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accounting

Questions and Answers of Accounting

Timberly Construction negotiates a lump- sum purchase of several assets from a company that is going out of business. The purchase is completed on January 1, 2013, at a total cash price of $ 900,000
In January 2013, Mitzu Co. pays $ 2,600,000 for a tract of land with two buildings on it. It plans to demolish Building 1 and build a new store in its place. Building 2 will be a company office; it
Champion Contractors completed the following transactions and events involving the purchase and operation of equipment in its business. 2012 Jan. 1 Paid $ 287,600 cash plus $ 11,500 in sales tax and
Yoshi Company completed the following transactions and events involving its delivery trucks. 2012 Jan. 1 Paid $ 20,515 cash plus $ 1,485 in sales tax for a new delivery truck estimated to have a
On July 23 of the current year, Dakota Mining Co. pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs machinery costing $410,000 that has a 10-year life and
On July 1, 2008, Falk Company signed a contract to lease space in a building for 15 years. The lease con-tract calls for annual (prepaid) rental payments of $80,000 on each July 1 throughout the life
Nagy Company negotiates a lump- sum purchase of several assets from a contractor who is relocating. The purchase is completed on January 1, 2013, at a total cash price of $1,800,000 for a building,
In January 2013, ProTech Co. pays $1,550,000 for a tract of land with two buildings. It plans to demolish Building A and build a new shop in its place. Building B will be a company office; it is
Mercury Delivery Service completed the following transactions and events involving the purchase and operation of equipment for its business. 2012 Jan. 1 Paid $ 25,860 cash plus $ 1,810 in sales tax
York Instruments completed the following transactions and events involving its machinery. 2012 Jan. 1 Paid $ 107,800 cash plus $ 6,470 in sales tax for a new machine. The machine is estimated to have
On January 2, Manning Co. purchases and installs a new machine costing $324,000 with a five-year life and an estimated $30,000 salvage value. Management estimates the machine will produce 1,470,000
On January 1, Walker purchases a used machine for $150,000 and readies it for use the next day at a cost of $3,510. On January 4, it is mounted on a required operating platform costing $4,600, and it
On February 19 of the current year, Quartzite Co. pays $5,400,000 for land estimated to contain 4 mil-lion tons of recoverable ore. It installs machinery costing $400,000 that has a 16-year life and
On January 1, 2006, Mason Co. entered into a 12-year lease on a building. The lease contract requires (1) annual (prepaid) rental payments of $ 36,000 each January 1 throughout the life of the lease
Refer to the financial statements of Polaris in Appendix A to answer the following.1. What percent of the original cost of Polaris’ property and equipment remains to be depreciated as of December
Comparative figures for Polaris and Arctic Cat follow.Required1. Compute total asset turnover for the most recent two years for Polaris and Arctic Cat using the data shown.2. Which company is more
Review the chapter’s opening feature involving BizChair.com. Assume that the company currently has net sales of $8,000,000, and that it is planning an expansion that will increase net sales by
Piaggio (www.Piaggio.com), Polaris, and Arctic Cat are all competitors in the global marketplace. Comparative figures for these companiesâ€™ recent annual accounting periods follow.Required1.
Selected ledger account balances for Success Systems follow.Required 1. Assume that Success Systems does not acquire additional office equipment or computer equipment in 2014. Compute amounts for the
Refer to KTM’s balance sheet in Appendix A. List KTM’s current liabilities as of December 31, 2011.
Ticketsales, Inc., receives $ 5,000,000 cash in advance ticket sales for a four- date tour of Bon Jovi. Record the advance ticket sales on October 31. Record the revenue earned for the first concert
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). The sales tax law requires Dextra to collect 5% sales tax on every dollar of merchandise sold.
The following legal claims exist for Huprey Co. Identify the accounting treatment for each claim as either (a) A liability that is recorded or (b) An item described in notes to its financial
On November 7, 2013, Mura Company borrows $ 160,000 cash by signing a 90- day, 8% note payable with a face value of $ 160,000. (1) Compute the accrued interest payable on December 31, 2013, (2)
On January 15, the end of the first biweekly pay period of the year, North Company’s payroll register showed that its employees earned $ 35,000 of sales salaries. Withholdings from the employees’
Merger Co. has ten employees, each of whom earns $ 2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA
Noura Company offers an annual bonus to employees if the company meets certain net income goals. Prepare the journal entry to record a $ 15,000 bonus owed to its workers (to be shared equally) at
Chavez Co.’s salaried employees earn four weeks’ vacation per year. It pays $312,000.00 in total employee salaries for 52 weeks but its employees work only 48 weeks. This means Chavez’s total
On September 11, 2012, Home Store sells a mower for $500 with a one- year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2013, the mower is brought in for
Compute the times interest earned for Park Company, which reports income before interest expense and income taxes of $1,885,000, and interest expense of $145,000. Interpret its times interest earned
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30, 2013. Gottschalk is single and claims one
Sera Corporation has made and recorded its quarterly income tax payments. After a final review of taxes for the year, the company identifies an additional $ 40,000 of income tax expense that should
Prepare any necessary adjusting entries at December 31, 2013, for Piper Company’s year- end financial statements for each of the following separate transactions and events. 1. Piper Company
Prepare any necessary adjusting entries at December 31, 2013, for Melbourn Company’s year- end financial statements for each of the following separate transactions and events. 1. Melbourn Company
Sylvestor Systems borrows $ 110,000 cash on May 15, 2013, by signing a 60-day, 12% note. 1. On what date does this note mature? 2. Suppose the face value of the note equals $ 110,000, the principal
Keesha Co. borrows $ 200,000 cash on November 1, 2013, by signing a 90-day, 9% note with a face value of $ 200,000. 1. On what date does this note mature? (Assume that February of 2013 has 28 days.)
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $110,100 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.8% and SUTA
Hitzu Co. sold a copier costing $ 4,800 with a two-year parts warranty to a customer on August 16, 2013, for $ 6,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2014, the copier
For the year ended December 31, 2013, Lopez Company has implemented an employee bonus program equal to 3% of Lopez’s net income, which employees will share equally. Lopez’s net income (prebonus)
Prepare any necessary adjusting entries at December 31, 2013, for Maxum Company’s year- end financial statements for each of the following separate transactions and events. 1. Employees earn
Prepare any necessary adjusting entries at December 31, 2013, for Maxum Company’s year- end financial statements for each of the following separate transactions and events. 1. Employees earn
Use the following information from separate companies a through f to compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? (Round
Nishi Corporation prepares financial statements for each month- end. As part of its accounting process, estimated income taxes are accrued each month for 30% of the current month’s net income. The
Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages are subject to no deductions other than FICA—Social Security,
The following monthly data are taken from Ramirez Company at July 31: Sales salaries, $300,000; Office salaries, $60,000; Federal income taxes withheld, $90,000; State income taxes withheld, $20,000;
Mester Company has 10 employees. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes
Stark Company has five employees. Employees paid by the hour receive a $ 10 per hour pay rate for the regular 40-hour work week plus one and one- half times the hourly rate for each overtime hour
Volvo Group reports the following information for its product warranty costs as of December 31, 2011, along with provisions and utilizations of warranty liabilities for the year ended December 31,
Tyrell Co. entered into the following transactions involving short- term liabilities in 2012 and 2013.2012Apr. 20 Purchased $ 40,250 of merchandise on credit from Locust, terms are 1/10, n/30. Tyrell
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $ 7,000 paid
On January 8, the end of the first weekly pay period of the year, Regis Company’s payroll register showed that its employees earned $ 22,760 of office salaries and $ 65,840 of sales salaries.
On October 29, 2012, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any
Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes).Required1. Compute times interest earned for Miller Company.2. Compute
Francisco Company has 10 employees, each of whom earns $ 2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. Francisco
Warner Co. entered into the following transactions involving short-term liabilities in 2012 and 2013.2012Apr. 22 Purchased $ 5,000 of merchandise on credit from Fox Products, terms are 1/10, n/30.
Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $ 110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $ 7,000
Tavella Company’s first weekly pay period of the year ends on January 8. On that date, the column totals in Tavella’s payroll register indicate its sales employees earned $34,745, its office
On November 10, 2013, Lee Co. began operations by purchasing coffee grinders for resale. Lee uses the perpetual inventory method. The grinders have a 60-day warranty that requires the company to
Shown here are condensed income statements for two different companies ( both are organized as LLCs and pay no income taxes).Required1. Compute times interest earned for Ellis Company.2. Compute
MLS Company has five employees, each of whom earns $ 1,600 per month and is paid on the last day of each month. All five have been employed continuously at this amount since January 1. MLS uses a
Refer to the financial statements of Polaris in Appendix A to answer the following.1. Compute times interest earned for the fiscal years ended 2011, 2010, and 2009. Comment on Polaris’ ability to
Key figures for Polaris and Arctic Cat follow.Required 1. Compute times interest earned for the three years€™ data shown for each company. 2. Comment on which company appears stronger in
Cameron Bly is a sales manager for an automobile dealership. He earns a bonus each year based on revenue from the number of autos sold in the year less related warranty expenses. Actual warranty
Dusty Johnson is the accounting and finance manager for a manufacturer. At year- end, he must determine how to account for the company’s contingencies. His manager, Tom Pretti, objects to
Review the chapter’s opening feature about Karen Cooper, and her start- up company, SmartIT Staffing. Assume that she is considering expanding her business to open an office in Europe. Assume her
KTM, Polaris, and Arctic Cat are all competitors in the global marketplace. Comparative figures for KTM (www.KTM.com), along with selected figures from Polaris and Arctic Cat, follow.*
Review the February 26 and March 25 transactions for Success Systems (SP 5) from Chapter 5. Required 1. Assume that Lyn Addie is an unmarried employee. Her $ 1,000 of wages are subject to no
Refer to the statements for Arctic Cat in Appendix A. For the year ended March 31, 2011, what is its debt- to- equity ratio? What does this ratio tell us?
Enviro Company issues 8%, 10-year bonds with a par value of $ 250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 10%, which implies a selling
Garcia Company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 8%, which implies a selling price
Sylvestor Company issues 10%, five-year bonds, on December 31, 2012, with a par value of $100,000 and semiannual interest payments. Use the following bond amortization table and prepare journal
On July 1, 2013, Advocate Company exercises a $ 8,000 call option (plus par value) on its outstanding bonds that have a carrying value of $ 416,000 and par value of $ 400,000. The company exercises
On January 1, 2013, the $2,000,000 par value bonds of Spitz Company with a carrying value of $ 2,000,000 are converted to 1,000,000 shares of $1.00 par value common stock. Record the entry for the
Murray Company borrows $340,000 cash from a bank and in return signs an installment note for five annual payments of equal amount, with the first payment due one year after the note is signed. Use
Compute the debt-to-equity ratio for each of the following companies. Which company appears to have a riskier financing structure?Explain.
Madrid Company plans to issue 8% bonds on January 1, 2013, with a par value of $4,000,000. The company sells $3,600,000 of the bonds on January 1, 2013. The remaining $400,000 sells at par on March
On January 1, 2013, Boston Enterprises issues bonds that have a $ 3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds are sold at par. 1.
Quatro Co. issues bonds dated January 1, 2013, with a par value of $400,000. The bonds’ annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31. The bonds mature
Paulson Company issues 6%, four-year bonds, on December 31, 2013, with a par value of $ 200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal
Dobbs Company issues 5%, two- year bonds, on December 31, 2013, with a par value of $ 200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries
Woodwick Company issues 10%, five- year bonds, on December 31, 2012, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal
Bringham Company issues bonds with a par value of $ 800,000 on their stated issue date. The bonds mature in 10 years and pay 6% annual interest in semiannual payments. On the issue date, the annual
On January 1, 2013, Shay issues $ 700,000 of 10%, 15-year bonds at a price of 973/4. Six years later, on January 1, 2019, Shay retires 20% of these bonds by buying them on the open market at 1041/2.
On May 1, 2013, Brussels Enterprises issues bonds dated January 1, 2013, that have a $3,400,000 par value, mature in 20 years, and pay 9% interest semiannually on June 30 and December 31. The bonds
Duval Co. issues four- year bonds with a $ 100,000 par value on June 1, 2013, at a price of $ 95,948. The annual contract rate is 7%, and interest is paid semiannually on November 30 and May 31.1.
On January 1, 2013, Eagle borrows $ 100,000 cash by signing a four-year, 7% installment note. The note requires four equal total payments of accrued interest and principal on December 31 of each year
Use the information in Exercise 14-14 to prepare the journal entries for Eagle to record the loan on January 1, 2013, and the four payments from December 31, 2013, through December 31, 2016.In
Montclair Company is considering a project that will require a $500,000 loan. It presently has total liabilities of $220,000, and total assets of $610,000. 1. Compute Montclair’s (a) Present
Harbor (lessee) signs a five-year capital lease for office equipment with a $10,000 annual lease payment. The present value of the five annual lease payments is $41,000, based on a 7% interest rate.
Heineken N. V. reports the following information for its Loans and Borrowings as of December 31, 2010, including proceeds and repayments for the year ended December 31, 2010 (euros in millions).Loans
Hartford Research issues bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds have a $ 40,000 par value and an annual contract rate of 10%, and they
Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,456,448.Required1. Prepare the
Ellis issues 6.5%, five- year bonds dated January 1, 2013, with a $ 250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $ 255,333. The annual market rate
Legacy issues $ 325,000 of 5%, four- year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $ 292,181 and their market rate is 8% at the issue
Ike issues $ 180,000 of 11%, three- year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. They are issued at $ 184,566. Their market rate is 10% at the issue
On November 1, 2013, Norwood borrows $ 200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal total payments each year on October 31.Required1.
At the end of the current year, the following information is available for both Pulaski Company and Scott Company.Required 1. Compute the debt-to-equity ratios for both companies. 2. Comment on your
Rogers Company signs a five-year capital lease with Packer Company for office equipment. The annual lease payment is $ 10,000, and the interest rate is 8%.Required1. Compute the present value of
Flagstaff Systems issues bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds have a $ 90,000 par value and an annual contract rate of 12%, and they
Romero issues $ 3,400,000 of 10%, 10- year bonds dated January 1, 2013, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $ 3,010,000.Required1. Prepare
Ripkin Company issues 9%, five- year bonds dated January 1, 2013, with a $ 320,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $ 332,988. Their annual

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