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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

DEDUCTION OF EXPENSES. Montpelier Construction Supplies, Inc., has the following expense items for the year: Cost of goods sold Depreciation expense Sales and administrative expenses Depletion
REVENUES AND TAXABLE INCOME. Prospero Bank and Trust has the following revenue items for 19x3: Interest revenue, notes $1,740,500 Interest revenue, municipal bonds 112,000 Dividend income 297,000
DEFERRED TAX LIABILITY. During 19x2, Wilson Products, Inc., sold a tract of land under a 4-year installment sale contract resulting in a gain of $160,000. The gain from this sale (exclusive of
CORPORATE TAX AND FINANCIAL REPORTING MEASUREMENT DIFFERENCES. Sturgis Manufacturing has the following data for its depreciable assets: YEAR-END INSTALLED ECONOMIC LIFE MACRS LIFE ITEM COST IN YEARS
CORPORATE TAX AND DEFERRED TAXES. The controller of Gibson Corporation has asked your help in preparing the journal entry to record taxes for 19x8. He has given you the following data (all
DETERMINATION OF CORPORATE TAXES. Tolly Company had the following data available for computing its 19x1 federal income tax:REQUIRED:Compute Tolly’s federal income tax due for 19x1. Revenues (except
DETERMINATION OF CORPORATE TAXES. Floyd’s Wholesale Hardware had the following data for 19x3:REQUIRED:Compute Floyd’s Wholesale Hardware’s federal income tax due for 19x3. Sales revenue
CORPORATE CAPITAL GAINS. Kinzer, Inc., has had several transactions involving capital assets during 19x5. Kinzer’s accountant has developed the following data: DATE TRANSACTION SELLING PRICE
CORPORATE CAPITAL GAINS. In addition to ordinary income of $105,000, the Pernell Company had the following capital gains and losses for 19x9:Short-term capital gains ......... $18,000 a Short-term
CHARACTERISTICS OF ACCOUNTING AND TAXABLE INCOME. Match each characteristic with the appropriate subject to create a correct statement about the accounting net income or taxable income of
CORPORATE TAX DETERMINATION. Briggs Company has the following data available for a recent year:REQUIRED:Determine the amount of tax due for the year. Ordinary income $1,320,000 Net long-term capital
ALTERNATIVE MINIMUM TAX. Ellis Manufacturing, Inc., has regular taxable income of $320,000 (before AMT adjustments). The following adjustments are required for the computation of the alternative
EXCLUSION FROM TAXABLE INCOME. Granville Corporation has the following items of revenue and expense:ee SRT SLICED hia ax siccus eae oy'sohyspoeicsain fo NACA 3 $2,250,000 Interest revenue, corporate
EFFECTIVE TAX RATE. Karen Company has the following data for 19x’:Computed taxes at the statutory rate (.34) ........ $3,060,000 State income taxes net of federal tax benefit ...... 54,000 aXe
INSTALLMENT SALE AND TAXES. On January 1, 19x2, Fountain Square Products sold a tract of land for $40,000 under a long-term contract, resulting in a longterm capital gain of $14,000. The contract
DETERMINATION OF CORPORATE TAX. Butters, Inc., sells furniture to retail customers. For 19x8 Butters has the following data:REQUIRED:1. Compute federal income tax due for Butters for 19x8.2.
DETERMINATION OF CORPORATE TAX. Mountain Transit Service provides ground transportation from airports to ski resorts in northern Nevada. For 19x4 the following data are available from which to
CORPORATE CAPITAL GAINS. Northam Manufacturing, Inc., had the following capital asset transactions during 19x1:a)b)c)d)Sold land that cost $187,000 for $179,000 cash. The land had been purchased 5
The president of National Wholesalers suspected that employees are stealing several items of merchandise, particularly items that are small enough to hide in clothing. The president's suspicions
At the beginning of his first year at university, Georgio Labos bought a used combination colour television and stereo system for \(\$ 960\). He estimates that these two items will be almost
Havel Company has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these
Theriault Corporation has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of
A current liability is a short-term obligation that is normally expected to be settled within one year. For each of the following events and transactions that occurred in November 2011 indicate the
Amster Corp. produces and sells a single product that requires considerable servicing and adjustment during the first two years after sale. The company offers a warranty for two years covering most
What is the purpose of a corporate charter? P12-56.
Describe the difference between authorized, issued, and outstanding shares. P12-56.
How do common stock and preferred stock differ? P12-56.
What is the difference between par value and stated value? P12-56.
List three questions asked by corporate directors and managers for which information about equity is used to reach an answer. P12-56.
List three questions asked by stockholders for which information about equity is used to reach an answer. P12-56.
What are derivatives? P12-56.
What is the difference between a closed corporation and an open corporation? P12-56.
Write a sentence or two using the words public offering, underwriter, and registration statement. P12-56.
When are paid-in capital (capital stock) and legal capital different? P12-56.
What is a stock warrant? How are stock warrants used by corporations? P12-56.
Give four reasons why a company might purchase treasury stock. P12-56.
How is treasury stock presented in the balance sheet? P12-56.
Why is it not appropriate to report treasury stock as an asset? P12-56.
What entries are made (if any) at the declaration date, date of record, and _ date of payment for cash dividends? P12-56.
Name and describe the four items of information specified by a cash dividend declaration on common stock. What is the significance of each of these items from the viewpoint of the accounting system
How is a stock dividend different from a cash dividend? P12-56.
What is the effect of a stock dividend on the wealth of a stockholder receiving such a dividend? P12-56.
What is the effect of a stock split on stockholders’ equity account balances? P12-56.
Describe the statement of changes in stockholders’ equity. How is it related to the statement of changes in retained earnings? P12-56.
Describe two ways to report treasury stock transactions in the statement of changes in stockholders’ equity. How do these methods affect the reporting of treasury stock on the balance
When are prior period adjustments used? P12-56.
How does equity accounting differ among sole proprietorships, partnerships, and corporations? P12-56.
In what way are corporations subject to double taxation? P12-56.
Explain each of the following preferred stock dividend preferences: (1) current dividend preference, (2) cumulative dividend preference, and (3) participating dividend preference. P12-56.
Are dividends in arrears reported among the liabilities of the dividend-paying firm? If not, how are they reported, and why? P12-56.
INTERPRETING THE EQUITY SECTION. The following information is taken from financial statements and notes included in the annual report of Toys “R” Us:REQUIRED:1.Approximately 2.8% of shares issued
CAPITAL STOCK TRANSACTIONS AND ETHICS. Charlene Jones is the office manager for MK Corporation. MK constructs, owns, and manages apartment complexes. Charlene has been involved in negotiations
COMMON AND PREFERRED STOCK. Expansion Company now has$2,500,000 of equity (100,000 common shares). Current income is $400,000 and Expansion Company needs $500,000 of additional capital. The firm’s
SELLING COMMON STOCK WITH A PUT. Isaacson Corporation needs to raise $15 million to expand its operations into Florida and Georgia. Isaacson considered acquiring the $15 million by selling long-term
DIVIDEND POLICY. Erickson Company is a closely held corporation (the stock is owned by a small number of individuals). Erickson’s board is trying to decide whether to pay $500,000 to stockholders
ARRANGING FOR PRIOR PERIOD ADJUSTMENTS. Beth Rader, one of the junior accountants for Microbox, Inc., is concerned about the firm’s more recent financial statements. Beth was responsible for
LEVERAGE. Enrietto Aquatic Products’ offer to acquire Fiberglass Products for $2,000,000 cash has been accepted. Enrietto has $1,000,000 of liquid assets that can be converted into cash and plans
READING THE STOCKHOLDERS’ EQUITY SECTION. The following information is taken from financial statements and notes included in the annual report of General Mills:REQUIRED:1. How many shares of
CAPITAL STOCK. Renee Corporation has the following stockholders’ equity information:
PRESENTING COMMON STOCKHOLDERS’ EQUITY. At the time of its incorporation 7 years ago, LaFontain Enterprises issued 14,320 shares of $5 par common stock for $16.50 per share. At December 31, 19x9,
ISSUING COMMON STOCK. Thoman Products, Inc., sold 21,250 shares of common stock to stockholders at the time of its incorporation. Thoman received $24.40 per share for the stock.REQUIRED:1. Assume
ISSUING PREFERRED STOCK. Saddlebrook Enterprises sold 2,100 shares of its $50 par value preferred stock for $111,300.REQUIRED:Prepare the journal entry to record the sale and issuance of this stock.
ACCOUNTING FOR SHARES. Kress Products’ corporate charter authorizes a the firm to sell 800,000 shares of $10 par common stock. At the beginning of 19x7, Kress had sold 243,000 shares and had
EXCHANGE OF STOCK FOR EQUIPMENT. Grace Metallurgy acquired a new furnace by exchanging 1,250 shares of its $10 par common stock for the furnace.REQUIRED:1. Assume that the stock is not actively
STOCK WARRANTS. The Scotts Company, maker and marketer of turf and horticultural products, issued long-term notes coupled with detachable stock warrants in order to borrow $5,000,000. The warrants
EMPLOYEE STOCK OPTIONS. Ambrose-Heath, Inc. issues to its president options to buy 2,000 shares of common stock at the date-of-issue price of $30 per share.The options must be exercised during a
TREASURY STOCK TRANSACTIONS. Dennison Service Corporation had no treasury stock at the beginning of 19x4. During January 19x4, Dennison purchased 7,600 shares of treasury stock at $21-per share. In
PRESENTATION OF STOCKHOLDERS’ EQUITY. Rehberger Corporation has the following stockholders’ equity information at the end of 19x4:Common stock, $10 par, 100,000 shares authorized, 60,000 shares
ANALYSIS OF STOCKHOLDERS’ EQUITY. Gilbert Systems’ December 31, 19x5, balance sheet includes the following stockholders’ equity section:REQUIRED:1. How many shares of common stock have been
ACCOUNTING FOR EQUITY CHANGES. Fiberglass Products prepared the following statement of stockholders’ equity at December 31, 19x7:REQUIRED:Prepare the stockholders’ equity portion of Fiberglass’
CASH DIVIDENDS ON COMMON STOCK. Berkwild Company is authorized to issue 1,000,000 shares of common stock. At the beginning of 19x3, Berkwild had 338,000 issued and outstanding shares. On July 2,
STOCK DIVIDENDS. Crystal Corporation has the following information regarding its common stock:Its common stock is $20 par, with 300,000 shares authorized, 132,000 shares issued, and 130,600 shares
STOCK DIVIDENDS AND STOCK SPLITS. The balance sheet of Castle Cor- poration includes the following equity section:REQUIRED:1. Assume that Castle issued 30,000 shares for cash at the inception of the
STATEMENT OF CHANGES IN RETAINED EARNINGS. At the end of 19x6, Wadsworth Corporation reported retained earnings of $317,200. During 19x7 Wadsworth had net income of $63,100, declared and paid cash
RESTRICTIONS ON RETAINED EARNINGS. At December 31, 19x7, Longfellow Clothing had $107,300 of retained earnings, all unrestricted. During 1978 Longfellow earned net income of $39,500 and declared and
PROPRIETORSHIP EQUITY ACCOUNTING. Chris Brandon operates an organ repair business as a proprietorship. At the beginning of 19x2, Chris’ capital account balance was $34,150. During 19x2, the
PARTNERSHIP EQUITY ACCOUNTING. Teresa Felix and Laura Bramer operate a small accounting practice as a partnership. For 19x4 the following data are available for Teresa and Laura:During 19x4,
PREFERRED DIVIDENDS. Nathan Products’ equity includes 10.8%, $100 par preferred stock. There are 100,000 shares authorized and 20,000 shares outstanding.Assume that Nathan Products declares and
CUMULATIVE PARTICIPATING PREFERRED DIVIDENDS. The capital stock of Barr Company includes:REQUIRED:1. Determine the amount of dividends that will be paid to Barr’s common and preferred stockholders
STOCKHOLDERS’ EQUITY TERMINOLOGY. A list of terms and a list of def- initions and examples are presented below. Make a list of the numbers 1 through 10 and match the letter of the most directly
PRESENTATION OF STOCKHOLDERS’ EQUITY. Yeager Corporation was organized in January 19x4. During 19x4 Yeager engaged in the following stockholders’equity activities:a) Secured approval for a
PRESENTING COMMON STOCKHOLDERS’ EQUITY. Harrison Properties te was incorporated at the beginning of 19x2. During 19x2 Harrison had an initial public Lo offering of 14,000 shares of $20 par common
ISSUING COMMON AND PREFERRED STOCK. G. R. Clark, Inc., engaged in the following transactions during a recent year:a) Sold 8,500 shares of $10 par common stock for $28.60 per share.b) Sold 180 shares
ISSUING COMMON AND PREFERRED STOCK. Klaus Herrmann, a biochemistry professor, organized Bioproducts, Inc., early this year. The firm will manufacture antibiotics using gene-splicing technology.
TREASURY STOCK TRANSACTIONS. Hansen, Inc., engaged in the following transactions during the current year:a) Purchased 4,000 shares of its own $20 par common stock for $26 per share on January 14.b)
SALES OF TREASURY STOCK. The balance sheet of Amdahl Printing, Inc., on December 31, 19x2, shows the following equity section:REQUIRED:1. On January 1, 19x3, the company reacquired 300 shares of its
STATEMENT OF STOCKHOLDERS’ EQUITY. At the end of 19x4, Jeffco, Inc., had the following equity accounts and balances:During 19x5 Jeffco engaged in the following transactions involving its equity
CHANGES IN EQUITY. Duncan Data Systems engaged in the following transactions this year:a) Sold 21,000 shares of $5 par common stock for $8 per share.b) Declared a $14,300 cash dividend.c) Paid the
COMMON DIVIDENDS. Papke Payroll Service began 19x2 with 1,000,000 authorized and 225,000 issued and outstanding $10 par common shares. During 19x2 Papke entered into the following transactions:a)
COMMON DIVIDENDS. At December 31, 19x0, Skelton Food Products’stockholders’ equity included retained earnings of $20,470 and 60,000 outstanding shares of $2 par common stock. In May 19x1, Skelton
STOCK DIVIDENDS AND STOCK SPLITS. Lance Products’ balance sheet includes total assets of $320,000 and the following equity account balances at December 31, 19x3:REQUIRED:1. How much would Lance
PROPRIETORSHIP EQUITY. Rich Nardone sells a line of pumps on consignment for a large manufacturer. Rich has organized his business as a proprietorship. At the beginning of 19x4 Rich’s equity
PARTNERSHIP. Darrell Jones, Darrell Newton, and Larry Clark operate an income tax advisory service as a partnership. The tax advisory service was formed in early 19x2, at which time each partner
THREE EQUITY ACCOUNTING SYSTEMS. Assume that there are three firms engaged in the same business. One business is organized as a proprietorship, the second is organized as a partnership, and the third
CLOSING ENTRIES FOR THREE ORGANIZATIONS. Each of the following companies makes closing entries annually at December 31:a) Company A is a sole proprietorship owned by Grabner and is financed in part
PREFERRED DIVIDENDS. California Produce Company has outstanding 1,000 shares of 10%, $40 par preferred stock at the end of 19x6. Preferred dividends are | year in arrears at that date. California
PREFERRED DIVIDENDS. Magic Conglomerates had the following preferred stock outstanding at the end of a recent year:REQUIRED:1. Determine the amount of annual dividends on each issue of preferred
Taber Company has just prepared the following comparative annual financial statements for 2012 :\section*{Required (round percentage and ratios to two decimal places):}1. For 2012, compute the tests
The following information was contained in the annual financial statements of Pine Company, which started business January 1, 2010 (assume account balances only in cash and share capital on this
Coke and Pepsi are well-known international brands. Coca-Cola sells more than \(\$ 30\) billion worth of beverages each year, while annual sales of Pepsi products exceed \(\$ 40\) billion. Compare

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