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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the sale of the bonds?
Allante Corporate issued 50 bonds with a face value of $1,000 and a stated rate of 4% and received $45,000. What is the journal entry to record the sale of the bonds?
On April 1 a company sells a 5-year, $60,000 bond with a 7% stated interest rate. The market interest on that day was also 7%. If interest is paid quarterly, the company makes interest payments of
What kind of account is the Discount on Bonds Payable? What kind of account is the Premium on Bonds Payable?
On Jan. 1, Year 1, Foxcroft Inc. issued 100 bonds with a face value of $1,000 for $104,000. The bonds had a stated rate of 6% and paid interest semi-annually. What is the journal entry to record the
Why is the effective-interest method of amortization required under the International Financial Reporting Standards?
Pinetop Corporation issued $150,000 10-year bonds at par. The bonds have a stated rate of 6% and pay interest annually. What is the journal entry to record the sale of the bonds?
Piedmont Corporation issued $200,000 of 10-year bonds at par. The bonds have a stated rate of 6% and pay interest annually. What is the journal entry to record the first interest payment to the
When a bond sells at a discount, the carrying value ________ after each amortization entry.A. IncreasesB. DecreasesC. Stays the sameD. Cannot be determined
If there is neither a premium nor discount present, the journal entry to record bond interest payments is _______.
Medhurst Corporation issued $90,000 in bonds for $87,000. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment?
Lunar Corporation issued $80,000 in bonds for $87,000 on Jan. 1. The bonds had a stated rate of 8% and pay interest quarterly. What is the journal entry to record the first interest payment?
The International Financial Reporting Standards require the use of ________.A. Any method of amortization of bond premiumsB. The straight-line method of amortization of bond discountsC. The
When do you use the Bond Discount Account?
A company issued bonds with a $100,000 face value, a 5-year term, a stated rate of 6%, and a market rate of 7%. Interest is paid annually. What is the amount of interest the bondholders will receive
EllaJane Corporation was organized several years ago and was authorized to issue 4,000,000 shares of $50 par value 6% preferred stock. It is also authorized to issue 1,750,000 shares of $1 par value
James Incorporated is authorized to issue 5,000,000 shares of $1 par value common stock. In its second year of business, the company has the following transactions:Journalize the transactions. Mar.
The total amount of cash and other assets received by a corporation from the stockholders in exchange for the shares is ________.A. Always equal to par valueB. Referred to as retained earningsC.
You are a CPA working with sole proprietors. Several of your clients are considering incorporating because they need to expand and grow. One client is curious about how her financial reports will
Stock can be issued for all except which of the following?A. Accounts payableB. State income tax paymentsC. Property such as a delivery truckD. Services provided to the corporation such as legal fees
On April 2, West Company declared a cash dividend of $0.50 per share. There are 50,000 shares outstanding. What is the journal entry that should be recorded?
Nutritious Pet Food Company’s board of directors declares a small stock dividend (20%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par
A company issued 30 shares of $.50 par value common stock for $12,000. The credit to additional paid-in capital would be ________.A. $11,985B. $12,000C. $15D. $10,150
The cash interest payment a corporation makes to its bondholders is based on ________.A. The market rate times the carrying valueB. The stated rate times the principalC. The stated rate times the
Whirlie Inc. issued $300,000 face value, 10% paid annually, 10-year bonds for $319,251 when the market of interest was 9%. The company uses the effective-interest method of amortization. At the end
A company issued $100,000, 5-year bonds, receiving $97,000. What is the balance sheet presentation immediately after the sale?
Does interest expense increase or decrease when a bond premium is amortized?
Keys Inc. issued 100 bonds with a face value of $1,000 and a rate of 8% at $1,025 each. The journal entry to record this transaction includes ________.A. A credit to Bonds Payable for $102,500B. A
Huang Inc. issued 100 bonds with a face value of $1,000 and a 5-year term at $960 each. The journal entry to record this transaction includes ________.A. A debit to Bonds Payable for $100,000B. A
O’Shea Inc. issued bonds at a face value of $100,000, a rate of 6%, and a 5-year term for $98,000. From this information, we know that the market rate of interest was ________.A. More than 6%B.
Gingko Inc. issued bonds with a face value of $100,000, a rate of 7%, and a 10-yearterm for $103,000. From this information, we know that the market rate of interest was ________.A. More than 7%B.
You are the president of Duke Company and are leading the company through the process of incorporation. The next step is determining the type of stock the company should offer. You are relying on
Your bakery is incorporated and is looking for investors. Write a one paragraph story of why investors should buy stock in your company. What makes your bakery special?
Your high school friend started a business that has blossomed over the years, and she is considering incorporating so she can sell shares of stock and expand. She has asked you for help understanding
Autumn Corporation was organized in August. It is authorized to issue 100,000 shares of $100 par value 7% preferred stock. It is also authorized to issue 500,000 shares of $5 par value common stock.
Which of the following is not a characteristic that sets preferred stock apart from common stock?A. Voting rightsB. Dividend paymentsC. TransferabilityD. Ownership
Your corporation needs additional capital to fund an expansion. Discuss the advantages and disadvantages of raising capital through the issuance of stock. Would debt be a better option? Why or why
You are a CPA who has been hired by DEF Company to assist with their initial public offering. Prepare a memo to the president of DEF outlining the steps you will take to launch the IPO.
You are an accountant working for a company that has recently decided to incorporate. The company has incurred $4,300 for attorney’s fees, promotion costs, and filing fees with the state of
You are the president of Duke Company and are leading the company through the process of incorporation. The company has determined that common stock shares will be issued, but several key executives
Do some research: why did Facebook choose to reincorporate in Delaware?
You are an accountant working for a manufacturing company that makes personal care products and has recently decided to incorporate. The company incurred a total of $7,900 for attorney’s fees,
Issued stock is defined as stock that ________.A. Is available for saleB. That is held by the corporationC. Has been sold to investorsD. Has no voting rights
How many shares of stock should your new corporation authorize? How did you arrive at your number?
You are a CPA who has been hired by DEF Company to assist with their incorporation process. Prepare a memo to the president of DEF explaining the different statuses of shares of stock: authorized
What is the impact on stockholders’ equity when a company uses debt financing as a source of funding?
MacKenzie Mining Corporation is authorized to issue 50,000 shares of $500 par value 7% preferred stock. It is also authorized to issue 5,000,000 shares of $3 par value common stock. In its first
Do some research: why is Comcast incorporated in Pennsylvania?
Copper Corporation was organized in May. It is authorized to issue 50,000,000 shares of $200 par value 7% preferred stock. It is also authorized to issue 75,000,000 shares of $5 par value common
Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It
What is the impact on stockholders’ equity when a company uses equity financing as a source of funding?
Your friend is considering incorporating and asks for advice. Which of the following is not a major concern?A. Colors for the logoB. Which state in which to incorporateC. Number of shares of stock to
Wingra Corporation was organized in March. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par value common stock.
What factors should a new company consider in deciding in which state to incorporate?
Spring Company is authorized to issue 500,000 shares of $2 par value common stock. In its first year, the company has the following transactions:Journalize the transactions and calculate how many
Fortuna Company is authorized to issue 1,000,000 shares of $1 par value common stock. In its first year, the company has the following transactions:Journalize the transactions and calculate how many
You are a CPA who has been hired by DEF Company to assist with their initial public offering. Prepare a memo to the president of DEF outlining the two most significant values, market value and par
What is the most obvious difference between debt and equity financing?
What is the biggest disadvantage to be considered when exploring the option of equity financing versus debt financing?
Par value of a stock refers to the ________.A. Issue price of a stockB. Value assigned by the incorporation documentsC. Maximum selling price of a stockD. Dividend to be paid by the corporation
What are some of the reasons a business owner might choose the corporate form of business?
How do creditors assess risk when lending funds to a company?
Why would a company repurchase its own stock?
Your high school friend started a business that has blossomed over the years, and he is considering incorporating so he can sell shares of stock and expand. He has asked you for help understanding
Which of the following is not one of the five primary responsibilities of the Securities and Exchange Commission (the SEC)?A. Inform and protect investorsB. Regulate securities lawC. Facilitate
Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It
McVie Corporation’s stock has a par value of $2. The company has the following transactions during the year:Journalize the transactions. Feb. 28 Jun. 7 Sep. 19 Issued 300,000 shares at $5
When a C corporation has only one class of stock it is referred to as ________.A. Stated value stockB. Par value stockC. Common stockD. Preferred stock
The following data was reported by Saturday Corporation:• Authorized shares: 30,000• Issued shares: 25,000• Treasury shares: 5,000How many shares are outstanding?
Aggregate Mining Corporation was incorporated five years ago. It is authorized to issue 500,000 shares of $100 par value 8% preferred stock. It is also authorized to issue 750,000 shares of $1 par
Anslo Fabricating, Inc. is authorized to issue 10,000,000 shares of $5 stated value common stock. During the year, the company has the following transactions:Journalize the transactions. Jan. 3 Jun.
Use the internet to find a company that declared a stock split within the last 1–2 years. Why did it declare the split? What happened to the company’s stock price immediately after the split and
Tent & Tarp Corporation is a manufacturer of outdoor camping equipment. The company was incorporated ten years ago. It is authorized to issue 50,000 shares of $10 par value 5% preferred stock. It
Silva Company is authorized to issue 5,000,000 shares of $2 par value common stock. In its IPO, the company has the following transaction: Mar. 1, issued 500,000 shares of stock at $15.75 per share
The number of shares that a corporation’s incorporation documents allows it to sell is referred to as ________.A. Issued stockB. Outstanding stockC. Common stockD. Authorized stock
A corporation issues 6,000 shares of $1 par value stock for a parcel of land valued at $12,000. Prepare the journal entry to reflect this transaction.
Use the internet to find a publicly-held company’s annual report. Locate the section reporting Stockholder’s Equity. Assume that you work for a consulting firm that has recently taken on this
Juniper Company is authorized to issue 5,000,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Mar. 1,
When corporations issue stock in exchange for professional services, what account(s) should be debited and what account(s) should be credited?
Use the internet to find a publicly-held company’s annual report. Locate the section that comments on the Stockholder’s Equity section of the financial reports. What additional insights are you
Vishnu Company is authorized to issue 500,000 shares of $2 par value common stock. In conjunction with its incorporation process and the IPO, the company has the following transaction: Apr. 10,
A corporation issues 5,000 shares of $1 par value stock for some equipment with a clearly determined value of $10,000. Prepare the journal entry to reflect this transaction.
Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as
You are a consultant for several emerging, high growth technology firms that were started locally and have been a part of a business incubator in your area. These firms start out as sole
Ammon Company is authorized to issue 500,000 shares of $5 par value preferred stock. In its first year, the company has the following transaction: Mar. 1, issued 40,000 shares of preferred stock at
A company issued 40 shares of $1 par value common stock for $5,000. The journal entry to record the transaction would include which of the following?A. Debit of $4,000 to common stockB. Credit of
The board of directors is interested in investing in a new technology. Appropriating existing retained earnings is a choice for funding the new technology. You are a consultant to the board. How
Nutritious Pet Food Company’s board of directors declares a cash dividend of $1.00 per common share on November 12. On this date, the company has issued 12,000 shares but 2,000 shares are held as
You are the accountant for Kamal Fabricating, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from the company’s
You are a consultant for several emerging, high-growth technology firms that were started locally and have been a part of a business incubator in your area. These firms start out as sole
Nutritious Pet Food Company’s board of directors declares a cash dividend of $5,000 on June 30. At that time, there are 3,000 shares of $5 par value 5% preferred stock outstanding and 7,000 shares
You have some funds that you would like to invest and you are relying heavily on the EPS calculation to help you make your decision. Initially you are baffled about why preferred dividends are
Nutritious Pet Food Company’s board of directors declares a large stock dividend (50%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par
A corporation issued 100 shares of $100 par value preferred stock for $150 per share. The resulting journal entry would include which of the following?A. A credit to common stockB. A credit to cashC.
When does a corporation incur a liability for a dividend?
Nutritious Pet Food Company’s board of directors declares a small stock dividend (20%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par
You are a consultant working with various companies that are considering incorporating and listing shares on a stock exchange. One of your clients asks you about the various acronyms she has been
The date the board of directors votes to declare and pay a cash dividend is called the:A. Date of stockholder’s meetingB. Date of paymentC. Date of declarationD. Date of liquidation
How does a stock split affect the balance sheet of a corporation?
Blanket Company has paid quarterly dividends every quarter for the past 15 years. Lately, slowing sales have created a cash crunch for the company. While the company still has positive retained

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