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accounting

Questions and Answers of Accounting

The accounting records of Off the Wheel Ceramics included the following balances at the end of the period:In the past, Off the Wheel€™s warranty expense has been 9% of sales. During 2012,
Travis Publishing completed the following transactions for one subscriber during 2012:Oct 1 Sold a one-year subscription, collecting cash of $2,100, plus sales tax of 7%.Nov 15 Remitted (paid) the
Penske Talent Search has an annual payroll of $190,000. In addition, the company incurs payroll tax expense of 8%.At December 31, Penske owes salaries of $8,000 and FICA and other payroll tax of
Assume that Creative 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, McKinley Real Estate reported a current liability for income tax payable of $210,000. During 2013, McKinley earned income of $1,600,000 before income tax. The company’s income
Green Earth Homes, Inc., builds environmentally sensitive structures. The companyâ€™s 2012 revenues totaled $2,785 million. At December 31, 2012 and 2011, the company had $643 million and $610
Clark Security Systems’ revenues for 2012 totaled $25.9 million. As with most companies, Clark is a defendant in lawsuits related to its products. Note 14 of the Clark Annual Report for 2012
Assume Jasper Electronics completed these selected transactions during June 2012.a. Sales of $2,100,000 are subject to estimated warranty cost of 6%. The estimated warranty payable at the beginning
On January 31, Dogwood Logistics, Inc., issued 10-year, 9% bonds payable with a face value of $9,000,000. The bonds were issued at 93 and pay interest on January 31 and July 31. Dogwood Logistics,
Municipal Bank has $300,000 of 6% debenture bonds outstanding. The bonds were issued at 101 in 2012 and mature in 2032.Requirements1. How much cash did Municipal Bank receive when it issued these
Winner Sports Ltd. is authorized to issue $4,000,000 of 12%, 10-year bonds payable. On December 31, 2012, when the market interest rate is 14%, the company issues $3,200,000 of the bonds and receives
On June 30, 2012, the market interest rate is 7%. Victory Sports Ltd. issues $1,600,000 of 8%, 25-year bonds payable at a price of 111.75. The bonds pay interest on June 30 and December 31. Victory
Lowell Co. issued $450,000 of 5% (0.05), 10-year bonds payable on January 1, 2010, when the market interest rate was 6% (0.06). The company pays interest annually at year-end. The issue price of the
Footnote 7 of AnnTaylor Stores Corp.â€™s financial statements for fiscal year 2010 contains the following information:Requirements1. Interpret the information in the footnote. What rights does
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
United Nation Financial Services is considering two plans for raising $900,000 to expand operations. Plan A is to borrow at 10%, and plan B is to issue 250,000 shares of common stock at $3.60 per
(Multiple Choice)1. 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 period
(Multiple Choice)1. Moment’s Fashions has a debt that has been properly reported as a long-term liability up to the present year (2012). Some of this debt comes due in 2012. If Moment’s Fashions
(Multiple Choice)Questions 1â€“4 use the following data:Sunny Day Company sells $400,000 of 13%, 10-year bonds for 97 on April 1, 2012. The market rate of interest on that day is 13.5%. Interest
Salt Air Marine experienced these events during the current year.a. December revenue totaled $150,000; and, in addition, Salt Air collected sales tax of 6%. The tax amount will be sent to the state
The following transactions of Smooth Sounds Music Company occurred during 2012 and 2013:Requirement1. Record the transactions in Smooth Sound€™s journal. Explanations are notrequired.
The board of directors of Radio Plus authorizes the issue of $7,000,000 of 9%, 25-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2012,
On February 28, 2012, Dolphin Corp. issues 6%, 10-year bonds payable with a face value of $900,000. The bonds pay interest on February 28 and August 31. Dolphin Corp. amortizes bonds by the
Account for bonds payable at a discount; amortize by the straight line methodRequirements1. Journalize the following transactions of Laroux Communications, Inc.:2. At December 31, 2012, after all
The notes to the Giving Charities€™ financial statements reported the following data on December 31, Year 1 (end of the fiscal year):Giving Charities€™ amortizes bonds by the
On December 31, 2012, Laraboo Corp. issues 11%, 10-year convertible bonds payable with a maturity value of $4,000,000. The semiannual interest dates are June 30 and December 31. The market interest
Tony Sporting Goods is embarking on a massive expansion. Assume plans call for opening 20 new stores during the next two years. Each store is scheduled to be 30% larger than the company’s existing
The accounting records of Brighton Foods, Inc., include the following items at December 31, 2012:Requirements1. Show how each relevant item would be reported on the Brighton Foods, Inc., classified
Sea Air Marine experienced these events during the current year.a. December revenue totaled $130,000; and, in addition, Sea Air collected sales tax of 7%. The tax amount will be sent to the state of
The following transactions of Happy Music Company occurred during 2012 and 2013:Requirement1. Record the transactions in Happy Music Companyâ€™s journal. Explanations are notrequired.
The board of directors of Media Plus authorizes the issue of $8,000,000 of 6%, 20-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds are issued on May 31, 2012,
On February 28, 2012, Starfish Corp. issues 10%, five-year bonds payable with a face value of $1,200,000. The bonds pay interest on February 28 and August 31. Starfish Corp. amortizes bonds by the
Account for bonds payable at a discount; amortize by the straight-line methodRequirements1. Journalize the following transactions of Lamothe Communications, Inc.:2. At December 31, 2012, after all
The notes to the Thankful Charities financial statements reported the following data on December 31, Year 1 (end of the fiscal year):Thankful Charities amortizes bonds by the effective-interest
On December 31, 2012, Zugaboo Corp. issues 5%, 10-year convertible bonds payable with a maturity value of $5,000,000. The semiannual interest dates are June 30 and December 31. The market interest
Marco’s Sporting Goods is embarking on a massive expansion. Assume the plans call for opening 40 new stores during the next three years. Each store is scheduled to be 35% larger than the
The accounting records of Braintree Foods, Inc., include the following items at December 31, 2012:Requirements1. Show how each relevant item would be reported on the Braintree Foods, Inc., classified
The top management of Marquis Marketing Services examines the following company accounting records at August 29, immediately before the end of the year, August 31:1. Suppose Marquisâ€™s
Modern Brands recently completed a large debt refinancing. A debt refinancing occurs when a company issues new bonds payable to retire old bonds. The company debits the old bonds payable and credits
The Coca-Cola Company reported the following comparative information at December 31, 2010, and December 31, 2009 (amounts in millions and adapted):Requirements1. Calculate the following ratios for
Refer to RadioShack Corporation’s consolidated financial statements in Appendix B at the end of this book. These financial statements report a number of liabilities.1. The current liability
Jessica Johnson and Claudia Stein are opening a Submarine’s deli. Johnson and Stein need outside capital, so they plan to organize the business as a corporation. They come to you for advice. Write
ARM received $48,000,000 for the issuance of its stock on May 14. The par value of the ARM stock was only $48,000. Was the excess amount of $47,952,000 a profit to ARM? If not, what was it?Suppose
At fiscal year-end 2012, Hana Printer and Delightful Doughnuts reported these adapted amounts on their balance sheets (amounts in millions):Assume each company issued its stock in a single
This short exercise demonstrates the similarity and the difference between two ways to acquire plant assets.Compare the balances in all the accounts after making both sets of entries. Are the account
The financial statements of Ridgeview Employment Services, Inc., reported the following accounts (adapted, with dollar amounts in thousands except for par value):Prepare the stockholders€™
Refer to the data in S10-8. Using only year-end figures rather than averages, compute the following for Ridgeview Employment Services:a. Net incomeb. Total liabilitiesc. Total assets (use the
Gellman Marketing Corporation reported the following stockholders’ equity at December 31 (adapted and in millions):Common stock.................................. $ 256Additional paid-in
Karen Knox Exports, Inc., is located in Clancy, New Mexico. Knox is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as
Greenwood Corporation earned net income of $85,000 during the year ended December 31, 2012. On December 15, Greenwood declared the annual cash dividend on its 8% preferred stock (20,000 shares with
Sterling Garde, Inc., has 90,000 shares of $1.35 preferred stock outstanding in addition to its common stock. The $1.35 designation means that the preferred stockholders receive an annual cash
Payne Bancshares has 18,000 shares of $4 par common stock outstanding. Suppose Payne distributes an 8% stock dividend when the market value of its stock is $20 per share.1. Journalize Payne’s
Copperhead, Inc., has the following stockholders€™ equity:That company has passed its preferred dividends for three years including the current year. Compute the book value per share of the
Give the DuPont model formula for computing (a) Rate of return on total assets (ROA) and (b) Rate of return on common stockholders’ equity (ROE). Then answer these questions about the
POLA Corporation€™s 2012 financial statements reported the following items, with 2011 figures given for comparison (adapted and in millions).Use the DuPont model to compute
Graham 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 2012, Granite Corporation earned net income of $5.1 billion and paid off $2.9 billion of long-term notes payable. Granite raised $1.6 billion by issuing common stock, paid $3.9 billion to
Hambrick Sales, Inc., is authorized to issue 170,000 shares of common stock and 5,000 shares of preferred stock. During its first year, the business completed the following stock issuance
Colonel Sporting Goods is authorized to issue 18,000 shares of common stock. During a two-month period, Colonel completed these stock-issuance transactions:Apr 23 Issued 3,000 shares of $1.00 par
Excursion Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $20,000 to help organize the corporation. Excursion also issued common
Casey Software had the following selected account balances at December 31, 2012 (in thousands, except par value per share).Requirements1. Prepare the stockholders€™ equity section of
Journalize the following transactions of Alameda Productions:Jan 21 Issued 1,800 shares of $1.25 par common stock at $13 per share.Jun 23 Purchased 500 shares of treasury stock at $15 per share.Jul
At December 31, 2012, Blumenthal Corporation reported the stockholders’ equity accounts shown here (with dollar amounts in millions, except per-share amounts).Common stock $3.00 par value per
Use the Blumenthal Corporation data in Exercise 10-25A to prepare the stockholders’ equity section of the company’s balance sheet at December 31, 2013.Common stock $3.00 par value per
Omicron Products Company reported the following stockholders€™ equity on its balance sheet:Requirements1. What caused Omicron€™s preferred stock to decrease during 2013? Cite all
Manufacturing, Inc., reported the following:Superb Manufacturing has paid all preferred dividends through 2009.Requirement1. Compute the total amounts of dividends to both preferred and common for
The stockholders€™ equity for Dairy Place Drive-Ins (DP) on December 31, 2012, follows:On April 16, 2013, the market price of DP common stock was $20 per share. Assume DP distributed an 18%
Identify the effects—both the direction and the dollar amount—of these assumed transactions on the total stockholders’ equity of Townsend Corporation. Each transaction is independent.a.
Ace Corp. had the following stockholders€™ equity at January 31 (dollars in millions, except par value per share):On March 2, Ace split its $1.80 par common stock 2-for-1.Requirement1.
The balance sheet of Basket Rug Company reported the following:Requirements1. Compute the book value per share for the common stock, assuming all preferred dividends are fully paid up (none in
Lofty Inns reported these figures for 2013 and 2012 (in millions):Requirements1. Use DuPont analysis to compute Lofty€™s return on assets and return on common stockholders€™
California Company included the following items in its financial statements for 2012, the current year (amounts in millions):Requirements1. Use DuPont analysis to compute California€™s
Use the California Company data in Exercise E10-34A to show how the company reported cash flows from financing activities during 2012 (the current year). List items in descending order from largest
Pryor Sales, Inc., is authorized to issue 190,000 shares of common stock and 10,000 shares of preferred stock. During its first year, the business completed the following stock issuance
Captain Sporting Goods is authorized to issue 13,000 shares of common stock. During a two-month period, Captain completed these stock-issuance transactions:Jul 23 Issued 3,200 shares of $1.00 par
Time Travel Publishing was recently organized. The company issued common stock to an attorney who provided legal services worth $25,000 to help organize the corporation. Time Travel also issued
Sagebrush Software had the following selected account balances at December 31, 2012 (in thousands, except par value per share):Requirements1. Prepare the stockholders€™ equity section of
Journalize the following assumed transactions of Ambient Productions:Feb 22 Issued 1,800 shares of $1.75 par common stock at $5 per share.Jun 25 Purchased 400 shares of treasury stock at $14 per
At December 31, 2012, Northern Corporation reported the stockholders’ equity accounts shown here (with dollar amounts in millions, except per-share amounts). Common stock $4.00 par value per
Use the Northern Corporation data in Exercise 10-41B to prepare the stockholders’ equity section of the company’s balance sheet at December 31, 2013.
Zeta Products Company reported the following stockholders€™ equity on its balance sheet:Requirements1. What caused Zeta€™s preferred stock to decrease during 2013? Cite all
Majestic Manufacturing, Inc., reported the following:Majestic Manufacturing has paid all preferred dividends through 2009.Requirement1. Compute the total amounts of dividends to both preferred and
The stockholders€™ equity for Perfect Desserts Drive-Ins (PD) on December 31, 2012, follows:On July 13, 2013, the market price of PD common stock was $17 per share. Assume PD distributed a
Identify the effects—both the direction and the dollar amount—of these assumed transactions on the total stockholders’ equity of Triton Corporation. Each transaction is independent.a.
Solartech Corp. had the following stockholders€™ equity at May 31 (dollars in millions, except par value per share):On July 3, Solartech split its $1.20 par common stock
The balance sheet of Beecham Rug Company reported the following:Redeemable preferred stock, 6%, $90 par value, redemption value $25,000; outstanding 200 shares................ $18,000Common
Lexington Inns reported these figures for 2013 and 2012 (in millions):Requirements1. Use DuPont analysis to compute Lexington€™s return on assets and return on common
Easton Company included the following items in its financial statements for 2012, the current year (amounts in millions):Requirements1. Use DuPont analysis to compute Easton€™s return on
Use the Easton data in Exercise E10-50B to show how the company reported cash flows from financing activities during 2012 (the current year). List items in descending order from largest to smallest
(Multiple-Choice)1. Which of the following is a characteristic of a corporation?a. No income taxb. Mutual agencyc. Limited liability of stockholdersd. Both a and b2. Home Team, Inc., issues 280,000
(Multiple-Choice)1. Which of the following is a characteristic of a corporation?a. No income taxb. Mutual agencyc. Limited liability of stockholdersd. Both a and b2. Home Team, Inc., issues 280,000
(Multiple-Choice)1. Which of the following is a characteristic of a corporation?a. No income taxb. Mutual agencyc. Limited liability of stockholdersd. Both a and b2. Home Team, Inc., issues 280,000
The partners who own Jefferson Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Jefferson Canoes, Inc. The charter from the
Doorman Corp. has the following stockholders’ equity information:Doorman’s charter authorizes the company to issue 7,000 shares of 10% preferred stock with par value of $140 and 750,000 shares
Fresh Produce Foods, Inc., is authorized to issue 3,750,000 shares of $5.00 par common stock.In its initial public offering during 2012, Fresh Produce issued 360,000 shares of its $5.00 par common
Reliable Outdoor Furniture Company included the following stockholders€™ equity on its year-end balance sheet at February 28, 2013:Requirements1. Identify the different issues of stock
Paris Jewelry Company reported the following summarized balance sheet at December 31, 2012:During 2013, Paris completed these transactions that affected stockholders€™
Assume Frozen Foods of Maine, Inc., completed the following transactions during 2012, the company€™s 10th year of operations:Requirement1. Analyze each transaction in terms of its effect on
The following accounts and related balances of Bluebird Designers, Inc., as of December 31, 2012, are arranged in no particular order.Requirements1. Prepare Bluebirdâ€™s classified balance sheet
The statement of cash flows of Spirit, Inc., reported the following for the year ended December 31, 2012:Cash flows from financing activities (amounts in millions)Cash dividends paid

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