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intermediate accounting volume 2

Questions and Answers of Intermediate Accounting Volume 2

(Cash Dividend and Liquidating Dividend) Lotoya Davis Corporation has ten million shares 8) of common stock issued and outstanding. On June 1 the board of directors voted an 80 cents per share cash
(Stock Split and Stock Dividend) The common stock of Alexander Hamilton Inc. is currently selling at $120 per share. The directors wish to reduce the share price and increase share volume prior to a
(Entries for Stock Dividends and Stock Splits) The stockholders’ equity accounts of G.K.Chesterton Company have the following balances on December 31, 2007.Shares of G.K. Chesterton Company stock
(Dividend Entries) The following data were taken from the balance sheet accounts of Mase-8) field Corporation on December 31, 2006.Instructions Prepare the required journal entries for the following
(Computation of Retained Earnings) The following information has been taken from the ledger accounts of Isaac Stern Corporation.instructions Determine the current balance of retained earnings. Total
(Stockholders’ Equity Section) Bruno Corporation's post-closing trial balance at December 31, 2007, was as follows.At December 31, 2007, Bruno had the following number of common and preferred
(Dividends and Stockholders’ Equity Section) Anne Cleves Company reported the following amounts in the stockholders’ equity section of its December 31, 2006, balance sheet.During 2007, Cleves
(Comparison of Alternative Forms of Financing) Shown below is the liabilities and stockholders’equity section of the balance sheet for Jana Kingston Company and Mary Ann Benson Company.Each has
(Trading on the Equity Analysis) Presented below is information from the annual report of Emporia Plastics, Inc.Instructions (a) Compute the return on common stock equity and the rate of interest
(Preferred Dividends) The outstanding capital stock of Edna Millay Corporation consists of 2,000 shares of $100 par value, 8% preferred, and 5,000 shares of $50 par value common.Instructions Assuming
(Preferred Dividends) Matt Schmidt Company’s ledger shows the following balances on December 31, 2007.Instructions Assuming that the directors decide to declare total dividends in the amount of
(Preferred Stock Dividends) Cajun Company has outstanding 2,500 shares of $100 par, 6% preferred stock and 15,000 shares of $10 par value common. The schedule on the next page shows the amount of
(Computation of Book Value per Share) Morgan Sondgeroth Inc. began operations in January 2005 and reported the following results for each of its 3 years of operations.Morgan Sondgeroth Inc. has never
(Equity Transactions and Statement Preparation) On January 5, 2007, Drabek Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and
(Treasury Stock Transactions and Presentation) Andruw Jones Company had the following stockholders’ equity as of January 1, 2007.During 2007, the following transactions occurred.Instructions
(Equity Transactions and Statement Preparation) Amado Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2007, the following accounts were
(Stock Transactions—Lump Sum) Matsui Corporation’s charter authorized issuance of 100,000 shares of $10 par value common stock and 50,000 shares of $50 preferred stock. The following transactions
(Treasury Stock—Cost Method) Before Polska Corporation engages in the treasury stock transactions listed below, its general ledger reflects, among others, the following account balances (par value
(Treasury Stock—Cost Method—Equity Section Preparation) Constantine Company has the following stockholders’ equity accounts at December 31, 2006.Instructions (a) Prepare entries in journal form
(Cash Dividend Entries) The books of John Dos Passos Corporation carried the following account balances as of December 31, 2006.The company decided not to pay any dividends in 2006.The board of
(Dividends and Splits) Gutsy Company provides you with the following condensed balance sheet information.instructions For each transaction below, indicate the dollar impact (if any) on the following
(Stockholders’ Equity Section of Balance Sheet) The following is a summary of all relevant transactions of Jackson Day Corporation since it was organized in 2007.In 2007, 15,000 shares were
(Stock Dividends and Stock Split) Jenny Dill Inc. $10 par common stock is selling for $120 per share. Five million shares are currently issued and outstanding. The board of directors wishes to
(Stock and Cash Dividends) Gul Ducat Corporation has outstanding 2,000,000 shares of common stock of a par value of $10 each. The balance in its retained earnings account at January 1, 2007,
(Analysis and Classification of Equity Transactions) Ohio Company was formed on July 1, 2003. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8%$25 par
(Preemptive Rights and Dilution of Ownership) Alvarado Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Eduardo Alvarado, president. Of the remainder, 10%
(Issuance of Stock for Land) Crosby Corporation is planning to issue 3,000 shares of its own$10 par value common stock for two acres of land to be used as a building site.Instructions(a) What general
(Stock Dividends and Splits) The directors of Amman Corporation are considering the issuance of a stock dividend. They have asked you to discuss the proposed action by answering the following
(Stock Dividends) Kitakyushu Inc., a client, is considering the authorization of a 10% common stock dividend to common stockholders. The financial vice president of Kitakyushu wishes to discuss the
(Stock Dividend, Cash Dividend, and Treasury Stock) AROD Company has 30,000 shares of$10 par value common stock authorized and 20,000 shares issued and outstanding. On August 15, 2007, AROD purchased
(Treasury Stock) Jean Loptien, president of Sycamore Corporation, is concerned about sev-Sia eral large stockholders who have been very vocal lately in their criticisms of her leadership. She thinks
Kellogg Corporation is the world’s leading producer of ready-to-eat cereal products. In recent years the company has taken numerous steps aimed at improving its profitability and earnings per
The Coca-Cola Company and PepsiCo, Inc.Instructions Go to the KWW website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What
The article “Leading the News: AT&T Corp. Resorts to Unusual Motion: Reverse Stock Split—Market Capitalization Stays Constant, but Measure Would Boost Share Price,” by Deborah Solomon, was
Where in the financial statements is preferred stock nor- mally reported?
Aaron Burr Corp. had $100,000 of 10%, $20 par value preferred stock and 12,000 shares of $25 par value com- mon stock outstanding throughout 2007. (a) Assuming that total dividends declared in 2007
Lufia Corporation has the following account balances at December 31, 2007.Prepare Lufia’s December 31, 2007, stockholders’ equity section. Common stock, $5 par value Treasury stock Retained
On February 1, 2007, Mario Andretti Corporation issued 2,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2007, journal entry.
_ Ren Inc. owns shares of Stimpy Corporation stock classified as available-for-sale securities. At 7) December 31, 2006, the available-for-sale securities were carried in Ren’s accounting records
Minnesota Fats Corporation has outstanding 10,000 shares of $100 par value, 8% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2006, and no
On January 1, 2020, Alaska Inc. issued a total of 1,000 shares of \(\$ 10\) par, restricted common stock to five executives. The fair value of the shares of stock on January 1,2020 , is \(\$
On January 1, 2020, Alaska Inc. granted restricted stock units to five executives for a total of 1,000 shares of \(\$ 10\) par common stock. The fair value of the shares of stock on January 1,2020 ,
On January 1, 2020, Holiday Inc. offered a stock option incentive plan to a top executive. The plan provided the executive 300 stock options for Holiday Inc. \(\$ 1\) par value, common stock at an
Refer to the information in Brief Exercise 21-25. The options were granted as described, but instead the executive left the company on January 1, 2022. Prepare the journal entry required on January
On January 1,2020 , Spring Co. awards 10,000 stock options to acquire 10,000 shares of common stock ( \(\$ 1\) par value) to executives at an exercise price of \(\$ 30\) per share. The market price
Assume the same information in Brief Exercise 21-25, except that the employees did not exercise the stock options due to the stock price remaining below \(\$ 15\) after the vesting period. Record the
Through a performance share option plan, Anderson Inc. granted executives and other key employees share option awards where vesting is contingent upon meeting company-wide performance goals,
Assume the same information in Brief Exercise 21-29 except that in 2021, management's view changed in that it now does not believe that it was probable that the company will achieve the specified
Anderson Co. approved a 10,000 share option plan for executives on January 1, 2020, for the purchase of 10,000 shares of \(\$ 1\) par value common stock at \(\$ 30\) per share if the stock price of
Safe Inc. employees are all eligible to participate in a stock purchase plan. The plan allows employees to purchase \(\$ 1\) par value stock at a 5\% discount. On January 1, 2020, employees purchased
Safe Inc. employees are all eligible to participate in a stock purchase plan. The plan allows employees to purchase \(\$ 1\) par value stock at a \(15 \%\) discount. On January 1, 2020, employees
At December 31, 2019, and 2020, Jet Corp. had 100,000 shares of common stock and 10,000 shares of 5\%,\$100 par value noncumulative preferred stock outstanding. No dividends were declared on either
Refer to the information in Brief Exercise 21-34. Assume now that the preferred stock is cumulative, no dividends were declared in 2020 , and there were \(\$ 50,000\) dividends in arrears related to
On January 1, 2020, Case Inc., had 300,000 shares of common stock issued and outstanding. Case issued a \(10 \%\) stock dividend on July 1, 2020. On October 1, 2020, Case purchased 24,000 shares of
Knight Company, a calendar-year firm with 100,000 shares of common stock outstanding at the start of the year, declares a three-for-one stock split halfway through the year. The next day, Knight
Seco Corporation was incorporated on January 2, 2020. The following information pertains to Seco's common stock transactions for 2020. At December 31, 2020, what is Seco's earnings per share? Jan. 2
A company has outstanding \(\$ 100,000\) of \(8 \%\) convertible bonds due in five years. Each \(\$ 1,000\) convertible bond is convertible into 40 shares of common stock. Net income for the year was
Charter Company earned net income of \(\$ 48,000\) in 2020. The company had 10,000 shares of common stock outstanding during the year and 1,000 shares of noncumulative preferred stock, each
Mann Inc., had 300,000 shares of common stock issued and outstanding at December 31, 2019. On July 1, 2020, an additional 50,000 shares of common stock were issued for cash. Mann also had unexercised
West Inc. granted 5,000 shares of restricted common stock shares at the beginning of 2020 to company managers that will vest after 4 years of service. Net income for the year is \(\$ 360,000\), and
On January 1, 2020, to motivate top management, Resume Inc. granted 1,000 options to purchase common stock at \$10 per share to key officers if net income increased by \(5 \%\) in 2020 over the prior
Rio Inc. had 192,500 shares of common stock outstanding throughout 2020. Net income for 2020 was \(\$ 580,000\). Rio Inc. had 3 potentially dilutive securities.
Restricted stock awards for 5,000 shares of common stock (par \$5) are granted to the CEO of Siri Inc. The restricted shares will be awarded to the CEO after 4 years from the date of grant. The
In late 2020, the board of directors of Arches Corp. approved a restricted stock unit plan to be awarded to select employees, including the following general terms.- Each restricted stock unit is
On December 31, 2020, 6,000 restricted stock units were granted to key employees under this plan when the market price of the common stock was \(\$ 18\) per share.Requireda. Compute the total amount
On December 31, 2020, \(5 \mathrm{M}\) Inc. approved a restricted stock unit plan to be awarded to executives, including the following general terms:- Each restricted stock unit is equivalent to one
On December 31, 2020, 30,000 restricted stock units were granted to key employees under this plan when the market price of the common stock was \(\$ 25\) per share. The company estimates that \(15
On December 31, 2020, 85M Inc. approved a restricted stock unit plan that included the following general terms.- Each restricted stock unit is equivalent to one share of \(\$ 1\) par value, common
On December 31, 2020, 30,000 restricted stock units were granted to key employees under this plan when the market price of the common stock was \(\$ 25\) per share. The company estimates that \(15
Rex Corporation is authorized to issue 300,000 shares of common stock, \(\$ 1\) par, of which 140,000 shares had been issued. The corporation initiated a stock bonus plan during 2020 for designated
In October 2019, Meno Corp. announced a stock option incentive plan for its top executives. The plan provides each executive 3,000 stock options for Meno's common stock, \(\$ 1\) par, at an exercise
On January 1, 2020, Martha Smith was granted 3,000 options when the market price was \(\$ 30\) per share. Using an option-pricing model, the fair value of the options granted to Smith was valued at
Stacy Corporation offered a stock option incentive plan to six of its top executives. During the second year from the date of the grant, but prior to the permissible exercise date, one of the six
Rice Corporation has a stock purchase plan with the following provision. Each full-time employee with a minimum of one year's service may acquire from Rice Corporation, its common stock, \(\$ 10\)
Compute basic earnings per share considering the following information.Required Compute the required EPS amounts. Common stock, $10 par, outstanding throughout 2020 Common stock dividends declared
At the end of 2020, the records of Block Corporation reflected the following.Requireda. What EPS presentation is required-basic, diluted, or both?b. Compute the required EPS amounts.c. Compute the
C-Bay Inc.'s accounting year ends on December 31. During the following three years, its common shares outstanding changed as follows.Requireda. For purposes of calculating EPS at the end of each
Select Corporation was incorporated on January 2, 2020. The following information pertains to Select Corporation's 2020 common stock transactions.Requireda. Determine the weighted-average number of
On December 31, 2020, Americana Inc. had 175,000 shares of common stock issued and outstanding. Americana Inc. issued a \(40 \%\) stock dividend on July 1, 2020. On October 1, 2020, the company
Grace Corp. suffered a net loss in 2020 of \(\$ 100,000\). The company has 100,000 common shares outstanding as of January 1, 2020, and declared a 1-for-2 reverse stock split on March 31. In
Jones Corporation's capital structure follows.During 2020, Jones declared and paid dividends of \(\$ 3.00\) per share on its preferred stock. The preferred shares are convertible into 20,000 shares
Shaffer Corporation issued \(100, \$ 1,000,10 \%\) convertible bonds in 2019 at face value. Each bond is convertible into 100 shares of common stock. Shaffer's net income for 2020 is \(\$ 1,824,000\)
Bridgeman Company, headquartered in San Francisco, reported the following data for the current year.- Net income, \(\$ 2,220,000\).- Common shares outstanding at the beginning of the year, 800,000.-
Rand Inc. had a net income of \(\$ 800,000\). During the year, 200,000 shares were outstanding on average and Rand's common stock sold at an average market price of \(\$ 50\). In addition, Rand had
Spencer Inc.'s 2020 earnings of \(\$ 500,000\) reflect a tax rate of \(25 \%\). During the entire year, Spencer had the following securities outstanding:120,000 shares of common stock 5,000 shares of
Zolar Corporation reported basic earnings per share of \(\$ 2.18(\$ 22,875,000 / 10,500,000)\) based on the following data.After examining Zolar's records, we note that Zolar acquired and retired 4
At the end of 2020, the records of Wolverine Corporation reflected the following.Requireda. Is this a simple or a complex capital structure?b. Compute the required EPS amounts. Common stock, $10 par;
At the end of 2020, the records of Ruso Corporation reflected the following.Requireda. Is this a simple or a complex capital structure?b. Compute the required EPS amounts. Common stock, no-par,
StarStruck Inc. granted 500 shares of restricted stock (common shares, \(\$ 1\) par) to its president on January 1, 2020, when the stock was trading at \(\$ 40\) per share. Net income for 2020 was
In 2020, Xonacs acquired Realtest Service. The acquisition agreement included a commitment by Xonacs to the shareholders of Realtest that if 2021 net income exceeded \(\$ 250,000\), an additional
Match each separate scenario to the list of possible impacts on the EPS calculation below. Assume a simple capital structure unless the scenario indicates otherwise. Ignore the possibility of
To illustrate EPS reporting for various combinations of gains and losses, assume that 1,000 weighted-average shares of common stock for basic EPS are outstanding for each of the four cases below.
Taft Corporation had after-tax income from continuing operations of \(\$ 6.7\) million for 2020. Taft also reported a \(\$ 1.23\) million after-tax loss on the disposal of its textile subsidiary.
On January 1, 2020, the board of directors of Bunting Inc. granted restricted stock awards to 10 key employees to acquire 2,000 shares each under the following terms.- Restricted stock awards vest on
Baxter Furniture Corporation is authorized to issue 30,000 shares of common stock, \(\$ 1\) par, of which 16,000 are outstanding; issue price \(\$ 8\) per share. On January 1,2020 , the company
Identify four basic rights of stockholders. How may one or more of these rights be withheld from the stockholders?
Explain the meaning of authorized capital stock, issued capital stock, unissued capital stock, outstanding capital stock, and treasury stock.
Describe the main categories of stockholders' equity in accounting for corporate capital.
What is a noncontrolling interest and how is it presented in a company's statement of stockholders' equity?
Define legal capital.

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