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Questions and Answers of Accounting

On December 1, Diaz Company introduces a new product that includes a one-year warranty on parts. In December, 1,000 units are sold. Management believes that 5% of the units will be defective and that
Cindy Neuer’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Cindy works 47 hours. Cindy’s federal income tax
Data for Cindy Neuer are presented in BE11-7. Prepare the journal entries to record(a) Cindy’s pay for the period and(b) The payment of Cindy’s wages. Use January 15 for the end of the pay period
In January, gross earnings in Vega Company totaled $70,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes.Prepare the entry to record
Rodriquez Company has the following payroll procedures.(a) Supervisor approves overtime work.(b) The human resources department prepares hiring authorization forms for new hires.(c) A second payroll
At Tagaci Company employees are entitled to one day’s vacation for each month worked. In January, 80 employees worked the full month. Record the vacation pay liability for January assuming the
You and several classmates are studying for the next accounting examination. They ask you to answer the following questions:1. If cash is borrowed on a $70,000, 9-month, 12% note on August 1, how
Moth Company has the following account balances at December 31, 2010.Notes payable ($60,000 due after 12/31/11) .. $100,000Unearned revenue ............. 70,000Other long-term debt ($90,000 due in
In January, gross earnings in Alexi Company were $60,000. All earnings are subject to 8% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.(a) Calculate
In January, the payroll supervisor determines that gross earnings for Bond Company are $110,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal
Rob Judson Company had the following transactions involving notes payable.July 1, 2010 Borrows $50,000 from Third National Bank by signing a 9-month, 12% note.Nov. 1, 2010 Borrows $60,000 from DeKalb
On June 1, Melendez Company borrows $90,000 from First Bank on a 6-month, $90,000, 12% note.Instructions(a) Prepare the entry on June 1.(b) Prepare the adjusting entry on June 30.(c) Prepare the
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.1. Warkentinne Company rings up sales and sales taxes separately on its cash
Guyer Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2010, Guyer sells 12,000 subscriptions beginning with the December
Hiatt Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Hiatt estimates that 3% of the units sold will become defective during the
Brad Hoey Co. is involved in a lawsuit as a result of an accident that took place September 5, 2010.The lawsuit was filed on November 1, 2010, and claims damages of $1,000,000.Instructions(a) At
Jewett Online Company has the following liability accounts after posting adjusting entries:Accounts Payable $63,000, Unearned Ticket Revenue $24,000, Estimated Warranty Liability $18,000, Interest
Kroger Co.’s 2007 financial statements contained the following data (in millions).Current assets ..... $ 6,755Accounts receivable .... $ 773Total assets ....... 21,215Interest expense .......
The following financial data were reported by 3M Company for 2006 and 2007 (dollars in millions). Instructions(a) Calculate the current ratio and working capital for 3M for 2006 and 2007.(b)
Joyce Kieffer’s regular hourly wage rate is $15, and she receives a wage of 11⁄2 times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period Joyce worked 42
Employee earnings records for Medenciy Company reveal the following gross earnings for four employees through the pay period of December 15.C. Ogle .... $93,500D. Delgado . $96,100L. Jeter ....
Alvamar Company has the following data for the weekly payroll ending January 31Employees are paid 11⁄2 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes
Selected data from a February payroll register for Gerfield Company are presented below. Some amounts are intentionally omitted FICA taxes are 8%. State income taxes are 3% of gross
According to a payroll register summary of Ruiz Company, the amount of employees’ gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not subject to
Cerner Company has two fringe benefit plans for its employees:1. It grants employees 2 days’ vacation for each month worked. Ten employees worked the entire month of March at an average daily wage
Serenity Corporation has 20 employees who each earn $120 a day. The following information is available.1. At December 31, Serenity recorded vacation benefits. Each employee earned 5 vacation days
On January 1, 2010, the ledger of Mane Company contains the following liability accounts.Accounts Payable ........ $52,000Sales Taxes Payable ..... 7,700Unearned Service Revenue ... 16,000During
The following are selected transactions of Winsky Company.Winsky prepares financial statements quarterly.Jan. 2 Purchased merchandise on account from Yokum Company, $30,000, terms 2/10, n/30.Feb. 1
A Del Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2010, are presentd
The following payroll liability accounts are included in the ledger of Armitage Company on January 1, 2010.FICA Taxes Payable ......... $760.00Federal Income Taxes Payable .... 1,204.60State Income
For the year ended December 31, 2010, Blasing Electrical Repair Company reports the following summary payroll data.Blasing Company’s payroll taxes are: FICA 8%, state unemployment 2.5% (due to a
On January 1, 2010, the ledger of Software Company contains the following liability accounts.Accounts Payable .... $30,000Sales Taxes Payable .... 5,000Unearned Service Revenue . 12,000During January
The following are selected transactions of Donn Company. Donn prepares financial statements quarterly.Jan. 2 Purchased merchandise on account from Stein Company, $20,000, terms 2/10, n/30.Feb. 1
John’s Drug Store has four employees who are paid on an hourly basis plus time-and a half for all hours worked in excess of 40 a week. Payroll data for the week ended February 15, 2010, are shown
The following payroll liability accounts are included in the ledger of Pettibone Company on January 1, 2010.FICA Taxes Payable ....... $ 540Federal Income Taxes Payable .... 1,100State Income Taxes
For the year ended December 31, 2010, L. Ullman Company reports the following summary payroll data.1. Ullman Company’s payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable
The financial statements of PepsiCo, Inc. and the Notes to Consolidated Financial Statements appear in Appendix A.InstructionsRefer to PepsiCo’s financial statements and answer the following
PepsiCo, Inc.’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) At December 29, 2007, what was
The Internal Revenue Service provides considerable information over the Internet.The following site answers payroll tax questions faced by employers.Steps1. Go to the site shown above.2. Choose View
Kensingtown Processing Company provides word-processing services for business clients and students in a university community. The work for business clients is fairly steady throughout the year. The
Jack Quaney, president of the Ramsberg Company, has recently hired a number of additional employees. He recognizes that additional payroll taxes will be due as a result of this hiring, and that the
Daniel Longan owns and manages Daniel’s Restaurant, a 24-hour restaurant near the city’s medical complex. Daniel employs 9 full-time employees and 16 part-time emplyees. He pays all of the
As indicated in the All About You on page 506, medical costs are substantial and rising. But will they be the most substantial expense over your lifetime? Not likely. Will it be housing or food?
(a) What are long-term liabilities? Give three examples.(b) What is a bond?
(a) As a source of long-term financing, what are the major advantages of bonds over common stock?(b) What are the major disadvantages in using bonds for long-term financing?
Contrast the following types of bonds:(a) Secured and unsecured,(b) Term and serial,(c) Registered and bearer, and(d) Convertible and callable.
The following terms are important in issuing bonds:(a) Face value,(b) Contractual interest rate,(c) Bond indenture, and(d) Bond certificate. Explain each of these terms
Which accounts are debited and which are credited if a bond issue originally sold at a premium is redeemed before maturity at 97 immediately following the payment of interest?
Henricks Corporation is considering issuing a convertible bond. What is a convertible bond? Discuss the advantages of a convertible bond from the standpoint of(a) The bondholders and(b) The issuing
Tim Brown, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 10.5%, 20-year mortgage, payable at $998.38 per month. At the end of the
(a) What is a lease agreement?(b) What are the two most common types of leases?(c) Distinguish between the two types of leases.
In general, what are the requirements for the financial statement presentation of long-term liabilities?
Laura Hiatt is discussing the advantages of the effective interest method of bond amortization with her accounting staff. What do you think Laura is saying?
Markham Corporation issues $500,000 of 9%, 5-year bonds on January 1, 2010, at 104. If Markham uses the effective-interest method in amortizing the premium, will the annual interest expense increase
Tina Cruz and Dale Commons are discussing how the market price of a bond is determined. Tina believes that the market price of a bond is solely a function of the amount of the principal payment at
Explain the straight-line method of amortizing discount and premium on bonds payable.
DeWeese Corporation issues $400,000 of 8%, 5-year bonds on January 1, 2010, at 105. Assuming that the straight-line method is used to amortize the premium, what is the total amount of interest
Mareska Inc. is considering two alternatives to finance its construction of a new $2 million plant. (a) Issuance of 200,000 shares of common stock at the market price of $10 per share. (b) Issuance
Pruitt Corporation issued 3,000, 8%, 5-year, $1,000 bonds dated January 1, 2010, at 100.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2010.(b) Prepare the journal
Ratzlaff Company issues $2 million, 10-year, 8% bonds at 97, with interest payable onJuly 1 and January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2010.(b)
Halloway Company has issued three different bonds during 2010. Interest is payable semiannually on each of these bonds.1. On January 1, 2010, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2010,
The balance sheet for Lemay Company reports the following information on July 1, 2010. Lemay decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to
Pickeril Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2010, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the
Prepare the journal entries that the lessee should make to record the following transactions.1. The lessee makes a lease payment of $80,000 to the less or in an operating lease transaction.2. Veatch
Presented below are long-term liability items for Molini Company at December 31, 2010. Prepare the long-term liabilities section of the balance sheet for Molini Company.Bonds payable, due 2012 ...
(a) What is the present value of $10,000 due 8 periods from now, discounted at 10%?(b) What is the present value of $20,000 to be received at the end of each of 6 periods, discounted at 8%?
Presented below is the partial bond discount amortization schedule for Morales Corp. Morales uses the effective-interest method of amortization. Instructions(a) Prepare the journal entry to record
Deane Company issues $5 million, 10-year, 9% bonds at 96, with interest payable on July 1 and January 1.The straight-line method is used to amortize bond discount.(a) Prepare the journal entry to
Coates Inc. issues $3 million, 5-year, 10% bonds at 102, with interest payable on July 1 and January 1.The straight-line method is used to amortize bond premium.(a) Prepare the journal entry to
State whether each of the following statements is true or false.1. Mortgage bonds and sinking fund bonds are both examples of debenture bonds.2. Convertible bonds are also known as callable bonds.3.
Goliath Corporation issues $300,000 of bonds for $312,000.(a) Prepare the journal entry to record the issuance of the bonds, and(b) Show how the bonds would be reported on the balance sheet at the
Hucklebuckers Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $390,000, the company retired the bonds at 99. Prepare the entry
Nitro-Sort Corporation issues a $350,000, 6%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for semiannual payments of $17,857 each. Prepare the entries to record the
James Morrison Corporation leases new equipment on December 31, 2010. The lease transfers ownership of the equipment to James Morrison at the end of the lease. The present value of the lease payments
Jim Thome has prepared the following list of statements about bonds.1. Bonds are a form of interest-bearing notes payable.2. When seeking long-term financing, an advantage of issuing bonds over
Northeast Airlines is considering two alternatives for the financing of a purchase of a fleet of airplanes. These two alternatives are:1. Issue 60,000 shares of common stock at $45 per share. (Cash
On January 1, Neuer Company issued $500,000, 10%, 10-year bonds at face value.Interest is payable semiannually on July 1 and January 1.InstructionsPresent journal entries to record the following.(a)
On January 1, Flory Company issued $300,000, 8%, 5-year bonds at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare journal entries to record the following
Jaurez Company issued $400,000 of 9%, 10-year bonds on January 1, 2010, at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare the journal entries to record the
Nocioni Company issued $1,000,000 of bonds on January 1, 2010.Instructions(a) Prepare the journal entry to record the issuance of the bonds if they are issued at (1) 100, (2), 98, and (3) 103.(b)
Deng Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2010. The bonds pay interest twice a year.Instructions(a) (1) Prepare the journal entry to record the issuance of the bonds.(2)
The following section is taken from Budke Corp.’s balance sheet at December 31, 2009. Current liabilities Bond interest payable ............ $ 72,000Long-term liabilities Bonds payable, 9%, due
Presented below are three independent situations.1. Sigel Corporation retired $130,000 face value, 12% bonds on June 30, 2010, at 102.The carrying value of the bonds at the redemption date was
Leoni Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2010. The terms provide for semiannual installment payments
TPo1 Company borrowed $300,000 on January 1, 2010, by issuing a $300,000, 8% mortgage note payable. The terms call for semiannual installment payments of $20,000 on June 30 and December
Presented below are two independent situations.1. Speedy Car Rental leased a car to Mayfield Company for one year. Terms of the operating lease agreement call for monthly payments of $500.2. On
The adjusted trial balance for Gilligan Corporation at the end of the current year contained the following accounts.Bond Interest Payable $ 9,000Lease Liability 89,500Bonds Payable, due 2015
Seven Corporation reports the following amounts in their 2010 financial statementsInstructions(a) Compute the December 31, 2010, balance in stockholders’ equity.(b) Compute the debt to total assets
Banzai Corporation is issuing $200,000 of 8%, 5-year bonds when potential bond investors want a return of 10%. Interest is payable semiannually.InstructionsCompute the market price (present value) of
Hrabik Corporation issued $600,000, 9%, 10-year bonds on January 1, 2010, for$562,613.This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1
Siburo Company issued $300,000, 11%, 10-year bonds on January 1, 2010, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1
Patino Company issued $400,000, 9%, 20-year bonds on January 1, 2010, at 103. Interest is payable semiannually on July 1 and January 1. Patino uses straight-line amortization for bond premium or
Joseph Company issued $800,000, 11%, 10-year bonds on December 31, 2009, for $730,000. Interest is payable semiannually on June 30 and December 31. Joseph Company uses the straight-line method to
On May 1, 2010, Newby Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2010, and pay interest semiannually on May 1 and November 1. Financial statements are
Kusmaul Electric sold $500,000, 10%, 10-year bonds on January 1, 2010. The bonds were dated January 1 and paid interest on January 1 and July 1.The bonds were sold at 104.Instructions(a) Prepare the
Fordyce Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2009. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide
Presented on the next page are three different lease transactions that occurred for Kear Inc. in 2010. Assume that all lease contracts start on January 1, 2010. In no case does Kear receive title to
On July 1, 2010, Atwater Corporation issued $2,000,000 face value, 10%, 10-year bonds at $2,271,813.This price resulted in an effective-interest rate of 8% on the bonds. Atwater uses the
On July 1, 2010, Rossillon Company issued $4,000,000 face value, 8%, 10-year bonds at $3,501,514.This price resulted in an effective-interest rate of 10% on the bonds Rossill on uses the
A Soprano Electric sold $3,000,000, 10%, 10-year bonds on January 1, 2010. The bonds were dated January 1 and pay interest July 1 and January 1. Soprano Electric uses the straight line method to

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