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accounting

Questions and Answers of Accounting

Multiple Choice Questions1. A bond with a face amount of $10,000 has a current price quote of 104.885. What is the bonds price?a. $10,488.50b. $1,048,850c. $1,048.85d. $10,104.892. McPartlin
Big Wave Marine experienced these events during the current year.a. December revenue totaled $120,000, and in addition, Big Wave collected sales tax of 5%. The tax amount will be sent to the state of
The following transactions of Harmony Music Company occurred during 2010 and 2011:2010Mar 3 Purchased a piano (inventory) for $70,000, signing a six-month, 4% note payable.May 31 Borrowed $75,000 on
The board of directors of Monitors Plus authorizes the issue of $9,000,000 of 10%, five-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31,
On February 28, 2010, Marlin Corp. issues 8%, 10-year bonds payable with a face value of $900,000. The bonds pay interest on February 28 and August 31. Marlin Corp. amortizes bonds by the
1. Journalize the following transactions of Laporte Communications, Inc.:2010Jan 1 Issued $7,000,000 of 9%, 10-year bonds payable at 96.Jul 1 Paid semiannual interest and amortized bonds by the
The notes to the Helping Charities financial statements reported the following data on December 31, Year 1 (end of the fiscal year):Helping Charities amortizes bonds by the effective-interest method
On December 31, 2010, Mugaboo Corp. issues 7%, 10-year convertible bonds payable with a maturity value of $3,000,000. The semiannual interest dates are June 30 and December 31. The market interest
Paulus Sporting Goods is embarking on a massive expansion. Assume plans call for opening 25 new stores during the next three years. Each store is scheduled to be 40% larger than the company’s
The accounting records of Barnstable Foods, Inc., include the following items at December 31, 2010:Requirements1. Show how each relevant item would be reported on the Barnstable Foods, Inc.,
Sea Breeze Marine experienced these events during the current year.a. December revenue totaled $110,000, and in addition, Sea Breeze collected sales tax of 8%. The tax amount will be sent to the
The following transactions of Soft Sounds Music Company occurred during 2010 and 2011:2010Mar 3 Purchased a piano (inventory) for $30,000, signing a six-month, 10% note payable.May 31 Borrowed
The board of directors of Pictures Plus authorizes the issue of $6,000,000 of 8%, 15-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31,
On February 28, 2010, Mackerel Corp. issues 6%, 20-year bonds payable with a face value of $1,800,000. The bonds pay interest on February 28 and August 31. Mackerel Corp. amortizes bonds by the
1. Journalize the following transactions of Lamore Communications, Inc.:2010Jan 1 Issued $4,000,000 of 7%, 10-year bonds payable at 96.Jul 1 Paid semiannual interest and amortized the bonds by the
The notes to the Helpful Charities financial statements reported the following data on December 31, Year 1 (end of the fiscal year):Helpful Charities amortizes bonds by the effective-interest method
On December 31, 2010, Rugaboo Corp. issues 9%, 10-year convertible bonds payable with a maturity value of $2,000,000. The semiannual interest dates are June 30 and December 31. The market interest
Fitzpatrick Sporting Goods is embarking on a massive expansion. Assume plans call for opening 30 new stores during the next four years. Each store is scheduled to be 45% larger than the company’s
The accounting records of Brilliant Foods, Inc., include the following items at December 31, 2010:Requirements1. Show how each relevant item would be reported on the Brilliant Foods, Inc., classified
In 2002, Enron Corporation filed for Chapter 11 bankruptcy protection, shocking the business community:How could a company this large and this successful go bankrupt? This case explores the causes
Business is going well for Park N Fly, the company that operates remote parking lots near major airports. The board of directors of this family-owned company believes that Park N Fly could earn an
Microsoft Corporation is the defendant in numerous lawsuits claiming unfair trade practices. Microsoft has strong incentives not to disclose these contingent liabilities.However, GAAP requires that
Laurie Gocker, Inc., entered into a lease arrangement with Nathan Morgan Leasing Corporation for an industrial machine. Morgan’s primary business is leasing. The cash purchase price of the machine
Foot Locker, Inc.’s consolidated financial statements in Appendix B at the end of this book report a number of liabilities. Show amounts in thousands.1. The current liability section of Foot
Refer to Amazon.com, Inc.’s consolidated financial statements in Appendix A at the end of this book.1. Did accounts payable for Amazon.com, Inc., increase or decrease in 2008? What was the
What are two main advantages that a corporation has over a proprietorship and a partnership? What are two main disadvantages of a corporation?
Consider the authority structure in a corporation, as diagrammed in Exhibit.AUTHORITY STRUCTURE IN A CORPORATION1. What group holds the ultimate power in a corporation?2. Who is the most powerful
Answer the following questions about the characteristics of a corporations stock:1. Who are the real owners of a corporation?2. What privileges do preferred stockholders have over common
Karen Scanlon and Jennifer Shaw are opening a Submarines deli. Scanlon and Shaw need outside capital, so they plan to organize the business as a corporation. They come to you for advice. Write a
SHOE received $73,000,000 for the issuance of its stock on April 24. The par value of the SHOE stock was only $73,000. Was the excess amount of $72,927,000 a profit to SHOE? If not, what was it?
At fiscal yearend 2010, Horris Printer and Delectable Doughnuts reported these adapted amounts on their balance sheets (amounts in millions):Horris Printer:Common stock, 1 cent par value, 2,300
This short exercise demonstrates the similarity and the difference between two ways to acquire plant assets.Case A––Issue stock and buy the assets in separate transactions:Ashley, Inc., issued
The financial statements of Mountainpeak Employment Services, Inc., reported the following accounts (adapted, with dollar amounts in thousands except for par value):Prepare the stockholders equity
Use the Mountainpeak Employment Services data in Short Exercise to compute Mountainpeaksa. Net income.b. Total liabilities.c. Total assets (use the accountingequation).
Genius Marketing Corporation reported the following stockholders equity at December 31 (adapted and in millions):Common stock.................................. $ 225Additional paid-in
Susan Smith Exports, Inc., is located in Birmingham, Alabama. Smith is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as
Greentea Corporation earned net income of $95,000 during the year ended December 31, 2010. On December 15, Greentea declared the annual cash dividend on its 6% preferred stock (11,000 shares with
Access Garde, Inc., has 200,000 shares of $1.80 preferred stock outstanding in addition to its common stock. The $1.80 designation means that the preferred stockholders receive an annual cash
Centerville Bancshares has 13,000 shares of $3 par common stock outstanding. Suppose Centerville distributes a 15% stock dividend when the market value of its stock is $25 per share.1. Journalize
Fools Gold, Inc., has the following stockholders equity: Preferred stock, 4%, $5 par, 33,000 shares authorized and issued.................................... $ 195,000 Common stock, $2 par,
Give the formula for computing (a) Rate of return on total assets (ROA) (b) Rate of return on common stockholders equity (ROE). Then answer these questions about the rate-of-return computations.1.
Godhi Corporations 2010 financial statements reported the following items, with 2009 figures given for comparison (adapted and in millions).Compute Godhis return on assets and return on common
McGahan Corporation is conducting a special meeting of its board of directors to address some concerns raised by the stockholders. Stockholders have submitted the following questions. Answer each
During 2010, Dwyer Corporation earned net income of $5.8 billion and paid off $2.4 billion of long-term notes payable. Dwyer raised $1.1 billion by issuing common stock, paid $3.5 billion to purchase
Bread & Butter, Inc., is authorized to issue 120,000 shares of common stock and 7,000 shares of preferred stock. During its first year, the business completed the following stock issuance
Army Navy Sporting Goods is authorized to issue 10,000 shares of preferred stock and 19,000 shares of common stock. During a two-month period, Army Navy completed these stock-issuance
Travel Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $23,000 to help organize the corporation. Travel also issued common stock to
Patterson Software had the following selected account balances at December 31, 2010 (in thousands, except par value per share).Requirements1. Prepare the stockholders equity section of
Journalize the following transactions of Aliant Productions:Jan 17 Issued 2,200 shares of $2.50 par common stock at $10 per share.May 23 Purchased 300 shares of treasury stock at $12 per share.Jul 11
At December 31, 2010, Northeast Corporation reported the stockholders equity accounts shown here (with dollar amounts in millions, except per share amounts).Common stock $2.00 par value per
Use the Northeast Corporation data in Exercise to prepare the stockholders equity section of the company’s balance sheet at December 31, 2011.Common stock $2.00 par value per share,2,100 million
Theta Products Company reported the following stockholders equity on its balance sheet:Requirements1. What caused Theta s preferred stock to decrease during 2011? Cite all possible causes.2. What
Huron Manufacturing, Inc., reported the following:Stockholders EquityPreferred stock, cumulative, $0.50 par, 9%, 40,000 shares issued..... $ 20,000Common stock, $0.10 par, 9,170,000 shares
The stockholders equity for Heavenly Desserts Drive-Ins (HD) on December 31, 2010, follows:Stockholders’ EquityCommon stock, $0.80 par, 2,600,000 sharesauthorized, 300,000 shares
Identify the effects both the direction and the dollar amount of these assumed transactions on the total stockholders equity of Athol Corporation. Each transaction is independent.a. Declaration of
Clublink Corp. had the following stockholders’ equity at October 31 (dollars in millions, except par value per share):Stockholders’ EquityCommon stock, $1.50 par, 750 million sharesauthorized,
The balance sheet of Luxury Rug Company reported the following:Redeemable preferred stock, 4%, $60 par value,redemption value $45,000; outstanding 500 shares................ $30,000Common
Luna Inns reported these figures for 2011 and 2010 (in millions):Requirement1. Compute Luna€™s return on assets and return on common stockholders equity for 2011.Do these rates of return
Littleton Company included the following items in its financial statements for 2010, the current year (amounts in millions):Requirement1. Compute Littleton€™s return on assets and return
Use the Littleton Company data in Exercise to show how the company reported cash flows from financing activities during 2010 (the current year).List items in descending order from largest to smallest
Sweet & Sour, Inc., is authorized to issue 110,000 shares of common stock and 5,000 shares of preferred stock. During its first year, the business completed the following stock issuance
Honcho Sporting Goods is authorized to issue 7,000 shares of preferred stock and 16,000 shares of common stock. During a two-month period, Honcho completed these stock issuance transactions:Jun 23
Journey Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $24,000 to help organize the corporation. Journey also issued common stock
Bukala Software had the following selected account balances at December 31, 2010 (in thousands, except par value per share):Requirements1. Prepare the stockholders equity section of Bukala Softwares
Journalize the following assumed transactions of Applebug Productions:Mar 16 Issued 2,400 shares of $1.50 par common stock at $7 per share.Apr 20 Purchased 800 shares of treasury stock at $16 per
At December 31, 2010, Eastern Corporation reported the stockholders equity accounts shown here (with dollar amounts in millions, except per share amounts).Common stock $1.50 par value per
Use the Eastern Corporation data in Exercise to prepare the stockholders equity section of the company’s balance sheet at December 31, 2011.Common stock $1.50 par value per share,1,700 million
Supreme Products Company reported the following stockholders equity on its balance sheet:Requirements1. What caused Supremes preferred stock to decrease during 2011? Cite all possible causes.2. What
Eerie Manufacturing, Inc., reported the following:Stockholders’ EquityPreferred stock, cumulative, $1.50 par, 7%, 50,000 shares issued..... $ 75,000Common stock, $0.20 par, 9,110,000 shares
The stockholders equity for Icy Pop Drive-Ins (IP) on December 31, 2010, follows:Stockholders’ EquityCommon stock, $0.30 par, 2,200,000 sharesauthorized, 400,000 shares
Identify the effects both the direction and the dollar amount of these assumed transactions on the total stockholders equity of Dracut Corporation. Each transaction is independent.a. Declaration of
Griffin Corp. had the following stockholders equity at March 31 (dollars in millions, except par value per share):Stockholders EquityCommon stock, $0.30 par, 500 million sharesauthorized, 450
The balance sheet of Eclectic Rug Company reported the following:Redeemable preferred stock, 10%, $30 par value,redemption value $25,000; outstanding 700 shares............ $ 21,000Common
LaSalle Inns reported these figures for 2011 and 2010 (in millions):Requirement1. Compute LaSalle€™s return on assets and return on common stockholders equity for 2011. Do these rates of
Lawrence Company included the following items in its financial statements for 2010, the current year (amounts in millions):Requirement1. Compute Lawrence€™s return on assets and return on
Use the Lawrence data in Exercise to show how the company reported cash flows from financing activities during 2010 (the current year).List items in descending order from largest to smallest
D-4 Networking Solutions began operations on January 1, 2010, and immediately issued its stock, receiving cash. D-4s balance sheet at December 31, 2010, reported the following stockholders
Use the D-4 Networking Solutions data in Exercise to show how the company reported cash flows from financing activities during 2010.Common stock, $1 par...................... $ 51,000Additional
Space Walk Corporation reported the following stockholders equity data (all dollars in millions except par value per share):Space Walk earned net income of $2,980 during 2010. For each account except
Clubhouse, Inc., ended 2010 with 7 million shares of $1 par common stock issued and outstanding. Beginning additional paid-in capital was $10 million, and retained earnings totaled $35 million.In
Multiple Choice Questions1. Which of the following is a characteristic of a corporation?a. No income taxb. Mutual agencyc. Limited liability of stockholdersd. Both a and b2. Spirit World, Inc.,
Multiple Choice QuestionsUse the following information for Questions 1 to 2:These account balances at December 31 relate to Sportworld, Inc.:1. What is total paid-in capital for Sportworld, Inc.?a.
Multiple Choice Questions1. Lucas Foods has outstanding 600 shares of 7% preferred stock, $100 par value, and 1,600 shares of common stock, $30 par value. Lucas declares dividends of $15,800. The
The partners who own Cohen Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Cohen Canoes Inc. The charter from the state of
Garman Corp. has the following stockholders equity information: Garman’s charter authorizes the company to issue 8,000 shares of 5% preferred stock with par value of $130 and 600,000 shares of
Good Foods, Inc., is authorized to issue 5,500,000 shares of $5.00 par common stock. In its initial public offering during 2010, Good issued 475,000 shares of its $5.00 par common stock for $7.00 per
Elegant Outdoor Furniture Company included the following stockholders equity on its year-end balance sheet at February 28, 2011:Stockholders' EquityPreferred stock, 6.5% cumulative par value $35
Moscow Jewelry Company reported the following summarized balance sheet at December 31, 2010:AssetsCurrent assets.....................................................................$33,600Property
Assume Dessert Destination of Montana, Inc., completed the following transactions during 2010, the company€™s 10th year of operations:Requirement1. Analyze each transaction in terms of its
The following accounts and related balances of Seagull Designers, Inc., as of December 31, 2010, are arranged in no particular order.Requirements1. Prepare Seagulls classified balance sheet in the
The statement of cash flows of Frappe, Inc., reported the following (adapted) for the year ended December 31, 2010:Cash flows from financing activities (amounts in millions)Cash dividends paid
The partners who own Liard Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Liard Canoes, Inc. The charter from the state of
Holman Corp. has the following stockholders equity information: Holman’s charter authorizes the company to issue 5,000 shares of 8% preferred stock with par value of $110 and 400,000 shares of
Hearty Foods, Inc., is authorized to issue 5,000,000 shares of $2.00 par common stock. In its initial public offering during 2010, Hearty issued 500,000 shares of its $2.00 par common stock for $5.00
Seasonal Outdoor Furniture Company included the following stockholders equity on its year-end balance sheet at February 28, 2011:Stockholders’ EquityPreferred stock, 4.0% cumulative par value $20
London Jewelry Company reported the following summarized balance sheet at December 31, 2010:AssetsCurrent assets.................................................................. $33,500Property and
Assume Cookie Corner of Wisconsin, Inc., completed the following transactions during 2010, the company’s 10th year of operations:Feb 4 Issued 14,000 shares of company stock ($1.00 par) for cash of
The following accounts and related balances of Hawk Designers, Inc., as of December 31, 2010, are arranged in no particular order.Requirements1. Prepare Hawks classified balance sheet in the account
The statement of cash flows of Smoothie, Inc., reported the following (adapted) for the year ended December 31, 2010:Cash flows from financing activities (amounts in millions)Cash dividends paid
Nate Smith and Darla Jones have written a computer program for a video game that may rival Playstation and Xbox. They need additional capital to market the product, and they plan to incorporate their

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