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Questions and Answers of Accounting

The NIKE 10-K Form is reproduced in Appendix C.Required:a. Review the NIKE SEC Form 10-K and analyze the financial statements by assessing NIKE’s earning power and solvency, and provide support
The following condensed balance sheet for December 31, 2012, comes from the records of Buzz and Associates: Buzz and Associates is considering the purchase of a new piece of equipment for $30,000.
The following tables was taken from the 2009 annual report of RadioShack. Long-term debt (in millions) (a) Briefly explain the transactions entered into by RadioShack during 2009. Which financial
In October 1997, Hewlett-Packard issued zero coupon (stated interest rate = zero) bonds with a face value of $1.8 billion, due in 2017, for proceeds of $968 million.(a) What is the life these
During fiscal 2007, the SUPERVALUE grocery chain paid approximately $569 million on its lease contracts-$168 million on capital leases and $401 million on operating leases.(a) How did the operating
The balance sheet as of December 31, 2011, for Melrose Enterprises follows: During 2011 Melrose entered into a loan agreement that required the company to maintain a debt/equity ratio of less
Hathaway Manufacturing issues long-term debt on January 1, 2011. The debt has a face value of $300,000 and an annual stated interest rate of 10 percent. The debt matures on January 1, 2016.(a)
The stated and effective interest rates for several notes and bonds follow:Indicate whether each note/bond would be issued at a discount, par value, or a premium.
Compute the proceeds from the following notes payables. Interest payments are made annually.
Tradewell Rentals purchased a piece of equipment with an FMV of $11,348 in exchange for a five-year, non-interest-bearing note with a face value of $20,000.(a) Compute the effective interest rate on
Candleton borrowed cash, signing a two-year, interest-bearing note payable with a face value of $8,000 and an effective interest rate of 8 percent. Interest payments on the note are made
On January 1, 2012, Wilmes Floral supplies borrowed $2,413 from Bower Financial Services. Wilmes Floral Supplies gave Bower a $2,500 note with a maturity date of December 31, 2013. The note specified
Morrow Enterprises purchased a building on January 1, 2012, in exchange for a three-year, non-interest –bearing note with a face value of $693,000. Independent appraisers valued the building at
The following information was extracted from the financial record of Leong Cosmetics:(a) What is the effective interest rate on the notes payable?(b) Prepare the journal entry to record interest
At the beginning of 2002 Southwest Airlines issued ten-year notes with a face value of $385 million. The stated interest rate on the notes was 6.5 percent, and proceeds from the issuance
Three different bond issuances are listed here with interest payments made semiannually:(a) Compute the proceeds of each bond issuance.(b) For each bond issuance, indicate whether the balance sheet
On January 1, 2011, Collins Copy Machine Company issued thirty $1,000 face-value bonds with a stated annual rate of 10 percent that mature in ten years. Interest is paid semiannually on June 30 and
Tingham Village issued 500 five-year bonds on July 1, 2012. The interest payments are due semiannually (January 1 and July 1) at an annual rate of 6 percent. The effective interest rate on the bonds
Coral Sands Marina issued 100 ten-year bonds July 1, 2012. The interest payments are due semiannually (January 1 and July 1) at an annual rate of 8 percent. The effective rate on the bonds is 6
Treadway Company issued bonds with a face value of $20,000 on January 1, 2011. The bonds were due to mature in five years and had a stated annual interest rate of 8 percent. The bonds were issued at
On September 10, 2009, Mooney Plastic Products issued bonds with a face value of $500,000 for a price of 96. During 2012, Mooney exercised a call provision and redeemed the bonds for 101. At the
When Eli Lilly, a major pharmaceutical company, chose to refinance some of its outstanding bonds payable, the company paid off the outstanding debt and replaced it with a new bond issuance. At the
During 2004, American Greeting Corporation, a large producer of greetings cards, repurchased some of its outstanding long-term debt. Shortly thereafter the company issued new debt. At the time of the
Marker Musical Products issued bonds with a face value of $100,000 and an annual stated interest rate of 8 percent on January 1. 2009. The effective interest rate on the bonds was 10 percent.
The following information was taken from the balance sheet Beasley Brothers as of the December 31, 2011: The bonds have a stated interest rate of 5 percent paid annually and will mature on
The information below was taken from the balance sheet of Cohort Enterprises as of December 31, 2012: (a) Compute the effective interest rate when the bonds were issued.(b) What effective rate
On January 1, 2011, Q-Mart entered into a five-year lease agreement requiring annual payments of $10,000 on December 31 of each year. The fair market value of the facility was estimated by appraisers
Tradeall, Inc., leases automobiles for its sales force. On January 1, 2011, the company leased 100 automobiles and agreed to make lease payments of $ 10,000 per automobile each year. The lease
Watts Motors plans to acquire a building and can either borrow cash from a bank finance the purchase or lease the building from the current owner. The sales price of the building is $149,388. If the
Compute the effective rate of interest on the following long-term debts. Interest payments on the notes made annually, and interest payments on the bonds are made semiannually
Dylander bonds are selling on the open market at 89.16. The bonds have stated interest rate of 8 percent and mature in eight years. Interest payments are made semiannually.(a) Assume that your
On march 1 2011, Bonneville Printers issued long-term debt with a fixed stated annual interest rate of 4 percent and a maturity date of February 28, 2021. The debt was issued at a discount. The
On December 31, 2011, East Race Kayak club decided to borrow $20,000 for two years. The Bend Bank currently is charging a 10 percent effective annual interest rate on the similar loans.Required:(a)
Hartl Enterprises issued ten $1,000 bonds on September 30, 2011, with a stated annual interest rate of 8 percent. These bonds will mature on October 1, 2021, and have an effective rate of 10 percent.
The balance sheet as of December 31, 2011, for Manhein Corporation follows:Required:(a) Compute Manheim Corporation's long-term debt/equity ratio.(b) Assume that Manheim Corporation is considering
Patnon Plastic needs some cash to finance expansion. Patnon issued the following debt to acquire the cash:1. A five-year note with a stated interest rate of zero, a face value of $20,000, and an
The balance sheet as of December 31, 2012, for Boyton Sons follows:The company needs capital to finance operations and purchases new equipment. Boyton is not certain how much money it will need and
Earl Rix, President of Rix Driving Range and Health Club has provided you with the following lowing information:The stated annual interest rate on the notes is 10 percent, and interest is paid
Hartney Enterprises issued twenty $1,000 bonds on June 30, 2012, with a stated annual interest rate of 6 percent. The bonds mature in six years. Interest is paid semiannually on December 31 and June
Ross Running Shoes issued ten $1,000 bonds with a stated annual rate of 10 percent on June 30, 2012. These bonds mature on June 30, 2015. The bonds have an effective interest rate of 8 percent, and
Consider the three notes payable listed here. Each was issued on January 1, 2012, and matures on December 31, 2014. Interest payments are made annually on December 31.Required:(a) Compute the present
Ginny & Bill reported the following account balances in the December 31, 2011, financial report:Bonds payable ........ $500,000Premium on bonds payables ... 12,600The bonds have a stated annual
Ficus Tree Farm issued five $1,000 bonds with a stated annual interest rate of 12 percent on January 1, 2012. The bonds mature on January 1, 2017. Interest is paid semiannually on June 30 and
Taylor Corporation is contemplating issuing bonds to raise cash to finance an expansion. Before issuing the debt, the controller of the company wants to prepare an analysis of the cash flows and the
As of January 31, 2009, Wal-Mart reported balance sheet total assets and total liabilities of $163 billion and $98 billion, respectively. In the footnotes the company disclosed future operating
Mackey Company acquired equipment on January 1, 2011, through a leasing agreement that required an annual payments of $30,000. Assume that the lease has a term of five year and that the life of the
The balance sheet as of the December 31, 2011, for Thompkins Laundry Follows: The $20,000 of long-term debt on the balance sheet represents a long-term note that requires Thompkins to maintain a
Memminger Corporation purchased equipment on January 1, 2012. The terms of the purchase required that the company pay $1,000 in interest at the end of each year for five years and $20,000 at the end
Hodge Sports bonds are selling on the open market at par value. The bonds have a stated interest rate of 9 percent and mature in five years. You have determined that the risk-free rate is 7
On June 1, 2011, Mayberry Import purchased bonds on the open market, paying $92,994. The bonds had a face value of $100,000, a stated annual interest rate of 4 percent, and a remaining time to
Sun company, an oil-refining concern, purchased all of its outstanding 8.5 percent (stated rate) debentures as part of a restructuring plan. The balance sheet value of each outstanding debenture at
Several years ago, JCPenney Company issued bonds for 33.24 (percent of face value), with a face value of $200 million and a stated interest rate of zero, which matured eight years later. That same
Assume that Southwest Airline is planning to purchased a jet passenger plane with a price of $45,636, 480 from The Boeing Company. Southwest is considering structuring the transaction in one of the
The following information was taken from the footnotes to Johnson & Johnson's 2008 financial statements (dollars in millions):Required:(a) Which amounts appeared on Johnson & Johnson's balance sheet
Johnson & Johnson reported long-term debt of $ 8.3 billion and $ 7.1 billion as of the end of 2008 and 2007, respectively. The company reported that “the excess of the fair value over the
As the united states slid deeper into a recession, companies with high amounts of cash relative to their debt were coveted by the stock market, while companies with high levels of debt slashed
Home Depot and Lowe’s are the leading home improvement retail chains in the United States. In 2009, Home Depot reported $41 billion in total assets and $23 billion in total liabilities, while
Most homeowners purchase their houses by borrowing the funds in what is called a mortgage loan. Banks and other financial institutions that make the mortgage loans often package the loans for resale
The following excerpt was taken from the 2008 annual report JC Penney:The ... Credit agreements includes a requirement that the company maintain, as of the last day of each fiscal quarter, a Leverage
“It is time for a second overhaul of lease-accounting rules,” says Peter Holgate. In 1981, when the current lease rules were developed, there was a reasonably clear distinction between leases
The Wall Street Journal reported (8/21/2009) that many companies took advantages of the depressed market values of their own debt, and bought their own bonds at sleep discounts to the debt’s face
The following excerpt was taken from the annual report of Bristol-Myers Squibb, a leader in pharmaceutical and health care products.Derivative financial instruments are used principally in the
The SEC Form 10-K of NIKE is reproduced in Appendix C.RequiredReview the NIKE SEC Form 10-K, and answer the questions below.(a) Compute NIKE’s long-term debt (include deferred income taxes and
The following information was taken from the 2008 statement of Shareholders' equity of The Home Depot (dollars in millions)(a) What portion of net income was paid out in dividends during the year?(b)
When Tandy (RadioShack) Corporation announced a 2:1 stock split, the company had 97 million shares outstanding, trading at $100 per share. (a) Estimates the number of share outstanding and market
The following information was taken from the 2009 annual report of Coca-Cola (dollar and share amounts in millions)(a) At what average price did the company repurchased its shares in 2007?(b) At what
The following are possible transactions that affect shareholder’s equity:1. A company issues common stock above par value for cash.2. A company declares a 3-for-1 stock split.3. A company
The balance sheet of Lamont Bros. follow:(a) What portions of Lamont's assets were provided by debt, contributed capital, and earned capital? Reduce contributed capital by the cost of the treasury
Deming contractors was involved in the following events involving stock during 2012:1. Authorized to issue:(a) 100,000 shares of $100 par value, 8 percent preferred stock;(b) 150,000 shares of
Before the merger of Mendy’s and Arby’s Wendy’s made a huge purchase of its own shares and in total bought back over 26 million shares for approximately $1 billion. Before the purchase, 125.5
Twin Lakes incorporated on April 1, 2012, and was authorized to issue 100,000 shares of $5 par value common stock and 10,000 shares of $8, no-par preferred stock. During the remainder of 2012, the
The shareholders’ equity section of Rodman Corporation as of December 31, 2011, follows:Common stock ............ $ 80,000Additional paid-in capital (C/S) ....... 10,000Retained earnings
In 2002, Stuart Corporation began operations, issuing 100,000 shares of $1 par value common stock for $25 per share. Since that time, the company has been very profitable. The shareholders’ equity
The condensed 2008 balance sheet of Honeywell International follows (dollars in millions):Seven hundred thirty-five million shares of common stock and no preferred stock were outstanding. The
The following information was taken from the statement of shareholders' equity of Chinook Furs:Provide the journal entries for the following:(a) The issuance of preferred stock during 2012.(b) The
The following information was taken from the statement of shareholders equity of Zielow Siding as of December 31, 2012. The par value of the Zielow stock is $5, and as of the beginning of 2012, the
The following information was taken from the statement of shareholders' equity of Kidd Sports as of December 31, 2012. The par value of Kidd stock is $1, and as of the beginning of 2012, the company
The board of director of Enerson Manufacturing is in the process of declaring a dividend. The company is considering paying a cash dividend of $12 per share. Enerson Manufacturing is authorized to
The shareholders’ equity section of Mayberry corporation, as of the end of 2012, follows.Mayberry began operations in 2008. The 5,000 shares of preferred stock have been outstanding since
The shareholders’ equity section of Prioneer enterprises as of December 31, 2012, follows:Common stock (10,000 shares issued @ $6 par) …… $60,000Additional paid-in capital (C/S)
The December 31, 2011, balances in retained earnings and additional paid-in capital for Railway Shippers Company are $135,000 and $50,000, respectively. Five thousand $10 par value common shares are
Taylor Manufacturing entered into a borrowing arrangement that requires the company to maintain a retained earnings balance of $500,000. The company also wishes to finance internally a major plant
Lambert Corporation issued 1,000 shares of $100 par value, 8 percent, cumulative, nonparticipating preferred stock for $100 each. The stock is preferred to assets, redeemable after five years at a
The balance sheet of Alex Bros. follows:Of the 200,000 common shares authorized, 50,000 shares were issued for $8 each when the company began operation. There have been no common stock issuances
Several independent transactions are as follows.1. 10,000 Shares of no-par common stock are issued for $50 per share.2. 10,000 Shares of $1 par value common stock are issued for $40 per share.3.
Royal company is currently considering declaring a dividend to its common shareholders, according to one of the following plans:1. Declare a cash dividend of $15 per share.2. Declare a 10 percent
The following information was extracted from the financial records of Maverick Corporation:Preferred stock: 15,000 shares outstanding, 10 percent, $50 par valueCommon stock: 50,000 shares
The following selected financial information was extracted from the December 31, 2011, financial records of Cotter Company:The company's board of Directors is currently contemplating declaring a
Stevenson Enterprises is considering the following items:1. The company may declare a 10 percent stock dividend, issuing an additional share of common stock for every ten shares outstanding; the
The 2008 statement of shareholders' equity Starbucks, the coffee shop retailer, included the following information concerning common stock (dollars in thousand):Required(a) Compute the average prices
The shareholders equity section of Rudnicki Corporation contained the following balances as of December 31, 2011:Preferred stock (10% $10 par value, cumulative) ........ $1000Preferred stock (12%,
The shareholders' equity section of Buzytown Industries' balance sheet reports the following:Required:a. How many shares of preferred stock were issued during 2012? What was the average issue
Tracey corporation reports the following reports the following in its December 31, 2011, financial report:Required:a. Compute the number of shares of common st4xk issued during 2011.b. Compute the
Aspen Industries became a corporation in the state of Colorado on March 23, 2009. The company was authorized to issue 1 million shares of $6 par value common stock. Since the date of incorporation,
Five shareholders together own 35 percent of the outstanding stock of Edmonds Industries. The remaining 65 percent is divided among several thousand shareholders. There are 400,000 shares of Edmonds
The balance sheet of Natathon International is as follows:Although the balance sheet appears reasonably healthy, Natathon is on the verge of ceasing operations. Appraisers have estimated that,
When Hershey foods declared a 100 percent stock dividend, 149.5 million of its shares were outstanding. Assume that the stock dividends was declared and paid on the same day.Required(a) How much
When companies cut dividends, it is usually a bad sign for the stock. Bur apparently not at Monsanto. Several years ago, the company cut its dividends and the stock price went up. Required Explain
The wall street journal once reported,”Philip Morres Cos., in an aggressive move to boost its stock price, announced a $6 billion stock buyback plan and raised its quarterly dividend nearly 20% .
In an article entitled “Buybacks or Giveaways,” CFO.com reported that “large repurchase programs required a whole lot of capital. Critics of buybacks contend that companies can put their cash

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