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Questions and Answers of Accounting

Computing Outstanding Checks and Deposits in Transit and Preparing a Bank Reconciliation and Journal EntriesThe December 31, 2011, bank statement for Rivas Company and the December 2011 ledger
Finding Financial InformationRefer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book.Required:1. What does the company include in its category of
Finding Financial InformationRefer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.Required:1. How much cash and cash equivalents does the company report
Comparing Companies within an IndustryRefer to the financial statements of American Eagle Outfitters (Appendix B) and Urban Outfitters (Appendix C) and the Industry Ratio Report (Appendix D) at the
Making a Decision as a Manager: Choosing among Alternative Recognition PointsWhen companies involved in long-term construction projects can estimate the percentage of work completed and the total
Evaluating an Ethical Dilemma: Management Incentives, Revenue Recognition, and Sales with the Right of Return Symbol Technologies, Inc., was a fast-growing maker of bar-code scanners. According to
Evaluating Internal Control Cripple Creek Company has one trusted employee who, as the owner said, “handles all of the bookkeeping and paperwork for the company.” This employee is responsible for
Define the term corporation and identify the primary advantages of this form of business organization.
What is the charter of a corporation?
Explain each of the following terms: (a) Authorized capital stock, (b) Issued capital stock, and(c) Outstanding capital stock.
Differentiate between common stock and preferred stock.
Explain the distinction between par value and no-par value capital stock.
What are the usual characteristics of preferred stock?
What are the two basic sources of stockholders’ equity? Explain each.
Owners’ equity is accounted for by source. What does source mean?
Define treasury stock. Why do corporations acquire treasury stock?
How is treasury stock reported on the balance sheet? How is the “gain or loss” on treasury stock that has been sold reported on the financial statements?
What are the two basic requirements to support the declaration of a cash dividend? What are the effects of a cash dividend on assets and stockholders’ equity?
Differentiate between cumulative and noncumulative preferred stock.
Define stock dividend. How does a stock dividend differ from a cash dividend?
What are the primary reasons for issuing a stock dividend?
Identify and explain the three important dates with respect to dividends.
Define retained earnings. What are the primary components of retained earnings at the end of each period?
(Multiple Choice)1. Katz Corporation has issued 400,000 shares of common stock and holds 20,000 shares in treasury. The charter authorized the issuance of 500,000 shares. The company has declared and
Name three rights of common stockholders. Which of these is most important in your opinion? Why?
The balance sheet for Ronlad Corporation reported 168,000 shares outstanding, 268,000 shares authorized, and 10,000 shares in treasury stock. Compute the maximum number of new shares that the
To expand operations, Aragon Consulting issued 170,000 shares of previously unissued stock with a par value of $1. The selling price for the stock was $21 per share. Record the sale of this stock.
Your parents have just retired and have asked you for some financial advice. They have decided to invest $100,000 in a company very similar to Kroger. The company has issued both common and preferred
Carbide Corporation purchased 20,000 shares of its own stock for $45 per share. The next year, the company sold 5,000 shares for $50 per share and the following year, it sold 10,000 shares for $37
Cole Company has 288,000 shares of common stock authorized, 260,000 shares issued, and 60,000 shares of treasury stock. The company’s board of directors has declared a dividend of 65 cents per
On April 15, 2011, the board of directors for Auction.com declared a cash dividend of 65 cents per share payable to stockholders of record on May 20. The dividends will be paid on June 14. The
Lipscomb, Inc., has 200,000 shares of cumulative preferred stock outstanding. The preferred stock pays dividends in the amount of $2 per share but because of cash flow problems, the company did not
Reliable Tools, Inc., announced a 100 percent stock dividend. Determine the impact (increase, decrease, no change) of this dividend on the following:1. Total assets2. Total liabilities3. Common
University Food Systems, Inc., has issued a 40 percent stock dividend. The company has 752,000 shares authorized and 200,000 shares outstanding. The par value of the stock is $10 per share, and the
The annual report for Philip Morris Companies, Inc., disclosed that 4 billion shares of common stock have been authorized. At the end of last year, 2,805,961,317 shares had been issued and the number
The charter of Vista West Corporation specifies that it may issue 200,000 shares of common stock. Since the company was incorporated, it has sold a total of 160,000 shares to the public but bought
Tandy, Incorporated, was issued a charter on January 15, 2011, that authorized the following capital stock:Common stock, no-par, 103,000 sharesPreferred stock, 9 percent, par value $8 per share,
The financial statements for Highland Publications Corporation included the following selected information:Common stock $1,600,000Retained earnings $900,000Net income $1,000,000Shares
Tarrant Corporation was organized in 2011 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $10 per share, 11,500 shares. During
The stockholders' equity section on the balance sheet of Dillard's, a popular department store, is shown below. The company reported a net loss of $241,065,000 and declared and paid dividends of
Williamson Corporation was organized in 2011 to operate a tax preparation business. The charter authorized the following capital stock: common stock, par value $2 per share, 80,000 shares. During
Ruth’s Chris Steakhouse is the largest upscale steakhouse company in the United States, based on total company- and franchisee-owned restaurants. The company’s menu features a broad selection of
Quick Fix-it Corporation was organized in January 2011 to operate several car repair businesses in a large metropolitan area. The charter issued by the state authorized the following capital
On-line Learning Corporation obtained a charter at the start of 2011 that authorized 52,000 shares of nopar common stock and 23,000 shares of preferred stock, par value $10. The corporation was
The stockholders’ equity section on the December 31, 2011, balance sheet of American Corporation follows:Stockholders’
Procter & Gamble is a $77 billion company that sells products that are part of most of our daily lives, including Mr. Clean, Cheer, Crest, Vicks, Scope, Pringles, Folgers, Vidal Sassoon, Zest,
The business section of The New York Times recently contained the following article:Freeport-McMoRan Copper & Gold Inc., one of the world’s largest copper producers, said yesterday that it
The following account balances were selected from the records of TEAC Corporation at December 31, 2011, after all adjusting entries were completed:Common stock (par $20; authorized 100,000 shares,
During 2011 the following selected transactions affecting stockholders’ equity occurred for Orlando Corporation:a. Apr. 1 Purchased in the market 200 shares of the company’s own common stock at
During 2011 the following selected transactions affecting stockholders’ equity occurred for TARP Corporation:a. Feb. 1 Purchased in the open market 160 shares of the company’s own common stock at
Peters and Associates is a small manufacturer of electronic connections for local area networks. Consider three independent situations.Case 1: Peters increases its cash dividends by 50 percent, but
The records of Hollywood Company reflected the following balances in the stockholders’ equity accounts at December 31, 2010:Common stock, par $12 per share, 30,000 shares outstandingPreferred
Service Corporation has the following capital stock outstanding at the end of 2011:Preferred stock, 6 percent, par $15, outstanding shares, 8,000Common stock, par $8, outstanding shares, 30,000On
A recent annual report for Sears, Roebuck and Co. disclosed that the company paid preferred dividends in the amount of $119.9 million. It declared and paid dividends on common stock in the amount of
Duke Energy is a utility company that provides gas and electric service in North Carolina, South Carolina, Ohio, Kentucky, and Indiana. The company’s dividend yield is 6.6 percent. Starbucks, a
At the beginning of the year, the stockholders’ equity section of the balance sheet of Solutions Corporation reflected the following:Common stock (par $12; authorized 65,000 shares, outstanding
Two billion times a day, Proctor & Gamble (P&G) brands touch the lives of people around the world. The company has one of the largest and strongest portfolios of trusted, quality brands,
On July 1, 2011, Davidson Corporation had the following capital structure:Common stock (par $3) ..... $600,000Capital in excess of par ...... 900,000Retained earnings ......... 700,000Treasury stock
GameStop issued the following press release when the company’s stock was selling for $27 per share: GRAPEVINE, Texas—(BUSINESS WIRE)—Feb. 12, 2007—GameStop Corp. (NYSE: GME), the world’s
Weil Corporation has 80,000 shares of common stock (par value $8) outstanding.Required:Complete the following comparative tabulation based on two independent cases:Case 1: The board of directors
Ford Motor Company is an internationally known manufacturer of automobiles and trucks. The company recently lost over $12 billion in a single year of operations. Despite that staggering loss, the
Archon Corporation operates the Pioneer Hotel & Gambling Hall in Nevada. In addition, the Company owns real estate on Las Vegas Boulevard South (the “Strip”) in Las Vegas, Nevada, and investment
At December 31, 2011, the records of NCIS Corporation provided the following selected and incomplete data:Common stock (par $10; no changes during the year).Shares authorized, 200,000.Shares issued,
Witt Corporation received its charter during January 2011. The charter authorized the following capital stock:Preferred stock: 10 percent, par $10, authorized 21,000 sharesCommon stock: par $8,
King Corporation began operations in January 2011. The charter authorized the following capital stock:Preferred stock: 10 percent, $10 par, authorized 40,000 sharesCommon stock: $5 par, authorized
The following press release was issued by Haynes International:NEW YORK, March 19 (Reuters)—Haynes International Inc., a producer of high-performance nickel and cobalt-based alloys, on Monday
United Resources Company obtained a charter from the state in January 2011, which authorized 200,000 shares of common stock, $1 par value. During the first year, the company earned $475,000 and the
Tim Hortons restaurants operate in a variety of formats. A standard Tim Hortons restaurant is a freestanding building typically ranging in size from 1,400 to 3,090 square feet with a dining room and
1. Compare a stock dividend with a cash dividend.2. Compare a large stock dividend with a small stock dividend.3. Describe the impact of the sale of treasury stock for more than cost on the income
RadioShack Corporation primarily engages in the retail sale of consumer electronics goods and services through 4,467 company-operated stores under the RadioShack brand, located throughout the United
Chicago Company had the following stock outstanding and retained earnings at December 31, 2011:Common stock (par $8; outstanding, 35,000 shares) $280,000Preferred stock, 10% (par $15; outstanding,
Heather and Scott, two young financial analysts, were reviewing financial statements for Dell, one of the world’s largest manufacturers of personal computers. Scott noted that the company did not
Uno Company has outstanding 52,000 shares of $10 par value common stock and 25,000 shares of $20 par value preferred stock (8 percent). On December 1, 2011, the board of directors voted an 8
Procter & Gamble is a well-known consumer products company that owns a variety of popular brands. A recent news article contained the following information:CINCINNATI, March 9
Assume for each of the following independent cases that the annual accounting period ends on December 31, 2011, and that the revenue and expense accounts at that date reflect a loss of $20,000.Case
At December 31, 2011, the records of Duo Corporation provided the following selected and incomplete data:Common stock (par $1; no changes during the year).Shares authorized, 5,000,000.Shares issued,
Granderson Company was granted a charter that authorized the following capital stock:Common stock: 100,000 shares, par value per share is $40Preferred stock: 8 percent; par $5; 20,000 sharesDuring
Luther Company obtained a charter from the state in January 2011 which authorized 1,000,000 shares of common stock, $5 par value. During the first year, the company earned $429,000, and the following
Whole Foods Market, Inc., is the world€™s leading natural and organic foods supermarket. The company is based in Austin, Texas, and conducts business through various wholly-owned
Carlton Company had the following stock outstanding and retained earnings at December 31, 2011:Common stock (par $1; outstanding, 500,000 shares) $500,000Preferred stock, 8% (par $10; outstanding,
Finding Financial InformationRefer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book.Required:1. Does the company have any treasury stock? If so,
Finding Financial Information Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.Required:1. How many shares of common stock are authorized at the end
Refer to the financial statements of American Eagle (Appendix B) and Urban Outfitters (Appendix C).Required:1. A few years ago, American Eagle Outfitters split its stock. Describe the impact that
A recent annual report for Halliburton Company contained the following information (in millions of dollars):In the current year, Halliburton declared and paid cash dividends of $1 per share. What
You are a member of the board of directors of a large company that has been in business for more than 100 years. The company is proud of the fact that it has paid dividends every year it has been in
You are the president of a very successful Internet company that has had a remarkably profitable year. You have determined that the company has more than $10 million in cash generated by operating
Complete the following requirements for each independent case.Case A: The charter for Rogers, Incorporated, authorized the following capital stock:Common stock, par $10, 103,000 sharesPreferred
What does the debt-to-equity ratio reflect?
What are market tests?
Identify two factors that limit the effectiveness of ratio analysis.
(Multiple choice)1. A company has total assets of $500,000 and noncurrent assets of $400,000. Current liabilities are $40,000. What is the current ratio?a. 12.5b. 10.0c. 2.5d. Cannot be determined
A large retailer reported revenue of $1,665,000. The company’s gross profit percentage was 44 percent. What amount of cost of goods sold did the company report?
A consumer products company reported a 5.4 percent increase in sales from 2011 to 2012. Sales in 2011 were $29,600. In 2012, the company reported cost of goods sold in the amount of $9,107. What was
Compute the return on equity ratio for 2012 given the followingdata:
Compute the financial leverage percentage for 2012 given the followingdata:
A manufacturer reported an inventory turnover ratio of 8.6 during 2011. During 2012, management introduced a new inventory control system that was expected to reduce average inventory levels by 25
Tiana Company reported total assets of $1,400,000 and noncurrent assets of $480,000. The company also reported a current ratio of 3.5. What amount of current liabilities did the company report?
Ramesh Company has prepared draft financial results now being reviewed by the accountants. You notice that the financial leverage percentage is negative. You also note that the current ratio is 2.4
In 2011, Pringle Company reported earnings per share of $9.50 when its stock was selling for $228. In 2012, its earnings increased by 13 percent. If all other relationships remain constant, what is
An Internet company earned $6.50 per share and paid dividends of $3.50 per share. The company reported a dividend yield of 5 percent. What was the price of the stock?

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