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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Calculations Adams Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During May, Adams recorded total sales of \(\$ 750,000\). An analysis of May
The following independent situations represent various types of liabilities:1. Marshall Company has a manufacturing plant located in a small, rural community. The only other major employer in the
Richard, Inc., which closes its books on December 31, is authorized to issue \(\$ 600,000\) of six percent, 20 -year bonds dated March 1, with interest payments on September 1 and March
The following data are from the current accounting records of Crest Company:The president of the company is concerned that the company may be in violation of a debt covenant that requires the company
On December 31, 2018, Edmand, Inc., issued \(\$ 750,000\) of 11 percent, five-year bonds for \(\$ 722,400\), yielding an effective interest rate of 12 percent. Semiannual interest is payable on June
On January 1, 2018, Ranier, Inc., issued \(\$ 300,000\) of ten percent, 15 -year bonds for \(\$ 351,876\), yielding an effective interest rate of eight percent. Semiannual interest is payable on June
The Peoples National Bank raised capital through the sale of \(\$ 100\) million face value of four percent coupon rate, ten-year bonds. The bonds paid interest semiannually and were sold at a time
The Miller Corporation issued \(\$ 100\) million maturity value of six percent coupon rate bonds, with interest paid semiannually. At the time of the bond issuance, equivalent risk-rated debt
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Answer the following questions:a. How much were Columbia's current
Kingston Corporation has total assets of \(\$ 5,200,000\) and has been earning an average of \(\$ 800,000\) before income taxes the past several years. The firm is planning to expand plant facilities
Abbott Laboratories is a diversified health care company devoted to the discovery, development, manufacture, and marketing of innovative products that improve diagnostic, therapeutic, and nutritional
The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website. Refer to the consolidated balance sheet, and Note 8.Requireda. What was the total dollar amount of
Cedric Salos is considering different ways to raise money for the expansion of his company's operations. Cedric is not sure about the advantages of issuing bonds versus issuing common stock. In
The chapter highlight on Microsoft's corporate social responsibility efforts discussed two of the company's efforts. Go to Microsoft's Website and navigate to the section "About Microsoft;" then
Billing schemes are frauds in which an employee causes the victim organization to issue fraudulent payments by submitting invoices for nonexistent goods or services, inflated invoices, or invoices
Below are selected data from Microsoft's recent financial statements:Required Calculate the following ratios for 2017 and 2016 and comment on the trend:a. Current ratiob. Quick ratio Net income Tax
What is the usual liability of stockholders for corporation actions?a. Unlimitedb. Limited to the par value or stated value of the shares of stock they holdc. Limited to the amount of their
Which type of stock may have dividends in arrears?a. Cumulative preferred stockb. Common stockc. Noncumulative preferred stockd. Treasury stock
Wyler Company issued 20,000 shares of \(\$ 10\) par value common stock in exchange for a building with a current fair value of \(\$ 1,000,000\). In recording this transaction, what amount should be
Which of the following accounts has a normal debit balance?a. Common Stockb. Paid-in Capital in Excess of Stated Valuec. Preferred Stockd. Treasury Stock
Which of the following events decreases a corporation's stockholders' equity?a. A payment of a previously declared cash dividendb. A declaration of a six percent stock dividendc. A 2-for-1 forward
When a company wants to reduce the market price per share of its stock, what action should it take?a. Issue a cash dividendb. Issue a stock dividendc. Do a reverse stock splitd. Do a forward stock
What type of company is typically characterized by a high dividend payout ratio?a. Technology companyb. High-growth companyc. Mature, low-growth companyd. All of the above
Preferred stock that may be converted into common stock has which of the following characteristics?a. Call featureb. Cumulative featurec. Participation featured. Convertible feature
A dividend that is paid every quarter or every year is called?a. Regular dividendb. Special dividendc. Property dividendd. Stock dividend
The statement of stockholders' equity includes each of the following except:a. Retained Earningb. Treasury Stockc. Paid-in Capital in Excess of Par Valued. Accounts Receivable
What is the meaning of each of the following terms: corporation, articles of incorporation, corporate charter, board of directors, corporate officers, and organization costs?
What is meant by the limited liability of a stockholder? Does this characteristic enhance or reduce a corporation's ability to raise capital?
Contrast the federal income taxation of a corporation with that of a sole proprietorship and a partnership. Which of the three types of organizations must file a federal income tax return?
Define par value stock. What is the significance of a stock's par value?
What are the different sources of paid-in capital?
Define a forward stock split. What is the major reason for a forward stock split?
Assume that a corporation has preferred shares outstanding. How is the return on common stockholders' equity computed?
What information is presented in a statement of retained earnings? What information is presented in a statement of stockholders' equity?
Where do the following accounts (and their balances) appear in the balance sheet?a. Dividends Payable-Common Stockb. Stock Dividend Distributable
How is a corporation's dividend yield calculated?
Bleaker Company declares and pays its annual dividend near the end of its fiscal year. For the current year, Bleaker's dividend payout ratio was 40 percent, its earnings per common share were \(\$
Evans \& Sons, Inc., is authorized to issue one million shares of \(\$ 1\) par value common stock. In the company's initial public offering, 500,000 shares are sold to the investing public at a price
Browne \& Company issued 200,000 shares of \(\$ 1\) par value common stock at a price of \(\$ 5\) per share and issued 10,000 shares of no-par value common stock at a price of \(\$ 10\) per share.
The Azuza Company is liquidating. After paying off all of its creditors, the company has \(\$ 1.5\) million to distribute between its preferred stockholders and its common stockholders. The aggregate
Evans \& Sons, Inc., is authorized to issue one million shares of \$1 par value common stock. The company actually sells 700,000 shares at \(\$ 10\) per share. Prepare the journal entry to record the
Willis \& Company has 20 million shares of \(\$ 1\) par value common stock outstanding. The company believes that its current market price of \(\$ 100\) per share is too high and decides to execute a
Browne \& Company has no-par value common stock outstanding that is selling at \(\$ 40\) per share. The company's CEO believes that the stock price is undervalued and decides to buy back 10,000
The Glendora Company has 200,000 shares of cumulative, five percent, \(\$ 100\) par value preferred stock outstanding. Last year the company failed to pay its regular dividend, but the board of
Calculate the return on common stockholders' equity for Evans \& Sons for 2018 and 2019. Did the return improve from 2018 to 2019?Evans \& Sons, Inc., disclosed the following information in a
Calculate the dividend yield for Evans \& Sons for 2018 and 2019. Did the dividend yield improve from 2018 to 2019?Evans \& Sons, Inc., disclosed the following information in a recent annual
Calculate the dividend payout for Evans \& Sons for 2018 and 2019. Did the dividend payout increase from 2018 to 2019 ?Evans \& Sons, Inc., disclosed the following information in a recent
Nikron Corporation issued 20,000 shares of \(\$ 0.50\) par value common stock during the year for \(\$ 20\) each. Nikron also repurchased treasury stock for \(\$ 15,000\). Net income for the year was
For accounting purposes, how are liabilities defined?
At what amount are current liabilities presented on the balance sheet?
What does the term current liabilities mean?
What formula should Hardy Company use to calculate the total amount of interest on a note payable that uses add-on interest?
Gordon Company signed a note payable on November 20. Gordon has a December 31 year-end. It paid the note, including interest, on the maturity date, February 20.What accounts did Gordon debit and what
Jack Swanson gave a creditor a 90-day, eight percent note payable for \(\$ 7,200\) on December 16 . What adjusting entry should Swanson make on December 31 ?
What are two examples of voluntary deductions from an employee's gross pay?
On whom is the FICA tax levied? What does the FICA tax finance?
What is the difference between accounting for product warranties on (a) failed units repaired in the month of sale and (b) failed units repaired in a subsequent month but that are still covered by
American Paging, Inc., is the seventh largest paging company in the United States. In a recent balance sheet, it reported a current liability of \(\$ 8,452,379\) that was labeled Unearned Revenues
What do the following terms mean?(a) term loan,(b) bonds payable,(c) trustee,(d) secured bonds,(e) serial bonds,(f) call provision, (g) convertible bonds, (h) face value, (i) coupon rate, (j)
What are contingent liabilities? List three examples of contingent liabilities. When should contingent liabilities be recorded in the accounts?
Define the terms current ratio and quick ratio. What does each ratio tell us?
Define the times-interest-earned ratio and explain how it is used.
The CEO of Evans \& Sons, Inc., negotiated with its principal supplier of raw materials to purchase 10,000 units for a total price of \(\$ 100,000\). The units are to be delivered in 90 days. The CEO
Evans \& Sons, Inc., decides to sell \(\$ 1,000,000\) in bonds to finance the construction of a new warehouse. The bonds will carry an annual coupon rate of interest of three percent, to be paid
Evans \& Sons, Inc., received notification from a local attorney that the company was being sued for \(\$ 5,000,000\) for patent infringement. A review of the situation by the company's CEO led to
The CEO of Evans \& Sons, Inc., was considering a lease for a new administrative headquarters building. The building was old, but was very well located near the company's principal customers. The
Calculate the current ratio for Evans \& Sons, Inc., for 2018 and 2019, and comment on the company's working capital position. Did the company's ability to pay its current liabilities improve over
Calculate the quick ratio for Evans \& Sons, Inc., for 2018 and 2019, and comment on the company's working capital position. Did the company's ability to pay its current liabilities improve over the
Calculate the times-interest-earned ratio for Evans \& Sons, Inc., for 2018 and 2019, and comment on the company's ability to pay its current interest payments. Did the company's ability to pay its
Evans \& Sons, Inc. reported the following borrowings in a prior annual report:For each borrowing, indicate whether the bond or debenture was originally sold at its face value, a discount, or a
Evans \& Sons, Inc., sold \(\$ 100,000\) face value, six percent coupon rate, four-year bonds, for an aggregate issue price of \(\$ 95,000\). Calculate the total interest expense to be recorded by
During 2019, Evans \& Sons, Inc., issued \(\$ 400\) million of zero-coupon bonds, due in 2026. The proceeds from the bond issuance were \(\$ 184.2\) million. Calculate the total interest expense that
For each of the following situations, indicate the amount shown as a liability on the balance sheet of Cooper, Inc., at December 31:a. Cooper has accounts payable of \(\$ 120,000\) for merchandise
The following note transactions occurred during the year for Towne Company:Nov. 25 Towne issued a 90 -day, nine percent note payable for \(\$ 8,000\) to Hyatt Company for merchandise.Dec. 7 Towne
Clifford Company has just billed a customer for \(\$ 1,100\), an amount that includes an eight percent excise tax and a two percent state sales tax.a. What amount of revenue is recorded?b. Prepare a
The Petaluma Daily Times Corporation (CDT) publishes a daily newspaper. A 52 -week subscription sells for \(\$ 260\). Assume that CDT sells 100 subscriptions on January 1. None of the subscriptions
Zealand Company sells a motor that carries a 3-month unconditional warranty against product failure. Based on a reliable statistical analysis, Milford knows that between the sale and the end of the
Eaton Company issued \(\$ 600,000\) of eight percent, 20 -year bonds at 106 on January 1, 2013. Interest is payable semiannually on July 1 and January 1. Through January 1, 2019, Eaton amortized \(\$
On December 31, 2017, Eppel, Inc. borrowed \(\$ 900,000\) on an eight percent, 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of \(\$ 52,047\) (payable on
On December 31, 2016, Clarke, Inc. borrowed \(\$ 900,000\) on a seven percent, 10 -year mortgage note payable. The note is to be repaid in equal annual installments of \(\$ 128,140\) (payable on
Determine which of the following transactions represent contingent liabilities for Sawyer Rental and indicate the proper accounting treatment at the company's fiscal yearend, by placing the letter of
Presented below are summary financial data from Porter's annual report:Calculate the following ratios:a. Times-interest-earned ratiob. Quick ratioc. Current ratio Balance sheet Cash and cash
Matt Enterprises issued \(\$ 200,000\) of ten percent, five-year bonds with interest payable semiannually. Determine the issue price if the bonds are priced to yield (a) ten percent, (b) six percent,
Abbott, Inc., plans to issue \(\$ 500,000\) of ten percent bonds that will pay interest semiannually and mature in five years. Assume that the effective interest rate is 12 percent per year
On December 31, 2017, Brown Company issued \(\$ 750,000\) of 20 -year, eight percent bonds payable for \(\$ 621,307\), yielding an effective interest rate of ten percent. Interest is payable
On December 31, 2017, Shade Company issued \(\$ 250,000\) of 20 -year, eight percent bonds payable for \(\$ 276,694\), yielding an effective interest rate of seven percent. Interest is payable
On December 31, 2017, Phillip (Appendix 10A) Company issued \(\$ 600,000\) of ten-year, nine percent bonds payable for \(\$ 496,771\), yielding an effective interest rate of twelve percent. Interest
On December 31, 2017, Karen Company issued \(\$ 400,000\) of 10 -year, ten percent bonds payable for \(\$ 454,361\), yielding an effective interest rate of eight percent. Interest is payable
On January 1, Lorraine, Inc., entered into a lease contract. The lease contract was a ten-year lease for a computer with \(\$ 15,000\) annual lease payments due at the end of each year. Lorraine took
The relation between a bond's coupon rate and yield rate is known to influence a bond's issuance price. Presented below are coupon rates and yield rates for a selection of corporate bonds. Identity
Goldsteen Corporation obtained a \(\$ 5,000\) loan from a bank on April 1.If the bank charges eight percent interest annually, how much interest will be accrued at December 31?a. \(\$ 400\)b. \(\$
Wong, Inc., sold merchandise on account for \(\$ 1,840\), which is subject to a ten percent excise tax and a five percent sales tax. What would the entry to record this sale include?a. A debit of
Jansen Company sells a product for \(\$ 400\) per unit, which includes a 30 -day warranty against product defects. Experience indicates that four percent of the units sold will prove defective,
Which of the following payroll-related taxes are not withheld from an employee's earnings?a. Medicare taxesb. Income taxesc. Federal unemployment taxesd. Social Security taxes
Which of the following is not considered to be a contingent liability?a. Environmental cleanup costsb. Notes payablec. Credit guaranteesd. Lawsuit
On May 1, 2019, a firm issued $400,000 of 12-year, nine percent bonds payable at 96 1/2 plus accrued interest. The bonds are dated January 1, and interest is payable on January 1 and July 1 of each
A firm issued \($250,000\) of ten-year, 12 percent bonds payable on January 1, for \($281,180,\) yielding an effective rate of ten percent. Interest is payable on January 1 and July 1 each year. The
In financial statement presentations, the Discount on Bonds Payable account is:a. Added to Bond Interest Expense.b. Deducted from Bonds Payable.c. Added to Bonds Payable.d. Deducted from Bond
An example of off-balance-sheet financing is a(n):a. Term loan.b. Operating lease.c. Zero-coupon bond.d. Capital lease.
Apolo Company reported year-end current assets of \($75,000\) and current liabilities of \($25,000.\) The company's current ratio is:a. 1/3b. 3c. 4d. \($50,000\)

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