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Questions and Answers of Accounting

How can outcome evaluations vary by stakeholder?
Beige Corporation (a calendar year taxpayer) has taxable income of $150,000, and its financial records reflect the following for the year. Federal income taxes paid $75,000Net operating loss
Blue Corporation, a cash basis taxpayer, has taxable income of $700,000 for the current year. Blue elected $80,000 of § 179 expense. It also had a related party loss of $30,000 and a realized (not
Prepare journal entries to record the following retirement. (Show computations and round to the nearest dollar.)The December 31, 2010 balance sheet of Wolfe Co. included the following items:7.5%
For the year ended on December 31, 2010, XYZ had net income of $90,000 and paid dividends of $40,000. Prepare the journal entries to record the result using EQUITY METHOD of accounting.Show your
At January 1, 2011, Brant Cargo acquired equipment by issuing a five-year, $150,000 (payable at maturity), 4% note. The market rate of interest for notes of similar risk is 10%Required:1. Prepare the
In 2011, KZF Inc. purchased stock as follows:(a) Acquired 2,000 shares of Gallery Arts Corp. common stock (par value $20) in exchange for 1,200 shares of KZF Inc. preferred stock (par value $30). The
William's basis in the WAM partnership interest was $100,000 just before he received a proportionate liquidating distribution consisting of investment land (basis of $30,000. Fair market value
Tonya had the following items for last year:Salary .............. 40,000Short-term capital gain ....... 12,000Non-business bad debt ........ (10,000)Long-term capital loss ........ (5,000)For the
National Telephone and Telegraph (NTT) Company common stock currently sells for $60 per share. NTT is expected to pay a $4 dividend during the coming year, and the price of the stock is expected to
Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $50 in advance for a one-year subscription. During the month of September 2010, Evans Ltd.
Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2010. Based on analysis of customer complaints made over the
The June Bug has a $20,000,000 bond issue outstanding. These bonds have a 6 percent coupon, pay interest semiannually in perpetuity, and have a current market price equal to 98.6 percent of face
The trial balance of the Parton Wholesale Company contained the following accounts atDecember 31, 2010 the end of the company's calendar year.Adjustment data:1. Depreciation is $10,000 on buildings
It takes Cookie Cutter Modular Homes, Inc, about six days to receive and deposit checks from customers. Cookie Cutter's management is considering a lockbox system to reduce the firm's collection
Lyons Company deducts insurance expense of $84,000 for tax purposes in 2010, but the expense is not yet recognized for accounting purposes. In 2011, 2012, and 2013, no insurance expense will be
Performance Reports. At the end of 2011, Cyril Fedako, CFO for Fedako products, received a report comparing budgeted and actual production costs for the company's plant in Forest Lake,
Prepare the necessary entries from 1/1/10-2/1/12 for the following events using the fair value method. If no entry is needed, write "No Entry Necessary."1. On 1/1/10, the stockholders adopted a stock
The following balance sheet was prepared by the bookkeeper for Purple Company as of December 31, 2011Â The following additional information is provided:(1) Cash includes the cash surrender
The treasurer for Thornton Pipe and Steel Company wishes to use financial futures to hedge her interest rate exposure. She will sell five Treasury futures contracts at $105,000 per contract.It is
If beginning owner’s equity was $25,000, ending owner’s equity is $27,000, and the owner’s withdrawals were $23,000, the amount of net income or net loss for the period was:a) Net loss of
On January 1, 2010, Maplewood Corporation had the following balances in its stockholders' equity accounts: Common stock, $100,000 (10,000 shares of $10 par value stock); contributed capital in
Assume a company's January 1, 2009, financial position was: Assets, $150,000 and Liabilities, $60,000. During January 2009, the company completed the following transactions:(A) Paid on a note payable
Sheldon Corporation reports taxable income of $150,000 for its second tax year.Its regular tax liability is $41,750. The following facts were taken into account in deriving taxable income.1. Used
The Following information relates to the debt securities investments of Wildcat Company.1- On 2/1, the company purchased 10% bonds of Gibbons Co. having a par value of $300,000 at 100 plus accrued
Robert and Chip organized Chipper Corporation on January 1, 2008. Each of these owners invested $100,000 cash and received shares of stock. Below are selected transactions that were completed during
The ABC Company recorded revenues during the year 2008 of $209,000. The Company had balances in the following accounts:Rent Expense ...... 48000Wages Payable ...... 22000 Balance sheet ItemGain on
Texas Corporation is undergoing a complete liquidation and distributes land to Robert, one of its shareholders, in exchange for all of Robert's stock. The land has a basis of $300,000 and a FMV of
On April 1, 2010, West Co. purchased $160,000 of 6% bonds for $166,300 plus accrued interest as an available-for-sale security. Interest is paid on July 1 and January 1 and the bonds mature on July
Korman Company has the following securities in its portfolio of trading equity securities on December 31, 2010:All of the securities had been purchased in 2010. In 2011, Korman completed the
Based on the information below, illustrate the effects on the accounts and financial statements of the Seller and the Buyer. Both use a perpetual inventory system.(a) Seller sells Buyer on account
Vance Company reported net incomes for a three-year period as follows:2009 ................... $186,0002010 ................. $189,0002011 ................. $180,000In reviewing the accounts in 2012
One year ago, you purchased a stock at a price of $32.16. The stock pays quarterly dividends of $0.20 per share. Today, the stock is selling for $28.20 per share. What is your capital gain on this
Kane Inc.'s bank statement from Western Bank at August 31, 2010, gives the following information.Â Balance, August 1 $16,400 Bank debit memorandum:Â A summary of the Cash account in the
For the ten-year period, 2002-2011:Applying the carryback provisions in the tax law, compute the net amount of taxes paid (amounts paid less refunds) for the ten-year period ending December 31,2011
Len Wallace contributed assets with a $100,000 adjusted basis and a $400,000 FMV to Ace Corporation in exchange for all of its single class of stock.The corporation conducted operations for five
In 2011, Eric Corporation reported $90,000 net income before income taxes. The income tax rate for 2011 was 30 percent. Eric had an unused $60,000 net operating loss carry-forward arising in 2010
Tax consequences of a Corporate Liquidation. Marsha owns 100% of Gamma Corporation's common stock. Gamma is an accrual basis, calendar year corporation. Marsha formed the corporation six years ago
The records for Bosch Co. show this data for 2011:Gross profit on installment sales recorded on the books was $360,000. Gross profit from collections of installment receivables was $270,000.Life
In 2010, its first year of operations, Kimble Corp. has a $900,000 net operating loss when the tax rate is 30%. In 2011, Kimble has $360,000 taxable income and the tax rate remains
Listed below are items that are treated differently for accounting purposes than they are for taxpurposes. Indicate whether the items are permanent differences or temporary differences. For temporary
MixRecording Studios purchased $7,800 in electronic components from TechCom. MixRecording Studios signed a 60-day, 10% promissory note for $7,800. If the note is dishonored, what is the amount due on
On July 1, 2011, Houston Company purchased as a long-term investment Essex Company's ten-year, 9 percent bonds, with a face value of $100,000 for $95,200. Interest is payable semiannually on January
You buy a very risky bond that promises a 11% coupon and return of the $1,000 principal in 10 years. You pay only $750 for the bond. You receive the coupon payments for four years and the bond
Using the following list of accounts, prepare income statements. (The $000,000 indicates all numbers are millions.)Accounts $000,000Product Revenues ...... 400New Product Development ... 50Interest
How would the following events (reported this year) affect your forecasts of a firm's future net income?
Smoke and Mirrors has EBIT of 25000 and is all equity financed. EBIT is expected to stay at this level indefinitely. the firm pays corporate taxes equal to 35% of taxable income. The discount rate
You just took a $20,000, Eight-year loan. Payments at the end of each month are flat (equal in every month) at an annual interest rate of 8 percent. 1. Calculate the monthly payment.2.
Kenneth's Arrows and Bows borrows $10,000 for one year at 12 percent interest. What is the effective rate of interest if the loan is discounted?A. Less than 12.5 percentB. More than 12.5 percent, but
Koopman's Chickens, Inc. plans to borrow $300,000 from its bank for one year. The rate of interest is 10 percent, but a compensating balance of 15 percent is required. What is the effective rate of
Pension data for Goldman Company included the following for the current calendar year:Service cost ............ 750,000PBO, January 1 .......... 800,000Plan assets, January ..........
1. Why do we say money has time value?2. Why is it important for business managers to be familiar with time value of money concepts?
1. Define Present Value.2. Define Future Value.3. What are present value and future value interest factors?
You buy a 6 year, 8% CD for $1,000. Interest is compounded annually. How much is it worth at maturity?
What's the present value of $1,000 to be received in 8 years? (Your required rate of return is 7% a year.)
A friend promises to pay you $600 two years from now if you loan him $500 today. What interest rate is your friend offering you?
If you invest $100 a year for 20 years at 7% annual interest, how much will you have at the end of the 20th year?
How much would you be willing to pay today for an investment that pays $800 a year at the end of the next 6 years?
Wilson Co. is considering two mutually exclusive projects. Both require an initial investment of $10,000 at t = 0. Project X has an expected life of 2 years with after-tax cash inflows of $6,000 and
There are four basic calculations: PV of a lump sum, FV of a lump sum, PV of an annuity, and FV of an annuity. Discuss the differences between each. Use examples to help explain.
Krause Company on January 1, 2012, enters into a five-year noncancelable lease, with four renewal options of one year each, for equipment having an estimated useful life of 10 years and a fair value
On January 1, 2011, Foley Company (as lessor) entered into a noncancelable lease agreement with Pinkley Company for machinery which was carried on the accounting records of Foley at $4,530,000 and
Emerald Corporation, a calendar year C corporation, was formed and began operations on July 1, 2010. The following expenses were incurred during the first tax year (July 1 through December 31, 2010)
Adam transfers cash of $300,000 and land worth $200,000 to Camel Corporation for 100% of the stock in Camel. In the first year of operation, Camel has net taxable income of $70,000. If Camel
Willkom Corporation bought 100 percent of Szabo, Inc., on January 1, 2009, at a price in excess of the subsidiary's fair value. On that date, Willkom's equipment (10-year life) has a book value of
Panner, Inc owns 30% of Watkins & applies the equity method. During the current year Panner buys inventory costing 54,000.000 and sells it to Watkins for 90,000.0. At the end of the year Watkins
S&S Air is planning for a growth rate of 12 percent next year. Calculate the EFN for the company assuming the company is operating at full capacity. Can the company’s sales increase at this
You are the newest member of the staff of Brinks & Company, a medium-size investment management firm. Les Kramer, an employee of two years, is your supervisor. Les has a reputation as being
James Equipment Company sells computers for $1,500 each and also gives each customer a 2-year warranty that requires the company to perform periodic services and to replace defective parts. During
When Gail dies, she owns 100% of the stock of an S corporation, with an adjusted basis of $10,000 and FMV of $100,000. The adjusted basis and FMV of the assets inside the S corporation are the same
In the current year, Cesar, who is single, gives $26,000 to each of his 20 nieces and nephews for a total property transfer of $520,000. Cesar’s taxable gifts total a. $520,000 b.
a. Assume the interest rate in the market (yield to maturity) goes down to 8 percent for the 10 percent bonds. Using column 2, indicate what the bond price will be with a 5-year, a 15-year, and a
You are managing a portfolio of $1 million. Your target duration is 10 years, and you can choose from two bonds: a zero-coupon bond with maturity 5 years, and perpetuity, each currently yielding 5%.
Sue now has $490. How much would she have after 8 years if she leaves it invested at 8.5% with annual compounding?a. $941.10b. $724.64c. $837.58d. $1,148.14e. $1,157.55
Suppose you have $1,425 and plan to purchase a 5-year certificate of deposit (CD) that pays 3.5% interest, compounded annually. How much will you have when the CD matures?a. $1,810.92b. $1,692.45c.
Suppose a State of New York bond will pay $1,000 ten years from now. If the going interest rate on these 10-year bonds is 4.1%, how much is the bond worth today?a. $669.10b. $675.79c. $628.96d.
Suppose the U.S. Treasury offers to sell you a bond for $547.25. No payments will be made until the bond matures 5 years from now, at which time it will be redeemed for $1,000. What interest rate
Bob has $2,500 invested in a bank that pays 1% annually. How long will it take for his funds to double?a. 74.54 yearsb. 79.41 yearsc. 73.14 yearsd. 69.66 yearse. 84.99 years
Suppose the yield on a 10-year T-bond is currently 5.05% and that on a 10-year Treasury Inflation Protected Security (TIPS) is 2.85%. Suppose further that the MRP on a 10-year T-bond is 0.90%, that
Use the following information to answer the following question.Income Tax rate is 34%Answers are rounded to the nearest decimal point.Given the financial information presented above what would be the
First Choice Bank pays 9% APR compounded quarterly on its business loans. National Emerald Bank pays 16% APR compounded daily. The EAR for First Choice and National Emerald Bank are: (Points: 3)a.
Accounting Firm is among several defendants found liable in a private civil action brought by an individual plaintiff under the Securities Exchange Act of 1934. Plaintiff, who has a net worth of
Suppose your bank account will be worth $15,000.00 in one year. The interest rate (discount rate) that the bank pays is 7%. What is the present value of your bank account today? What would the
On Jan 1, 2004, Haden company [ lessor] entered into a non-cancelable cancelable lease agreement with Sandy company[ lessee] for machinery was carried on the accounting records of Haden at $4,530,000
1) Project cash flows -120, 330, -210 for periods 0, 1, 2 cost of capital is 10%. Find the net profitability index.2) Project cash flows -120, 330, -210 for periods 0, 1, 2 cost of capital 10%.
Plastic Recycling Company is just starting operations with new equipment costing $30,000 and a useful life of five years. At the end of five years the equipment probably can be sold for $5,000. The
Cameron is an investor trying to decide among the following three different investment options. Option A: Price today: $1000One year from today Cameron will receive one of the following
On January 1, 2008, Lowry Co. issued ten-year bonds with a face value of $1,000,000 and a stated interest rate of 10%, payable semiannually on June 30 and December 31. The bonds were sold to yield
If you borrow $50,000 today at 10% interest for eight years. How much of your second payment will be applied to interest? (Points: 3)a. $5,000b. $4,562c. $4,809d. Can not be determined with the
At the formation of the BD Partnership, Betty contributes land with a basis of $10,000 and a FMV of $30,000 and Dick contributes cash of $30,000. Betty and Dick share profits and losses equally. When
Master Card and other credit card issuers must by law print the Annual Percentage Rate (APR) on their monthly statements. If the APR is stated to be 23.50%, with interest paid monthly, what is the
A machine cost $500,000 on April 1, 2008. Its estimated salvage value is $50,000 and its expected life is eight years. Calculate the depreciation expense (to the nearest dollar) by each of the
Southwest U's campus book store sells course packs for $15 each, the variable cost per pack is $9, fixed costs to produce the packs are $200,000, and expected annual sales are 49,000 packs. What are
Fehr Co. purchased a patent from Wells Co. for $180,000 on July 1, 2005. Expenditures of $51,000 for successful litigation in defense of the patent were paid on July 1, 2008. Fehr estimates that the
Several years ago, Southern Corporation purchased a fixed asset for $20 million. At 12-31-09, the carrying value (cost minus accumulated depreciation for financial reporting purposes) of the asset
Grocer Services Corporation (a calendar year taxpayer), a wholesale distributor of food, made the following donations to qualified charitable organizations during the year:Adjusted Basis Fair Market
Red Corporation, a calendar year taxpayer, has taxable income of $600,000.Among its transactions for the year are the following:Collection of proceeds from insurance policy on life of
The following pension-related data pertain to Metro Recreation’s noncontributory, defined benefit pension plan for 2006:Projected benefit obligation Accumulated benefits obligation Plan assets
On January 1, 2006, John Doe Enterprises (JDE) bought a 55% interest in Bubba Manufacturing, Inc. (BMI). JDE paid for the transaction with $3.5 million cash and 400,000 shares of JDE common stock
Krogstad Corporation bought 1,000 shares of Cole Inc. for $90 per share plus a brokerage fee of $1,800. Three months later, the shares were sold for $110 per share. The brokerage fee on the sale was

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