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Questions and Answers of Accounting

Reiden Inc. issues $4 million, 5-year, 8% bonds at 102, with interest payable on January 1. The straight-line method is used to amortize bond premium.(a) Prepare the journal entry to record the sale
Presented below is the partial bond discount amortization schedule for Syam Corp., which uses the effective-interest method of amortization. Instructions(a) Prepare the journal entry to record the
Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2011, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the
You and several classmates are studying for the next accounting examination. They ask you to answer the following questions:1. If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how
During the month of February, TriState Corporation’s employees earned wages of $74,000. Withholdings related to these wages were $4,200 for Social Security (FICA), $7,100 for federal income tax,
State whether each of the following statements is true or false._____1. Convertible bonds are also known as callable bonds._____2. The market rate is the rate investors demand for loaning
Grenke Corporation issues $300,000 of bonds for $315,000. (a) Prepare the journal entry to record the issuance of the bonds, and (b) Show how the bonds would be reported on the balance sheet at the
Hanrahan Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $388,000, the company retired the bonds at 99. Prepare the entry to
Megan Haak and Kathy Quandt borrowed $15,000 on a 7-month, 8% note from Golden State Bank to open their business, MK’s Coffee House. The money was borrowed on June 1, 2012, and the note matures
On May 15, Gruzik’s Outback Clothiers borrowed some money on a 4-month note to provide cash during the slow season of the year. The interest rate on the note was 8%. At the time the note was due,
On June 1, Chetney Company Ltd. borrows $60,000 from First Bank on a 6-onth,$60,000, 8% note. The note matures on December 1.Instructions(a) Prepare the entry on June 1.(b) Prepare the adjusting
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.1. Duvall Company rings up sales and sales taxes separately on its cash register.
During the month of March, Lavonis Company’s employees earned wages of $64,000. Withholdings related to these wages were $4,896 for Social Security (FICA), $7,500 for federal income tax, $3,100 for
Season tickets for the Panthers are priced at $320 and include 16 games. Revenue is recognized after each game is played. When the season began, the amount credited to Unearned Ticket Revenue was
Sprague Company Ltd. publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $28 per year. During November 2012, Sprague sells 6,300 subscriptions for cash, beginning
On August 1, 2012, Laduke Corporation issued $600,000, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Laduke’s year-end is December 31.InstructionsPrepare journal
On January 1, Krivitz Company issued $300,000, 8%, 10-year bonds at face value. Interest is payable annually on January 1.InstructionsPrepare journal entries to record the following events.(a) The
Assume that the following are independent situations recently reported in the Wall Street Journal.1. General Electric (GE) 7% bonds, maturing January 28, 2013, were issued at 111.12.2. Boeing 7%
Olstad Company issued $350,000 of 8%, 20-year bonds on January 1, 2012, at face value. Interest is payable annually on January 1.InstructionsPrepare the journal entries to record the following
The situations presented here are independent of each other.InstructionsFor each situation, prepare the appropriate journal entry for the redemption of the bonds.(a) Martha Corporation retired
Pedrick, Inc. reports the following liabilities (in thousands) on its January 31, 2012, balance sheet and notes to the financial statements. Instructions(a) Identify which of the above liabilities
McDonald??s 2009 financial statements contain the following selected data (in millions). Instructions(a) Compute the following values and provide a brief interpretation of each.(1) Working capital.
3M Company reported the following financial data for 2009 and 2008 (in millions). Instructions(a) Calculate the current ratio for 3M for 2009 and 2008.(b) Suppose that at the end of 2009, 3M
Sportique Boutique reported the following financial data for 2012 and 2011. Instructions(a) Calculate the current ratio for Sportique Boutique for 2012 and 2011.(b) Suppose that at the end of 2012,
A large retailer was sued nearly 5,000 times in a recent year—about once every two hours every day of the year. It has been sued for everything imaginable—ranging from falls on icy parking lots
Sanidas Company issued $500,000, 6%, 30-year bonds on January 1, 2012, at 103. Interest is payable annually on January 1. Sanidas uses straight-line amortization for bond premium or
Gatlin Company issued $300,000, 8%, 15-year bonds on December 31, 2011, for $288,000. Interest is payable annually on December 31. Gatlin uses the straight-line method to amortize bond premium or
Azen Corporation issued $400,000, 7%, 20-year bonds on January 1, 2012, for $360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1.
Perez Company issued $380,000, 7%, 10-year bonds on January 1, 2012, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1.
Kitov Co. receives $280,000 when it issues a $280,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2012. The terms provide for semiannual installment payments
Berry Corporation issued a $50,000, 10%, 10-year installment note payable on January 1, 2012. Payments of $8,137 are made each January 1, beginning January 1, 2013.Instructions(a) What amounts should
On January 1, 2012, the ledger of Kindt Company contained these liability accounts.Accounts Payable .........$42,500Sales Taxes Payable .........6,600Unearned Service Revenue .....19,000During
Connor Corporation sells rock-climbing products and also operates an indoor climbing facility for climbing enthusiasts. During the last part of 2012, Connor had the following transactions related to
The following section is taken from Paynter balance sheet at December 31, 2011. Current liabilities Interest payable ...............$ 40,000
On October 1, 2011, Huber Corp. issued $700,000, 5%, 10-year bonds at face value. The bonds were dated October 1, 2011, and pay interest annually on October 1. Financial statements are prepared
Paprocki Company sold $6,000,000, 7%, 15-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on December 31. The bonds were sold at 98.Instructions(a) Prepare the
You have been presented with selected information taken from the financial statements of Southwest Airlines Co., shown on the next page. Instructions(a) Calculate each of the following ratios for
The following information is taken from Lima Corp.??s balance sheet at December 31, 2011. Interest is payable annually on January 1. The bonds are callable on any annual interest date. Lima uses
Wong Corporation sold $2,000,000, 7%, 5-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1. Wong Corporation uses the straight-line method to amortize
Trinh Co. sold $3,000,000, 8%, 10-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1. The company uses straightline amortization on bond premiums and
On January 1, 2012, Ross Corporation issued $1,800,000 face value, 5%, 10- year bonds at $1,667,518. This price resulted in an effective-interest rate of 6% on the bonds. Ross uses the
On January 1, 2012, Lehn Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Lehn uses the effective-interest
Durango purchased a new piece of equipment to be used in its new facility. The $370,000 piece of equipment was purchased with a $50,000 down payment and with cash received through the issuance of a
Beryl Forman has just approached a venture capitalist for financing for her new business venture, the development of a local ski hill. On July 1, 2011, Beryl was loaned $150,000 at an annual interest
On January 1, 2012, the ledger of Fleming Company contained the following liability accounts.Accounts Payable ........$52,000Sales Taxes Payable ........8,200Unearned Service Revenue
Majestic Mountain Bikes markets mountain-bike tours to clients vacationing in various locations in the mountains of Colorado. In preparation for the upcoming summer biking season, Majestic entered
The following section is taken from Lois Corp.’s balance sheet at December 31, 2011. Current liabilitiesInterest payable .............$ 84,000
On April 1, 2011, CMV Corp. issued $600,000, 8%, 5-year bonds at face value. The bonds were dated April 1, 2011, and pay interest annually on April 1. Financial statements are prepared annually on
Crescent Electric sold $5,000,000, 9%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and pay interest on January 1. The bonds were sold at 103.Instructions(a) Prepare the journal
The following selected information was taken from the financial statements of Krispy Kreme Doughnuts, Inc. The Company leases equipment and facilities under both capital and operating leases. The
The following section is taken from Centralia Oil Company's balance sheet at December 31, 2011. Interest is payable annually on January 1. The bonds are callable on any annual interest date.
Champeau Company sold $2,500,000, 8%, 25-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1. Champeau Company uses the straight-line method to amortize
Marini Corporation sold $2,600,000, 9%, 20-year bonds on December 31, 2011. The bonds were dated December 31, 2011, and pay interest on December 31. The company uses straight-line amortization for
On January 1, 2012, Pedraza Corporation issued $1,000,000 face value, 6%, 10-year bonds at $1,077,217. This price resulted in an effective-interest rate of 5% on the bonds. Pedraza uses the
On January 1, 2012, Witzling Company issued $4,000,000 face value, 8%, 15-year bonds at $3,391,514. This price resulted in an effective-interest rate of 10% on the bonds. Witzling uses the
Daisy Corporation purchased a new piece of equipment to be used in its new facility. The $450,000 piece of equipment was purchased with a $50,000 down payment and with cash received through the
Scott Robertson has just approached a venture capitalist for financing for his sailing school. The venture capitalist is willing to loan Scott $90,000 at a high-risk annual interest rate of 18%. The
Markel Corporation's balance sheet at December 31, 2011, is presented below. During 2012, the following transactions occurred.1. Markel paid $2,500 interest on the bonds on January 1, 2012.2.
Refer to the financial statements of Tootsie Roll Industries and the Notes to Consolidated Financial Statements in Appendix A.InstructionsAnswer the following questions.(a) What were Tootsie
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.Instructions(a) Based on the information
The September 1, 2009, edition of CFO.com contains an article by Marie Leone and Tim Reason entitled “Dirty Secrets.” You can access this article at www.cfo.com/article.cfm/
Hechinger Co. and Home Depot are two home improvement retailers. Compared to Hechinger, founded in the early 1900s, Home Depot is a relative newcomer. But, in recent years, while Home Depot was
Purpose: Bond or debt securities pay a stated rate of interest. This rate of interest is dependent on the risk associated with the investment. Fitch Ratings provides ratings for companies that issue
On January 1, 2010, Gitzel Corporation issued $3,000,000 of 5-year, 8% bonds at 97. The bonds pay interest annually on January 1. By January 1, 2012, the market rate of interest for bonds of risk
James Metallo, president of Zinda, Inc., is considering the issuance of bonds to finance an expansion of his business. He has asked you to do the following: (1) Discuss the advantages of bonds over
The July 1998 issue of Inc. magazine includes an article by Jeffrey L. Seglin entitled “Would You Lie to Save Your Company?” It recounts the following true situation:“A Chief Executive Officer
During the summer of 2002, the financial press reported that Citigroup was being investigated for allegations that it had arranged transactions for Enron so as to intentionally misrepresent the
For most U.S. families, medical costs are substantial and rising. But will medical costs be your most substantial expense over your lifetime? Not likely. Will it be housing or food? Again, not
If your school has a subscription to the FASB Codification, go to aaahq.org/ asclogin.cfm to log in and prepare responses to the following.(a) What is the definition of current liabilities?(b) What
Explain how IFRS defines a contingent liability and give an example.
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for liabilities.
Ratzlaff Company issues C = 2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1.Instructions(a) Prepare the journal entry to record the sale of these bonds on January 1,
Many multinational companies find it beneficial to have their shares listed on stock exchanges in foreign countries. In order to do this, they must comply with the securities laws of those countries.
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at
Max, a student, asks your help in understanding some characteristics of a corporation. Explain each of these to Max.(a) Separate legal existence.(b) Limited liability of stockholders.(c) Transferable
(a) Your friend B. T. Barnum cannot understand how the characteristic of corporate management is both an advantage and a disadvantage.Clarify this problem for B. T.(b) Identify and explain two other
Cindy Krug believes a corporation must be incorporated in the state in which its headquarters office is located. Is Cindy correct? Explain.
What are the basic ownership rights of common stockholders in the absence of restrictive provisions? Discuss.
A corporation has been defined as an entity separate and distinct from its owners. In what ways is a corporation a separate legal entity?
The corporate charter of Elmer Corporation allows the issuance of a maximum of 100,000 shares of common stock. During its first 2 years of operation, Elmer sold 70,000 shares to shareholders and
Which is the better investment—common stock with a par value of $5 per share or common stock with a par value of $20 per share?
For what reasons might a company like IBM repurchase some of its stock (treasury stock)? Discuss.
Rosa, Inc. purchases 1,000 shares of its own previously issued $5 par common stock for $11,000. Assuming the shares are held in the treasury, what effect does this transaction have on (a) Net income,
(a) What are the principal differences between common stock and preferred stock?(b) Preferred stock may be cumulative. Discuss this feature.(c) How are dividends in arrears presented in the financial
Identify the events that result in credits and debits to retained earnings.
Indicate how each of these accounts should be classified in the stockholders’ equity section of the balance sheet.(a) Common Stock.(b) Paid-in Capital in Excess of Par Value.(c) Retained
Three dates associated with Leon Company’s cash dividend are May 1, May 15, and May 31. Discuss the significance of each date and give the entry at each date.
Contrast the effects of a cash dividend and a stock dividend on a corporation’s balance sheet.
Celia Ahern asks, “Since stock dividends don’t change anything, why declare them?” What is your answer to Celia?
Burke Corporation has 10,000 shares of $15 par value common stock outstanding when it announces a 3- for-1 split. Before the split, the stock had a market price of $120 per share. After the split,
The board of directors is considering a stock split or a stock dividend. They understand that total stockholders’ equity will remain the same under either action. However, they are not sure of the
(a) What is the purpose of a retained earnings restriction? (b) Identify the possible causes of retained earnings restrictions.
Fredo Inc.’s common stock has a par value of $1 and a current market value of $15. Explain why these amounts are different.
What is the formula for the payout ratio? What does it indicate?
Haidet Corp. has a return on assets ratio of 12%. It plans to issue bonds at 8% and use the cash to repurchase stock. What effect will this have on its debt to total assets ratio and on its return on
Bonnie Decker is planning to start a business. Identify for Bonnie the advantages and disadvantages of the corporate form of business organization.
On May 10, Tharp Corporation issues 2,500 shares of $5 par value common stock for cash at $13 per share. Journalize the issuance of the stock.
On June 1, Rodero Inc. issues 3,000 shares of no-par common stock at a cash price of $7 per share. Journalize the issuance of the shares. BE11-4 Merritt Inc. issues 8,000 shares of $100 par value
Merritt Inc. issues 8,000 shares of $100 par value preferred stock for cash at $106 per share. Journalize the issuance of the preferred stock.
Wildwood Corporation has 7,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.

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