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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

Stock Dividends versus Stock Splits Campbell Company wants to increase the number of shares of its common stock outstanding and is considering a stock dividend versus a stock split. The
Stock Dividends and Stock Splits Whitacre Company’s Stockholders’ Equity section of the balance sheet on December 31, 2007, was as follows:On May 1, 2008, Whitacre declared and issued a 15% stock
Reporting Changes in Stockholders’ Equity Items On May 1, 2007, Ryde Inc. had common stock of $345,000, additional paid-in capital of $1,298,000, and retained earnings of $3,013,000. Ryde did not
Determining Dividends Paid on Statement of Cash Flows Clifford Company’s comparative balance sheet included dividends payable of $80,000 at December 31, 2007, and $100,000 at December 31, 2008.
Partnerships (Appendix)Sports Central is a sporting goods store owned by Lewis, Jamal, and Lapin in partnership. On January 1, 2008, their capital balances were as follows:During 2008, Lewis withdrew
differentiate between coaching and mentoring?
appraise the value and importance of coaching and mentoring?
perceive the different types of coaching?
apply the concept of delegation to improve organizational decision making?
distinguish between responsibility and authority?
conceive the different levels of delegation and the best time to apply them.
What are the major differences between mentoring and coaching?
How can coaching be different from having a consultant assist a healthcare leader?
Visit the website of one of the professional coaching organizations listed in exhibit 11.1 and describe the services it provides to its members.
How might mentoring increase an employee’s job satisfaction?
What guidelines could be established for mentoring?
Are there times when delegation should not occur?
How does delegation help establish trust?
What is positive and negative about gofer delegation?
What is micromanagement, and why is it destructive?
How did the CEO’s actions involve both mentoring and delegation?Early in my career as a 26-year-old assistant administrator at a hospital, I was on administrative call for the weekend. Our hospital
What did I learn from the way the CEO handled my call?Early in my career as a 26-year-old assistant administrator at a hospital, I was on administrative call for the weekend. Our hospital provided
What else could the CEO have done to emphasize stewardship delegation?Early in my career as a 26-year-old assistant administrator at a hospital, I was on administrative call for the weekend. Our
Why do people like this CEO desire to be involved in trivial decisions?The CEO of a large health system with more than 9,000 employees, 20 of whom reported to her, liked to be involved in decisions,
What are the consequences when a boss spends most of her time on nonstrategic decisions?The CEO of a large health system with more than 9,000 employees, 20 of whom reported to her, liked to be
What could the director of strategy do to assist his boss in focusing on more strategic issues?The CEO of a large health system with more than 9,000 employees, 20 of whom reported to her, liked to be
Why was the VP reluctant to make the final decision, even though he was told to do so?It can be said that if the CEO must make all the decisions, then no one makes decisions. At one organization, it
How could the delegation have been more clearly defined?It can be said that if the CEO must make all the decisions, then no one makes decisions. At one organization, it had been the previous CEO’s
What do you think the CEO and VP should have done to clarify the delegation issue?It can be said that if the CEO must make all the decisions, then no one makes decisions. At one organization, it had
Take the delegation quiz at www.thefreestyleentrepreneur.com/businessmanagement/do-you-delegate-take-this-self-quiz/ (Ingrisano 2011). How good are your delegation skills?
Amortization of Discount Ortega Company issued five-year, 5% bonds with a face value of $50,000 on January 1, 2008.Interest is paid annually on December 31. The market rate of interest on this date
Amortization of Premium Assume the same set of facts for Ortega Company as in Problem 10-2A except that the market rate of interest of January 1, 2008, is 4% and the proceeds from the bond issuance
Financial Statement Impact of a Lease On January 1, 2008, Kiger Manufacturing Company leased a factory machine for six years.Annual payments of $21,980 are to be made every December 31 beginning
Deferred Tax (Appendix)Thad Corporation has compiled its 2008 financial statements. Included in the Long-Term Liabilities category of the balance sheet are the following amounts:Required 1. Determine
Deferred Tax Calculations (Appendix)Clemente Inc. has reported income for book purposes as follows for the past three years:Clemente has identified two items that are treated differently in the
Financial Statement Impact of a Bond Worthington Company issued $1,000,000 face value, six-year, 10% bonds on July 1, 2008, when the market rate of interest was 12%. Interest payments are due every
Partial Classified Balance Sheet for Boeing The following items appear on the consolidated balance sheet of Boeing Inc. at December 31, 2006(in millions). The information in parentheses was added to
Comparing Two Companies: General Mills and Kellogg’s Refer to General Mills’s balance sheet and statement of cash flows at May 29, 2005, and Kellogg’s balance sheet and statement of cash flows
Reading PepsiCo’s Statement of Cash Flows A portion of the Financing Activities section of PepsiCo’s statement of cash flows for the year ended December 31, 2006, follows (in millions):Required
Bond Redemption Decision Armstrong Areo Ace, a flight training school, issued $100,000 of 20-year bonds at face value when the market rate was 10%. The bonds have been outstanding for ten years. The
Identify the components of the long-term liability category of the balance sheet.
Define the important characteristics of bonds payable.
Determine the issue price of a bond using compound interest techniques.
Show that you understand the effect on the balance sheet of the issuance of bonds.
Find the amortization of premium or discount using the effective interest method.
Find the gain or loss on retirement of bonds.
Determine whether a lease agreement must be reported as a liability on the balance sheet.
Explain how investors use ratios to evaluate long-term liabilities.
Explain the effects that transactions involving long-term liabilities have on the statement of cash flows.
Explain deferred taxes and calculate the deferred tax liability. (Appendix)
What are the components of the long-term liability of the balance sheet? (See pp. 480–481.)
What is the proper accounting and reporting of bonds payable. (See pp. 482–484.)
What is the importance of financial arrangements such as leases as a means of financing a company?
Which of the following is likely to appear in the long-term liability category of the balance sheet?a. accounts payableb. bonds payablec. unearned revenued. warranty liability
The account Discount on Bonds Payable should be considered what type of account?a. current liabilityb. assetc. deferred revenued. contra-liability
Bonds usually pay interesta. only at the due date of the bond.b. monthly.c. either annually or semiannually.d. at the time of issuance.
When serial bonds are issueda. the bonds all come due on the same date.b. not all of the bonds come due on the same date.c. the interest is paid as a series of monthly payments.d. the lender is not
Coca-Cola lists three items as long-term liabilities on its 2006 balance sheet. What are those items? Did they increase or decrease?
On January 1, 2008, Omega Corporation issued a three-year, $1,000 bond with a nominal interest rate of 9%. At the time, the market rate of interest was 9%. The company’s issue price for the bond
If the market rate had been 8% at the time of issuance,a. the bonds would have been issued at a premium.b. the bonds would have been issued at a discount.c. the bonds would have been issued at face
If the market rate had been 10% at the time of issuance,a. the bonds would have been issued at a premium.b. the bonds would have been issued at a discount.c. the bonds would have been issued at face
The excess of the issue price over the face value of the bond is referred to asa. a discount.b. a premium.c. accrued interest.d. prepaid interest.
If the market rate of the bond at the time of issuance is greater than the face rate,a. the bonds will be issued at a premium.b. the bonds will be issued at a discount.c. a gain will occur.d. a loss
When a bond is issued at a premium, the interest expense each yeara. is greater than the cash payment for interest.b. is less than the cash payment for interest.c. equals the cash payment for
When a bond is issued at a discount, the interest expense each yeara. is greater than the cash payment for interest.b. is less than the cash payment for interest.c. equals the cash payment for
When bonds are retired or repaid at their due date, there generally will bea. a gain.b. a loss.c. accrued interest.d. no gain or loss.
What does a gain on redemption of bonds indicate?a. The carrying value of the bond was larger than the redemption price.b. The carrying value of the bond was less than the redemption price.c. The
When a lease is classified as an operating lease,a. the lease liability should be presented on the balance sheet of the lessee.b. the lease liability should be presented on the balance sheet of the
When a lease is classified as a capital lease,a. the lease liability should be presented on the balance sheet of the lessee.b. the lease liability should be presented on the balance sheet of the
When an investor views the debt-to-equity ratio of a company,a. it is a measure of the company’s liquidity.b. a high value is generally viewed favorably.c. a low value is generally viewed
When an investor views the times interest earned ratio of a company,a. it is a measure of the company’s liquidity.b. a high value is generally viewed favorably.c. a low value is generally viewed
If a long-term liability account increases, how should it be presented?a. as an increase in cash in the Operating Activities categoryb. as an increase in cash in the Financing categoryc. as a
When a company uses the straight-line depreciation method for financial reporting purposes and an accelerated depreciation method for tax purposes, what is the result?a. a deferred tax assetb. a
Items that are considered permanent differencesa. should be reflected as deferred tax assets on the balance sheet.b. should be reflected as deferred tax liabilities on the balance sheet.c. are items
The principal amount of the bond as stated on the bond certificate. True/False
Bonds that do not all have the same due date. A portion of the bonds comes due each time period. True/False
The interest rate stated on the bond certificate. It is also called the nominal or coupon rate. True/False
The total of the present value of the cash flows produced by a bond. It is calculated as the present value of the annuity of interest payments plus the present value of the principal. True/False
An obligation that will not be satisfied within one year. True/False
The excess of the issue price over the face value of bonds. It occurs when the face rate on the bonds exceeds the market rate. True/False
Bonds that are backed by the general creditworthiness of the issuer and are not backed by specific collateral. True/False
Bonds that may be redeemed or retired before their specified due date. True/False
The process of transferring a portion of premium or discount to interest expense. This method transfers an amount resulting in a constant effective interest rate. True/False
The face value of a bond plus the amount of unamortized premium or minus the amount of unamortized discount. True/False
The interest rate that bondholders could obtain by investing in other bonds that are similar to the issuing firm’s bonds. True/False
The difference between the carrying value and the redemption price at the time bonds are redeemed. This amount is presented as an income statement account. True/False
A lease that does not meet any of four criteria and is not recorded by the lessee. True/False
A lease that meets one or more of four criteria and is recorded as an asset by the lessee. True/False
A difference between the accounting for tax purposes and the accounting for financial reporting purposes. This type of difference affects both book and tax calculations but not in the same time
The account used to reconcile the difference between the amount recorded as income tax expense and the amount that is payable as income tax. True/False
A difference between the accounting for tax purposes and the accounting for financial reporting purposes. This type of difference occurs when an item affects one set of calculations but not the other
What is the issue price of the bond?
What is the amount of premium or discount on the bond at the time of issuance?
What amount of interest expense will be shown on the income statement for the first year of the bond?
What amount of the premium or discount will be amortized during the first year of the bond?
Calculate the present value of the lease payments assuming an 8% interest rate.
Record the journal entry for the signing of the lease.
When the first lease payment is made, what portion of the payment will be considered interest?
Which interest rate, the face rate or the market rate, should be used when calculating the issue price of a bond? Why? (Appendix)
What is the tax advantage that companies experience when bonds are issued instead of stock? (Appendix)

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