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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

Refer to the information about Cemco Corporation presented in Problem 14-1A. Prepare a working paper for a statement of cash flows according to the direct method.
Refer to Cemco Corporation's balance sheets presented in Problem 14-1A. The additional information about the company's activities during 1990 is identified as follows:a. Net income was \(\$
Refer to the facts about Cemco Corporation presented in Problem 14-1A and Problem 14-3A. Prepare a statement of cash flows working paper that follows the indirect method of calculating cash flows
Columbus Corporation's 1990 and 1989 balance sheets included the following items:Additional information about the 1990 activities of the company is as follows:\section*{Required}Prepare a statement
Refer to the information about Columbus Corporation presented in Problem 14-5A. Prepare a working paper for a statement of cash flows according to the direct method.
Refer to Columbus Corporation's balance sheets presented in Problem 14-5A. The additional information about the company's activities during 1990 is restated as follows:a. Net income was \(\$
Refer to the facts about Columbus Corporation presented in Problem 14-5A and Problem 14-7A. Prepare a statement of cash flows working paper that follows the indirect method of calculating cash flows
Throughout 1990 , K Company owned property that was subject to county property taxes and had an assessed valuation for tax purposes of \(\$ 900,000\). The 1989 tax levy was \(\$ 0.60\) per \(\$ 100\)
Fawn Company manufactures one product for \(\$ 12\) per unit and sells it for \(\$ 20\) per unit. In October, the company sold 150,000 units subject to a one-year warranty. According to the warranty,
On December 1, 1989, Blatz Company borrowed \(\$ 150,000\) by giving a 90 -day, \(12 \%\) note payable. The company has an annual, calendar-year accounting period and does not make reversing entries.
On December 1, 1989, Nozzle Company discounted its own \(\$ 150,000\), 90-day note payable at the bank. The discount rate was \(12 \%\). Prepare general journal entries to record: (a) the issuance of
Present calculations to show the following: (a) the present value of \(\$ 30,000\) to be received nine years hence, discounted at \(16 \% ;(b)\) the total present value of three payments consisting
Parta. Smith Company is offered a contract whereby it will be paid \(\$ 12,000\) every 6 months for the next 10 years. The first payment would be received six months from today. What will the company
An individual has offered to sell a machine for \(\$ 13,500\). A potential buyer has agreed to purchase the machine for the stated price but, as an alternative, has given the seller the option of
Catter Company purchased equipment on January 1 of the current year. The terms of purchase included \(\$ 21,000\) cash plus a \(\$ 35,000\), noninterest-bearing, five-year note. The available
On December 31, 1989, a day when the available interest rate was \(12 \%\), Davis Company leased a machine for five years under a contract calling for a \(\$ 45,000\) annual lease payment at the end
On January 7, at the end of its first weekly pay period in the year, Clive Company's payroll record showed that its sales employees had earned \(\$ 3,420\) and its office employees had earned \(\$
The following information as to earnings and deductions for the pay period ended May 12 was taken from a company's payroll records:\section*{Required}1. Calculate the employees' FICA tax withholdings
Use the information provided in Exercise 10-11 to complete the following requirements:1. Prepare a general journal entry to record the employer's payroll taxes resulting from the payroll. Assume a
Carelli Company's employees earn a gross pay of \(\$ 20\) per hour and work 40 hours each week. The FICA tax rate is \(7.5 \%\), the federal unemployment tax rate is \(0.8 \%\), and the state
In an effort to reduce the federal government's annual deficit and provide more financial stability to the social security programs of the country, one proposal is to raise FICA tax rates from \(7.5
Ridder Company's payroll taxes and fringe benefit expenses include unemployment taxes of \(0.8 \%\) (federal) and \(4.0 \%\) (state) on the first \(\$ 7,000\) of each employee's salary, FICA taxes of
Part 1. Collie Company sells a single product subject to a six-month warranty that covers replacement parts but not labor. The company uses a periodic inventory system to account for merchandise.
Prepare general journal entries to record these transactions of Davies Company. 1989 Jan. 8 Purchased merchandise on credit from Grant Company, invoice dated January 7 , terms \(2 / 10, \mathrm{n} /
Tropical Adventures is negotiating with a naval architect and shipyard in planning the construction of a 90 -foot trimaran that Tropical Adventures expects to acquire and place in charter service.
On January 2, 1990, a company gave its own \(\$ 150,000\) noninterest-bearing, fiveyear note payable in exchange for a machine, the cash price of which was not readily determinable. The market rate
Isden Production Company leased a machine on January 1, 1990, under a contract calling for annual payments of \(\$ 48,000\) on December 31 at the end of each of five years, with the machine becoming
The Colossal Freight Company needs two new trucks, each of which has an estimated service life of nine years. The trucks could be purchased for \(\$ 149,000\) each, but Colossal does not have enough
A company has three employees, each of whom earns \(\$ 2,000\) per month and is paid on the last day of each month. On March 1, the following accounts and balances appeared in its ledger:a. FICA
Part 1. Saxon Company sells a single product subject to a one-year warranty that covers replacement parts but not labor. The company uses a periodic inventory system to account for merchandise.
Prepare general journal entries to record these transactions:1989 Jan. 27 Purchased merchandise on credit from Haller Company, invoice dated January 7 , terms \(2 / 10\), n/60, \(\$ 56,160\).Feb. 18
Skylane Airways is negotiating with an airframe outfitter in planning the interior finishings of an eight-passenger turboprop that Skylane Airways expects to acquire and place in charter service. The
On January 1, 1990, Technic Company gave its own \(\$ 500,000\) noninterest-bearing, six-year note payable in exchange for a machine, the cash price of which was not readily determinable. The market
Edenroc Production Company leased a machine on January 2, 1990, under a contract calling for annual payments of \(\$ 65,000\) on December 31 at the end of each of five years, with the machine
The Southwest News Company leased two new printing presses. Each of the presses has an estimated service life of seven years. Press 1 was leased for five years. Press 2 was leased for six years. Each
A company has five employees, each of whom earns \(\$ 1,200\) per month and is paid on the last day of each month. On June 1, the following accounts and balances appeared in its ledger:a. FICA Taxes
H. J. Heinz Company is a worldwide provider of processed food products and services. In the company's 1987 annual report, the footnotes to the financial statements included the following
Lettwinn Corporation is planning to acquire some new equipment from Clifton Company and has asked you to assist in analyzing the situation. The equipment may be purchased for \(\$ 415,000\) and then
Archery Unlimited Company has 80 regular employees, all earning in excess of \(\$ 7,000\) per year. The company's plant and office are located in a state in which the maximum unemployment tax rate is
Astrolabs Company employs a scientific specialist at an annual salary of \(\$ 66,000\). The company pays federal unemployment taxes of \(0.8 \%\) and state unemployment taxes of \(3.5 \%\) on the
What are two commonly used payment patterns on installment notes?
How is the interest portion of an installment note payment calculated?
What is the difference between a note payable and a bond issue?
What is the primary difference between a share of stock and a bond?
Why may bonds be preferred to stock as a means of long-term financing?
What is a bond indenture? What are some of the provisions commonly contained in an indenture?
What role is played by the underwriter when bonds are issued?
What is the function of the trustee on a bond issue?
Define or describe: (a) registered bonds, (b) coupon bonds, \((c)\) serial bonds, (d) sinking fund bonds, (e) callable bonds, and ( \(f\) ) debenture bonds.
Why does a corporation that issues bonds between interest dates collect accrued interest from the purchasers of the bonds?
As it relates to a bond issue, what is the meaning of "contract rate of interest"? What is the meaning of "market rate for bond interest'?
What determines bond interest rates?
When the straight-line method is used to amortize bond discount, how is the interest expense for each period calculated?
When the interest method is used to amortize bond discount or premium, how is the interest expense for each period calculated?
If a \(\$ 1,000\) bond is sold at \(981 / 4\), at what price is it sold? If a \(\$ 1,000\) bond is sold at \(1011 / 2\), at what price is it sold?
If the quoted price for a bond is \(973 / 4\), does this include accrued interest?
What purpose is served by creating a bond sinking fund?
How are bond sinking funds classified for balance sheet purposes?
If, when a bond issue matures, the sinking fund has insufficient assets to repay the bondholders, who pays the bondholders the deficiency? If the sinking fund has more than enough cash to repay the
What two legal documents are involved when a company signs a note payable that is secured by a mortgage? What is the purpose of each?
On December 31, 1990, Cutter Company borrowed \(\$ 95,000\) by signing a fiveyear, \(12 \%\) installment note. The note requires annual payments on December 31 of accrued interest plus equal amounts
On December 31, 1990, Butter Company borrowed \(\$ 95,000\) by signing a fiveyear, \(12 \%\) installment note. The note requires annual payments of \(\$ 26,354\) to be made on December 31. Prepare
Flag Company borrowed \(\$ 100,000\) by signing a six-year, \(14 \%\) installment note. The terms of the note require six annual payments of an equal amount, the first of which is due one year after
On March 31 of the current year, Ester Corporation sold at par plus accrued interest \(\$ 2\) million of its \(9.8 \%\) bonds. The bonds were dated January 1 of the current year, with interest
On May 1 of the current year, Beasley Corporation sold \(\$ 1\) million of its \(10.2 \%\), 20 -year bonds. The bonds were dated May 1 of the current year, with interest payable on each November 1
On November 1 of the current year, Henrett Corporation sold \(\$ 3\) million of its \(10.8 \%, 10\)-year bonds at a price that reflected a \(14 \%\) market rate for bond interest. Interest is payable
Henrett Corporation of Exercise 11-6 uses the interest method of amortizing bond discount or premium. Under the assumption the Henrett Corporation sold its bonds for \(\$ 2,491,428\), prepare a
Frissel Corporation sold \(\$ 900,000\) of its own \(13 \%\), nine-year bonds on November 1,1990 , at a price that reflected a \(12 \%\) market rate of bond interest. The bonds pay interest each May
Assume the bonds of Exercise 11-8 sold for \(\$ 948,685\) and that Frissel Corporation uses the interest method to amortize bond discount or premium. Prepare general journal entries to accrue
Golfer Corporation sold \(\$ 800,000\) of its \(10.2 \%, 20\)-year bonds at \(983 / 4\) on their date of issue, January 1, 1990. Five years later, on January 1, after the bond interest for the period
On January 1, 1989, Daisy Corporation sold \(\$ 2.5\) million of 10 -year sinking fund bonds. The corporation expects to earn \(10 \%\) on assets deposited with the sinking fund trustee and is
On November 1, 1990, Rennco Company purchased \(50 \$ 1,000\) par value, \(11 \%\), 10-year Quatrain Corporation bonds dated December 31, 1989. The bonds pay interest semiannually on June 30 and
On June 30,1990 , Potter Company borrowed \(\$ 450,000\) at the bank by signing a five-year, \(12 \%\) installment note. The terms of the note require equal semi-annual payments beginning December
Baxter Corporation sold \(\$ 750,000\) of its own \(8.5 \%, 10\)-year bonds on their date of issue, December 31, 1989. Interest was payable on the bonds on each June 30 and December 31, and they were
Redman Corporation sold \(\$ 1\) million of its own \(11 \%, 10\)-year bonds on December 31, 1989. The bonds were dated December 31, 1989, with interest payable on each June 30 and December 31 , and
Prepare general journal entries to record the following transactions of Warren Corporation. Use the present value tables, Tables \(10-1\) and 10-2, pages 409 and 411, as necessary, to calculate the
Prepare general journal entries to record the following bond transactions of Cradle Corporation.1989 Nov. 1 Sold \(\$ 2.5\) million par value of its own \(9.5 \%, 10\)-year bonds at a price to yield
On December 31, 1989, Nelsbore Corporation sold \(\$ 3\) million of 10 -year, \(9.5 \%\) bonds payable at a price that reflected a \(10 \%\) market rate of bond interest. The bonds pay interest on
Schaefer Company financed a major expansion of its production capacity by borrowing money and signing an installment note at the bank. The four-year, 14\%, \(\$ 200,000\) note is dated June 30, 1990,
Nunley Corporation sold \(\$ 1.5\) million of its own \(9.2 \%, 10\)-year bonds on their date of issue, December 31, 1989. Interest was payable on the bonds on each June 30 and December 31, and they
On December 31, 1989, Molly Corporation sold \(\$ 2.4\) million of its own \(13.5 \%\), 10 -year bonds. The bonds were dated December 31, 1989, with interest payable on each June 30 and December 31,
Prepare general journal entries to record the following transactions of Transcon Corporation. Use the present value tables, Tables \(10-1\) and 10-2, pages 409 and 411, as necessary, to calculate the
Prepare general journal entries to record the following bond transactions of Bennett Corporation.1989 Oct. 1 Sold \(\$ 3.5\) million par value of its own \(9.7 \%, 10\)-year bonds at a price to yield
On December 31, 1989, Molly Corporation sold \(\$ 2.4\) million of its own \(13.5 \%\), 10 -year bonds. The bonds were dated December 31, 1989, with interest payable on each June 30 and December 31,
Transfer Sales Company is planning a major expansion of its operations and needs \(\$ 2.5\) million to finance the expansion. The company has been presented with three alternative financing
The stockholders' equity of Hardin Corporation consists of 250,000 shares of outstanding common stock on which the corporation has earned an average of \(\$ 0.50\) per share during each of the last
What does the term mutual agency mean as applied to a partnership?
Kurt and Ellen are partners in the operation of a store. Without consulting Kurt, Ellen enters into a contract for the purchase of merchandise for resale by the store. Kurt contends that he did not
Would your answer to question 2 differ if Kurt and Ellen were partners in a public accounting firm?
May partners limit the right of a member of their firm to bind their partnership to contracts? Is such an agreement binding (a) on the partners and (b) on outsiders?
What does the term unlimited liability mean when it is applied to members of a partnership?
George, Burton, and Dillman have been partners for three years. The partnership is dissolving. George is leaving the firm while Burton and Dillman plan to carry on the business. In the final
The partnership agreement of Barnes and Ardmore provides for a twothirds, one-third sharing of income but says nothing about losses. The first year of partnership operations resulted in a loss and
Why is the income of a corporation said to be taxed twice?
Who is responsible for directing the affairs of a corporation?
What is a proxy?
What are organization costs? List several.
How are organization costs classified on the balance sheet?
What are the duties and responsibilities of a corporation's registrar and transfer agent?
Who serves as the chief executive officer of a corporation?

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