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accounting

Questions and Answers of Accounting

Verizon Communications, Inc., is one of the worldâ€™s largest providers of communication services. The following information, taken from the companyâ€™s annual reports, is available for the
The following data are based on information in the 2010 annual report of Cracker Barrel Old Country Store. As of September 30, 2010, Cracker Barrel operated 595 restaurants and gift shops in 41
The following data are based on information in the 2010 annual report of Buffalo Wild Wings, Inc. As of December 26, 2010, there were 732 Buffalo Wild Wings restaurants in 44 states. The parent
The following data are based on information in the 2010 annual reports of AÃ©ropostale, Inc., and American Eagle Outfitters, Inc. Dollar amounts are in thousands.AÃ©ropostale, Inc. is a retailer
The following data are based on information in the 2010 annual reports of H&R Block, Inc. , and Jackson Hewitt Tax Services, Inc. Dollar amounts are in thousands.H&R Block, Inc., has subsidiaries
This chapter defined and discussed accrual and deferral transactions. Complete the requirements below using the most recent financial statements available on the Internet for Netflix, Inc. Obtain
Indicate whether each of the following assets should be valued at fair market value (FMV), lower of cost or market (LCM), or historical cost (HC) on the balance sheet.For certain assets, historical
Winters Co. purchased $48,000 of marketable securities on March 1, 2013. On the company€™s fiscal year closing date, December 31, 2013, the securities had a market value of $27,000. During
The following information pertains to Arnold Supply Co. for 2013:1. Purchased $200,000 of marketable investment securities.2. Earned $20,000 of cash investment revenue.3. Sold for $60,000 securities
Media, Inc., began 2013 with $100,000 in both cash and common stock. The company engaged in the following investment transactions during 2013:1. Purchased $40,000 of marketable investment
Complete the following table for the three categories of marketable investmentsecurities:
The following transactions pertain to Glass Imports for 2013:1. Started business by acquiring $50,000 cash from the issue of common stock.2. Provided $180,000 of services for cash.3. Invested $70,000
Cathyâ€™s Catering experienced the following independent events:1. Acquired cash from issuing common stock.2. Purchased inventory on account.3. Paid cash to purchase marketable securities
June Money is a business major at State U. She will be graduating this year and is planning to start a consulting business. She will need to purchase computer equipment that costs $35,000. She can
Future value and present valueRequiredUsing Tables I, II, III, or IV in this appendix, calculate the following:a. The future value of $60,000 invested at 8 percent for 10 years.b. The future value
John and Jane were recently married and want to start saving for their dream home. They expect the house they want will cost approximately $275,000. They hope to be able to purchase the house for
Zolf Corporation issued $60,000 of 6 percent, 10-year bonds on January 1, 2013, for a price that reflected a 7 percent market rate of interest. Interest is payable annually on December 31.Requireda.
A sole proprietorship was started on January 1, 2013, when it received $30,000 cash from Alex Ard, the owner. During 2013, the company earned $50,000 in cash revenues and paid $22,300 in cash
Drake Cushing and Shawn Tadlock started the CT partnership on January 1, 2013. The business acquired $70,000 cash from Cushing and $140,000 from Tadlock. During 2013, the partnership earned $75,000
Bozeman Corporation was started with the issue of 10,000 shares of $10 par common stock for cash on January 1, 2013. The stock was issued at a market price of $16 per share. During 2013, the company
Newly formed Electronics Services Corporation has 100,000 shares of $10 par common stock authorized. On March 1, 2013, Electronics Services issued 20,000 shares of the stock for $12 per share. On May
Goldman Inc. was organized on June 1, 2013. It was authorized to issue 500,000 shares of $10 par common stock and 100,000 shares of 4 percent cumulative class A preferred stock. The class A stock had
Bailey Corporation issued 10,000 shares of no-par common stock for $25 per share. Bailey also issued 3,000 shares of $40 par, 6 percent noncumulative preferred stock at $42 per share.Requireda.
Hammond Corporation was formed when it issued shares of common stock to two of its shareholders. Hammond issued 10,000 shares of $5 par common stock to P. Coldwell in exchange for $80,000 cash (the
Moore Corporation repurchased 4,000 shares of its own stock for $30 per share. The stock has a par of $10 per share. A month later Moore resold 2,500 shares of the treasury stock for $35 per
The following information pertains to Wise Corp. at January 1, 2013: Common stock, $10 par, 50,000 shares authorized, 3,000 shares issued and outstanding .......... $30,000Paid-in capital in excess
On October 1, 2013, Daster Corporation declared a $50,000 cash dividend to be paid on December 15 to shareholders of record on November 1.Requireda. Record the events occurring on October 1, November
When Higdon Corporation was organized in January 2013, it immediately issued 10,000 shares of $50 par, 5 percent, cumulative preferred stock and 15,000 shares of $10 par common stock. The company’s
J&J Corporation had the following stock issued and outstanding at January 1, 2013:1. 200,000 shares of $10 par common stock. 2. 8,000 shares of $100 par, 4 percent, noncumulative preferred stock.
Yan Corp. had the following stock issued and outstanding at January 1, 2013:1. 60,000 shares of no-par common stock. 2. 15,000 shares of $100 par, 4 percent, cumulative preferred stock. (Dividends
Tidwell Corporation issued a 4 percent stock dividend on 20,000 shares of its $10 par common stock. At the time of the dividend, the market value of the stock was $30 per share.Requireda. Compute the
The market value of Dylan Corporation’s common stock had become excessively high. The stock was currently selling for $240 per share. To reduce the market price of the common stock, Dylan declared
The Cutting Edge (TCE) is one of the world’s largest lawn mower distributors. TCE is concerned about maintaining an adequate supply of the economy-line mowers that it sells in its stores. TCE
During 2013 Catour, Inc., and Pavie, Inc., reported net incomes of $220,000 and $190,000, respectively. Both companies had 50,000 shares of common stock issued and outstanding. The market price per
Mace Company’s earnings were approximately the same in 2013 and 2014. Even so, the company’s P/E ratio dropped significantly. Required Speculate about why Mace’s P/E ratio dropped significantly
Paul Salvy established a partnership with Lisa Witlow. The new company, S&W Fuels, purchased coal directly from mining companies and contracted to ship the coal via waterways to a seaport where it
Quality Corporation reports the following information in its January 1, 2013, balance sheet:Stockholders’ equity Common stock, $10 par value, 100,000 shares authorized, 50,000 shares issued and
Concord Corp. completed the following transactions in 2013, the first year of operation:1. Issued 30,000 shares of $10 par common stock for $15 per share.2. Issued 6,000 shares of $100 par, 5
The stockholders equity section of the balance sheet for Gator Company at December 31, 2013, is as follows:Requireda. What is the par value per share of the preferred stock?b. What is the dividend
The following events were experienced by Carver Inc.:1. Issued common stock for cash.2. Distributed a 2-for-1 stock split on the common stock.3. Appropriated retained earnings.4. Issued cumulative
Auto Spa Company was started on January 1, 2013, when the owners invested $120,000 cash in the business. During 2013, the company earned cash revenues of $80,000 and incurred cash expenses of
Malard Corporation was authorized to issue 100,000 shares of $8 par common stock and 50,000 shares of $80 par, 4 percent, cumulative preferred stock. Malard Corporation completed the following
Prairie Corp. completed the following transactions in 2013, the first year of operation:1. Issued 15,000 shares of $10 par common stock at par.2. Issued 5,000 shares of $50 stated value preferred
A sole proprietorship was started on January 1, 2013, when it received $40,000 cash from Jimmy Ross, the owner. During 2013, the company earned $28,300 in cash revenues and paid $14,100 in cash
Katy Sneed and Rane Ellis started the S&E partnership on January 1, 2013. The business acquired $27,000 cash from Sneed and $63,000 from Ellis. During 2013, the partnership earned $36,000 in cash
Tronix Corporation was started with the issue of 2,000 shares of $5 par stock for cash on January 1, 2013. The stock was issued at a market price of $13 per share. During 2013, the company earned
Newly formed T&M Steel Corporation has 50,000 shares of $10 par common stock authorized. On March 1, 2013, T&M Steel issued 5,000 shares of the stock for $15 per share. On May 2 the company issued an
Clearpoint Inc. was organized on June 5, 2013. It was authorized to issue 300,000 shares of $10 par common stock and 50,000 shares of 5 percent cumulative class A preferred stock. The class A stock
A Plus Corporation issued 5,000 shares of no-par common stock for $40 per share. A Plus also issued 2,000 shares of $50 par, 5 percent noncumulative preferred stock at $55 per share.Requireda. Record
Bruce Brown, a wealthy investor, exchanged a plot of land that originally cost him $20,000 for 1,000 shares of $10 par common stock issued to him by Dunn Corp. On the same date, Dunn Corp. issued an
Schwartz Corporation repurchased 2,000 shares of its own stock for $35 per share. The stock has a par of $10 per share. A month later Schwartz resold 800 shares of the treasury stock for $40 per
The following information pertains to MGM Corp. at January 1, 2013:Common stock, $10 par, 20,000 shares authorized,1,000 shares issued and outstanding ...........$10,000Paid-in capital in excess of
On May 1, 2013, Sturgis Corporation declared a $100,000 cash dividend to be paid on May 31 to shareholders of record on May 15.Requireda. Record the events occurring on May 1, May 15, and May 31 in a
When Dixie Corporation was organized in January 2013, it immediately issued 3,000 shares of $50 par, 6 percent, cumulative preferred stock and 40,000 shares of $20 par common stock. Its earnings
Molton Corporation had the following stock issued and outstanding at January 1, 2013:1. 120,000 shares of $1 par common stock. 2. 10,000 shares of $100 par, 6 percent, noncumulative preferred
Sibley Inc. had the following stock issued and outstanding at January 1, 2013:1. 100,000 shares of no-par common stock.2. 20,000 shares of $50 par, 7 percent, cumulative preferred stock. (Dividends
Hogan Corporation issued a 5 percent stock dividend on 20,000 shares of its $10 par common stock. At the time of the dividend, the market value of the stock was $15 per share.Requireda. Compute the
The market value of Mason Corporation’s common stock had become excessively high. The stock was currently selling for $180 per share. To reduce the market price of the common stock, Mason declared
During 2014 the Channel Corporation and the Dock Corporation reported net incomes of $90,000 and $130,000, respectively. Both companies had 25,000 shares of common stock issued and outstanding. The
The P/E ratio Required Write a memo explaining why one company’s P/E ratio may be higher than another company’s P/E ratio.
Montana Company was started on January 1, 2013, when it acquired $50,000 cash from the owners. During 2013, the company earned cash revenues of $25,000 and incurred cash expenses of $16,200. The
The following correctly prepared entries without explanations pertain to Corners Corporation:The original sale (Entry 1) was for 200,000 shares, and the treasury stock was acquired for $6Â per
Inman Co. completed the following transactions in 2013, the first year of operation:1. Issued 30,000 shares of no-par common stock for $10 per share.2. Issued 6,000 shares of $20 par, 6 percent,
Western Corporation received a charter that authorized the issuance of 100,000 shares of $10 par common stock and 50,000 shares of $50 par, 5 percent cumulative preferred stock. Western Corporation
Atalla Co. completed the following transactions in 2013, the first year of operation:1. Issued 15,000 shares of $10 par common stock for $10 per share. 2. Issued 2,000 shares of $20 stated value
The stockholdersâ€™ equity section of the balance sheet for Quinn Equipment Co. at December 31, 2013, is as follows:The market value per share of the common stock is $40, and the market value
Use the Target Corporation’s annual report in Appendix B to answer the following questions: Required a. What is the par value per share of Target’s stock? How was the par value established? b.
Listed here are the stockholdersâ€™ equity sections of three public companies for years ending in 2010 and 2009:Requireda. Divide the class in three sections and divide each section into groups
Listed here are data for five companies. These data are from companies€™ annual reports for the fiscal year indicated. The market price per share is the closing price of the
Chevron Corporation is one of the worldâ€™s largest oil and natural gas companies. The following data were taken from the companyâ€™s 2010 annual report:Requireda. Compute Chevronâ€™s
Annetteâ€™s Accessories had the following stock issued and outstanding at January 1, 2013:150,000 shares of $1 par common stock10,000 shares of $50 par, 8%, cumulative preferred stockOn March 5,
The trial balance of Pacilio Security Services Inc. as of January 1, 2021, had the following normal balances:Cash ..................... $113,718Petty cash ................... 100Accounts
Define debit and credit. How are assets, liabilities, common stock, retained earnings, revenues, expenses, and dividends affected (increased or decreased) by debits and by credits?
How is the balance of an account determined?
What are the three primary sources of business assets?
What are the three primary ways a business may use assets?
Give an example of an asset exchange transaction.
What accounts normally have debit balances? What accounts normally have credit balances?
What is the difference between the general journal and special journals?
Do all companies close their books on December 31? Why or why not?
Explain how financial leverage impacts the return on equity ratio.
Matching debit and credit terminology with accountsRequiredComplete the following table by indicating whether a debit or credit is used to increase or de creases the balance of the following
Chris, Patty, and Devon, three accounting students, were discussing the rules of debits and credits. Chris says that debits increase account balances and credits decrease account balances. Patty says
Matching debit and credit terminology with account titles Required Indicate whether each of the following accounts normally has a debit balance or a credit balance. a. Common Stock b. Prepaid Rent c.
Applying debit/credit terminology to accounting eventsRequireda. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:(1)
Debit/credit terminologyRequiredFor each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are
Identifying transaction type, its effect on the accounting equation, and whether the effect is recorded with a debit or creditRequiredIdentify whether each of the following transactions is an asset
For each of the following T-accounts, indicate the side of the account that should be used to record an increase or decrease in the financial statementelement:
T-accounts and the accounting equation Required Record each of the following Jackson Co. events in T-accounts and then explain how the event affects the accounting equation: a. Received $40,000 cash
Rice Company performed services on account for $30,000 in 2013, its first year of operations. Rice collected $24,000 cash from accounts receivable during 2013 and the remaining $6,000 in cash during
Nickie Hern started and operated a small family consulting firm in 2013. The firm was affected by two events:(1) Hern provided $36,000 of services on account, and(2) She purchased $10,000 of supplies
Ditto received a $90,000 cash advance on March 1, 2013, for legal services to be performed in the future. Services were to be provided for a one-year term beginning March 1, 2013.Requireda. Record
Farris Inc. began the accounting period with a $105,000 debit balance in its Accounts Receivable account. During the accounting period, Farris earned revenue on account of $448,000. The ending
Ray Company began the accounting period with a $36,000 credit balance in its Accounts Payable account. During the accounting period, Ray incurred expenses on account of $108,000. The ending Accounts
Recording events in the general journal and the effect on financial statementsRequiredRecord each of the following transactions in general journal form and then show the effect of the transaction in
On December 31, 2013, Blue Bayou Company had accrued salaries of $12,000.Requireda. Record in general journal format the adjustment required as of December 31, 2013.b. Record the above adjustment in
Washington Mining began operations by issuing common stock for $150,000. The company paid $135,000 cash in advance for a one-year contract to lease machinery for the business. The lease agreement was
The following financial information was taken from the books of Walker Spa:Account Balances as of December 31, 2013Accounts Receivable ......... $54,000Accounts Payable ............ 15,000Advertising
The following events apply to Sanford Service Co. for 2013, its first year of operation:1. Received cash of $60,000 from the issue of common stock.2. Performed $100,000 worth of services on
Preparing a trial balanceRequiredOn December 31, 2013, Magee Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.Common Stock

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