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Questions and Answers of Accounting

A June 1999 issue of Money magazine included an article by David Futrelle entilted“Stock Splits: How the Dumb Get Rich.”Read the article and answer the following questions:(a) What is a stock
Identify in the ledger (general or subsidiary) in which each of the following accounts is shown.1. Rent Expense 2. Accounts Receivable—Char 3. Notes Payable4. Accounts Payable—Thebeau
Identify the journal in which each of the following transactions is recorded.1. Cash sales 2. Payment of dividends 3. Cash purchase of land 4. Credit sales5. Purchase of merchandise on account6.
Paris Vacation Resorts, Inc., uses a multicolumn cash receipts journal. Indicate which column(s) is (are) posted only in total, only daily, or both in total and daily.1. Accounts Receivable 2. Sales
Bayou Oaks Country Club uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded.1. Purchased equipment on account.2. Purchased
Miguel Taoueria uses both special journals and a general journal as described in this appendix. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in
Presented below is the subsidiary accounts receivable account of Nathan Ross:Write a memo to Mr. Murphy, the general manager, that explains eachtransaction.
On September 1, the balance of the Accounts Receivable control account in the general ledger of John’s Produce, Inc., was $11,960.The customers’ subsidiary ledger contained account balances as
Sing Tao Beverages uses special journals and a general journal. The following transactions occurred during September 2008.Sept.2 ..Sold merchandise on account to Mephisto, invoice no. 101, $520,
Svenska Shirts uses special journals and a general journal. The following transactions occurred during May 2008.May1 ...I. Svenska invested $60,000 cash in the business in exchange for comman stock.2
Peachtree is one of the leading accounting software packages. Information related to this package is found at its Web site.Address:
Nagen Company had these transactions pertaining to stock investments:Feb. 1 Purchased 3,000 shares of Horton Company (10%) for $49,800 cash plus brokerage fees of $1,200.June 1 received cash
Barr Company acquires 60, 10%, 5 years, $1,000 Community bonds on January 1, 2010 for $61,250. This includes a brokerage commission of $1,250.The journal entry to record this investment includes a
Winrow Co. purchased 50, 6% Johnston Company bonds for $50,000 cash plus brokerage fees of $500. Interest is payable semiannually on July 1 and January 1. The entry to record the December 31 interest
At the current year, Accounts Receivable has a balance of $700,000; allowance for Doubtful Accounts has a credit balance of $5,500; and net sales for the year total $3,500,000. Bad debt expense is
Journalize the following transaction using the direct write-off method of accounting for uncollectible receivables.a. June 10 received $1,200 from Jim Dobbs and wrote off the remainder owed of
BC Company uses a job order cost accounting system. During the month of April, the following events occurred: (a) Purchased raw materials on credit, $32,000.(b) Raw materials requisitioned: $25,800
On May 31, 2004, Porter Company paid $2,100,000 to acquire all of the common stock of Dryer Corporation, which became a division of Porter. Dryer reported the following balance sheet at the time of
a. Lauren has a margin account and deposits of $50,000. Assuming the initial margin requirements is 40%, and The Gentry Shoe Corporation is selling at $25.00 per share: How many shares can Lauren
Magenta Corporation is a calendar year corporation. Magenta Corporation had $25,000 in Accumulated Earnings and Profits (AE&P) at the beginning of the current year. For the current tax year, Magenta
For March, sales revenue is $800,000; sales commissions are 4% of sales; the sales manager's salary is $80,000; advertising expenses are $75,000; shipping expenses total 1% of sales; and
Beebe 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
A commercial bank has the following components in its capital account:Common stock ........... $11010-year subordinated debt ....... $ 25Undivided profits .......... 160Loan-loss reserves
If the beginning balance in OAA is $ 3,900, and the following transactions occur, what is the ending OAA balance?Depreciation recapture = $ 21,000Payroll tax penalty =$ 4,200Tax-exempt interest =$
Prepare an income statement, a retained earnings statement, and a balance sheet for the medical practice of Donna Bruck, MD, from the items listed below for the month of October 2007.Retained
Sid bought a new $700,000 seven-year class asset on August 2, 2010. On December 2, 2010, he purchased $160,000 of used five-year class assets. If Congress reenacts additional first-year depreciation
a. Provided service for cash Assets = Liabilities + Owners Equity Does Assets increase or decrease or no change Does Liabilities increase or decrease or no change Does Owners
In reviewing the financial statements of NanoTech Co., you discover that net income increased, while operating cash flows decreased for the most recent two consecutive years. Requireda. Explain
The three types of functions that normally should be segregated to promote internal control are A. Recording transactions, authorizing transactions, and approvalB. Authorizing transactions, approving
Fifteen years ago, roop industries sold $400 million of convertible bonds. the bonds had a 40-year maturity, a 5.75% coupon rate, and paid interest annually. they were sold at their $1,000 par value,
Bailey, Inc., buys 60 percent of the outstanding stock of Luebs, Inc. Luebs owns a piece of land that cost $200,000 but was worth $500,000 at the acquisition date. What value should be attributed to
On January 1, 2011, Chamberlain Corporation pays $388,000 for a 60 percent ownership in Neville. Annual excess fair-value amortization of $15,000 results from the acquisition. On December 31, 2012,
On January 1, Year 1, Gearty Corporation loans Olinto Fabrix, Inc. $200,000 with a 10% simple interest note payable in ten years. Interest on the note is payable annually and the principal is due at
Nachman Industries just paid a dividend of D0 = $1.32. Analysts expect the company's dividend to grow by 30% this year, by 10% in Year 2, and at a constant rate of 5% in Year 3 and thereafter. The
Big Brown Corporation's derivative instruments had the following fair values at December 31, Year 1 and December 31, Year 2:The derivatives used as fair value hedges and cash flow hedges were both
Division Corporation has 20,000 shares of $5.00 participating 9 percent cumulative preferred stock and 100,000 shares of $2.00 common stock. On July 1, the board of Division declared a $30,000
Kuchman Kookware issued 40,000 shares of its $8.00 par value common stock for $9 on January 1, Year 1. Kuchman repurchased 1,000 shares at $8 per share on April 1, Year 2, resold 500 shares at $9
Ship-to-Shore had earnings after tax (EAT) of $280,000 last year. Its expenses included depreciation of $55,000, interest of $40,000. It sold new stock for which it received $20,000. The company also
The Fitzgerald Company maintains a checking account at the Bank of the North. The bank provides a bank statement along with canceled checks on the last day of each month. The October 31, 2007 bank
Yvonne Corporation manufactures and sells ceramic dinnerware. The company also sells dinnerware that is purchased from unrelated foreign producers. During tax year 2010, Yvonne had a U. S. profit of
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales aren't reasonably assured and bad debt losses can't be reasonably predicted. It's unlikely that
Reliable Enterprises sells distressed merchandise on extended credit terms. Collections on these sales aren't reasonably assured and bad debt losses can't be reasonably predicted. It's unlikely that
Elmore Co. purchased an offset press on January 1, 2008, at a cost of $120,000. The press had an estimated eight-year life with no residual value. Elmore uses straight-line depreciation. At January
Lucia Ltd. reported net income of $135,000 for the year ended December 31, 2011. January 1 balances in accounts receivable and accounts payable were $29,000 and $26,000 respectively. Year-end
Misty Company reported the following before-tax items during the current year:Sales ............. $600Operating expenses ....... 250Restructuring charges ....... 20Extraordinary loss ........
Rick Co. had 30 million shares of $1 par common stock outstanding at January 1, 2009. In October, 2009, Rick Co.'s Board of Directors declared and distributed a 1% common stock dividend when the
On January 1, Year 3, Starlight Construction Co. began a construction project qualifying for capitalization of interest. The total amount spent on this project during Year 3 was $250,000, spent
"Mr. Jones Smith want's to buy Smithon Manufacturing because it is very profitable. Right now it has 30 shareholders but no single majority shareholder. It is a C corporation with a fiscal year-end
Robinson Company reported a net loss of $23,000 during the year comparing beginning and ending balances, you determine the following: (1) accounts receivable increased by $8,000; and (2) accrued
The earnings for Manning Company is expected to be $420,000 million. The target capital structure consists of 40% debt, 5% preferred & 55% equity. What is the retained earnings breakpoint?A.
Your company has been offered credit terms of 4/30, net 90 days. What will be the nominal annual percentage cost of its non free trade credit if it pays 120 days after the purchase? (Assume a 365-day
In this month, there were several patients that had no health insurance and due to their low income level, the hospital decided that $85,000 of receivables would not be collectibe. Prepare journal
J.B. Enterprises purchased a new molding machine for $75,000. The company paid $6,000 for shipping and another $ 4,000 to get the machine integrated with the company’s existing assets. J.B. must
Sampson Co. sold merchandise to Batson Co. on account, $46,000, terms 2/15, net 45. The cost of the merchandise sold is $38,500. Sampson Co. issued a credit memo for $1,500 for merchandise returned
The stockholders' equity section of Gunkel Corporation as of December 31, 2010, was as follows:Common stock, par value $2; authorized 20,000 shares;issued and outstanding 10,000 shares ......... $
What are the roles and goals of financial managers inside of a firm?
A proposed cost-saving device has an installed cost of $610,000. The device will be used in a 5 year project but is classified as 3 year MACRS property for tax purposes. The required initial net
Nance Company owns 30% interest in the stock of Finley Corporation. During the year, Finley pays $25,000 in dividends to Nance, and reports $100,000 in net income. Nance Company’s investment in
Earnings are extremely important to a publicly traded company and the creditors and investors of that company. However, looking at earnings without regard to the quality of those earnings is
Lowry Company uses a sales journal, a cash receipts journal, and a general journal to record transactions with its customers. Record the following transactions in the appropriate journals. The cost
Prepare a statement of cash flows for the Seagull Corporation. Follow the general procedures indicated in Table your textbook.SESAGULL CORPORATIONIncome statementFor the year ended December 31,
Makena Office Supplies is considering a more liberal increase sale. Pertinant financial data follows:Uncollectible Accounts ..........12%Collection Costs (% of new sales) ....... 8%Production and
Saratoga Theater is in the Federal Mall. A cashier’s booth is located near the entrance t the theater. Two cashiers are employed. On works from 1:00 to 5:00PM, the other from 5:00 to 9:00PM each
Della Valle Middle School wants to raise money for a new sound system for its auditorium. The primary fund-raising event is a dance at which the famous disc jockey Jay Dec will play classic and
Prepare a trial balance from the ledger accounts of Norman Company as of January 31, 2008.Accounts Payable ....... $700Rent Expense ....... $800Accounts Receivable ... 2,700Service Revenue
Prepare journal entries for each of the following transactions.1. Performed services for customers on account $2,500.2. Purchased $41,000 of equipment on account.3. Received $1,000 from customers
Welch Company prepares monthly financial statements. Below are listed some selected accounts and their balances in the September 30 trial balance before any adjustments have been made for the month
The financial statement columns of the worksheet for Melton Company as of December 31, 2008 are as follows:InstructionsPrepare a classified balance sheet for Melton Company.The financial statement
Explain briefly, how each of the following transactions would affect a company’s balance sheeta. Purchase of a new $80 million building, financed 40% with cash and 60% with a bank loan.b. Purchase
You manage a real estate investment company. One year ago the company purchased 10 parcels of land distributed throughout the community for $1 million each. A recent appraisal of the properties
Do you have any thoughts on the IRS's modified Schedule M-3 form?
Mitchell Corporation prepared the following reconciliation for its first year of operations:Pretax financial income for 2011 ....... $900,000Tax exempt interest .............. (75,000)
Rosie, the sole shareholder of Eagle Corporation, has a stock basis of $100,000 at the beginning of the year. On July 1, she sells all of her stock to Manuel for $500,000. On January 1, Eagle has
The City of Happy Valley records the following property tax transactions. Prepare the journal entries.a. Property taxes of $10,000,000 are levied and 5% are estimated to be uncollectible.b. Property
Mike and Sally Card file a joint return for the 2010 tax year. Their AGI is $65,000 and they incur the following interest expenses: Qualified education loans ................ $3,500Personal loan
Why is the Section 1031 exchange such a powerful tool?
Rustin bought used 7-year class property on May 15, 2010, for $500,000. Rustin elects § 179 and straight-line cost recovery. Rustin’s taxable income would not create a limitation for purposes of
If the beginning balance in OAA is $ 3,900, and the following transactions occur, what is the ending OAA balance?Depreciation recapture= $ 21,000Payroll tax penalty=$ 4,200Tax-exempt interest =$
1. Barbara was injured in an automobile accident. She has threatened to file a suit against the other party involved in the accident and has proposed the following settlement:Damages for 25% loss of
Arnold was employed during the first six months of the year and earned a $46,000 salary. During the next 6 months, he collected $4,800 of unemployment compensation, borrowed $6,000 (using his
Arnold and Beth file a joint return. Use the following data to calculate their deduction for AGI.Mortgage interest on personal residence .........$ 4,000Property taxes on personal residence.........
Taylor, a cash basis architect, rents the building in which his office is located for $3,000 per month. He commenced his practice on March 1, 2010. In order to guarantee no rent increases during an
Juanita, single and age 43, had the following items for 2010:Salary .................... $60,000Interest income ................. 6,000Casualty loss on long-term business property .....
While Susan was on vacation during the current year, someone broke into her home and stole the following items:• A computer used 60% in connection with Susan’s rental property and 40% for her
Sid bought a new $700,000 seven-year class asset on August 2, 2010. On December 2, 2010, he purchased $160,000 of used five-year class assets. If Congress reenacts additional first-year depreciation
Rustin bought used 7-year class property on May 15, 2010, for $500,000. Rustin elects § 179 and straight-line cost recovery. Rustin’s taxable income would not create a limitation for purposes of
Anne sells a rental house for $100,000 that has an adjusted basis of $55,000. During the years of her ownership, $60,000 of losses have been incurred that were suspended under the passive activity
Betty dies on February 20 of the current year. Her estate consisted of the following assets, all valued as of her date of death:Stock with a basis of $40,000 and a fair market value of $200,000Home
If a company's tax rate increases, then, all else equal, its weighted average cost of capital will decline. Why do you think this is a correct statement?
The Inouyes filed jointly in 2010. They reported $16,000 of itemized deductions and they have two children, one of whom qualifies as their dependent. The 2010 standard deduction amount is $11,400 and
If the beginning balance in OAA is $ 3,900, and the following transactions occur, what is the ending OAA balance?Depreciation recapture ........... $ 21,000Payroll tax penalty ............ $
Freda's Florist reported the following before-tax income statement items for the year ended December 31, 2011: Operating income ....... $250,000Extraordinary gain ...... $70,000All income statement
John (age 51 and single) has earned income of $3,000. He has $30,000 of unearned (capital gain) income if he does participate in an employer-sponsored plan, what is the maximum deductible IRA
John Gemstone, a wealthy client, has recently been audited by the IRS. The agent hasquestioned the following deduction items on Mr. Gemstone’s tax return for the year under review:• A $10,000
John Gemstone, a wealthy client, has recently been audited by the IRS. The agent has questioned the following deduction items on Mr. Gemstone’s tax return for the year under review:• A $10,000
Rogene, Inc. reported the following results for the current year.Book income (before tax) ............. $425,000Tax depreciation in excess of book ......... 25,000Non-tax-deductible warranty
You asked: "25. Billy Dent, as the owner of an apartment building, receives and makes the following payments during 2010Received in January 2010 rent that was due in December 2009 $5,000Received in
Arnold and Barbara Cane were divorced in June 2010. Pursuant to the divorce decree, Arnold is obliged to perform as follows:a. Transfer title of their personal home to Barbara. They purchased the
Which of the following trade or business expenditures of Ajax Inc. are deductible on its current year tax return? If an expenditure is not deductible, explain why it is not a valid
Which of the following trade or business expenditures of Ajax Inc. are deductible on its current year tax return? If an expenditure is not deductible, explain why it is not a valid

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