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Questions and Answers of Accounting

Porto Bay Corporation manufactures and distributes leisure clothing. Selected transactions completed by Porto Bay during the current fiscal year are as follows:Jan. 10. Split the common stock 4 for 1
Lone Star Theatre Inc. owns and operates movie theaters throughout Arizona and Texas. Lone Star Theatre has declared the following annual dividends over a six-year period: 2005, $7,500; 2006, $9,000;
On February 28 of the current year, the following accounts and their balances appear in the ledger of Wild Things Corp., a meat processor: At the annual stockholders' meeting on April 2, the board
The following selected accounts appear in the ledger of Okie Environmental Corporation on August 1, 2010, the beginning of the current fiscal year: During the year, the corporation completed a
Selected transactions completed by Kearny Boating Corporation during the current fiscal year are as follows:Jan. 8. Split the common stock 3 for 1 and reduced the par from $75 to $25 per share.
Describe the two distinct obligations incurred by a corporation when issuing bonds.
Explain the meaning of each of the following terms as they relate to a bond issue:(a) Convertible, (b) Callable, and (c) Debenture.
A corporation issues $9,000,000 of 9% bonds to yield interest at the rate of 7%. (a) Was the amount of cash received from the sale of the bonds greater or less than $9,000,000? (b) Identify the
The following data relate to a $100,000,000, 12% bond issue for a selected semiannual interest period:Bond carrying amount at beginning of period $112,085,373Interest paid during period
Assume that Smith Co. amortizes premiums and discounts on bonds payable at the end of the year rather than when interest is paid. What accounts would be debited and credited to record (a) The
How would a bond payable be reported on the balance sheet if: (a) It is payable within one year and (b) It is payable beyond one year?
Folmar Co. is considering the following alternative financing plans: Income tax is estimated at 40% of income.Determine the earnings per share of common stock, assuming income before bond interest
Simonelli Co. is considering the following alternative financing plans: Income tax is estimated at 40% of income.Determine the earnings per share of common stock, assuming income before bond
Using the bond from Practice Exercise 14-2A, journalize the first interest payment and the amortization of the related bond discount.
Using the bond from Practice Exercise 14-2B, journalize the first interest payment and the amortization of the related bond discount.
A company issues a $5,000,000, 11%, five-year bond that pays semiannual interest of $275,000 ($5,000,000 × 11% × ½), receiving cash of $5,193,030. Journalize the bond issuance.
A company issues a $3,000,000, 12%, five-year bond that pays semiannual interest of $180,000 ($3,000,000 × 12% × ½), receiving cash of $3,146,200. Journalize the bond issuance.
Using the bond from Practice Exercise 14-4A, journalize the first interest payment and the amortization of the related bond premium.
Using the bond from Practice Exercise 14-4B, journalize the first interest payment and the amortization of the related bond premium.
A $500,000 bond issue on which there is an unamortized discount of $50,000 is redeemed for $475,000. Journalize the redemption of the bonds.
A $200,000 bond issue on which there is an unamortized premium of $15,000 is redeemed for $195,000. Journalize the redemption of the bonds.
On the first day of the fiscal year, a company issues $65,000, 10%, six-year installment notes that have annual payments of $14,924. The first note payment consists of $6,500 of interest and $8,424
On the first day of the fiscal year, a company issues $35,000, 12%, five-year installment notes that have annual payments of $9,709. The first note payment consists of $4,200 of interest and $5,509
Miller Co., which produces and sells skiing equipment, is financed as follows:Bonds payable, 10% (issued at face amount) $10,000,000Preferred $1 stock, $10 par
Grodski Co. produces and distributes semiconductors for use by computer manufacturers. Grodski Co. issued $24,000,000 of 20-year, 10% bonds on April 1 of the current year, with interest payable on
On the first day of its fiscal year, Robbins Company issued $50,000,000 of five-year, 8% bonds to finance its operations of producing and selling home improvement products.Interest is payable
Daan Corporation wholesales repair products to equipment manufacturers. On March 1, 2010, Daan Corporation issued $24,000,000 of five-year, 12% bonds at an effective interest rate of 10%, receiving
Polders Corp., a wholesaler of office equipment, issued $16,000,000 of 20-year, 11% callable bonds on April 1, 2010, with interest payable on April 1 and October 1. The fiscal year of the company is
Vidovich Corp. produces and sells soccer equipment. To finance its operations, Vidovich Corp. issued $15,000,000 of 30-year, 14% callable bonds on January 1, 2010, with interest payable on January 1
On the first day of the fiscal year, Hammond Company obtained a $ 44,000, seven-year, 5% installment note from Vegas Bank. The note requires annual payments of $7,604, with the first payment
On January 1, 2010, Guiado Company obtained a $140,000, 10-year, 11% installment note from Best Bank. The note requires annual payments of $23,772, beginning on December 31, 2010. Journalize the
Determine the present value of $400,000 to be received in three years, using an interest rate of 10%, compounded annually, as follows:(a) By successive divisions. (Round to the nearest dollar.)(b) By
Determine the present value of $100,000 to be received at the end of each of four years, using an interest rate of 6%, compounded annually, as follows:(a) By successive computations, using the
On January 1, 2010, you win $30,000,000 in the state lottery. The $30,000,000 prize will be paid in equal installments of $3,000,000 over 10 years. The payments will be made on December 31 of each
Hi-Vis Co. produces and sells high resolution flat panel televisions. To finance its operations, Hi-Vis Co. issued $10,000,000 of five-year, 10% bonds with interest payable semiannually at an
Mason Co. issued $60,000,000 of five-year, 14% bonds with interest payable semiannually, at an effective interest rate of 10%. Determine the present value of the bonds payable, using the present
On the first day of its fiscal year, Simon Company issued $25,000,000 of 10-year, 10% bonds to finance its operations of producing and selling video equipment. Interest is payable semiannually. The
Gary Miller Corporation wholesales bike parts to bicycle manufacturers. On March 1, 2010, Gary Miller Corporation issued $8,000,000 of five-year, 14% bonds at an effective interest rate of 12%,
Motocar Co. produces and sells automobile parts. On the first day of its fiscal year, Motocar Co. issued $15,000,000 of five-year, 15% bonds at an effective interest rate of 13%, with interest
Seward Co. produces and sells restaurant equipment. On the first day of its fiscal year, Seward Co. issued $40,000,000 of five-year, 11% bonds at an effective interest rate of 14%, with interest
The following data were taken from recent annual reports of Southwest Airlines, which operates a low-fare airline service to over 50 cities in the United States. (a) Determine the number of times
Three different plans for financing a $10,000,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their par or face amount,
On July 1, 2010, Brower Industries Inc. issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%, receiving cash of $30,237,139. Interest on the bonds is payable semiannually on
Maui Blends, Inc. produces and sells organically grown coffee. On July 1, 2010, Maui Blends, Inc. issued $3,000,000 of 15-year, 12% bonds at an effective interest rate of 10%, receiving cash of
The following transactions were completed by Hobson Inc., whose fiscal year is the calendar year:2010July 1. Issued $18,000,000 of five-year, 10% callable bonds dated July 1, 2010, at an effective
On July 1, 2010, Brower Industries, Inc. issued $32,000,000 of 10-year, 12% bonds at an effective interest rate of 13%, receiving cash of $30,237,139. Interest on the bonds is payable semiannually on
Maui Blends, Inc. produces and sells organically grown coffee. On July 1, 2010, Maui Blends, Inc. issued $3,000,000 of 15-year, 12% bonds at an effective interest rate of 10%, receiving cash of
Three different plans for financing a $60,000,000 corporation are under consideration by its organizers. Under each of the following plans, the securities will be issued at their par or face amount,
On July 1, 2010, Linux Corporation, a wholesaler of electronics equipment, issued $45,000,000 of 10-year, 10% bonds at an effective interest rate of 14%, receiving cash of $35,465,423. Interest on
Prosser Corporation produces and sells baseball cards. On July 1, 2010, Prosser Corporation issued $40,000,000 of 10-year, 12% bonds at an effective interest rate of 11%, receiving cash of $
For each of the following payroll-related taxes, indicate whether there is a ceiling on the annual earnings subject to the tax: (a) Federal income tax, (b) Medicare tax, (c) Social security tax,(d)
For each of the following payroll-related taxes, indicate whether they generally apply to (a) Employees only, (b) Employers only, or (c) Both employees and employers:1. Federal income tax2. Medicare
In a payroll system, what types of input data are referred to as(a) Constants(b) Variables?
To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the
General Motors Corporation reported $10.1 billion of product warranties in the Current Liabilities section of a recent balance sheet. How would costs of repairing a defective product be recorded?
On September 1, Klondike Co. issued a 60-day note with a face amount of $100,000 to Arctic Apparel Co. for merchandise inventory.a. Determine the proceeds of the note, assuming the note carries an
On February 1, Electronic Warehouse Co. issued a 45-day note with a face amount of $80,000 to Yamura Products Co. for cash.(a) Determine the proceeds of the note, assuming the note carries an
Robert Clowney’s weekly gross earnings for the present week were $800. Clowney has one exemption. Using the wage bracket withholding table in Exhibit 3 with a $67 standard withholding allowance for
Robert Clowney’s weekly gross earnings for the week ending September 5 were $800, and his federal income tax withholding was $102.95. Prior to this week, Clowney had earned $24,000 for the year.
The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and $7,650 of Medicare tax withheld on total salaries of $510,000 for the period. Retirement savings
The payroll register of Salem Communications Co. indicates $29,580 of social security withheld and $7,650 of Medicare tax withheld on total salaries of $510,000 for the period. Assume earnings
Blount Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $30,000 for the period. The pension plan requires a contribution
Hobson Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $20,000 for the period. The pension formula calculated a pension
Akine Co. sold $600,000 of equipment during April under a one-year warranty. The cost to repair defects under the warranty is estimated at 6% of the sales price. On August 4, a customer required a
Robin Industries sold $350,000 of consumer electronics during May under a nine-month warranty. The cost to repair defects under the warranty is estimated at 3% of the sales price. On July 16, a
I-Generation Co. sold 14,000 annual subscriptions of Climber’s World for $60 during December 2010. These new subscribers will receive monthly issues, beginning in January 2011. In addition, the
U-Build It Warehouse issues a 45-day note for $800,000 to Thomson Home Furnishings Co. for merchandise inventory. Thomson Home Furnishings Co. discounts the note at 7%.a. Journalize U-Build It
A borrower has two alternatives for a loan: (1) Issue a $240,000, 60-day, 8% note or (2) Issue a $240,000, 60-day note that the creditor discounts at 8%.(a) Calculate the amount of the interest
A business issued a 30-day, 4% note for $60,000 to a creditor on account. Journalize the entries to record(a) The issuance of the note(b) The payment of the note at maturity, including interest.
A business issued a 60-day note for $45,000 to a creditor on account. The note was discounted at 6%. Journalize the entries to record(a) The issuance of the note(b) The payment of the note at
On June 30, Rioux Management Company purchased land for $400,000 and a building for $600,000, paying $500,000 cash and issuing a 6% note for the balance, secured by a mortgage on the property. The
P.F. Chang's China Bistro, Inc., the operator of P.F. Chang restaurants, reported the following information about its long-term debt in the notes to a recent financial statement: Long-term debt is
An employee earns $40 per hour and 1.75 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 60 hours during the week, and that the gross pay prior to the
Reaves Professional Services has three employees?a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee: For the current pay
In the following summary of data for a payroll period, some amounts have been intentionally omitted: (a) Calculate the amounts omitted in lines (1), (3), (8), and (12). (b) Journalize the entry to
According to a summary of the payroll of Scofield Industries Co., $600,000 was subject to the 6.0% social security tax and $740,000 was subject to the 1.5% Medicare tax. Also, $20,000 was subject to
The payroll register for Gentry Company for the week ended December 17 indicated the following:Salaries.....................................................$540,000Social security tax
Thorup Company had gross wages of $200,000 during the week ended December 10. The amount of wages subject to social security tax was $180,000, while the amount of wages subject to federal and state
Kailua Motors is a small manufacturer of specialty electric motors. The company employs 26 production workers and 7 administrative persons. The following procedures are used to process the
The fiscal year for Grain-Crop Stores Inc. ends on June 30. In addition, the company computes and reports payroll taxes on a fiscal-year basis. Thus, it applies social security and FUTA maximum
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $80,400. Journalize
Washington Co. operates a chain of bookstores. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent,
In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $2,637 million and a periodic pension cost of $183 million. Explain the meaning of the $2,637
Lachgar Industries warrants its products for one year. The estimated product warranty is 4% of sales. Assume that sales were $210,000 for June. In July, a customer received warranty repairs requiring
Ford Motor Company disclosed estimated product warranty payable for comparative years as follows: Ford?s sales were $160,123 million in 2005 and increased to $176,896 million in 2006. Assume that
Several months ago, Welker Chemical Company experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $410,000. The
Austin Technology Co. had the following current assets and liabilities for two comparative years: (a) Determine the quick ratio for December 31, 2010 and 2009.(b) Interpret the change in the quick
The current assets and current liabilities for Apple Computer, Inc., and Dell Inc. are shown as follows at the end of a recent fiscal period: (a) Determine the quick ratio for both companies.(b)
If a bond is purchased between interest payment periods, how is the accrued interest treated?
If an investor owns more than 50% of an investee, how is this treated on the investor’s financial statements?
What is the major difference in the accounting for a portfolio of trading securities and a portfolio of available-for-sale securities?
Are held-to-maturity securities(a) Equity investments,(b) Debt investments, or(c) Both?
What is the evidence of the trend toward fair value accounting?
What are some potential disadvantages of fair value accounting?
Journalize the entries to record the following selected bond investment transactions for Olson Technologies:(a) Purchased for cash $90,000 of Hart Industries 7% bonds at 100 plus accrued interest of
Journalize the entries to record the following selected bond investment transactions for First Union:(a) Purchased for cash $400,000 of Medford City 5% bonds at 100 plus accrued interest of
On August 15, 2,500 shares of Collins Company are acquired at a price of $51 per share plus a $125 brokerage fee. On September 10, a $1.10-per-share dividend was received on the Collins Company
On February 12, 6,000 shares of Gilbert Company are acquired at a price of $22 per share plus a $240 brokerage fee. On April 22, a $0.42-per-share dividend was received on the Gilbert Company stock.
On January 2, Leonard Company acquired 30% of the outstanding stock of Bristol Company for $350,000. For the year ending December 31, Bristol Company earned income of $90,000 and paid dividends of
On January 2, Trey Company acquired 40% of the outstanding stock of Manning Company for $205,000. For the year ending December 31, Manning Company earned income of $48,000 and paid dividends of

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