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accounting

Questions and Answers of Accounting

Brown-Box Retail Corporation reported stockholder€™s equity on its balance sheet at December 31 as follows:Requirements1. Identify the two components that typically make up accumulated
Which option is better: receive $100,000 now or $20,000, $25,000, $30,000, $25,000, and $20,000, respectively, over the next five years?Requirements1. Assuming a 5% interest rate, which investment
This case is based on the consolidated financial statements of RadioShack Corporation given in Appendix B at the end of this book.1. Read Note 4: Acquisitions. Does RadioShack Corporation own any
Examine Riverside€™s assets.1. What is Riverside€™s largest category of assets? List all 2013 assets in the largest category and their amounts as reported by Riverside.2. What was
Advanced Automotive pays $210,000 for a group purchase of land, building, and equipment. At the time of acquisition, the land has a current market value of $66,000, the building’s current market
Assume Worldwide Airlines repaired a Jumbo 747 aircraft at a cost of $1.1 million, which Worldwide paid in cash. Further, assume the Worldwide accountant erroneously capitalized this expense as part
Assume that at the beginning of 2011, Fast Delivery, a UPS competitor, purchased a used Jumbo 747 aircraft at a cost of $44,400,000. Fast Delivery expects the plane to remain useful for fi ve years
This exercise uses the assumed Fast Delivery data from Short Exercise 7-4. Assume Fast Delivery is trying to decide which depreciation method to use for income tax purposes. The company can choose
Assume that on September 30, 2011, Grandair, the national airline of Germany, purchased a Jumbo aircraft at a cost of €41,000,000 (€ is the symbol for the euro). Grandair expects the plane to
Five Flags over New York paid $90,000 for a concession stand. Five Flags started out depreciating the building straight-line over 10 years with zero residual value. After using the concession stand
On January 1, 2012, Smith Air purchased an airplane for $67,850,000. Smith Air expects the plane to remain useful for 11 years and to have a residual value of $2,950,000. Smith Air uses the
TexAm Petroleum, the giant oil company, holds reserves of oil and gas assets. At the end of 2012, assume the cost of TexAM Petroleum’s mineral assets totaled $234 billion, representing 13 billion
PTL, Inc., dominates the snackfood industry with its Salty Chip brand. Assume that, PTL, Inc., purchased Seacoast Snacks, Inc., for $8.2 million cash. The market value of Seacoast Snacks’ assets is
In 2012, Artesia, Inc., reported $300 million in sales, $18 million in net income, and average total assets of $120 million. What is Artesia’s return on assets in 2012?
Ochoa Optical, Inc., provides a full line of designer eyewear to optical dispensaries. Ochoa reported the following information for 2012 and 2013:Compute return on assets for 2012 and2013.
During 2012, Southeast Satellite Systems, Inc., purchased two other companies for $15 million. Also during 2012, Southeast made capital expenditures of $8 million to expand its market share. During
For each of the following scenarios, indicate whether a long-term asset has been impaired (Y for yes and N for no) and, if so, the amount of the loss that should berecorded.
Murphy Self Storage purchased land, paying $150,000 cash as a down payment and signing a $180,000 note payable for the balance. Murphy also had to pay delinquent property tax of $2,500, title
Maplewood Manufacturing bought three used machines in a $204,000 lump-sum purchase. An independent appraiser valued the machines as shown in the table.Machine No. Appraised Value1 ............ $
Assume Plastic Products, 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 2012, Cheng Book Store paid $483,000 for land and built a store in Georgetown. Prior to construction, the city of Georgetown charged Cheng $1,300 for a building permit, which Cheng paid. Cheng
Ralph’s Pizza bought a used Toyota delivery van on January 2, 2012, for $18,600. The van was expected to remain in service for four years (35,000 miles). At the end of its useful life, Ralph’s
Assume that in early January 2012, a Sunshine Bakery restaurant purchased a building, paying $53,000 cash and signing a $103,000 note payable. The restaurant paid another $66,000 to remodel the
Assume Z-1 Software Consultants purchased a building for $445,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $90,000. After using the building for 20
Assume that on January 2, 2012, Vincent of Vermont purchased fixtures for $8,700 cash, expecting the fixtures to remain in service for five years. Vincent has depreciated the fixtures on a
National Truck Company is a large trucking company that operates throughout the United States. National Truck Company uses the units-of-production (UOP) method to depreciate its trucks. National
Boulder Mines paid $425,000 for the right to extract ore from a 250,000-ton mineral deposit. In addition to the purchase price, Boulder Mines also paid a $110 filing fee, a $2,000 license fee to the
1. Makon Printers incurred costs of $1,500,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it is expected to provide Makon Printers with a
Assume Caltron paid $20 million to purchase HarborSide.com. Assume further that HarborSide had the following summarized data at the time of the Caltron acquisition (amounts in
Kroger, Inc., one of the nation€™s largest grocery retailers, reported the following information (adapted) for its fiscal year ended January 31, 2011:Requirements1. Compute profit margin
Assume Happy Feet Corporation completed the following transactions:a. Sold a store building for $680,000. The building cost Happy Feet $1,600,000, and at the time of the sale, its accumulated
Pierce Self Storage purchased land, paying $160,000 cash as a down payment and signing a $150,000 note payable for the balance.Pierce also had to pay delinquent property tax of $5,000, title
Southwood Manufacturing bought three used machines in a $192,000 lump-sum purchase. An independent appraiser valued the machines as shown:Machine No. Appraised Value1 ......... $50,0002 .........
Assume Decadent Delights, 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 2012, Ming Book Store paid $485,000 for land and built a store in Baltimore. Prior to construction, the city of Baltimore charged Ming $1,700 for a building permit, which Ming paid. Ming also
Deluxe Pizza bought a used Honda delivery van on January 2, 2012, for $22,000. The van was expected to remain in service for four years (113,125 miles). At the end of its useful life, Deluxe
Assume that in early January 2012, an Early Bird Café purchased a building, paying $54,000 cash and signing a $104,000 note payable. The restaurant paid another $65,000 to remodel the
Assume S-1 Security Consultants purchased a building for $450,000 and depreciated it on a straight-line basis over 40 years. The estimated residual value was $93,000. After using the building for 20
Assume that on January 2, 2012, Barrett of Nebraska purchased fixtures for $8,200 cash, expecting the fixtures to remain in service for five years. Barrett has depreciated the fixtures on a
United Truck Company is a large trucking company that operates throughout the United States. United Truck Company uses the units-of-production (UOP) method to depreciate its trucks.United Truck
Valley Mines paid $428,000 for the right to extract ore from a 325,000-ton mineral deposit. In addition to the purchase price, Valley Mines also paid a $130 filing fee, a $2,300 license fee to the
1. Mayflower Printers incurred costs of $1,200,000 for a patent for a new laser printer. Although the patent gives legal protection for 20 years, it is expected to provide Mayflower Printers with a
Assume Doltron paid $19 million to purchase Northeast.com. Assume further that Northeast had the following summarized data at the time of the Doltron acquisition (amounts in
Loweâ€™s Companies, Inc., the secondlargest home improvement retailer, reported the following information (adapted) for its fiscal year ended January 31, 2011:Requirements1. Compute profit
Corporation completed the following transactions:a. Sold a store building for $620,000. The building had cost Shoe Mania $1,400,000, and at the time of the sale, its accumulated depreciation totaled
(Multiple Choice)1. A capital expenditurea. records additional capital.b. is a credit like capital (owners’ equity).c. is expensed immediately.d. adds to an asset.2. Which of the following items
(Multiple Choice)1. Which of the following costs are reported on a company’s income statement and balance sheet?Income Statement Balance Sheeta. Accumulated depreciation .... Landb. Cost of
Assume Monroe Sales, Inc., opened an office in Jacksonville, Florida. Further assume that Monroe Sales incurred the following costs in acquiring land, making land improvements, and constructing and
Bruno Lake Resort reported the following on its balance sheet at December 31, 2012:Property, plant, and equipment, at cost:Land .................................................. $ 147,000Buildings
Miller, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Miller completed the following
On January 7, 2012, J.B. Griffin Co. paid $240,000 for a computer system. In addition to the basic purchase price, the company paid a setup fee of $1,400, $6,500 sales tax, and $29,100 for a special
Avril, Inc., sells electronics and appliances. The excerpts that follow are adapted from Avril€™s financial statements for 2012 and 2011.Requirements1. How much was Avril€™s cost
Mid Atlantic Energy Company’s balance sheet includes the asset Iron Ore. Mid Atlantic Energy paid $2.4 million cash for the right to work a mine that contained an estimated 195,000 tons of ore.
At the end of 2011, Solar Power Associates (SPA) had total assets of $17.6 billion and total liabilities of $9 billion. Included among the assets were property, plant, and equipment with a cost of
Target Corporation operates general merchandise and food discount stores in the United States. The company reported the following information for the three years ending January 31,
Assume Coffee House, Inc., opened an office in Cocoa Beach, Florida. Further assume that Coffee House incurred the following costs in acquiring land, making land improvements, and constructing and
Lake Resort reported the following on its balance sheet at December 31, 2012:Property, plant, and equipment, at cost:Land......................................................... $ 143,000Buildings
Carney, Inc., has the following plant asset accounts: Land, Buildings, and Equipment, with a separate accumulated depreciation account for each of these except Land. Carney completed the following
On January 4, 2012, G.L. Brown Co. paid $235,000 for a computer system. In addition to the basic purchase price, the company paid a setup fee of $1,100, $6,200 sales tax, and $37,200 for a special
Lily, Inc., sells electronics and appliances. The excerpts that follow are adapted from Lilyâ€™s financial statements for 2012 and 2011.Requirements1. How much was Lilyâ€™s cost of plant
Central Energy Company’s balance sheet includes the asset Iron Ore. Central Energy paid $2.8 million cash for the right to work a mine that contained an estimated 215,000 tons of ore. The company
At the end of 2011, Creative Accounting Associates (CAA) had total assets of $17 billion and total liabilities of $9.2 billion. Included among the assets were property, plant, and equipment with a
Kohl€™s Corporation operates family oriented department stores that sell moderately priced apparel and housewares. The company reported the following information (adapted) for the three
Macy€™s, Inc., is one the nation€™s premier retailers, with fiscal 2010 sales of $25 billion. The company operates about 810 Macy€™s department stores and furniture
Kerusi, Inc., has a popular line of boogie boards. Kerusi reported net income of $64 million for 2012. Depreciation expense for the year totaled $30 million. Kerusi, Inc., depreciates plant assets
The European Press (TEP) is a major telecommunication conglomerate. Assume that early in year 1, TEP purchased equipment at a cost of 20 million euros (€20 million). Management expects the
FedEx Corporation provides a broad portfolio of transportation, e-commerce, and business services. FedEx reported the following information in its 2009 annual report.Requirements1. Using the
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
Refer to the RadioShack Corporation Consolidated Financial Statements in Appendix B at the end of this book. This case leads you through an analysis of the activity in Radioshack’s long-term
Gordon Sports Authority purchased inventory costing $11,000 by signing a 12% short-term note payable. The purchase occurred on July 31, 2012. Gordon pays annual interest each year on July 31.
Wardlow Sales, Inc.€™s comparative income statements and balance sheets show the following selected information for 2011 and 2012:Requirements1. Calculate the company€™s accounts
Trail Runner USA guarantees tires against defects for five years or 55,000 miles, whichever comes first.Suppose Trail Runner USA can expect warranty costs during the five-year period to add up to 5%
Refer to the data given in Short Exercise 9-3. What amount of warranty expense will Trail Runner USA report during 2012? Which accounting principle addresses this situation? Does the warranty expense
Tony Chase, 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. $200,000 issued at 77.75b. $200,000 issued at 103.50c. $200,000 issued at 94.25d. $200,000 issued at 102.50
Determine whether the following bonds payable will be issued at par value, at a premium, or at a discount:a. The market interest rate is 7%. Horton Corp. issues bonds payable with a stated rate of 6
Hunter Corp. issued 7-year bonds payable with a face amount of $125,000 when the market interest rate was 8%. Assume that the accounting year of Hunter ends on December 31 and that bonds pay interest
EKU, Inc., issued $560,000 of 6%, 10-year bonds payable at a price of 80.5 on March 31, 2012. The market interest rate at the date of issuance was 9%, and the EKU bonds pay interest semiannually.1.
Use the amortization table that you prepared for EKU’s bonds in Short Exercise 9-9 to answer the following questions:1. How much cash did EKU borrow on March 31, 2012? How much cash will EKU pay
Starlight Drive-Ins Ltd. borrowed money by issuing $3,000,000 of 8% bonds payable at 97.5 on July 1, 2012. The bonds are 10-year bonds and pay interest each January 1 and July 1.1. How much cash did
Examine the following selected financial information for Best Buy Co., Inc., and Wal-Mart Stores, Inc., as of the end of their 2010 fiscal years:1. Complete the table, calculating all the requested
Wavetown Marina needs to raise $1 million to expand the company. Wavetown Marina is considering the issuance of either $1,000,000 of 7% bonds payable to borrow the money, or 100,000 shares of common
Evensen Plumbing Products Ltd. reported the following data in 2012 (in millions):Compute Evensen€™s leverage ratio, debt ratio, and times-interest-earned ratio, and write a sentence to
Regal, Inc., includes the following selected accounts in its general ledger at December 31, 2012:Bonds
The accounting records of Earthtone Ceramics included the following balances at the end of the period:In the past, Earthtoneâ€™s warranty expense has been 8% of sales. During 2012, the business
Worldwide Publishing completed the following transactions for one subscriber during 2012:Oct 1 Sold a one-year subscription, collecting cash of $2,400, plus sales tax of 9%.Nov 15 Remitted (paid)
Perrin Talent Search has an annual payroll of $150,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perrin owes salaries of $7,500 and FICA and other payroll tax of
Assume that Cranmore Company completed the following note-payable transactions.Requirements1. How much interest expense must be accrued at December 31, 2012?2. Determine the amount of
At December 31, 2012, Olsen Real Estate reported a current liability for income tax payable of $150,000. During 2013, Olsen earned income of $900,000 before income tax. The company’s income tax
Geodesic Domes, Inc., builds environmentally sensitive structures. The company's 2012 revenues totaled $2,800 million. At December 31, 2012, and 2011, the company had $661 million and $600 million in
Smith Security Systems’ revenues for 2012 totaled $25.8 million. As with most companies, Smith is a defendant in lawsuits related to its products. Note 14 of the Smith Annual Report for 2012
Assume that Banff Electronics completed these selected transactions during March 2012:a. Sales of $2,400,000 are subject to estimated warranty cost of 4%. The estimated warranty payable at the
On January 31, Doherty Logistics, Inc., issued five-year, 7% bonds payable with a face value of $8,000,000. The bonds were issued at 96 and pay interest on January 31 and July 31. Doherty Logistics,
Town Bank has $100,000 of 7% debenture bonds outstanding. The bonds were issued at 105 in 2012 and mature in 2032.Requirements1. How much cash did Town Bank receive when it issued these bonds?2. How
Team Sports Ltd. is authorized to issue $5,000,000 of 5%, 10-year bonds payable. On December 31, 2012, when the market interest rate is 6%, the company issues $4,000,000 of the bonds and receives
On June 30, 2012, the market interest rate is 8%. First Place Sports Ltd. issues $4,000,000 of 9%, 20-year bonds payable at a price of 109.895. The bonds pay interest on June 30 and December 31.
Lawrence Co. issued $300,000 of 6% (0.06), 10-year bonds payable on January 1, 2012, when the market interest rate was 7% (0.07). The company pays interest annually at year-end. The issue price of
Footnote 10 of Abercrombie and Fitch Co.’s financial statements for fiscal year 2010 (January 29, 2011) contains the following information:At January 29, 2011, the Company was committed to
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
Prime Nation Financial Services is considering two plans for raising $600,000 to expand operations. Plan A is to borrow at 6%, and plan B is to issue 125,000 shares of common stock at $4.80 per

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