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Questions and Answers of Accounting

Yadier Corporation has income from continuing operations of $290,000 for the year ended December 31, 2010. It also has the following items (before considering income taxes).1. An extraordinary loss
Comparative statement data for Douglas Company and Maulder Company, two competitors, appear below. All balance sheet data are as of December 31, 2011, and December 31, 2010.Instructions(a) Prepare a
The comparative statements of Villa Tool Company are presented below.All sales were on account. The allowance for doubtful accounts was $3,200 on December 31, 2011, and $3,000 on December 31,
Condensed balance sheet and income statement data for Kersenbrock Corporation appear below.Additional information:1. The market price of Kersenbrock’s common stock was $4.00, $5.00, and $8.00 for
Financial information for Hanshew Company is presented below. Additional information:1. Inventory at the beginning of 2010 was $118,000.2. Receivables (net) at the beginning of 2010 were
Selected financial data of Target and Wal-Mart for a recent year are presented here (in millions).Instructions(a) For each company, compute the following ratios.(1) Current.(2) Receivables
The comparative statements of Dillon Company are presented below.Additional data:The common stock recently sold at $19.50 per share.The year-end balance in the allowance for doubtful accounts was
Presented below is an incomplete income statement and an incomplete comparative balance sheet of Cotte Corporation. Additional information:1. The receivables turnover for 2011 is 10 times.2. All
Cheaney Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2010. The 2010 operating results for the company
The ledger of LaRussa Corporation at December 31, 2010, contains the following summary data.Net sales ......... $1,700,000Cost of goods sold ..... $1,100,000Selling expenses ........
Your parents are considering investing in PepsiCo, common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Fortunately, excerpts from a current annual report
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these
The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims.Steps1. From IBM’s
As the CPA for Carismo Manufacturing Inc., you have been asked to develop some key ratios from the comparative financial statements. This information is to be used to convince creditors that the
General Dynamics develops, produces, and supports innovative, reliable, and highly sophisticated military and commercial products. In July of a recent year, the corporation announced that its Quincy
Beth Harlan is the CEO of Lafferty’s Electronics. Harlan is an expert engineer but a novice in accounting. She asks you to explain(1) The bases for comparison in analyzing Lafferty’s financial
Jack McClintock, president of McClintock Industries, wishes to issue a press release to bolster his company’s image and maybe even its stock price, which has been gradually falling. As controller,
What are the reasons that corporations invest in securities?
(a) What is the cost of an investment in bonds?(b) When is interest on bonds recorded?
Tino Martinez is confused about losses and gains on the sale of debt investments. Explain to Tino(a) How the gain or loss is computed, and(b) The statement presentation of the gains and losses.
To acquire Kinston Corporation stock, R. Neal pays $62,000 in cash, plus $1,200 broker’s fees. What entry should be made for this investment?
(a). When should a long-term investment in common stock be accounted for by the equity method?(b). When is revenue recognized under this method?
Rijo Corporation uses the equity method to account for its ownership of 30% of the common stock of Pippen Packing. During 2010 Pippen reported a net income of $80,000 and declares and pays cash
What constitutes “significant influence” when an investor’s financial interest is below the 50% level?
Distinguish between the cost and equity methods of accounting for investments in stocks.
What are consolidated financial statements?
What are the valuation guidelines for investments at a balance sheet date?
Tina Eddings is the controller of Mendez Inc.At December 31, the company’s investments in trading securities cost $74,000. They have a fair value of $70,000. Indicate how Tina would report these
Using the data in question 13, how would Tina report the data if the investment were long-term and the securities were classified as available-for-sale?
Hashmi Company’s investments in available-for-sale securities at December 31 show total cost of $195,000 and total fair value of $205,000. Prepare the adjusting entry.
Using the data in question 15, prepare the adjusting entry assuming the securities are classified as trading securities.
What purposes are served by reporting Unrealized Gains (Losses)—Equity in the stockholders’ equity section?
What does PepsiCo’s state regarding its accounting policy involving consolidated financial statements?
Coffey Corporation purchased debt investments for $52,000 on January 1, 2010. On July 1, 2010, Coffey received cash interest of $2,340. Journalize the purchase and the receipt of interest. Assume
On August 1, Wade Company buys 1,000 shares of Morgan common stock for $35,000 cash, plus brokerage fees of $700. On December 1, Wade sells the stock investments for $40,000 in cash. Journalize the
Kayser Company owns 25% of Fort Company. For the current year Fort reports net income of $180,000 and declares and pays a $50,000 cash dividend. Record Kayser’s equity in Fort’s net income and
The cost of the trading securities of Cepeda Company at December 31, 2010, is $62,000. At December 31, 2010, the fair value of the securities is $59,000. Prepare the adjusting entry to record the
For the data presented in BE16-4, show the financial statement presentation of the trading securities and related accounts.
Garrett Corporation holds as a long-term investment available-for-sale stock securities costing $72,000. At December 31, 2010, the fair value of the securities is $66,000. Prepare the adjusting entry
For the data presented in BE16-6, show the financial statement presentation of the available-for-sale securities and related accounts. Assume the available-for-sale securities are noncurrent.
Gowdy Corporation has the following long-term investments:(1) Common stock of Dixen Co. (10% ownership) held as available-for-sale securities, cost $108,000, fair value $115,000.(2) Common stock of
Odlaw Corporation had the following transactions relating to debt investments:Jan. 1 Purchased 50, $1,000, 12% Clinton Company bonds for $50,000 plus broker’s fees of $1,500. Interest is payable
Presented below are two independent situations:1. Potomac Inc. acquired 10% of the 500,000 shares of common stock of Maryland Corporation at a total cost of $11 per share on June 17, 2010. On
Some of Grand Junction Corporation’s investment securities are classified as trading securities and some are classified as available-for-sale.The cost and market value of each category at December
Identify where each of the following items would be reported in the financial statements.1. Loss on sale of investments in stock.2. Unrealized gain on available-for-sale securities.3. Market
Max Weinberg is studying for an accounting test and has developed the following questions about investments.1. What are three reasons why companies purchase investments in debt or stock securities?2.
Foren Corporation had the following transactions pertaining to debt investments. Jan. 1 Purchased 50 8%, $1,000 Choate Co. bonds for $50,000 cash plus brokerage fees of $900. Interest is payable
EmmyLou Company purchased 70 Harris Company 12%, 10-year, $1,000 bonds on January 1, 2010, for $73,000. EmmyLou Company also had to pay $500 of broker’s fees. The bonds pay interest semiannually on
Dossett Company had the following transactions pertaining to stock investments. Feb. 1 Purchased 600 shares of Goetz common stock (2%) for $6,000 cash, plus brokerage fees of $200.July 1 Received
Wyrick Inc. had the following transactions pertaining to investments in common stock.Jan. 1 Purchased 2,500 shares of Murphy Corporation common stock (5%) for $140,000 cash plus $2,100 broker’s
On February 1, Neil Company purchased 500 shares (2% ownership) of Young Company common stock for $30 per share plus brokerage fees of $400. On March 20, Neil Company sold 100 shares of Young stock
On January 1 Kwun Corporation purchased a 25% equity in Connors Corporation for $180,000. At December 31 Connors declared and paid a $60,000 cash dividend and reported net income of
Presented below are two independent situations.1. Heath Cosmetics acquired 15% of the 200,000 shares of common stock of Van Fashion at a total cost of $13 per share on March 18, 2010. On June 30,Van
Ryan Company purchased 70% of the outstanding common stock of Wayne Corporation.Instructions(a) Explain the relationship between Ryan Company and Wayne Corporation.(b) How should Ryan account for its
At December 31, 2010, the trading securities for Natoli, Inc. are as follows. Instructions(a) Prepare the adjusting entry at December 31, 2010, to report the securities at fair value.(b) Show the
Data for investments in stock classified as trading securities are presented in E16-10. Assume instead that the investments are classified as available-for-sale securities. They have the same cost
McGee Company has the following data at December 31, 2010. The available-for-sale securities are held as a long-term investment.Instructions(a) Prepare the adjusting entries to report each class of
Davison Carecenters Inc. provides financing and capital to the health-care industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds
In January 2010, the management of Noble Company concludes that it has sufficient cash to permit some short-term investments in debt and stock securities. During the year, the following transactions
On December 31, 2010, Ramey Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee. On December 31, 2010,
Glaser Services acquired 30% of the outstanding common stock of Nickels Company on January 1, 2010, by paying $800,000 for the 45,000 shares. Nickels declared and paid $0.30 per share cash dividends
The following securities are in Pascual Company’s portfolio of long-term available for- sale securities at December 31, 2010.Cost1,000 shares of Abel Corporation common stock ... $52,0001,400 share
The following data, presented in alphabetical order, are taken from the records of Urbina Corporation.Accounts payable $ ................... 240,000Accounts receivable ...................
Groneman Farms is a grower of hybrid seed corn for Ogle by Genetics Corporation. It has had two exceptionally good years and has elected to invest its excess funds in bonds. The following selected
In January 2010, the management of Prasad Company concludes that it has sufficient cash to purchase some short-term investments in debt and stock securities. During the year, the following
On December 31, 2010, Sauder Associates owned the following securities, held as long-term investments. On this date, the total fair value of the securities was equal to its cost. The securities are
Terry’s Concrete acquired 20% of the outstanding common stock of Blakeley, Inc. on January 1, 2010, by paying $1,100,000 for 40,000 shares. Blakeley declared and paid a $0.50 per share cash
The following are in Jamison Company’s portfolio of long-term available-for-sale securities at December 31, 2010.Cost700 shares of Adler Corporation common stock .. $35,000900 shares of Lynn
The following data, presented in alphabetical order, are taken from the records of Nichols Corporation.Accounts payable ................... $ 375,000Accounts receivable ...................
Mindy Feldkamp and her two colleagues, Oscar Lopez and Lori Melton, are personal trainers at an upscale health spa/resort in Tampa, Florida. They want to start a health club that specializes in
After deciding to incorporate, each of the three investors receives 20,000 shares of $2 par common stock on June 12, 2009, in exchange for their co-owned building ($200,000 market value) and $100,000
During the discussion about financing, Lori mentions that one of her clients, Roberto Marino, has approached her about buying a significant interest in the new club. Having an interested investor
Since the club opened, a major concern has been the pool facilities. Although the existing pool is adequate, Mindy, Oscar, and Lori all desire to make LifePath a cutting-edge facility. Until the end
Mr. Marino’s purchase of LifePath Fitness was done through his business. The investment has always been accounted for using the cost method on his firm’s books. However, early in 2012 he decided
The annual report of PepsiCo. is presented in Appendix A.Instructions(a) See Note 1 to the financial statements and indicate what the consolidated financial statements include.(b) Using PepsiCo’s
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Requirements:(a) Based on the information contained in these
Most publicly traded companies are analyzed by numerous analysts. These analysts often don’t agree about a company’s future prospects. In this exercise you will find analysts’ ratings about
At the beginning of the question and answer portion of the annual stockholders’ meeting of Kemper Corporation, stockholder Mike Kerwin asks,“Why did management sell the holdings in UMW Company at
Bunge Corporation has purchased two securities for its portfolio. The first is a stock investment in Longley Corporation, one of its suppliers. Bunge purchased 10% of Longley with the intention of
Bartlet Financial Services Company holds a large portfolio of debt and stock securities as an investment. The total fair value of the portfolio at December 31, 2010, is greater than total cost. Some
The Securities and Exchange Commission (SEC) is the primary regulatory agency of U.S. financial markets. Its job is to ensure that the markets remain fair for all investors. The following SEC sites
(a) Your roommate says, “Sales taxes are reported as an expense in the income statement.” Do you agree? Explain.(b) Planet Hollywood has cash proceeds from sales of $7,400.This amount includes
Baylor University sold 10,000 season football tickets at $80 each for its five-game home schedule. What entries should be made(a) When the tickets were sold, and(b) After each game?
What is a contingent liability? Give an example of a contingent liability that is usually recorded in the accounts.
What is the difference between gross pay and net pay? Which amount should a company record as wages or salaries expense?
Are the federal and state income taxes withheld from employee paychecks a payroll tax expense for the employer? Explain your answer.
Distinguish between the two types of payroll deductions and give examples of each.
What are the primary uses of the employee earnings record?
(a). Identify the three types of employer payroll taxes.(b). How are tax liability accounts and payroll tax expense accounts classified in the financial statements?
You are a newly hired accountant with Batista Company. On your first day, the controller asks you to identify the main internal control objectives related to payroll accounting. How would you respond?
What are the four functions associated with payroll activities?
Identify two additional types of fringe benefits associated with employees’ compensation.
Often during job interviews, the candidate asks the potential employer about the firm’s paid absences policy. What are paid absences? How are they accounted for?
What are two types of post-retirement benefits?
Explain how a 401(k) plan works.
Buffaloe Company has the following obligations at December 31:(a) A note payable for $100,000 due in 2 years,(b) A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments,(c)
Hanna Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable.(a) Prepare the journal entry to record the proceeds of the note.(b) Prepare the journal entry
Leister Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and
Emporia State University sells 4,000 season basketball tickets at $180 each for its 12-game home schedule. Give the entry to record(a) The sale of the season tickets and(b) The revenue earned by
Yahoo! Inc.’s 2006 financial statements contain the following selected data (in thousands).Current assets ... $3,449,533Current liabilities . $1,204,052Total assets .... 10,831,834Total

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