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business
survey of accounting

Questions and Answers of Survey of Accounting

Lane Corporation was authorized to issue 100,000 shares of \($5\) par common stock and 20,000 shares of \($100\) par, 6 percent, cumulative preferred stock. Lane Corporation completed the following
Midwest Corp. completed the following transactions in 2007, the first year of operation:1. Issued 20,000 shares of \($10\) par common stock at par.2. Issued 2,000 shares of \($30\) stated value
Boley Corporation reports the following information in its January 1, 2006, balance sheet:During 2006, Boley was affected by the following accounting events:1. Purchased 1,000 shares of treasury
Chen Corp. completed the following transactions in 2007, the first year of operation:1. Issued 20,000 shares of \($20\) par common stock for \($30\) per share.2. Issued 5,000 shares of \($50\) par, 5
The stockholders’ equity section of the balance sheet for Atkins Company at December 31, 2007, is as follows;Required:a. What is the par value per share of the preferred stock?b. What is the
Shawn Bates was working to establish a business enterprise with four of his wealthy friends. Each of the five individuals would receive a 20 percent ownership interest in the company. A primary goal
Google, Inc., operates the world’s largest Internet search engine, international Business Machines Corporation (IBM) is one of the world’s largest computer hardware and software companies. The
Edwards Inc. experienced the following events:1. Issued common stock for cash.2. Declared a cash dividend.3. Issued noncumulative preferred stock for cash.4. Appropriated retained earnings.5.
Use the Topps Company’s annual report to answer the following questions.a. What was Topps’ current ratio as of March 1, 2003, and March 2, 2002?b. Did the current ratio get stronger or weaker
The following accounting information pertains to Eckert and Ragland companies at the end of 2006:Required:a. Organize the class into two sections and divide each section into groups of three to five
In the liabilities section of its 2002 balance sheet, Wachovia Corporation reported “noninterest- bearing deposits” of over \($44\) billion . Wachovia is a very large banking company. In the
Required:a. Compute the current ratio for each company.b. Which company has the greater likelihood of being able to pay its bills?c. Assuming that both companies have the same amount of total assets,
Putting “yum” on people’s faces around the world is the mission of YUM Brands, Inc. Yum was spun off from PepsiCo in 1997. A spin-off occurs when a company separates its operations into two or
Perfect Picture Inc. (PPI) experienced the following transactions during 2007. The transactions are summarized (transaction data pertain to the full year) and limited to those that affect the
Assume that on October 1, 2007, Big Company borrowed \($10,000\) from the local bank at 6 percent interest. The note is due on October 1, 2008. How much interest does Big pay in 2007? How much
Classic Corporation borrowed \($90,000\) from the bank on November 1, 2007. The note had an 8 percent annual rate of interest and matured on April 30, 2008. Interest and principal were paid in cash
Scott Perkins started Perkins Company on January 1, 2005. The company experienced the following events during its first year of operation.1. Earned \($1,500\) of cash revenue for performing
The University Book Store sells books and other supplies to students in a state where the sales tax rate is 7 percent. The University Book Store engaged in the following transactions for 2008. Sales
The following selected transactions apply to Big Stop for November and December 2008. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the
The following legal situations apply to Stringer Corp. for 2009:1. A customer slipped and fell on a slick floor while shopping in the retail store. The customer has filed a \($5\) million lawsuit
To support herself while attending school, Ellen Abba sold computers to other students. During her first year of operation, she sold computers that had cost her \($120,000\) cash for \($260,000\)
The Ja-San Appliance Co. provides a 120-day parts-and-labor warranty on all merchandise it sells. Ja- San estimates the warranty expense for the current period to be \($1,250\) . During the period a
The following transactions apply to Mabry Equipment Sales Corp. for 2007:1. The business was started when Mabry Corp. received \($50,000\) from the issue of common stock.2. Purchased \($175,000\) of
Marshall Co. is planning to finance an expansion of its operations by borrowing \($50,000\) . City Bank has agreed to loan Marshall the funds. Marshall has two repayment options: (1) to issue a note
On January 1, 2007, Mooney Co. borrowed \($60,000\) cash from First Bank by issuing a four-year, 6 percent note. The principal and interest are to be paid by making annual payments in the amount of
Jim Felix started a business by issuing an \($80,000\) face value note to State National Bank on January 1, 2008. The note had a 7 percent annual rate of interest and a 10-year term. Payments of
A partial amortization schedule for a five-year note payable that Chacon Co. issued on January 1, 2008, is shown here:Required:a. What rate of interest is Chacon Co. paying on the note?b. Using a
King Co. uses an approved line of credit not to exceed \($200,000\) with the local bank to provide short-term financing for its business operations. King either borrows or repays funds on the first
Wyatt Company issued \($400,000\) of 20-year, 6 percent bonds on January 1, 2007. The bonds were issued at face value. Interest is payable in cash on December 31 of each year. Wyatt immediately in¬
Use the following information to prepare a classified balance sheet for Steller Co. at the end of 2008. Accounts Receivable $42,500 Accounts Payable 8,000 Cash 15,260 Common Stock 42,000 Long-Term
Tupperware Company claims to be “one of the world’s leading direct sellers, supplying premium food storage, preparation and serving items to consumers in more than 100 countries through its
The following transactions apply to Artesia Co. for 2009, its first year of operations.1. Received \($40,000\) cash from the issue of a short-term note with a 5 percent interest rate and a one- year
Norman Co. borrowed \($15,000\) from the local bank on April 1, 2008, when the company was started.The note had an 8 percent annual interest rate and a one-year term to maturity. Norman Co.
The following selected transactions were taken from the books of Caledonia Company for 2008.1. On March 1, 2008, borrowed \($50,000\) cash from the local bank. The note had a 6 percent interest rate
Use the following information to prepare a multistep income statement and a classified balance sheet for Douglas Company for 2004. Operating Expenses $ 90,000 Cash $ 23,000 Land 50,000 Interest
On January 1, 2006, Miller Co. borrowed cash from First City Bank by issuing a \($60,000\) face value, three-year installment note that had a 7 percent annual interest rate. The note is to be repaid
The following transactions apply to Marque Co. for 2008, its first year of operations.1. Received \($30,000\) cash in exchange for issuance of common stock.2. Secured a \($100,000,\) 10-year
Quality Sports Equipment uses a line of credit to help finance its inventory purchases. Quality sells ski equipment and uses the line of credit to build inventory for its peak sales months, which
Shim Company has a line of credit with Bay Bank. Shim can borrow up to \($200,000\) at any time over the course of the 2006 calendar year. The following table shows the prime rate expressed as an
Texas Instruments, Inc., claims to be “the world leader in digital signal processing and analog technologies, the semiconductor engines of the Internet age.” Eastman Kodak Company manufactures
Use the Topps Company’s annual report to answer the following questions.a. What method of depreciation does Topps use?b. What types of intangible assets does Topps have?c. What are the estimated
Sweet’s Bakery makes cakes, pies, and other pastries that it sells to local grocery stores. The company experienced the following transactions during 2008.1. Started business by acquiring
The following ratios are for four companies in different industries. Some of these ratios have been discussed in the textbook; others have not, but their names explain how the ratio was computed. The
Organic Bagel Bakery (OBB) was started on January 1, 2005, when it acquired \($100,000\) cash from the issue of common stock. The company immediately purchased an oven that cost \($100,000\) cash.
Qin Company and Roche Company experienced the exact same set of economic events during 2006. Both companies purchased machines on January 1, 2006. Except for the effects of this purchase, the
Give some examples of long-term operational assets that each of the following companies is likely to own: (a) AT&T, (b) Caterpillar, (c) Amtrak, and (d) The Walt Disney Co.
Which of the following items should be classified as long-term operational assets? a. Cash b. Buildings c. Production machinery d. Accounts receivable e. Prepaid rent f. Franchise g. Inventory h.
Identify each of the following long-term operational assets as either tangible (T) or intangible (I). a. Retail store building b. Shelving for inventory c. Trademark d. Gas well e. Drilling rig f.
The following events apply to The Pizza Factory for the 2008 fiscal year:1. The company started when it acquired \($18,000\) cash from the issue of common stock.2. Purchased a new pizza oven that
Smith Company started operations by acquiring \($100,000\) cash from the issue of common stock. On January 1, 2005, the company purchased equipment that cost \($100,000\) cash. The equipment had an
CJ’s Pizza purchased a delivery van on January 1, 2005, for \($25,000\) . In addition, CJ’s paid sales tax and title fees of \($1,000\) for the van. The van is expected to have a four-year life
At the beginning of 2006, Precision Manufacturing purchased a new computerized drill press for \($50,000\) . It is expected to have a five-year life and a \($5,000\) salvage value.Required:a. Compute
On January 1, 2008, Gert Enterprises purchased a parcel of land for \($12,000\) cash. At the time of purchase, the company planned to use the land for future expansion. In 2009, Gert Enterprises
Print Service Co. purchased a new color copier at the beginning of 2005 for \($35,000\) . The copier is expected to have a five-year useful life and a \($5,000\) salvage value. The expected copy
Quality Lumber Company purchased \($120,000\) of equipment on September 1, 2006.Required:a. Compute the amount of depreciation expense that is deductible under MACRS for 2006 and 2007, assuming that
On January 1,2006, Harris Machining Co. purchased a compressor and related installation equipment for \($64,000\) . The equipment had a three-year estimated life with a \($4,000\) salvage value.
On January 1, 2005, Valley Power Company overhauled four turbine engines that generate power for customers. The overhaul resulted in a slight increase in the capacity of the engines to produce power.
American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following
Khan Company made several purchases of long-term assets in 2009. The details of each purchase are presented here.New Office Equipment 1. List price: \($40,000\) ; terms: 1/10 n/30; paid within the
KC Company began operations when it acquired \($30,000\) cash from the issue of common stock on January 1, 2005. The cash acquired was immediately used to purchase equipment for \($30,000\) that had
The following transactions pertain to Optimal Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year.2007 1. Acquired
O’Brian Service Company purchased a copier on January 1,2008, for \($17,000\) and paid an additional \($200\) for delivery charges. The copier was estimated to have a life of four years or 800,000
McNabb Corporation purchased a delivery van for \($25,500\) in 2007. The firm’s financial condition immediately prior to the purchase is shown in the following horizontal statements model:The van
Three different companies each purchased a machine on January 1, 2005, for \($54,000\) . Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be \($4,000\) .
Favre Exploration Corporation engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities:Jan. 1, 2008
Big Sky Inc. recorded the following transactions over the life of a piece of equipment purchased in 2005:Jan. 1, 2005: Purchased the equipment for \($36,000\) cash. The equipment is estimated to have
Vernon Manufacturing paid \($58,000\) to purchase a computerized assembly machine on January 1, 2002. The machine had an estimated life of eight years and a \($2,000\) salvage value. Vernon’s
Springhill Co. purchased the assets of Canyon Co. for \($1,000,000\) in 2005. The estimated fair market value of the assets at the purchase date was \($920,000\). Goodwill of \($80,000\) was recorded
Cooper Tire Rubber Company claims to be the fourth largest tire manufacturer in North America. Goodyear Tire & Rubber Company is the largest tire manufacturer in North America. The following
Use the Topps Company’s annual report to answer the following questions.a. How long did it take Topps to collect accounts receivable during the year ended March 1, 2003?b. Approximately what
The following selected financial information is available for three companies:Required:a. Divide the class into three sections and divide each section into groups of three to five students. Assign
Presented here are the average days to collect accounts receivable for four companies in different industries. The data are for 2002.Required:Write a brief memorandum that provides possible answers
The following information was drawn from the accounting records of Oakville and Monteray.Required:a. Determine the average number of days to collect accounts receivable for each company.b. Which
The following accounting information exists for Blackjack and Roulette companies at the end of 2007.Required:a. For each company, compute the gross margin percentage and the average number of days to
Alonzo Saunders owns a small training services company that is experiencing growing pains. The company has grown rapidly by offering liberal credit terms to its customers. Although his competitors
Using the most current annual reports or the Forms 10-K for Maytag Company and for Papa John’s International, Inc., complete the requirements below. To obtain the Forms 10-K use either the EDGAR
The following information pertains to a machine purchased by Bakersfield Company on January 1,2005.The machine produced 14,400 units during 2005 and 17,000 units during 2006.Required:Determine the
Nina’s Accounting Service began operation on January 1,2007. The company experienced the following events for its first year of operations.1. Provided \($120,000\) of accounting services on
Big A’s Auto Service was started on January 1, 2006. The company experienced the following events during its first two years of operation.Events Affecting 2006 1. Provided \($30,000\) of repair
Gray Bros, uses the allowance method to account for uncollectible accounts expense. Gray experienced the following four events in 2005:1. Recognized \($48,000\) of revenue on account.2. Collected
The accounts receivable balance for City Shoe Repair at December 31, 2006, was \($84,000\) . Also on that date, the balance in the Allowance for Doubtful Accounts was \($2,400\). During 2007,
King Service Co. experienced the following transactions for 2009, its first year of operations:1. Provided \($66,000\) of services on account.2. Collected \($42,000\) cash from accounts receivable.3.
Bourret Inc. experienced the following events for the first two years of its operations.2009:1. Provided \($60,000\) of services on account.2. Provided \($25,000\) of services and received cash.3.
Classic Auto Parts sells new and used auto parts. Although a majority of its sales are cash sales, it makes a significant amount of credit sales. During 2008, its first year of operations, Classic
Hogan Business Systems has a small number of sales on account but is mostly a cash business. Consequently, it uses the direct write-off method to account for uncollectible accounts. During 2006 Hogan
Royal Carpet Cleaning provided \($90,000\) of services during 2006, its first year of operations. All customers paid for the services with major credit cards. Royal submitted the credit card receipts
Baucom Company accepted credit cards in payment for \($6,850\) of services performed during March 2006. The credit card company charged Baucom a 4 percent service fee. The credit card company paid
Babb Enterprises loaned \($25,000\) to Sneathen Co. on September 1, 2008, for one year at 6 percent interest.Required:Show the effects of the following transactions in a horizontal statements model
On March 1, 2007, Jason’s Deli loaned \($12,000\) to Mark Johnson for one year at 5 percent interest.Required:Answer the following questions.a. What is Jason’s interest income for 2007?b. What is
The following after-closing trial balance was drawn from the accounts of Spruce Timber Co. as of December 31,2006.Transactions for 2007 1. Acquired an additional \($10,000\) cash from the issue of
The following data were taken from Hershey Foods Corporation’s 2004 annual report. All dollar amounts are in thousands.Required:a. Compute Hershey’s accounts receivable ratios for 2004 and
The following transactions apply to Sharp Consulting for 2006, the first year of operation:1. Recognized \($65,000\) of service revenue earned on account.2. Collected \($58,000\) from accounts
During the first year of operation, 2006, Martin’s Appliance recognized \($292,000\) of service revenue on account. At the end of 2006, the accounts receivable balance was \($57,400\). Even though
Hammond Inc. experienced the following transactions for 2007, its first year of operations:1. Issued common stock for \($80,000\) cash.2. Purchased \($225,000\) of merchandise on account.3. Sold
The following information pertains to Bay Cabinet Company’s sales on account and accounts receivable:After several collection attempts, Bay Cabinet Company wrote off \($2,800\) of accounts that
Bishop Supply Company had the following transactions in 2006:1. Acquired \($60,000\) cash from the issue of common stock.2. Purchased \($180,000\) of merchandise for cash in 2006.3. Sold merchandise
The following transactions apply to Bialis Co. for 2006, its first year of operations.1. Issued \($100,000\) of common stock for cash.2. Provided \($86,000\) of services on account.3. Collected
Use the following information to prepare a multistep income statement and a balance sheet for Daniels Company for 2006. Operating Expenses Accounts Payable $ 90,000 Allowance for Doubtful Accounts
The following trial balance was prepared for Lakeview Sales and Service on December 31, 2006, after the closing entries were posted.Lakeview had the following transactions in 2007:1. Purchased
AutoZone, Inc., claims to be “the nation’s leading auto parts retailer.” It sells replacement auto parts directly to the consumer. BorgWarner, Inc., has over 17,000 employees and produces

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