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business
fundamental accounting

Questions and Answers of Fundamental Accounting

A partial amortization schedule for a 10-year note payable issued on January 1, 2011, is shown below:Required a. Using a financial statements model like the one shown here, record the appropriate
Shastri Company has a line of credit with United Bank. Shastri can borrow up to \(\$ 150,000\) at any time over the course of the 2011 calendar year. The following table shows the prime rate
Poole Company issued \(\$ 1,000,000\) of 10 -year, 8 percent bonds on January 1, 2011. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Poole immediately
On January 1, 2011, Peck Corp. issued \(\$ 200,000\) of 10 -year, 9 percent bonds at their face amount. Interest is payable on December 31 of each year with the first payment due December 31,
Huta Co. issued \(\$ 500,000\) of 8 percent, 10 -year, callable bonds on January 1,2011 , at their face value. The call premium was 4 percent (bonds are callable at 104). Interest was payable
Carlin Company issued bonds with a face value of \(\$ 60,000\) on January 1, 2011. The bonds had an 8 percent stated rate of interest and a six-year term. The bonds were issued at face value.
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. Red, Inc., issued \(\$ 200,000\) of 10 -year, 8
In each of the following situations, state whether the bonds will sell at a premium or discount.a. Han issued \(\$ 200,000\) of bonds with a stated interest rate of 6.5 percent. At the time of issue,
For each of the following situations, calculate the amount of bond discount or premium, if any.a. Lind Co. issued \(\$ 60,000\) of 7 percent bonds at \(101 \frac{1}{4}\).b. Schwarz, Inc., issued \(\$
Price Company issued \(\$ 100,000\) face value of bonds on January 1,2011 . The bonds had an 8 percent stated rate of interest and a five-year term. Interest is paid in cash annually, beginning
Pet Supplies, Inc., issued \(\$ 200,000\) of 10 -year, 6 percent bonds on July 1, 2011, at 103. Interest is payable in cash semiannually on June 30 and December 31.Required a. Prepare the journal
On January 1, 2011, Hays Co. issued \(\$ 150,000\) of five-year, 8 percent bonds at \(981 / 2\). Interest is payable annually on December 31. The discount is amortized using the straight-line
Polish Company issued \(\$ 100,000\) face value of bonds on January 1, 2011. The bonds had an 8 percent stated rate of interest and a five-year term. Interest is paid in cash annually, beginning
On January 1, 2011, Caldwell Company issued \(\$ 200,000\) of five-year, 8 percent bonds at 103 . Interest is payable semiannually on June 30 and December 31 . The premium is amortized using the
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, the Lake Shore Landing Association 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
On January 1, 2011, Phillips Company issued bonds with a face value of \(\$ 300,000\), a stated rate of interest of 12 percent, and a five-year term to maturity. Interest is payable in cash on
Greenwood Company has the following account balances:The company wishes to raise \(\$ 80,000\) in cash, and is considering two financing options. Either it can sell \(\$ 80,000\) of bonds payable, or
On January 1, 2011, Glover Company issued bonds with a face value of \(\$ 500,000\), a stated rate of interest of 8 percent, and a 10-year term to maturity. Interest is payable in cash on December 31
On January 1, 2011, Kohlbeck Company issued bonds with a face value of \(\$ 600,000\), a stated rate of interest of 13 percent, and a five-year term to maturity. Interest is payable in cash on
On January 1,2011 , the Martin Companies issued bonds with a face value of \(\$ 2,000,000\), a stated rate of interest of 12 percent, and a 20-year term to maturity. Interest is payable in cash on
On January 1, 2011, Sneed Co. borrowed cash from Best Bank by issuing a \(\$ 100,000\) face value, four-year term note that had a 10 percent annual interest rate. The note is to be repaid by making
Song Company has a line of credit with State Bank. Song can borrow up to \(\$ 200,000\) at any time over the course of the 2011 calendar year. The following table shows the prime rate expressed as an
IHL Corp. issued \(\$ 300,000\) of 20-year, 10 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
Paris Land Co. was formed when it acquired cash from the issue of common stock. The company then issued bonds at a premium on January 1,2011. Interest is payable annually on December 31 of each year,
During 2011 and 2012, Yue Corp. completed the following transactions relating to its bond issue. The corporation's fiscal year is the calendar year.Required a. When the bonds were issued, was the
Vole Company was started when it issued bonds with a \(\$ 400,000\) face value on January 1, 2011. The bonds were issued for cash at 96 . They had a 20 -year term to maturity and an 8 percent annual
The following payroll information is available for three companies for 2011. Each company has two employees. Assume that the Social Security tax rate is 6 percent on the first \(\$ 110,000\) of
In the liabilities section of its 2008 balance sheet, Wells Fargo & Company reported "noninterestbearing deposits" of over \(\$ 150\) billion. Wells Fargo is a very large banking company. In the
Tupperware Company claims to be "one of the world's leading direct sellers, supplying premium food storage, preparation and serving items to consumers in more than 100 countries through its
Texas Instruments, Inc., claims to be "the world leader in digital signal processing and analog technologies, the semiconductor engines of the Internet age." Eastman Kodak Company manufactures Kodak
Nancy, who graduated from State University in June 2010, has just landed her first real job. She is excited because her salary is \(\$ 4,000\) per month. Nancy is single and has been planning all
Whitewater Corporation borrowed \(\$ 40,000\) from the bank on October 1, 2011. The note had a 9 percent annual rate of interest and matured on March 31, 2012. Interest and principal were paid in
Bill Parker started Parker Company on January 1, 2011. The company experienced the following events during its first year of operation.1. Earned \(\$ 6,200\) of cash revenue.2. Borrowed \(\$ 4,000\)
The College Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. The College Book Mart engaged in the following transactions for 2011. Sales tax of 8
The following selected transactions apply to Mountain Supply for November and December 2011. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to
To support herself while attending school, Kim Lee sold stereo systems to other students. During her first year of operation, she sold systems that had cost her \(\$ 95,000\) cash for \(\$ 140,000\)
The following transactions apply to Comfort Mattress Sales for 2011:1. The business was started when the company received \(\$ 30,000\) from the issue of common stock.2. Purchased mattress inventory
Khonkar Enterprises has two hourly employees, Matt and Sam. Both employees earn overtime at the rate of \(11 / 2\) times the hourly rate for hours worked in excess of 40 per week. Assume the Social
Holiday Hall has two employees in 2010. Seon earns \(\$ 4,600\) per month and Hun, the manager, earns \(\$ 10,800\) per month. Neither is paid extra for working overtime. Assume the Social Security
Carter Co. employed Sam Goldman in 2010. Sam earned \(\$ 5,200\) per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first \(\$ 110,000\) of earnings and
Faello Co. provides various fringe benefits for its three employees. It provides vacation and personal leave at the rate of one day for each month worked. Its employees earn a combined total of
The following transactions apply to Toro Co. for 2011:1. Received \(\$ 50,000\) cash from the issue of common stock.2. Purchased inventory on account for \(\$ 230,000\).3. Sold inventory for \(\$
Use the following information to prepare a classified balance sheet for Chapley Co. at the end of 2011. Accounts receivable $12,150 Accounts payable 5,500 Cash 10,992 Common stock 12,000 Land 12,500
The following information was drawn from the 2012 balance sheets of the Granite and Quartz companies.Required a. Compute the current ratio for each company.b. Which company has the greater likelihood
Ken Kersey started a design company on January 1, 2011. On April 1, 2011, Kersey borrowed cash from a local bank by issuing a one-year \(\$ 200,000\) face value note with annual interest based on a
Cheyenne Ross borrowed money by issuing two notes on March 1, 2011. The financing transactions are described here.1. Borrowed funds by issuing a \(\$ 30,000\) face value discount note to Farmers
Hopkins Co. issued a \(\$ 40,000\) face value discount note to National Bank on July 1, 2011. The note had a 12 percent discount rate and a one-year term to maturity.Required Prepare general journal
Magic Enterprises borrowed \(\$ 18,000\) from a local bank on July 1, 2011, when the company was started. The note had a 10 percent annual interest rate and a one-year term to maturity. Magic
The following transactions apply to Allied Enterprises for 2011, its first year of operations.1. Received \(\$ 50,000\) cash from the issue of a short-term note with a 6 percent interest rate and a
The following selected transactions were taken from the books of Chandra Company for 2011.1. On February 1,2011 , borrowed \(\$ 60,000\) cash from the local bank. The note had a 6 percent interest
Seaside Service Co. pays salaries monthly on the last day of the month. The following information is available from Seaside for the month ended December 31, 2010.Assume the Social Security tax rate
The following information is available for the employees of Lighthouse Packing Company for the first week of January 2011:1. Sarah earns \(\$ 25\) per hour and \(11 / 2\) times her regular rate for
The following accounting information exists for James and Charles companies at the end of 2012.Required a. Identify the current assets and current liabilities and compute the current ratio for each
Laura White opened White & Company, an accounting practice, in 2011. The following summarizes transactions that occurred during 2011:1. Issued a \(\$ 200,000\) face value discount note to First
American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following
Several years ago, Wilson Blowhard founded a communications company. The company became successful and grew by expanding its customer base and acquiring some of its competitors. In fact, most of its
Assume that on October 1, 2011, Big Company borrowed \(\$ 10,000\) from the local bank at 6 percent interest. The note is due on October 1, 2012. How much interest does Big pay in 2011? How much
Classic Corporation borrowed \(\$ 90,000\) from the bank on November 1, 2011. The note had an 8 percent annual rate of interest and matured on April 30, 2012. Interest and principal were paid in cash
Scott Perkins started Perkins Company on January 1, 2011. The company experienced the following events during its first year of operation.1. Earned \(\$ 1,500\) of cash revenue for performing
The University Book Store sells books and other supplies to students in a state where the sales tax rate is 7 percent. The University Book Store engaged in the following transactions for 2011. Sales
The following selected transactions apply to Big Stop for November and December 2011. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the
The following legal situations apply to Stringer Corp. for 2011:1. A customer slipped and fell on a slick floor while shopping in the retail store. The customer has filed a \(\$ 5\) million lawsuit
The Ja-San Appliance Co. provides a 120 -day parts-and-labor warranty on all merchandise it sells. Ja-San estimates the warranty expense for the current period to be \(\$ 1,250\). During the period a
The following transactions apply to Mabry Equipment Sales Corp. for 2011:1. The business was started when Mabry Corp. received \(\$ 50,000\) from the issue of common stock.2. Purchased \(\$ 175,000\)
Karim Enterprises has two hourly employees, Kala and Carl. Both employees earn overtime at the rate of \(11 / 2\) times the hourly rate for hours worked in excess of 40 per week. Assume the Social
Mega Mart has two employees in 2010. Marsha earns \(\$ 4,200\) per month and Tom, the manager, earns \(\$ 10,000\) per month. Neither is paid extra if they work overtime. Assume the Social Security
Marion Co. employed Juan Lopez in 2010. Juan earned \(\$ 5,000\) per month and worked the entire year. Assume the Social Security tax rate is 6 percent on the first \(\$ 110,000\) of earnings and the
Lynch Co. provides various fringe benefits for its three employees. It provides vacation and personal leave at the rate of one day for each month worked. Its employees earn a combined total of
The following transactions apply to Design Co. for 2011:1. Received \(\$ 30,000\) cash from the issue of common stock.2. Purchased inventory on account for \(\$ 142,000\).3. Sold inventory for \(\$
Use the following information to prepare a classified balance sheet for Steller Co. at the end of 2011. Accounts receivable $42,500 Accounts payable 8,000 Cash 15,260 Common stock 42,000 Long-term
The following information was drawn from the 2012 balance sheets of the Kansas and Montana Companies.Required a. Compute the current ratio for each company.b. Which company has the greater likelihood
Pat Waverly started a moving company on January 1, 2011. On March 1, 2011, Waverly borrowed cash from a local bank by issuing a one-year \(\$ 50,000\) face value note with annual interest based on a
Glen Pounds borrowed money by issuing two notes on January 1, 2011. The financing transactions are described here.1. Borrowed funds by issuing a \(\$ 30,000\) face value discount note to State Bank.
Cross Co. issued a \(\$ 50,000\) face value discount note to First Bank on June 1, 2011. The note had a 6 percent discount rate and a one-year term to maturity.Required Prepare general journal
Norman Co. borrowed \(\$ 15,000\) from the local bank on April 1, 2011, when the company was started. The note had an 8 percent annual interest rate and a one-year term to maturity. Norman Co.
The following transactions apply to Artesia Co. for 2011, its first year of operations.1. Received \(\$ 40,000\) cash from the issue of a short-term note with a 5 percent interest rate and a one-year
The following selected transactions were taken from the books of Caledonia Company for 2011.1. On March 1, 2011, borrowed \(\$ 50,000\) cash from the local bank. The note had a 6 percent interest
Sturgis Co. pays salaries monthly on the last day of the month. The following information is available from Sturgis Co. for the month ended December 31, 2010.Assume the Social Security tax rate is 6
The following information is available for the employees of Rockwell Company for the first week of January 2011:1. John earns \(\$ 26\) per hour and \(11 / 2\) times his regular rate for hours over
Use the following information to prepare a multistep income statement and a classified balance sheet for Douglas Company for 2011. (Some of the items will not appear on either statement, and ending
The following accounting information exists for Aspen and Willow companies at the end of 2012.Required a. Identify the current assets and current liabilities and compute the current ratio for each
Una Corp. was started in 2011. The following summarizes transactions that occurred during 2011 :1. Issued a \(\$ 20,000\) face value discount note to Golden Savings Bank on April 1, 2011. The note
Diaz Inc. purchased a building and the land on which the building is situated for a total cost of \(\$ 800,000\) cash. The land was appraised at \(\$ 270,000\) and the building at \(\$
Ram Manufacturing Company started operations by acquiring \(\$ 120,000\) cash from the issue of common stock. On January 1, 2011, the company purchased equipment that cost \(\$ 120,000\) cash, had an
Fast Taxi Service purch ased a new auto to use as a taxi on January 1, 2011, for \(\$ 27,000\). In addition, Fast paid sales tax and title fees of \(\$ 500\) for the vehicle. The taxi is expected to
At the beginning of 2011, Macon Drugstore purchased a new computer system for \(\$ 48,000\). It is expected to have a five-year life and a \(\$ 3,000\) salvage value.Required a. Compute the
Mertz Company sold office equipment with a cost of \(\$ 27,000\) and accumulated depreciation of \(\$ 13,000\) for \(\$ 14,000\).Required a. What is the book value of the asset at the time of sale?b.
On January 1, 2011, Arizona Enterprises purchased a parcel of land for \(\$ 16,000\) cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2013, Arizona
Kate's Photo Service purchased a new color printer at the beginning of 2011 for \(\$ 28,000\). The printer is expected to have a four-year useful life and a \(\$ 2,000\) salvage value. The expected
Vision Eye Care Company purchased \(\$ 40,000\) of equipment on March 1, 2011.Required a. Compute the amount of depreciation expense that is deductible under MACRS for 2011 and 2012, assuming that
On January 1, 2011, Maxie Storage Company purchased a freezer and related installation equipment for \(\$ 36,000\). The equipment had a three-year estimated life with a \(\$ 6,000\) salvage value.
Reliable Wrecker Service has just completed a minor repair on a tow truck. The repair cost was \(\$ 620\), and the book value prior to the repair was \(\$ 5,600\). In addition, the company spent \(\$
Kauai Construction Company purchased a compressor for \(\$ 42,000\) cash. It had an estimated useful life of four years and a \(\$ 4,000\) salvage value. At the beginning of the third year of use,
On January 1, 2011, Grayson Construction Company overhauled four cranes resulting in a slight increase in the life of the cranes. Such overhauls occur regularly at two-year intervals and have been
Mountain Coal paid \(\$ 450,000\) to acquire a mine with 22,500 tons of coal reserves. The following statements model reflects Mountain's financial condition just prior to purchasing the coal
Hi-Tech Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items:Hi-Tech's financial condition just prior to the purchase of these
Sea Corp purchased the business Beta Resources for \(\$ 200,000\) cash and assumed all liabilities at the date of purchase. Beta's books showed tangible assets of \(\$ 150,000\), liabilities of \(\$
The Scott International Inc. incurred \(\$ 2,500,000\) of research cost and \(\$ 1,700,000\) of development cost during 2011.Required a. Determine the amount of expense recognized on the 2011 income
Assume the following. Perth Company purchased a parcel of land on January 1, 2006, for \(\$ 600,000\). It constructed a building on the land at a cost of \(\$ 3,000,000\). The building was occupied

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