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Questions and Answers of Public Accounting

DE 16-15 Edward Jones & Co. owns vast amounts of corporate bonds. Suppose Edward Jones buys $1,500,000 of MCI World Com bonds at a price of 96. The MCI WorldCom bonds pay cash interest at the annual
DE 16-16 Return to Daily Exercise 16-15, the Edward Jones investment in MCI World Com bonds. Journalize on Edward Jones' books:a. Purchase of the bond investment on January 2. 20X1. Edward Jones
DE16-17 Return to the bond investment situation on page 632. Assume the investor pur- chased the CBS bond investment on June 1, 20X2, and intends to hold the bonds until matu- rity on June 1, 20X6.
DE 16-18 Suppose Nike Incorporated sells athletic shoes to a Russian company on March 14. Nike agrees to accept 2,000,000 Russian rubles. On the date of sale, the ruble is quoted at $0.036. Nike
DE16-19 Page 636 includes a sequence of Shipp Belting journal entries for transactions denominated in Mexican pesos. Suppose the foreign-exchange rate for a peso is $0.118 on July 2. Record Shipp
DE16-20 Exhibit 16-8, page 638, outlines some differences between accounting in the United States and accounting in other countries. American companies transact more business with British companies
E16-1 Nations Bank, headquartered in Charlotte. North Carolina, holds huge portfolios of investments. Suppose Nations Bank completed the following investment transactions: 20X1 Dec. 6 Purchased 1.000
E16-2 Journalize the following long-term available-for-sale investment transactions of Abbey-Simms Inc. Explanations are not required.a. Purchased 400 shares (8%) of Marcor Corporation common stock
E16-3 Journalize the following investment transactions of Vemcor Manufacturing, Inc.: Aug. 1 Sep. 12 Nov. 23 Purchased 500 shares (2%) of Vardaman Corporation common stock as a long- term
E16-4 Late in the current year. Travel Consumer Corporation bought 3,000 shares of National Geographic common stock at $81.88. 600 shares of AT&T Corp. stock at $46.75, and 1.400 shares of Hitachi
E16-5 Suppose Dillard's, Inc., owns equity-method investments in several other depart- ment-store companies. Suppose Dillard's paid $2 million to acquire a 25% investment in Italian Imports Company.
Without making journal entries, record the transactions of Exercise 16-5 directly in the M Dillard's account. Long-Term Equity-Method Investment in Italian Imports. Assume that after s all the noted
E16-7 Precision Automotive Parts paid $145,000 for a 40% investment in the common stock of Auto Chief, Inc. For the first year. Auto Chief reported net income of $84,000 and at year end declared and
E16-8 On March 31, 20X3. Remke Corporation paid 92 1/4 for 7% bonds of Dean Witter Financial Services as a long-term held-to-maturity investment. The maturity value of the bonds will be $30,000 on
E16-9 Journalize the following foreign-currency transactions. Explanations are not required. Nov. 17 Purchased inventory on account from a Japanese company. The price was 200,000 yen, and the
E16-10 AMP Incorporated, a world leader in the manufacture of electronic connection devices, reported the stockholders' equity on its balance sheet on page 646, as adapted, at December 31. Required
E16-11 Whirlpool Corporation is a leading manufacturer of household appliances. In Brazil and Mexico, Whirlpool operates through affiliated companies, whose stock Whirlpool owns in various
P16-1A During the second half of 20X4, the operations of Maine Lobsters, Inc., generated excess cash, which the company invested in securities, as follows: July 2 Aug. 21 Sep. 16 Oct. 8 Purchased
P16-2A The beginning balance sheet of Quill.com, Inc.. included the following: Long-Term Equity-Method Investments................ $657.000 During the year the company completed the following
P16-3A Orly Chemical Company owns stock in numerous other companies. During 20X4. Orly completed the following long-term investment transactions: 20X4 May 1 July 1 Sep. 15 Oct. 12 Dec. 14 Purchased
P16-4A Financial institutions hold large quantities of bond investments. Suppose Goldman Sachs purchases $800,000 of 8% bonds of Xerox Corporation for 92 on January 31, 20x0. These bonds pay interest
P16-5A +Link Back to Chapter 15 (Effective-Interest Amortization of Discount). On December 31, 20X1, when the market interest rate is 10%, an investor purchases $400,000 of Yuma Inc., 9.5%, ten-year
P16-6A Suppose Gap, Inc., completed the following transactions: May 4 Sold clothing on account to a Mexican department store for $71,000. The exchange rate of the Mexican peso is $0.141, and the
P16-18 During the second half of 20X2, the operations of Regency Systems generated excess cash, which the company invested in securities, as follows: July 3 Purchased 3.000 shares of common stock as
P16-2B The beginning balance sheet of TalkNET On-line Incorporated included the following: Long-Term Equity-Method Investments............ $344,000 During the year, the company completed the
P16-3B Steinway Company owns numerous investments in the stock of other companies. Assume that Steinway completed the following long-term investment transactions: 20X2 Feb. 12 July 1 Aug. 9 Oct. 16
P16-4B Financial institutions such as insurance companies hold large quantities of bond investments. Suppose Bastrop Insurance Co. purchases $400.000 of 9% bonds of Inwood Corporation for 103 on
P16-5B + Link Back to Chapter 15 (Effective-Interest Amortization of Discount). On December 31, 20X1, when the market interest is 8%. Chase Bank purchases $500,000 of Michelin Corp., 7.4%, six-year
P16-6B Manifesto Publishing Company completed the following transactions: May Sold inventory on account to Marconi Telegraph, an Italian public utility, for $19,000. The exchange rate of the Italian
Case 1. Carla Allman is the manager of Stagg Corp., whose year end is December 31. The company made two investments during the first week of January 20X2. Both investments are to be held for the
Case 2. Caesar Saled inherited some investments, and he has received the annual reports of the companies. The financial statements of the companies are puzzling to Saled, and he asks you the
Blaze Utilities owns 18% of the voting stock of Southwest Electric Power Company. The remainder of the Southwest stock is held by numerous investors with small holdings. Dee Falco, president of Blaze
Obtain the annual report of a company of your choosing. Answer the following questions about the company. Concentrate on the current year in the annual report you select. Required 1. Many companies
Pick a stock from the Wall Street Journal or other database or publication. Assume that your group purchases 1,000 shares of the stock as a short-term trading investment. Research the stock in Value
The Coca-Cola Company is the world's largest producer of soft-drink concentrates, syrups. and juices. Its soft-drink brands include Coke. Diet Coke. Cherry Coke. Sprite, and Nestea. 1. Go to
P16-A1 Link Back to Chapter 4 (Debt Ratio). This problem demonstrates the dramatic effect that consolidation accounting can have on a company's ratios. Ford Motor Company (Ford) owns 100% of Ford
P16-A2 Darnell Air Corp. paid $289,000 to acquire all the common stock of Royal Dutch, Inc., and Royal Dutch owes Darnell Air 581,000 on a note payable. Immediately after the pur- chase on June 30,
The balance sheet of Bradley Laser Corporation at December 31, 20X3, presented the following stockholders' equity: Paid-in capital: Common stock, $1 par, 250,000 shares authorized, 50,000 shares
Felicia Barrow, accountant for Lackland Aviation, Inc., was injured in a bicycle acci- dent. Another employee prepared the following income statement for the fiscal year ended June 30, 20X4: LACKLAND
The capital structure of The Martin Rehabilitation Group at December 31, 20X2. included 5,000 shares of $2.50 preferred stock and 130.000 shares of common stock. Common shares outstanding during 20X3
The following accounting issues have arisen at Cooltouch Cotton, Inc.: 1. Corporations sometimes purchase their own stock. When asked why they do so, Cooltouch management responds that the stock is
In 1993, International Business Machines (IBM) reported a record loss of $8,101,000,000 and also stopped paying cash dividends. Today IBM is thriving as the largest provider of com- puter hardware in
Name the two parties to a receivable/payable transaction. Which party has the receivable? Which has the payable? Which has the asset? The liability?
List the two main categories of receivables. State how receivables are classified for reporting on the balance sheet.
DE8-2 Return to the Accounts Receivable T-accounts on page 312.Suppose Nathan Forester is the accountant responsible for these records. What duty will a good internal control system withhold from
DE8-4 The allowance method of accounting for uncollectible receivables uses two accounts in addition to Accounts Receivable. Identify the two accounts and indicate which financial state- ment reports
DE8-5 During its first year of operations, SBC Communications had net sales of $600.000. all on account. Industry experience suggests that SBC's bad debts will amount to 2% of net sales. At December
DE8-6 Link Back to Chapter 5 (Recording Sales Transactions). This exercise continues the sit- uation of Daily Exercise 8-5, in which SBC Communications ended the year 20X3 with accounts receivable of
DE8-7 Use the solution to Daily Exercise 8-6 to answer these questions about SBC Communications.1.Start with Accounts Receivable's beginning balance ($90.000), and then post to the Accounts
DE8-8 Link Back to Chapter 5 (Recording Sales Transactions). Guardian Medical Group started 20X0 with accounts receivable of $120,000 and an allowance for uncollectible accounts of $6,000. The 20X0
DE8-9 Hot Button.com accounts include the following balances at December
The aging of accounts receivable yields these data: Amount receivable Age of Accounts Receivable 0-30 31-60 Days $70,000 X1% Days $20,000 2% 61-90 Days $10,000 Over 90 Days Total Receivables $4,000
DE8-10 Buchwald. Inc.'s experience indicates that Buchwald will fail to collect 3% of net credit sales, which totaled $100,000 during the three-month period January through March of 20X3. During this
DE 8-11 Masahiro Oguchi is an attorney in San Francisco. Oguchi uses the direct write-off method to account for his uncollectible receivables. At May 31.Oguchi's accounts receivable were $8.000.
DE 8-12 Gas stations do a large volume of business by customer credit cards and bankcards. Suppose the Shell station near Lenox Square in Atlanta, Georgia. had these transactions on a busy Saturday
DE 8-13 Examine the promissory note in Exhibit 8-5. page 322.Answer these questions: 1.When does interest on the note start running? When does the interest stop running?2.Who is the debtor? Who is
DE 8-14 For each of the following notes receivable, compute the amount of interest revenue earned during 20X5. Use a 360-day year. Interest Principal Rate Interest Period Maturity Date Note 1 $
DE 8-15 Deutsche Bank lent $400,000 to Jean Nowlin on a 90-day, 8% note. Record the following transactions for Deutsche Bank (explanations are not required):a. Lending the money on June12.b.
DE 8-16 Return to the promissory note in Exhibit 8-5, page 322.The accounting year of Continental Bank ends on December 31, 20X2. Journalize Continental Bank's (a) lending money on the note
DE 8-17 Using your answers to Daily Exercise 8-16 for Continental Bank, and carrying amounts to the nearest cent, show how the bank will reporta. Note receivable and interest receivable on the bank's
DE 8-18 Examine the receivables for Intel, General Electric, and Oracle shown on page 325 and in Exhibit 8-6, page 326.Complete the table below to show the amounts (in millions of dollars) that each
DE 8-19 Link Back to Chapters 1-3 (Debit/Credit Balances: Income Statement). Sprint Corporation, the telecommunications company, included the following items in its financial statements (adapted, in
DE 8-20 Vision Maker, a cable TV company reported the following items at February 28, 20X0 (amounts in millions, with last-year's 19X9 amounts also given as needed): Accounts payable. $369 Accounts
DE 8-21 Link Back to Chapter 4 (Current Ratio and Debt Ratio) and Chapter 5 (Gross Profit Percentage and Inventory Turnover). Using the data in Daily Exercise 8-20, compute for Vision Maker the
E8-1 As a recent college graduate, you land your first job in the customer collections depart- ment of Sun Systems. Karla Bates, one of the owners, has asked you to propose a system to ensure that
Link Back to Chapter 7 (Internal Control Over Cash Receipts). Suppose Carnation, the instant breakfast company is opening an office in Chicago. Timothy Mayborne, the office manager, is designing the
E8-3 On September 30.Ageless Technology had a $28.000 debit balance in Accounts Receivable. During October, the company had sales of $187.000, which included $120,000 in credit sales. October
E8-4 Refer to Exercise 8-3. Required1.Record uncollectible-account expense for October using the direct write-off method.2.What amount of accounts receivable would Ageless report on its October 31
E8-5 At December 31, 20X4, the accounts receivable balance of Quest Corp. is $300,000. The Allowance for Doubtful Accounts has a $3,910 credit balance. Accountants for Quest prepare the following
E8-6 At December 31, 20X2. Circuit Software has an accounts receivable balance of $137,000. Sales revenue for 20X2 is $950,000, including credit sales of $450,000. For each of the following
E8-7 On April 30, 20X7. First National Bank of Kansas City lent $1,000,000 to Marjorie Redwine on a two-year, 9% note. Required1.Compute the interest during 20X7, 20X8, and 20X9 for the Redwine note
E8-8 Record the following transactions in the journal of Glacial Enterprises, Inc.: Nov. 1 Loaned $50,000 cash to Victor Rashad on a one-year, 8% note. Dec. 3 Sold goods to Lendox Corp., receiving a
Dividends on preferred stock may be stated as a percent or a dollar amount. What is the annual dividend on these preferred stocks: 4%. $100 par: $3.50, $20 par: and 6%. no-par with $50 stated value?
Suppose H. J. Heinz Company issued 1.000 shares of its 3.65%, $100 par preferred stock for $120. How much would this transaction increase the company's paid-in capital? How much would it increase
How does issuance of 1,000 shares of no-par stock for land and a building, together worth $150,000, affect paid-in capital? Total stockholders' equity?
Rank the following accounts in the order they would appear on the balance sheet: Common Stock, Preferred Stock. Retained Earnings. Dividends Payable. Also, give each account's balance sheet
DE13-1 Suppose you are forming Spuds. Inc., which will feature 20 different toppings for baked potatoes. You need some outside money from other investors, and you have decided to organize the
DE13-2 Consider the authority structure in a corporation, as diagrammed in Exhibit 13-2. 1. Who is in charge of day-to-day operations? 2. Who manages the accounting? 3. Who has primary responsibility
DE13-3 Examine the summarized balance sheet of Target Corporation in Exhibit 13-4 page 504. Suppose Target were a proprietorship owned by Lee Target. How would the Target proprietorship balance sheet
DE13-4 Answer the following questions about the characteristics of a corporation's stock. 1. What privileges do preferred stockholders enjoy that common stockholders do not have? 2. Which class of
DE13-5 Study IHOP's July 31 stock issuance entry given on page 507, and answer these questions about the nature of the IHOP transaction. 1. IHOP received $32,000,000 for the issuance of its stock.
DE13-6 The Coca-Cola Company reported the following on its balance sheet at December 31. 1999 (adapted, amounts in millions, except for par value): Common stock, $0.25 par value Authorized: 5,600
DE13-7 At December 31, 1999, The Coca-Cola Company reported the following on its comparative balance sheet, which included 1998 amounts for comparison (adapted, with all amounts except par value in
DE13-8 Brunnheimer Corporation has three classes of stock: Common, $1 par: Preferred Class A. $10 par; and Preferred Class B. no-par. Journalize Brunnheimer's issuance ofa. 1,000 shares of common
DE13-9 This exercise shows the similarity and the difference between two ways to acquire plant assets. Case A-Issue stock and buy the assets in separate transactions: Avisa Machines, Inc., issued
DE13-10 The financial statements of Arthur Binding. Inc.. reported the following accounts (adapted, in millions except for par value): Paid-in capital in excess of par...... $ 17.3 Cost of goods
DE13-11 +Link Back to Chapter 1 (Accounting Equation, Income Statement). Use the Arthur Binding data in Daily Exercise 13-10 to compute Arthur'sa. Net incomeb. Total liabilitiesc. Total assets
DE13-12 Varlux Corporation began operations in 20X3 with a charter that authorized the company to issue 10,000 shares of 5%, $8 par preferred stock and 100,000 shares of no-par common stock. During
DE13-13 Colombia Coffee Company earned net income of $85,000 during the year ended December 31, 20X3. On December 15, Colombia declared the annual cash dividend on its 6% preferred stock (10,000
DE13-14 Refer to the stockholders' equity of MedTech.com Corporation in Exhibit 13-8. page 512. Answer these questions about MedTech.com's dividends. 1. How much in dividends must MedTech.com declare
DE13-15 Indicate whether each of the following characteristics applies to preferred stock. common stock, or both.a. Cumulativeb. Callablec. Liquidation valued. Stated dividende. Voting rightsf.
DE13-16 Refer to the stockholders' equity of MedTech.com Corporation in Exhibit 13-8, page 512. MedTech.com's preferred stock has a liquidation value of $125 per share, and MedTech.com has not
DE13-17 Answer the following questions about various stock values. 1. Suppose you are an investor considering the purchase of Intel common stock as an investment. You have called your stockbroker to
DE13-18 Answer these questions about two rates of return. 1. Give the formula for computing (a) rate of return on common stockholders' equity and (b) rate of return on total assets. 2. Why are
DE13-19 The Coca-Cola Company has earned solid rates of return on its assets and its stockholders' equity in recent years. Coca-Cola's 1999 financial statements reported the fol- lowing items with
DE13-20 Harry's Hot Dogs had income before income tax of $120,000 and taxable income of $90,000 for 20X1, the company's first year of operations. The income tax rate is 40%. 1. Make the entry to
E13-1 Dena Kelly and Tiffany Lewis are opening a limousine service to be named D & T Limo. They need outside capital, so they plan to organize the business as a corporation. They come to you for
E13-2 New England Systems completed the following stock issuance transactions: April 19 May 3 11 Issued 1,000 shares of $1.50 par common stock for cash of $10.50 per share. Sold 300 shares of $4.50.
E13-3 The charter for Sartis Rugs. Inc.. authorizes the company to issue 100.000 shares of $3. no-par preferred stock and 500.000 shares of common stock with $1 par value. During its start-up phase.
E13-4 The balance sheet of Levitz Corporation, as adapted, reported the following stock- holders equity. Levitz has two separate classes of preferred stock. labeled Series A and Series B.

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