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Questions and Answers of Accounting

Ermler Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par Value $20,000; Retained Earnings $45,000; and
Indicate whether each of the following statements is true or false.1. The corporation is an entity separate and distinct from its owners.2. The liability of stockholders is normally limited to their
At the end of its first year of operation, Dade Corporation has $1,000,000 of common stock and net income of $216,000. Prepare(a) The closing entry for net income and(b) The stockholders’ equity
Caribbean Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in
Chiapas Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold
Connolly Corporation has issued 100,000 shares of $5 par value common stock. It authorized 500,000 shares. The paid-in capital in excess of par value on the common stock is $240,000. The
Jeff Lynne has prepared the following list of statements about corporations.1. A corporation is an entity separate and distinct from its owners.2. As a legal entity, a corporation has most of the
Jeff Lynne (see E13-1) has studied the information you gave him in that exercise and has come to you with more statements about corporations.1. Corporation management is both an advantage and a
During its first year of operations, Harlan Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 70,000 shares for cash at $5 per share.July 1 Issued 40,000 shares
Grossman Corporation issued 1,000 shares of stock.InstructionsPrepare the entry for the issuance under the following assumptions.(a) The stock had a par value of $5 per share and was issued for a
Leone Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services provided in
As an auditor for the CPA firm of Bunge and Dodd, you encounter the following situations in auditing different clients.1. Desi Corporation is a closely held corporation whose stock is not publicly
On January 1, 2010, the stockholders’ equity section of Nunez Corporation shows:Common stock ($5 par value) $1,500,000; paid-in capital in excess of par value $1,000,000; and retained earnings
Mad City Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per
Polzin Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and
Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2009, for $2,100,000. In December 2011, AI declared its first dividend of $500,000.Instructions(a)
Roemer Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review his textbooks
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Freeze Corporation at December 31, 2010.Common Stock ($5 stated value) ............ $1,700,000Paid-in
The stockholders’ equity section of Jarvis Corporation at December 31 is as followsInstructionsFrom a review of the stockholders’ equity section, as chief accountant, write a memo to the
In a recent year, the stockholders’ equity section of Aluminum Company of America (Alcoa) showed the following (in alphabetical order): additional paid-in capital $6,101, common stock $925,
The ledger of Mathis Corporation contains the following accounts: Common Stock, Preferred Stock, Treasury Stock—Common, Paid-in Capital in Excess of Par Value—Preferred Stock, Paid-in Capital in
Franco Corporation was organized on January 1, 2010. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of
Jacobsen Corporation had the following stockholders’ equity accounts on January 1,2010: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par Value $200,000, and Retained Earnings
The stockholders’ equity accounts of Neer Corporation on January 1, 2010, were as follows.Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) $ 400,000Common Stock ($1 stated value,
Vargas Corporation is authorized to issue 20,000 shares of $50 par value, 10% preferred stock and 125,000 shares of $3 par value common stock. On January 1, 2010, the ledger contained the following
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Tyner Corporation at December 31, 2010.Common Stock ($5 stated value) ........... $2,000,000Paid-in Capital
Palmaro Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50
Donelson Corporation was organized on January 1, 2010. It is authorized to issue20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of
Gentry Corporation had the following stockholders’ equity accounts on January 1, 2010: Common Stock ($1 par) $400,000, Paid-in Capital in Excess of Par Value $500,000, and Retained Earnings
The stockholders’ equity accounts of Miles Corporation on January 1, 2010, were as follows.Preferred Stock (10%, $100 par, noncumulative, 5,000 shares authorized) .$ 300,000Common Stock ($5 stated
Molina Corporation is authorized to issue 10,000 shares of $40 par value, 10% preferred stock and 200,000 shares of $5 par value common stock. On January 1, 2010, the ledger contained the following
The following stockholders’ equity accounts arranged alphabetically are in the ledger of Jenkins Corporation at December 31, 2010.Common Stock ($10 stated value) ............ $1,200,000Paid-in
Steven Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated
The stockholders’ equity section for PepsiCo, Inc. is shown in Appendix A. You will also find data relative to this problem on other pages of the appendix.Instructions(a) What is the par or stated
PepsiCo, Inc.’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) What is the par or stated value of
The stockholders' meeting for Strauder Corporation has been in progress for some time. The chief financial officer for Strauder is presently reviewing the company's financial statements and is
Sid Hosey, your uncle, is an inventor who has decided to incorporate. Uncle Sid knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with the question, “I’m filling
The R&D division of Marco Chemical Corp. has just developed a chemical for sterilizing the vicious Brazilian “killer bees” which are invading Mexico and the southern states of the United
A high percentage of Americans own stock in corporations. As a shareholder in a corporation, you will receive an annual report. One of the goals of this course is for you to learn how to navigate
(a) What is a dividend?(b) “Dividends must be paid in cash.” Do you agree? Explain.
(a) Three dates are important in connection with cash dividends. Identify these dates, and explain their significance to the corporation and its stockholders.(b) Identify the accounting entries that
Conger Inc. declares a $45,000 cash dividend on December 31, 2010. The required annual dividend on preferred stock is $10,000. Determine the allocation of the dividend to preferred and common
Todd Huebner asks, “Since stock dividends don’t change anything, why declare them?”What is your answer to Todd?
Meenen Corporation has 30,000 shares of $10 par value common stock outstanding when it announces a 2-for-1 stock split. Before the split, the stock had a market price of $120 per share. After the
The board of directors is considering either a stock split or a stock dividend.They understand that total stockholders’ equity will remain the same under either action. However, they are not sure
KSU Corporation has a retained earnings balance of $210,000 on January 1. During the year, a prior period adjustment of $50,000 is recorded because of the understatement of depreciation in the prior
Identify the events that result in debits and credits to retained earnings.
Gene Remington, who owns many investments in common stock, says, “I don’t care what a company’s net income is. The stock price tells me everything I need to know!” How do you respond to Gene?
What is the unique feature of a corporation income statement? Illustrate this feature, using assumed data.
Eidman Corporation has 80,000 shares of common stock outstanding. It declares a $1 per share cash dividend on November 1 to stockholders of record on December 1. The dividend is paid on December 31.
Tidwell Corporation has 50,000 shares of $10 par value common stock outstanding. It declares a 10% stock dividend on December 1 when the market value per share is $16. The dividend shares are issued
The stockholders’ equity section of O’Vear Corporation consists of common stock ($10 par) $2,000,000 and retained earnings $500,000. A 10% stock dividend (20,000 shares) is declared when the
For the year ending December 31, 2010, Kerns Inc. reports net income $140,000 and dividends $85,000. Prepare the retained earnings statement for the year assuming the balance in retained earnings on
The balance in retained earnings on January 1, 2010, for Persinger Inc, was $800,000. During the year, the corporation paid cash dividends of $90,000 and distributed a stock dividend of $8,000. In
SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. The following financial information (in millions) was taken from the company’s 2007 annual
Fuentes Corporation reported net income of $152,000, declared dividends on common stock of $50,000, and had an ending balance in retained earnings of $360,000. Stockholders’ equity was $700,000 at
The following information is available for Dixen Corporation for the year ended December 31, 2010: Cost of goods sold $205,000; Sales $450,000; Other revenues and gains $50,000; Operating expenses
Quayle Corporation reports net income of $380,000 and a weighted average of 200,000 shares of common stock outstanding for the year. Compute the earnings per share of common stock.
Income and common stock data for Quayle Corporation are presented in BE14.9. Assume also that Quayle has cumulative preferred stock dividends for the current year of $20,000 that were declared and
Mensa Corporation has 3,000 shares of 7%, $100 par value preferred stock outstanding at December 31, 2010. At December 31, 2010, the company declared a $105,000 cash dividend. Determine the dividend
Riff CD Company has had 4 years of retained earnings. Due to this success, the market price of its 400,000 shares of $3 par value common stock has increased from $12 per share to $51. During this
Alpha Centuri Corporation has retained earnings of $3,100,000 on January 1, 2010. During the year, Alpha Centuri earned $1,200,000 of net income. It declared and paid a $150,000 cash dividend. In
On January 1, 2010, Tuscany Corporation purchased 1,000 shares of treasury stock. Other information regarding Tuscany Corporation is provided below.Compute(a) Return on common stockholders’ equity
On January 1, Molini Corporation had 95,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred.Apr. 1 Issued
Perez Corporation was organized on January 1, 2009. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At
On January 1, 2010, Deweese Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common stock
On October 31, the stockholders’ equity section of Huth Company consists of common stock $300,000 and retained earnings $900,000. Huth is considering the following two courses of action:(1)
On October 1, Kosko Corporation’s stockholders’ equity is as follows.Common stock, $5 par value ........$400,000Paid in capital in excess of par value ....... 25,000Retained earnings
During 2010, Jester Corporation had the following transactions and events. 1. Declared a cash dividend. 2. Issued par value common stock for cash at par value. 3. Completed a 2-for-1 stock split in
Before preparing financial statements for the current year, the chief accountant for Reynolds Company discovered the following errors in the accounts.1. The declaration and payment of $50,000 cash
On January 1, 2010, Felter Corporation had retained earnings of $550,000. During the year, Felter had the following selected transactions.1. Declared cash dividends $120,000.2. Corrected
Sasha Company reported retained earnings at December 31, 2009, of $310,000. Sasha had 200,000 shares of common stock outstanding throughout 2010.The following transactions occurred during 2010.1. An
Kelly Groucutt Company reported the following balances at December 31, 2009: common stock $400,000; paid-in capital in excess of par value $100,000; retained earnings $250,000.During 2010, the
The following accounts appear in the ledger of Ortiz Inc. after the books are closed at December 31.InstructionsPrepare the stockholders’ equity section at December 31, assuming retained earnings
The following information is available for Patel Corporation for the year ended December 31, 2010: Sales $800,000; Other revenues and gains $92,000; Operating expenses $110,000; Cost of goods sold
In 2010, Mike Singletary Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporation’s tax rate is
McCoy Corporation has outstanding at December 31, 2010, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding
The following financial information is available for Cheney Corporation. The weighted average number of shares of common stock outstanding was 80,000 for 2009 and 100,000 for
This financial information is available for Hoyle Corporation. The weighted-average number of shares of common stock outstanding was 180,000 for 2009 and 150,000 for 2010.InstructionsCalculate
At December 31, 2010, Cali Corporation has 2,000 shares of $100 par value, 8%, preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Cali’s net income for the year
On January 1, 2010, Carolinas Corporation had the following stockholders’ equity accounts.Common stock ($20 par value, 60,000 shares issued and outstanding) ... $1,200,000Paid-in Capital in Excess
The stockholders’ equity accounts of Hashmi Company at January 1, 2010, are as follows.Preferred Stock, 6%, $50 par ............ $600,000Common Stock, $5 par ............... 800,000Paid-in Capital
The post-closing trial balance of Dold Corporation at December 31, 2010, contains the following stockholders’ equity accounts.Preferred Stock (15,000 shares issued) ......... $ 750,000Common Stock
On January 1, 2010, Pattini Corporation had the following stockholders’ equity accounts.Common Stock (no par value, 90,000 shares issued and outstanding) .. $1,400,000Retained Earnings
On January 1, 2010, Yadier Inc. had the following stockholders’ equity account balances.Common Stock, no-par value (500,000 shares issued) .... $1,500,000Common Stock Dividends Distributable
On January 1, 2010, Weiser Corporation had the following stockholders’ equity accounts.Common Stock ($5 par value, 200,000 shares issued and outstanding) $1,000,000Paid-in Capital in Excess of Par
The stockholders’ equity accounts of Holmes Inc., at January 1, 2010, are as follows.Preferred Stock, $100 par, 7% ............. $600,000Common Stock, $10 par ................ 900,000Paid-in
The ledger of Yakima Corporation at December 31, 2010, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (10,000 shares issued) ........
On January 1, 2010, Carne Corporation had the following stockholders’ equity accounts.Common Stock (no-par value, 100,000 shares issued and outstanding) $2,800,000Retained Earnings 1,000,000During
On January 1, 2010, Garcia Inc. had the following shareholders’ equity balances.Common Stock, no-par value (1,000,000 shares issued) .. $3,000,000Common Stock Dividends Distributable ..........
The financial statements of PepsiCo, Inc. are presented in Appendix A.InstructionsRefer to PepsiCo’s financial statements and answer the following questions.(a) What amount did PepsiCo declare in
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Compute earnings per share and return on
The stockholders’ equity accounts of Fernandez, Inc., at January 1, 2010, are as follows.Preferred Stock, no par, 4,000 shares issued .... $400,000Common Stock, no par, 140,000 shares issued ...
In the past year, Cormier Corporation declared a 10% stock dividend, and Fegan, Inc. announced a 2-for-1 stock split. Your parents own 100 shares of each company’s $50 par value common stock.
Garcia Corporation has paid 60 consecutive quarterly cash dividends (15 years). The last 6 months, however, have been a cash drain on the company, as profit margins have been greatly narrowed by
Accounting is ingrained in our society and it is vital to our economic system. Do you agree? Explain.
Identify and describe the steps in the accounting process.
(a) Who are internal users of accounting data? (b) How does accounting provide relevant data to these users?
What uses of financial accounting information are made by (a) Investors and (b) Creditors?
Bookkeeping and accounting are the same. Do you agree? Explain.

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