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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Accounting for stock dividends and stock splits (Learning Objective 5)10–15 min.Maxim Corporation has 40,000 shares of $20 par value common stock outstanding.Prepare entries in journal form without
Accounting for cash dividends (Learning Objective 4) 10–15 min.Zepher, Inc., prepared the following stockholders’ equity section as of December 31, 2014.Paid-in Capital:Preferred Stock, 5%, $80
Accounting for cash dividends (Learning Objective 4) 10–15 min.Baassir Corporation earned net income of $750,000 during the year ended December 31, 2013. It had 2,000,000 authorized shares of $20
Stock issuance (Learning Objective 3) 5–10 min.In its first year of operations, Cedar Corporation had the following stock transactions.Journalize them.a. Issued 5,000 shares of $100 par preferred
Analyzing stockholders’ equity (Learning Objectives 2 & 3) 5–10 min.At December 31, 2014, Sugarland Company reported the following on its comparative balance sheet, which included 2013 amounts
Stock issuance (Learning Objectives 2 & 3) 5–10 min.Buckeye, Inc., reported the following on its balance sheet at December 31, 2014:Common Stock, $3.00 par value, 550,000 shares authorized, 400,000
Issuance of stock for cash and noncash assets (Learning Objective 3)10–15 min.This exercise shows the similarity and the difference between two ways to acquire plant assets.Case A—Issue stock and
Stock issuance (Learning Objective 3) 5–10 min.Sullivan, Corp., issued stock above par on July 31. Answer the following questions about Sullivan, Corp.1. Sullivan, Corp., received $6 million for
Stockholders’ equity terminology (Learning Objectives 1 & 2) 10–15 min.Match the following terms with the correct definition.a. Common stockb. Paid-in capitalc. Dividendsd. Legal capitale.
According to the Real World Accounting Video, there are two types of stock a company can use to finance its assets and operations. The two types of stock are ___________________.a. common stock and
In the Real World Accounting Video, Howard Greenstone talks about the challenges of operating a business. According to Greenstone, what is the objective of a business?a. Create salesb. Create jobsc.
Assume that TJ’s Wholesale pays $9 per share to purchase 1,100 of its $1 par common stock as treasury stock. What is the effect of purchasing the treasury stock?a. Decreases total stockholders’
What happens with a 2-for-1 stock split?a. Decreases the par value of the stockb. Increases the number of shares of stock issuedc. Both a and bd. None of the above AppendixLO1
What does a 10% stock dividend do?a. Increases Common Stockb. Has no effect on total equityc. Decreases Retained Earningsd. All of the above AppendixLO1
What is the term for a company’s own stock that it has issued and repurchased?a. Outstanding stockb. Treasury stockc. Stock dividendd. Issued stock AppendixLO1
Theodore Company has 12,000 shares of $6 par common stock outstanding, which Theodore Company issued at $10 per share. Theodore Company also has retained earnings of $84,000. How much is Theodore
Hallery Corporation has 15,000 shares of 5%, $1 par, cumulative preferred stock and 53,000 shares of common stock outstanding. Hallery Corporation declared no dividends in 2014. In 2015, Hallery
Suppose House and Garden Furniture issued 250,000 shares of its $5 par common stock at $6 per share. Which journal entry correctly records the issuance of this stock?DATE Common Stock Cash Paid-in
What are the two basic sources of corporate capital?a. Common stock and preferred stockb. Paid-in capital and retained earningsc. Retained earnings and dividendsd. Stock and bonds AppendixLO1
Which of the following is a disadvantage of organizing as a corporation?a. Limited ability to raise capitalb. Separate legal entityc. Double taxationd. Limited stockholder liability AppendixLO1
Which characteristic of a corporation is considered to be an advantage?a. Limited stockholder liabilityb. Indefinite lifec. Ease of transferring ownershipd. All of the above AppendixLO1
When considering whether to invest in a company, why would an investor want to examine the company’s return on equity?AppendixLO1
What could you reasonably conclude if a company reports more shares of stock issued than outstanding?AppendixLO1
What kind of account is Treasury Stock? What is its normal balance? Where would it be reported on the financial statements?AppendixLO1
What are some of the reasons for issuing a stock dividend?AppendixLO1
What accounts are affected by the declaration and distribution of a stock dividend?What is the effect of a stock dividend ona. Total Stockholders’ Equity?b. Total Assets?c. Total Liabilities?d.
With which type of stock would dividends in arrears be associated? Why?AppendixLO1
What accounts, if any, are involved in the journal entries to record the events associated with each of the following dates associated with cash dividends?a. Declaration dateb. Date of recordc.
What accounts are involved in the journal entry to record the issuance of stock at a price above the par value of the stock?AppendixLO1
Assume that you are a CFO of a company that is attempting to raise additional capital to finance an expansion of its production facility. You are considering either issuing bonds or additional stock.
What are the four basic rights of stockholders?AppendixLO1
Calculation of debt ratio and interest coverage ratio (Learning Objective 7)10–15 min.The classified balance sheet and selected income statement data for Quinn, Inc., as of December 31, 2014, are
Balance sheet disclosure of long-term liabilities (Learning Objective 6)15–20 min.The accounting records of Romero, Corp., include the following items at December 31, 2014:$ 7,350 16,500 12,000
Analyzing bond terms and accounting for bonds (Learning Objective 5)20–25 min.On January 1, 2014, The Meadows Golf Course issued $450,000 of 15-year, 6%bonds payable. The bonds were sold for
Analyzing bond terms and accounting for bonds (Learning Objective 5)20–25 min.Assume that on March 1, 2014, Simmons, Corp., issued 8%, 10-year bonds payable with maturity value of $900,000. The
Accounting for mortgages (Learning Objective 5) 20–25 min.Paiscik, Corp., completed the following transactions in 2014:Jan 1 Jun 30 Dec 1 31 31 31 Purchased a building costing $180,000 and signed
Accounting for several current and long-term liabilities (Learning Objectives 2, 3, & 5) 20–25 min.Following are pertinent facts about events during the current year at Snowking Snowboards.a.
Accounting for several current liabilities (Learning Objectives 2 & 3)20–25 min.The following transactions of Handy Andy’s stores occurred during 2014 and 2015:2014 Feb 3 28 Mar 7 Apr 30 Aug 3
Calculation of debt ratio and interest coverage ratio (Learning Objective 7)10–15 min.The classified balance sheet and selected income statement data for Barnett, Inc., as of December 31, 2014, are
Balance sheet disclosure of long-term liabilities (Learning Objective 6)15–20 min.The accounting records of Brown Industrial, Inc., include the following items at December 31, 2014:$15,000 25,000
Analyzing bond terms and accounting for bonds (Learning Objective 5)20–25 min.On January 1, 2014, Sun Meadow Resorts issued $450,000 of 20-year, 8% bonds payable.The bonds were sold for $432,000.
Analyzing bond terms and accounting for bonds (Learning Objective 5)20–25 min.Assume that on April 1, 2014, Pacific, Corp., issues 5%, 10-year bonds payable with a maturity value of $900,000. The
Accounting for mortgages (Learning Objective 5) 20–25 min.Allez, Corp., completed the following transactions in 2014:Jan 1 Jun 30 Dec 1 31 31 31 Purchased a building costing $315,000 and signed a
Accounting for several current and long-term liabilities (Learning Objectives 2, 3, & 5) 20–25 min.Following are pertinent facts about events during the current year at Zepher Snowboards.a.
Accounting for several current liabilities (Learning Objectives 2 & 3)20–25 min.The following transactions of Dalton’s Marine Supply occurred during 2014 and 2015:2014 Feb 3 28 Mar 7 Apr 30 Aug 3
Debt ratio and interest coverage ratio (Learning Objective 7) 5–10 min.Sanchez Industrial Supply had the following balances as of December 31, 2014:Total Current
Balance sheet disclosure of liabilities (Learning Objective 6) 15–20 min.At December 31, 2014, Padilla Industrial owes $37,000 on accounts payable, plus salaries payable of $8,500 and income tax
Classifying notes payable as current or long-term (Learning Objectives 5 & 6)10–15 min.Orthopedic Medical Group borrowed $2,100,000 on July 1, 2014, by issuing a 9%long-term note payable that must
Accounting for bonds (Learning Objective 5) 15–20 min.Peterson Machine Tool, Inc., issued $475,000 of 10-year, 7% bonds payable on January 1. Peterson Machine Tool, Inc., pays interest each January
Accounting for bonds (Learning Objective 5) 15–20 min.On January 1, Doherty, Corp., issues 5%, 10-year bonds payable with a maturity value of $90,000. The bonds sell at 95 and pay interest on
Accounting for bonds (Learning Objective 5) 15–20 min.Rigby Corporation issued 6%, 15-year bonds payable with a maturity value of $850,000 on May 31. The bonds were issued at par and pay interest
Accounting for mortgages (Learning Objective 5) 10–15 min.Venus, Corp., issued a $460,000, 8%, mortgage on January 1, 2014, to purchase warehouses.Jan 1, 2014 Jun 30, 2014 Dec 31, 2014 Jun 30, 2015
Subscriptions (Learning Objective 2) 5–10 min.Ozark Publishing Company completed the following transactions during 2014:Nov 1 Dec 15 31 Sold 50 six-month subscriptions, collecting cash of $2,400,
Sales tax payable (Learning Objective 2) 5–10 min.Make journal entries to record the following transactions. Explanations are not required.May 31 Jun 6 Recorded cash sales of $630,000 for the
Balance sheet disclosure of liabilities (Learning Objective 6) 15–20 min.At December 31, 2014, Dior Drapes owes $53,000 on accounts payable, plus salaries payable of $15,000 and income tax payable
Classifying notes payable as current or long-term(Learning Objectives 5 & 6) 10–15 min.Associated Physicians Group borrowed $1,500,000 on July 1, 2014, by issuing a 7%long-term note payable that
Accounting for bonds (Learning Objective 5) 15–20 min.Lincoln, Inc., issued $540,000 of 10-year, 5% bonds payable on January 1. Lincoln, Inc., pays interest each January 1 and July 1 and amortizes
Accounting for bonds (Learning Objective 5) 15–20 min.Minnie Corporation issued 3%, 20-year bonds payable with a maturity value of$590,000 on January 31. The bonds were issued at par and pay
Accounting for mortgages (Learning Objective 5) 10–15 min.Clearwater, Corp., issued a $825,000, 5% mortgage on January 1, 2014, to purchase warehouses.Jan 1, 2014 Jun 30, 2014 Dec 31, 2014 Jun 30,
Warranties (Learning Objective 3) 5–10 min.The accounting records of Stevens Auto Repair showed a balance of $6,000 in Estimated Warranty Payable at December 31, 2013. In the past, Stevens’s
Subscriptions (Learning Objective 2) 5–10 min.Pugliese Publishing Company completed the following transactions during 2014:Sep 1 Oct 15 Dec 31 Sold 36 six-month subscriptions, collecting cash of
Accounting for notes payable (Learning Objective 2) 5–10 min.On May 15, Lacico borrowed some money on a 4-month note. The interest rate on the note was 8%. At the time the note was due the amount
Sales tax payable (Learning Objective 2) 5–10 min.Khoury Home billed its customers a total of $220,000 for the month of November.The total includes a 10% state sales tax.1. Determine the proper
Balance sheet disclosure of long-term liabilities (Learning Objective 6)5–10 min.Pangea Company has the following selected accounts after posting adjusting entries:Accounts
Classification of liability accounts as current or long-term. (Learning Objective 6) 5–10 min.Identify the section of the balance sheet in which the following accounts would be located: Current
Accounting for bonds (Learning Objective 5) 15–20 min.Allied, Corp., issued 8%, five-year bonds payable with a maturity value of $50,000 at par on May 1, 2014. Assume that the fiscal year ends on
Accounting for bonds (Learning Objective 5) 15–20 min.Allied, Corp., issued 8%, five-year bonds payable with a maturity value of $50,000 at a price of $52,420 on January 1, 2014. Journalize the
Accounting for bonds (Learning Objective 5) 15–20 min.Allied, Corp., issued 8%, five-year bonds payable with a maturity value of $50,000 at a price of $48,200 on January 1, 2014. Journalize the
Accounting for bonds (Learning Objective 5) 15–20 min.Wilson, Corp., issued 6.5%, 10-year bonds payable with a maturity value of $30,000 on January 1, 2014. Journalize the following transactions
Analyzing bond terms (Learning Objective 5) 10–15 min.Allison Supply, Inc. is planning to issue long-term bonds payable to borrow for a major expansion. For each of the following questions,
Determining the issue price for bonds (Learning Objective 5) 5–10 min.Determine whether the following bonds payable will be issued at par, at a premium, or at a discount:a. The market interest rate
Bond terms (Learning Objective 5) 5–10 min.Match the following terms with the correct definition._____ 1. Bonds that all mature at the same time.a. Convertible bondsb. Premium on bondc. Callable
Accounting for mortgages (Learning Objective 5) 5–10 min.Alby Corporation purchased a building by signing a long-term $800,000 mortgage with monthly payments of $6,200. The mortgage carries an
Accounting for mortgages (Learning Objective 5) 10–15 min.Ling Company issued a $280,000, 4% mortgage on January 1, 2014, to purchase a building. Payments of $8,055 are made semiannually. Complete
Commitments and contingencies (Learning Objective 4) 5–10 min.Phatboy Motorcycles, Inc., a motorcycle manufacturer, included the following note in its annual report:Notes to Consolidated Financial
Warranties (Learning Objective 3) 5–10 min.Sundaze Boats guarantees its boats for three years or 1,500 hours, whichever comes first. Past experience indicates that Sundaze can expect warranty costs
Accounting for notes payable (Learning Objective 2) 5–10 min.On April 30, 2014, Dawson, Co., borrowed $6,000 on a one-year, 9% note payable.What amounts would Dawson, Co., report for the note
Accounting for notes payable (Learning Objective 2) 5–10 min.On February 1, Moe Company borrows $200,000 by signing a 6-month, 6%, interest-bearing note.1. Prepare the entry for February 1.2.
According to the Real World Accounting Video, a working capital loan is used to finance _________.a. buildings and equipmentb. intangible assetsc. current assetsd. tangible assets AppendixLO1
In the Real World Accounting Video, Bill Mencer talks about being a controller. A controller is ________.a. the individual that controls the production of a productb. the individual that controls the
A company recognizes a lease as a capital lease whena. the lease transfers title of the leased asset to the lessee at the end of the lease term.b. the present value of the lease payments is less than
Martin’s bonds pay interest semiannually on July 1 and January 1. If its fiscal year ends on September 30, which statement is true of Martin’s year-end adjusting journal entry for bond
Bonds issued at a premium always havea. interest expense equal to the interest payments.b. interest expense less than the interest payments.c. interest expense greater than the interest payments.d.
Plavix Corporation’s bonds payable carry a stated interest rate of 7%, and the market rate of interest at the time of issuance is 8%. Plavix Corporation’s bonds will be sold ata. par value.b. a
Which interest rate on a bond determines the amount of the semiannual interest payment?a. Effective rateb. Market ratec. Stated rated. None of the above AppendixLO1
What is the term used to describe an unsecured bond?a. Mortgage bondb. Debenture bondc. Serial bondd. Callable bond AppendixLO1
Northern Electric owed Estimated Warranty Payable of $1,700 at the end of 2013.During 2014, Northern Electric made sales of $180,000 and expects product warranties to cost the company 3% of the
Your company sells $90,000 of goods, and you collect sales tax of 8%. What current liability does the sale create?a. Sales Revenue of $97,200b. Accounts Payable of $7,200c. Unearned Revenue of
On January 1, 2014, you borrowed $15,000 on a five-year, 9% note payable. At December 31, 2014, you should record a journal entry that includes which of the following?a. Note Payable of $15,000b.
Known liabilities of uncertain amounts should bea. ignored; record them when they are paid.b. estimated and accrued when they occur.c. described in the notes to the financial statements.d. reported
What are some ways that companies might use improper recording of liabilities to manipulate financial statements?AppendixLO1
What are the differences between an operating lease and a capital lease?AppendixLO1
What happens to the difference between the carrying amount of bonds and the principal amount of the bonds over time?AppendixLO1
Will interest expense be greater than, less than, or equal to the interest payment made on bonds when the bonds are sold ata. par?b. a premium?c. a discount?AppendixLO1
What do we know about the relationship between the market rate of interest and the stated interest rate for a particular bond when the bond is sold ata. par?b. a premium?c. a discount?AppendixLO1
What is the distinguishing feature of the following types of bonds?a. Convertibleb. Callablec. Securedd. Unsecurede. Serialf. Term AppendixLO1
What is the difference between a current liability for an uncertain amount and a contingent liability? Give an example of each and demonstrate how they differ in respect of the difference that you
What journal entry is made when unearned revenue is earned?AppendixLO1
If a company with a 12/31 year-end were to borrow money in the form of a four-month note on 11/1, what accounts would be debited on 3/1 when it pays the note off?AppendixLO1
Provide an example of a known liability, an estimated liability, and a contingent liability.AppendixLO1

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