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business
accounting

Questions and Answers of Accounting

A company that produces a single product has supplied the following production and average cost data for two levels of monthly production volume:What is the best estimate of the total monthly fixed
The firm operated at full capacity in 2002. During 2003, it expects sales to increase by 20 percent and dividends per share to increase to $ 1.10. Use the projected balance sheet method to determine
Which of the following accounts would most likely vary directly with the level of firm's sales? Discuss eachbriefly
October 1 began business by making a deposit in a company bank account of $12,000, in exchange for shares of $10 par value common stock.How this should be posted to the general journal and T
Determine how current values might be determined for investments, land, buildings, equipment, patents, copyrights, trademarks, and franchises. How might the use of current values in the accounting
All CP Investors have 20% carry interest. Assume that Series D, E and F all have committed $100M investment capital.Series A: $2M for 10M shares (EBV)Series B: $11M for 10M shares (Tall tree)Series
What is Cost Volume Profit (CVP) Analysis?
During 2000, a corporation spent $170,000 in research and development costs. As a result, a new product was patented. The patent was obtained on October 1, 2000, and had a legal life of 20 years and
On June 1, 2002, the Corporation spent $9,480 to successfully prosecute a patent infringement. As a result, the estimated useful life was extended to 12 years from June 1, 2002. Prepare journal
Prepare journal entries to record the following transactions related to long-term bonds of Renn Co.a. On April 1, 2004, Renn issued $900,000, 9% bonds for $968,163 including accrued interest.
Grant Construction Company was awarded a contract to construct an interchange at the junction of U.S. 94 and Highway 30 at a total contract price of $6,000,000. The estimated total costs to complete
On December 31 2007, Karmansky Company needed to record its accrued wages for year-end. December 31 is a Tues, and Karmasky Company must account for two days of wages. The company operates on a
Presented below are selected transactions at Thomas Company for 2006:Jan. 1 Retired a piece of machinery that was purchased on January 1, 1996. The machine cost $62,000 on that date. It had a useful
At the beginning of 2006, Oslo Co. had the following account balances:Assets...............................$10,000Liabilities ..............................6,000Common stock
Raybac is about to go public. Its present stockholders own 500,000 shares. The new public issue will represent 800,000 shares. The shares will be priced at $25 to the public with a 4% spread. The
Firm X needs to net $7,800,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $22 per share, and that the firm will receive $19 per share.
The Houston Corp needs to raise money for an addition to its plant. It will issue 300,000 shares of new common stock. The new shares will be priced at $60 per share with an 8.5% spread on the offer
Bart’s woodwork company makes and sells wooden selves. Bart’s carpenter makes the selves in the company’s rented building. Bart has a separate office at another location that also includes a
Sutter Company can produce two products, Blenders and Electric Mixers. The company has assembled the cost data per unit pertaining to the two products:Variable and fixed (unavoidable) manufacturing
Brian Smith is an internationally known American professor specializing in consumer marketing. In, 2005 Smith and the United Kingdom Business School (UKBS) agreed to conduct a one-day seminar at UKBS
Express the following comparative income statements in common-size percents.
Simeon Company's balance sheet accounts follow.The company's income statements for the years ended December 31, 2009 and 2008, follow. Assume that all sales are on credit.Required:1. Compute days'
A product sells for $30 per unit and has variable costs of $18 per unit. The fixed costs are $720,000. If the variable costs per unit were to decrease to $15 per unit and fixed costs increase to
A company purchases a machine for $55,000, which has a useful life of 8 years and an estimated residual value of $8,000. After three years of use, the remaining life is estimated to be three years
Based on the following data, what is the acid-test ratio, rounded to one decimal point? Accounts payable ..................................................$32,000Account
What is the total stockholders' equity based on the following account balances? Common Stock ..............................................$500,000Paid-In Capital in Excess of Par
Logan Company received from Furniture.com an invoice dated September 29. Terms were 1/10 EOM. List price on the invoice was $8,000 (freight not included). Logan receives a 8/7 chain discount. Freight
The Minnetonka Corporation, which produces and sells to wholesalers a highly successful line of water skis, has decided to diversify to stabilize sales throughout the year. The company is considering
Continuous improvement: A. Is a measure of profits.B. Is a measure of costs.C. Rejects the notion of "good enough."D. Is not applicable to most businesses.E. Is possible only in service
The model whose goal is to eliminate waste while satisfying the customer and providing a positive return to the company is: A. Total quality management.B. Managerial accounting.C. Customer
The Bubba Corp. had net income before taxes of $200,000 and sales of $2,000,000. If it is in the 50% tax bracket, its after-tax profit margin is: A) 5% B) 12% C) 20% D) 25%
Price Corp. is considering selling to a group of new customers and creating new annual sales of $70,000. 5% will be uncollectible. The collection cost on these accounts is 3.5% of new sales, the cost
Story Corp was incorporated as a new business on January 1. The company is authorized to issue 20,000 shares of $5 par value common stock and 10,000 shares of 6%, $10 par value, cumulative,
Newton Industries (NI) makes baby diapers. During the most recent accounting period, NI paid $90,000 for raw materials, $78,000 for labor, and $82,000 for overhead costs that were incurred to start
The Renoir Company's cost of equity is 18 percent. Renoir's before tax cost of debt is 8 percent, and its tax rate is 40 percent. Using the following balance sheet, calculate Renoir's after-tax
Garber Valves Company manufactures brass valves meeting precise specification standards. All finished valves are inspected before packing and shipping to customers. Rejected valves are returned to
Tetra Company€™s cost system assigns marketing, distribution, and selling expenses to customers using a rate of 33% of sales revenue. The new controller has discovered that
Let’s say the Mill Due Corporation is expected to pay a dividend of $5.00 per year on its common stock forever into the future. It has no growth prospects whatsoever. If the required return on Mill
Explain why the rules for debit and credit are the same for Liabilities and Owner's Equity Accounts?
Analysis of the followingfigures
Consider a 4-year amortizing loan. You borrow $1,000. Initially, and repay it in four equal annual year-end payments.a. If the interest rate is 8 percent, show that the annual payment is $301.92.b.
What are (1) A regular dividend policy; (2) Constant payout ratio dividend policy; (3) Low-regular extra dividend policy? What are the effects of these policies?
Why would a company issue a stock dividend instead of a cash dividend?
A new computer system allows your firm to more accurately monitor inventory and anticipate future inventory shortfalls. As a result, the firm feels more able to pare down its inventory levels. What
Define each of the following theories in a sentence or Simple Equation:A. Interest Rate Parity theoryB. Expectations theory of forward ratesC. Law of one priceD. International Fisher Effect
Your uncle has given you three alternatives for your inheritance. You can have $5,000 now; $1,000 per year (at the end of each year) for the next eight years; or $12,000 at the end of eight
Ticket Services, Inc. offers ticket promotion and handling services for concerts and sporting events. The Sherman Oaks, California, branch office makes heavy use of spot radio advertising on WHAM-AM,
Crane, Poole & Schmidt, LLC, is a successful Boston-based law firm. Worker productivity at the firm is measured in billable hours, which vary between partners and associates. Partner time is billed
Determine whether each of the following is true or false. Explain why.A. Average cost equals marginal cost at the minimum efficient scale of plant.B. When total fixed cost and price are held
Indicate whether each of the following involves an upward or downward shift in the long run average cost curve or, instead, involves a leftward or rightward movement along a given curve. Also
Three graduate business students are considering operating a fruit smoothie stand in the Harbor Springs, Michigan, and resort area during their summer break. This is an alternative to summer
Martha and Melissa live two periods. Both have earnings of $ 1000 in the present and Zero in the future. The interest rate is 9 %. Suppose that they are each subject to an income tax, and Martha's
Harder Corporation uses the perpetual inventory method. On March 1, it purchased $30,000 of inventory, terms 2/10, n/30. On March 3, Harder returned goods that cost $3,000. On March 9, Harder paid
Corporation purchased a patent for $180,000 on September 1, 2006. It had a useful life of 10 years. On January 1, 2008, ELO spent $44,000 to successfully defend the patent in a lawsuit. ELO feels
You currently own 250 shares of Pluto, Inc. Pluto is an all equity firm that has 36,000 shares of stock outstanding at a market price of $25 a share. The company's earnings before interest and taxes
Primrose Corp has $15million of sales, $2million of inventories, $3million of receivables and $1million of payables. Its cost of goods sold is 80% of sales and it finances working capital with bank
If Primrose could lower its inventories and receivables by 10% each and increase its payables by 10%, all without affecting either sales or cost of goods sold, how much cash would be freed up and how
A firm has a cost of equity of 13.8% and a pre-tax cost of debt of 8.5%. The debt-equity ratio is .60 and the tax rate is .34. What is the firm's unlevered cost of capital?
Walker & Campsey wants to invest in a new computer system, and management has narrowed the choice to Systems A and B. System A requires an up-front cost of $100,000, after which it generates positive
Companies generate income from their "regular" operations and from other sources like interest earned on the securities they hold, which is called non-operating income. Lindley Textiles recently
Frederickson Office Supplies recently reported $12,500 of sales, $7,250 of operating costs other than depreciation, and $1,250 of depreciation. The company had no amortization charges and no
NNR Inc.'s balance sheet showed total current assets of $1,875,000 plus $4,225,000 of net fixed assets. All of these assets were required in operations. The firm's current liabilities consisted of
TSW Inc. had the following data for last year: Net income = $800Net operating profit after taxes (NOPAT) = $700Total assets = $3,000 Total operating capital = $2,000. Information for the
EP Enterprises has the following income statement. How much net operating profit after taxes (NOPAT) does the firm have?Sales ...............................$1,800.00Costs
Tibbs Inc. had the following data for the year ending 12/31/06: Net income = $300; Net operating profit after taxes (NOPAT) = $400; Total assets = $2,500; Short-term investments = $200; Stockholders'
Zumbahlen Inc. has the following balance sheet. How much total operating capital does the firm have?
The Apricot Company in 2001 had notes payable of $1,200, accounts payable of $2,400, and long-term debt of $3,000. The corresponding entries for 2002 are $1,600, $2,000, and $2,800. For assets,
Continuing the previous problem, Apricot Company had sales of $1,000 during 2002 cost of goods sold was $400, depreciation was $100, and paid $160 of interest. The tax rate is 35% and all taxes are
An investment today of $4500 is worth $17,000 in 9 years. What annual interest rate would the investment earn?
Charitable Contribution Deduction LimitationZeta Corporation reports the following results for 2006 and 2007:The adjusted taxable income is before Zeta claims any charitable contributions deduction,
Sam Hill has worked for Dr. Lee Chang for several years. Sam demonstrates a loyalty that is rare among employees. He has not taken a vacation in the last three years. One of Sam's primary duties at
Streif Inc., a local retailer, has provided the following data for the month of June:The net operating income for June was_____
Juart Corporation reported the following data for the month of December:The net operating income for December was:
What is the purpose of GAAP and the accounting cycle? Is it possible to deviate from GAAP and the accounting cycle and still prepare financial statements? Why or why not? What are some possible
Do you agree with the argument that rent control is a bad thing? Why or why not?
Al Shea is the sole owner and operator of SawTooth Company. As of the end of its accounting period, December 31, 2007, SawTooth Company has assets of $925,000 and liabilities of $285,000. During
An analyst gathers the following information about Meyer, Inc.:Meyer has 1,000 shares of 8% cumulative preferred stock outstanding, with a par value of $100, and liquidation value of $110.Meyer has
Suppose a board with a face value of £100 has 2 yrs left to maturity and offers a coupon of 6% paid semi annually starting 6 months from today. If the yield to maturity is quoted as 8%, what is its
On January 1, 2006, Gerlach Inc. had the following account balances in its shareholders' equity accountsCommon stock, $1 par, 250,000 shares issued ......................250,000 Paid-in capital
On December 31, 2005, Merlin Company had outstanding 400,000 shares of common stock and 40,000 shares of 8% cumulative preferred stock (par $10). On February 28, 2006, Merlin issued an additional
Maxwell Corp. is coming to the market with a new offering of 300,000 shares of stock at $25 to the public. Maxwell will receive $22 per share. The firm has 1 million shares outstanding and earnings
Newdex has net income of $2,500,000 and 1,000,000 shares outstanding. It needs to raise $3,610,000 in funds for a new asset. Its investment banker plans to sell an issue of common stock to the public
A bond with a coupon rate of 7.2%, maturing in 10 years at a value of $1,000 and a current market price of $800, will have a yield to maturity (using the approximation formula) of a) Between 10% and
Kuhns Corp. has 200,000 shares of preferred stock outstanding that is cumulative. The dividend is $6.50 per share and has not been paid for 3 years. If Kuhns earned $3 million this year, what could
Lucas, Inc. earned $10 million last year and retained $6 million. Lucas has 5 million shares outstanding, and the current price of Lucas shares is $30 per share. What is the payout ratio? a) 2.67% b)
CBA Inc has 250,000 shares outstanding with a $5 par value. The shares were issued for $14. The stock is currently selling for $34. CBA has $5,000,000 in retained earnings and has declared a stock
Jordan Broadcasting Company is going public at $40 net per share to the company. There also are founding stockholders that are selling part of their shares at the same price. Prior to the offering,
Jim Reed, II had just left a rather unpleasant meeting with his banker, Harold Holmes of First Virginia National Bank. Jim had banked with First Virginia for almost 30 years and his father, who had
Neon Corporation’s stock returns have a covariance with the market portfolio of 0.031.The standard deviation of the returns on the market portfolio is 0.16, and the expected market risk premium is
The two most widely used methods for determining the cost of inventory are _____.a) FIFO and LIFOb) FIFO and averagec) LIFO and average d) Gross profit and average
A portfolio of non dividend-paying stocks earned a geometric mean return of 5.0% between January 1, 1998, and December 31, 2004. The arithmetic mean return for the same period was 6.0%. If the market
Selected transactions for H. Burns, Inc., an interior decorating firm, in its first month of Business, are as follows.Jan 2 ......................Invested $15,000 cash in business in exchange for
Chambers Brokerage Services Inc. was formed on May 1, 2006. The following transactions took place during the first month.Transactions on May 1:1. Stockholders invested $120,000 cash in the company in
Gordon paid the $10000 balance of his federal income tax three months late. Ignore daily compounding of interest. Determine the interest rate that applies relative to this amount, assuming that:a.
Faith inherited an undivided interest in a parcel of land from her father on February 15, 2011. Her father had purchased the land on August 25, 1965, and his basis for the land was $325,000. The fair
What do you think of a flat tax on income?
Corporations had the following income and expenses during the current taxable year: Income from operations ................ $250,000 Expenses from operations ................ $120,000 Dividends
Canseco Company has the following data for the weekly payroll ending January 31.Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA
You want to borrow $1,000 from a friend for one year, and you propose to pay her $1,120 at the end of the year. She agrees to lend you the $1,000, but she wants you to pay her $10 of interest at the
You are contributing money to an investment account so that you can purchase a house in five years. You plan to contribute six payments of $3,000 a year--the first payment will be made today (t = 0),

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