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Questions and Answers of Accounting

On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable annually on December 31 each year. Required: Assuming the market interest rate on the issue date is
On January 1, 2012, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 9%
On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 5%
On January 1, 2012, Tropical Paradise borrows $40,000 by agreeing to a 6%, five-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort
Two leading online travel companies are Expedia and Priceline. Selected financial data for these two close competitors are as follows:Required: 1. Calculate the debt to equity ratio for Expedia and
On January 1, 2012, Frontier World issues $40 million of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be used to build a new
On January 1, 2012, Water World issues $25 million of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use the funds to build
On January 1, 2012, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on
On January 1, 2012, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on
On January 1, 2012, Splash City issues $400,000 of 8% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on
On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on
On January 1, 2012, White Water issues $500,000 of 6% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. Required: Assuming the market interest rate on
Coney Island Entertainment issues $1,000,000 of 6% bonds, due in 15 years, with interest payable semiannually on June 30 and December 31 each year. Required: Calculate the issue price of a bond and
On January 1, 2012, Vacation Destinations issues bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:Required: 1. Were the bonds
On January 1, 2012, Gundy Enterprises purchases an office for $250,000, paying $50,000 down and borrowing the remaining $200,000, signing an 8%, 30-year mortgage. Installment payments of $1,467.53
Thrillville has $40 million in bonds payable. One of the contractual agreements in the bond indenture is that the debt to equity ratio cannot exceed 2.0. Thrillville's total assets are $80 million,
Christmas Anytime issues $750,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Calculate the issue price of a bond and complete the
Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2012, the company issues $2,000,000 of 8% bonds, due in 10 years, with interest payable semiannually on
Temptation Vacations issues bonds on January 1, 2012, that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:Required: 1. Were the bonds
Super Splash issues $900,000, 8% bonds on January 1, 2012, that mature in 20 years. The market interest rate for bonds of similar risk and maturity is 7%, and the bonds issue for $996,098. Interest
On January 1, 2012, Stoops Entertainment purchases a building for $500,000, paying $100,000 down and borrowing the remaining $400,000, signing a 7%, 15-year mortgage. Installment payments of
Chunky Cheese Pizza has $60 million in bonds payable. The bond indenture states that the debt to equity ratio cannot exceed 3.0. Chunky's total assets are $200 million, and its liabilities other than
Two of the world's leading cruise lines are Royal Caribbean Cruises and Carnival Corporation. Selected financial data for these two close competitors are as follows:Required: 1. Calculate the debt to
Tony's favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a
Financial information for The Buckle is presented in Appendix B at the end of the book. Required: 1. Calculate the debt to equity ratio for the past two years. Did the ratio improve or weaken in the
The Tony Hawk Skate Park was built in early 2010. The construction was financed by $10 million of 5% bonds issued at face value, due in 10 years, with interest payable on June 30 and December 31
Adrenaline Entertainment is struggling financially and its CFO, David Plesko, is starting to feel the heat. Back on January 1, 2010, Adrenaline Entertainment issued $100 million of 6% bonds, due in
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2012, 200 shares of preferred stock and 3,000 shares of common stock have
Refer to the information provided in P10-2A.P10-2ADonnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2012, 200 shares of
Major League Apparel has two classes of stock authorized: 5%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2012, its first year of
Divine Apparel has 3,000 shares of common stock outstanding. On October 1, the company declares a $0.50 per share dividend to stockholders of record on October 15. The dividend is paid on October
Silk Station has the following accounts at December 31: Common Stock, $1 par value, 1,000,000 shares; Paid-in Capital, $17 million; Retained Earnings, $10 million; and Treasury Stock, 50,000 shares,
The financial statements of Limited Brands, Inc. , include the following selected data ($ in millions): sales, $9,043; net income, $220; beginning stockholders' equity, $2,219; and ending
Western Wear Clothing issues 2,000 shares of its $0.01 par value common stock to provide funds for further expansion. Assuming the issue price is $12 per share, record the issuance of common stock.
Rachel's Designs has 1,000 shares of 6%, $50 par value cumulative preferred stock issued at the beginning of 2010. All remaining shares are common stock. Due to cash flow difficulties, the company
Refer to the information in E10-9. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2012: Common Stock, $100,000; Paid-in Capital,
Refer to the information in E10-9. Power Drive Corporation has the following beginning balances in its stockholders' equity accounts on January 1, 2012: Common Stock, $100,000; Paid-in Capital,
United Apparel has the following balances in its stockholders' equity accounts on December 31, 2012: Treasury Stock, $750,000; Common Stock, $500,000; Preferred Stock, $2,600,000; Retained Earnings,
The financial statements of Limited Brands, Inc. , include the following selected data (in millions): ($ in millions) ...................................2009................
Financial information for Forever 18 includes the following selected data (in millions): ($ in millions).................................... 2012.............. 2011 Net
Clothing Frontiers began operations on January 1, 2012, and engages in the following transactions during the year related to stockholders' equity. January 1 Issues 600 shares of common stock for $40
Nathan's Athletic Apparel has 1,000 shares of 7%, $100 par value preferred stock the company issued at the beginning of 2011. All remaining shares are common stock. The company was not able to pay
Italian Stallion has the following transactions during the year related to stockholders' equity. February 1 Issues 5,000 shares of no-par common stock for $15 per share. May 15 Issues 500 shares of
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders' equity during 2012, its first year of
Refer to the information in E10-6. In its first year of operations, Finishing Touches has income of $150,000 and pays dividends at the end of the year of $95,000 ($1 per share) on all common shares
On March 15, American Eagle declares a quarterly cash dividend of $0.075 per share payable on April 13 to all stockholders of record on March 30. Required: Record American Eagle's declaration and
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2012. Power Drive has the
Sammy's Sportshops has been very profitable in recent years and has seen its stock price steadily increase to over $100 per share. The CFO thinks the company should consider either a 100% stock
The stockholders' equity section of Velcro World is presented here. VELCRO WORLD Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $1 par value
Abercrombie & Fitch is a close competitor of Deckers Outdoor and Timberland in the apparel industry. Selected financial data for Abercrombie is provided as follows:Required: 1. Calculate the return
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2012, 100 shares of preferred stock and 2,000 shares of common stock have been
The Athletic Village has done very well the past year, and its stock price is now trading at $82 per share. Management is considering either a 100% stock dividend or a 2-for-1 stock
The stockholders' equity section of The Seventies Shop is presented here. THE SEVENTIES SHOP Balance Sheet (partial) ($ in thousands) Stockholders' equity: Preferred stock, $50 par
Refer to the information provided in P10-2B. P10-2B Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2012, 100 shares of preferred
National League Gear has two classes of stock authorized: 6%, $20 par preferred, and $5 par value common. The following transactions affect stockholders' equity during 2012, National League's first
Gap is a close competitor of Deckers Outdoor and Timberland in the teenage apparel industry. Gap also owns the Old Navy and Banana Republic clothing chains. Gap reported higher earnings than Deckers
Tony and Suzie purchased land costing $500,000 for a new camp in January 2014. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie
Financial information for the year ended January 31, 2009, is presented in the text of the chapter. Financial information for American Eagle for the year ended January 31, 2010, is presented in
Financial information for The Buckle is presented in Appendix B at the end of the book. Required: 1. What is the par value per share for the common stock? 2. How many common shares were issued at
Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows (indirect method) for ATM Software Developers. All amounts are in
The income statement, balance sheet, and additional information for Video Phones, Inc., are provided.Additional Information for 2012:1. Purchase investment in bonds for $105,000.2. Sell land costing
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s).Cash Flows from Operating Activities (Indirect
The balance sheet of Cranium Gaming reports total assets of $400,000 and $700,000 at the beginning and end of the year, respectively. Sales revenues are $1.1 million, net income is $65,000, and
The balance sheet of Innovative Products reports total assets of $520,000 and $720,000 at the beginning and end of the year, respectively. The cash return on assets for the year is 20%. Calculate
Electronic Superstore's inventory increases during the year by $4 million, and its accounts payable to suppliers increases by $6 million during the same period. What is the amount of cash paid to
Wireless Solutions reports operating expenses of $885,000. Operating expenses include both rent expense and salaries expense. Prepaid rent increases during the year by $20,000 and salaries payable
Laser World reports net income of $550,000. Depreciation expense is $40,000, accounts receivable increases $10,000, and accounts payable decreases $20,000. Calculate net cash flows from operating
Macrosoft Company reports net income of $65,000. The accounting records reveal depreciation expense of $80,000 as well as increases in prepaid rent, accounts payable, and income tax payable of
Hi-Tech, Inc., reports net income of $60 million. Included in that number are depreciation expense of $5 million and a loss on the sale of equipment of $1 million. Records reveal increases in
Engineering Wonders reports net income of $60 million. Included in that number is building depreciation expense of $5 million and a gain on the sale of land of $1 million. Records reveal decreases in
Creative Sound Systems sold investments, land, and its own common stock for $30 million, $15 million, and $40 million, respectively. Creative Sound Systems also purchased treasury stock, equipment,
The balance sheet for Plasma Screens Corporation along with additional information is provided below:Additional Information for 2012:1. Net income is $69,000.2. The company purchases $120,000 in
Portions of the financial statements for Peach Computer are provided below.Required: Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect
Google has the following selected data ($ in millions): .......................................2009................ 2008 Net sales........................ $23,651............ $21,796 Net income
Refer to the information provided for Peach Computer in E11-11.E11-11Portions of the financial statements for Peach Computer are provided below.Required: Prepare the operating activities section of
Mega Screens, Inc., reports sales revenue of $2,700,000, cost of goods sold of $1,500,000, and income tax expense of $140,000 for the year ended December 31, 2012. Selected balance sheet accounts are
The income statement for Hewlett-Packard reports revenues of $91,658 million and cost of goods sold of $69,178 million. An examination of balance sheet amounts indicates accounts receivable
Technology Solutions' format for the statement of cash flows was corrupted by a computer virus, as follows:TECHNOLOGY SOLUTIONSStatement of Cash FlowsFor the year ended December 31, 2012Cash at the
Hardware Suppliers reports net income of $155,000. Included in net income is a gain on the sale of land of $15,000. A comparison of this year's and last year's balance sheets reveals an increase in
Software Distributors reports net income of $55,000. Included in that number is depreciation expense of $10,000 and a loss on the sale of land of $5,000. A comparison of this year's and last year's
Portions of the financial statements for Alliance Technologies are provided below.ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2012, compared to December 31, 2011 Decrease in
Google and Yahoo are competitors in the Internet search engine business. Selected financial data for Google and Yahoo are as follows:Required: 1. Calculate the return on assets for both companies.
Refer to the information provided in P11-3A for Alliance Technologies.P11-3Portions of the financial statements for Alliance Technologies are provided below.ALLIANCE TECHNOLOGIES Selected Balance
Data for Video Phones, Inc., is provided in P11-4A.P11-4AThe income statement, balance sheet, and additional information for Video Phones, Inc., are provided.Additional Information for 2012:1.
Natalie Daniels has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CPU Hardware Designers. All amounts are in thousands (000s). CPU HARDWARE
Portions of the financial statements for Software Associates are provided below.SOFTWARE ASSOCIATES Selected Balance Sheet Data December 31, 2012, compared to December 31, 2011 Decrease in accounts
The income statement, balance sheet, and additional information for Virtual Gaming Systems are provided.Additional Information for 2012: 1. Purchase additional investment in stocks for $85,000. 2.
Hewlett-Packard and IBM are close competitors in the sale of computer products and technology consulting. Selected financial data for Hewlett-Packard and IBM are as follows:Required: 1. Calculate the
Refer to the information provided in P11-3B for Software Associates.P11-3BPortions of the financial statements for Software Associates are provided below.SOFTWARE ASSOCIATES Selected Balance Sheet
Data for Virtual Gaming Systems is provided in P11-4B.P11-4BThe income statement, balance sheet, and additional information for Virtual Gaming Systems are provided.Additional Information for 2012:1.
Cash flows from operating activities for both the indirect and direct methods are presented for Electronic Transformations. Cash Flows from Operating Activities (Indirect method) Net income
The income statement, balance sheet, and additional information for Great Adventures, Inc., are provided below.Additional Information for 2014: 1. Borrowed $500,000 in January 2014. Made 12 monthly
Aggressive Corporation approaches Matt Taylor, a loan officer for Oklahoma State Bank, seeking to increase the company's borrowings with the bank from $100,000 to $150,000. Matt has an uneasy feeling
"Why can't we pay our shareholders a dividend?" shouts your new boss at Polar Opposites. "This income statement you prepared for me says we earned $5 million in our first year!" You recently prepared
Bryan Eubank began his accounting career as an auditor for a Big 4 CPA firm. He focused on clients in the high-technology sector, becoming an expert on topics such as inventory write-downs, stock
The following income statement and balance sheet for Virtual Gaming Systems are provided.Required:Assuming that all sales were on account, calculate the following risk ratios for 2012.Receivables
Income statement and balance sheet data for Virtual Gaming Systems are provided below.Required:1. Calculate the following risk ratios for 2012 and 2013:a. Receivables turnover ratio.b. Inventory
Perform a vertical analysis on the following information._____________________________2012...........2011Cash..................................$ 300,000......$ 800,000Accounts
Peyton's Palace has net income of $14 million on sales revenue of $120 million. Total assets were $86 million at the beginning of the year and $94 million at the end of the year. Calculate Peyton's
LaDanion's Limos reports net income of $120,000, average total assets of $600,000, and average total liabilities of $240,000. Calculate LaDanion's return on assets and return on equity ratios.

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