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business
fundamental accounting

Questions and Answers of Fundamental Accounting

Master Mechanics, Inc. (MMI), recognized \(\$ 1,200\) of sales revenue on account and collected \(\$ 1,100\) of cash from accounts receivable. Further, MMI recognized \(\$ 700\) of operating expenses
On January 1, 2011, Duncan Company had a balance of \(\$ 59,600\) in its Delivery Equipment account. During 2011, Duncan purchased delivery equipment that cost \(\$ 18,500\). The balance in the
The following accounts and corresponding balances were drawn from Winston Company's 2012 and 2011 year-end balance sheets.Other information drawn from the accounting records:1. Winston incurred a
On January 1, 2011, BGA Company had a balance of \(\$ 500,000\) in its Bonds Payable account. During 2011, BGA issued bonds with a \(\$ 150,000\) face value. There was no premium or discount
On January 1, 2011, Parker Company had a balance of \(\$ 120,000\) in its Common Stock account. During 2011, Parker paid \(\$ 18,000\) to purchase treasury stock. Treasury stock is accounted for
The following accounts and corresponding balances were drawn from Berry Company's 2012 and 2011 year-end balance sheets.Other information drawn from the accounting records:1. Dividends paid during
Top Brands, Inc. (TBI), presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from TBI's 2012 and 2011 year-end balance
Security Services, Inc. (SSI), recognized \(\$ 2,400\) of sales revenue on account and collected \(\$ 1,900\) of cash from accounts receivable. Further, SSI recognized S900 of operating expenses on
On January 1, 2011, Oswalt Company had a balance of \(\$ 156,000\) in its Land account. During 2011, Oswalt sold land that had cost \(\$ 66,000\) for \(\$ 98,000\) cash. The balance in the Land
On January 1, 2011, MMC Company had a balance of \(\$ 700,000\) in its Bonds Payable account. During 2011, MMC issued bonds with a \(\$ 200,000\) face value. There was no premium or discount
On January 1, 2011, Graves Company had a balance of \(\$ 200,000\) in its Common Stock account. During 2011, Graves paid \(\$ 15,000\) to purchase treasury stock. Treasury stock is accounted for
The following accounts and corresponding balances were drawn from Poole Company's 2012 and 2011 year-end balance sheets:Other information drawn from the accounting records:1. Dividends paid during
Greenstein Company engaged in the following transactions during 2012. The beginning cash balance was \(\$ 86,000\) and ending cash balance was \(\$ 123,100\).1. Sales on account were \(\$ 548,000\).
Listed here are the stockholders' equity sections of three public companies for years ending in 2008 and 2007:Required a. Divide the class in three sections and divide each section into groups of
Listed here are data for five companies. These data are from companies' annual reports for the fiscal year indicated. The market price per share is the closing price of the companies' stock as of
Merck & Company is one of the world's largest pharmaceutical companies. The following data were taken from the company's 2008 annual report.Requireda. Compute Merck's price-earnings ratio for
Google, Inc., operates the world's largest Internet search engine. International Business Machines Corporation (IBM) is one of the world's largest computer hardware and software companies. The
Louise Stinson, the chief financial officer of Bostonian Corporation, was on her way to the president's office. She was carrying the latest round of bad news. There would be no executive bonuses this
Using either Big Lots, Inc.'s most current Form 10-K or the company's annual report, answer the questions below. To obtain the Form \(10-\mathrm{K}\) use either the EDGAR system following the
Annette's Accessories had the following stock issued and outstanding at January 1, 2011.On March 5, 2011, Annette's declared a \(\$ 100,000\) cash dividend to be paid March 31 to shareholders of
The trial balance of Pacilio Security Services Inc. as of January 1, 2021, had the following normal balances:During 2021, Pacilio Security Services experienced the following transactions:1. Paid the
A sole proprietorship was started on January 1, 2011, when it received \(\$ 20,000\) cash from Dan Jones, the owner. During 2011, the company earned \(\$ 14,500\) in cash revenues and paid \(\$
Claire Mills and Polly Price started the M&P partnership on January 1, 2011. The business acquired \(\$ 24,500\) cash from Mills and \(\$ 45,500\) from Price. During 2011, the partnership earned \(\$
Stone Corporation was started with the issue of 1,000 shares of \(\$ 5\) par stock for cash on January 1 , 2011. The stock was issued at a market price of \(\$ 18\) per share. During 2011, the
Newly formed Super Max Corporation has 30,000 shares of \(\$ 10\) par common stock authorized. On March 1, 2011, Super Max issued 5,000 shares of the stock for \$20 per share. On May 2 the company
E.Com Inc. was organized on June 5, 2011. It was authorized to issue 200,000 shares of \(\$ 5\) par common stock and 20,000 shares of 5 percent cumulative class A preferred stock. The class A stock
Master Corporation issued 4,000 shares of no-par common stock for \(\$ 30\) per share. Master also issued 1,000 shares of \(\$ 50\) par, 6 percent noncumulative preferred stock at \(\$ 80\) per
James Lee, a wealthy investor, exchanged a plot of land that originally cost him \(\$ 30,000\) for 1,000 shares of \(\$ 10\) par common stock issued to him by Bay Corp. On the same date, Bay Corp.
Hawk Corporation repurchased 1,000 shares of its own stock for \(\$ 38\) per share. The stock has a par of \(\$ 10\) per share. A month later Hawk resold 500 shares of the treasury stock for \(\$
The following information pertains to Sneed Corp. at January 1, 2011.Sneed Corp. completed the following transactions during 2011:1. Issued 2,000 shares of \(\$ 10\) par common stock for \(\$ 43\)
On May 1, 2011, Lott Corporation declared a \(\$ 120,000\) cash dividend to be paid on May 31 to shareholders of record on May 15.Required a. Record the events occurring on May 1, May 15, and May 31
When Express Corporation was organized in January 2011, it immediately issued 2,000 shares of \(\$ 50\) par, 7 percent, cumulative preferred stock and 30,000 shares of \(\$ 20\) par common stock. Its
Iuka Corporation had the following stock issued and outstanding at January 1, 2011:1. 100,000 shares of \(\$ 1\) par common stock.2. 10,000 shares of \(\$ 100\) par, 8 percent, noncumulative
Varsity Inc. had the following stock issued and outstanding at January 1, 2011:1. 200,000 shares of no-par common stock.2. 10,000 shares of \(\$ 100\) par, 8 percent, cumulative preferred stock.
Rollins Corporation issued a 5 percent stock dividend on 10,000 shares of its \(\$ 10\) par common stock. At the time of the dividend, the market value of the stock was \(\$ 14\) per share.Required
The market value of West Corporation's common stock had become excessively high. The stock was currently selling for \(\$ 240\) per share. To reduce the market price of the common stock, West
During 2012 the Brook Corporation and the River Corporation reported net incomes of \(\$ 38,000\) and \(\$ 21,000\), respectively. Both companies had 8,000 shares of common stock issued and
Pepper Company's earnings were approximately the same in 2011 and 2012. Even so, the company's \(\mathrm{P} / \mathrm{E}\) ratio dropped significantly.RequiredSpeculate about why Pepper's P/E ratio
Calloway Company was started on January 1, 2011, when it acquired \(\$ 40,000\) cash from the owners. During 2011, the company earned cash revenues of \(\$ 18,000\) and incurred cash expenses of \(\$
The following correctly prepared entries without explanations pertain to Triangle Corporation.The original sale (Entry 1) was for 200,000 shares, and the treasury stock was acquired for \(\$ 15\) per
Deaton Co. completed the following transactions in 2011, the first year of operation:1. Issued 20,000 shares of no-par common stock for \(\$ 10\) per share.2. Issued 5,000 shares of \(\$ 20\) par, 6
Hamby Corporation received a charter that authorized the issuance of 100,000 shares of \(\$ 10\) par common stock and 50,000 shares of \(\$ 50\) par, 6 percent cumulative preferred stock. Hamby
One Co. completed the following transactions in 2011, the first year of operation:1. Issued 20,000 shares of \(\$ 5\) par common stock for \(\$ 5\) per share.2. Issued 1,000 shares of \(\$ 20\)
The stockholders' equity section of the balance sheet for Cross Electric Co. at December 31, 2011 , is as follows:Note: The market value per share of the common stock is \(\$ 36\), and the market
Ja-San Company was started on January 1, 2011, when the owners invested \(\$ 160,000\) cash in the business. During 2011, the company earned cash revenues of \(\$ 90,000\) and incurred cash expenses
Boley Corporation reports the following information in its January 1, 2011, balance sheet:During 2011, Boley was affected by the following accounting events:1. Purchased 1,000 shares of treasury
Chen Corp. completed the following transactions in 2011, the first year of operation:1. Issued 20,000 shares of \(\$ 20\) par common stock for \(\$ 30\) per share.2. Issued 5,000 shares of \(\$ 50\)
Lane Corporation was authorized to issue 100,000 shares of \(\$ 5\) par common stock and 20,000 shares of \(\$ 100\) par, 6 percent, cumulative preferred stock. Lane Corporation completed the
Midwest Corp. completed the following transactions in 2011, the first year of operation:1. Issued 20,000 shares of \(\$ 10\) par common stock at par.2. Issued 2,000 shares of \(\$ 30\) stated value
A sole proprietorship was started on January 1, 2011, when it received \(\$ 60,000\) cash from Mark Pruitt, the owner. During 2011, the company earned \(\$ 40,000\) in cash revenues and paid \(\$
Justin Harris and Paul Berryhill started the HB partnership on January 1, 2011. The business acquired \(\$ 56,000\) cash from Harris and \(\$ 84,000\) from Berryhill. During 2011, the partnership
Morris Corporation was started with the issue of 5,000 shares of \(\$ 10\) par common stock for cash on January 1, 2011. The stock was issued at a market price of \$18 per share. During 2011, the
Newly formed Home Medical Corporation has 100,000 shares of \(\$ 5\) par common stock authorized. On March 1, 2011, Home Medical issued 10,000 shares of the stock for \(\$ 12\) per share. On May 2
Rainey Inc. was organized on June 5, 2011. It was authorized to issue 400,000 shares of \$10 par common stock and 50,000 shares of 4 percent cumulative class A preferred stock. The class A stock had
Eaton Corporation issued 5,000 shares of no-par common stock for \(\$ 20\) per share. Eaton also issued 2,000 shares of \(\$ 50\) par, 6 percent noncumulative preferred stock at \(\$ 60\) per
Graves Corporation repurchased 2,000 shares of its own stock for \(\$ 40\) per share. The stock has a par of \(\$ 10\) per share. A month later Graves resold 1,200 shares of the treasury stock for
The following information pertains to Smoot Corp. at January 1, 2011.Smoot Corp. completed the following transactions during 2011:1. Issued 1,000 shares of \(\$ 10\) par common stock for \(\$ 28\)
On October 1, 2011, Smart Corporation declared a \(\$ 60,000\) cash dividend to be paid on December 30 to shareholders of record on November 20.Requireda. Record the events occurring on October 1,
When Polledo Corporation was organized in January 2011, it immediately issued 5,000 shares of \(\$ 50\) par, 5 percent, cumulative preferred stock and 10,000 shares of \(\$ 10\) par common stock. The
B&S Corporation had the following stock issued and outstanding at January 1, 2011:1. 100,000 shares of \(\$ 5\) par common stock.2. 5,000 shares of \(\$ 100\) par, 5 percent, noncumulative preferred
Wu Corp. had the following stock issued and outstanding at January 1, 2011:1. 50,000 shares of no-par common stock.2. 10,000 shares of \(\$ 100\) par, 4 percent, cumulative preferred stock.
Merino Corporation issued a 4 percent stock dividend on 30,000 shares of its \(\$ 10\) par common stock. At the time of the dividend, the market value of the stock was \(\$ 25\) per share.Requireda.
Mighty Drugs (one of the three largest drug makers) just reported that its 2011 third quarter profits are essentially the same as the 2010 third quarter profits. In addition to this announcement, the
During 2011 Carabella, Inc., and Yambill, Inc., reported net incomes of \(\$ 120,000\) and \(\$ 140,000\), respectively. Both companies had 50,000 shares of common stock issued and outstanding. The
Write a memo explaining why one company's \(\mathrm{P} / \mathrm{E}\) ratio may be higher than another company's \(\mathrm{P} / \mathrm{E}\) ratio.
Morgan Co. is planning to finance an expansion of its operations by borrowing \(\$ 100,000\). City Bank has agreed to loan Morgan the funds. Morgan has two repayment options: (1) to issue a note with
On January 1, 2011, Cobb Co. borrowed \(\$ 80,000\) cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of
Jim Yancy started a business by issuing a \(\$ 50,000\) face value note to State National Bank on January 1,2011 . The note had a 5 percent annual rate of interest and a 10 -year term. Payments of
A partial amortization schedule for a five-year note payable that Mura Co. issued on January 1, 2011 , is shown here:Required a. What rate of interest is Mura Co. paying on the note?b. Using a
Dawkins Company has a line of credit with Federal Bank. Dawkins can borrow up to \(\$ 500,000\) at any time over the course of the 2011 calendar year. The following table shows the prime rate
Polledo Company issued \(\$ 350,000\) of 20-year, 6 percent bonds on January 1, 2011. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Polledo immediately
On January 1, 2011, Watson Corp. issued \(\$ 220,000\) of 10 -year, 6 percent bonds at their face amount. Interest is payable on December 31 of each year with the first payment due December 31,
Johns Co. issued \(\$ 180,000\) of 6 percent, 10-year, callable bonds on January 1, 2011, at their face value. The call premium was 2 percent (bonds are callable at 102). Interest was payable
Nash Co. issued bonds with a face value of \(\$ 120,000\) on January 1, 2011. The bonds had a 6 percent stated rate of interest and a five-year term. The bonds were issued at face value.Required a.
Compute the cash proceeds from bond issues under the following terms. For each case, indicate whether the bonds sold at a premium or discount.a. Pro, Inc., issued \(\$ 300,000\) of 8 -year, 7 percent
Indicate whether a bond will sell at a premium (P), discount (D), or face value (F) for each of the following conditions: a. - b. c. d. e. The market rate of interest is equal to the stated rate. The
In each of the following situations, state whether the bonds will sell at a premium or discount.a. Stokes issued \(\$ 200,000\) of bonds with a stated interest rate of 8 percent. At the time of
For each of the following situations, calculate the amount of bond discount or premium, if any.a. Best Co. issued \(\$ 110,000\) of 6 percent bonds at 102 .b. Morris, Inc., issued \(\$ 60,000\) of 10
Sanders Company issued \(\$ 200,000\) face value of bonds on January 1, 2011. The bonds had a 6 percent stated rate of interest and a 10 -year term. Interest is paid in cash annually, beginning
Farm Supplies, Inc., issued \(\$ 250,000\) of 10 -year, 6 percent bonds on July 1, 2011, at 95 . Interest is payable in cash semiannually on June 30 and December 31.Required a. Prepare the journal
On January 1, 2011, Akers Co. issued \(\$ 200,000\) of five-year, 6 percent bonds at 96. Interest is payable annually on December 31. The discount is amortized using the straight-line method.Required
High Company issued \(\$ 100,000\) face value of bonds on January 1, 2011. The bonds had a 5 percent stated rate of interest and a 10-year term. Interest is paid in cash annually, beginning December
On January 1, 2011, Sol Company issued \(\$ 210,000\) of five-year, 6 percent bonds at 101. Interest is payable annually on December 31. The premium is amortized using the straight-line
The following 2011 information is available for three companies:Required a. Determine the annual before-tax interest cost for each company in dollars.b. Determine the annual after-tax interest cost
On January 1, 2011, Sea View Condo Association issued bonds with a face value of \(\$ 200,000\), a stated rate of interest of 8 percent, and a 10 -year term to maturity. Interest is payable in cash
On January 1, 2011, Woodland Enterprises issued bonds with a face value of \(\$ 50,000\), a stated rate of interest of 8 percent, and a five-year term to maturity. Interest is payable in cash on
Clayton Industries has the following account balances:The company wishes to raise \(\$ 50,000\) in cash, and is considering two financing options. Either it can sell \(\$ 50,000\) of bonds payable,
On January 1, 2011, White Company issued bonds with a face value of \(\$ 100,000\), a stated rate of interest of 9 percent, and a 10 -year term to maturity. Interest is payable in cash on December 31
On January 1, 2011, Crume Incorporated issued bonds with a face value of \(\$ 100,000\), a stated rate of interest of 9 percent, and a five-year term to maturity. Interest is payable in cash on
On January 1, 2011, Smith and Associates issued bonds with a face value of \(\$ 1,000,000\), a stated rate of interest of 9 percent, and a 20-year term to maturity. Interest is payable in cash on
On January 1, 2011, Holmes Co. borrowed cash from First City Bank by issuing an \$80,000 face value, three-year term note that had a 7 percent annual interest rate. The note is to be repaid by making
Hulse Company has a line of credit with Bay Bank. Hulse can borrow up to \(\$ 250,000\) at any time over the course of the 2011 calendar year. The following table shows the prime rate expressed as an
Porter Co. issued \(\$ 150,000\) of 10 -year, 8 percent, callable bonds on January 1, 2011, with interest payable annually on December 31. The bonds were issued at their face amount. The bonds are
Hale Co. was formed when it acquired cash from the issue of common stock. The company then issued bonds at a discount on January 1, 2011. Interest is payable on December 31 with the first payment
During 2011 and 2012, Gupta Co. completed the following transactions relating to its bond issue. The company's fiscal year ends on December 31.Required a. When the bonds were issued, was the market
Parrish Company was started when it issued bonds with \(\$ 200,000\) face value on January \(1,2011\). The bonds were issued for cash at 104 . They had a 15 -year term to maturity and an 8 percent
On January 1, 2011, Roma Corp. sold \(\$ 200,000\) of its own 8 percent, 10-year bonds. Interest is payable annually on December 31. The bonds were sold to yield an effective interest rate of 7
The following information pertains to Austin and Houston companies at the end of 2011.Required a. Compute each company's debt to assets ratio, current ratio, and times interest earned (EBIT must be
Voss Co. borrowed \(\$ 60,000\) from the National Bank by issuing a note with a five-year term. Voss has two options with respect to the payment of interest and principal. Option 1 requires the
On January 1, 2011, Rupp Co. borrowed \$150,000 cash from Central Bank by issuing a fiveyear, 8 percent note. The principal and interest are to be paid by making annual payments in the amount of \(\$

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