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Questions and Answers of Public Accounting

=+(b) income from operations?
=+10. If fixed costs increase, what would be the impact on the (a) contribution margin?
=+(a) (b) Costs per Unit 0 Activity Base Costs per Unit 0 Activity Base
=+7. Which of the following graphs illustrates how unit variable costs behave with changes in total units produced?(a)Unit Cost 0 Total Units Produced(b)Unit Cost 0 Total Units Produced
=+6. Which of the following graphs illustrates how total fixed costs behave with changes in total units produced?Eye Openers(a) Total Cost 0 Total Units Produced(b)Total Cost 0 Total Units Produced
=+5. In cost analyses, how are mixed costs treated?
=+c. Property rent of $6,000 per month on plant and equipment
=+b. Straight-line depreciation of plant and equipment
=+a. Salary of factory supervisor ($70,000 per year)
=+4. How would each of the following costs be classified if units produced is the activity base?
=+5. Based on the following operating data, what is the operating leverage?Sales $600,000 Variable costs 240,000 ________ Contribution margin $360,000 Fixed costs 160,000 ________ Income from
=+4. Based on the data presented in Question 3, how many units of sales would be required to realize income from operations of $20,000?A. 11,250 units C. 40,000 units B. 35,000 units D. 45,000 units
=+3. If the unit selling price is $16, the unit variable cost is $12, and fixed costs are $160,000, what are the break-even sales (units)?A. 5,714 units C. 13,333 units B. 10,000 units D. 40,000 units
=+2. If sales are $500,000, variable costs are $200,000, and fixed costs are $240,000, what is the contribution margin ratio?A. 40% C. 52%B. 48% D. 60%
=+5. What is the margin of safety?
=+4. Construct a profit-volume chart, indicating the break-even point.
=+3. Construct a cost-volume-profit chart, indicating the break-even point.
=+2. Determine the break-even point in units.
=+(b) the unit contribution margin?
=+Wyatt Inc. expects to maintain the same inventories at the end of the year as at the beginning of the year. The estimated fixed costs for the year are $288,000, and the estimated variable costs
=+2. Evaluate this ratio for Williams-Sonoma.
=+1. What is the number of times interest charges are earned for Williams-Sonoma in 2007, 2006, and 2005? (Round your answers to one decimal place.)
=+SA 14-6 Bond ratings Internet Project The following financial data was taken from the financial statements of WilliamsSonoma, Inc.Fiscal Year 2007 2006 2005 Interest expense. . . . . . . . . . . .
=+If you were a bond investor or bond issuer, would you care if Moody’s changed the rating on your bonds? Why or why not?
=+SA 14-5 Financing business expansion 656 Chapter 14 Long-Term Liabilities: Bonds and Notes Moody’s Investors Service maintains a Web site at http://www.Moodys.com. One of the services offered at
=+Net income has remained relatively constant over the past several years. The expansion program is expected to increase yearly income before bond interest and income tax from $750,000 in the
=+SA 14-4 Preferred stock vs.bonds You hold a 25% common stock interest in the family-owned business, a vending machine company. Your sister, who is the manager, has proposed an expansion of plant
=+Discuss the advantages and disadvantages of issuing preferred stock versus bonds.
=+SA 14-3 Present values Beacon Inc. has decided to expand its operations to owning and operating long-term health care facilities. The following is an excerpt from a conversation between the chief
=+Assuming that the effective rate of interest is 12%, which payout option should Finn select? Explain your answer and provide any necessary supporting calculations.
=+c. Receive $1,200,000 per year for 15 years, with the first payment being received one year from today.
=+b. Receive $2,200,000 today and $1,050,000 per year for 15 years, with the first $1,050,000 payment being received one year from today.
=+SA 14-2 Ethics and professional conduct in business Chapter 14 Long-Term Liabilities: Bonds and Notes 655 Finn Kilgallon recently won the jackpot in the Wisconsin lottery while he was visiting his
=+Discuss whether Abdou’s proposal is appropriate.
=+SA 14-1 General Electric bond issuance Lachgar Industries develops and produces bio diesel, an alternative energy source. The company has an outstanding $200,000,000, 30-year, 12% bond issue dated
=+In your opinion, did GE Capital act unethically by selling $11 billion of longterm debt without telling those investors that a few days later it would be filing documents to prepare for another
=+Bill Gross, a manager of a bond investment fund, “denounced a ‘lack in candor’ related to GE’s recent debt deal. ‘It was the most recent and most egregious example of how bondholders are
=+PR 14-6B Bond premium, entries for bonds payable transactions, interest method of amortizing bond premium✔ 3. $2,331,456 Special Activities General Electric Capital, a division of General
=+2. Journalize the entries to record the following:a. The first semiannual interest payment on December 31, 2010, and the amortization of the bond premium, using the interest method. (Round to the
=+PR 14-4B Entries for bonds payable and installment note transactions objs. 3, 4✔ 3. $12,031,573 654 Chapter 14 Long-Term Liabilities: Bonds and Notes On July 1, 2010, Linux Corporation, a
=+June 30. Recorded the redemption of the bonds, which were called at 101.5. The balance in the bond premium account is $1,912,069 after payment of interest and amortization of premium have been
=+31. Closed the interest expense account.2011 June 30. Paid the semiannual interest on the bonds.Sept. 30. Paid the annual payment on the note, which consisted of interest of$18,000 and principal of
=+31. Paid the semiannual interest on the bonds.31. Recorded bond premium amortization of $119,504, which was determined using the straight-line method.
=+Dec. 31. Accrued $4,500 of interest on the installment note. The interest is payable on the date of the next installment note payment.
=+July 1. Issued $10,000,000 of 10-year, 15% callable bonds dated July 1, 2010, at an effective rate of 11%, receiving cash of $12,390,085. Interest is payable semiannually on December 31 and June
=+5. (Appendix 1) Compute the price of $35,465,423 received for the bonds by using the tables of present value in Appendix A at end of text. (Round to the nearest dollar.)The following transactions
=+PR 14-3B Bond premium, entries for bonds payable transactions obj. 3✔ 3. $2,280,494
=+5. (Appendix 1) Compute the price of $ 42,390,112 received for the bonds by using the tables of present value in Appendix A at the end of the text. (Round to the nearest dollar.)
=+PR 14-2B Bond discount, entries for bonds payable transactions obj. 3✔ 3. $2,726,729 Chapter 14 Long-Term Liabilities: Bonds and Notes 653 Prosser Corporation produces and sells baseball cards.
=+PR 14-1B Effect of financing on earnings per share obj. 1✔ 1. Plan 3: $5.12 On July 1, 2010, Linux Corporation, a wholesaler of electronics equipment, issued$45,000,000 of 10-year, 10% bonds at
=+2. Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $7,000,000.
=+Instructions 1. Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $15,000,000.
=+Problems Series B Three different plans for financing a $60,000,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their
=+PR 14-6A Bond premium, entries for bonds payable transactions, interest method of amortizing bond discount✔ 3. $173,059
=+PR 14-5A Bond discount, entries for bonds payable transactions, interest method of amortizing bond discount✔ 3. $1,965,414 Maui Blends, Inc. produces and sells organically grown coffee. On July
=+b. The interest payment on June 30, 2011, and the amortization of the bond discount, using the interest method. (Round to the nearest dollar.)
=+On July 1, 2010, Brower Industries, Inc. issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%, receiving cash of $30,237,139. Interest on the bonds is payable semiannually
=+PR 14-4A Entries for bonds payable and installment note transactions objs. 3, 4✔ 3. $17,072,630 5. (Appendix 1) Compute the price of $30,237,139 received for the bonds by using the tables of
=+3. Determine the carrying amount of the bonds as of December 31, 2011.
=+2. Indicate the amount of the interest expense in (a) 2010 and (b) 2011.
=+1. Journalize the entries to record the foregoing transactions.
=+June 30. Recorded the redemption of the bonds, which were called at 97. The balance in the bond discount account is $794,888 after payment of interest and amortization of discount have been
=+31. Closed the interest expense account.2012
=+31. Recorded bond discount amortization of $264,964, which was determined using the straight-line method.
=+31. Closed the interest expense account.2011 June 30. Paid the semiannual interest on the bonds.Sept. 30. Paid the annual payment on the note, which consisted of interest of$28,000 and principal of
=+31. Recorded bond discount amortization of $132,482, which was determined using the straight-line method.
=+PR 14-3A Bond premium, entries for bonds payable transactions obj. 3✔ 3. $164,627 The following transactions were completed by Hobson Inc., whose fiscal year is the calendar year:2010 July 1.
=+5. (Appendix 1) Compute the price of $ 3,461,181 received for the bonds by using the tables of present value in Appendix A at the end of the text. (Round to the nearest dollar.)
=+4. Will the bond proceeds always be greater than the face amount of the bonds when the contract rate is greater than the market rate of interest?
=+b. The interest payment on June 30, 2011, and the amortization of the bond premium, using the straight-line method. (Round to the nearest dollar.)
=+a. The first semiannual interest payment on December 31, 2010, and the amortization of the bond premium, using the straight-line method. (Round to the nearest dollar.)
=+EX 14-24 Number of times interest charges earned Chapter 14 Long-Term Liabilities: Bonds and Notes 651 Maui Blends, Inc. produces and sells organically grown coffee. On July 1, 2010, Maui Blends,
=+b. What conclusions can you draw?
=+a. Determine the number of times interest charges were earned for the current and preceding years. Round to one decimal place.
=+PR 14-2A Bond discount, entries for bonds payable transactions obj. 3✔ 3. $2,008,143 The following data were taken from recent annual reports of Southwest Airlines, which operates a low-fare
=+4. Will the bond proceeds always be less than the face amount of the bonds when the contract rate is less than the market rate of interest?
=+3. Determine the total interest expense for 2010.
=+b. The interest payment on June 30, 2011, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)
=+a. The first semiannual interest payment on December 31, 2010, and the amortization of the bond discount, using the straight-line method. (Round to the nearest dollar.)
=+2. Journalize the entries to record the following:
=+1. Journalize the entry to record the amount of cash proceeds from the sale of the bonds.
=+PR 14-1A Effect of financing on earnings per share obj. 1✔ 1. Plan 3: $2.60 On July 1, 2010, Brower Industries Inc. issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%,
=+3. Discuss the advantages and disadvantages of each plan.
=+2. Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $950,000.
=+1. Determine for each plan the earnings per share of common stock, assuming that the income before bond interest and income tax is $2,000,000.
=+EX 14-23 Compute bond proceeds, amortizing discount by interest method, and interest expense✔a. $35,785,876✔b. $305,011 Problems Series A Three different plans for financing a $10,000,000
=+c. The amount of discount to be amortized for the second semiannual interest payment period, using the interest method. (Round to the nearest dollar.)
=+b. The amount of discount to be amortized for the first semiannual interest payment period, using the interest method. (Round to the nearest dollar.)
=+EX 14-22 Compute bond proceeds, amortizing premium by interest method, and interest expense✔a. $16,078,384✔c. $85,099 650 Chapter 14 Long-Term Liabilities: Bonds and Notes Seward Co. produces
=+d. The amount of the bond interest expense for the first year.Appendix 2
=+c. The amount of premium to be amortized for the second semiannual interest payment period, using the interest method. (Round to the nearest dollar.)
=+b. The amount of premium to be amortized for the first semiannual interest payment period, using the interest method. (Round to the nearest dollar.)
=+EX 14-21 Amortize premium by interest method✔b. $1,027,982 Motocar Co. produces and sells automobile parts. On the first day of its fiscal year, Motocar Co. issued $15,000,000 of five-year, 15%
=+b. Determine the bond interest expense for the first year.Appendix 2
=+2. First semiannual interest payment, including amortization of premium.
=+EX 14-20 Amortize discount by interest method✔b. $2,719,776 Gary Miller Corporation wholesales bike parts to bicycle manufacturers. On March 1, 2010, Gary Miller Corporation issued $8,000,000 of
=+b. Compute the amount of the bond interest expense for the first year.Appendix 2
=+EX 14-19 Present value of bonds payable;premium✔ $69,265,908 On the first day of its fiscal year, Simon Company issued $25,000,000 of 10-year, 10%bonds to finance its operations of producing and
=+EX 14-18 Present value of bonds payable;discount Mason Co. issued $60,000,000 of five-year, 14% bonds with interest payable semiannually, at an effective interest rate of 10%. Determine the
=+EX 14-17 Present value of an annuity Hi-Vis Co. produces and sells high resolution flat panel televisions. To finance its operations, Hi-Vis Co. issued $10,000,000 of five-year, 10% bonds with

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