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Questions and Answers of Accounting

Package Corp. purchased a delivery truck on January 1, 2014, at a cost of $54,000. The truck has a useful life of 6 years with an estimated salvage value of $6,000. The straight-line method is used
Blue Corp. purchased computer equipment on July 1, 2014, for $21,000. The computer equipment has a useful life of 8 years and a salvage value of $1,000. For tax purposes, the MACRS class life is 5
How would each of the following items be reported on the balance sheet?(a) Gift certificates sold to customers but not yet redeemed. (b) Discount on notes payable. (c) Current maturities of long-term
The following are selected 2014 transactions of Palmeiro Corporation.Sept. 1 Purchased inventory from Ripken Company on account for $125,000. Palmeiro records purchases gross and uses a periodic
On December 31, 2014, Hernandez Company had $3,000,000 of short-term debt in the form of notes payable due February 2, 2015. On January 21, 2015, the company issued 50,000 shares of its common stock
On December 31, 2014, Gibson Company has $18,200,000 of short-term debt in the form of notes payable to Blue Lagoon State Bank due in 2015. On January 28, 2015, Gibson enters into a refinancing
Zeile Company began operations on January 2, 2013. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation
Assume the facts in the preceding exercise, except that Zeile Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay
During the month of June, Bench Co. had cash sales of $300,000 and credit sales of $180,000, both of which include the 8% sales tax that must be remitted to the state by July 15.InstructionsPrepare
The payroll of Grich Company for September 2014 is as follows. Total payroll was $960,000, of which $220,000 is exempt from Social Security tax because it represented amounts paid in excess of
Bastop Companyâ€™s payroll for August 2014 is summarized below.At this point in the year some employees have already received wages in excess of those to which payroll taxes apply. Assume that
Incaviglia Company sold 400 copy-making machines in 2014 for $3,000 apiece, together with a one-year warranty. Maintenance on each machine during the warranty period averages $330.Instructions(a)
Gonzalez Equipment Company sold 600 Rollomatics during 2014 at $4,000 each. During 2014, Gonzalez spent $30,000 servicing the 2-year warranties that accompany the Rollomatic. All applicable
Edmonds Company includes 1 coupon in each box of soap powder that it packs, and 5 coupons are redeemable for a premium (a kitchen utensil). In 2014, Edmonds Company purchased 10,000 premiums at 50
Presented below are three independent situations. Answer the question at the end of each situation.1. During 2014, Santiago Inc. became involved in a tax dispute with the IRS. Santiago’s attorneys
Oil Products Company purchases an oil tanker depot on January 1, 2014, at a cost of $2,400,000. Oil Products expects to operate the depot for 10 years, at which time it is legally required to
Presented below are three independent situations.1. X&Z Stamp Company records stamp service revenue and provide for the cost of redemptions in the year stamps are sold to licensees. X&Z’s past
Presented below is a list of possible transactions.1. Accrued accumulated vacation pay.2. Recorded sales of product and related warranties (assume sales warranty approach).3. Recorded estimated
Singleton Company has been operating for several years, and on December 31, 2014, presented the following balance sheet.The net income for 2014 was $12,500. Assume that total assets are the same in
HQ Company€™s condensed financial statements provide the following information.INCOME STATEMENTFOR THE YEAR ENDED 2014Sales ................. $2,608,000Cost of goods sold ..........
Presented below is information related to Lakeland Inc.Instructions(a) Compute the following ratios or relationships of Lakeland Inc. Assume that the ending account balances are representative unless
Presented below are various account balances of Royale Corp.(a) Bonds payable of $12,000,000 maturing January 10, 2017.(b) Unamortized discount on bonds payable, of which $8,500 will be amortized
Presented below are two independent situations.1. On January 1, 2014, Delgado Company issued $500,000 of 8%, 10-year bonds at par. Interest is payable quarterly on April 1, July 1, October 1, and
McGee Company issued $400,000 of 8%, 20-year bonds on January 1, 2014, at 102. Interest is payable semiannually on July 1 and January 1. McGee Company uses the straight-line method of amortization
Assume the same information as in E14-4B, except that McGee Company uses the effective-interest method of amortization for bond premium or discount. Assume an effective yield of 6% in pricing the
Clark Company sells 8% bonds having a maturity value of $5,000,000 for $5,421,236. The bonds are dated January 1, 2014, and mature January 1, 2019. Interest is payable annually on January
Assume the same information as E14-6B.E14-6B, Clark Company sells 8% bonds having a maturity value of $5,000,000 for $5,421,236. The bonds are dated January 1, 2014, and mature January 1, 2019.
Presented below are three independent situations.(a) Snider Corporation incurred the following costs in connection with the issuance of bonds: (1) Printing and engraving costs $40,000; (2) Legal fees
On July 1, 2014, Sugarland Company issued $2,000,000 face value of 10%, 10-year bonds at $1,770,602, a yield of 12%. Sugarland uses the effective-interest method to amortize bond premium or
On January 1, 2014, Spalding Company sold 12% bonds having a maturity value of $1,000,000 for $1,075,814.74, which provides the bondholders with a 10% yield. The bonds are dated January 1, 2014, and
Brooks Inc. has issued three types of debt on January 1, 2014, the start of the company’s fiscal year.(a) $5 million, 20-year, 8% secured subordinated bonds, interest payable annually. Bonds were
On January 1, 2012, Ladon Corporation issued $5,000,000 of 10% bonds at 102 due December 31, 2021. Legal and other costs of $81,000 were incurred in connection with the issue. Interest on the bonds
Cummings, Inc. had outstanding $8,000,000 of 12% bonds (interest payable July 31 and January 31) due in 10 years. On July 1, it issued $12,000,000 of 10%, 15-year bonds (interest payable July 1 and
On June 30, 2008, Einstein Corp. issued 10% bonds with a par value of $1,000,000 due in 20 years. They were issued at 98 and were callable at 102 at any date after June 30, 2014. Because of lower
Alan Company had bonds outstanding with a maturity value of $1,500,000. On June 30, 2015, when these bonds had an unamortized premium of $21,000, they were called in at 103. To pay for these bonds,
On January 1, 2014, Fisher Company makes the two following acquisitions.1. Purchases land having a fair market value of $800,000 by issuing a 5-year, zero-interest-bearing promissory note in the face
Presented below are two independent situations:(a) On January 1, 2015, Excess Inc. purchased undeveloped land that had an assessed value of $261,000 at the time of purchase. A $500,000,
On January 1, 2014, Devlin Co. borrowed and received $200,000 from a major customer evidenced by a zero-interest-bearing note due in 3 years. As consideration for the zero-interest-bearing feature,
Emily Company commonly issues long-term notes payable to its various lenders. Emily has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 7% on an annual
At December 31, 2014, Bradley Company has outstanding three long-term debt issues. The first is a $6,000,000 note payable which matures June 30, 2017. The second is an $18,000,000 bond issue which
Nixim Company owes $800,000 plus $121,000 of accrued interest to 2nd State Bank. The debt is a 10-year, 10% note. During 2012, Nixim’s business deteriorated due to a faltering regional economy. On
On December 31, 2014, Zettlein Bank enters into a debt restructuring agreement with Larkin Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par,
Using the same information as in E14-22B above, answer the following questions related to Zettlein Bank (creditor).In E14-22B, On December 31, 2014, Zettlein Bank enters into a debt restructuring
Use the same information as in E14-22B above except that Zettlein Bank reduced the principal to $6,500,000 rather than $8,000,000. On January 1, 2018, Larkin pays $6,500,000 in cash to Zettlein Bank
Using the same information as in E14-22B and E14-24B above, answer the following questions related to Zettlein Bank (creditor).In E14-22B, On December 31, 2014, Zettlein Bank enters into a debt
Weaver Co. owes $1,398,600 to McBride Inc. The debt is a 10-year, 11% note. Because Weaver Co. is in financial trouble, McBride Inc. agrees to accept some property and cancel the entire debt. The
Vista Corp. owes $600,000 to First National. The debt is a 10-year, 10% note due December 31, 2014. Because Vista Corp. is in financial trouble, First National agrees to extend the maturity date to
During its first year of operations, Endevor Corporation had the following transactions pertaining to its common stock.Apr. 26 Issued 15,000 shares for cash at $4.50 per share.May 11 Issued 10,000
National Gas Corporation was organized on June 1, 2014. It is authorized to issue 100,000 shares of 5%, $100 par value preferred stock, and 1,750,000 shares of no par common stock with a stated
Twenty thousand shares reacquired by Sierra Land Inc. for $153 per share were exchanged for land that has an appraised value of $3,600,000. At the time of the exchange the common stock was trading at
Zurg, Inc. is an SEC registrant, and its securities are thinly traded on NASDAQ (National Association of Securities Dealers Quotes). Zurg, Inc. issued 10,000 units. Each unit consists of a $1,000
Black Diamond Inc. issues 2,500 shares of $1 par value common stock and 1,000 shares of $50 par value preferred stock for a lump sum of $275,000.Instructions(a) Prepare the journal entry for the
Overland Corporation is authorized to issue 250,000 shares of $1 par value common stock. During 2014, overland Corporation took part in the following selected transactions.1. Issued 55,000 shares of
Regis One Company has outstanding 10,000 shares of $10 par common stock which had been issued at $42 per share. Regis One then entered into the following transactions.1. Purchased 1,000 treasury
Jedren Corporation has 30,000 shares of $75 par value, 10%, preferred stock and 150,000 shares of $1 par value common stock outstanding at December 31, 2014.InstructionsAnswer the questions in each
Global Air Inc. recently hired a new accountant with limited real-world experience in corporate accounting. Prior to starting the new job, the accountant was very busy and was unable to review any
For a recent 2-year period, the balance sheet of Metal Pro Company showed the following stockholders€™ equity data at December 31, in millions.Instructions(a) Answer the following
The following are selected transactions that may affect stockholders€™ equity.1. Paid the cash dividend declared in a prior year.2. Recorded a retained earnings appropriation.3. Recorded
Alpha Corporation has 25 million shares of common stock issued and outstanding. On August 31 the board of directors voted a $1.20 per share cash dividend to stockholders of record as of September 5,
The common stock of Liberty Homes Inc. is currently selling at $88 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is
The stockholders’ equity accounts of Palmetto Company have the following balances on December 31, 2014.Common stock, $1 par, 1,500,000 shares issued and outstanding ...... $ 1,500,000Paid-in
The following data were taken from the balance sheet accounts of Symbol Two Corporation on June 30, 2014.Current assets ............ $125,000Investments ............ 365,000Common stock (par value
The following information has been taken from the accounting records Vista Free Corporation.Total net income since incorporation ......... $466,000Total cash dividends paid ..............
Capital Northeast Corporationâ€™s post-closing trial balance at December 31, 2014, was as follows.At December 31, 2014, Capital Northeast had the following number of common and preferred
Focus Foot Company reported the following amounts in the stockholders’ equity section of its December 31, 2013, balance sheet.Preferred stock, 12%, $100 par (100,000 sharesauthorized 25,000 shares
Shown below is the liabilities and stockholdersâ€™ equity section of the balance sheet for Istar Company and Honey Dew Inc. Each has assets totaling $1,000,000.For the year, each company has
Presented below is information from the annual report of Todd Warner, Inc.Operating income ............ $850,000Bond interest expense ........... 305,000 545,000Income taxes ..............
The outstanding capital stock of York Brands Corporation consists of 10,000 shares of $75 par value, 10% preferred, and 25,000 shares of $1 par value common.InstructionsAssuming that the company
DHR Holding’s accounting records show the following balances on December 31, 2014.12% Preferred stock—$100 par value, outstanding 20,000 shares ...$2,000,000Common stock—$1 par value,
United Mobile Company has outstanding 20,000 shares of $100 par, 8% preferred stock and 250,000 shares of $1 par value common. The following schedule shows the amount of dividends paid out over the
Kirk and Kirk, Ltd. began operations in July 2013 and reported the following results for each of its first 3 years of operations.2013 ........ $20,000 net income 2014 ........ $640,000 net loss 2015
For each of the unrelated transactions described below, present the entry (ies) required to record each transaction.1. Luther Corp. issued $50,000,000 par value 8% convertible bonds at 102. If the
Telta Inc. issued $15,000,000 of 12%, 40-year convertible bonds on November 1, 2014, at 97 plus accrued interest. The bonds were dated July 1, 2014, with interest payable January 1 and July 1. Bond
Zotar Company has bonds payable outstanding in the amount of $5,600,000, and the Premium on Bonds Payable account has a balance of $150,000. Each $1,000 bond is convertible into 10 shares of common
On July 1, 2013, when its $1 par value common stock was selling for $66 per share, Indy Hotels Corp. issued $25,000,000 of 6% convertible debentures due in 10 years. The conversion option allowed
The December 31, 2013, balance sheet of West Word Corp. is as follows.On April 15, 2014, West Word Corp. called all of the bonds as of May 31, 2014 for the principal plus interest through May 31. By
On January 1, 2012, Desert Windows Corporation issued $1,000,000 of 15-year, 12% convertible debentures at 110. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture
MagTech Inc. requires funding to build a new factory and has decided to raise the additional capital by issuing $850,000 face value of bonds with a coupon rate of 10%. In discussions with investment
On December 1, 2014, Universal Coat Company sold 10,000 of its 10%, 15-year, $1,000 face value, nonconvertible bonds with detachable stock warrants at 102. Each bond carried three detachable
On May 31, 2014, Core Company issued 1,000, 14%, 10-year $1,000 bonds at 105. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 102, but the
On July 1, 2014, Allied Material Company adopted a stock option plan that granted options to key executives to purchase 100,000 shares of the company’s $1 par value common stock. The options were
On January 1, 2014, EZ Inc. granted stock options to officers and key employees for the purchase of 250,000 shares of the company’s $1 par common stock at $86 per share. The options were
On July 1, 2013, Hooker Financial Corporation granted 50,000 options to key executives. Each option allows the executive to purchase one share of Hooker’s $1 par value common stock at a price of
Holt Company issues 10,000 shares of restricted stock to its new CEO, on January 1, 2014. The stock has a fair value of $260,000 on this date. The service period related to this restricted stock is 5
Lawson Company issues 50,000 shares of restricted stock to its CFO, on January 1, 2014. The stock has a fair value of $1,100,000 on this date. The service period related to this restricted stock is 4
Keynote Inc. uses a calendar year for financial reporting. The company is authorized to issue 20,000,000 shares of $1 par common stock. At no time has Keynote issued any potentially dilutive
On January 1, 2014, Vermont Maple Corp. had 2,650,000 shares of common stock issued and outstanding. During 2014, it had the following transactions that affected the common stock account.Mar. 1
SCR Company had 600,000 shares of common stock outstanding on December 31, 2013. During the year 2014, the company acquired and then retired 15,000 shares on April 1 and issued 50,000 shares on July
NuCorp presented the following data.Net income ..................$ 5,800,000Bonds: 10%, $750,000 par value ......... 738,500Preferred stock: 100,000 shares outstanding,$100 par, 8% cumulative, not
Selected financial information of Gray Plains Inc. for the current year follows.During the year, Gray Plains Inc. took advantage of the current interest rates and called $125 million of long-term
On January 1, 2014, Bio Industries had stock outstanding as follows.8% Noncumulative preferred stock, $100 par value,issued and outstanding 250,000 shares .......$25,000,000Common stock, $1 par
At January 1, 2014, JR Company’s outstanding shares included the following.200,000 shares of $100 par value, 6% cumulative preferred stock (issued on January 1, 2012)600,000 shares of $1 par value
At the beginning of 2014, Florida Rock Industries had 25,000 shares of common stock issued and outstanding and 500 $1,000, 6% bonds, each convertible into 10 shares of common stock. During 2014,
Penguin Ice Inc. was formed on June 30, 2011, through the merger of Penguin Corp. and Ice Inc. Penguin Ice issued a total of 2,500,000 shares of common stock to owners of the merged companies. The
Richie Candy Corporation issued 20-year, $10,000,000 face value, 9% convertible debentures on January 1, 2011. The bonds have a par value of $1,000, with interest payable semiannually. The initial
On January 1, 2014, Yellow Car Company issued 15-year, $50,000,000 face value, 4% bonds, at par. Each $1,000 bond is convertible into 20 shares of Yellow Car common stock. None of the bonds were
Backhome Company’s net income for 2014 is $650,000, and 86,000 shares of common were issued and outstanding during 2014. The only potentially dilutive securities outstanding were 25,000 executive
Fremantle Brewing Inc. recently purchased Perth Corp. One of the terms of the merger was that if Perth’s income for 2015 was $500,000 or more, 100,000 additional shares would be issued to Perth’s
Gila Corporation earned $2,650,000 during 2014. The company had an average of 520,000 shares of common stock outstanding. The average market price of common stock was $32 per share during the year.
On December 31, 2012, SuperTex Company issues 250,000 stock appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a

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