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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Bond Interest Payments and Interest Expense (Effective Interest Rate)}On December 31, 2018, Huang Corporation issued for \(\$ 155,989\) five-year bonds with a face amount of \(\$ 150,000\) and a
Completing a Bond Amortization Table (Effective Interest Rate)Cagney Company sold \(\$ 200,000\) of bonds on June 30, 2018. A portion of the amortization table appears below.\section*{Required:}1.
Completing a Bond Amortization Table (Effective Interest Rate)MacBride Enterprises sold \(\$ 200,000\) of bonds on December 31, 2018. A portion of the amortization table appears
Installment Notes}Thornwood Lanes bought a service vehicle for \(\$ 25,000\) by issuing a \(6 \%\) installment note on December 31, 2018. Thornwood will make 12 monthly payments of \(\$ 2,151.66\) at
Installment Notes}Refer to the information in Exercise 9-78.\section*{Required:}Prepare the journal entries for the end of March and the end of April.\section*{Exercise
Installment Notes}ABC Bank loans \(\$ 250,000\) to Yossarian to purchase a new home. Yossarian will repay the note in equal monthly payments over a period of 30 years. The interest rate is \(12
Interest Payments and Interest Expense for Bonds (Straight Line)}On December 31, 2018, Harrington Corporation sold \(\$ 425,000\) of 15 -year, \(11 \%\) bonds. The bonds sold for \(\$ 395,000\) and
Interest Payments and Interest Expense for Bonds (Straight Line)On December 31, 2018, Perlman Corporation issued bonds with a total face amount of \(\$ 1,000,000\) and a stated rate of \(7
Completing a Debt Amortization Table (Straight Line)}Chekhov Company sold \(\$ 200,000\) of bonds on December 31, 2018. A portion of the amortization table appears below.\section*{Required:}1.
Using a Premium Amortization Table (Straight Line)}For Dingle Corporation, the following amortization table was prepared when \(\$ 400,000\) of fiveyear, \(7 \%\) bonds were sold on December 31,2018
Using a Discount Amortization Table (Straight Line)}Panamint Candy Company prepared the following amortization table for \(\$ 300,000\) of five-year, \(9 \%\) bonds issued and sold by Panamint on
Completing an Amortization Table (Straight Line)}Sondrini Corporation sold \(\$ 1,500,000\) face value of bonds at 103 on December 31, 2018. These bonds have an \(8 \%\) stated rate and mature in
Zero Coupon Bond (Straight Line)}Johnson Company sold for \(\$ 90,000\) a \(\$ 102,400\), two-year zero coupon bond on December 31, 2018. The bond matures on December 31, 2020.\section*{Required:}1.
Zero Coupon Note (Straight Line)}Labrador City Products borrowed \(\$ 100,000\) cash by issuing a 36 -month, \(\$ 120,880\) zero coupon note on December 31, 2018. The note matures on December 31,
Non-interest Bearing Bonds (Straight Line)}Dean Plumbing issues \(\$ 1,000,000\) face value, non-interest bearing bonds on December 31, 2018 . The bonds are issued at 65 and mature on December 31,
Cost of Debt Financing}Luis Corporation's cost of debt financing is \(7 \%\). Its tax rate is \(35 \%\).\section*{Required:}Calculate the after-tax interest rate.\section*{OBJECTIVE 5 Exercise
Cost of Debt Financing}Diamond Company's cost of debt financing is \(10 \%\). Its tax rate is \(35 \%\). Diamond has \(\$ 3,000,000\) of debt.\section*{Required:}1. Calculate the after-tax cost
Leases}Fort Smith Airlines has leased an aircraft from BAL Aircraft Company. The annual payments are \(\$ 1,000,000\), and the life of the lease is 19 years. It is estimated that the useful life of
Ratio Analysis Rising Stars Academy provided the following information on its 2018 financial statements:\section*{Required:}1. Calculate the following ratios for Rising Stars: (a) total debt to total
Calculating Bond Issue Price}On December 31,2018 , University Theatres issued \(\$ 500,000\) face value of bonds. The stated rate is \(8 \%\), and interest is paid semiannually on June 30 and
Reporting Long-Term Debt}Fridley Manufacturing's accounting records reveal the following account balances after adjusting entries are made on December 31, 2018:\section*{Required:}Prepare the current
Entries for and Financial Statement Presentation of a Note}Perez Company borrowed \(\$ 100,000\) from the National Bank on April 1, 2018, on a three-year, \(7.8 \%\) note. Interest is paid annually
Entries for and Financial Statement Presentation of a Note}Perez Company borrowed \(\$ 100,000\) from the National Bank on April 1, 2018, on a three-year, \(7.8 \%\) note. Interest is paid annually
Preparing a Bond Amortization Table (Straight Line)On December 31, 2018, Distel Company borrowed \(\$ 102,700\) by issuing three-year, \(9 \%\) bonds with a face amount of \(\$ 100,000\). Interest is
Note Computations and Entries (Straight Line)}On December 31, 2018, Sisek Company borrowed \(\$ 800,000\) with a 10 -year, \(9.75 \%\) note, interest payable semiannually on June 30 and December 31.
Preparing a Bond Amortization Table (Straight Line)}Edmonton-Alston Corporation issued five-year, \(9.5 \%\) bonds with a total face value of \(\$ 700,000\) on December 31, 2018, for \(\$ 726,000\).
Preparing a Bond Amortization Table (Straight Line)}St. Cloud Manufacturing Inc. issued five-year, \(9.2 \%\) bonds with a total face value of \(\$ 500,000\) on December 31, 2018, for \(\$ 484,000\).
Preparing and Using an Amortization Table (Straight Line)}Girves Development Corporation has agreed to construct a plant in a new industrial park. To finance the construction, the municipal
Non-interest Bearing Note (Straight Line)}On December 31, 2018, Felix Products borrowed \(\$ 80,000\) cash on a \(\$ 105,800\), 24-month zero percent note. Felix uses the straight-line method of
Preparing an Amortization Table for Non-interest Bearing Bonds (Straight Line)On December 31, 2018, Georgetown Distributors borrowed \(\$ 2,180,000\) by issuing four-year, zero coupon bonds. The face
Finance and Operating Leases}Trimurti Company has decided to lease its new office building. The following information is available for the lease:\section*{Required:}1. Determine whether this is a
Reporting Long-Term Debt}Craig Corporation's accounting records reveal the following account balances after adjusting entries are made on December 31, 2018:\section*{Required:}Prepare the current
Entries for and Financial Statement Presentation of a Note}Gekas Company borrowed \(\$ 200,000\) from the Royal Bank on February 1, 2018, on a three-year, \(8.6 \%\) note. Interest is paid annually
Preparing a Bond Amortization Table (Effective Interest Rate)}On December 31, 2018, The Rock Restaurant borrowed \(\$ 254,500\) by issuing three-year, \(7 \%\) bonds with a face amount of \(\$
Note Computations and Entries (Effective Interest Rate)}On December 31, 2018, Benton Corporation borrowed \(\$ 1,000,000\) with 10 -year, \(8.75 \%\) notes, interest payable semiannually on June 30
Preparing a Bond Amortization Table (Effective Interest Rate)}OBJECTIVE 3Babur Company issued five-year, \(7.5 \%\) bonds with a total face value of \(\$ 900,000\) on December 31, 2018, for \(\$
Preparing a Bond Amortization Table (Effective Interest Rate)}Pennington Corporation issued five-year, \(8.6 \%\) bonds with a total face value of \(\$ 700,000\) on December 31, 2018, for \(\$
Preparing a Bond Amortization Table (Effective Interest Rate)}Dunn-Whitaker Construction has agreed to construct a plant in a new industrial park. To finance the construction, the municipal
Non-interest Bearing Note (Straight Line)}On December 31, 2018, Sorenson Financing Corporation borrowed \(\$ 90,000\) cash on a \(\$ 110,300\), 24-month zero coupon note. Sorenson uses the
Preparing an Amortization Table for Non-interest Bearing Bonds (Straight Line) On December 31, 2018, Beauty Box Company borrowed $3,000,000 by issuing three-year, zero coupon bonds. The face value of
Finance and Operating Leases}Kleinfelder Company has decided to lease its new office building. The following information is available for the lease:Required:1. Determine whether this is a finance
Long-Term Debt and Ethics}You are the CFO of Diversified Industries. Diversified has suffered through several tough years. This has deteriorated its financial condition to the point that Diversified
Debt Covenants and Financial Reporting Standards}Debtholders receive note contracts, one for each note, that describe the payments promised by the issuer of the debt. In addition, the issuing
Evaluating Leverage}Gearing Manufacturing Inc. is planning a \(\$ 1,000,000\) expansion of its production facilities. The expansion could be financed by the sale of \(\$ 1,250,000\) in \(8 \%\) notes
Leverage}Kochlin Corporation issued financial statements at December 31, 2018, that include the following information:The levels of assets, liabilities, shareholders' equity, and operating income
Continuing Problem: Front Row Entertainment}In June 2018, Front Row Entertainment had the opportunity to expand its venue operations by purchasing five different venues. To finance this purchase,
Distinguish between common and preferred shares and explain their use in raising capital.- Corporations sell both common shares and preferred shares to raise capital.- Preferred shares generally
Explain and report transactions affecting common and preferred shares.- Both preferred and common shares are no par value shares in Canada but are assigned a stated value by the Board when issued.-
Account for share repurchases, dividends, and stock splits.- Assets are distributed to shareholders by:- repurchasing their shares, or- paying dividends.- Generally the cost of share repurchases is
Explain and report changes to retained earnings and accumulated other comprehensive income.- Retained earnings represents the earnings that the corporation elects not to pay out in dividends.- Ending
Calculate and analyze earnings per share, the dividend yield, and other equity ratios.}- Shareholders are primarily interested in two things:- the creation of value, and -- the distribution of
Explain and report equity accounts in unincorporated businesses.- Proprietorships and partnerships are unincorporated forms of business organization.- Legal and income tax laws that apply to
What does shareholders' equity represent? (Appendix)
What does a share represent?(Appendix)
Why do corporations issue shares?(Appendix)
What is the difference between a privately and publicly held corporation?(Appendix)
What are authorized shares?(Appendix)
Why would the number of shares issued be different from the number of shares outstanding?(Appendix)
What are the benefits that common shareholders may receive?(Appendix)
How do common shares and preferred shares differ?(Appendix)
Discuss the similarities between preferred shares and debt.(Appendix)
Why do corporations utilize different forms of equity?(Appendix)
Describe how cumulative preferred shares differ from non-cumulative preferred shares.(Appendix)
How is a preferred share dividend calculated?(Appendix)
What statement of financial position accounts are affected by the issuance of shares?(Appendix)
Why might a corporation grant stock options to employees in lieu of a higher salary?(Appendix)
What is a stock warrant? How are they used by corporations?(Appendix)
Describe two ways corporations make payouts to shareholders.(Appendix)
What are treasury shares?(Appendix)
Give four reasons why a company might repurchase its own shares.(Appendix)
What entries are made (if any) at the declaration date, date of record, and date of payment for cash dividends?(Appendix)
Describe the effect of a cash versus a stock dividend on a company's shareholders' equity.(Appendix)
What is a stock dividend? How does it differ from a stock split?(Appendix)
What is the effect of a stock split on shareholders' equity account balances?(Appendix)
Explain each of the following preferred share dividend preferences: (1) current dividend preference, (2) cumulative dividend preference, and (3) participating dividend preference.(Appendix)
Are dividends in arrears reported among the liabilities of the dividend-paying firm? If not, how are they reported, and why?(Appendix)
What are retained earnings?(Appendix)
How may a corporation's retained earnings be restricted?(Appendix)
When are prior period adjustments used?(Appendix)
Distinguish between retained earnings and accumulated other comprehensive income.(Appendix)
Describe the statement of changes in shareholders' equity.(Appendix)
How are dividend payout and profitability ratios useful to investors?(Appendix)
Explain how a proprietorship differs from a partnership.(Appendix)
Explain the accounting matters that should be addressed in a written partnership agreement.(Appendix)
Discuss how partnership equity would differ in format and terminology from shareholder equity in a statement of financial position.(Appendix)
Why are unincorporated forms of business used?(Appendix)
Explain the differences and similarities between dividends paid by a corporation and drawings paid to a proprietor.(Appendix)
How is profit allocation among partners in a partnership determined?(Appendix)
Which of the following statements is incorrect concerning the work sheet?a. The work sheet is essentially a working tool of the accountant.b. The work sheet cannot be used as a basis for posting to
In a work sheet, net income is entered in the following columns:a. income statement (Dr) and balance sheet (Dr).b. income statement (Dr) and balance sheet (Cr).c. income statement (Cr) and balance
An account that will have a zero balance after closing entries have been journalized and posted is:a. Unearned Revenue.b. Advertising Supplies.c. Prepaid Insurance.d. Rent Expense.
When a net loss has occurred. Income Summary is:a. credited and retained earnings is debited.b. debited and retained earnings is credited.c. debited and common stock is credited.d. credited and
The closing process involves separate entries to close (1)expenses. (2) dividends. (3) revenues, and (4) net income(or loss). The correct sequencing of the entries is:a. (4),(3),(2),(1)b.
Which type of accounts will appear in the post-closing trial balance?a. Temporary (nominal) accounts.b. Permanent (real) accounts.c. Accounts shown in the income statement columns of a work sheet.d.
All of the following are required steps in the accounting cycle except:a. preparing a work sheet.b. journalizing and posting closing entries.c. preparing an adjusted trial balance.d. preparing a
Cash of $100 received at the time the service was rendered was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed,
In a classified balance sheet, assets are usually classified using the following categories:a. current assets; long-term assets: property, plant, and equipment: and intangible assets.b. current
Current assets are listed:a. by importance.b. by liquidity.c. by longevity.d. alphabetically.
On December 31. Sondgeroth Corporation correctly made S an adjusting entry to recognize $2,000 of accrued salaries payable. On January 8 of the next year, total salaries of$3,500 were paid. Assuming
If a company's revenues are $125,000 and its expenses are$113,000, m which financial statement columns of the work sheet will the net income of $12.(XK) appear? When expenses exceed revenues, in

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