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Questions and Answers of Public Accounting

=+c. For what reasons might Beaverhead Creek have purchased the treasury stock?
=+EX 13-11 Treasury stock transactions obj. 5✔b. $32,000 credit 604 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends Augusta Gardens Inc. develops and produces spraying
=+b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
=+c. What is the balance in Treasury Stock on December 31 of the current year?
=+d. How will the balance in Treasury Stock be reported on the balance sheet?
=+EX 13-12 Treasury stock transactions objs. 5, 6✔b. $54,000 credit Sweet Water Inc. bottles and distributes spring water. On July 15 of the current year, Sweet Water Inc. reacquired 24,000 shares
=+b. What is the balance in Paid-In Capital from Sale of Treasury Stock on December 31 of the current year?
=+c. Where will the balance in Paid-In Capital from Sale of Treasury Stock be reported on the balance sheet?
=+d. For what reasons might Sweet Water Inc. have purchased the treasury stock?
=+EX 13-13 Treasury stock transactions objs. 5, 6✔b. $37,000 credit The following accounts and their balances were selected from the unadjusted trial balance of REO Inc., a freight forwarder, at
=+Prepare the Paid-In Capital portion of the Stockholders’ Equity section of the balance sheet. There are 250,000 shares of common stock authorized and 20,000 shares of preferred stock authorized.
=+EX 13-14 Reporting paid-in capital obj. 6✔ Total paid-in capital, $2,225,000 The following accounts and their balances appear in the ledger of Newberry Properties Inc. on June 30 of the current
=+Prepare the Stockholders’ Equity section of the balance sheet as of June 30. Forty thousand shares of common stock are authorized, and 875 shares have been reacquired.
=+EX 13-15 Stockholders’ Equity section of balance sheet obj. 6✔ Total stockholders’equity, $4,350,000 Race Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following
=+EX 13-16 Stockholders’ Equity section of balance sheet obj. 6✔ Total stockholders’equity, $5,985,000 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 605 Bancroft
=+Prepare a retained earnings statement for the fiscal year ended January 31, 2010.
=+EX 13-17 Retained earnings statement obj. 6✔ Retained earnings, January 31,$3,375,000 List the errors in the following Stockholders’ Equity section of the balance sheet prepared as of the end
=+EX 13-18 Stockholders’ Equity section of balance sheet obj. 6✔ Corrected total stockholders’ equity,$16,758,000 The stockholders’ equity T accounts of For All Occasions Greeting Cards Inc.
=+EX 13-19 Statement of stockholders’ equity obj. 6✔ Total stockholders’ equity, Dec. 31,$7,182,000 Fifty thousand shares of preferred and 200,000 shares of common stock are authorized.There
=+606 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends Mia Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Mia Restaurant
=+a. What will be the number of shares outstanding after the split?
=+b. If the common stock had a market price of $300 per share before the stock split, what would be an approximate market price per share after the split?
=+EX 13-20 Effect of stock split obj. 7 Indicate whether the following actions would (+) increase, () decrease, or (0) not affect Indigo Inc.’s total assets, liabilities, and stockholders’
=+(1) Declaring a cash dividend _____________ _____________ _____________
=+(2) Paying the cash dividend declared in (1) _____________ _____________ _____________
=+(3) Authorizing and issuing stock certificates in a stock split _____________ _____________ _____________
=+(4) Declaring a stock dividend _____________ _____________ _____________
=+(5) Issuing stock certificates for the stock dividend declared in (4) _____________ _____________ _____________
=+EX 13-21 Effect of cash dividend and stock split objs. 4, 7 Selected transactions completed by Hartwell Boating Supply Corporation during the current fiscal year are as follows:
=+Feb. 3. Split the common stock 2 for 1 and reduced the par from $40 to $20 per share. After the split, there were 250,000 common shares outstanding.Apr. 10. Declared semiannual dividends of $1.50
=+June 9. Paid the cash dividends.Oct. 10. Declared semiannual dividends of $1.50 on the preferred stock and $0.04 on the common stock (before the stock dividend). In addition, a 2% common stock
=+Journalize the transactions.
=+EX 13-22 Selected dividend transactions, stock split objs. 4, 7 Crystal Arts, Inc., had earnings of $160,000 for 2010. The company had 20,000 shares of common stock outstanding during the year. In
=+Determine the basic earnings per share for Crystal Arts.
=+EX 13-23 EPS Procter & Gamble (P&G) is one of the largest consumer products companies in the world, famous for such brands as Crest ® and Tide®. Financial information for the company for three
=+Net income $10,340 $8,684 $6,923 Preferred dividends $161 $148 $136 Common shares outstanding 3,159 3,055 2,515
=+a. Determine the earnings per share for fiscal years 2007, 2006, and 2005.
=+b. Evaluate the growth in earnings per share for the three years in comparison to the growth in net income for the three years.
=+EX 13-24 EPS Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 607 Staples and OfficeMax are two companies competing in the retail office supply business. OfficeMax had a
=+a. Determine the earnings per share for each company.
=+b. Evaluate the relative profitability of the two companies.
=+EX 13-25 EPS Problem Series A Bridger Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Montana, Idaho, Oregon, and Washington. Bridger Bike Corp. has declared
=+1. Determine the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on January 1, 2005. Summarize the data in
=+2. Determine the average annual dividend per share for each class of stock for the sixyear period.
=+3. Assuming a market price of $125 for the preferred stock and $8 for the common stock, calculate the average annual percentage return on initial shareholders’investment, based on the average
=+PR 13-1A Dividends on preferred and common stock obj. 3✔ 1. Common dividends in 2007:$8,000 Sheldon Optics produces medical lasers for use in hospitals. The accounts and their balances appear in
=+PR 13-2A Stock transaction for corporate expansion obj. 3 608 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends At the annual stockholders’ meeting on December 7, the board
=+15,000 shares of the unissued preferred stock be issued through an underwriter, and
=+(c) that a building, valued at $1,850,000, and the land on which it is located, valued at$162,500, be acquired in accordance with preliminary negotiations by the issuance of 17,500 shares of common
=+21. Issued 15,000 shares of preferred stock, receiving $84.50 per share in cash.
=+31. Issued 17,500 shares of common stock in exchange for land and a building, according to the plan.
=+No other transactions occurred during January.Instructions
=+Journalize the entries to record the foregoing transactions.Coil Welding Corporation sells and services pipe welding equipment in California. The following selected accounts appear in the ledger of
=+f. Declared cash dividends of $0.50 per share on preferred stock and $0.42 per share on common stock.g. Paid the cash dividends.Instructions
=+Journalize the entries to record the transactions. Identify each entry by letter.
=+PR 13-3A Selected stock transactions objs. 3, 4, 5✔f. Cash dividends,$387,050 Krisch Enterprises Inc. produces aeronautical navigation equipment. The stockholders’ equity accounts of Krisch
=+Jan. 6. Paid cash dividends of $0.40 per share on the common stock. The dividend had been properly recorded when declared on November 29 of the preceding fiscal year for $54,000.Mar. 9. Sold all
=+PR 13-4A Entries for selected corporate transactions objs. 3, 4, 5, 6✔ 4. Total stockholders’ equity,$11,407,975 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 609
=+31. Closed the credit balance of the income summary account, $400,000.
=+31. Closed the two dividends accounts to Retained Earnings.Instructions
=+1. Enter the January 1 balances in T accounts for the stockholders’ equity accounts listed.Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends
=+2. Journalize the entries to record the transactions, and post to the eight selected accounts.
=+3. Prepare a retained earnings statement for the year ended December 31, 2010.
=+4. Prepare the Stockholders’ Equity section of the December 31, 2010, balance sheet.Porto Bay Corporation manufactures and distributes leisure clothing. Selected transactions completed by Porto
=+Apr. 30. Paid the cash dividends.July 9. Purchased 75,000 shares of the corporation’s own common stock at $26, recording the stock at cost.
=+Aug. 29. Sold 40,000 shares of treasury stock at $32, receiving cash.Sept. 1. Declared semiannual dividends of $1.20 on the preferred stock and $0.15 on the common stock (before the stock
=+stock dividend was declared on the common stock outstanding, to be capitalized at the fair market value of the common stock, which is estimated at $30.Oct. 31. Paid the cash dividends and issued
=+PR 13-5A Entries for selected corporate transactions objs. 3, 4, 5, 7✔ Sept. 1, Cash dividends, $165,750 Problem Series B Lone Star Theatre Inc. owns and operates movie theaters throughout
=+1. Calculate the total dividends and the per-share dividends declared on each class of stock for each of the six years. There were no dividends in arrears on January 1, 2005.Summarize the data in
=+PR 13-1B Dividends on preferred and common stock obj. 3✔ 1. Common dividends in 2007:$16,500 610 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends Total Preferred Dividends
=+3. Assuming a market price per share of $40 for the preferred stock and $5 for the common stock, calculate the average annual percentage return on initial shareholders’investment, based on the
=+On February 28 of the current year, the following accounts and their balances appear in the ledger of Wild Things Corp., a meat processor:Preferred 2% Stock, $25 par (75,000 shares authorized,
=+At the annual stockholders’ meeting on April 2, the board of directors presented a plan for modernizing and expanding plant operations at a cost of approximately$3,650,000. The plan provided (a)
=+June 9. Issued 65,000 shares of common stock in exchange for land and a building, according to the plan.13. Issued 21,000 shares of preferred stock, receiving $40 per share in cash.
=+25. Borrowed $700,000 from Wasburn City Bank, giving an 8% mortgage note.No other transactions occurred during June.Instructions
=+Journalize the entries to record the foregoing transactions.
=+PR 13-2B Stock transactions for corporate expansion obj. 3 The following selected accounts appear in the ledger of Okie Environmental Corporation on August 1, 2010, the beginning of the current
=+a. Issued 17,500 shares of common stock at $81, receiving cash.
=+b. Issued 8,000 shares of preferred 2% stock at $63.
=+c. Purchased 5,000 shares of treasury common for $390,000.
=+PR 13-3B Selected stock transactions objs. 3, 4, 5f. Cash dividends,$73,200 Chapter 13 Corporations: Organization, Stock Transactions, and Dividends 611d. Sold 3,000 shares of treasury common for
=+Instructions Journalize the entries to record the transactions. Identify each entry by letter.Ivy Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Ivy
=+May 21. Sold all of the treasury stock for $300,000.July 1. Declared a 4% stock dividend on common stock, to be capitalized at the market price of the stock, which is $13 per share.
=+Aug. 15. Issued the certificates for the dividend declared on July 1.vSept. 30. Purchased 10,000 shares of treasury stock for $100,000.
=+Dec. 27. Declared a $0.20-per-share dividend on common stock.
=+31. Closed the credit balance of the income summary account, $485,000.31. Closed the two dividends accounts to Retained Earnings.Instructions
=+1. Enter the January 1 balances in T accounts for the stockholders’ equity accounts listed. Also prepare T accounts for the following: Paid-In Capital from Sale of Treasury Stock; Stock Dividends
=+2. Journalize the entries to record the transactions, and post to the eight selected accounts.
=+3. Prepare a retained earnings statement for the year ended December 31, 2010.
=+4. Prepare the Stockholders’ Equity section of the December 31, 2010, balance sheet.
=+PR 13-4B Entries for selected corporate transactions objs. 3, 4, 5, 6✔ 4. Total stockholders’ equity,$11,853,400 Selected transactions completed by Kearny Boating Corporation during the current
=+May 1. Declared semiannual dividends of $0.80 on 25,000 shares of preferred stock and $0.18 on the common stock to stockholders of record on May 15, payable on June 1.
=+June 1. Paid the cash dividends.Aug. 5. Sold 22,000 shares of treasury stock at $34, receiving cash.Nov. 15. Declared semiannual dividends of $0.80 on the preferred stock and $0.20 on the common
=+market value of the common stock is estimated at $40.
=+Dec. 31. Paid the cash dividends and issued the certificates for the common stock dividend.Instructions Journalize the transactions.PR 13-5B Entries for selected corporate transactions objs. 3, 4,
=+Bernie Ebbers, the CEO of WorldCom, a major telecommunications company, was having personal financial troubles. Ebbers pledged a large stake of his WorldCom stock as security for some personal
=+Comment on the decision of the board of directors in this situation.
=+SA 13-1 Board of directors’actions Jas Bosley and Nadine Jaffe are organizing Precious Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Jas and Nadine tentatively
=+what might appear to be a “bargain” price.
=+Discuss whether Jas and Nadine are behaving in a professional manner.

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