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Questions and Answers of Accounting

Brandon Corporation had the following stockholders’ equity accounts on January 1, 2012: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par—Common Stock $200,000, and Retained
The stockholders’ equity accounts of Ashley Corporation on January 1, 2012, were as follows.Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized)..... $ 400,000Common Stock ($1 stated
Mary Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $3 par value common stock. On January 1, 2012, the ledger contained the following
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Desiree Corporation at December 31, 2012.Common Stock ($5 stated value).................. $2,000,000Paid-in
Leigh Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated
Joanjim Corporation was organized on January 1, 2012. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of
Dougherty Corporation had the following stockholders’ equity accounts on January 1, 2012: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par—Common Stock $500,000, and Retained
The stockholders’ equity accounts of Joey Corporation on January 1, 2012, were as follows.Preferred Stock (10%, $100 par, noncumulative, 5,000 shares authorized).. $ 300,000Common Stock ($5 stated
Dominick Corporation is authorized to issue 10,000 shares of $40 par value, 10% preferred stock and 200,000 shares of $5 par value common stock. On January 1, 2012, the ledger contained the
Geoffery Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated
Natalie’s friend, Curtis Lesperance, decides to meet with Natalie after hearing that her discussions about a possible business partnership with her friend Katy Peterson have failed. Because Natalie
If your school has a subscription to the FASB Codification, go to log in and prepare responses to the following.(a) How is common stock defined?(b) How is preferred stock defined?(c) What is the
Sorocaba Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $1 par value ordinary shares to attorneys in payment of a bill for $30,000 for services provided
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
Conger Inc. declares a $45,000 cash dividend on December 31, 2012. The required annual dividend on preferred stock is $10,000. Determine the allocation of the dividend to preferred and common
What were the amounts of the dividends PepsiCo declared per share of common stock in the years 2005 to 2009? Is the trend in dividends consistent with the company’s net income trend during the
Charmaine Corporation has 80,000 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
Willand Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $16. The dividend shares are issued
For the year ending December 31, 2012, Vail Inc. reports net income $140,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on
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 2009 annual
Stanley Corporation reported net income of $152,000, declared dividends on common stock of $50,000, and had an ending balance in retained earnings of $360,000. Stockholders’ equity was $700,000 at
The following information is available for Mildred Corporation for the year ended December 31, 2012: Cost of goods sold $205,000; Sales revenue $450,000; Other revenues and gains $50,000; and
Erik Corporation has 3,000 shares of 7%, $100 par value preferred stock outstanding at December 31, 2012. At December 31, 2012, the company declared a $105,000 cash dividend. Determine the dividend
Ekedahl Company has had 4 years of retained earnings. Due to this success, the market price of its 400,000 shares of $3 par value common stock has increased from $12 per share to $51. During this
Jason Corporation has retained earnings of $3,100,000 on January 1, 2012. During the year, Jason earned $1,200,000 of net income. It declared and paid a $150,000 cash dividend. In 2012, Jason
On January 1, 2012, Raczynski Corporation purchased 1,000 shares of treasury stock. Other information regarding Raczynski Corporation is provided below. Compute(a) Return on common stockholders'
On January 1, Chreesh Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. Apr. 1 Issued
Griseta Corporation was organized on January 1, 2011. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock.
On January 1, 2012, Brittany Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common stock
On October 31, the stockholders’ equity section of Ennis Company consists of common stock $300,000 and retained earnings $900,000. Ennis is considering the following two courses of action: (1)
On October 1, Little Tommy Corporation’s stockholders’ equity is as follows.Common stock, $5 par value.............. $400,000Paid-in capital in excess of par—common stock........
During 2012, Margan Corporation had the following transactions and events.1. Declared a cash dividend.2. Issued par value common stock for cash at par value.3. Completed a 2-for-1 stock split in
On January 1, 2012, Barb Corporation had retained earnings of $550,000. During the year, Barb had the following selected transactions.1. Declared cash dividends $120,000.2. Corrected overstatement of
Jayleah Company reported retained earnings at December 31, 2011, of $310,000. Jayleah had 200,000 shares of common stock outstanding throughout 2012.The following transactions occurred during 2012.1.
Beck Company reported the following balances at December 31, 2011: common stock $400,000; paid-in capital in excess of par value—common stock $100,000; and retained earnings $250,000. During 2012,
The following accounts appear in the ledger of Kallie Inc. after the books are closed at December 31.Common Stock, no par, $1 stated value, 400,000 shares authorized;300,000 shares
The following information is available for Kelsey Corporation for the year ended December 31, 2012: Sales $800,000; Other revenues and gains $92,000; Operating expenses $110,000; Cost of goods sold
In 2012, Stone Pony Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporation’s tax rate is 30%.
Nikennis Corporation has outstanding at December 31, 2012, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock.All shares were outstanding
At December 31, 2012, Jennyfer Corporation has 2,000 shares of $100 par value, 8%, preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Jennyfer’s net income for
On January 1, 2012, Kristen Corporation had the following stockholders’ equity accounts.Common Stock ($20 par value, 60,000 shares issued andoutstanding)....................... $1,200,000Paid-in
The post-closing trial balance of Violet Corporation at December 31, 2012, contains the following stockholders’ equity accounts.Preferred Stock (15,000 shares issued)........... $ 750,000Common
On January 1, 2012, Saa Corporation had the following stockholders’ equity accounts.Common Stock (no par value, 90,000 shares issued and outstanding)... $1,400,000Retained
On January 1, 2012, Hammermeister Inc. had the following stockholders’ equity account balances.Common Stock, no-par value (500,000 shares issued)....... $1,500,000Common Stock Dividends
On January 1, 2012, Syed Corporation had the following stockholders’ equity accounts. Common Stock ($5 par value, 200,000 shares issued andoutstanding)...................... $1,000,000Paid-in
The ledger of Conway Corporation at December 31, 2012, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (10,000 shares issued).............
On January 1, 2012, Acierno Corporation had the following stockholders’ equity accounts.Common Stock (no-par value, 100,000 shares issued and outstanding).... $2,800,000Retained
On January 1, 2012, Beacham Inc. had the following shareholders’ equity balances.Common Stock, no-par value (1,000,000 shares issued)...... $3,000,000Common Stock Dividends
After establishing their company’s fiscal year-end to be October 31, Natalie and Curtis began operating Cookie & Coffee Creations Inc. on November 1, 2012. On that date, they issued both
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
To acquire Kinston Corporation stock, R. Neal pays $62,000 in cash, plus $1,200 broker’s fees. What entry should be made for this investment? Discuss.
(a) When should a long-term investment in common stock be accounted for by the equity method? (b) When is revenue recognized under this method?
Kimmel Corporation purchased debt investments for $52,000 on January 1, 2012. On July 1, 2012, Kimmel received cash interest of $2,340. Journalize the purchase and the receipt of interest. Assume
On August 1, Paul Company buys 1,000 shares of Merlynn common stock for $35,000 cash, plus brokerage fees of $700. On December 1, Paul sells the stock investments for $40,000 in cash. Journalize the
Texas Company owns 25% of Plano Company. For the current year, Plano reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Texas’s equity in Plano’s net income and
The cost of the trading securities of Hardy Company at December 31, 2012, is $62,000. At December 31, 2012, the fair value of the securities is $59,000. Prepare the adjusting entry to record the
For the data presented in BE16-4, show the financial statement presentation of the trading securities and related accounts. Discuss.
Latrobe Corporation holds as a long-term investment available-for-sale stock securities costing $72,000. At December 31, 2012, the fair value of the securities is $66,000. Prepare the adjusting entry
For the data presented in BE16-6, show the financial statement presentation of the available-for-sale securities and related accounts. Assume the available-for-sale securities are noncurrent. Discuss.
Gurnee Corporation has the following long-term investments: (1) Common stock of Kornas Co. (10% ownership) held as available-for-sale securities, cost $108,000, fair value $115,000. (2) Common stock
Kurtyka Corporation had the following transactions relating to debt investments:Jan. 1 Purchased 50, $1,000, 12% Nordica Company bonds for $50,000 plus broker’s fees of $1,500. Interest is payable
Some of McEleveen Corporation?s investment securities are classified as trading securities and some are classified as available-for-sale. The cost and fair value of each category at December 31,
Mr. Wellington is studying for an accounting test and has developed the following questions about investments.1. What are three reasons why companies purchase investments in debt or stock
Floyd Corporation had the following transactions pertaining to debt investments.Jan. 1 Purchased 50 8%, $1,000 Petal Co. bonds for $50,000 cash plus brokerage fees of $900.Interest is payable
Brook Company purchased 70 Meissner Company 12%, 10-year, $1,000 bonds on January 1, 2012, for $73,000. Brook Company also had to pay $500 of broker’s fees. The bonds pay interest semiannually on
Diann Company had the following transactions pertaining to stock investments.Feb. 1 Purchased 600 shares of Ronn common stock (2%) for $6,000 cash, plus brokerage fees of $200.July 1 Received cash
Spring Inc. had the following transactions pertaining to investments in common stock.Jan. 1 Purchased 2,500 shares of Angeltide Corporation common stock (5%) for $140,000 cash plus $2,100 broker’s
On February 1, Minitori Company purchased 500 shares (2% ownership) of Becker Company common stock for $30 per share plus brokerage fees of $400. On March 20, Minitori Company sold 100 shares of
On January 1, Vince Corporation purchased a 25% equity in Morelli Corporation for $180,000. At December 31, Morelli declared and paid a $60,000 cash dividend and reported net income of
Presented below are two independent situations.1. Chicory Cosmetics acquired 15% of the 200,000 shares of common stock of Racine Fashion at a total cost of $13 per share on March 18, 2012. On June
Edna Company purchased 70% of the outstanding common stock of Damen Corporation.Instructions(a) Explain the relationship between Edna Company and Damen Corporation.(b) How should Edna account for its
At December 31, 2012, the trading securities for Oglesbee, Inc. are as follows. Instructions(a) Prepare the adjusting entry at December 31, 2012, to report the securities at fair value.(b) Show the
Data for investments in stock classified as trading securities are presented in E16-10. Assume instead that the investments are classified as available-for-sale securities. They have the same cost
Zippydah Company has the following data at December 31, 2012. The available-for-sale securities are held as a long-term investment.Instructions(a) Prepare the adjusting entries to report each class
Pagnucci Carecenters Inc. provides financing and capital to the health-care industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds
In January 2012, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions
On December 31, 2012, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. On December 31, 2012,
Control Alt Design acquired 30% of the outstanding common stock of Walter Company on January 1, 2012, by paying $800,000 for the 45,000 shares. Walter declared and paid $0.30 per share cash dividends
The following securities are in Amberwood Company’s portfolio of long-term available for- sale securities at December 31, 2012. Cost1,000 shares of Reginald Corporation common stock.......
The following data, presented in alphabetical order, are taken from the records ofRadar Corporation.Accounts payable................... $ 240,000Accounts receivable..................
Cheese Farms is a grower of hybrid seed corn for Steenbergen Genetics Corporation. It has had two exceptionally good years and has elected to invest its excess funds in bonds. The selected
In January 2012, the management of Gina Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following transactions
On December 31, 2012, Eli Associates owned the following securities, held as longterm investments. On this date, the total fair value of the securities was equal to its cost. The securities are not
Tuecke’s Concrete acquired 20% of the outstanding common stock of Drew, Inc. on January 1, 2012, by paying $1,100,000 for 40,000 shares. Drew declared and paid a $0.50 per share cash dividend on
The following are in Verbitsky’s Company’s portfolio of long-term available-for-sale securities at December 31, 2012.Cost700 shares of Sasha Corporation common stock...... $35,000900 shares of
The following data, presented in alphabetical order, are taken from the records ofRedlands Corporation.Accounts payable.....................$ 375,000Accounts
Natalie has been approached by Ken Thornton, a shareholder of The Beanery Coffee Inc. Ken wants to retire and would like to sell his 1,000 shares in The Beanery Coffee, which represents 20% of all
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these
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 a trading security?(b) What is
What does financial control mean?
What is the difference between internal financial control and external financial control?
1. What is decentralization?2. What does control mean in a decentralized organization?
1. What is a responsibility center?2. What is a cost center?
What is the assigned responsibility in a revenue center?
1. When do organizations use profit centers?2. What is an investment center?
What does the controllability principle require?
How do responsibility centers interact?
What does segment margin mean?
What is a soft number in accounting?
What is a transfer price?

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