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Questions and Answers of Accounting

The stockholders’ equity section of Jumes Corporation’s balance sheet consists of common stock ($8 par) $1,000,000 and retained earnings $300,000. A 10% stock dividend (12,500 shares) is
Indicate whether each of the following transactions would increase (+), decrease(??), or not affect (N/A) total assets, total liabilities, and total stockholders??equity.
Hewitt Corporation has these accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par Value $22,000; Retained Earnings $42,000; and Treasury
Adam Flint, president of Flint Corporation, believes that it is a good practice for a company to maintain a constant payout of dividends relative to its earnings. Last year, net income was $600,000,
SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. The following financial information (in millions) was taken from the company’s 2010 annual
Burden Inc. is considering these two alternatives to finance its construction of a new $2 million plant:(a) Issuance of 200,000 shares of common stock at the market price of $10 per share.(b)
Daly Corporation has 200,000 shares of $10 par value common stock outstanding. It declares a 12% stock dividend on December 1 when the market value per share is $17. The dividend shares are issued
Indicate whether each of the following statements is true or false.______1. The corporation is an entity separate and distinct from its owners.______2. The liability of stockholders is normally
Baja Corporation began operations on April 1 by issuing 55,000 shares of $5 par value common stock for cash at $13 per share. Journalize the issuance.
Davies Corporation purchased 2,000 shares of its $10 par value common stock for $76,000 on August 1. It will hold these in the treasury until resold. Journalize the treasury stock transaction.
Aragon Corporation has 3,000 shares of 8%, $100 par value preferred stock outstanding at December 31, 2012. At December 31, 2012, the company declared a $105,000 cash dividend. Determine the
Magna CD Company has had 4 years of record earnings. Due to this success, the market price of its 400,000 shares of $2 par value common stock has increased from $12 per share to $50. During this
Dwyer Corporation has issued 100,000 shares of $5 par value common stock. It was authorized 500,000 shares. The paid-in capital in excess of par value on the common stock is $263,000. The
During its first year of operations, Pele Corporation had these transactions pertaining to its common stock.Jan. 10 Issued 30,000 shares for cash at $5 per share.July 1 Issued 60,000 shares for cash
Dukas Co. had these transactions during the current period.June 12 Issued 80,000 shares of $1 par value common stock for cash of $300,000.July 11 Issued 3,000 shares of $100 par value preferred
Vallejo Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and
The stockholders?? equity section of Traylor Corporation??s balance sheet at December 31 is presented here. InstructionsFrom a review of the stockholders?? equity section, answer the following
Tofias Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had
On January 1, Tellier Corporation had 60,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $4 per share. During the year, the following transactions
On October 31, the stockholders’ equity section of Opio Company’s balance sheet consists of common stock $648,000 and retained earnings $400,000. Opio is considering the following two courses of
Wells Fargo & Company, headquartered in San Francisco, is one of the nation’s largest financial institutions. It reported the following selected accounts (in millions) as of December 31,
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Patel Corporation at December 31, 2012.Common Stock ($2 stated value) ..................$1,600,000Paid-in
The following accounts appear in the ledger of Sather Inc. after the books are closed at December 31, 2012. Common Stock (no-par, $1 stated value, 400,000 shares authorized, 250,000 shares issued)
The following financial information is available for Thompson Corporation. InstructionsCalculate the payout ratio and return on common stockholders' equity ratio for 2012 and 2011. Comment on your
The following financial information is available for Walgreen Company. InstructionsCalculate the payout ratio and return on common stockholders' equity ratio for 2009 and 2008. Comment on your
Morris Corporation decided to issue common stock and used the $300,000 proceeds to retire all of its outstanding bonds on January 1, 2012. The following information is available for the company for
Songbird Airlines is considering these two alternatives for financing the purchase of a fleet of airplanes:1. Issue 50,000 shares of common stock at $40 per share. (Cash dividends have not been paid
Randolph Company has $1,000,000 in assets and $1,000,000 in stockholders’ equity, with 40,000 shares outstanding the entire year. It has a return on assets ratio of 10%. In the past year, it had
On January 1, 2012, Sheperd Corporation had $1,200,000 of common stock outstanding that was issued at par and retained earnings of $750,000. The company issued 30,000 shares of common stock at par on
Whitten Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $50 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $1
The stockholders’ equity accounts of Omega Corporation on January 1, 2012, were as follows.Preferred Stock (7%, $100 par noncumulative, 5,000 shares authorized) ...$ 300,000Common Stock ($4 stated
On December 31, 2011, Stitch Company had 1,300,000 shares of $5 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2011, had the balances listed here.Common
The ledger of Zeta Corporation at December 31, 2012, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (10,000 shares issued)
Melvina Corporation has been authorized to issue 20,000 shares of $100 par value, 7%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $5 stated
On January 1, 2012, Neville Inc. had these stockholders’ equity balances.Common Stock, $1 par (2,000,000 shares authorized,600,000 shares issued and outstanding) ..............$ 600,000Paid-in
Tejada Company manufactures backpacks. During 2012, Tejada issued bonds at 10% interest and used the cash proceeds to purchase treasury stock. The following financial information is available for
On January 1, 2012, Cornell Corporation had these stockholders’ equity accounts.Common Stock ($10 par value, 70,000 shares issued and outstanding) ...$700,000Paid-in Capital in Excess of Par Value
Hennes Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock and 500,000 shares of no-par common stock with a stated value of $2
The stockholders’ equity accounts of Nardin Corporation on January 1, 2012, were as follows.Preferred Stock (9%, $50 par cumulative, 10,000 shares authorized) ....$ 200,000Common Stock ($1 stated
On December 31, 2011, Bryant Company had 600,000 shares of $1 par common stock issued and outstanding. The stockholders’ equity accounts at December 31, 2011, had the balances listed here.Common
The post-closing trial balance of Flicka Corporation at December 31, 2012, contains these stockholders’ equity accounts.Preferred Stock (6,000 shares issued) ..........$ 300,000Common Stock
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Charlotte Corporation at December 31, 2012.Common Stock ($2 stated value, 1,800,000 shares authorized)
On January 1, 2012, Gabriel Inc. had these stockholder equity balances.Common Stock, $1 par (1,000,000 shares authorized;500,000 shares issued and outstanding) ................$ 500,000Paid-in
Daykin Company manufactures raingear. During 2012, Daykin Company decided to issue bonds at 8% interest and then used the cash to purchase a significant amount of treasury stock. The following
On January 1, 2012, Jason Corporation had these stockholders’ equity accounts.Common Stock ($20 par value, 80,000 shares issued and outstanding) ....$1,600,000Paid-in Capital in Excess of Par
Hampton Corporation??s balance sheet at December 31, 2011, is presented below. During 2012, the following transactions occurred.1. On January 1, 2012, Hampton issued 1,200 shares of $40 par, 7%
The stockholders’ equity section of Tootsie Roll Industries’ balance sheet is shown in the Consolidated Statement of Financial Position in Appendix A. You will also find data relative to this
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information in these
The March 15, 2010, edition of the Wall Street Journal includes an article by Martin Peers entitled “Media’s Cash Focus is Paying Dividends.”InstructionsRead the article and answer the
Marriott Corporation split into two companies: Host Marriott Corporation and Marriott International. Host Marriott retained ownership of the corporation's vast hotel and other properties, while
During a recent period, the fast-food chain Wendy's International purchased many treasury shares. This caused the number of shares outstanding to fall from 124 million to 105 million. The following
Jim Collins, your uncle, is an inventor who has decided to incorporate. Uncle Jim knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with the question, “I’m
The R&D division of Mozy Corp. has just developed a chemical for sterilizing the vicious Brazilian “killer bees” which are invading Mexico and the southern United States. The president of Mozy is
Lesley Corporation has paid 60 consecutive quarterly cash dividends (15 years). The last 6 months have been a real cash drain on the company, however, as profit margins have been greatly narrowed by
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 stock dividend?(b) What is a stock split?(c)
On May 10, Romano Corporation issues 1,000 shares of $10 par value ordinary shares for cash at $18 per share. Journalize the issuance of the shares.
Ingram Corporation has the following accounts at December 31, 2012: Share Capital—Ordinary, €10 par, 5,000 shares issued, €50,000; Share Premium—Ordinary €10,000; Retained Earnings
Sorocaba Co. had the following transactions during the current period.June 12 Issued 60,000 shares of $1 par value ordinary shares for cash of $375,000.July 11 Issued 1,000 shares of $100 par
The January 25, 2005, edition of the Wall Street Journal has an article by Mary Kissel (on p. C1) entitled “Known for Growth, Asian Firms Answer Call of the Dividend.” InstructionsRead the
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
What are the essential features of the allowance method of accounting for bad debts?
Tracy Buss cannot understand why the cash realizable value does not decrease when an uncollectible account is written off under the allowance method. Clarify this point for Tracy.
Coffaro Company has a credit balance of $2,200 in Allowance for Doubtful Accounts before adjustment. The estimated uncollectibles under the percentage of receivables basis is $5,100. Prepare the
What types of receivables does Tootsie Roll report on its balance sheet? Does it use the allowance method or the direct write-off method to account for uncollectibles?
How are bad debts accounted for under the direct write-off method? What are the disadvantages of this method?
Andrea Herbert, the vice president of sales for Tropical Pools and Spas, wants the company’s credit department to be less restrictive in granting credit. “How can we sell anything when you guys
Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.
How may the maturity date of a promissory note be stated?
Compute the missing amounts for each of the following notes.
DeSousa Company dishonors a note at maturity. What are the options available to the lender?
General Motors Company has accounts receivable and notes receivable. How should the receivables be reported on the balance sheet?
What are the steps to good receivables management?
The president of Gruenwald Inc. proudly announces her company’s improved liquidity since its current ratio has increased substantially from one year to the next. Does an increase in the current
Since hiring a new sales director, Palasz Inc. has enjoyed a 50% increase in sales. The CEO has also noticed, however, that the company’s average collection period has increased from 17 days to 38
The Coca-Cola Company’s receivables turnover ratio was 9.05 in 2009, and its average amount of net receivables during the period was $3,424 million. What is the amount of its net credit sales for
JCPenney Company accepts both its own credit cards and national credit cards. What are the advantages of accepting both types of cards?
An article in the Wall Street Journal indicated that companies are selling their receivables at a record rate. Why do companies sell their receivables?
Calico Corners decides to sell $400,000 of its accounts receivable to First Central Factors Inc. First Central Factors assesses a service charge of 3% of the amount of receivables sold. Prepare the
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.(a) Advanced
Record the following transactions on the books of Kuist Co. (Omit cost of goods sold entries.)(a) On July 1, Kuist Co. sold merchandise on account to Firer Inc. for $23,000, terms 2/10, n/30.(b) On
At the end of 2011, Tatham Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $25,000. On January 24, 2012, it is learned that the company’s receivable from Nardin
Assume the same information as BE8-3 and that on March 4, 2012, Tatham Co. receives payment of $4,300 in full from Nardin Inc. Prepare the journal entries to record this transaction.
Lynch Co. uses the percentage of receivables basis to record bad debts expense and concludes that 2% of accounts receivable will become uncollectible. Accounts receivable are $400,000 at the end of
Compute interest and find the maturity date for the followingnotes.
Presented below are data on three promissory notes. Determine the missingamounts
On January 10, 2012, Ruggiero Co. sold merchandise on account to Edwards for $8,000, terms n/30. On February 9, Edwards gave Ruggiero Co. a 7% promissory note in settlement of this account. Prepare
During its first year of operations, Ketter Company had credit sales of $3,000,000, of which $400,000 remained uncollected at year-end. The credit manager estimates that $18,000 of these receivables
The 2009 financial statements of 3M Company report net sales of $23.1 billion. Accounts receivable (net) are $3.2 billion at the beginning of the year and $3.25 billion at the end of the year.
Consider these transactions:(a) Galvao Restaurant accepted a Visa card in payment of a $200 lunch bill. The bank charges a 3% fee. What entry should Galvao make?(b) Stone Company sold its accounts
Roberts Corp. had a beginning balance in accounts receivable of $70,000 and an ending balance of $91,000. Sales during the period were $598,000. Determine cash collections.
Else Company has been in business several years. At the end of the current year, the ledger shows:Accounts Receivable ...... $ 310,000 DrSales Revenue ............. 2,200,000 CrAllowance for Doubtful
Gilliam Wholesalers accepts from Perlman Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Perlman’s overdue account. The maturity date of the note is September 30. What entry does
In 2012, Grossfeld Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $108,000 and an ending accounts receivable (net) balance of
Vesely Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Vesely’s local banker has indicated that the company
On January 6, Petro Co. sells merchandise on account to Chose Inc. for $9,200, terms 1/10, n/30. On January 16, Chose pays the amount due. InstructionsPrepare the entries on Petro Co.’s books to
On January 10, Kristin Pitt uses her Stampfer Co. credit card to purchase merchandise from Stampfer Co. for $1,700. On February 10, Pitt is billed for the amount due of $1,700. On February 12, Pitt
At the beginning of the current period, Engseth Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 (credit). During the period, it had net credit
The ledger of Montgomery Company at the end of the current year shows Accounts Receivable $78,000; Credit Sales $810,000; and Sales Returns and Allowances $40,000.Instructions(a) If Montgomery uses
Parry Company has accounts receivable of $95,400 at March 31, 2012. An analysis of the accounts shows these amounts. Credit terms are 2/10, n/30. At March 31, 2012, there is a $2,100 credit balance
On December 31, 2011, when its Allowance for Doubtful Accounts had a debit balance of $1,400, Nova Co. estimates that 9% of its accounts receivable balance of $90,000 will become uncollectible and

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