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business
financial accounting information

Questions and Answers of Financial Accounting Information

Assume the same facts as in question 70. What is the amount of dividends per share on ordinary share?a. $1.00d. $12.50b. $5.50e. None of thesec. $2.50
A corporation has 40,000 shares of 10% preference share outstanding. Also, there are 40,000 shares of ordinary share outstanding. Par value for each is $100. If a $500,000 dividend is paid, how much
Luca’s Foods has outstanding 600 shares of 7% preference shares, $100 par value, and 1,600 shares of ordinary shares, $30 par value. Luca’s declares dividends of $15,800. The correct entry is:
Shareholders are eligible for a dividend if they own the share on the date ofa. record.c. declaration.b. issuance.d. payment.
A company purchased 100 shares of its ordinary shares at $50 per share. It then sells 35 of the treasury shares at $56 per share. The entry to sell the treasury shares includes aa. credit to Paid-in
When treasury shares are sold for less than its cost, the entry should include a debit to:a. Paid-in Capital in Excess of Par.c. Gain on Sale of Treasury Shares.b. Retained Earnings.d. Loss on Sale
A company paid $24 per share to purchase 600 shares of its ordinary shares as treasury shares. The shares were originally issued at $16 per share. The journal entry to record the purchase of the
Sportworld’s net income for the period is $119,100 and beginning ordinary shareholders’ equity is $681,500. Calculate Sportworld’s return on ordinary shareholders’ equity.a. 17.2%c. 18.2%b.
What is total shareholders’ equity for Sportworld, Inc.?a. $688,100d. $698,500b. $641,345e. None of the abovec. $693,300
What is total paid-in capital for Sportworld, Inc.?a. $634,445d. $693,300b. $622,000e. None of the abovec. $641,345
to Q10-64:These account balances at December 31 relate to Sportworld, Inc.:
Which of the following classifi cations represents the most shares of ordinary share?a. Authorized sharesd. Treasury sharesb. Outstanding sharese. Issued sharesc. Unissued shares Use the following
Preference share is least likely to have which of the following characteristics?a. Extra liability for the preference shareholdersb. The right of the holder to convert to ordinary sharesc. Preference
The paid-in capital portion of shareholders’ equity does not includea. Ordinary Share.b. Preference Share.c. Retained Earnings.d. Paid-in Capital in Excess of Par Value.
Par valuea. represents the original selling price for one share.b. is established for a share of share after it is issued.c. may exist for ordinary share but not for preference share.d. represents
Spirit World, Inc., issues 280,000 shares of no-par ordinary share for $9 per share.The journal entry is:
Which of the following is a characteristic of a corporation?a. Limited lifec. Limited liability of shareholdersb. Limited number of shareholdersd. Limited rights of shareholders
(Learning Objectives 2, 3, 4: Accounting for changes in shareholders’ equity)Clubhouse, Inc., ended 20X6 with 7 million shares of $1 par ordinary share issued and outstanding. Beginning additional
(Learning Objectives 2, 3, 4: Explaining the changes in shareholders’ equity) Space Walk Corporation reported the following shareholders’ equity data (all dollars in millions except par value per
(Learning Objective 7: Reporting fi nancing activities on the statement of cash fl ows)Use the D-4 Networking Solutions data in Exercise 10-52 to show how the company reported cash fl ows from fi
(Learning Objectives 2, 3, 4: Reconstructing transactions from the fi nancial statements) D-4 Networking Solutions began operations on January 1, 20X6, and immediately issued its shares, receiving
to show how the company reported cash fl ows from fi nancing activities during 20X6 (the current year). List items in descending order from largest to smallest dollar amount.Challenge Exercises
(Learning Objective 7: Reporting cash fl ows from fi nancing activities) Use the Lawrence data in Exercise
(Learning Objective 6: Evaluating profi tability) Lawrence Company included the following items in its fi nancial statements for 20X6, the current year (amounts in millions):Requirement 1. Compute
(Learning Objective 6: Evaluating profi tability) LaSalle Inns reported these fi gures for 20X7 and 20X6 (in millions):❙ Requirement 1. Compute LaSalle’s return on assets and return on ordinary
(Learning Objective 5: Measuring the book value per share of ordinary share)The balance sheet of Eclectic Rug Company reported the following:❙ Requirements 1. Compute the book value per share for
(Learning Objective 4: Reporting shareholders’ equity after a stock split) Griffi n Corp. had the following shareholders’ equity at March 31 (dollars in millions, except par value per
(Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury share transactions) Identify the effects—both the direction and the dollar amount—of these assumed
(Learning Objective 4: Recording a share dividend and reporting shareholders’equity) The shareholders’ equity for Icy Pop Drive-Ins (IP) on December 31, 20X6, follows:On August 15, 20X7, the
(Learning Objective 4: Computing dividends on preference and ordinary share)Eerie Manufacturing, Inc., reported the following:Eerie Manufacturing has paid all preference dividends through 20X3.❙
(Learning Objectives 2, 3, 4, 5: Inferring transactions from a company’s shareholders’ equity) Supreme Products Company reported the following shareholders’ equity on its balance sheet:❙
(Learning Objectives 2, 3, 4: Reporting shareholders’ equity after a sequence of transactions) Use the Eastern Corporation data in Exercise 10-41B to prepare the shareholders’equity section of
(Learning Objectives 2, 3, 4: Recording share issuance, treasury share, and dividend transactions) At December 31, 20X6, Eastern Corporation reported the shareholders’ equity accounts shown here
(Learning Objectives 2, 3: Recording treasury share transactions and measuring their effects on shareholders’ equity) Journalize the following assumed transactions of Applebug Productions:What was
(Learning Objectives 2, 3: Shareholders’ equity section of a balance sheet) Bukala Software had the following selected account balances at December 31, 20X6 (in thousands, except par value per
(Learning Objective 2: Measuring the paid-in capital of a corporation) Journey Publishing was recently organized. The company issued ordinary shares to a lawyer who provided legal services worth
(Learning Objective 2: Preparing shareholders’ equity section of a balance sheet)Honcho Sporting Goods is authorized to issue 7,000 preference shares and 16,000 ordinary shares. During a two-month
(Learning Objective 2: Issuing share and reporting shareholders’ equity) Sweet& Sour, Inc., is authorized to issue 110,000 shares of ordinary shares and 5,000 shares of preference shares. During
to show how the company reported cash fl ows from fi nancing activities during 20X6 (the current year). List items in descending order from the largest to the smallest dollar amount.(Group B)
(Learning Objective 7: Reporting cash fl ows from fi nancing activities) Use the Littleton Company data in Exercise
(Learning Objective 6: Evaluating profi tability) Littleton Company included the following items in its fi nancial statements for 20X6, the current year (amounts in millions):❙ Requirement 1.
(Learning Objective 6: Evaluating profi tability) Luna Inns reported these fi gures for 20X7 and 20X6 (in millions):❙ Requirement 1. Compute Luna’s return on assets and return on ordinary
(Learning Objective 5: Measuring the book value per share of ordinary share)The balance sheet of Luxury Rug Company reported the following:❙ Requirements 1. Compute the book value per share for an
(Learning Objective 4: Reporting shareholders’ equity after a stock split) Clublink Corp. had the following shareholders’ equity at October 31 (dollars in millions, except par value per share):On
(Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury shares transactions) Identify the effects—both the direction and the dollar amount—of these assumed
(Learning Objective 4: Recording a share dividend and reporting shareholders’equity) The shareholders’ equity for Heavenly Desserts Drive-Ins (HD) on December 31, 20X6, is as follows:On May 11,
(Learning Objective 4: Computing dividends on preference and ordinary share)Huron Manufacturing, Inc., reported the following:Huron Manufacturing has paid all preference dividends through 20X7.❙
(Learning Objectives 2, 3, 4, 5: Inferring transactions from a company’s shareholders’ equity) Theta Products Company reported the following shareholders’ equity on its balance sheet:❙
(Learning Objectives 2, 3, 4: Reporting shareholders’ equity after a sequence of transactions) Use the Northeast Corporation data in Exercise 10-25A to prepare the shareholders’ equity section of
(Learning Objectives 2, 3, 4: Recording share issuance, treasury share, and dividend transactions) At December 31, 20X6, Northeast Corporation reported the shareholders’ equity accounts shown here
(Learning Objectives 2, 3: Recording treasury shares transactions and measuring their effects on shareholders’ equity) Journalize the following transactions of Aliant Productions:What was the
(Learning Objective 2: Measuring the paid-in capital of a corporation) Travel Publishing was recently organized. The company issued ordinary shares to an attorney who provided legal services worth
(Learning Objective 2: Preparing shareholders’ equity section of a balance sheet)Army Navy Sporting Goods is authorized to issue 10,000 preference shares and 19,000 ordinary shares. During a
(Learning Objective 2: Issuing shares and reporting shareholders’ equity) Bread& Butter, Inc., is authorized to issue 120,000 shares of ordinary shares and 7,000 shares of preference shares. During
(Learning Objective 7: Measuring cash fl ows from fi nancing activities) During 20X6, Dwyer Corporation earned net income of $5.8 billion and paid off $2.4 billion of longterm notes payable. Dwyer
(Learning Objectives 1, 2, 5: Explaining the features of a corporation’s shares)McGahan Corporation is conducting a special meeting of its board of directors to address some concerns raised by the
(Learning Objective 6: Computing earnings per share and return on equity for a leading company) Sasuke Corporation’s 20X7 fi nancial statements reported the following items, with the 20X6 fi gures
(Learning Objective 6: Computing and explaining earning per share and return on equity) Give the formula for computing (a) earnings per share (EPS) and (b) rate of return on ordinary shareholders’
(Learning Objective 5: Computing book value per share) Fools Gold, Inc., has the following shareholders’ equity:The company has passed its preference dividends for three years including the current
(Learning Objective 4: Recording a share dividend) Centerville Bancshares has 13,000 shares of $3 par ordinary shares outstanding. Suppose Centerville distributes a 15% shares dividend when the
(Learning Objective 4: Dividing cash dividends between preference and ordinary share) Access Garde, Inc., has 200,000 shares of $1.80 preference share outstanding in addition to its ordinary shares.
(Learning Objective 4: Accounting for cash dividends) Greentea Corporation earned a net income of $95,000 during the year ended December 31, 20X6. On December 15, Greentea declared the annual cash
(Learning Objective 3: Purchasing treasury share to fi ght off a takeover of the corporation) Thi Pham Exports, Inc., is located in Hanoi, Vietnam. TPE is the only company with reliable sources for
(Learning Objective 3: Accounting for the purchase and sale of treasury shares)Genius Marketing Corporation reported the following shareholders’ equity at December 31(adapted and in
(Learning Objective 2: Using shareholders’ equity data) Use the Mountainpeak Employment Services data in Short Exercise 10-8 to compute Mountainpeak’s:a. Net income.b. Total liabilities.c. Total
(Learning Objective 2: Preparing the shareholders’ equity section of a balance sheet)The fi nancial statements of Mountainpeak Employment Services, Inc., reported the following accounts (adapted,
(Learning Objective 2: Issuing shares to fi nance the purchase of assets) This short exercise demonstrates the similarity and the difference between two ways to acquire PPE.Compare the balances in
(Learning Objective 2: Issuing shares—par value share and no-par share) At fi scal year-end 2010, Horris Printer and Delectable Doughnuts reported these adapted amounts on their balance sheets
(Learning Objective 2: Describing the effect of a shares issuance on paid-in capital)SHOE received $73,000,000 for the issuance of its shares on April 24. The par value of the SHOE shares was only
(Learning Objective 1: Organizing a corporation) Karen Scanlon and Jennifer Shaw are opening a Submarine’s deli. Scanlon and Shaw need outside capital, so they plan to organize the business as a
(Learning Objective 1: Describing characteristics of preference and ordinary shares)Answer the following questions about the characteristics of a corporation’s shares:1. Who are the real owners of
(Learning Objective 1: Describing the authority structure in a corporation) Consider the authority structure in a corporation, as illustrated in Exhibit 10-2.1. What group holds the ultimate power in
(Learning Objective 1: Explaining advantages and disadvantages of a corporation)What are two main advantages that a corporation has over a proprietorship and a partnership?What are two main
The numerator for computing the rate of return on ordinary equity isa. net income.c. net income minus preference dividends.b. net income minus interest expense.d. net income plus preference dividends.
The denominator for computing earnings per share isa. number of all shares outstanding at year-end.b. number of ordinary shares outstanding at year-end .c. weighted average number of preference
A 2-for-1 stock split has the same effect on the number of shares being issued as aa. 50% share dividend.c. 100% share dividend.b. 200% share dividend.d. 20% share dividend.
What is the effect of a share dividend and a stock split on total assets?Shares dividend Stock splita. No effect Decreaseb. Decrease Decreasec. No effect No effectd. Decrease No effect
Share dividendsa. have no effect on total shareholders’ equity.b. increase the corporation’s total liabilities.c. reduce the total assets of the company.d. are distributions of cash to
Maple Tree Mall, Inc., has 2,500 shares of 2%, $25 par cumulative preference shares and 125,000 shares of $2 par ordinary shares outstanding. At the beginning of the current year, preference
When do dividends increase shareholders’ equity?a. On date of declaration.c. Never.b. On date of payment.d. On date of record.
When does a cash dividend become a legal liability?a. It never becomes a liability because it is paid.b. On date of payment.c. On date of record.d. On date of declaration and approval.
The purchase of treasury sharesa. decreases total assets and increases total shareholders’ equity.b. decreases total assets and decreases total shareholders’ equity.c. has no effect on total
The shareholders’ equity section of a corporation’s balance sheet reports Discount on Bonds Payable Treasury Sharesa. No Yesb. Yes Noc. No Nod. Yes Yes
Syracuse Corporation purchased treasury shares in 2010 at a price of $15 per share and resold the treasury share in 20X7 at a price of $35 per share. What amount should Syracuse report on its income
What would Machado’s total shareholders’ equity be if Machado had $10,000 of treasury shares?a. $1,448,500c. $1,350,000b. $1,025,000d. $1,337,500
Machado’s total shareholders’ equity as of August 31, 20X6, isa. $1,035,000.c. $1,458,500.b. $1,347,500.d. $1,360,000.
Machado’s total paid-in capital at August 31, 20X6, isa. $1,347,500.c. 1,458,500.b. $1,022,500.d. $1,035,000.
How many ordinary shares has Machado issued?a. 111,000c. 120,000b. 660,000d. Some other amount
Lurvey Company is authorized to issue 50,000 shares of $25 par ordinary share. On May 30, 20X6, Lurvey issued 20,000 shares at $45 per share. Lurvey’s journal entry to record these facts should
What happens if a company has reached its limit of authorized share capital and yet wants to issue more shares?
Propose the journal entry that L’Occitane would have performed for its IPO share issuance. What is the impact of the issuance on the accounting equation?
What was L’Occitane’s total paid-in capital as at March 31, 2011?
Report equity transactions on the statement of cash flows
Compute earnings per share and return on equity
Use share values in decision making
Describe how treasury shares affect a company’s capital
Account for the issuance of shares
Explain the features of a corporation
Beginning inventory is $70,000, net purchases total $365,000, and net sales are $500,000. With a normal gross profi t rate of 40% of sales (cost of goods sold = 60%), how much is ending inventory?
Which inventory system to use?

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