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Financial and Managerial Accounting 3rd Edition Horngren, Harrison, Oliver - Solutions

Dates, Corp., issued 4,000 shares of no-par common stock for $9 per share.Requirements1. Record issuance of the stock if the stocka. is true no-par stock andb. has stated value of $2 per share.2. Which type of stock results in more total paid-in capital?
The charter for KCAS-TV, Inc., authorizes the company to issue 100,000 shares of $4, no-par preferred stock and 500,000 shares of common stock with $1 par value.During its start-up phase, KCAS completed the following transactions:Sep 6 Issued 275 shares of common stock to the promoters who
The charter of Evergreen Capital Corporation authorizes the issuance of 900 shares of preferred stock and 1,250 shares of common stock. During a two month period, Evergreen completed these stock-issuance transactions:Mar 23 Issued 230 shares of $4 par common stock for cash of $15 per share.Apr 12
Oulette Publishing Company has the following selected account balances at June 30, 2012.Requirements1. Journalize all required closing entries for the year.2. Calculate the balance in Retained earnings at June 30, 2012. Use a T-account to show yourcalculations.
Northern Communications has the following stockholders€™ equity:Requirements1. First, determine whether preferred stock is cumulative or noncumulative.2. Compute the amount of dividends to preferred and to common for 2011 and 2012 if total dividends are $12,200 in 2011 and $55,000 in
The following elements of stockholders€™ equity are adapted from the balance sheet of Sandler Marketing, Corp.Sandler paid no preferred dividends in 2011.Requirement1. Compute the dividends to the preferred and common shareholders for 2012 if total dividends are$195,000.
The balance sheet of Mark Todd Wireless, Inc., reported the following:Assume that Todd has paid preferred dividends for the current year and all prior years (no dividends in arrears).Requirement1. Compute the book value per share of the commonstock.
The balance sheet of Moe Taylor, Inc., reported the following:Requirement1. Compute the book value per share of Taylor€™s preferred and common stock if three years€™ preferred dividends (including dividends for the current year) are inarrears.
Lofty Exploration Company reported these figures for 2012 and 2011:Requirements1. Compute rate of return on total assets and rate of return on common stockholders€™ equity for 2012.2. Do these rates of return suggest strength or weakness? Give yourreason.
The income statement of Jennifer’s Cards, Inc., reported income before income tax of $400,000,000 during a recent year. Assume Jennifer’s taxable income for the year was $342,000,000. The company’s income tax rate was 35.0%.Requirements1. Journalize Jennifer’s entry to record income tax
Jay and Mike are opening a paint store. There are no competing paint stores in the area. Their fundamental decision is how to organize the business. They anticipate profits of $300,000 the first year, with the ability to sell franchises in the future.Although they have enough to start the business
Terrific Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June 30, 2012:Requirements1. Identify the different issues of stock that Terrific has outstanding.2. What is the par value per share of Terrific's preferred stock?3. Make two summary journal
The balance sheet of Buzzcraft, Inc., reported the following:Preferred stock, $7 par, 5%,1,000 shares authorized and issued . . . . . . . . . . . . . . . . . . . . . . . $ 7,000Common stock, $1.50 par value, 43,000 shares authorized;11,000 shares issued . . . . . . . . . . . . . . . . . . . . . .
B-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes B-Mobile to issue 70,000 shares of 5%, $100-par preferred stock, and 110,000 shares of no-par common stock. B-Mobile completed the following transactions:Oct 2
Lincoln-Priest, Inc., was organized in 2011. At December 31, 2011, the Lincoln-Priest balance sheet reported the following stockholders' equity:Requirements1. During 2012, the company completed the following selected transactions.Journalize each transaction. Explanations are not required.a. Issued
The following summaries for Miller Service, Inc., and Griffin, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two companies are independent.* Miller Service, Inc.: Miller is authorized to issue 46,000 shares of $1 par common
Fashonista Skincare has 10,000 shares of 3%, $20 par value preferred stock and 90,000 shares of $2 par common stock outstanding. During a three-year period, Fashionista declared and paid cash dividends as follows: 2010, $3,000; 2011, $13,000; and 2012, $17,000.Requirements1. Compute the total
The following accounts and December 31, 2012, balances of New Jersey Optical Corporation are arranged in no particular order.Total assets, Dec 31, 2011 . . . . . . . . $ 501,000Common equity, Dec 31, 2011 . . . . . . 307,000Net income, 2012 . . . . . . . . . . . . . . . . . 47,000Interest expense,
The accounting records of Rhyme Redwood Corporation provide income statement data for 2012.Total revenue . . . . . . $ 940,000Total expenses . . . . . . . 750,000Income before tax . . . $ 190,000Total expenses include depreciation of $50,000 computed on the straight-line method. In calculating
Ben and Eric are opening a comic book store. There are no competing comic book stores in the area. Their fundamental decision is how to organize the business. They anticipate profits of $350,000 the first year, with the ability to sell franchises in the future. Although they have enough to start
Tree Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at April 30, 2012.Requirements1. Identify the different issues of stock that Tree has outstanding.2. What is the par value per share of Tree's preferred stock?3. Make two summary journal entries to
The balance sheet of Ballcraft, Inc., reported the following:Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the Ballcraft common stock was $31 per share.Requirements1. Is the preferred stock cumulative or noncumulative?
Cell Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes Cell to issue 40,000 shares of 10%, $50 par preferred stock and 100,000 shares of no-par common stock. Cell completed the following transactions:Jan 2 Issued 21,000
Lurvey-Priest, Inc., was organized in 2011. At December 31, 2011, the Lurvey-Priest balance sheet reported the following stockholders' equity:Requirements1. During 2012, the company completed the following selected transactions. Journalize each transaction. Explanations are not required.a. Issued
The following summaries for Maryland Service, Inc., and Grapone, Co., provide the information needed to prepare the stockholders’ equity section of each company’s balance sheet. The two companies are independent.* Maryland Service, Inc.: Maryland is authorized to issue 44,000 shares of $1 par
Mode Skincare has 10,000 shares of 5%, $10 par value preferred stock, and 110,000 shares of $1.50 par common stock outstanding. During a three-year period, Mode declared and paid cash dividends as follows: 2010, $4,000; 2011, $10,000; and 2012, $20,000.Requirements1. Compute the total dividends to
The following accounts and December 31, 2012, balances of Georgia Optical Corporation are arranged in no particular order.Total assets, Dec 31, 2011 . . . . . . . . $ 505,000Common equity, Dec 31, 2011 . . . . . . 305,000Net income, 2012 . . . . . . . . . . . . . . . . . 45,000Interest expense,
The accounting records of Reflection Glass Corporation provide income statement data for 2012.Total revenue ...... $ 910,000Total expenses ...... 670,000Income before tax .... $ 240,000Total expenses include depreciation of $54,000 computed on the straight-line method. In calculating taxable income
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 11-33 of Chapter 11. On September 18, Lawlor Lawn Service declared a dividend of $2,000 to all common shareholders of record on September 23 to be paid on October 1.Requirements1. Journalize the entries related to the
This problem continues the Draper Consulting, Inc., situation from Problem 11-34 of Chapter 11. After issuing the bonds in Chapter 11, Draper decides to raise additional capital for the planned business expansion by issuing 20,000 additional no par common shares for $40,000 and by issuing 3,000,
Lena Kay and Kathy Lauder have a patent on a new line of cosmetics. They need additional capital to market the products, and they plan to incorporate the business. They are considering the capital structure for the corporation. Their primary goal is to raise as much capital as possible without
Answering the following questions will enhance your understanding of the capital stock of corporations. Consider each question independently of the others.Requirements1. Why are capital stock and retained earnings shown separately in the shareholders’ equity section of the balance sheet?2.
Stan Sewell paid $50,000 for a franchise that entitled him to market software programs in the countries of the European Union. Sewell intended to sell individual franchises for the major language groups of Western Europe—German, French, English, Spanish, and Italian.Naturally, investors
Elaine Jackson just had a visit from her cousin Phil. He wanted to apologize. Last year he had regaled her with stories about a small company he had discovered that had just invented a high-tech converter to allow cars to run on water. It was still all hush-hush. The stock was trading for just one
The Amazon.com financial statements appear in Appendix A at the end of this book. Answer the following questions about Amazon’s stock. The Accumulated Deficit account is Retained earnings with a negative (debit) balance.Requirements1. How much of Amazon’s preferred stock was outstanding at
Competitive pressures are the norm in business. Lexus automobiles (made in Japan) have cut into the sales of Mercedes Benz (a German company), General Motors’ Cadillac Division, and Ford’s Lincoln Division. Dell, Gateway (now owned by Acer, Inc.), and Compaq computers (now owned by
Financial statements all have a goal. The cash flow statement does as well.Requirement1. Describe how the statement of cash flows helps investors and creditors perform each of the following functions:a. Predict future cash flows.b. Evaluate management decisions.c. Predict the ability to make debt
Cash flow items must be categorized into one of four categories: financing, investing, noncash, or operating.Requirement1. Answer the following questions about the statement of cash flows:a. List the categories of cash flows in the order they appear in the statement of cash flows.b. What is the
Destiny Corporation is preparing its statement of cash flows by the indirect method. Destiny has the following items for you to consider in preparing the statement:________ a. Increase in accounts payable________b. Payment of dividends________c. Decrease in accrued liabilities________d. Issuance of
OMD Equipment, Inc., reported the following data for 2012:Income statementNet income . . . . . . . . . . . . . . . . . . . . . $ 44,000Depreciation . . . . . . . . . . . . . . . . . . . . . . 8,000Balance sheetIncrease in Accounts receivable . . . . . . . 7,000Decrease in Accounts payable . . . .
One Way Cellular accountants have assembled the following data for the year ended September 30, 2012:1. Prepare the operating activities section using the indirect method for One Way Cellular€™s statement of cash flows for the year ended September 30,2012.
Use the data in Short Exercise 14-5 to complete this exercise.Requirement1. Prepare One Way Cellular’s statement of cash flows using the indirect method for the year ended September 30, 2012. Stop after determining the net increase (or decrease) in cash.
Kyler Media Corporation had the following income statement and balance sheet for 2012:Requirement1. Compute for Kyler Media Corporation during 2012 thea. acquisition of equipment. The business sold no equipment during the year.b. payment of a long-term note payable. During the year, the business
Use the Kyler Media Corporation data in Short Exercise 14-7 and the results you calculated from the requirements.Requirement1. Prepare Kyler Media’s statement of cash flows—indirect method—for the year ended December 31, 2012.
Judy’s Makeup Shops earned net income of $22,000, which included depreciation of $14,000. Judy’s acquired a $119,000 on a long term note payable. Requirements1. How much did Judy’s cash balance increase or decrease during the year?2. Were there any noncash transactions for the company? If so,
Cooper Lopez Company expects the following for 2012:• Net cash provided by operating activities of $158,000.• Net cash provided by financing activities of $60,000.• Net cash used for investing activities of $80,000 (no sales of long-term assets).• Cash dividends paid to shareholders was
Anderson’s Armoires reported net loss for the year of $25,000; however, it reported an increase in cash balance of $50,000. The CFO states, “Anderson’s Armoires would have shown a profit were it not for the depreciation expense recorded this year.”Requirements1. Can the CFO be right? Why?2.
Consider the following transactions:(a) Purchased equipment for $130,000 cash(b) Issued $14 par preferred stock for cash(c) Cash received from sales to customers of $35,000.(d) Cash paid to vendors, $17,000.(e) Sold building for $19,000 gain for cash.(f) Purchased common treasury shares for
The cash flow statement categorizes like transactions for optimal reporting.Requirement1. Identify each of the following transactions as one of the following:● Operating activity (O)● Investing activity (I)● Financing activity (F)● Noncash investing and financing activity (NIF)●
Consider the following transactions:Requirement1. Indicate whether each transaction would result in an operating activity, an investing activity, or a financing activity for an indirect method statement of cash flows and the accompanying schedule of noncash investing and financing activities.
The records of McKnight Color Engraving reveal the following:Requirements1. Compute cash flows from operating activities by the indirect method.2. Evaluate the operating cash flow of McKnight Color Engraving. Give the reason for yourevaluation.
The accounting records of DVD Sales, Inc., include the following accounts:Requirement1. Compute DVD€™s net cash provided by (used for) operating activities during July. Use the indirectmethod.
The income statement of Minerals Plus, Inc., follows:Additional data follow:(a) Acquisition of plant assets is $118,000. Of this amount, $100,000 is paid in cash and $18,000 by signing a note payable.(b) Cash receipt from sale of land totals $28,000. There was no gain or loss.(c) Cash receipts from
Consider the following facts for Espresso Place:(a) Beginning and ending Retained earnings are $44,000 and $70,000, respectively. Net income for the period is $61,000.(b) Beginning and ending Plant assets, net, are $104,000 and $109,000, respectively. Depreciation for the period is $17,000, and
McKnight Exercise Equipment, Inc., reported the following financial statements for 2012:Requirement1. Compute the amount of McKnight Exercise€™s acquisition of plant assets. McKnight Exercise sold no plantassets.
Use the McKnight Exercise Equipment data in Exercise 14-19.Requirement1. Compute the following:(a) New borrowing or payment of long-term notes payable, with McKnight Exercise having only one long-term note payable transaction during the year.(b) Issuance of common stock, with McKnight Exercise
Use the McKnight Exercise Equipment data in Exercises 14-19 and 14-20.Requirement1. Prepare the company’s statement of cash flows—indirect method—for the year ended December 31, 2012.
Dirtbikes, Inc., identified the following selected transactions that occurred during 2012:(a) Issued 1,250 shares of $2 par common stock for cash of $26,000.(b) Issued 5,500 shares of $2 par common stock for a building valued at $101,000.(c) Purchased new company truck with FMV of $28,000. Financed
Use the McKnight Exercise Equipment data in Exercises 14-19 and 14-20. McKnight plans to purchase a truck for $29,000 and a forklift for $121,000 next year.Requirement1. Calculate the amount of free cash flow McKnight has for 2012.
Classic Reserve Rare Coins (CRRC) was formed on January 1, 2012. Additional data for the year follows:(a) On January 1, 2012, CRRC issued common stock for $425,000.(b) Early in January, CRRC made the following cash payments:1. For store fixtures, $54,000.2. For inventory, $270,000.3. For rent
Accountants for Johnson, Inc., have assembled the following data for the year ended December 31, 2012:Requirement1. Prepare Johnson€™s statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financingactivities.
The comparative balance sheet of Jackson Educational Supply at December 31, 2012, reported the following:Jackson's transactions during 2012 included the following:Requirements1. Prepare the statement of cash flows of Jackson Educational Supply for the year ended December 31, 2012. Use the indirect
The 2012 comparative balance sheet and income statement of Rolling Hills, Inc., follow:Additionally, Rolling Hills purchased land of $23,600 by financing it 100% with long-term notes payable during 2012. During the year, there were no sales of land or equipment, no additional issuances of notes
National Reserve Rare Coins (NRRC) was formed on January 1, 2012. Additional data for the year follows:(a) On January 1, 2012, NRRC issued common stock for $525,000.(b) Early in January, NRRC made the following cash payments:1. For store fixtures, $55,000.2. For inventory, $320,000.3. For rent
Accountants for Smithson, Inc., have assembled the following data for the year ended December 31, 2012:Requirement1. Prepare Smithson's statement of cash flows using the indirect method. Include an accompanying schedule of noncash investing and financingactivities.
The comparative balance sheet of Morgensen Educational Supply at December 31, 2012, reported the following:Morgensen's transactions during 2012 included the following:Requirements1. Prepare the statement of cash flows of Morgensen Educational Supply for the year ended December 31, 2012. Use the
The 2012 comparative balance sheet and income statement of All Wired, Inc., follow:Additionally, All Wired purchased land of $24,500 by financing it 100% with longterm notes payable during 2012. During the year, there were no sales of land or equipment, no additional issuances of notes payable, no
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 13-36 of Chapter 13. Refer to the comparative balance sheet for Lawlor Lawn Service.Requirement1. Prepare the statement of cash flows using the indirect method. Assume no dividends were declared or paid during theyear.
This problem continues the Draper Consulting, Inc., situation from Problem 13-37 of Chapter 13. Refer to the comparative balance sheet for Draper Consulting.Requirement1. Prepare the statement of cash flows using the indirectmethod.
The 2014 comparative income statement and the 2014 comparative balance sheet of Golf America, Inc., have just been distributed at a meeting of the company€™s board of directors. The members of the board of directors raise a fundamental question: Why is the cash balance so low? This
Theater by Design and Showcase Cinemas are asking you to recommend their stock to your clients. Because Theater by Design and Showcase earn about the same net income and have similar financial positions, your decision depends on their cash flow statements, summarized as follows:Requirement1. Based
Moss Exports is having a bad year. Net income is only $60,000. Also, two important overseas customers are falling behind in their payments to Moss, and Moss’s accounts receivable are ballooning. The company desperately needs a loan. The Moss Exports board of directors is considering ways to put
Frank Lou had recently been promoted to construction manager at a development firm. He was responsible for dealing with contractors who were bidding on a multi-million dollar excavation job for the new high-rise. Times were tough, several contractors had gone under recently, and the ones left
Use the Amazon.com statement of cash flows, along with the company’s other financial statements at the end of this book, to answer the following questions.Requirements1. Which method does Amazon use to report net cash flows from operating activities? How can you tell?2. Amazon earned net income
Jelly Bean, Inc., began 2012 with cash of $53,000. During the year Jelly Bean earned revenue of $597,000 and collected $621,000 from customers. Expenses for the year totaled $437,000, of which Jelly Bean paid $427,000 in cash to suppliers and employees. Jelly Bean also paid $145,000 to purchase
Happy Tot’s Learning Center has assembled the following data for the year ended June 30, 2012:Payments to suppliers . . . . . . . . . . . . . . . . . . . . $ 117,000Purchase of equipment . . . . . . . . . . . . . . . . . . . . . 42,000Payments to employees . . . . . . . . . . . . . . . . . . . .
Use the data in Short Exercise 14A-2 and your results.Requirement1. Prepare the business’s complete statement of cash flows for the year ended June 30, 2012, using the direct method for operating activities. Stop after determining the net increase (or decrease) in cash.
Rouse Toy Company reported the following comparative balance sheet:Requirement1. Compute the following for Rouse Toy Company:a. Collections from customers during 2012. Sales totaled $143,000.b. Payments for inventory during 2012. Cost of goods sold was$80,000.
Consider the following transactions:.:.Requirement1. Identify each of the transactions as a(n)● Operating activity (O)● Investing activity (I)● Financing activity (F)● Noncash investing and financing activity (NIF)● Transaction that is not reported on the statement of cash flows (N)For
Consider the following transactions:Requirement1. Indicate where, if at all, each of the transactions would be reported on a statement of cash flows prepared by the direct method and the accompanying schedule of noncash investing and financing activities.
The accounting records of Fuzzy Dice Auto Parts reveal the following:Requirement1. Compute cash flows from operating activities using the directmethod.
Selected accounts of Printing Networks, Inc., show the following:Requirement1. For each account, identify the item or items that should appear on a statement of cash flows prepared by the direct method. Also state each item€™s amount and where to report theitem.
The income statement and additional data of Best Corporation follow:Additional data follow:(a) Collections from customers are $15,500 more than sales.(b) Dividend revenue, interest expense, and income tax expense equal their cash amounts.(c) Payments to suppliers are the sum of cost of goods sold
Consider the following facts:(a) Beginning and ending Accounts receivable are $20,000 and $24,000, respectively. Credit sales for the period total $62,000.(b) Cost of goods sold is $76,000. Beginning Inventory balance is $27,000, and ending Inventory balance is $22,000. Beginning and ending
Superb Mobile Homes reported the following in its financial statements for the year ended December 31, 2012:Requirement1. Determine the following for Superb Mobile Homes during 2012:(a) Collections from customers.(b) Payments for inventory.(c) Payments of operating expenses.(d) Acquisitions of
MPG, Inc., accountants have developed the following data from the company’s accounting records for the year ended April 30, 2012:(a) Purchase of plant assets, $59,400.(b) Cash receipt from issuance of notes payable, $46,100.(c) Payments of notes payable, $44,000.(d) Cash receipt from sale of
Use the Classic Reserve Rare Coins data from Problem 14-24A.Requirements1. Prepare Classic Reserve Rare Coins’ income statement for the year ended December 31, 2012. Use the single-step format, with all revenues listed together and all expenses listed together.2. Prepare Classic Reserve’s
Use the Rolling Hills data from Problem 14-27A.Requirements1. Prepare the 2012 statement of cash flows by the direct method.2. How will what you learned in this problem help you evaluate an investment?
To prepare the statement of cash flows, accountants for E-Mobile, Inc., have summarized 2012 activity in the Cash account as follows:Requirement1. Prepare E-Mobile€™s statement of cash flows for the year ended December 31, 2012, using the direct method to report operatingactivities.
KSG, Inc., accountants have developed the following data from the company’s accounting records for the year ended June 30, 2012:(a) Purchase of plant assets, $57,400.(b) Cash receipt from issuance of notes payable, $48,100.(c) Payments of notes payable, $45,000.(d) Cash receipt from sale of plant
Use the National Reserve Rare Coins data from Problem 14-28B.Requirements1. Prepare National Reserve Rare Coins’ income statement for the year ended December 31, 2012. Use the single-step format, with all revenues listed together and all expenses listed together.2. Prepare National Reserve’s
Use the All Wired data from Problem 14-31B.Requirements1. Prepare the 2012 statement of cash flows by the direct method.2. How will what you learned in this problem help you evaluate an investment?
To prepare the statement of cash flows, accountants for I-M-Mobile, Inc., have summarized 2012 activity in the Cash account as follows:Requirement1. Prepare I-M-Mobile€™s statement of cash flows for the year ended December 31, 2012, using the direct method to report operatingactivities.
The 2012 comparative balance sheet and income statement of Appleton Group, Inc., follow. Appleton had no noncash investing and financing transactions during 2012.Requirement1. Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the
Review the data from P14-27A.Requirement1. Prepare the spreadsheet for Rolling Hills€™ 2012 statement of cash flows. Format cash flows from operating activities by the indirectmethod.
The 2012 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro had no noncash investing and financing transactions during 2012.Requirement1. Prepare the spreadsheet for the 2012 statement of cash flows. Format cash flows from operating activities by the
Review the data from P14-31B.Requirement1. Prepare the spreadsheet for All Wired€™s 2012 statement of cash flows. Format cash flows from operating activities by the indirectmethod.
McCormick, Corp., reported the following on its comparative income statement:Requirement1. Prepare a horizontal analysis of revenues and gross profit€”both in dollar amounts and in percentages€”for 2012 and2011.
Mariner, Corp., reported the following revenues and net income amounts:Requirements1. Calculate Mariner€™s trend analysis for revenues and net income. Use 2010 as the base year, and round to the nearest percent.2. Which measure increased faster during2011€“2013?
Tri-State Optical Company reported the following amounts on its balance sheet at December 31, 2012 and 2011:Requirement1. Prepare a vertical analysis of Tri-State assets for 2012 and2011.

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