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financial accounting an introduction

Questions and Answers of Financial Accounting An Introduction

The income statement and additional data of Rayborn Services, Inc., follow:Additional data follows:a. Acquisition of plant assets totaled \($116,000.\) Of this amount, \($101,000\) was paid in cash
Compute the following items for the statement of cash flows:1. The beginning and ending Retained Earnings balances are \($47,000\) and \($71,000,\) respectively. Net income for the period is
The accounting records of Fence Up, Inc., reveal the following:Requirements 1. Compute cash flows from operating activities by the direct method.2. Evaluate the operating cash flow of Fence Up, Inc.
The income statement and additional data of Rayborn Services, Inc., follow: Additional data follows:a. Collections from customers are \($15,000\) more than sales.b. Payments to suppliers are the sum
Compute the following items for the statement of cash flows:1. The beginning and ending Accounts Receivable balances are \($18,000\) and \($22,000,\) respectively. Credit sales for the period total
A-One Corporation, a nationwide insurance chain, reported the following selected amounts in its financial statements for the year ended March 31, 2010 (adapted, in millions):Requirement1. Determine
O’Malley Corporation accountants assembled the following data for the year ended December 31,2010:Requirement 1. Prepare O’Malley Corporation’s statement of cash flows using the indirect method
Data from the comparative balance sheet of Izzie Company at March 31,2010, follow:Izzie Company’s transactions during the year ended March 31, 2010, included the following:Requirements 1. Prepare
The 2010 comparative balance sheet and income statement of A. Karev Medical Supplies follow:A. Karev Medical Supplies had no noncash investing and financing transactions during 2010. During the year,
The accounting records for R. Webber Associates, Inc., for the year ended April 30, 2010, contain the following information:a. Purchase of plant assets for cash, \($59,400b.\) Proceeds from issuance
Use the A. Karev Medical Supplies data from P11-31 A. The cash amounts for Interest Revenue, Salary Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for these
To prepare the statement of cash flows, accountants for C. Yang, Inc., summarized 2010 activity in the Cash account as follows:Requirement 1. Prepare the statement of cash flows of C. Yang, Inc., for
Morgensen Corporation accountants assembled the following data for the year ended December 31, 2010:Requirement 1. Prepare Morgensen Corporation’s statement of cash flows using the indirect method
Data from the comparative balance sheet of Johnson Company, at March 31, 2010, follow:Requirements 1. Prepare Johnson Company’s statement of cash flows for the year ended March 31,2010, using the
The 2010 comparative balance sheet and income statement of Goldman Medical Supplies, follow:Goldman Medical Supplies had no noncash investing and financing transactions during 2010. During the year,
The accounting records for L. Lee Associates, Inc., for the year ended April 30, 2010, contain the following information:a. Purchase of plant assets, \($55,400b. Proceeds from issuance of common
Use the Goldman Medical Supplies data from P11-37B. The cash amounts for Interest Revenue, Salary Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for these
To prepare the statement of cash flows, accountants for H. Laurie, Inc., summarized 2010 activity in the Cash account as follows:Requirement1. Prepare the statement of cash flows of H. Laurie, Inc.,
How would the sale of treasury stock that was acquired three years ago appear in the statement of cash flows (if at all)?
The three main categories of cash flows area. direct, indirect, and hybrid.b. current, long-term, and fixed.C. operating, investing, and financing.d. short-term, long-term, and equity.
The purpose of the cash flow statement is toa. predict future cash flows.b. evaluate management decisions.C. predict ability to make payments to lenders,d. All of the above
Financing activities are most closely related toa. current assets and current liabilities.b. long-term assets.C. long-term liabilities and stockholder’s equity,d. net income and dividends.
Advanced Robotics earned net income of \($60,000\) after deducting depreciation of \($4,000\) and all other expenses. Current assets increased by \($3,000\) and current liabilities decreased by
The Plant Assets account of Betterbuilt, Inc., shows the following:Better built, Inc., sold plant assets at a \($10,000\) gain. Flow much should Better built, Inc., report for the sale?a. Cash flows
Widget Corporation borrowed \($15,000,\) issued common stock of \($10,000,\) and paid dividends of \($25,000.\) What was Widget Corporation’s net cash provided or used by financing activities?a.
Which item appears on a statement of cash flows prepared by the indirect method?a. Net incomeb. Payment to suppliers C. Collections from customersd. Payment of income tax.
Structural Systems, Inc., had accounts receivable of \($20,000\) at the beginning of the year and \($50,000\) at year-end. Revenue for the year totaled \($100,000.\) How much cash did Structural
Allied Enterprises had operating expenses of \($40,000.\) At the beginning of the year, Allied Enterprises owed \($5,000\) on accrued liabilities. At year-end, accrued liabilities were \($8,000.\)
Match the following terms with the correct definition. a. Common stock b. Paid-in capital c. Dividends d. Legal capital e. Outstanding stock f. Par value g. Preferred stock h. Retained earnings I.
Tricor, Corp., issued stock above par on July 31. Answer the following questions about Tricor, Corp.1. Tricor, Corp., received \($30\) million for the issuance of its stock. The par value of the
The Kingston Company reported the following on its balance sheet at December 31, 2010:1. Assume Kingston Company issued all of its stock during 2010. Journalize the company’s issuance of the stock
At December 31,2010, Kingston Company reported the following on its comparative balance sheet, which included 2009 amounts for comparison (adapted, with all amounts in millions except par value per
Bruner Corporation has two classes of stock, \($1\) par common and \($10\) par preferred. Journalize Bruner’s issuance 6f the following:a. 1,000 shares of common stock for \($50\) per shareb. 1,000
Midas Company earned net income of \($85,000\) during the year ended December 31,2010. On December 15, 2010, Midas Company declared the annual cash dividend on its 6% preferred stock (total par
Holiday.com prepared the following stockholders’ equity section as of December 31, 2010.Answer the following questions about Holiday.com’s dividends:1. How much in dividends must Holiday.com
Transtech, Inc., has 200,000 shares of \($2.50\) par common stock outstanding, Transtech, Inc., declares and distributes a 5% stock dividend when the market value of its stock is \($10\) per share.1.
Suppose Pier 1 Imports has common stock, \($1\) par, 500,000 shares authorized, 100,000 shares issued and outstanding. The company decided to split its common stock 2-for-1 in order to decrease the
Classic Corporation began operations in 2010. After issuing its common stock to the public, Classic Corporation completed the following treasury stock transactions:a. Purchased 2,000 shares of the
The financial statements of Nason Corporation reported the following accounts (in thousands except for par value):Prepare the stockholders’ equity section of Nason Corporation’s balance sheet.
Use the statement of stockholders’ equity in Exhibit 10-8, to answer the following questions:1. Make journal entries to record the declaration and payment of cash dividends during 2010.2. How much
Stanley Systems completed the following stock issuance transactions:Requirements 1. Journalize the transactions. Explanations are not required.2. How much paid-in capital did these transactions
The charter for Zycor, Inc., authorizes the company to issue 100,000 shares of \($3,\) no-par preferred stock and 500,000 shares of common stock with \($1\) par value. During its start-up phase,
Yates, Corp., issued 5,000 shares of no-par common stock for $10 per share.Requirements 1. Record issuance of the stock if the stocka. is a no-par stock andb. actually has a stated value of $2 per
Victor, Co., recently organized. The company issued common stock to an attorney in exchange for his patent with a market value of \($40,000.\) In addition, Victor, Co., received cash for 2,000 shares
Horizon Communications has the following stockholders’ equity:Requirement1. Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and common shareholders for 2010
The following elements of stockholders’ equity are adapted from the balance sheet of Scribner Corporation.Scribner Corporation paid no preferred dividends in 2010 but paid the designated amount of
The stockholders’ equity for Blade, Inc., on December 31, 2009, follows:On April 30, 2010, the market price of Blade’s common stock was $16 per share and the company distributed a 10% stock
Roily Racing Motors is authorized to issue 500,000 shares of \($1\) par common stock. The company issued 80,000 shares at \($4\) per share, and all 80,000 shares are outstanding. When the market
Lipton Travel, Inc., had the following stockholders’ equity at May 31:On June 30, Lipton Travel, Inc., split its common stock 2-for-1.Requirements1. Make any necessary entry to record the stock
Consider each of the following transactions separately from every other transaction:a. Issuance of 50,000 shares of \($10\) par common at \($15.b.\) Purchase of 1,000 shares of treasury stock (par
Journalize the following transactions of Goddard Sports, Inc., a chain of sports stores: Feb 4 Issued 20,000 shares of no-par common stock at $15 per share. Apr 22 Purchased 1,000 shares of treasury
Franklin, Inc., had the following stockholders’ equity on November 30:On December 30, Franklin, Inc., purchased 5,000 shares of treasury stock at $10 per share.Requirements 1. Journalize the
Casey Manufacturing, Co., has the following selected account balances at June 30, 2010.Requirement 1. Prepare the stockholders' equity section of the company's balance sheet. Common Stock, no par
At December 31, 2009, Eaton, Corp., reported the following stockholders’ equity:During 2010, Eaton, Corp., completed these transactions and events in this order:a. Sold 1,000 shares of treasury
Olson Communications, Inc., began 2010 with 2.9 million shares of \($1\) par common stock issued and outstanding. Beginning paid-in capital in excess of par was \($6\) million, and retained earnings
Assume that Apex, Inc., has the following data:Requirements 1. Calculate Apex’s return on equity for 2010.2. Calculate Apex’s return on common equity for 2010.3. Comment on Apex’s performance
Sierra Systems completed the following stock issuance transactions:Requirements 1. Journalize the transactions. Explanations are not required.2. How much paid-in capital did these transactions
The charter for Zerron, Inc., authorizes the company to issue 500,000 shares of \($4,\) no-par preferred stock and 700,000 shares of common stock with \($1\) par value. During its start-up phase,
Youken, Corp., issued 6,000 shares of no-par common stock for $15 per share.Requirements 1. Record issuance of the stock if the stocka. is no-par stock andb. actually has a stated value of $4 per
Arilla, Co., recently organized. The company issued common stock to an attorney in exchange for his patent with a market value of \($52,000.\) In addition, Arilla, Co., received cash for 1,000 shares
Eastern Communications has the following stockholders’ equity:Requirement 1. Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and common shareholders for 2010
The following elements of stockholders’ equity are adapted from the balance sheet of Sacchetti Corporation.Sacchetti Corporation paid no preferred dividends in 2010 but paid the designated amount
The stockholders’ equity for Pondwood, Inc., on December 31, 2009, follows:On September 30, 2010, the market price of Pondwood’s common stock was $11 per share and the company distributed a 30%
Clubhouse Landing, Inc., had the following stockholders’ equity at May 31:On June 30, Clubhouse Landing, Inc., split its common stock 5-for-1.Requirements 1. Make any necessary entry to record the
Consider each of the following transactions separately from every other transaction:a. Issuance of 57,000 shares of \($1\) par common at \($13.b.\) Purchase of 1,800 shares of treasury stock (par
Journalize the following transactions of Discount Sports, Inc., a chain of sports stores: Apr 22 Aug 22 Feb 4 Issued 23,000 shares of no-par common stock at $14 per share. Purchased 1,700 shares of
Southern, Inc., had the following stockholders’ equity on November 30:On December 10, Southern purchased 3,000 shares of treasury stock at $9 per share.Requirements 1. Journalize the purchase of
Bretton Manufacturing, Co., has the following selected account balances at April 30, 2010.Requirement 1. Prepare the stockholders’ equity section of the company’s balance sheet. Common Stock, no
At December 31, 2009, Maloney, Corp., reported the following stockholders’ equity.During 2010 Maloney completed these transactions and events in this order:a. Sold 1,000 shares of treasury stock
O’Grady Communications, Inc., began 2010 with 3.2 million shares of \($1\) par com¬ mon stock issued and outstanding. Beginning paid-in capital in excess of par was \($5.5\) million, and retained
Assume that Skippito, Inc., has the following data:Requirements 1. Calculate Skippito’s return on equity for 2010.2. Calculate Skippito’s return on common equity for 2010.3. Comment on
Partners Dempsey and Perry wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as D & P Services, Inc. The charter from the
Gamma Corporation was organized in 2009. At December 31,2009, Gamma Corporation’s balance sheet reported the following stockholders’ equity:Requirements Answer the following questions and make
Radisson, Inc., included the following stockholders’ equity on its year-end balance sheet at December 31,2010, with all dollar amounts, except par value per share, adapted and in
Klammer Consulting, Inc., has 10,000 shares of \($4.50,\) no-par preferred stock and 50,000 shares of no-par common stock outstanding. Klammer Consulting, Inc., declared and paid the following
Ralston Sports Corporation completed the following selected transactions during 2010:Requirement 1. Record the transactions in the journal. Jan 6 Declared a cash dividend on the 10,000 shares of
The balance sheet of Quartz, Inc., at December 31, 2009, reported 500,000 shares of \($1\) par common stock authorized with 100,000 shares issued and outstanding. Paid-in Capital in Excess of Par had
Business Analysts, Inc., reported the following statement of stockholders’ equity for the year ended September 30, 2010: (Dollar amounts in thousands) Balance, September 30, 2009 Net Income Cash
Partners Meeks and Olsen wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as M & O Services, Inc. The charter from the
Robert Corporation was organized in 2009. At December 31,2009, Robert Corporation’s balance sheet reported the following stockholders’ equity:Requirements Answer the following questions and make
Madison Hotel, Inc., included the following stockholders’ equity on its year-end balance sheet at December 31,2010, with all dollar amounts, except par value per share, adapted and in
Krystal Consulting, Inc., has 13,000 shares of \($4.00\) no-par preferred stock and 90,000 shares of no-par common stock outstanding. Krystal declared and paid the following dividends during a
Triton Triathlete Corporation completed the following selected transactions during 2011: Jan 6 Declared a cash dividend on the 7,000 shares of $3.00, no-par preferred stock outstanding. Declared a
The balance sheet of Playtime, Inc., at December 31,2009, reported 900,000 shares of \($1\) par common stock authorized with 90,000 shares issued and outstanding. Paid-in Capital in Excess of Par had
Financial Analysts, Inc., reported the following statement of stockholders’ equity for the year ended September 30, 2010.Requirements1. What is the par value of the company’s common stock?2. At
With which type of stock would dividends in arrears be associated? Why?
What are some of the reasons for issuing a stock dividend?
Which characteristic of a corporation is considered to be an advantage?a. Ease of transferring ownershipb. Indefinite lifec. Limited stockholder liabilityd. All of the above
Which of the following is a disadvantage of organizing as a corporation?a. Separate legal entityb. Limited ability to raise capital C. Double taxationd. Limited stockholder liability
What are the two basic sources of corporate capital?a. Paid-in capital and retained earningsb. Stock and bonds C. Common stock and preferred stockd. Retained earnings and dividends
Suppose PETCO issued 100,000 shares of its \($0.05\) par common stock at \($1\) per share. Which journal entry correctly records the issuance of this stock? DATE ACCOUNTS a. Cash Common Stock b.
Chewning Corporation has 10,000 shares of 5%, \($10\) par, cumulative preferred stock and 50,000 shares of common stock outstanding. Chewning Corporation declared no dividends in 2010. In 2011,
Techster Company has 10,000 shares of \($1\) par common stock outstanding, which Techster Company issued at \($5\) per share. Techster Company also has retained earn¬ ings of \($80,000.\) How much
What is the term for a company's own stock that it has issued and repurchased?a. Issued stockb. Stock dividendc. Outstanding stockd. Treasury stock
What does a stock dividend do?a. Increases Common Stockb. Has no effect on total equityc. Decreases Retained Earningsd. All of the above
What happens with a stock split?a. Increases the number of shares of stock issuedb. Decreases the par value of the stock C. Both a and bd. None of the above
Assume that Pier 1 Imports pays \($10\) per share to purchase 1,000 of its \($1\) par common stock as treasury stock. What is the effect of purchasing the treasury stock?a. Decreases total
On June 30, 2010, Harper, Co., purchased $9,000 of inventory for a one-year, 9% note payable. Journalize the following for the company:1. Accrual of interest expense on December 31, 20102. Payment of
On September 30, 2010, Tucker, Co., borrowed $15,000 on a one-year, 7% note payable. What amounts would Tucker, Co., report for the note payable and the related interest payable on its balance sheet
Lake Country Boats guarantees its boats for three years or 1,500 hours, whichever comes first. Past experience of other boat makers indicates that Lake Country can expect warranty costs will equal 6%

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