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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Kurtyka Corporation had the following transactions relating to debt investments:Jan. 1, 2020 Purchased 50, $1,000, 10% Spiller Company bonds for $50,000. Interest is payable annually on January
Ownbey Corporation purchased debt investments for $52,000 on January 1, 2020. On July 1, 2020, Ownbey received cash interest of $2,340. Journalize the purchase and the receipt of
Windsor Corporation issues $500,000 of 9%, 5-year bonds on January 1, 2020, at 104. If Windsor uses the effective-interest method in amortizing the premium, will the annual interest expense increase
LRNA Company issued $380,000, 7%, 10-year bonds on January 1, 2020, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. LRNA
DeWeese Corporation issues $400,000 of 8%, 5-year bonds on January 1, 2020, at 105. Assuming that the straight-line method is used to amortize the premium, what is the total amount of interest
Lorance Corporation issued $400,000, 7%, 20-year bonds on January 1, 2020, for $360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January
Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2019, for $730,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond
Did Apple redeem any of its debt during the fiscal year ended September 26, 2015?
Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Interest is payable annually on January 1. Adcock uses straight-line amortization for bond premium or
Golden Inc. issues $4 million, 5-year, 10% bonds at 102, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.a. Prepare the journal entry to record
On January 1, 2020, Throm Inc. entered into an agreement to lease 20 computers from Drummond Electronics. The terms of the lease agreement require three annual rental payments of $20,000 (including
Hatfield Corporation reports the following amounts in its 2020 financial statements:Instructionsa. Compute the December 31, 2020, balance in stockholders€™ equity.b. Compute the debt to
Sweetwood Company issues $5 million, 10-year, 9% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount.a. Prepare the journal entry to
Imhoff Company leases a new building from Noble Construction, Inc. The present value of the lease payments is $700,000. The lease is a finance lease. Prepare the journal entry that the lessee should
Dreiling Company borrowed $300,000 on January 1, 2020, by issuing a $300,000, 8% mortgage note payable. The terms call for annual installment payments of $40,000 on December 31.Instructionsa. Prepare
Suppose the 2020 adidas financial statements contain the following selected data (in millions).Compute the following values and provide a brief interpretation of each.a. Debt to assets ratio.b.
On January 1, 2020, Jade Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Jade uses the effective-interest
Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2020. The terms provide for annual installment payments
Presented below are long-term liability items for Lind Company at December 31, 2020. Prepare the long-term liabilities section of the balance sheet for Lind Company.Bonds payable, due 2022
The following are two independent situations.1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2020, at 102. The carrying value of the bonds at the redemption date was
On January 1, 2020, Lock Corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,518. This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effective
Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2020, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the
The following is taken from the Colaw Company balance sheet.Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for
The balance sheet for Miley Consulting reports the following information on July 1, 2020.Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record
If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid annually, what is the amount of the interest payment at the end of the first year period?
Saberhagen Company sold $3,500,000, 8%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020 and pay interest annually on January 1. Saberhagen Company uses the straight-line method
Whitmore Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2020. The bonds pay interest annually.Instructionsa.1. Prepare the journal entry to record the issuance of the bonds.2.
Frankum Company has issued three different bonds during 2020. Interest is payable annually on each of these bonds.1. On January 1, 2020, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2020, were
Paris Electric sold $3,000,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1 and pay interest annually on January 1. Paris Electric uses the straight-line method to amortize
Swisher Company issued $2,000,000 of bonds on January 1, 2020.Instructionsa. Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2) 98, and (3) 103.b.
Huebner Corporation leases new equipment for 10 years on December 31, 2020. The present value of the lease payments is $192,000. After recording this lease, Huebner has assets of $1,800,000,
Nasreen Company issues $2 million, 10-year, 8% bonds at 97, with interest payable each January 1.a. Prepare the journal entry to record the sale of these bonds on January 1, 2020.b. Assuming instead
Talkington Electronics issues a $400,000, 8%, 15-year mortgage note on December 31, 2019. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note
Laudie Company issued $400,000 of 9%, 10-year bonds on January 1, 2020, at face value. Interest is payable annually on January 1, 2021.InstructionsPrepare the journal entries to record the following
Meera Corporation issued 4,000, 8%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1.a. Prepare the journal entry to record the sale of these bonds on January 1,
The following section is taken from Mareska’s balance sheet at December 31, 2020.Current liabilitiesInterest payable .................................................$ 40,000Long-term
On January 1, 2020, Forrester Company issued $400,000, 8%, 5-year bonds at face value. Interest is payable annually on January 1.InstructionsPrepare journal entries to record the following.a. The
Price Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2020.
Kershaw Electric sold $6,000,000, 10%, 10-year bonds on January 1, 2020. The bonds were dated January 1, 2020, and paid interest on January 1. The bonds were sold at 98.Instructionsa. Prepare the
Ratzlaff Company issues (in euros) €2 million, 10-year, 8% bonds at 97, with interest payable annually on January 1.Instructionsa. Prepare the journal entry to record the sale of these bonds on
On January 1, 2020, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1.InstructionsPrepare journal entries to record the following.a. The
Randle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2020.
On May 1, 2020, Herron Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared annually on
What were the amounts of basic earnings per share of common stock that Apple reported in the years 2014 to 2015?
In 2020, Pennington Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporation’s tax rate is 30%.
The following information is available for Norman Corporation for the year ended December 31, 2020: sales revenue $700,000, other revenues and gains $92,000, operating expenses $110,000, cost of
Suppose the following financial information is available for Walgreen Company.InstructionsCalculate the payout ratio and return on common stockholders€™ equity for 2020 and 2019. Comment on
During 2020, Roblez Corporation had the following transactions and events. 1. Declared a cash dividend.2. Issued par value common stock for cash at par value.3. Completed a 2-for-1 stock
On January 1, 2020, Vahsholtz Corporation purchased 5,000 shares of treasury stock. Other information regarding Vahsholtz Corporation is provided as follows.(a) Compute earnings per share for each
Farley Inc. declares a $55,000 cash dividend on December 31, 2020. The required annual dividend on preferred stock is $10,000. Determine the allocation of the dividend to preferred and common
On January 1, 2020, Frontier Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common
On January 1, 2020, Vahsholtz Corporation purchased 5,000 shares of treasury stock. Other information regarding Vahsholtz Corporation is provided as follows.(a) Compute return on common
Knudsen Corporation was organized on January 1, 2019. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock.
M. Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2020. No dividends were declared in 2018 or 2019. If M. Bot wants to pay $375,000 of
Herr Corporation has 3,000 shares of 7%, $100 par value preferred stock outstanding at December 31, 2020. At December 31, 2020, the company declared a $105,000 cash dividend. Determine the dividend
Benton Travel Agency purchased land for $90,000 cash on December 10, 2020. At December 31, 2020, the land’s value has increased to $92,000. What amount should be reported for land on Benton’s
Helen Rupp is the owner of a successful printing shop. Recently, her business has been increasing, and Helen has been thinking about changing the organization of her business from a proprietorship to
In February 2020, Ola Gott invested an additional $12,000 in her business, Gott’s Pharmacy, which is organized as a proprietorship. Gott’s accountant, Sal Costa, recorded this receipt as an
Bayler Enterprises had a capital balance of $186,000 at the beginning of the period. At the end of the accounting period, the capital balance was $189,000.a. Assuming no additional investment or
The basic accounting equation is Assets = Liabilities + Owner’s equity. Replacing the words in that equation with dollar amounts, what is Apple’s accounting equation at September 26, 2015?
N. Essex, C. Gilmore, and C. Heganbart have capital balances of $50,000, $40,000, and $30,000, respectively. Their income ratios are 4:4:2. Heganbart withdraws from the partnership under each of the
For National Co., beginning capital balances on January 1, 2020, are Nancy Payne $20,000 and Ann Dody $18,000. During the year, drawings were Payne $8,000 and Dody $5,000. Net income was $40,000, and
Coburn (beginning capital, $60,000) and Webb (beginning capital $90,000) are partners. During 2020, the partnership earned net income of $80,000, and Coburn made drawings of $18,000 while Webb made
Suppose the following financial data were reported by 3M Company for 2019 and 2020 (dollars in millions).Instructionsa. Calculate the current ratio and working capital for 3M for 2019 and 2020.b.
Gallardo Co. is involved in a lawsuit as a result of an accident that took place September 5, 2020. The lawsuit was filed on November 1, 2020, and claims damages of $1,000,000.Instructionsa. At
C.S. Lewis Company had the following transactions involving notes payable.July 1, 2020 Borrows $50,000 from First National Bank by signing a 9-month, 8% note.Nov. 1, 2020 Borrows $60,000 from Lyon
Medlen Company, has the following account balances at December 31, 2020.Notes payable ($60,000 due after 12/31/21) ...................$100,000Unearned service revenue
What is the principal difference between a defined-contribution pension plan and a defined-benefit pension plan?
a. Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.b. Jensen Company has cash proceeds from sales of $8,400. This amount includes $400
Turner Container Company is suffering declining sales of its principal product, non-biodegradeable plastic cartons. The president, Robert Griffin, instructs his controller, Alexis Landrum, to
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Goins Company in 2020.1. Goins developed a new manufacturing
Rizzo’s Delivery Company and Overland’s Express Delivery exchanged delivery truck on January 1, 2020. Rizzo’s truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of
During 2020, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.InstructionsCalculate the asset turnover.
Gill Company, organized in 2020, has the following transactions related to intangible assets.InstructionsPrepare the necessary entries to record these intangibles. All costs incurred were for cash.
The following are selected 2020 transactions of Pedigo Corporation.Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.May 1 Purchased for $75,000 a
On July 1, 2020, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2020, 100,000 tons of ore were mined.Instructionsa.
Pryce Company owns equipment that cost $65,000 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated
Presented below are selected transactions at Ridge Company for 2020.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost $62,000 on that date. It had a useful
Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2020. His findings are as
Linton Company purchased a delivery truck for $34,000 on January 1, 2020. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life
Rottino Company purchased a new machine on October 1, 2020, at a cost of $150,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for
Yello Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2020, at a cost of $148,000. Over its 4-year useful life, the bus is expected to be
On March 1, 2020, Westmorlan Company acquired real estate on which it planned to construct a small office building. The company paid $75,000 in cash. An old warehouse on the property was razed at a
The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2020.1. Paid $5,000 of accrued taxes at time plant site was acquired.2. Paid $200
For 2020, Sale Company reported beginning total assets of $300,000 and ending total assets of $340,000. Its net income for this period was $50,000, and its net sales were $400,000. Compute the
On January 1, 2020, Emporia Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $3,000 salvage value. What journal entry would Emporia make at
Information related to plant assets, natural resources, and intangibles at the end of 2020 for Dent Company is as follows: buildings $1,100,000, accumulated depreciation—buildings $600,000,
Campanez Company purchases a patent for $140,000 on January 2, 2020. Its estimated useful life is 10 years.a. Prepare the journal entry to record amortization expense for the first year.b. Show how
Gunkelson Company sells equipment on September 30, 2020, for $18,000 cash. The equipment originally cost $72,000 and as of January 1, 2020, had accumulated depreciation of $42,000. Depreciation for
On January 1, 2020, the Morgantown Company ledger shows Equipment $32,000 and Accumulated Depreciation—Equipment $9,000. The depreciation resulted from using the straight-line method with a useful
Depreciation information for Corales Company is given in BE10.4. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and
Chisenhall Company purchased land and a building on January 1, 2020. Management’s best estimate of the value of the land was $100,000 and of the building $200,000. However, management told the
Kerwick Company had accounts receivable of $100,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of $1,000,000, cash collections of
Eileen Corp. had the following balances in receivable accounts at October 31, 2020 (in thousands): Allowance for Doubtful Accounts $52, Accounts Receivable $2,910, Other Receivables $189, and Notes
Vandiver Company had the following select transactions.Apr. 1, 2020 Accepted Goodwin Company’s 12-month, 6% note in settlement of a $30,000 account receivable.July 1, 2020 Loaned $25,000 cash to
Record the following transactions for Redeker Co. in the general journal.2020 May 1 Received a $9,000, 12-month, 10% note in exchange for Mark Chamber’s outstanding accounts receivable.Dec. 31
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31.Nov. 1 Loaned
On December 31, 2020, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful
At December 31, 2019, Blanda Company had a credit balance of $15,000 in Allowance for Doubtful Accounts. During 2020, Blanda wrote off accounts totaling $11,000. One of those accounts ($1,800) was
In 2020, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of

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