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financial accounting 16th edition carl

Questions and Answers of Financial Accounting 16th Edition carl

On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor:At the annual stockholders’ meeting on March 31, the board of
In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and
The following selected accounts appear in the ledger of Upscale Construction Inc. at the beginning of the current year:Preferred 2% Stock, $80 par (200,000 shares authorized, 65,000 shares issued) .
A corporation issues $26,000,000 of 9% bonds to yield interest at the rate of 7%. (a) Was the amount of cash received from the sale of the bonds greater or less than $26,000,000? (b)
Alex Kelton recently won the jackpot in the Colorado lottery while he was visiting his parents. When he arrived at the lottery office to collect his winnings, he was offered the following three
On the first day of the fiscal year, a company issues a $1,800,000, 6%, five-year bond that pays semiannual interest of $54,000 ($1,800,000 3 6% 3 ½), receiving cash of $1,725,151.Journalize the
On July 1, Year 1, Livingston Corporation, a wholesaler of manufacturing equipment, issued $46,000,000 of 20-year, 10% bonds at a market (effective) interest rate of 11%, receiving cash of
On the first day of the fiscal year, a company issues an $8,600,000, 11%, five-year bond# that pays semiannual interest of $473,000 ($8,600,000 × 11% × ½), receiving cash of $8,932,035. Journalize
On the first day of the fiscal year, a company issues a $5,300,000, 8%, the five-year bond that pays semiannual interest of $212,000 ($5,300,000 × 8% × ½), receiving cash of $5,520,390.Journalize
Boyd Co. produces and sells aviation equipment. On the first day of its fiscal year, Boyd Co. issued $80,000,000 of five-year, 9% bonds at a market (effective) interest rate of 12%, with interest
Moss Co. issued $42,000,000 of five-year, 11% bonds, with interest payable semiannually, at a market (effective) interest rate of 9%. Determine the present value of the bonds payable using the
A $1,900,000 bond issue on which there is an unamortized premium of $101,264 is redeemed for $1,979,000. Journalize the redemption of the bonds.
The following excerpt is from a conversation between Kate Purvis, the president and chief operating officer of Light House Company, and her neighbor, Dot Evers:Dot: Kate, I’m taking a course in
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 20Y7, follows:The following business transactions were completed by
On October 1, 20Y6, Jay Pryor established an interior decorating business, Pioneer Designs. During the month, Jay completed the following transactions related to the business:Oct. 1. Jay transferred
In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and
On August 1, 20Y5, Rafael Masey established Planet Realty, which completed the following transactions during the month:a. Rafael Masey transferred cash from a personal bank account to an account to
On January 1, 20Y5, Fahad Ali established Mountain Top Realty, which completed the following transactions during the month:a. Fahad Ali transferred cash from a personal bank account to an account to
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships:Determine the missing amounts, identifying them by
Lisa Duncan, a junior in college, has been seeking ways to earn extra spending money. As an active sports enthusiast, Lisa plays tennis regularly at the Phoenix Tennis Club, where her family has a
On January 1, 20Y8, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a proprietorship. The following conversation occurred the following August between Dr. Cousins
D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
O’Brien Industries Inc. is a book publisher. The partial balance sheets for December 31, 20Y4 and 20Y5 are as follows:The available-for-sale investments at cost and fair value on December 31, 20Y4,
On July 1, 20Y7, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:a. Opened a business bank account with a deposit of $25,000 from personal
The amounts of the assets and liabilities of Excalibur Travel Agency at December 31, 20Y5, the end of the year, and its revenue and expenses for the year follow. The capital of James Brewster, owner,
Peyton Smith enjoys listening to all types of music and owns countless CDs. Over the years, Peyton has gained a local reputation for knowledge of music from classical to rap and the ability to put
The company began operations on January 1, 20Y6. The following transactions relate to securities acquired by Forte Inc., which has a fiscal year ending on December 31, 20Y6: Jan. 10. Purchased
Soto Industries Inc. is an athletic footware company that began operations on January 1, 20Y3. The following are bond (held-to-maturity) transactions by Soto Industries Inc., which has a fiscal year
Marco Brolo is one of three partners who own and operate Silkroad Partners, a global import-export business. Marco is the partner in charge of recording partnership transactions in the accounts. On
Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial statements from Rhino Enterprises as a basis for granting the
Zeus Investments Inc. is a regional freight company that began operations on January 1, 20Y8. The following transactions relate to trading securities acquired by Zeus Inc., which has a fiscal year
Cross Country Delivery Service is owned and operated by Pedro Gonzalez. The following selected transactions were completed by Cross Country Delivery Service during May:1. Received cash from owner as
Penny Lyman is the owner and operator of Go109, a motivational consulting business. At the end of its accounting period, December 31, 20Y1, Go109 has assets of $659,000 and liabilities of $165,000.
Based on the data presented in Exercise 6-14, journalize Balboa Co.’s entries for (a) the purchase, (b) the credit memo, and (c) the payment of the invoice.Exercise 6-14Showcase Co., a furniture
Identify the errors in the following income statement: Curbstone Company Income Statement For the Year Ended August 31, 20YS Sales ... $8,595,000 6,110,000 $2,485,000 Cost of merchandise sold. Income
Emerald Tours Co. is a travel agency. The nine transactions recorded by Emerald Tours during May 20Y5, its first month of operations, are indicated in the following T accounts:Indicate for each debit
When the ledger and other records are reviewed, you discover the following: (1) the debits and credits in the cash account total $77,600 and $62,100, respectively; (2) a billing of $9,000 to a
The following data (in millions) were taken from the financial statements of Target Corporationa. For Target Corporation, determine the amount of change in millions and the percent of change (round
The following data (in millions) were taken from the financial statements of Costco Wholesale Corporationa. For Costco, determine the amount of change in millions and the percent of change (round to
On December 31, the following data were accumulated for preparing the adjusting entries for Flagship Realty:• The supplies account balance on December 31 is $1,585. The supplies on hand on December
Daryl Kirby opened Squid Realty Co. on January 1, 20Y7. At the end of the first year, the business needed additional capital. On behalf of Squid Realty Co., Daryl applied to Ocean National Bank for a
In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and
At the end of the current year, $59,500 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
Emerson Company is a small editorial services company owned and operated by Suzanne Emerson. On October 31, 20Y6, Emerson Company’s accounting clerk prepared the unadjusted trial balance shown
The balance in the unearned fees account, before adjustment at the end of the year, is $23,100. Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $4,620.
The supplies and supplies expense accounts at February 28, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts:Determine the
The prepaid insurance account had a balance of $3,000 at the beginning of the year. The account was debited for $32,500 for premiums on policies purchased during the year. Journalize the adjusting
The balance in the equipment account is $3,240,000, and the balance in the accumulated depreciation—equipment account is $2,134,000.a. What is the book value of the equipment?b. Does the balance in
Amazon.com, Inc. is the largest Internet retailer in the United States. Amazon’s income statements through operating income for two recent years are as follows (in millions):a. Prepare a vertical
The following data are taken from recent financial statements of Nike, Inc. (in millions):a. Determine the amount of change (in millions) and percent of change in net income from Year 1 to Year 2.
Alert Security Services Co. offers security services to business clients. The trial balance for Alert Security Services Co. has been prepared on the following end-of-period spreadsheet for the year
Based on the data presented in Exercise 5-1, assume that the beginning balances for the customer accounts were zero, except for Jordan Inc., which had a $1,080 beginning balance. In addition, there
The debits and credits from three related transactions are presented in the following customer’s account taken from the accounts receivable subsidiary ledger:Describe each transaction and identify
a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?b.
On February 3, Boulder Repair Service extended an offer of $566,000 for land that had been priced for sale at $629,000. On February 28, Boulder Repair Service accepted the seller’s counteroffer of
The following is a list of well-known companies:1. Alcoa Inc.2. Boeing3. Caterpillar4. Citigroup Inc.5. CVS6. Delta Air Lines7. eBay Inc.8. FedEx9. Ford Motor Company10. Gap Inc.11. H&R Block12.
Rios Co. is a regional insurance company that began operations on January 1, 20Y2. The following selected transactions relate to investments acquired by Rios Co., which has a fiscal year ending on
Glacier Products Inc. is a wholesaler of rock climbing gear. The company began operations on January 1, 20Y3. The following transactions relate to securities acquired by Glacier Products Inc., which
Teasdale Inc. manufactures and sells commercial and residential security equipment. The partial balance sheets for December 31, 20Y7 and 20Y8 are as follows:The available-for-sale investments at cost
Determine the missing amount for each of the following: Assets Liabilities = Owner's Equity X $633,000 + $3,841,000 а. b. $6,124,500 X $5,737,000 C. $1,981,800 $748,900 X
The revenues and expenses of Up-in-the-Air Travel Service for the year ended April 30, 20Y7, follow:Fees earned ....................................................... $1,870,000Office expense
Amazon.com, an Internet retailer, was incorporated and began operation in the mid-1990s. On the statement of cash flows, would you expect Amazon.com’s net cash flows from operating, investing, and
A business had revenues of $679,000 and operating expenses of $588,000. Did the business (a) Incur a net loss (b) Realize net income?
A business had revenues of $640,000 and operating expenses of $715,000. Did the business (a) incur a net loss or (b) Realize net income?
Using the income statement for Up-in-the-Air Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the year ended April 30, 20Y7. Data from Practice
The financial statements are interrelated. (a) What item of financial or operating data appears on both the income statement and the statement of owner’s equity? (b) What item appears on
A summary of cash flows for Zenith Travel Service for the year ended August 31, 20Y4, follows:Cash receipts:Cash received from customers
The following data were taken from Nakajima Company’s balance sheet:a. Compute the ratio of liabilities to owner’s equity.b. Has the creditor’s risk increased or decreased from December 31,
Sheet data at the beginning and end of a year. These data, exclusive of the amount of owner’s equity, are summarized as follows:On the basis of the preceding data and the following additional
Hermes Services was organized organized organized on August 1, 20Y2. A summary of the revenue and expense transactions for August follows:Fees earned

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