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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

During 2003, Genco Corporation purchased 10,000 shares of Wiener Company stock for $85 per share. Wiener had a total of 40,000 shares of stock outstanding.1. Prepare journal entries for the following
The following data pertain to the securities of Linford Company during 2003, the company’s first year of operations:a. Purchased 400 shares of Corporation A stock at $40 per share plus a commission
Fox Company incurred the following transactions relating to the common stock of NOP Company: July 10, 2001 Sep. 29, 2002 Aug. 17, 2003 Purchased 10,000 shares at $45 per share. Sold 2,000 shares at
Lorien Technologies, Inc., purchased the following securities during 2002: Security Classification Cost $ 5,000 Market Value (12/31/02) $ 4,000 A Trading B Trading C Available-for-sale D
In December 2003, the treasurer of Marble Company concluded that the company had excess cash on hand and decided to invest in Sandy Corporation stock. The company intends to hold the stock for a
Menlo Company often invests in the debt and equity securities of other companies as short- term investments. During 2003, the following events occurred: July 1 Menlo purchased the securities listed
FRC Manufacturing Company produces and sells one main product. There is significant seasonality in demand, and the unit price is quite high. As a result, during the heavy selling season, the company
The following data pertain to the investments of Sumner Company during 2003, the company’s first year of operations:a. Purchased 200 shares of Corporation A stock at $40 per share, plus brokerage
Durham Company often purchases common stocks of other companies as long-term investments. At the end of 2002, Durham held the common stocks listed. (Assume that Durham Company exercises no
On January 1, Draxton Company had surplus cash and decided to make some long-term investments. The following transactions occurred during the year: Jan. 1 — Purchased twenty $1,000, 12% bonds of
On March 15, 2003, Boston Company acquired 5,000 shares of Richfield Corporation com- mon stock at $45 per share as a long-term investment. Richfield has 50,000 shares of outstanding voting common
General Corporation has the following investments in equity securities at December 31, 2002 (there are no existing balances in the market adjustment account): Percentage of Shares Market Price
Cyril Corporation purchased $25,000 of Baker Construction Company’s 12% bonds at 102% plus accrued interest on February 1, 2002. The bonds mature on April 1, 2009, and interest is payable on April
On January 1, 2003, Eurowest Company purchased a $25,000, 12% bond at 104 as a longterm investment. The bond pays interest annually on each December 31 and matures on December 31, 2005. Assuming
Corbett Corporation decided to purchase twenty $1,000, 10%, six-year bonds of Texas Manufacturing Company as a long-term investment on February 1, 2002. The bonds mature on February 1, 2008, and
Strong Equipment Company made the following purchases of debt securities during 2003. All are classified as held-to-maturity, and all pay interest semiannually. Purchase Face Interest Maturity Last
Century Corporation acquired 8,400 common shares of Fidelity Company on January 10, 2003, for $12 per share and acquired 15,000 common shares of Essem Corporation on January 25, 2003, for $22 per
On April 20, 2003, Samson Company acquired 20,000 shares of Salem Industries common stock at $38 per share as a long-term investment. Salem has 50,000 shares of outstanding voting common stock. The
The following activities relate to the Hilton Company during the years 2002 and 2003: 2002 Feb. 15 — Hilton purchased 5,000 shares of Brock Equipment stock for $35 per share. Dee 1 Hilton received
During January 2003, Danbury, Inc., acquired 40,000 shares of Corporation A common stock for $24 per share. In addition, it purchased 5,000 shares of Corporation B preferred (nonvoting) stock for
On January 2, 2003, Drexello, Inc., purchased $75,000 of 10%, five-year bonds of Greasy Trucking as a held-to-maturity security at a price of $77,610 plus accrued interest. The bonds mature on
Save More, Inc., a discount department store, has applied to its bankers for a loan. Although the company has been profitable, it is short of cash. The loan application includes the following
Paula Dalton is a security analyst for DJM, Inc. She claims that she can tell a great deal about companies by analyzing their cash flow patterns. Specifically, she looks at the negative or positive
The Vikon Company had the following selected transactions during the past year:a. Sold (issued) 1,000 shares of common stock, $10 par, for $25 per share.b. Collected $100,000 of accounts
Assume you have access to the ledger (specifically, the detail of the cash account) for New Company, represented by the following T-account: Cash Beg. Bal. 11,500 (2) 75,000 (1) 150,000 (3) 60,000
Assuming the following data, compute: Cash collected from customers. Cash paid for wages and salaries. Cash paid for inventory purchases. Be ee Cash paid for taxes. Balance Sheet Income Statement
Assume that you are using the indirect method of preparing a statement of cash flows. For each of the changes listed, indicate whether it would be added to or subtracted from net income in computing
Jane Ortiz is the proprietor of a small company. The results of operations for last year are shown, along with selected balance sheet data. From the information provided, determine the amount of net
Given the data in Exercise 13-8, show how the amount of net cash flows from operating activities would be calculated using the indirect method.
The following information was taken from the comparative financial statements of Imperial Corporation for the years ended December 31, 2002 and 2003:Use the direct method to compute cash flows
Given the data in Exercise 13-10, show how the amount of cash provided by operations for 2003 is computed using the indirect method.
The following information was taken from the comparative financial statements of Altec Industries, Inc., for the years ended December 31, 2002 and 2003: Net income for 2003. Sales revenue Cost of
Given the data in Exercise 13-12, show how the amount of cash flows provided by operations for 2003 is computed using the indirect method.
Given the following selected data for Milton Corporation, using the indirect method to report cash flows from operating activities, determine the net increase (decrease) in cash for the year ended
Based on the following information, determine the net increase (decrease) in cash for Porter Corporation for the year ended December 31, 2003. Use the direct method to report cash flows from
North Western Company provides the following financial information. Prepare a statement of cash flows for 2003, using the indirect method to report cash flows from operating activities. North Western
By analyzing the information in Exercise 13-16, prepare a statement of cash flows. Use the di- rect method to report cash flows from operating activities.
Below are recent financial statement data for the following companies: e AMAZON.COM @ COCA-COLA @ EXXONMOBIL @ MICROSOFT Use the financial statement data to match each company with its numbers. All
Development Corporation reports the following summary data for the current year: Sales revenue totaled $251,500. Interest revenue for the period was $2,200. Interest expense for the period was $800.
The following information, in T-account format, is provided for the M & M Company for the year 2003: Cash Account Beg. Bal. 15,400 (b) 56,500 (a) 147,000 (c) 23,000 (d) 3,500 (f) 59,700 (e)
The following information was provided by the treasurer of Surety, Inc., for the year 2003: Cash sales for the year were $50,000; sales on account totaled $60,000. Cost of goods sold was 50% of total
Gardner Enterprises reported a net loss of $40,000 for the year just ended. Relevant data for the company follow. Cash and cash equivalents Accounts receivable (net) Inventory Prepaid expenses
Super Sales, Inc., shows the following information in its accounting records at year-end: Sales revenue Interest revenue. Cost of goods sold. Wages expense Depreciation expense. Other (cash)
The following combined income and retained earnings statement, along with selected balance SS sheet data, are provided for Roper Company: I Net sales revenue. Other revenues Roper Company Combined
The following partially completed work sheet is provided for ATM Corporation, which uses the direct method in computing net cash flows from operations: ATM Corporation Partial Work Sheet-Cash Flows
Jackson Corporation computed the amount of cash flows from operations using both the direct and indirect methods, as follows: Direct method: Collections from customers. Payments to suppliers.
JEM Company’s comparative balance sheets for 2002 and 2003 are provided. JEM Company Comparative Balance Sheets December 31, 2003 and 2002 Assets 2003 2002 Cash and cash equivalents Accounts
Financial statement data for Continental Stores, Inc., are provided. (All numbers are shown rounded to the nearest thousand, with 000’s omitted.)1. Compute the net cash flows from operations using
1. Using the data from Problem 13-10, prepare a statement of cash flows. Use the indirect method to report cash flows from operating activities. 2. Interpretive Question: What are the main
2.What is an annuity?
When a mortgage payment is made, a portion of it is applied to interest, and the balance is applied to reduce the principal. How is the amount applied to reduce the principal computed?6. If a lease
Berlin Company is in a world of hurt. For the past 15 years, the company has been the exclusive toy supplier to Infants-R-Us toy stores. Unfortunately for Berlin Company, Infants-R-Us just declared
Find the present value (rounded to the nearest dollar) of: 1. $15,000 due in 5 years at 8% compounded annually. 2. $25,000 due in 8% years at 10% compounded semiannually. 3. $9,500 due in 4 years at
Compute the future value (rounded to the nearest dollar) of the following investments: 1. $10,209 invested to earn interest at 8% compounded annually for 5 years. 2. $10,908 invested to earn interest
What is the present value (rounded to the nearest dollar) of an annuity of $8,000 per year for five years if the interest rate is: 1. 8% compounded annually. 2. 10% compounded annually.
U-Crane Company has just borrowed $100,000. The loan is to be repaid in regular annual payments made at the end of each year. What is the amount of each annual payment under the following sets of
Karl Company borrowed $25,000 on a two-year, 12% note dated October 1, 2002. Interest is payable annually on October 1, 2003, and October 1, 2004, the maturity date of the note. The company prepares
Silmaril, Inc., borrowed $25,000 from First National Bank by issuing a three-year, 10% note dated July 1, 2002. Interest is payable semiannually on December 31 and June 30. The principal amount is to
Johnson Enterprises borrowed $100,000 on July 1, 2003, to finance the purchase of a building. The mortgage requires payments of $1,075 to be made at the end of every month for 15 years with the first
On January 1, 2003, Gandalf, Inc., borrowed $50,000 to finance the purchase of machinery. The terms of the mortgage require payments to be made at the end of every month with the first payment being
Temple Corporation signed a lease to use a machine for four years. The annual lease payment is $10,500 payable at the end of each year. 1. Record the lease, assuming that the lease should be
igital, Inc., leased computer equipment from Young Leasing Company on January 2, 2003. The terms of the lease required annual payments of $4,141 for five years beginning on December 31, 2003. The
Hanover Company issued five-year bonds on January 1. The face value of the bonds is $56,000. The stated interest rate on the bonds is 10%. The market rate of interest at the time of issuance was 8%.
Bremen Company issued five-year bonds on January 1. The face value of the bonds is $56,000. The stated interest rate on the bonds is 8%. The market rate of interest at the time of issuance was 10%.
Romulus, Inc., issued $500,000 of 10%, five-year bonds at face value on July 1, 2003. Interest on the bonds is payable semiannually on December 31 and June 30. 1. Provide the journal entry to record
Rikker Company issued $600,000 of 12%, 10-year bonds at face value on October 1, 2003. The bonds pay interest on April 1 and October 1. Rikker uses the calendar year for financial reporting purposes.
The following information comes from the financial statements of Willard Hammond Company: Long-term debt .......-+-+--+-5: $30,000 TotalliabilitieS@a crew. ete ce ees 48,000 Total stockholders’
The following information comes from the financial statements of Karlla Peterson Company: MotaleliabilitiGSureme eee ei $100,000 Total stockholders’ equity............ 80,000 In addition, Karlla
Hawaii Equipment Company issued $300,000 of 8%, five-year bonds at 97 on June 30, 2003. Interest is payable on June 30 and December 31. The company uses the straight-line method to amortize bond
Sealon Corporation issued $100,000 of 10%, 10-year bonds at 102 on April 1, 2003. Interest is payable semiannually on April 1 and October 1. Sealon Corporation uses the calendar year for financial
Determine the approximate effective rate of interest for $300,000, 8%, five-year bonds issued at 95. (Assume straight-line amortization.)
The following is a partially completed amortization schedule prepared for the Liggett Com- pany to account for its three-year bond issue with a face value of $50,000. The schedule covers the first
Tanner Corporation, a calendar-year firm, is authorized to issue $400,000 of 12%, 10-year bonds dated May 1, 2003, with interest payable semiannually on May 1 and November 1. Amortization of bond
1. Determine the present value in each of the following situations:a. A $5,000 loan to be repaid in full at the end of three years. Interest on the loan is payable quarterly. The interest rate is 12%
1. Compute the present value for each of the following situations, assuming an interest rate of 10% compounded annually. (Round amounts to the nearest dollar.)a. A single payment of $30,000 due on a
Kenneth J. Nelson has just purchased a new car for $35,000. He paid $5,000 down and signed a note for the remaining $30,000. The interest rate on the note is 12% compounded monthly, or 1% per month.
ACCOUNTING FOR NOTES PAYABLE Sweet's Candy Company needed cash for its current business operations. On January 1, 2002, the company borrowed $8,000 on a two-year, interest-bearing note from Peterson
During 2002, Kenan Corporation had the following transactions relating to long-term liabilities: Apr. 1 Purchased a machine costing $200,000 from Perry Corporation. Issued a two-year,
On November 1, 2003, Hill Company arranges with an insurance company to borrow $200,000 on a 20-year mortgage to purchase land and a building to be used in its operations. The land and the building
On January 1, 2002, Linda Lou Foods, Inc., leased a tractor. The lease agreement qualifies as a capital lease and calls for payments of $7,000 per year (payable each year on January 1, starting in
Exploration, Inc., leased a starship on January 2, 2003. Terms of the lease require annual payments of $41,208 per year for five years. The interest rate on the lease is 12%, and the first payment is
Patterson Company issued 30-year bonds on June 30. The face value of the bonds is $750,000. The stated interest rate on the bonds is 6%. The market rate of interest at the time of issuance was 4%.
ACCOUNTING FOR BONDS On July 1, 2003, Paramount, Inc. issued $500,000, 8%, 30-year bonds with interest paid semiannually on January 1 and July 1. The bonds were sold when the market rate of interest
ACCOUNTING FOR BONDS Columbia Enterprises issued $1 million, 10%, 20-year bonds on October 1, 2002. Interest payment dates are April 1 and October 1. The bonds were sold at face value. 1. Provide the
The following list of accounts is taken from the adjusted trial balance of Goforth Company. Accounts Payable $45,000 Notes Payable (due in 6 months). 24,000 Income Taxes Payable. 18,000 Unearned
The following amounts are shown on the Plymouth Company’s adjusted trial balance for the year 2003: Accounts Payable Property Taxes Payable Short-Term Notes Payable Mortgage Payable (due within 1
The following information comes from the financial statements of Ron Winmill Company: Long-term debt $180,000 Total liabilities. 230,000 Total stockholders' equity 150,000 Current assets. 80,000
The following information comes from the financial statements of Travis Campbell Company: Total liabilities. $100,000 Total stockholders' equity 80,000 Property, plant, and equipment 110,000 Sales
Nemo Company authorized and sold $90,000 of 10%, 15-year bonds on April 1, 2003. The bonds pay interest each April 1, and Nemo’s year-end is December 31. 1. Prepare journal entries to record the
On March 1, 2003, Devone Corporation issued $50,000 of 10%, five-year bonds at 118. The bonds were dated March 1, 2003, and interest is payable on March 1 and September 1. Devone records amortization
Stottard Company issued $450,000 of 10%, 10-year bonds on June 1, 2002, at 103. The bonds were dated June 1, and interest is payable on June 1 and December 1 of each year. 1. Record the issuance of
Cyprus Corporation issued $150,000 of bonds on January 1, 2003, to raise funds to buy some special machinery. The maturity date of the bonds is January 1, 2008, with interest payable each January 1
Lancell Corporation issued $100,000 of three-year, 10% bonds on January 1, 2002. The bonds pay interest on January 1 and July 1 each year. The bonds were sold to yield an 8% return, compounded
Bell Company sold $200,000 of 10-year bonds on January 1, 2002, to Brown Corporation. The bond indenture included the following information:1. . Prepare the journal entry to record the issuance of
Foster Corporation issued three-year bonds with a $180,000 face value on March 1, 2002, in order to pay for a new computer system. The bonds mature on March 1, 2005, with interest payable on March 1
Amity Construction Company issued $100,000 of 10% bonds on January 1, 2003. The maturity date of the bonds is January 1, 2013. Interest is payable January 1 and July 1. The bonds were sold at 111.4
Durham Corporation was authorized to issue $500,000 of 8%, four-year bonds, dated May 1, 2003. All the bonds were sold on that date when the effective interest rate was 10%. Interest is payable on
Bonds with a face value of $200,000 and a stated interest rate of 12% were issued on March 1, 2003. The bonds pay interest each February 28 and August 31 and mature on March 1, 2013. The issuing
When buying a long-term asset such as a building or piece of equipment, the time value of money must be considered. With respect to time value, it is often said that the last payment (say, 20 years
If a firm is uncertain whether an expenditure will benefit one or more than one accounting period, or whether it will increase the capacity or useful life of an opera- tional asset, most firms will

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