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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Lilly Cerith purchased a car wash for $480,000. If purchased separately, the land would have cost $120,000, the building $270,000, and the equipment $210,000. Determine the amount that should be
Ron MacGinty purchased a used tractor for $35,000. Before the tractor could be used, it required new tires, which cost $2,200, and an overhaul, which cost $2,800. Its first tank of fuel cost $1 50.
Murex Oil Company purchased a drilling truck for $90,000. Murex expected the truck to last five years or 200,000 miles, with an estimated residual value of $15,000 at the end of that time. During
Triton Burglar Alarm Systems Company purchased a word processor for $2,240. It has an estimated useful life of four years and an estimated residual value of $240. Compute the depreciation charge for
A piece of equipment that cost $32,400 and on which $18,000 of accumulated depre- ciation had been recorded was disposed of on January 2, the first day of business of the current year. For each of
Church Company purchased a computer on January 2, 20x1, at a cost of $5,000. It is expected to have a useful life of five years and a residual value of $500. Assuming that the computer is disposed of
Dosinia Mining Company purchased land containing an estimated 10 million tons of ore for a cost of $8,800,000. The land without the ore is estimated to be worth S 1 ,600,000.The company expects that
Morro Publishing Company purchased the copyright to a basic computer textbook for $20,000. The usual life of a textbook is about four years. However, the copyright will remain in effect for another
Using the data given for Murex Oil Company in E 6, compute the depreciation for calendar year 20x4 under each of the following methods, assuming that the truck was purchased on July 1, 20x4, and was
Saints Hospital purchased a special x-ray machine. The machine, which cost $31 1,560, was expected to last ten years, with an estimated residual value of $31,560. After two years of operation (and
Tell whether each of the following transactions related to an office building is a revenue expenditure (RE) or a capital expenditure (CE). In addition, indicate whether each transaction is an
Kaolin Manufacturing has an incinerator that originally cost $187,200 and now has accumulated depreciation of $132,800. The incinerator has completed its 15th year of service in an estimated useful
What are the advantages and disadvantages of issuing long-term debt?LO1
What are a bond certificate, a bond issue, and a bond indenture? What information is in a bond indenture?LO1
What are the essential differences between (a) secured and debenture bonds, (b)term and serial bonds, and (c) registered and coupon bonds?LO1
Napier Corporation sold $500,000 of 5 percent $1,000 bonds on the interest pay- ment date. What would the proceeds from the sale be if the bonds were issued at 95, at 100, and at 102?LO1
If you were about to buy bonds on which the face interest rate was less than the market interest rate, would you expect to pay more or less than par value for the bonds?LO1
Why does the amortization of a bond discount increase interest expense to an amount greater than interest paid? Why does the amortization of a premium have the opposite effect?LO1
When the effective interest method of amortizing a bond discount or premium is used, why does the amount of interest expense change from period to period?LO1
When bonds are issued between interest dates, why is it necessary for the issuer to collect an amount equal to accrued interest from the buyer?LO1
Why would a company want to exercise the call provision of a bond when it can wait to pay off the debt?LO1
What are the advantages of convertible bonds to the company issuing them and to the investor?LO1
What are the two components of a uniform monthly mortgage payment?LO1
What is a capital lease? Why should an accountant record both an asset and a lia- bility in connection with this type of lease? What items should appear on the income statement as the result of a
What is a pension plan? What is a pension fund?LO1
What is the difference between a defined contribution plan and a defined benefit plan? In general, how is expense determined under each plan? What assumptions must be made to account for the expenses
What are other postretirement benefits, and how is the matching rule applied? LO1
On April 1, 20x1, Agaki Corporation issued $4,000,000 in 8.5 percent, five-year bonds at 98. The semiannual interest payment dates are April 1 and October 1 . Prepare entries in journal form for the
On March 1, 20xx, Westward Freight Company sold S100,000 of its 9.5 percent, 20-year bonds at 106. The semiannual interest payment dates are March 1 and September 1 . The market interest rate is
Cap Art, Inc., is considering the sale of two bond issues. Choice A is a $400,000 bond issue that pays semiannual interest of $32,000 and is due in 20 years. Choice B is a$400,000 bond issue that
League Company is authorized to issue $900,000 in bonds on June 1 . The bonds carry a face interest rate of 8 percent, with interest to be paid on June 1 and December 1 .Prepare entries in journal
Eisley Corporation sold $200,000 of 9 percent, ten-year bonds for face value on September 1, 20xx. The issue date of the bonds was May 1, 20xx. The company's fiscal year ends on December 3 1 , and
On October 1 , 20x1 , Knight Corporation issued $500,000 of 9 percent bonds at 96. The bonds are dated October 1 and pay interest semiannually. The market rate of interest is 10 percent, and the
The Ross Corporation has outstanding $800,000 of 8 percent bonds callable at 104. On December 1 , immediately after the payment of the semiannual interest and the amorti- zation of the bond discount
The Hui Corporation has $1 ,000,000 of 6 percent bonds outstanding. There is $20,000 of unamortized discount remaining on the bonds after the March 1, 20x2, semiannual interest payment. The bonds are
Sedaka Corporation purchased a building by signing a $300,000 long-term mortgage with monthly payments of $2,400. The mortgage carries an interest rate of 8 percent.Prepare a monthly payment schedule
Compute the interest coverage ratios for 20x4 and 20x5 from the partial income state- ments of Ivy Wall Company that appear below. $tate whether the ratio improved or worsened over time. E-1 20x5
Agga Corporation issued $4, 000, ()()() in 10.5 percent, ten-year bonds on February 1, 20x1, at 104. The semiannual interest payment dates are February 1 and August 1.Prepare entries in journal form
Famina Corporation issued $8,000,000 in 8.5 percent, five-year bonds on March 1, 20x1, at 96. The semiannual interest payment dates are March 1 and September 1.Prepare entries in journal form for the
The Whistle Toy Company sold $500,000 of 9.5 percent, 20-year bonds on April 1, 20x\, at 106. The semiannual interest payment dates are April 1 and October 1. The market interest rate is 8.9 percent.
On March 1, 20x1, the Eddy Corporation issued $1,200,000 of 10 percent, five-year bonds. The semiannual interest payment dates are March 1 and September 1 . Because the market rate for similar
Octogon, Inc., is considering the sale of two bond issues. Choice A is an $800,000 bond issue that pays semiannual interest of $64,000 and is due in 20 years. Choice B is an$800,000 bond issue that
Use the present value tables in the appendix on future value and present value tables to calculate the issue price of a $1,200,000 bond issue in each of the following independent cases, assuming that
The long-term debt section of the Sanchos Corporation's balance sheet at the end of its fiscal year, December 31, 2001, was as follows:Prepare entries in journal form relevant to the interest
Water Symphonies, Inc., is authorized to issue $1,800,000 in bonds on June 1. The bonds carry a face interest rate of 9 percent, which is to be paid on June 1 and December 1 . Prepare entries in
Margi Corporation sold $400,000 of 12 percent, ten-year bonds at face value on September 1 , 20xx. The issue date of the bonds was May 1 , 20xx.1 . Record the sale of the bonds on September 1 and the
Lon Corporation issued $1,000,000 of 9 percent bonds on October 1, 20x1, at 96. The bonds are dated October 1 and pay interest semiannually. The market interest rate is 10 percent, and Lon's fiscal
Brown, Inc., has a $1,400,000, 8 percent bond issue that was issued a number of years ago at face value. There are now ten years left on the bond issue, and the market inter- est rate is 1 6 percent.
The Pucinski Corporation has outstanding $1,600,000 of 8 percent bonds callable at 104. On $eptember 1, immediately after recording the payment of the semiannual interest and the amortization of the
The Daglar Corporation has $400,000 of 6 percent bonds outstanding. There is $20,000 of unamortized discount remaining on these bonds after the July 1 , 20x8, semiannual interest payment. The bonds
Fiery Corporation purchased a building by signing a $150,000 long-term mortgage with monthly payments of $2,000. The mortgage carries an interest rate of 12 percent.1 . Prepare a monthly payment
Foxx Corporation has leased a piece of equipment that has a useful life of 1 2 years. The terms of the lease are $43,000 per year for 12 years. Foxx currently is able to borrow money at a long-term
What management issues are related to contributed capital?
Identify and explain several advantages of the corporate form of business.
Identify and explain several disadvantages of the corporate form of business.
What is dividends yield, and what do investors learn from it?
What is the price/earnings (P/E) ratio, and what does it measure7
What are the start-up and organization costs of a corporation?
What is the proper accounting treatment of start-up and organization costs?
What is a stock option plan, and why would a company have one? Q-8
What is the legal capital of a corporation, and what is its significance? Q-9
Describe the significance of the following dates as they relate to dividends: (a) date of declaration, (b) date of record, and (c) date of payment. Q-10
Explain the accounting treatment of cash dividends. Q-11
What are dividends in arrears, and how should they be disclosed in the financial statements? Q-12
Define the terms cumulative, convertible, and callable as they apply to preferred stock. Q-13
How is the value of stock determined when stock is issued for noncash assets? Q-14
Define treasury stock and explain why a company would purchase its own stock. Q-15
What is the proper classification of the accounts listed below on the balance sheet7 Indicate whether stockholders' equity accounts are contributed capital, retained earnings, or contra stockholders'
Indicate whether each of the following actions is related to (a) managing under the corporate form of business, (b) using equity financing, (c) determining dividend policies, or (d] evaluating
At the beginning of 20x3, Shea Company incurred the following start-up and organization costs: (1) attorneys' fees with a market value of $5,000, paid with 3,000 shares of $1 par value common stock,
On June 6, Heda Cord exercised her option to purchase 10,000 shares of Acton Company $1 par value common stock at an option price of $4. The market price per share was $4 on the grant date and $ 1 8
Prepare the stockholders' equity section of Cappo Corporation's balance sheet from the following accounts and balances on December 31 , 20xx: SE-5 Account Common Stock, $10 par value, 60,000 shares
Lister Corporation has authorized 100,000 shares of $1 par value common stock, of which 80,000 are issued and 70,000 are outstanding. On May 15, the board of directors declared a cash dividend of
The Mattoon Corporation has 1,000 shares of $100, 8 percent cumulative preferred stock outstanding and 20,000 shares of $1 par value common stock outstanding. In the company's first three years of
Briar Company is authorized to issue 100,000 shares of common stock. The company sold 5,000 shares at $12 per share. Prepare entries in journal form to record the sale of stock for cash under each of
Rhinecliff Corporation issued 8,000 shares of its $1 par value common stock in change for land that had a fair market value of $50,000. Prepare in journal form the entries necessary to record the
Prepare in journal form the entries necessary to record the following stock transactions of the Osaka Company during 20xx: SE-10 Oct. 1 Purchased 1,000 shares of its own $2 par value common stock for
On October 28, 20xx, the Osaka Company (SE 10) retired the remaining 350 shares of treasury stock. The shares were originally issued at $5 per share. Prepare the necessary entry in journal form. SE-11
In 20x5, Pallas Corporation earned $2.20 per share and paid a dividend of $1.00 per share. At year end, the price of its stock was $33 per share. Calculate the dividends yield and the price/earnings
The following accounts and balances are from the records of Relay Corporation on December 31, 20xx:Prepare a stockholders' equity section for Relay Corporation's balance sheet. Account Preferred
The Wendt Hospital Supply Corporation was organized in 20xx. It was authorized to issue 100,000 shares of no-par common stock with a stated value of $5 per share, and 20,000 shares of $100 par value,
Espinoza Corporation secured authorization from the state for 200,000 shares of $10 par value common stock. It has 160,000 shares issued and 140,000 shares outstanding.On June 5, the board of
Stein Corporation has 500,000 authorized shares of $1 par value common stock, of which 400,000 are issued, including 40,000 shares of treasury stock. On October 15, the board of directors declared a
The Anselm Corporation has 10,000 shares of its $100 par value, 7 percent cumulative preferred stock outstanding, and 50,000 shares of its $1 par value common stock outstanding. In Anselm's first
The Cormer Corporation pays dividends at the end of each year. The dividends that it paid for 20x3, 20x4, and 20x5 were $80,000, $60,000, and $180,000, respectively.Calculate the total amount of
Big Sky Company is authorized to issue 200,000 shares of common stock. On August 1, the company issued 10,000 shares at $25 per share. Prepare entries in journal form to record the issuance of stock
On July 1, 20xx, Floron, a new corporation, issued 20,000 shares of its common stock to finance a corporate headquarters building. The building has a fair market value of$600,000 and a book value of
Record in T accounts the following stock transactions of Tablani Company, which rep- resent all the company's treasury stock transactions during 20xx: May 5 Purchased 400 shares of its own $2 par
Record in T accounts the following stock transactions of Theodakis Corporation, which represent all its treasury stock transactions for the year: June 1 Purchased 2,000 shares of its own $30 par
The following procedures were recently installed by The Insideout Company:a. All sales are rung up on the cash register, and a receipt is given to the customer. All sales are recorded on a record
Indicate whether each of the following items is associated with (a) allocating the cost of inventories in accordance with the matching rule, (b) assessing the impact of inventory decisions, or (c)
Deciding the cost to place on ending inventory During 20x1, Certeen Clothiers had beginning inventory of $240,000, ending inventory of $280,000, and cost of goods sold of $1,100,000. Compute the
Assume the following data with regard to inventory for Alexis Company: SE-3Assuming that the inventory consists of 60 units from the August 8 purchase and 50 units from the purchase of August 22,
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the periodic inventory system. SE-4
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the FIFO method under the periodic inventory system. SE-5
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the periodic inventory system. SE-6
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the average-cost method under the perpetual inventory system. SE-7
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the FIFO method under the perpetual inventory system. SE-8
Using the data in SE 3, calculate the cost of ending inventory and cost of goods sold according to the LIFO method under the perpetual inventory system. SE-9
Using Exhibit 1 as an example, prepare a table with seven columns that shows the ending inventory and cost of goods sold for each of the results from your calculations in SE 3 through SE 9. Comment

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