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Questions and Answers of Accounting

Sneed Co. provides various fringe benefits for its three employees. It provides vacation and personal leave at the rate of one day for each month worked. Its employees earn a combined total of
The following transactions apply to York Co. for 2013:1. Received $60,000 cash from the issue of common stock.2. Purchased inventory on account for $240,000.3. Sold inventory for $280,000 cash that
Use the following information to prepare a classified balance sheet for Watkins Co. at the end of 2013Accounts receivable ....... $24,300Accounts payable ........ 11,000Cash ..............
The following information was drawn from the 2013 balance sheets of the Copper and Iron companies:Requireda. Compute the current ratio for each company.b. Which company has the greater likelihood of
Chad Matson started a design company on January 1, 2013. On April 1, 2013, Matson borrowed cash from a local bank by issuing a one-year $100,000 face value note with annual interest based on an 8
Patrick Owens borrowed money by issuing two notes on March 1, 2013. The financing transactions are described here.1. Borrowed funds by issuing a $40,000 face value discount note to Farmers Bank. The
Ellison Co. issued a $50,000 face value discount note to National Bank on July 1, 2013. The note had a 10 percent discount rate and a one-year term to maturity. Required Prepare general journal
Talladega Enterprises borrowed $32,000 from a local bank on July 1, 2013, when the company was started. The note had a 10 percent annual interest rate and a one-year term to maturity. Talladega
The following transactions apply to Cullman Enterprises for 2013, its first year of operations:1. Received $60,000 cash from the issue of a short-term note with a 6 percent interest rate and a
The following selected transactions were taken from the books of Athens Company for 2013:1. On February 1, 2013, borrowed $80,000 cash from the local bank. The note had a 6 percent interest rate and
Auto Service Co. pays salaries monthly on the last day of the month. The following information is available from Auto for the month ended December 31, 2013: Administrative salaries
The following information is available for the employees of Bryan Packing Company for the first week of January 2013:1. Cindy earns $26 per hour and 1½ times her regular rate for hours over 40 per
Use the following information to prepare a multistep income statement and a classified balance sheet for Huggins Equipment Co. for2013.
The following accounting information exists for Diamond and Emerald companies at the end ofÂ 2014:Requireda. Identify the current assets and current liabilities and compute the current ratio
Precious Watson opened Precious & Company, an accounting practice, in 2013. The following summarizes transactions that occurred during 2013:1. Issued a $100,000 face value discount note to First
The trial balance of Pacilio Security Services Inc. as of January 1, 2019, had the following normal balances:Cash ...............$93,380Petty cash ............. 100Accounts receivable .........
The following payroll information is available for three companies for 2013. Each company has two employees. Assume that the Social Security tax rate is 6 percent on the first $110,000 of earnings
In the liabilities section of its 2010 balance sheet, Bank of America reported “noninterest-bearing deposits” of over $285 billion. Bank of America is a very large banking company. In the
Not surprisingly, Newell Rubbermaid, Inc. is the marketer of the well known Rubbermaid plastic containers, but it also markets many other consumer brands, including Sharpie, Calphalon, Parker and
National Semiconductor Corp claims to be €œ. . . one of the world€™s leading semiconductor companies focused on analog and mixed-signal integrated circuits and sub-systems,
Nancy, who graduated from State University in June 2013, has just landed her first real job. She is excited because her salary is $4,000 per month. Nancy is single and has been planning all month
Scott Putman owns and operates a lawn care company. Like most companies in the lawn care business, his company experiences a high level of employee turnover. However, he finds it relatively easy to
Using either the most current Form 10-K for The Pep Boys—Manny, Moe & Jack, or the company’s annual report, answer the questions below. To obtain the Form 10-K either use the EDGAR
The following information is available for Lumberton Co. for the week ending June 28, 2013. All employees are paid time and one-half for all hours over 40. Each employee has cumulative salary of over
What effect does income tax have on the cost of borrowing funds for a business?
What is the function of restrictive covenants attached to bond issues?
What is the difference between term bonds and serial bonds?
What is the call price of a bond? Is it usually higher or lower than the face amount of the bond? Explain.
Assuming that the selling price of the bond and the face value are the same, would the issuer of a bond rather make annual or semiannual interest payments? Why?
If a company has a tax rate of 30 percent and interest expense was $10,000, what is the after-tax cost of the debt?
Which type of financing, debt or equity, increases the risk factor of a business? Why?
Dodson Co. is planning to finance an expansion of its operations by borrowing $120,000. City Bank has agreed to loan Dodson the funds. Dodson has two repayment options: (1) to issue a note with the
On January 1, 2013, Hatch Co. borrowed $100,000 cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of
Jay Mills started a business by issuing a $60,000 face value note to State National Bank on January 1, 2013. The note had a 6 percent annual rate of interest and a 10-year term. Payments of $8,152
A partial amortization schedule for a five-year note payable that Holly Co. issued on January 1, 2013, is shown here:Requireda. What rate of interest is Holly Co. paying on the note?b. Using a
Martin Company has a line of credit with Federal Bank. Martin can borrow up to $600,000 at any time over the course of the 2013 calendar year. The following table shows the prime rate
Chapman Company issued $400,000 of 20-year, 6 percent bonds on January 1, 2013. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Chapman immediately
On January 1, 2013, Chavez Corp. issued $200,000 of 10-year, 6 percent bonds at their face value. Interest is payable on December 31 of each year with the first payment due December 31, 2013.
Truax Co. issued $250,000 of 6 percent, 10-year, callable bonds on January 1, 2013, at their face value. The call premium was 2 percent (bonds are callable at 102). Interest was payable annually on
Ellis Co. issued bonds with a face value of $150,000 on January 1, 2013. The bonds had a 6 percent stated rate of interest and a five-year term. The bonds were issued at face value.Required a. What
Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount:a. Few, Inc., issued $400,000 of 8-year, 8 percent bonds
In each of the following situations, state whether the bonds will sell at a premium or discount:a. Addy issued $400,000 of bonds with a stated interest rate of 7 percent. At the time of issue, the
For each of the following situations, calculate the amount of bond discount or premium, if any:a. Wolfe Co. issued $120,000 of 6 percent bonds at 101. b. Riley, Inc., issued $80,000 of 10-year, 8
Brock Company issued $300,000 face value of bonds on January 1, 2013. The bonds had a 6Â percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning
Delta Construction, Inc., issued $300,000 of 10-year, 6 percent bonds on July 1, 2013, at 96. Interest is payable in cash semiannually on June 30 and December 31.Requireda. Prepare the journal
On January 1, 2013, French Co. issued $400,000 of five-year, 6 percent bonds at 97. Interest is payable annually on December 31. The discount is amortized using the straight-line
Asmus Company issued $300,000 face value of bonds on January 1, 2013. The bonds had a 6Â percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning
On January 1, 2013, Chu Company issued $300,000 of five-year, 6 percent bonds at 101. Interest is payable annually on December 31. The premium is amortized using the straight-line
The following 2013 information is available for three companies:Requireda. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost
On January 1, 2013, Carrolton Condo Association issued bonds with a face value of $250,000, a stated rate of interest of 8 percent, and a 10-year term to maturity. Interest is payable in cash on
On January 1, 2013, Seaside Enterprises issued bonds with a face value of $60,000, a stated rate of interest of 8 percent, and a five-year term to maturity. Interest is payable in cash on December
Husky Industries has the following account balances:The company wishes to raise $40,000 in cash, and is considering two financing options. Either it can sell $40,000 of bonds payable, or it can issue
On January 1, 2013, Janus Company issued bonds with a face value of $200,000, a stated rate of interest of 6 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of
On January 1, 2013, Pitre Incorporated issued bonds with a face value of $120,000, a stated rate of interest of 8 percent, and a five-year term to maturity. Interest is payable in cash on December
On January 1, 2013, Purvis and Associates issued bonds with a face value of $800,000, a stated rate of interest of 8 percent, and a 20-year term to maturity. Interest is payable in cash on December
On January 1, 2013, Mixon Co. borrowed cash from First City Bank by issuing a $90,000 face value, three-year term note that had a 7 percent annual interest rate. The note is to be repaid by making
Sims Company has a line of credit with Bay Bank. Sims can borrow up to $400,000 at any time over the course of the 2013 calendar year. The following table shows the prime rate expressed as an
Lewis Co. issued $250,000 of 10-year, 6 percent, callable bonds on January 1, 2013, with interest payable annually on December 31. The bonds were issued at their face amount. The bonds are callable
Brown Co. was formed when it acquired cash from the issue of common stock. The company then issued bonds at a discount on January 1, 2013. Interest is payable on December 31 with the first payment
During 2013 and 2014, Cook Co. completed the following transactions relating to its bond issue. The company’s fiscal year ends on December 31.2013Mar. 1 Issued $200,000 of eight-year, 6 percent
Jayroe Company was started when it issued bonds with $300,000 face value on January 1, 2013. The bonds were issued for cash at 103. They had a 15-year term to maturity and an 6 percent annual
On January 1, 2013, Wells Corp. sold $100,000 of its own 6 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 5 percent.
The following information pertains to Bell and Tower companies at the end of 2013:Requireda. Compute each companyâ€™s debt to assets ratio, current ratio, and times interest earned (EBIT must be
Mize Co. borrowed $80,000 from the National Bank by issuing a note with a five-year term. Mize has two options with respect to the payment of interest and principal. Option 1 requires the payment of
On January 1, 2013, Flick Co. borrowed $180,000 cash from Central Bank by issuing a five-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of
John Young started a business by issuing a $90,000 face value note to First State Bank on January 1, 2013. The note had a 10 percent annual rate of interest and a five-year term. Payments of $23,742
A partial amortization schedule for a 10-year note payable issued on January 1, 2013, is shown below:Requireda. Using a financial statements model like the one shown here, record the appropriate
Ebanks Company has a line of credit with United Bank. Ebanks can borrow up to $200,000 at any time over the course of the 2013 calendar year. The following table shows the prime rate expressed as
Zhang Company issued $600,000 of 10-year, 7 percent bonds on January 1, 2013. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Zhang immediately invested
On January 1, 2013, Ward Corp. issued $160,000 of 10-year, 7 percent bonds at their face amount. Interest is payable on December 31 of each year with the first payment due December 31, 2013.
Tsai Co. issued $600,000 of 6 percent, 10-year, callable bonds on January 1, 2013, at their face value. The call premium was 3 percent (bonds are callable at 103). Interest was payable annually on
Osby Company issued bonds with a face value of $100,000 on January 1, 2013. The bonds had a 7 percent stated rate of interest and a six-year term. The bonds were issued at face value. Interest is
Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount:a. Spring, Inc., issued $300,000 of 10-year, 8 percent
In each of the following situations, state whether the bonds will sell at a premium or discount:a. Diaz issued $280,000 of bonds with a stated interest rate of 7 percent. At the time of issue, the
For each of the following situations, calculate the amount of bond discount or premium, if any.a. Holt Co. issued $70,000 of 6 percent bonds at 101 ¼. b. Janus, Inc., issued $100,000 of 10-year, 6
Patal Company issued $150,000 face value of bonds on January 1, 2013. The bonds had a 7Â percent stated rate of interest and a five-year term. Interest is paid in cash annually, beginning
The Grill, Inc., issued $300,000 of 10-year, 6 percent bonds on July 1, 2013, at 102. Interest is payable in cash semiannually on June 30 and December 31.Requireda. Prepare the journal entries to
On January 1, 2013, Berry Co. issued $180,000 of five-year, 6 percent bonds at 96 ½. Interest is payable annually on December 31. The discount is amortized using the straight-line
Forde Company issued $120,000 face value of bonds on January 1, 2013. The bonds had a 6Â percent stated rate of interest and a five-year term. Interest is paid in cash annually, beginning
On January 1, 2013, Waverly Company issued $250,000 of five-year, 6 percent bonds at 102. Interest is payable semiannually on June 30 and December 31. The premium is amortized using the straight-line
The following 2013 information is available for three companies:Requireda. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost
On January 1, 2013, the Magnolia Association issued bonds with a face value of $200,000, a stated rate of interest of 8 percent, and a 10-year term to maturity. Interest is payable in cash on
On January 1, 2013, Lesley Company issued bonds with a face value of $250,000, a stated rate of interest of 10 percent, and a five-year term to maturity. Interest is payable in cash on December 31
Parker Company has the following account balances:The company wishes to raise $50,000 in cash, and is considering two financing options. Either it can sell $50,000 of bonds payable, or it can issue
On January 1, 2013, Stone Company issued bonds with a face value of $400,000, a stated rate of interest of 7 percent, and a 10-year term to maturity. Interest is payable in cash on December 31 of
On January 1, 2013, Mead Company issued bonds with a face value of $100,000, a stated rate of interest of 9 percent, and a five-year term to maturity. Interest is payable in cash on December 31
On January 1, 2013, the Simmons Companies issued bonds with a face value of $1,000,000, a stated rate of interest of 10 percent, and a 20-year term to maturity. Interest is payable in cash on
On January 1, 2013, Spain Co. borrowed cash from First Bank by issuing a $250,000 face value, four-year term note that had an 8 percent annual interest rate. The note is to be repaid by making annual
Kemp Company has a line of credit with State Bank. Kemp can borrow up to $300,000 at any time over the course of the 2013 calendar year. The following table shows the prime rate expressed as an
Laird Corp. issued $500,000 of 20-year, 8 percent, callable bonds on January 1, 2013, with interest payable annually on December 31. The bonds were issued at their face amount. The bonds are callable
Delta Land Co. was formed when it acquired cash from the issue of common stock. The company then issued bonds at a premium on January 1, 2013. Interest is payable annually on December 31 of each
During 2013 and 2014, Davis Corp. completed the following transactions relating to its bond issue. The corporation’s fiscal year is the calendar year.2013Jan. 1 Issued $200,000 of ten-year, 6
Pate Company was started when it issued bonds with a $400,000 face value on January 1, 2013. The bonds were issued for cash at 96. They had a 20-year term to maturity and an 8 percent annual
The three typical accounting events associated with borrowing money through a bond issue are1. Exchanging the bonds for cash on the day of issue.2. Making cash payments for interest expense and
On January 1, 2013, Gandy Corp. sold $600,000 of its own 8 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 9 percent.
The following information pertains to Bierce Company and Crane, Inc. at the end of 2013:Requireda. Compute each companyâ€™s debt to assets ratio, current ratio, and times interest earned (EBIT
The trial balance of Pacilio Security Services Inc. as of January 1, 2020, had the following normal balances:Cash ..................$122,475Petty cash ................ 100Accounts receivable
Use the Target Corporation’s annual report in Appendix B to answer the following questions: Required a. What was the average interest rate on Target’s long-term debt in the fiscal-year ended
The following three companies issued the following bonds:1. Carr, Inc., issued $100,000 of 8 percent, five-year bonds at 102 ¼ on January 1, 2013. Interest is payable annually on December 31.2. Kim,
Costco Wholesale is the national membership-warehouse retailer. It has 58 million members and 147,000 employees.Foot Locker sells athletic footwear and clothes in its 3,500 stores in the United

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