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business
introductory financial accounting
Questions and Answers of
Introductory Financial Accounting
The stockholders' equity accounts of Raymund Corporation as of January 1 appear below:During the year, the following transactions occurred:June 7 Declared a 20 percent stock dividend; market value of
The stockholders' equity of Carly Corporation at January 1 follows:The following transactions, among others, occurred during the year:June 18 Declared a 70 percent stock dividend on all outstanding
The stockholders' equity of Black Corporation at January 1 follows:The following transactions, among others, occurred during the year:Jan. 1 Announced a 4-for-1 common stock split, reducing the par
Using your analysis from P11-8A, prepare the stockholders' equity section of the Black Corporation's balance sheet.Problem P11-8AThe stockholders' equity of Black Corporation at January 1 follows:The
The stockholders' equity section of Day Corporation's balance sheet at January 1 follows:The following transactions affecting stockholders' equity occurred during the year:Requireda. Prepare journal
The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Riverside, Inc.:Required Using this information, give detailed descriptions,
For each of the following situations, indicate the amount shown as a liability on the balance sheet of Anchor, Inc., at December 31:a. Javier's general ledger shows a credit balance of \(\$ 130,000\)
The following note transactions occurred during the year for Zale Company:Nov. 25 Zale issued a 120 -day, 12 percent note payable for \(\$ 9,000\) to Porter Company for merchandise.Dec. 10 Zale's
Calculations Beck Company has just billed a customer for \(\$ 1,400\), an amount that includes an eight percent excise tax and a four percent state sales tax.a. What amount of revenue is recorded?b.
The Whitney Bluebirds football team sells a 15 -game season ticket for \(\$ 180\). Assume that the team sells 2,000 season tickets on August 10. The tickets are all used for admission.a. Prepare a
Young Company sells an electric timer that carries a 3-month unconditional warranty against product failure. Based on a reliable statistical analysis, Young knows that between the sale and the end of
Navarro, Inc., issued \(\$ 250,000\) of eight percent, 20 -year bonds at 98 on June 30, 2012. Interest is payable semiannually on December 31 and June 30. Through June 30, 2018, Navarro amortized
On December 31, 2017, James, Inc., borrowed \(\$ 300,000\) on a six percent, 20 -year mortgage note payable. The note is to be repaid in equal semiannual installments of \(\$ 12,979\) (beginning July
Determine which of the following transactions represent contingent liabilities for June Leasing and indicate the proper accounting treatment at the company's fiscal year-end, by placing the letter of
Presented below are summary financial data from the Smith Co. annual report:Calculate the following ratios:a. Times-interest-earned ratiob. Quick ratioc. Current ratio Balance sheet Cash and cash
May Enterprises issued \(\$ 200,000\) of six percent, five-year bonds with interest payable semiannually. Determine the issue price if the bonds are priced to yield (a) six percent,
Atlantic, Inc., plans to issue \(\$ 700,000\) of nine percent bonds that will pay interest semiannually and mature in ten years. Assume that the effective interest is eight percent per year
On December 31, 2017, Green Company issued \(\$ 600,000\) of 15 -year, ten percent bonds payable for \(\$ 517,411\), yielding an effective interest rate of 12 percent. Interest is payable
On December 31, 2017, Tan Company issued \(\$ 400,000\) of ten-year, 12 percent bonds payable for \(\$ 449,849\), yielding an effective interest rate of ten percent. Interest is payable semiannually
On December 31, 2017, Blair Company issued \(\$ 600,000\) of 20 -year, 11 percent bonds payable for \(\$ 554,861\), yielding an effective interest rate of 12 percent. Interest is payable semiannually
On December 31, 2017, Kim Company issued \(\$ 500,000\) of five-year, 12 percent bonds payable for \(\$ 538,609\), yielding an effective interest rate of ten percent. Interest is payable semiannually
On January 1, Cheryl, Inc., entered into a lease contract. The lease contract was an eightyear lease for a sound system with \(\$ 28,000\) annual lease payments due at the end of each year. Cheryl
The relation between a bond's coupon rate and yield rate is known to influence a bond's issuance price. Presented below are coupon rates and yield rates for a selection of corporate bonds. Identity
Lyon Company had the following transactions:Apr. 8 Issued a \(6,000,60\)-day, six percent note payable in payment of an account with Bennett Company.May 15 Borrowed \(\$ 40,000\) from Lincoln Bank,
At December 31, 2017, Eric Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2018, Eric also had two notes payable outstanding (notes 3 and 4). These notes are described
Ruth Corporation had the following payroll for April:Required Prepare journal entries on April 30 to record:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer's
The following data are taken from Stockton Wholesale Company's May payroll:Assume that the company is subject to a two percent state unemployment tax (due to a favorable experience rating) and a 0.6
Fullerton Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During June, Fullerton recorded total sales of \(\$ 700,000\). An analysis of June sales
Ashton, Inc., which closes its books on December 31, is authorized to issue \(\$ 800,000\) of nine percent, 20-year bonds dated May 1 , with interest payments on November 1 and May
The following data are from the current accounting records of Rome Company:The president of the company is concerned that the company is in violation of a debt covenant that requires the company to
On December 31, Casper, Inc., issued \(\$ 300,000\) of eight percent, ten-year bonds for \(\$ 262,613\), yielding an effective interest rate of ten percent. Semiannual interest is payable on June 30
On January 1, Lowe, Inc., issued \$500,000 of ten percent, 20-year bonds for \(\$ 598,964\), yielding an effective interest rate of eight percent. Semiannual interest is payable on June 30 and
The Biltmore National Bank raised capital through the sale of \(\$ 150\) million face value of eight percent coupon rate, ten-year bonds. The bonds paid interest semiannually and were sold at a time
The Longo Corporation issued \(\$ 50\) million maturity value of six percent coupon rate bonds, with interest paid semiannually. At the time of the bond issuance, equivalent risk-rated debt
Geary Company had the following transactions:Apr. 15 Issued a \(\$ 6,000,60\)-day, eight percent note payable in payment of an account with Marion Company.May 22 Borrowed \(\$ 50,000\) from Sinclair
At December 31, 2017, Seattle Corporation had two notes payable outstanding (notes 1 and 2). At December 31, 2018, Seattle also had two notes payable outstanding (notes 3 and 4). These notes are
England, Inc., had the following payroll for March:Required Prepare journal entries on March 31 to record:a. Accrual of the monthly payroll.b. Payment of the net payroll.c. Accrual of employer's
The following data are taken from Madison Distribution Company's March payroll:Assume that the company is subject to a 5.2 percent state unemployment tax and an 0.6 percent federal unemployment
Calculations Adams Corporation initially records its sales at amounts that exclude any related excise and sales taxes. During May, Adams recorded total sales of \(\$ 750,000\). An analysis of May
The following independent situations represent various types of liabilities:1. Marshall Company has a manufacturing plant located in a small, rural community. The only other major employer in the
Richard, Inc., which closes its books on December 31, is authorized to issue \(\$ 600,000\) of six percent, 20 -year bonds dated March 1, with interest payments on September 1 and March
The following data are from the current accounting records of Crest Company:The president of the company is concerned that the company may be in violation of a debt covenant that requires the company
On December 31, 2018, Edmand, Inc., issued \(\$ 750,000\) of 11 percent, five-year bonds for \(\$ 722,400\), yielding an effective interest rate of 12 percent. Semiannual interest is payable on June
On January 1, 2018, Ranier, Inc., issued \(\$ 300,000\) of ten percent, 15 -year bonds for \(\$ 351,876\), yielding an effective interest rate of eight percent. Semiannual interest is payable on June
The Peoples National Bank raised capital through the sale of \(\$ 100\) million face value of four percent coupon rate, ten-year bonds. The bonds paid interest semiannually and were sold at a time
The Miller Corporation issued \(\$ 100\) million maturity value of six percent coupon rate bonds, with interest paid semiannually. At the time of the bond issuance, equivalent risk-rated debt
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Answer the following questions:a. How much were Columbia's current
Kingston Corporation has total assets of \(\$ 5,200,000\) and has been earning an average of \(\$ 800,000\) before income taxes the past several years. The firm is planning to expand plant facilities
Abbott Laboratories is a diversified health care company devoted to the discovery, development, manufacture, and marketing of innovative products that improve diagnostic, therapeutic, and nutritional
The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website. Refer to the consolidated balance sheet, and Note 8.Requireda. What was the total dollar amount of
Cedric Salos is considering different ways to raise money for the expansion of his company's operations. Cedric is not sure about the advantages of issuing bonds versus issuing common stock. In
The chapter highlight on Microsoft's corporate social responsibility efforts discussed two of the company's efforts. Go to Microsoft's Website and navigate to the section "About Microsoft;" then
Billing schemes are frauds in which an employee causes the victim organization to issue fraudulent payments by submitting invoices for nonexistent goods or services, inflated invoices, or invoices
Below are selected data from Microsoft's recent financial statements:Required Calculate the following ratios for 2017 and 2016 and comment on the trend:a. Current ratiob. Quick ratio Net income Tax
What is the usual liability of stockholders for corporation actions?a. Unlimitedb. Limited to the par value or stated value of the shares of stock they holdc. Limited to the amount of their
Which type of stock may have dividends in arrears?a. Cumulative preferred stockb. Common stockc. Noncumulative preferred stockd. Treasury stock
Wyler Company issued 20,000 shares of \(\$ 10\) par value common stock in exchange for a building with a current fair value of \(\$ 1,000,000\). In recording this transaction, what amount should be
Which of the following accounts has a normal debit balance?a. Common Stockb. Paid-in Capital in Excess of Stated Valuec. Preferred Stockd. Treasury Stock
Which of the following events decreases a corporation's stockholders' equity?a. A payment of a previously declared cash dividendb. A declaration of a six percent stock dividendc. A 2-for-1 forward
When a company wants to reduce the market price per share of its stock, what action should it take?a. Issue a cash dividendb. Issue a stock dividendc. Do a reverse stock splitd. Do a forward stock
What type of company is typically characterized by a high dividend payout ratio?a. Technology companyb. High-growth companyc. Mature, low-growth companyd. All of the above
Preferred stock that may be converted into common stock has which of the following characteristics?a. Call featureb. Cumulative featurec. Participation featured. Convertible feature
A dividend that is paid every quarter or every year is called?a. Regular dividendb. Special dividendc. Property dividendd. Stock dividend
The statement of stockholders' equity includes each of the following except:a. Retained Earningb. Treasury Stockc. Paid-in Capital in Excess of Par Valued. Accounts Receivable
What is the meaning of each of the following terms: corporation, articles of incorporation, corporate charter, board of directors, corporate officers, and organization costs?
What is meant by the limited liability of a stockholder? Does this characteristic enhance or reduce a corporation's ability to raise capital?
Contrast the federal income taxation of a corporation with that of a sole proprietorship and a partnership. Which of the three types of organizations must file a federal income tax return?
Define par value stock. What is the significance of a stock's par value?
What are the different sources of paid-in capital?
Define a forward stock split. What is the major reason for a forward stock split?
Assume that a corporation has preferred shares outstanding. How is the return on common stockholders' equity computed?
What information is presented in a statement of retained earnings? What information is presented in a statement of stockholders' equity?
Where do the following accounts (and their balances) appear in the balance sheet?a. Dividends Payable-Common Stockb. Stock Dividend Distributable
How is a corporation's dividend yield calculated?
Bleaker Company declares and pays its annual dividend near the end of its fiscal year. For the current year, Bleaker's dividend payout ratio was 40 percent, its earnings per common share were \(\$
Evans \& Sons, Inc., is authorized to issue one million shares of \(\$ 1\) par value common stock. In the company's initial public offering, 500,000 shares are sold to the investing public at a price
Browne \& Company issued 200,000 shares of \(\$ 1\) par value common stock at a price of \(\$ 5\) per share and issued 10,000 shares of no-par value common stock at a price of \(\$ 10\) per share.
The Azuza Company is liquidating. After paying off all of its creditors, the company has \(\$ 1.5\) million to distribute between its preferred stockholders and its common stockholders. The aggregate
Evans \& Sons, Inc., is authorized to issue one million shares of \$1 par value common stock. The company actually sells 700,000 shares at \(\$ 10\) per share. Prepare the journal entry to record the
Willis \& Company has 20 million shares of \(\$ 1\) par value common stock outstanding. The company believes that its current market price of \(\$ 100\) per share is too high and decides to execute a
Browne \& Company has no-par value common stock outstanding that is selling at \(\$ 40\) per share. The company's CEO believes that the stock price is undervalued and decides to buy back 10,000
The Glendora Company has 200,000 shares of cumulative, five percent, \(\$ 100\) par value preferred stock outstanding. Last year the company failed to pay its regular dividend, but the board of
Calculate the return on common stockholders' equity for Evans \& Sons for 2018 and 2019. Did the return improve from 2018 to 2019?Evans \& Sons, Inc., disclosed the following information in a
Calculate the dividend yield for Evans \& Sons for 2018 and 2019. Did the dividend yield improve from 2018 to 2019?Evans \& Sons, Inc., disclosed the following information in a recent annual
Calculate the dividend payout for Evans \& Sons for 2018 and 2019. Did the dividend payout increase from 2018 to 2019 ?Evans \& Sons, Inc., disclosed the following information in a recent
Nikron Corporation issued 20,000 shares of \(\$ 0.50\) par value common stock during the year for \(\$ 20\) each. Nikron also repurchased treasury stock for \(\$ 15,000\). Net income for the year was
For accounting purposes, how are liabilities defined?
At what amount are current liabilities presented on the balance sheet?
What does the term current liabilities mean?
What formula should Hardy Company use to calculate the total amount of interest on a note payable that uses add-on interest?
Gordon Company signed a note payable on November 20. Gordon has a December 31 year-end. It paid the note, including interest, on the maturity date, February 20.What accounts did Gordon debit and what
Jack Swanson gave a creditor a 90-day, eight percent note payable for \(\$ 7,200\) on December 16 . What adjusting entry should Swanson make on December 31 ?
What are two examples of voluntary deductions from an employee's gross pay?
On whom is the FICA tax levied? What does the FICA tax finance?
What is the difference between accounting for product warranties on (a) failed units repaired in the month of sale and (b) failed units repaired in a subsequent month but that are still covered by
American Paging, Inc., is the seventh largest paging company in the United States. In a recent balance sheet, it reported a current liability of \(\$ 8,452,379\) that was labeled Unearned Revenues
What do the following terms mean?(a) term loan,(b) bonds payable,(c) trustee,(d) secured bonds,(e) serial bonds,(f) call provision, (g) convertible bonds, (h) face value, (i) coupon rate, (j)
What are contingent liabilities? List three examples of contingent liabilities. When should contingent liabilities be recorded in the accounts?
Define the terms current ratio and quick ratio. What does each ratio tell us?
Define the times-interest-earned ratio and explain how it is used.
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