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Questions and Answers of Accounting

The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and Circuit City Stores, Inc.: (a) Compute the fixed asset turnover for each
Catherine Simpkins owns and operates Speedy Print Co. During February, Speedy Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was
Bridger Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. (a) Should the tree cutting, land
Fastball Delivery Company acquired an adjacent lot to construct a new warehouse, paying $30,000 and giving a short-term note for $270,000. Legal fees paid were $1,425, delinquent taxes assumed were
Connect Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service:1. Replaced a truck’s suspension system with a new suspension system that allows for
Jaime Baldwin owns and operates Love Transport Co. During the past year, Jaime incurred the following costs related to an 18-wheel truck:1. Changed engine oil.2. Installed a wind deflector on top of
Easy Move Company made the following expenditures on one of its delivery trucks:Feb. 16. Replaced transmission at a cost of $3,150July 15. Paid $1,100 for installation of a hydraulic liftOct. 3. Paid
Legacy Ironworks Co. reported $3,175,000 for equipment and $2,683,000 for accumulated depreciation–equipment on its balance sheet.Does this mean. (a) That the replacement cost of the equipment is
Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage, assuming that the residual value of the fixed asset is to be ignored: (a) 2 years,
A refrigerator used by a meat processor has a cost of $93,750, an estimated residual value of $10,000, and an estimated useful life of 25 years. What is the amount of the annual depreciation computed
A diesel-powered tractor with a cost of $145,000 and estimated residual value of $7,000 is expected to have a useful operating life of 75,000 hours. During July, the generator was operated 150 hours.
Prior to adjustment at the end of the year, the balance in Trucks is $250,900 and the balance in Accumulated Depreciation?Trucks is $88,200. Details of the subsidiary ledger are as follows: (a)
A Kubota tractor acquired on January 9 at a cost of $75,000 has an estimated useful life of 20 years. Assuming that it will have no residual value, determine the depreciation for each of the first
A storage tank acquired at the beginning of the fiscal year at a cost of $172,000 has an estimated residual value of $20,000 and an estimated useful life of eight years. Determine the following: (a)
Sandblasting equipment acquired at a cost of $85,000 has an estimated residual value of $5,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal
A building with a cost of $1,050,000 has an estimated residual value of $420,000, has an estimated useful life of 36 years, and is depreciated by the straight-line method. (a) What is the amount of
Crane Company purchased and installed carpet in its new general offices on March 30 for a total cost of $12,000. The carpet is estimated to have a 15-year useful life and no residual value.(a)
Equipment acquired on January 3, 2007, at a cost of $504,000, has an estimated useful life of 12 years, has an estimated residual value of $42,000, and is depreciated by the straight-line method.(a)
Equipment acquired on January 3, 2007, at a cost of $265,500, has an estimated useful life of eight years and an estimated residual value of $31,500.(a) What was the annual amount of depreciation for
Cikan Mining Co. acquired mineral rights for $16,200,000. The mineral deposit is estimated at 90,000,000 tons. During the current year, 13,750,000 tons were mined and sold.(a) Determine the amount of
Isolution Company acquired patent rights on January 4, 2007, for $750,000. The patent has a useful life equal to its legal life of 15 years. On January 7, 2010, Isolution successfully defended the
Apple Computer, Inc., designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (Ipod) along with related accessories and
List the errors you find in the following partial balancesheet:
On May 27, Linoleum Associates Co. paid $950 to repair the transmission on one of its delivery vans. In addition, Linoleum Associates paid $450 to install a GPS system in its van. Journalize the
On October 9, Wonder Inflatable Co. paid $1,150 to install a hydraulic lift and $40 for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter
A building acquired at the beginning of the year at a cost of $485,000 has an estimated residual value of $75,000 and an estimated useful life of 25 years. Determine (a) The depreciable cost, (b) The
Equipment acquired at the beginning of the year at a cost of $125,000 has an estimated residual value of $5,000 and an estimated useful life of eight years. Determine (a) The depreciable cost, (b)
A truck acquired at a cost of $134,000 has an estimated residual value of $35,000, has an estimated useful life of 300,000 miles, and was driven 52,000 miles during the year. Determine (a) The
A tractor acquired at a cost of $95,000 has an estimated residual value of $15,000, has an estimated useful life of 40,000 hours, and was operated 5,100 hours during the year. Determine (a) The
A building acquired at the beginning of the year at a cost of $650,000 has an estimated residual value of $125,000 and an estimated useful life of 40 years. Determine (a) The double-declining-balance
Equipment acquired at the beginning of the year at a cost of $145,000 has an estimated residual value of $18,000 and an estimated useful life of five years. Determine (a) The double-declining-balance
Equipment with a cost of $250,000 has an estimated residual value of $34,000, has an estimated useful life of 18 years, and is depreciated by the straight-line method.(a) Determine the amount of the
A truck with a cost of $80,000 has an estimated residual value of $15,000, has an estimated useful life of eight years, and is depreciated by the straight-line method.(a) Determine the amount of the
Equipment was acquired at the beginning of the year at a cost of $324,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of eight years and
Equipment was acquired at the beginning of the year at a cost of $160,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 15 years and an estimated
Montana Mining Co. acquired mineral rights for $120,000,000. The mineral deposit is estimated at 200,000,000 tons. During the current year, 31,155,000 tons were mined and sold.(a) Determine the
Cooke City Mining Co. acquired mineral rights for $50,000,000. The mineral deposit is estimated at 125,000,000 tons. During the current year, 42,385,000 tons were mined and sold.(a) Determine the
On December 31, it was estimated that goodwill of $500,000 was impaired. In addition, a patent with an estimated useful economic life of eight years was acquired for $388,000 on July 1.(a) Journalize
On December 31, it was estimated that goodwill of $875,000 was impaired. In addition, a patent with an estimated useful economic life of 17 years was acquired for $425,000 on April 1.(a) Journalize
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk. a. Finder?s fee
Newbirth Coatings Company purchased waterproofing equipment on January 2, 2009, for $380,000. The equipment was expected to have a useful life of four years, or 8,000 operating hours, and a residual
Razar Sharp Company purchased tool sharpening equipment on July 1, 2008, for $48,600. The equipment was expected to have a useful life of three years, or 7,500 operating hours, and a residual value
New tire retreading equipment, acquired at a cost of $144,000 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $10,800. The manager
The following transactions, adjusting entries, and closing entries were completed by King Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:(a) On December 31, the company determined that $20,000,000 of goodwill
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk. a. Fee paid to
The equipment was expected to have a useful life of three years, or 25,000 operating hours, and a residual value of $4,500. The equipment was used for 12,000 hours during 2008, 9,000 hours in 2009,
New lithographic equipment, acquired at a cost of $131,250 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $11,250. The manager
Why are most large businesses organized as corporations?
A stockbroker advises a client to “buy preferred stock. . . . With that type of stock, . . . [you] will never have to worry about losing the dividends.” Is the broker right?
What are some of the factors that influence the market price of a corporation’s stock?
(a) What are the three conditions for the declaration and payment of a cash dividend?(b) The dates in connection with the declaration of a cash dividend are February 16, March 18, and April 17.
An owner of 500 shares of Microshop Company common stock receives a stock dividend of 5 shares. (a) What is the effect of the stock dividend on the stockholder’s proportionate interest (equity) in
(a) Where should a declared but unpaid cash dividend be reported on the balance sheet?(b) Where should a declared but unissued stock dividend be reported on the balance sheet?
(a) In what respect does treasury stock differ from unissued stock?(b) How should treasury stock be presented on the balance sheet?
A corporation reacquires 10,000 shares of its own $25 par common stock for $450,000, recording it at cost. (a) What effect does this transaction have on revenue or expense of the period? (b) What
The treasury stock in Eye Opener 12 is resold for $615,000. (a) What is the effect on the corporation’s revenue of the period? (b) What is the effect on stockholders’ equity?
What are the three classifications of restrictions of retained earnings, and how are such restrictions normally reported in the financial statements?
Taiwanese Company has 5,000shares of 4% cumulative preferred stock of $40 par and 10,000 shares of $90 par common stock. The following amounts were distributed as dividends:Year 1 $15,000Year 2
Master Craftmen Company has 10,000 shares of 2% cumulative preferred stock of $50 par and 25,000 shares of $75 par common stock. The following amounts were distributed as dividends:Year 1
On July 3, Hanoi Artifacts Corporation issued for cash 450,000 shares of no-par common stock at $2.50. On September 1, Hanoi Artifacts issued 10,000 shares of 2%, $25 preferred stock at par for cash.
On February 13, Elman Corporation issued for cash 75,000 shares of no-par common stock (with a stated value of $125) at $140. On September 9, Elman issued 15,000 shares of 1%, $60 preferred stock at
The important dates in connection with a cash dividend of $112,750 on a corporation’s common stock are October 6, November 5, and December 5. Journalize the entries required on each date.
The important dates in connection with a cash dividend of $61,500 on a corporation’s common stock are July 1, August 1, and September 30. Journalize the entries required on each date.
Self Storage Corporation has 100,000 shares of $40 par common stock outstanding. On May 10, Self Storage Corporation declared a 2% stock dividend to be issued August 1 to stockholders of record on
Spectrum Corporation has 600,000 shares of $75 par common stock outstanding. On February 13, Spectrum Corporation declared a 4% stock dividend to be issued April 30 to stockholders of record on March
On October 3, Valley Clothing Inc. reacquired 10,000 shares of its common stock at $9 per share. On November 15, Valley Clothing sold 6,800 of the reacquired shares at $12 per share. On December 22,
On February 1, Motorsports Inc. reacquired 7,500 shares of its common stock at $30 per share. On March 15, Motorsports sold 4,500 of the reacquired shares at $34 per share.On June 2, Motorsports sold
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Seventy thousand shares of common stock are authorized, and 7,500 shares have been
Using the following accounts and balances, prepare the Stockholders’ Equity section of the balance sheet. Seventy thousand shares of common stock are authorized, and 7,500 shares have been
Hornblower Cruises Inc. reported the following results for the year ending October 31, 2010:Retained earnings, November 1, 2009 $1,500,000Net income
Frontier Leaders Inc. reported the following results for the year ending July 31, 2010:Retained earnings, August 1, 2009 $875,000Net income
Fairmount Inc., a developer of radiology equipment, has stock outstanding as follows: 15,000 shares of cumulative 2%, preferred stock of $150 par, and 50,000 shares of $5 par common. During its first
Michelangelo Inc., a software development firm, has stock outstanding as follows:20,000 shares of cumulative 1%, preferred stock of $25 par, and 25,000 shares of $100 par common. During its first
On February 10, Peerless Rocks Inc., a marble contractor, issued for cash 40,000 shares of $10 par common stock at $34, and on May 9, it issued for cash 100,000 shares of $5 par preferred stock at
On June 4, Magic Carpet Inc., a carpet wholesaler, issued for cash 250,000 shares of no-par common stock (with a stated value of $3) at $12, and on October 9, it issued for cash 25,000 shares of $75
On January 30, Lift Time Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 18,000 shares of $10 par common stock with a current market price of $15.Journalize the entry to
Rocky Mountain Sounds Corp., an electric guitar retailer, was organized by Cathy Dewitt, Melody Leimbach, and Mario Torres. The charter authorized 250,000 shares of common stock with a par of $40.
Cashman Nursery, with an authorization of 25,000 shares of preferred stock and 300,000 shares of common stock, completed several transactions involving its stock on July 30, the first day of
Newgen Products Inc., a wholesaler of office products, was organized on February 20 of the current year, with an authorization of 75,000 shares of 2% preferred stock, $50 par and 400,000 shares of
The important dates in connection with a cash dividend of $69,500 on a corporation’s common stock are May 3, June 17, and August 1. Journalize the entries required on each date.
Organic Health Co. is an HMO for businesses in the Chicago area. The following account balances appear on the balance sheet of Organic Health Co.: Common stock (300,000 shares authorized), $100 par,
Beaverhead Creek Inc. bottles and distributes spring water. On March 4 of the current year, Beaverhead Creek reacquired 5,000 shares of its common stock at $90 per share.On August 7, Beaverhead Creek
Augusta Gardens Inc. develops and produces spraying equipment for lawn maintenance and industrial uses. On August 30 of the current year, Augusta Gardens Inc. reacquired 17,500 shares of its common
Sweet Water Inc. bottles and distributes spring water. On July 15 of the current year, Sweet Water Inc. reacquired 24,000 shares of its common stock at $60 per share. On August 10, Sweet Water Inc.
The following accounts and their balances were selected from the unadjusted trial balance of REO Inc., a freight forwarder, at October 31, the end of the current fiscal year: Preferred 2% Stock,
The following accounts and their balances appear in the ledger of Newberry PropertiesInc. on June 30 of the current year:Common Stock, $75 par $1,350,000Paid-In
Race Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Race Car Inc. on April 30, the end of the current year:Common
Bancroft Corporation, a manufacturer of industrial pumps, reports the following results for the year ending January 31, 2010:Retained earnings, February 1, 2009 $3,175,500Net income
List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year.
The stockholders' equity T accounts of For All Occasions Greeting Cards Inc. for the current fiscal year ended December 31, 2010, are as follows. Prepare a statement of stockholders' equity for the
Mia Restaurant Corporation wholesales ovens and ranges to restaurants throughout the Southwest. Mia Restaurant Corporation, which had 40,000 shares of common stock outstanding, declared a 4-for-1
Indicate whether the following actions would (+) increase, (-) decrease, or (0) not affect Indigo Inc.'s total assets, liabilities, and stockholders' equity:
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
Crystal Arts, Inc., had earnings of $160,000 for 2010. The company had 20,000 shares of common stock outstanding during the year. In addition, the company issued 2,000 shares of $100 par value
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 recent years
Staples and OfficeMax are two companies competing in the retail office supply business. OfficeMax had a net income of $91,721,000 for a recent year, while Staples had a net income of $973,577,000.
Bridger Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Montana, Idaho, Oregon, and Washington. Bridger Bike Corp. has declared the following annual dividends
Sheldon Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of Sheldon Optics on October 31 of the current year as follows: At the annual
Coil Welding Corporation sells and services pipe welding equipment in California. The following selected accounts appear in the ledger of Coil Welding Corporation on February 1, 2010, the beginning

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