66 million for 2010. Depreciation expense for the year totaled $32 million. Norzani, Inc., depreciates plant assets
All French Press (AFP) is a major French telecommunication conglomerate. Assume that early in year 1, AFP purchased equipment at a cost of 8 million euros (€8 million). Management expects the
Multiple Choice Questions1. A capital expenditurea. Adds to an asset.b. Is expensed immediately.c. Is a credit like capital (owner’s equity).d. Records additional capital.2. Which of the following
Multiple Choice Questions1. Jimmy’s DVD, Inc., uses the double-declining-balance method for depreciation on its computers. Which item is not needed to compute depreciation for the first year?a.
Assume Online, Inc., opened an office in Clearwater, Florida. Further assume that Online incurred the following costs in acquiring land, making land improvements, and constructing and furnishing the
Romano Lakes Resort reported the following on its balance sheet at December 31, 2010:Property, plant, and equipment, at cost:Land......................................................... $
Carr, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except land. Carr completed the following
The board of directors of Gold Structures, Inc., is reviewing the 2010 annual report. A new board member a wealthy woman with little business experience questions the company accountant about the
On January 9, 2010, J.T. Outtahe Co. paid $230,000 for a computer system. In addition to the basic purchase price, the company paid a setup fee of $1,000, $6,000 sales tax, and $28,000 for a special
Floral, Inc., sells electronics and appliances. The excerpts that follow are adapted from Floral€™s financial statements for 2010 and 2009.Requirements1. How much was Floral€™s
Northeastern Energy Company’s balance sheet includes the asset Iron Ore. Northeastern Energy paid $2.5 million cash for a lease giving the firm the right to work a mine that contained an estimated
At the end of 2009, Solving Engineering Associates (SEA) had total assets of $17.1 billion and total liabilities of $9.7 billion. Included among the assets were property, plant, and equipment with a
Assume Lance Pharmacy, Inc., opened an office in Vero Beach, Florida. Further assume that Lance Pharmacy incurred the following costs in acquiring land, making land improvements, and constructing and
Rossi Lakes Resort reported the following on its balance sheet at December 31, 2010:Property, plant, and equipment, at cost:Land......................................................... $
Tarrier, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except land. Tarrier completed the following
The board of directors of Cooper Structures, Inc., is reviewing the 2010 annual report. A new board member a wealthy woman with little business experience questions the company accountant about the
On January 6, 2010, K.P. Scott Co. paid $245,000 for a computer system. In addition to the basic purchase price, the company paid a setup fee of $800, $6,400 sales tax, and $27,800 for a special
Parem, Inc., sells electronics and appliances. The excerpts that follow are adapted from Paremâ€™s financial statements for 2010 and 2009.Requirements1. How much was Parems cost of plant assets
South Pacific Energy Company’s balance sheet includes the asset Iron Ore. South Pacific Energy paid $2.2 million cash for a lease giving the firm the right to work a mine that contained an
At the end of 2009, Great Financial Associates (GFA) had total assets of $17.4 billion and total liabilities of $9.9 billion. Included among the assets were property, plant, and equipment with a cost
Suppose you are considering investing in two businesses, La Petite France Bakery and Burgers Ahoy!. The two companies are virtually identical, and both began operations at the beginning of the
The following questions are unrelated except that they all apply to plant assets and intangible assets:1. The manager of Carpet World regularly debits the cost of repairs and maintenance of plant
United Jersey Bank of Princeton purchased land and a building for the lump sum of $6.0 million. To get the maximum tax deduction, the banks managers allocated 80% of the purchase price to the
Refer to the Foot Locker, Inc., Consolidated Financial Statements in Appendix B at the end of this book. This case leads you through a comprehensive analysis of Foot Locker, Inc.’s long-term
Refer to Amazon.com, Inc. s Consolidated Financial Statements in Appendix A at the end of the book, and answer the following questions:1. Refer to Note 1 and Note 3 of the Notes to Consolidated
Franklin Sports Authority purchased inventory costing $5,000 by signing an 8% short-term note payable. The purchase occurred on September 30, 2010. Franklin pays annual interest each year on
This short exercise works with Short Exercise. Franklin Sports Authority purchased inventory costing $5,000 by signing an 8% short-term note payable. The purchase occurred on September 30, 2010.
Trekster USA guarantees automobiles against defects for five years or 55,000 miles, whichever comes first. Suppose Trekster USA can expect warranty costs during the five-year period to add up to 6%
Refer to the data given in Short Exercise. What amount of warranty expense will Trekster USA report during 2010? Which accounting principle addresses this situation? Does the warranty expense for the
Marley David, Inc., the motorcycle manufacturer, included the following note in its annual report:1. Why are these contingent (versus real) liabilities?2. In the United States, how can the contingent
Compute the price of the following bonds:a. $300,000 issued at 75.75b. $300,000 issued at 102.75c. $300,000 issued at 94.50d. $300,000 issued at 104.50
Determine whether the following bonds payable will be issued at maturity value, at a premium, or at a discount:a. The market interest rate is 5%. Carlisle Corp. issues bonds payable with a stated
Deer Corp. issued 15-year bonds payable with a face amount of $80,000, when the market interest rate was 5.5%. Assume that the accounting year of Deer ends on December 31.Journalize the following
GIT, Inc., issued $600,000 of 5%, 12-year bonds payable at a price of 77 on March 31, 2010. The market interest rate at the date of issuance was 8%, and the GIT bonds pay interest semiannually.1.
Use the amortization table that you prepared for GITs bonds in Short Exercise to answer the following questions:1. How much cash did GIT borrow on March 31, 2010? How much cash will GIT pay back at
Sunset Drive-Ins Ltd. borrowed money by issuing $5,000,000 of 3% bonds payable at 36.5 on July 1, 2010. The bonds are 10-year bonds and pay interest each January 1 and July 1.1. How much cash did
Sunset Drive-Ins Ltd. issued a $500,000, 8%, 10-year bond payable on July 1, 2010, at a price of 94. Also assume that Sunsets accounting year ends on December 31. Journalize the following
Speedtown Marina needs to raise $3 million to expand the company.Speedtown Marina is considering the issuance of either:$3,000,000 of 8% bonds payable to borrow the money, or100,000 shares of common
Houle Plumbing Products Ltd. reported the following data in 2010 (in billions): 2010Net operating revenues................ $29.7Operating expenses..................... 24.7Operating
Like Home, Inc., includes the following selected accounts in its general ledger at December 31, 2010:Bonds
The accounting records of From the Earth Ceramics included the following balances at the end of the period:In the past, From the Earths warranty expense has been 7% of sales. During 2010 the business
TransWorld Publishing completed the following transactions for one subscriber during 2010:Oct 1 Sold a one-year subscription, collecting cash of $1,400, plus sales tax of 8%.Nov 15 Remitted (paid)
Perform Talent Search has an annual payroll of $200,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perform owes salaries of $8,100 and FICA and other payroll tax of
Assume that Crandell Company completed the following note-payable transactions.2010May 1 Purchased delivery truck costing $83,000 by issuing a one-year, 6% note payable.Dec 31 Accrued interest on the
At December 31, 2010, Souza Real Estate reported a current liability for income tax payable of $180,000. During 2011, Souza earned income of $1,200,000 before income tax. The company’s income tax
Mountainside Manors, Inc., builds environmentally sensitive structures. The company€™s 2010 revenues totaled $2,760 million, and at December 31, 2010, the company had $650 million in
Roden Security Systems revenues for 2010 totaled $6.3 million. As with most companies, Roden is a defendant in lawsuits related to its products. Note 14 of the Roden Annual Report for 2010
Assume that McKinley Electronics completed these selected transactions during June 2010:a. Sales of $2,200,000 are subject to estimated warranty cost of 7%. The estimated warranty payable at the
On January 31, Driftwood Logistics, Inc., issued 10-year, 6% bonds payable with a face value of $13,000,000. The bonds were issued at 94 and pay interest on January 31 and July 31. Driftwood
Federal Bank has $500,000 of 7% debenture bonds outstanding. The bonds were issued at 103 in 2010 and mature in 2030.Requirements1. How much cash did Federal Bank receive when it issued these
Goal Sports Ltd. is authorized to issue $3,000,000 of 10%, 10-year bonds payable. On December 31, 2010, when the market interest rate is 12%, the company issues $2,400,000 of the bonds and receives
On June 30, 2010, the market interest rate is 4%. Score Sports Ltd. issues $800,000 of 5%, 30-year bonds payable at 117.38. The bonds pay interest on June 30 and December 31. Score Sports Ltd.
Dracut Co. issued $100,000 of 8% (0.08), 10-year bonds payable on January 1, 2010, when the market interest rate was 10% (0.10). The company pays interest annually at year-end. The issue price of the
Coastalview Imaging Ltd. issued $3,300,000 of 6% notes payable on December 31, 2010, at a price of 95.The notes term to maturity is 20 years. After four years, the notes may be converted into
Companies that operate in different industries may have very different financial ratio values. These differences may grow even wider when we compare companies located in different countries.Compare
First Bank Financial Services is considering two plans for raising $800,000 to expand operations. Plan A is to borrow at 10%, and plan B is to issue 200,000 shares of common stock at $4.00 per share.
The accounting records of Made from Clay Ceramics included the following balances at the end of the period:In the past, Made from Clays warranty expense has been 4% of sales. During 2010 the business
Trevor Publishing completed the following transactions for one subscriber during 2010:Oct 1 Sold a one-year subscription, collecting cash of $1,300, plus sales tax of 9%.Nov 15 Remitted (paid) the
Potvin Talent Search has an annual payroll of $160,000. In addition, the company incurs payroll tax expense of 9%. At December 31, Potvin owes salaries of $7,900 and FICA and other payroll tax of
Assume that Concilio Company completed the following note-payable transactions:2010Mar 1 Purchased delivery truck costing $82,000 by issuing a one-year, 5% note payable.Dec 31 Accrued interest on the
At December 31, 2010, Saglio Real Estate reported a current liability for income tax payable of $190,000. During 2011, Saglio earned income of $1,500,000 before income tax. The company’s income tax
New Planet Structures, Inc., builds environmentally sensitive structures. The companyâ€™s 2010 revenues totaled $2,815 million, and at December 31, 2010, the company had $654 million in current
Peterson Security Systems revenues for 2010 totaled $26.2 million. As with most companies, Peterson is a defendant in lawsuits related to its products. Note 14 of the Peterson Annual Report for 2010
Assume Five Mile Electronics completed these selected transactions during September 2010.a. Sales of $2,150,000 are subject to estimated warranty cost of 5%. The estimated warranty payable at the
On January 31, Daughtry Logistics, Inc., issued five-year, 5% bonds payable with a face value of $11,000,000. The bonds were issued at 95 and pay interest on January 31 and July 31. Daughtry
Commonwealth Bank has $400,000 of 9% debenture bonds outstanding. The bonds were issued at 104 in 2010 and mature in 2030.Requirements1. How much cash did Commonwealth Bank receive when it issued
First Place Sports Ltd. is authorized to issue $1,000,000 of 9%, 10-year bonds payable. On December 31, 2010, when the market interest rate is 10%, the company issues $800,000 of the bonds and
On June 30, 2010, the market interest rate is 9%. Team Sports Ltd. issues $3,200,000 of 10%, 10-year bonds payable at 106.5. The bonds pay interest on June 30 and December 31. Team Sports Ltd.
Tewksbury Co. issued $720,000 of 11% (0.11), 10-year bonds payable on January 1, 2010, when the market interest rate was 12% (0.12). The company pays interest annually at year-end. The issue price of
Worldview Imaging Ltd. issued $3,600,000 of 9% notes payable on December 31, 2010, at a price of 94.The notes term maturity is 10 years. After four years, the notes may be converted into Worldview
Companies that operate in different industries may have very different financial ratio values. These differences may grow even wider when we compare companies located in different countries.Compare
First Federal Financial Services is considering two plans for raising $600,000 to expand operations. Plan A is to borrow at 5%, and plan B is to issue 100,000 shares of common stock at $6.00 per
The top management of Pratt Marketing Services examines the following company accounting records at August 29, immediately before the end of the year, August 31:Total current assets
Great Brands completed one of the most famous debt refinancings in history. A debt refinancing occurs when a company issues new bonds payable to retire old bonds. The company debits the old bonds
This (adapted) advertisement appeared in the Wall Street Chronicle.Requirements1. Journalize Holidays issuance of these bonds payable on March 15, 2010. No explanation is required, but describe the
Multiple Choice Questions1. For the purpose of classifying liabilities as current or noncurrent, the term operating cycle refers toa. The average time period between business recessions.b. The time
Multiple Choice Questions1. Bond carrying value equals Bonds Payablea. Minus Premium on Bonds Payable.b. Plus Discount on Bonds Payable.c. Minus Discount on Bonds Payable.d. Plus Premium on Bonds

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