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Questions and Answers of Accounting

The partners who own Ameen Canoes Co. wished to avoid the unlimited personal liability of the partnership form of business, so they incorporated as Ameen Canoes, Inc. The charter from the state of
Callman Corp. has the following stockholders’ equity information:Callman’s charter authorizes the company to issue 10,000 shares of 6% preferred stock with par value of $90 and 750,000 shares of
Healthy Living Foods, Inc., is authorized to issue 4,250,000 shares of $1.00 par common stock.In its initial public offering during 2012, Healthy Living issued 390,000 shares of its $1.00 par common
Bentley 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 that
Madrid Jewelry Company reported the following summarized balance sheet at December 31, 2012:During 2013, Madrid completed the following transactions that affected stockholders€™
Assume ABC Cupcakes of Montana, Inc., completed the following transactions during 2012, the company€™s 10th year of operations:Requirement1. Analyze each transaction in terms of its effect
The following accounts and related balances of Dove Designers, Inc., as of December 31, 2012, are arranged in no particular order.Requirements1. Prepare Dove€™s classified balance sheet in
The statement of cash flows of Cooper, Inc., reported the following for the year ended December 31, 2012:Cash flows from financing activities (amounts in millions)Cash dividends paid
I-9 Networking Solutions began operations on January 1, 2012, and immediately issued its stock, receiving cash. I-9â€™s balance sheet at December 31, 2012, reported the following
Use the I-9 Networking Solutions data in Exercise 10-88 to show how the company reported cash flows from financing activities during 2012.
Orbit Corporation reported the following stockholders€™ equity data (all dollars in millions except par value per share):Orbit earned net income of $2,920 during 2012. For each account
Smiley Site, Inc., ended 2012 with 10 million shares of $1 par common stock issued and outstanding. Beginning additional paid-in capital was $9 million, and retained earnings totaled $44 million.In
The stockholders€™ equity of All-Star Uniforms as of December 31, 2012 and 2011 follows:Requirements1. What is the par value of the common stock?2. How many shares of common stock were
Study the 2012 income statement of Original Imports, Inc., and answer these questions about the company:1. How much gross profit did Original earn on the sale of its products in 2012? How much was
Amazing Way, Inc., reported the following items, listed in no particular order at December 31, 2012 (in thousands):Income tax of 35% applies to all items.Prepare Amazing Way€™s income
For fiscal year 2012, Mango Computer, Inc., reported net sales of $19,323 million, net income of $1,997 million, and no significant discontinued operations, extraordinary items, or accounting
Suppose Cola Corp. sells soft drink syrup to a Russian company on September 12. Cola Corp. agrees to accept 200,000 Russian rubles. On the date of sale, the ruble is quoted at $0.34. Cola Corp.
Boat Belting sells goods for 900,000 Mexican pesos. The foreign-exchange rate for a peso is $0.094 on the date of sale. Boat Belting then collects cash on April 24 when the exchange rate for a peso
Jamison Cruise Lines, Inc., reported the following income statement for the year ended December 31, 2012:Requirements1. Were Jamison€™s discontinued operations more like an expense or
Apex Marine, Inc., had income before income tax of $117,000 and taxable income of $91,000 for 2012, the company’s first year of operations. The income tax rate is 30%.1. Make the entry to record
Return to the Amazing Way data in Short Exercise 11-3. Amazing Way had 10,000 shares of common stock outstanding during 2012.Amazing Way declared and paid preferred dividends of $6,000 during 2012.
Use the Amazing Way data in Short Exercise S11-3. In addition, Amazing Way had unrealized gains of $1,100 on investments and a $2,400 foreign-currency translation adjustment (again) during 2012. Both
Baxter Motor Company has preferred stock outstanding and issued additional common stock during the year.1. Give the basic equation to compute earnings per share of common stock for net income.2. List
iLife, Inc., was set to report the following statement of retained earnings for the year ended December 31, 2012:Before issuing its 2012 financial statements, iLife learned that net income of 2011
Use the statement of stockholders€™ equity to answer the following questions about Osborn Electronics Corporation:1. How much cash did the issuance of common stock bring in during 2012?2.
The annual report of Westminster Computer, Inc., included the following:1. Who is responsible for Westminster€™s financial statements?2. By what accounting standards are the financial
Suppose Dupree Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Dupree€™s financial statements
The Moran Book Company accounting records include the following for 2012 (in thousands):Requirements1. Prepare Moran Book€™s single-step income statement for the year ended December 31,
During 2012, Resource, Inc., had sales of $7.16 billion, operating profit of $2.70 billion, and net income of $3.70 billion. EPS was $4.50. On June 9, 2013, one share of Resource’s common stock was
Assume that Twitter Stores completed the following foreign-currency transactions:Requirements1. Journalize these transactions for Twitter. Focus on the gains and losses caused by changes in
During 2012, the Martell Heights Corp. income statement reported income of $500,000 before tax. The company’s income tax return filed with the IRS showed taxable income of $440,000. During 2012,
Palace Loan Company’s balance sheet reports the following:Preferred stock, $20 par value, 2%, 11,000 shares issued ............ $ 220,000Common stock, $2.50 par, 1,100,000 shares
Prep Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. 2012 was interesting for Prep, which reported the following on its income statement (in
Clean, Inc., a household products chain, reported a prior-period adjustment in 2012. An accounting error caused net income of 2011 to be understated by $15 million. Retained earnings at December 31,
At December 31, 2012, Mendonca Mall, Inc., reported stockholders€™ equity as follows:During 2013, Mendonca Mall completed these transactions (listed in chronological order):a. Declared and
Revere Water Company reported the following items on its statement of shareholders€™ equity for the year ended December 31, 2012:1. Determine the December 31, 2012, balances in Revere
Suppose Whitney Cycles, Inc., reported a number of special items on its income statement. The following data, listed in no particular order, came from Whitney€™s financial statements
The Bergeron Book Company’s accounting records include the following for 2012 (in thousands):Other revenues ............................................................................. $
During 2012, Beta, Inc., had sales of $6.86 billion, operating profit of $2.20 billion, and net income of $3.40 billion.EPS was $4.80. On May 11, 2013, one share of Beta’s common stock was priced
Assume that Better Buy Stores completed the following foreign-currency transactions:May 9 Purchased DVD players as inventory on account from Toyita, a Japanese company. The price was 400,000 yen, and
During 2012, Campbell Heights Corp.’s income statement reported income of $300,000 before tax. The company’s income tax return filed with the IRS showed taxable income of $260,000. During 2012,
Loan Company’s balance sheet reports the following:Preferred stock, $80 par value, 8%, 11,000 shares issued ............ $ 880,000Common stock, $2.50 par, 1,500,000 shares
Plato Holding Company operates numerous businesses, including motel, auto rental, and real estate companies. 2012 was interesting for Plato, which reported the following on its income statement (in
Dwelling, Inc., a household products chain, reported a prior-period adjustment in 2012. An accounting error caused net income of 2011 to be overstated by $16 million. Retained earnings at December
At December 31, 2012, Rondeau Mall, Inc., reported stockholders€™ equity as follows:During 2013, Rondeau Mall completed these transactions (listed in chronological order):a. Declared and
Wave Water Company reported the following items on its statement of shareholders€™ equity for the year ended December 31, 2012:Requirements1. Determine the December 31, 2012, balances in
(Multiple Choice)1. What is the best source of income for a corporation?a. Prior-period adjustmentsb. Continuing operationsc. Discontinued operationsd. Extraordinary items2. Leslie€™s
(Multiple Choice)1. What is the best source of income for a corporation?a. Prior-period adjustmentsb. Continuing operationsc. Discontinued operationsd. Extraordinary items2. Leslie€™s
The following information was taken from the records of Crowley Cosmetics, Inc., at December 31, 2012:Requirements1. Prepare Crowley Cosmetics€™ single-step income statement, which lists
Use the data in Problem P11-48A to prepare the Crowley Cosmetics statement of retained earnings for the year ended December 31, 2012. Use the Statement of Retained Earnings for Maxim, Inc., in the
Crowley Cosmetics in Problem P11-48A holds significant promise for carving a niche in its industry. A group of Irish investors is considering purchasing the company’s outstanding common stock.
Suppose Gray Corporation completed the following international transactions:Requirements1. Record these transactions in Gray€™s journal and show how to report the transaction gain or loss
Capital Experts, Ltd., (CEL) specializes in taking underperforming companies to a higher level of performance. CEL’s capital structure at December 31, 2011, included 14,000 shares of $2.25
John Holland, accountant for Sunny Pie Foods, was injured in an auto accident. While he was recuperating, another inexperienced employee prepared the following income statement for the fiscal year
The accounting (not the income tax) records of Mahoney Publications, Inc., provide the income statement for 2012.Taxable income for 2012 includes these modifications from pretax accounting income:a.
Fabulous Food Specialties, Inc., reported the following statement of stockholders€™ equity for the year ended October 31, 2012:RequirementsAnswer these questions about Fabulous Food
The following information was taken from the records of Shaw Cosmetics, Inc., at December 31, 2012:Requirements1. Prepare Shaw Cosmetics€™ single-step income statement, which lists all
Use the data in Problem P11-56B to prepare the Shaw Cosmetics statement of retained earnings for the year ended December 31, 2012. Use the Statement of Retained Earnings for Maxim, Inc., in the
Shaw Cosmetics in Problem P11-56B holds significant promise for carving a niche in its industry. A group of Irish investors is considering purchasing the company’s outstanding common stock.
Suppose Blanco Corporation completed the following international transactions:Requirements1. Record these transactions in Blanco€™s journal and show how to report the transaction gain or
Better Experts Ltd. (BEL) specializes in taking underperforming companies to a higher level of performance. BEL’s capital structure at December 31, 2011, included 10,000 shares of $2.25 preferred
Jackson Hallstead, accountant for Confection Pies, was injured in an auto accident. While he was recuperating, another inexperienced employee prepared the following income statement for the fiscal
The accounting (not the income tax) records of Johnson Publications, Inc., provide the income statement for 2012.Taxable income for 2012 includes these modifications from pretax accounting income:a.
Fall River Specialties, Inc., reported the following statement of stockholders€™ equity for the year ended October 31, 2012:RequirementsAnswer these questions about Fall River
Brown-Box Retail Corporation reported shareholders€™ equity on its balance sheet at December 31, 2013 as follows:Requirements1. Identify the two components that typically make up
Aerostar, Inc., operates as a retailer of casual apparel. A recent, condensed income statement for Aerostar follows:Requirements1. Assume that the following transactions were inadvertently omitted at
This case is based on the RadioShack Corporation consolidated financial statements in Appendix B at the end of this book.1. Focus on the company’s Consolidated Statements of Income for the three
FF&T Corporation is a confectionery wholesaler that frequently buys and sells securities to meet various investment objectives. The following selected transactions relate to FF&€™s
1. FF&T Corporation is a confectionery wholesaler that frequently buys and sells securities to meet various investment objectives. The following selected transactions relate to FF&€™s
1. Why is preferred stock considered to be a hybrid security?2. Many corporations invest in preferred stocks. Can you think of any reason why that is the case like dividend exclusion?
What are the company’s total current liabilities at the end of its most recent annual reporting period?What are the company’s total current liabilities at the end of the previous annual reporting
Brau Auto, a national auto parts chain, is considering purchasing a smaller chain, South Georgia Parts (SGP). Brau's analysts project that the merger will result in the following incremental free
Discuss the advantage and disadvantages of financial statement analysis. How can it help a manager makes decisions and how might it mislead you?
In 1,200–1,500 words, compare and contrast the different forms of entity including the sole proprietorship, partnership, S corporation and C Corporation. Please include information on entity
What is the impact of not balancing intercompany payables/receivables on a monthly basis? What is the impact on not eliminating intercompany payables/receivables during the consolidation? Is there an
Smith Software began with cash of $11,000.Smith then bought supplies for $4,200 on account. Separately, Smith paid $5,500 for a computer. Answer these questions:1. How much in total assets does Smith
The following selected events were experienced by either Fact Finders Inc., a corporation, orPeter Flip, the major stockholder.The transactionsa. Received $8,500 cash from customers on account.b.
Chris Evensen opened a medical practice specializing in surgery. During the first month of operation (May), the business, titled Chris Evensen, Professional Corporation (P.C.), experienced the
The following account summarizes the financial position of Rodriguez Resources, Inc., on May 31, 2012:May 31, 2012 financial position:Assets = Liabilities + Stockholders EquityAccounts + Common +
Day’s sales outstanding-Baker Bros has a DSO of 40 days, and its annual sales are $7,300,000. What is its accounts receivable balance? Assume it uses a 365-day year.
Product Q77H has been considered a drag on profits at Zenke Corporation for some time and management is considering discontinuing the product altogether. Data from the company's accounting system
Bionic Labs is considering buying equipment, which would enable the company to obtain a five-year research contract. The specialized equipment costs $600,000 and will have no salvage value when the
Parent Corporation owns 90% of all the stock of SubOne Corporation. SubOne owns 85% of the stock of Sub Two Corporation. Individuals unrelated to either Parent or SubOne own the other 15% of Sub Two.
Which of the following would usually be considered a discretionary fixed cost for a soft drink bottling company?(a) The cost of advertising its products(b) The cost of fire insurance on its factory
Analyze the following transactions. Indicate which accounts are affected and whether they will increase or decrease. Transaction (a) is completed as an example.a. Owner investment of cash into the
Northwestern Express Enterprises gathered together the following information at the end of its first year of operations, September 30, 2006:Prepare an income statement for Northwestern Express
Match the terms listed below to the definitions appearing in the table.Marketable securitiesTrading securitiesTrade receivablesIncome statement approachAcid-test ratioUnrealized gainNet realizable
The following data pertain to Arrowhead Company for the year ended December 31, 2006:Inventory purchases during the year ..................................$ 800,000Sales during the year
Holliman Corp. has liabilities of $426,000, a quick ratio of 1.4, inventory turnover of 3.6, and a current ratio of 3.3. What is the cost of good sold for the company?
Austin Industries has two divisions: Dallas Division and Houston Division. Information relating to the divisions for the current year is as follows:Fixed expenses (common) that cannot be identified
Godwin, Inc. paid $30,000,000 to purchase Getman, Ltd. At the date of purchase, Getman, Ltd. had assets with a current market value of $50,000,000 and liabilities with a current market value of
Company A provided 500 hours of its time to company B in exchange for 1,000 shares of company B $5 par common stock. Billing rate is $700 per hour, and company B stock has a book value of $250 per
A company has only 4 shareholders each contributed $10,000 and were issued 8000 shares of stock. One stockholder reported to the company that 500 shares of his stock had been sold and transferred
Gleason Advertising Company's trial balance at December 31 shows Advertising Supplies $6,700 and Advertising Supplies Expense $0. On December 31, there are $1,700 of supplies on hand. Prepare the
At the end of its first year, the trial balance of Easton Company shows Equipment $30,000 and zero balances in Accumulated Depreciation?” Equipment and Depreciation Expense. Depreciation for the
On July 1, 2006, Orlow Co. pays $12,000 to Pizner Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Orlow Co., journalize and post the entry on
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Pizner Insurance Co. Pizner uses the accounts Unearned Insurance Revenue and Insurance
The bookkeeper for Wooster Company asks you to prepare the following accrued adjusting entries at December 31.1. Interest on notes payable of $400 is accrued.2. Services provided but not recorded
Onslow Co. purchases a used machine for $178,000 cash on January 2 and readies it for use the next day at $2,840 cost. On January 3, it is installed on a required operating platform costing $1,160,
On Feb 1, 2007, the balance of the retaining earnings account of red power company was 630, 00, revenues for Feb totaled 123,000 of which 115,000 was collected in cash. Expenses for Feb totaled

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