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fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

How does a performance report differ from a comparative income statement?
To finance rapid expansion, how can a corporation acquire additional capital?
What accounts are affected, and how, when LampLight receives cash for preferred stock sold at par value?
What accounts are affected, and how, when LampLight receives cash for preferred stock sold for more than par value?
What accounts are affected, and how, when LampLight receives cash for preferred stock sold for less than par value?
What is the function of stated value?
What accounts are affected, and how, when treasury stock is sold for more than its original cost?
What accounting concept is being applied when a corporation records the purchase of treasury stock at the price paid regardless of the stock's par or stated value?
What are two advantages of raising needed capital by selling stock?
What is an advantage of raising additional capital by borrowing?
What is a disadvantage of borrowing additional capital?
What accounts are affected, and how, when cash is deposited in a bond sinking fund in the second year of a bond issue?
Page 4 of a cash receipts journal and page 2 of a general journal are provided in the Working Papers.Journalize each transaction completed during the current year. May 2. Received cash from Kari
Page 11 of a cash receipts journal and page 8 of a cash payments journal are provided in the Working Papers.Journalize each transaction completed during the current year. Mar. 9. Paid cash to Dana
On February 1, 20X1, Cyrotech, Inc., received \($300,000.00\) cash for a bond issue. The bond agreement provides that a bond sinking fund is to be increased annually by \($37,500.00\) for the next
PC Design, Inc., is authorized to issue 200,000 shares of \($5.00\) stated value common stock and 50,000 shares of 12%, \($100.00\) par value preferred stock. PC Design has 25,000 shares of common
Advanced Laser, Inc., is authorized to issue 150,000 shares of $10.00 stated value common stock. Advanced Laser has 50,000 shares of stock outstanding.Instructions:Journalize the transactions
On January 1, 20X1, Security Communications, Inc., received cash, \($200,000.00,\) for a bond issue. The bond agreement provides that a bond sinking fund is to be increased by \($20,000.00\) every
On January 1, 20X1, Sentry VideoLink, Inc., received cash, \($50,000.00,\) for a bond issue. The bond agreement provides that Sentry VideoLink is to increase a bond sinking fund by \($5,000.00\)
Interspan Technologies, Inc., is authorized to issue 100,000 shares of \($1.00\) stated value common stock and 25,000 shares of 10%, \($100.00\) par value preferred stock. On January 1, 20X1,
The most important step in the employment process is the interview. During the interview, an employer will ask you a variety of questions about your abilities, qualifications, and attitudes. You must
Cecil Thomas pays \($12,000.00\) for 2,000 shares of \($5.00\) stated value common stock of Datkins, Inc. A year later, Mr. Thomas sells the 2,000 shares of stock to Sally Gilliam for a total of
Gonzalez Corporation is authorized to issue 1,000,000 shares of \($10.00\) par value common stock and 100,000 shares of 10%, \($100.00\) par value preferred stock. The company has the following stock
Corporations can issue a variety of kinds or classes of stock. Most companies issue common stock. Some companies are also authorized to issue preferred stock. Information about the par value of each
What is amortization?
How often is estimated federal income tax paid?
What relationship is represented by the price-earnings ratio?
What amounts must be known to calculate the rate earned on average total assets?
What four closing entries are recorded at the end of the period?
What form is used to file the federal income tax return for a corporation?
How does the liquidation of a corporation differ from the liquidation of a proprietorship or partnership?
Presidential Limousine, Inc., received its corporate charter on April 2 of the current year. The corporation is authorized to issue 50,000 shares of $20.00 stated-value stock. A cash receipts journal
Use the working papers from Work Together 11-1. A general journal and statement paper are provided in the Working Papers. Source documents are abbreviated as follows: memorandum, M; receipt, R. Your
On January 10 of the current year, the board of directors of Eagle Express, Inc. declared an annual dividend of \($60,000.00.\) On the date of record, the corporation had issued 2,000 shares of 6%,
Sierra Corporation received its corporate charter on June 3 of the current year. The corporation is authorized to issue 80,000 shares of $10.00 stated-value stock. A cash receipts journal and a cash
Use the working papers from On Your Own 11-1. A general journal and statement paper are provided in the Working Papers. Source documents are abbreviated as follows: memorandum, M; receipt, R. Work
On July 2 of the current year, the board of directors of StarVideo Corporation declared an annual dividend of \($90,000.00.\) On the date of record, the corporation had issued 3,500 shares of 8%,
Pacific Technologies Corporation received its charter on January 4 of the current year. The corporation is authorized to issue 200,000 shares of \($10.00\) stated-value common stock and 50,000 shares
Use the working papers for Application Problem 11-1.Instructions:1. Journalize the transactions. Source documents are abbreviated as follows: memorandum, M; receipt, R.2. Prepare a balance sheet for
The information shown below is available from the accounting records of two different corporations.Instructions:1. Calculate the value of preferred stock. ;2. Calculate the amount of dividends to be
PlasticTech, Inc. completed the following transactions during the current year.Instructions:Journalize the transactions. Use page 8 of a general journal and page 21 of a cash payments journal. Source
SkyPark, Inc. received its charter on August 1 of the current year. The corporation is authorized to issue 150,000 shares of \($5.00\) stated-value common stock and 50,000 shares of 10%, \($100.00\)
On January 1, 20X1, Atlantic Semiconductor Corporation had issued the following stock:250,000 shares of $10.00 stated-value common stock.20,000 shares of 12%, $100.00 par-value preferred
Most accountants actively participate in professional organizations. The organizations have periodic dinner meetings at which guest speakers make presentations regarding current accounting topics. As
Jennifer Hester is considering whether she should buy stock as an investment. She asks you whether it would be better to buy common stock or preferred stock. How would you answer her? Explain your
Salvatoro, 22 years old, recently inherited $5,000.00. He has decided to invest the money in the stock market. He wants his investment to grow quickly. A friend recommended mutual funds as a good way
Northwest Floors, Inc., has paid dividends every year since it started business in 20X1. The total dividend paid and the number of shares issued are given below for each year.Instructions:1.
As stated in this chapter, a corporation's board of directors decides the dividend policy for the corporation. Through 2003, Costco had never paid a dividend. Beginning in the third quarter of 2004,
What formula does Appliance Center use to calculate interest on notes?
How is the interest rate on a note stated?
The borrower pays what two amounts at the note's maturity?
Which accounting concept is being applied when an adjusting entry is recorded for prepaid expenses?
Why is an adjusting entry made for supplies at the end of a fiscal period?
What rule of thumb can accountants follow to determine whether a reversing entry is needed?
What four kinds of accrued expenses might Appliance Center have at the end of a fiscal period?
What accounts are affected, and how, by an adjusting entry for accrued interest expense?
What accounts are affected, and how, by a reversing entry for accrued salary expense?
A cash receipts journal and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as: check, C; receipt, R. Your instructor will guide you through the following
Janson, Inc., has the following general ledger balances on December 31 of the current year before it records adjusting entries. A general journal is provided in the Working Papers. Your instructor
A cash receipts journal and a cash payments journal are provided in the Working Papers. Source documents are abbreviated as: check, C; receipt, R. Work this problem independently.1. Using the current
Wren Industries has the following general ledger balances on December 31 of the current year before it records adjusting entries. A general journal is provided in the Working Papers. Work this
Raecker, Inc., completed the following transactions during the current year. Source documents are abbreviated as follows: check, C; receipt, R.Instructions:1. Journalize the transactions on page 15
Dupre, Inc., has the following general ledger balances on December 31 of the current year before adjusting entries are recorded.Instructions:1. Use the following adjustment information. Journalize
Auxbury, Inc., has gathered the following information relating to accrued interest, accrued payroll, accrued employer payroll taxes, and accrued federal income tax on December 31 of the current
Sass, Inc., completed the following transactions during the current year. Sass initially records prepaid expenses as expenses. Source documents are abbreviated as follows: check, C; receipt,
Reversing entries eliminate the balance of an asset or liability created by an adjusting entry. Unlike the Appliance Center's accounting procedures illustrated in this chapter, Baird Company has
As the financial vice president of Mason Co., you are responsible for ensuring that an adequate supply of cash exists to pay operating expenses. The marketing department has secured a huge order that
Roberta Wagner owns Wagner Books. At the end of each month, Wagner Books borrows money from a bank and uses the proceeds to pay all of its outstanding accounts payable. The business signs a 15-day,
Jennifer Pier, owner and manager of Pier, Inc., does not record adjusting or reversing entries for accrued payroll. Ms. Pier says that the matter is taken care of when the first payroll is recorded
Target corporation lists the following current liabilities in its 2006 Annual Report. The data for February 3,2007 are plotted in the pie chart below.Instructions: Create a pie chart using the data
Following the financial statements in an annual report is what is called the "Notes to Consolidated Financial Statements." These notes are an important part of the financial statements and can help
Why might a business accept a note receivable from a customer?
What happens to the maturity value of a note when a note receivable is dishonored?
What is the time for computing interest when payment is received on a dishonored note?
What accounts are affected, and how, when rent received in advance is initially recorded as a revenue?
What accounts are affected, and how, by a reversing entry for rent revenue when rent receipts are initially recorded as a revenue?
What accounts are affected, and how, by an adjusting entry for accrued interest income?
What accounts are affected, and how, by a reversing entry for accrued interest income?
Page 5 of a general journal and page 8 of a cash receipts journal are provided in the Working Papers. Source documents are abbreviated as follows: memorandum, M; note receivable, NR; receipt, R. Your
Valentine, Inc., is preparing its December 31 financial statements for the current year. On December 1, the company received a \($2,100.00\) rent payment from Owens & Nolen, LLP. The payment is
K-98.1 Radio is preparing its December 31 financial statements for the current year. On October 30, Parker Discount Stores paid $1,500.00 to K-98.1 Radio for advertising. The advertising contract
Bellingham, Inc., completed the following transactions during the current year.Instructions:Use page 8 of a general journal and page 15 of a cash receipts journal to journalize the transactions.
On November 1 of the current year, Billies, Inc., received a \($2,700.00\) rent payment from Simms & Ulman. The payment covers rent of office space for November through April, \($450.00\) per month.
On December 31 of the current year, McNeilson, Inc., has two notes receivable.Note Receivable No. 1, a 90-day, 10% note dated November 1, $200.00.Note Receivable No. 2, a 60-day, 10% note dated
Marier, Inc., completed the following transactions during the current year. Marier initially records unearned items as revenue.Instructions:1. Use page 7 of a general journal and page 19 of a cash
Hillsdale, Inc., sells on account with n/30 terms. If the account is not paid within 30 days, Hillsdale begins charging customers 18% interest on their outstanding balance. At 120 days past due,
You have just been hired as the new credit manager for Harrell and Company, a chain of lumber stores. While evaluating the accounting system, you notice that many of the credit accounts are 120 to
Farmland, Inc., issued a 60-day, 12%, \($600.00\) note receivable to a customer. The customer dishonored the note at maturity. The accounting clerk recorded the dishonored note receivable by debiting
At the beginning of December, Maxim Floral, Inc., received three months’ rent in advance. Maxim initially records rent payment as a revenue. On December 31, Maxim does not make an adjusting entry
The Stephens Company has the following notes receivable outstanding on December 31.In preparation for adjusting entries, the accounting clerk has calculated accrued interest as
Costco Wholesale Corporation is a membership company. Customers pay a yearly membership fee, which gives them the right to shop at Costco. When Costco receives the yearly fee from a customer, it
What are the responsibilities of a corporation's board of directors?
What three basic rights do stockholders usually have?
What two basic kinds of stock may a corporation issue?
In place of a general ledger capital account for each owner, how does a corporation show stock ownership?
What accounts are affected, and how, when a corporation initially sells and issues common stock to incorporators?
What three items may be included in the organization costs of a corporation?
What accounts are affected, and how, when subscribed stock is issued?
How are assets of a nonphysical nature reported on the balance sheet?
Who determines when and what amount of retained earnings that a corporation will distribute as dividends?

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