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Questions and Answers of Accounting

At December 31, 2013, Hyasaki Corporation has the following account balances:Bonds payable, due January 1, 2021 ..........$2,000,000Discount on bonds payable ................88,000Interest payable
On January 1, 2013, Henderson Corporation retired $500,000 of bonds at 99. At the time of retirement, the unamortized premium was $15,000 and unamortized bond issue costs were $5,250. Prepare the
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end,
Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an
On December 31, 2012, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at
Sabonis Cosmetics Co. purchased machinery on December 31, 2011, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo,
The following article appeared in the Wall Street Journal.Bond MarketsGiant Commonwealth Edison Issue Hits Resale Market With $70 Million Left Over New York—Commonwealth Edison Co.’s slow-selling
The following information is taken from the 2012 annual report of Bugant, Inc. Bugant’s fiscal year ends December 31 of each year. Bugant’s December 31, 2012, balance sheet is as follows.Bugant,
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from
In this simulation, you are asked to address questions related to the accounting for long-term liabilities. Prepare responses to allparts.
What is the required method of amortizing discount and premium on bonds payable? Explain the procedures.
What are the general rules for measuring and recognizing gain or loss by a debt extinguishment with modification?
On January 1, 2012, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. Prepare the company’s journal
Assume the bonds in IFRS14-3 were issued for $644,636 and the effectiveinterest rate is 6%. Prepare the company’s journal entries for (a) The January 1 issuance, (b) The July 1 interest payment,
Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2012, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare the journal entries to
Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield 12%.InstructionsPrepare the journal entries to record the following. (Round to the nearest dollar.)(a)
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer. com/
What is meant by the term antidilution? Give an example.
How is antidilution determined when multiple securities are involved?
On January 1, 2012, Barwood Corporation granted 5,000 options to executives. Each option entitles the holder to purchase one share of Barwood’s $5 par value common stock at $50 per share at any
Refer to the data for Barwood Corporation in BE16-6. Repeat the requirements assuming that instead of options, Barwood granted 2,000 shares of restricted stock.
On January 1, 2012 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to its executives. The fair value of these shares is $75,000, and their par value is $10,000. The
Werth Corporation earned $260,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $15 per share during the
Derrick Company establishes a stock-appreciation rights program that entitles its new president, Dan Scott, to receive cash for the difference between the market price of the stock and a
The following two items appeared on the Internet concerning the GAAP requirement to expense stock options.WASHINGTON, D.C.—February 17, 2005 Congressman David Dreier (R–CA), Chairman of the House
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website,InstructionsRefer to P&G’s financial statements and accompanying notes to answer
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo,
Kellogg Company in its 2004 Annual Report in Note 1??Accounting Policies made the comment on page 962 about its accounting for employee stock options and other stock-based compensation. This was the
Sepracor, Inc., a drug company, reported the following information. The company prepares its financial statements in accordance with GAAP. 2007 (,000)Current liabilities ...........$
On January 1, 2011, Garner issued 10-year, $200,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Garner $2 par value common stock. The company has had 10,000 shares
Richardson Company is contemplating the establishment of a share-based compensation plan to provide long-run incentives for its top management. However, members of the compensation committee of the
In this simulation, you are asked to address questions related to the accounting for stock options and earnings per share computations. Prepare responses to allparts.
Where can authoritative IFRS be found related to dilutive securities, stockbased compensation, and earnings per share?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for dilutive securities, stock-based compensation, and earnings per share.
Norman Co., a fast-growing golf equipment company, uses GAAP. It is considering the issuance of convertible bonds. The bonds mature in 10 years, have a face value of $400,000, and pay interest
Briefly discuss the convergence efforts that are under way by the IASB and FASB in the area of dilutive securities and earnings per share.
Explain how the conversion feature of convertible debt has a value (a) To the issuer and (b) To the purchaser.
What are the arguments for giving separate accounting recognition to the conversion feature of debentures?
Four years after issue, debentures with a face value of $1,000,000 and book value of $960,000 are tendered for conversion into 80,000 ordinary shares immediately after an interest payment date. At
Archer Company issued $4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is $3,800,000. Prepare the journal entry to record
Petrenko Corporation has outstanding 2,000 $1,000 bonds, each convertible into 50 shares of $10 par value ordinary shares. The bonds are converted on December 31, 2012. The bonds payable has a
Angela Corporation issues 2,000 convertible bonds at January 1, 2011. The bonds have a three-year life, and are issued at par with a face value of $1,000 per bond, giving total proceeds of
Assume the same information in IFRS16-11, except that Angela Corporation converts its convertible bonds on January 1, 2012.Instructions(a) Compute the carrying value of the bond payable on January 1,
Assume that Sarazan Company has a share-option plan for top management. Each share option represents the right to purchase a $1 par value ordinary share in the future at a price equal to the fair
Richardson Company is contemplating the establishment of a share-based compensation plan to provide long-run incentives for its top management. However, members of the compensation committee of the
The financial statements of Marks and Spencer plc (M&S) are available at the books’ companion website or can be accessed at corporate.marksandspencer.
This comment appeared in the annual report of MacCloud Inc.: “The Company could pay cash or property dividends on the Class A common stock without paying cash or property dividends on the Class B
Woolford Inc. declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August
During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share.Mar. 1 Issued 5,000
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of
Twenty-five thousand shares reacquired by Pierce Corporation for $48 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange, the common
Fogelberg Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ (National Association of Securities Dealers Quotes). Fogelberg has
Hartman Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.Instructions(a) Prepare the journal entry for the issuance
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2012, Loxley took part in the following selected transactions.1. Issued 5,000 shares of stock at $45 per
Davison Inc. 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 learned
For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders?? equity data at December 31 in millions. Instructions(a) Answer the following questions.(1) What
The following are selected transactions that may affect stockholders?? equity.1. Recorded accrued interest earned on a note receivable.2. Declared and distributed a stock split.3. Declared a cash
The following information has been taken from the ledger accounts of Sampras Corporation.Total income since incorporation ...........$287,000Total cash dividends paid ...............60,000Total value
Shown below is the liabilities and stockholders?? equity section of the balance sheet for Ingalls Company and Wilder Company. Each has assets totaling $4,200,000. For the year, each company has
Presented below is information from the annual report of Potter Plastics, Inc.Operating income .........$ 532,150Bond interest expense .........135,000.........397,150Income taxes
Johnstone Inc. began operations in January 2011 and reported the following results for each of its 3 years of operations.2011 $260,000 net loss 2012 $40,000 net loss 2013 $700,000 net incomeAt
On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par
Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2012, the following accounts were included in stockholders’ equity.Preferred
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2012. In 2012, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value)
Earnhart Corporation has outstanding 3,000,000 shares of common stock of a par value of $10 each. The balance in its Retained Earnings account at January 1, 2012, was $24,000,000, and it then had
Lois Kenseth, president of Sycamore Corporation, is concerned about several large stockholders who have been very vocal lately in their criticisms of her leadership. She thinks they might mount a
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to these financial statements and
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo,
Kellogg Company is the world??s leading producer of ready-to-eat cereal products. In recent years, the company has taken numerous steps aimed at improving its profitability and earnings per share.
The following note related to stockholders’ equity was reported in Wiebold, Inc.’s annual report.On February 1, the Board of Directors declared a 3-for-2 stock split, distributed on February 22
On January 1, 2012, Agassi Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 60,000 shares issued and outstanding) ....$600,000Paid-in Capital in Excess of
Recall from Chapter 13 that Hincapie Co. (a specialty bike-accessory manufacturer) is expecting growth in sales of some products targeted to the low-price market. Hincapie is contemplating a
In this simulation, you are asked to address questions related to the accounting for stockholders, equity. Prepare responses to allparts.
Where can authoritative IFRS guidance related to stockholders’ equity be found?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for stockholders’ equity.
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders’ equity
Mary Tokar is comparing a GAAP-based company to a company that uses IFRS. Both companies report equity investments. The IFRS company reports unrealized losses on these investments under the heading
Explain each of the following terms: authorized ordinary shares, unissued ordinary shares, issued ordinary shares, outstanding ordinary shares, and treasury shares.
Indicate how each of the following accounts should be classified in the equity section.(a) Share Capital—Ordinary(b) Retained Earnings(c) Share Premium—Ordinary(d) Treasury Shares(e) Share
Kaymer Corporation issued 300 shares of $10 par value ordinary shares for $4,500. Prepare Kaymer’s journal entry.
Wilco Corporation has the following account balances at December 31, 2012.Share capital—ordinary, $5 par value ....$ 510,000Treasury shares ..............90,000Retained earnings
Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market price of $20
Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2012.InstructionsAnswer the questions in each
Teller Corporation??s post-closing trial balance at December 31, 2012, was as follows. At December 31, 2012, Teller had the following number of ordinary and preference shares. The dividends on
Recall from Chapter 13 that Hincapie Co. (a specialty bike-accessory manufacturer) is expecting growth in sales of some products targeted to the low-price market. Hincapie is contemplating a
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer.
Belanna Corporation began operations on December 1, 2012. The only inventory transaction in 2012 was the purchase of inventory on December 10, 2012, at a cost of $20 per unit. None of this inventory
Englehart Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the
In conducting year-end inventory counts, your audit team is debating the impact of the client’s right of return policy both on inventory valuation and revenue recognition. The assistant controller
In this simulation, you are asked to address questions regarding inventory valuation and measurement. Prepare responses to allparts.
T J International was founded in 1969 as Trus Joist International. The firm, a manufacturer of specialty building products, has its headquarters in Boise, Idaho. The company, through its partnership
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, describes itself in a recent annual report as follows.Noven Pharmaceuticals, Inc.Noven is a place of ideas—a company where scientific
SUPERVALU reported the following data in its annual report. (a) Compute SUPERVALU's inventory turnover ratios for 2009 and 2010, using:(1) Cost of sales and LIFO inventory.(2) Cost of sales and
Explain the rationale for the ceiling and floor in the lower-of- cost-or-market method of valuing inventories.
What approaches may be employed in applying the lower-of-cost-or-market procedure? Which approach is normally used and why?
Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2013 at a cost of $1,000,000. At December 31, 2012, the raw materials to be
In its 2010 annual report, Wal-Mart reported inventory of $33,160 million on January 31, 2010, and $34,511 million on January 31, 2009, cost of sales of $304,657 million for fiscal year 2010, and net

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