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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

GPS Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity accounts of GPS Enterprises Inc., with balances on January 1, 2008, are as follows:The following selected
Moro Bay Corporation manufactures and distributes leisure clothing. Selected transactions completed by Moro Bay during the current fiscal year are as follows:Instructions Journalize the
Las Animas Inc. began operations on January 2, 2008, with the issuance of 100,000 shares of \(\$ 50\) par common stock. The sole stockholders of Las Animas Inc. are Cindy Stern and Dr. Kassay Heyen,
The Wall Street Journal reported the following May 11, 2006 market information for General Electric Company's (GE) common stock:a. If you owned 500 shares of GE, what amount would you receive as a
Select a public corporation you are familiar with or which interests you. Using the Internet, your school library, and other sources, develop a short (1 to 2 pages) profile of the corporation.
During its first year of operations, a corporation elected to use the straight-line method of depreciation for financial reporting purposes and MACRS in determining taxable income. If the income tax
A material gain resulting from condemning land for public use would be reported on the income statement as a(n):A. extraordinary item.B. other income item.C. restructuring charge.D. fixed asset
Gwinnett Corporation's temporary investments cost \(\$ 100,000\) and have a market value of \(\$ 120,000\) at the end of the accounting period. Assuming a tax rate of\(40 \%\), the difference between
Cisneros Corporation owns \(75 \%\) of Harrell Inc. During the current year, Harrell Inc. reported net income of \(\$ 150,000\) and declared dividends of \(\$ 40,000\). How much would Cisneros
Harkin Company has a market price of \(\$ 60\) per share on December 31. The total stockholders' equity is \(\$ 2,400,000\), and the net income is \(\$ 800,000\). There are 200,000 shares
How would the amount of deferred income tax payable be reported in the balance sheet if (a) it is payable within one year and (b) it is payable beyond one year?LO12 LO12
How should the severance costs of terminated employees be accounted for?LO12
Mann Corporation realized a material gain when its facilities at a designated floodway were acquired by the urban renewal agency. How should the gain be reported in the income statement?LO12
How is the change from one acceptable accounting principle to another acceptable accounting principle shown on the income statement?LO12
a. List some examples of other comprehensive income items.b. Does the reporting of other comprehensive income affect the determination of net income and retained earnings?LO12
Why might a business invest in another company's stock?LO12
How are temporary investments in marketable securities reported on the balance sheet?LO12
How are unrealized gains and losses on temporary investments in marketable securities reported on the statement of comprehensive income?LO12
a. What method of accounting is used for long-term investments in stock in which there is significant influence over the investee?b. Under what caption are long-term investments in stock reported on
An annual report of The Campbell Soup Company reported on its income statement \(\$ 2.4\) million as "equity in earnings of affiliates." Journalize the entry that Campbell would have made to record
How is an investment as the result of a business combination reported?LO12
A corporation has \(\$ 540,000\) of income before income taxes, a \(35 \%\) tax rate, and \(\$ 480,000\) of taxable income. Provide the journal entry for the current year's taxes.obj. 5
Bismark Corp. has \(\$ 90,000\) of income before income taxes, a \(40 \%\) tax rate, and \(\$ 76,000\) of taxable income. Provide the journal entry for the current year's taxes.obj. 5
Wyoming Company had net income of \(\$ 2,430,000\) during the year. There were 240,000 common shares and 30,000 shares of \(\$ 100\) par value, \(9 \%\) preferred stock outstanding during the year.
Broad Plain Inc. had net income of \(\$ 350,000\) during the year. There were 420,000 common shares and 5,000 shares of \(\$ 100\) par value, \(7 \%\) preferred stock outstanding during the year.
Zorba Company had a net income of \(\$ 104,000\) and other comprehensive income of \(\$ 13,400\) for 2008. On January 1, 2008, the Retained Earnings balance was \(\$ 565,000\), and the Accumulated
Manitoba Company had a net income of \(\$ 856,000\) and other comprehensive income of \(\$ 123,500\) for 2008 . On January 1, 2008, the Retained Earnings balance was \(\$ 3,460,000\), and the
Mansfield Company began operations on January 1, 2008, and purchased temporary investments in marketable securities during the year at a cost of \(\$ 123,000\). The end-of-period market value for
Aaron Company began operations on January 1, 2008, and purchased temporary investments in marketable securities during the year at a cost of \(\$ 56,000\). The end-of-period market value for these
Journalize the entries to record the following selected transactions of Lone Star Leather Co.:obj. 5 Apr. 15. Paid the first installment of the estimated income tax for the current fiscal year ending
Harmony Resorts Inc. owns and manages resort properties. On January 15, 2008, one of its properties was found to be adjacent to a toxic chemical disposal site. As a result of the negative publicity,
A company received life insurance proceeds on the death of its president before the end of its fiscal year. It intends to report the amount in its income statement as an extraordinary item.curnd
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).a. Restructuring charge
Wind Surfer Inc. produces and distributes equipment for sailboats. On the basis of the following data for the current fiscal year ended June 30, 2008, prepare a multiple-step income statement for
The statement of comprehensive income for Lancaster Company was as follows:The balance sheet dated December 31, 2007, showed a Retained Earnings balance of \(\$ 1,483,000\) and an Accumulated Other
The statement of comprehensive income for the years ended December 31, 2008 and 2009, plus selected items from comparative balance sheets of Johnson Wholesalers Inc. are as follows:obj. 5 Johnson
During 2008, Mango Corporation held a portfolio of available-for-sale securities having a cost of \(\$ 260,000\). There were no purchases or sales of investments during the year. The market values
During 2008, its first year of operations, Geo-Metrics Corporation purchased the following securities as a temporary investment:a. Record the purchase of the temporary investments for cash.b. Record
Goodman Company had a net income of \(\$ 672,000\) for 2008. Goodman Company's balance sheet disclosed the stockholders' equity on December 31, 2008, as follows:The price of Goodman common stock was
The following data were selected from the records of Xtreme World Inc. for the current fiscal year ended June 30, 2008:{Instructions}Prepare a multiple-step income statement, concluding with a
The following data were taken from the records of Amana Bread Corporation for the year ended October 31, 2008:{Instructions}1. Prepare a multiple-step income statement for the year ended October 31,
Samson Company is a wholesaler of men's hair products. The following transactions relate to certain securities acquired by Samson Company, which has a fiscal year ending on December 31
ATV Inc. sells off-road motorcycles and vehicles. The following data were selected from the records of ATV Inc. for the current fiscal year ended March 31, 2008:{Instructions}Prepare a multiple-step
The following data were taken from the records of Disk \(\mathrm{N}^{\prime}\) Dat Corporation for the year ended August 31, 2008:{Instructions}1. Prepare a multiple-step income statement for the
Encore Design Inc. produces and sells theater set designs and costumes. The following transactions relate to certain securities acquired by Encore Design Inc., which has a fiscal year ending on
The two-year comparative income statements and a note disclosure for Mercury Shoes Inc. were as follows:1. Divide each amount in the 2008 and 2007 income statements by total sales for the given
Sunshine Fruit Co. is in the process of preparing its annual financial statements. Sunshine Fruit is a large citrus grower located in central Florida. The following is a discussion between Curtis
In groups of three or four, search company annual reports, news releases, or the Internet for extraordinary items and announcements of discontinued operations. Identify the most unusual extraordinary
If a corporation plans to issue \(\$ 1,000,000\) of \(12 \%\) bonds at a time when the market rate for similar bonds is \(10 \%\), the bonds can be expected to sell at:A. their face amount.B. a
The cash and securities that make up the sinking fund established for the payment of bonds at maturity are classified on the balance sheet as:A. current assets.C. long-term liabilities.B.
If a firm purchases \(\$ 150,000\) of bonds of \(X\) Company at 101 plus accrued interest of \(\$ 2,000\) and pays broker's commissions of \(\$ 50\), the amount debited to Investment in X Company
Describe the two distinct obligations incurred by a corporation when issuing bonds.LO13
Explain the meaning of each of the following terms as they relate to a bond issue: (a) convertible, (b) callable, and (c) debenture.LO13
What is meant by the phrase "time value of money"?LO13
What has the higher present value: (a) \(\$ 18,000\) to be received at the end of two years, or (b) \(\$ 9,000\) to be received at the end of each of the next two years?LO13
If you asked your broker to purchase for you a \(9 \%\) bond when the market interest rate for such bonds was \(10 \%\), would you expect to pay more or less than the face amount for the bond?
If bonds issued by a corporation are sold at a premium, is the market rate of interest greater or less than the contract rate?LO13
The following data relate to a \(\$ 2,000,000,8 \%\) bond issue for a selected semiannual interest period:(a) Were the bonds issued at a discount or at a premium? (b) What is the unamortized amount
Would a zero-coupon bond ever sell for its face amount?LO13
What is the purpose of a bond sinking fund?LO13
Assume that two 30 -year, \(10 \%\) bond issues are identical, except that one bond issue is callable at its face amount at the end of five years. Which of the two bond issues do you think will sell
Bonds Payable has a balance of \(\$ 500,000\), and Discount on Bonds Payable has a balance of \(\$ 22,000\). If the issuing corporation redeems the bonds at 97 , is there a gain or loss on the bond
Where are investments in bonds that are classified as held-to-maturity securities reported on the balance sheet?LO13
At what amount are held-to-maturity investments in bonds reported on the balance sheet?LO13
Wilkinson Co. is considering the following alternative financing plans.Income tax is estimated at \(40 \%\) of income.Determine the earnings per share of common stock, assuming income before bond
Knight Co. is considering the following alternative financing plans.objs. 2, 3 Plan 1 Plan 2 Issue 9% bonds (at face value) $3,000,000 $2,400,000 Issue preferred $2.50 stock, $25 per share 1,200,000
Knight Co. is considering the following alternative financing plans.Income tax is estimated at \(40 \%\) of income.Determine the earnings per share of common stock, assuming income before bond
Using Exhibit 3, what is the present value of \(\$ 7,000\) to be received in 10 years, if the market rate of interest is \(7 \%\) compounded annually?objs. 2, 3
Using Exhibit 3, what is the present value of \(\$ 3,000\) to be received in seven years, if the market rate of interest is \(12 \%\) compounded annually?objs. 2, 3
Calculate the present value of a \(\$ 150,000,7 \%, 10\)-year bond that pays \(\$ 10,500(\$ 150,000 \times\) \(7 \%\) ) interest annually, if the market rate of interest is \(7 \%\). Use Exhibits 3
Calculate the present value of an \(\$ 80,000,10 \%\), five-year bond that pays \(\$ 8,000(\$ 80,000 \times\) \(10 \%\) ) interest annually, if the market rate of interest is \(10 \%\). Use Exhibits
On the first day of the fiscal year, a company issues a \(\$ 500,0000,10 \%, 10\)-year bond that pays semiannual interest of \(\$ 25,000\) ( \(\$ 500,000 \times 10 \% \times 1 / 2)\), receiving cash
On the first day of the fiscal year, a company issues a \(\$ 1,500,000,8 \%\), five-year bond that pays semiannual interest of \(\$ 60,000\left(\$ 1,500,000 \times 8 \% \times \frac{1}{2}\right)\),
Using the bond from Practice Exercise 13-4A, journalize the first interest payment and the amortization of the related bond discount.objs. 2, 3
Using the bond from Practice Exercise 15-4B, journalize the first interest payment and the amortization of the related bond discount.objs. 2, 3
A company issues a \(\$ 2,000,000,12 \%\), five-year bond that pays semiannual interest of \(\$ 120,000\) \(\left(\$ 2,000,000 \times 12 \% \times \frac{1}{2}\right)\), receiving cash of \(\$
A company issues a \(\$ 1,000,000,10 \%, 10\)-year bond that pays semiannual interest of \(\$ 50,000\) \(\left(\$ 1,000,000 \times 10 \% \times \frac{1}{2}\right)\), receiving cash of \(\$
Using the bond from Practice Exercise 13-6A, journalize the first interest payment and the amortization of the related bond premium.objs. 2, 3
A \(\$ 700,000\) bond issue on which there is an unamortized discount of \(\$ 60,000\) is redeemed for \(\$ 685,000\). Journalize the redemption of the bonds.objs. 2, 3
A \(\$ 250,000\) bond issue on which there is an unamortized premium of \(\$ 20,000\) is redeemed for \(\$ 245,000\). Journalize the redemption of the bonds.objs. 2, 3
On September 1, 2008, Wilkerson Corporation purchases \(\$ 70,000\) of \(8 \%\) bonds of Maxtech Corporation, due in \(9 \frac{1}{4}\) years. The bonds were purchased at a price of \(\$ 56,000\) plus
On March 1, 2008, Gordon Corporation purchases \(\$ 50,000\) of \(10 \%\) bonds of PUA-Tech Corporation, due in \(9 \frac{1}{4}\) years. The bonds were purchased at a price of \(\$ 40,000\) plus
Bliss Co., which produces and sells skiing equipment, is financed as follows:Income tax is estimated at \(40 \%\) of income.Determine the earnings per share of common stock, assuming that the income
Based upon the data in Exercise 13-1, discuss factors other than earnings per share that should be considered in evaluating such financing plans.objs. 2, 3
The financial statements for Williams-Sonoma, Inc., are presented in Appendix E at the end of the text. What is the major source of financing for Williams-Sonoma?objs. 2, 3
Determine the present value of \(\$ 200,000\) to be received in three years, using an interest rate of \(7 \%\), compounded annually, as follows:a. By successive divisions. (Round to the nearest
Determine the present value of \(\$ 75,000\) to be received at the end of each of four years, using an interest rate of \(5 \%\), compounded annually, as follows:a. By successive computations, using
On January 1, 2008, you win \(\$ 40,000,000\) in the state lottery. The \(\$ 40,000,000\) prize will be paid in equal installments of \(\$ 2,000,000\) over 20 years. The payments will be made on
Assume the same data as in Exercise 13-6, except that the current interest rate is \(10 \%\).Will the present value of your winnings using an interest rate of \(10 \%\) be one-half the present value
Clowney Co. issued \(\$ 15,000,000\) of five-year, \(12 \%\) bonds with interest payable semiannually, at an effective interest rate of \(11 \%\). Determine the present value of the bonds payable,
McDonald's \(6.375 \%\) bonds due in 2028 were reported as selling for 108.89 .Were the bonds selling at a premium or at a discount? Explain.objs. 2, 3
Hemby Corporation wholesales oil and grease products to equipment manufacturers. On March 1, 2008, Hemby Corporation issued \(\$ 4,000,000\) of five-year, \(13 \%\) bonds at an effective interest
Farrar Corp., a wholesaler of office furniture, issued \(\$ 7,000,000\) of 20 -year, \(9 \%\) callable bonds on April 1, 2008, with interest payable on April 1 and October 1. The fiscal year of the
Rolfes Corp. produces and sells designer clothing. To finance its operations, Rolfes Corp. issued \(\$ 4,000,000\) of 30 -year, \(7 \%\) callable bonds on January 1, 2008, with interest payable on
At the beginning of the current year, two bond issues \((\mathrm{X}\) and \(\mathrm{Y}\) ) were outstanding. During the year, bond issue \(X\) was redeemed and a significant loss on the redemption of
A company purchased a \(\$ 5,000,25\)-year zero-coupon bond for \(\$ 820\) to yield \(8.5 \%\) to maturity. How is the interest revenue computed?objs. 2, 3
The following data were taken from recent annual reports of Southwest Airlines, which operates a low-fare airline service to over 50 cities in the United States.a. Determine the number of times
Kornet Co. produces and sells graphite for golf clubs. The following transactions were completed by Kornet Co., whose fiscal year is the calendar year:{Instructions}1. Journalize the entries to
The following selected transactions relate to certain securities acquired by Wildflower Blueprints Inc., whose fiscal year ends on December 31:(Assume that all intervening transactions and
The following transactions were completed by Michura Inc., whose fiscal year is the calendar year:{Instructions}1. Journalize the entries to record the foregoing transactions.2. Indicate the amount

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