New Semester Started Get 50% OFF Study Help! --h --m --s Claim Now

Question Answers

Textbooks

Find textbooks, questions and answers

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Study Help
Tutors
AI Study Planner NEW
Sell Books

Search
Sign In
Register

study help
business
accounting

Intermediate Accounting 14th Edition Kieso, weygandt and warfield. - Solutions

At December 31, 2013, Hyasaki Corporation has the following account balances:Bonds payable, due January 1, 2021 ..........$2,000,000Discount on bonds payable ................88,000Interest payable ....................80,000Show how the above accounts should be presented on the December 31, 2013,
On January 1, 2013, Henderson Corporation retired $500,000 of bonds at 99. At the time of retirement, the unamortized premium was $15,000 and unamortized bond issue costs were $5,250. Prepare the corporation’s journal entry to record the reacquisition of the bonds.
Shonen Knife Corporation has elected to use the fair value option for one of its notes payable. The note was issued at an effective rate of 11% and has a carrying value of $16,000. At year-end, Shonen Knife’s borrowing rate has declined; the fair value of the note payable is now $17,500. (a)
Fallen Company commonly issues long-term notes payable to its various lenders. Fallen has had a pretty good credit rating such that its effective borrowing rate is quite low (less than 8% on an annual basis). Fallen has elected to use the fair value option for the long-term notes issued to
On December 31, 2012, the American Bank enters into a debt restructuring agreement with Barkley Company, which is now experiencing financial trouble. The bank agrees to restructure a 12%, issued at par, $3,000,000 note receivable by the following modifications:1. Reducing the principal obligation
Sabonis Cosmetics Co. purchased machinery on December 31, 2011, paying $50,000 down and agreeing to pay the balance in four equal installments of $40,000 payable each December 31. An assumed interest of 8% is implicit in the purchase price.InstructionsPrepare the journal entries that would be
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to P&G’s financial statements and the accompanying notes to answer the following questions.(a) What cash outflow obligations related
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) Compute the debt to total assets ratio and the times interest earned ratio for these two
The following article appeared in the Wall Street Journal.Bond MarketsGiant Commonwealth Edison Issue Hits Resale Market With $70 Million Left Over New York—Commonwealth Edison Co.’s slow-selling new 9¼% bonds were tossed onto the resale market at a reduced price with about $70 million still
The following information is taken from the 2012 annual report of Bugant, Inc. Bugant’s fiscal year ends December 31 of each year. Bugant’s December 31, 2012, balance sheet is as follows.Bugant, Inc.Balance SheetDecember 31, 2012AssetsCash .......................$ 450Inventory
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from its principal owner, Michelle Wie, and cash flows from operations. However, current expansion plans
In this simulation, you are asked to address questions related to the accounting for long-term liabilities. Prepare responses to allparts.
What is the required method of amortizing discount and premium on bonds payable? Explain the procedures.
What are the general rules for measuring and recognizing gain or loss by a debt extinguishment with modification?
On January 1, 2012, JWS Corporation issued $600,000 of 7% bonds, due in 10 years. The bonds were issued for $559,224, and pay interest each July 1 and January 1. Prepare the company’s journal entries for (a) The January 1 issuance, (b) The July 1 interest payment, and (c) The December 31
Assume the bonds in IFRS14-3 were issued for $644,636 and the effectiveinterest rate is 6%. Prepare the company’s journal entries for (a) The January 1 issuance, (b) The July 1 interest payment, and (c) The December 31 adjusting entry.
Foreman Company issued $800,000 of 10%, 20-year bonds on January 1, 2012, at 119.792 to yield 8%. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare the journal entries to record the following.(a) The issuance of the bonds.(b) The payment of interest and the related
Assume the same information as in IFRS14-5, except that the bonds were issued at 84.95 to yield 12%.InstructionsPrepare the journal entries to record the following. (Round to the nearest dollar.)(a) The issuance of the bonds.(b) The payment of interest and related amortization on July 1, 2012.(c)
Wie Company has been operating for just 2 years, producing specialty golf equipment for women golfers. To date, the company has been able to finance its successful operations with investments from its principal owner, Michelle Wie, and cash flows from operations. However, current expansion plans
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer. com/ documents/publications/2010/Annual_Report_2010.InstructionsRefer to M&S’s financial statements and the accompanying notes to answer the
What is meant by the term antidilution? Give an example.
How is antidilution determined when multiple securities are involved?
On January 1, 2012, Barwood Corporation granted 5,000 options to executives. Each option entitles the holder to purchase one share of Barwood’s $5 par value common stock at $50 per share at any time during the next 5 years. The market price of the stock is $65 per share on the date of grant. The
Refer to the data for Barwood Corporation in BE16-6. Repeat the requirements assuming that instead of options, Barwood granted 2,000 shares of restricted stock.
On January 1, 2012 (the date of grant), Lutz Corporation issues 2,000 shares of restricted stock to its executives. The fair value of these shares is $75,000, and their par value is $10,000. The stock is forfeited if the executives do not complete 3 years of employment with the company. Prepare
Werth Corporation earned $260,000 during a period when it had an average of 100,000 shares of common stock outstanding. The common stock sold at an average market price of $15 per share during the period. Also outstanding were 30,000 warrants that could be exercised to purchase one share of common
Derrick Company establishes a stock-appreciation rights program that entitles its new president, Dan Scott, to receive cash for the difference between the market price of the stock and a pre-established price of $30 (also market price) on January 1, 2011, on 40,000 SARs. The date of grant is
The following two items appeared on the Internet concerning the GAAP requirement to expense stock options.WASHINGTON, D.C.—February 17, 2005 Congressman David Dreier (R–CA), Chairman of the House Rules Committee, and Congresswoman Anna Eshoo (D–CA) reintroduced legislation today that will
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website,InstructionsRefer to P&G’s financial statements and accompanying notes to answer the following questions.(a) Under P&G’s stock-based compensation plan, stock options are granted
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What employee stock-option compensation plans are offered by Coca-Cola and PepsiCo?(b) How
Kellogg Company in its 2004 Annual Report in Note 1??Accounting Policies made the comment on page 962 about its accounting for employee stock options and other stock-based compensation. This was the annual report issued the year before the FASB mandated expensing stock options.Stock compensation
Sepracor, Inc., a drug company, reported the following information. The company prepares its financial statements in accordance with GAAP. 2007 (,000)Current liabilities ...........$ 554,114Convertible subordinated debt ......648,020Total liabilities ............1,228,313Stockholders’ equity
On January 1, 2011, Garner issued 10-year, $200,000 face value, 6% bonds at par. Each $1,000 bond is convertible into 30 shares of Garner $2 par value common stock. The company has had 10,000 shares of common stock (and no preferred stock) outstanding throughout its life. None of the bonds have
Richardson Company is contemplating the establishment of a share-based compensation plan to provide long-run incentives for its top management. However, members of the compensation committee of the board of directors have voiced some concerns about adopting these plans, based on news accounts
In this simulation, you are asked to address questions related to the accounting for stock options and earnings per share computations. Prepare responses to allparts.
Where can authoritative IFRS be found related to dilutive securities, stockbased compensation, and earnings per share?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for dilutive securities, stock-based compensation, and earnings per share.
Norman Co., a fast-growing golf equipment company, uses GAAP. It is considering the issuance of convertible bonds. The bonds mature in 10 years, have a face value of $400,000, and pay interest annually at a rate of 4%. The estimated fair value of the equity portion of the bond issue is $35,000.
Briefly discuss the convergence efforts that are under way by the IASB and FASB in the area of dilutive securities and earnings per share.
Explain how the conversion feature of convertible debt has a value (a) To the issuer and (b) To the purchaser.
What are the arguments for giving separate accounting recognition to the conversion feature of debentures?
Four years after issue, debentures with a face value of $1,000,000 and book value of $960,000 are tendered for conversion into 80,000 ordinary shares immediately after an interest payment date. At that time, the market price of the debentures is 104, and the ordinary shares are selling at $14 per
Archer Company issued $4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is $3,800,000. Prepare the journal entry to record the issuance of the convertible bonds.
Petrenko Corporation has outstanding 2,000 $1,000 bonds, each convertible into 50 shares of $10 par value ordinary shares. The bonds are converted on December 31, 2012. The bonds payable has a carrying value of $1,950,000 and conversion equity of $20,000. Record the conversion using the book value
Angela Corporation issues 2,000 convertible bonds at January 1, 2011. The bonds have a three-year life, and are issued at par with a face value of $1,000 per bond, giving total proceeds of $2,000,000. Interest is payable annually at 6 percent. Each bond is convertible into 250 ordinary shares (par
Assume the same information in IFRS16-11, except that Angela Corporation converts its convertible bonds on January 1, 2012.Instructions(a) Compute the carrying value of the bond payable on January 1, 2012.(b) Prepare the journal entry to record the conversion on January 1, 2012.(c) Assume that the
Assume that Sarazan Company has a share-option plan for top management. Each share option represents the right to purchase a $1 par value ordinary share in the future at a price equal to the fair value of the shares at the date of the grant. Sarazan has 5,000 share options outstanding, which were
Richardson Company is contemplating the establishment of a share-based compensation plan to provide long-run incentives for its top management. However, members of the compensation committee of the board of directors have voiced some concerns about adopting these plans, based on news accounts
The financial statements of Marks and Spencer plc (M&S) are available at the books’ companion website or can be accessed at corporate.marksandspencer. com/documents/publications/2010/Annual_Report_2010.InstructionsRefer to M&S’s financial statements and the accompanying notes to answer the
This comment appeared in the annual report of MacCloud Inc.: “The Company could pay cash or property dividends on the Class A common stock without paying cash or property dividends on the Class B common stock. But if the Company pays any cash or property dividends on the Class B common stock, it
Woolford Inc. declared a cash dividend of $1.00 per share on its 2 million outstanding shares. The dividend was declared on August 1, payable on September 9 to all stockholders of record on August 15. Prepare all journal entries necessary on those three dates.
During its first year of operations, Sitwell Corporation had the following transactions pertaining to its common stock. Jan. 10 Issued 80,000 shares for cash at $6 per share.Mar. 1 Issued 5,000 shares to attorneys in payment of a bill for $35,000 for services rendered in helping the company to
Abernathy Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2 per share. The following stock transactions were completed during the first year.Jan. 10 Issued
Twenty-five thousand shares reacquired by Pierce Corporation for $48 per share were exchanged for undeveloped land that has an appraised value of $1,700,000. At the time of the exchange, the common stock was trading at $60 per share on an organized exchange.Instructions(a) Prepare the journal entry
Fogelberg Corporation is a regional company which is an SEC registrant. The corporation’s securities are thinly traded on NASDAQ (National Association of Securities Dealers Quotes). Fogelberg has issued 10,000 units. Each unit consists of a $500 par, 12% subordinated debenture and 10 shares of $5
Hartman Inc. issues 500 shares of $10 par value common stock and 100 shares of $100 par value preferred stock for a lump sum of $100,000.Instructions(a) Prepare the journal entry for the issuance when the market price of the common shares is $168 each and market price of the preferred is $210
Loxley Corporation is authorized to issue 50,000 shares of $10 par value common stock. During 2012, Loxley took part in the following selected transactions.1. Issued 5,000 shares of stock at $45 per share, less costs related to the issuance of the stock totaling $7,000.2. Issued 1,000 shares of
Davison Inc. recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had learned earlier about corporation accounting. During the first month, he made the following entries for the
For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders?? equity data at December 31 in millions. Instructions(a) Answer the following questions.(1) What is the par value of the common stock?(2) What is the cost per share of treasury stock at December
The following are selected transactions that may affect stockholders?? equity.1. Recorded accrued interest earned on a note receivable.2. Declared and distributed a stock split.3. Declared a cash dividend.4. Recorded a retained earnings restriction.5. Recorded the expiration of insurance coverage
The following information has been taken from the ledger accounts of Sampras Corporation.Total income since incorporation ...........$287,000Total cash dividends paid ...............60,000Total value of stock dividends distributed ........40,000Gains on treasury stock transactions
Shown below is the liabilities and stockholders?? equity section of the balance sheet for Ingalls Company and Wilder Company. Each has assets totaling $4,200,000. For the year, each company has earned the same income before interest and taxes. At year-end, the market price of Ingalls??s stock
Presented below is information from the annual report of Potter Plastics, Inc.Operating income .........$ 532,150Bond interest expense .........135,000.........397,150Income taxes ...........183,432Net income ...........$ 213,718Bonds payable ..........$1,500,000Common stock
Johnstone Inc. began operations in January 2011 and reported the following results for each of its 3 years of operations.2011 $260,000 net loss 2012 $40,000 net loss 2013 $700,000 net incomeAt December 31, 2013, Johnstone Inc. capital accounts were as follows.6% cumulative preferred stock, par
On January 5, 2012, Phelps Corporation received a charter granting the right to issue 5,000 shares of $100 par value, 8% cumulative and nonparticipating preferred stock, and 50,000 shares of $10 par value common stock. It then completed these transactions. Jan. 11 Issued 20,000 shares of common
Hatch Company has two classes of capital stock outstanding: 8%, $20 par preferred and $5 par common. At December 31, 2012, the following accounts were included in stockholders’ equity.Preferred Stock, 150,000 shares ............$ 3,000,000Common Stock, 2,000,000 shares ..........10,000,000Paid-in
The following is a summary of all relevant transactions of Vicario Corporation since it was organized in 2012. In 2012, 15,000 shares were authorized and 7,000 shares of common stock ($50 par value) were issued at a price of $57. In 2013, 1,000 shares were issued as a stock dividend when the stock
Earnhart Corporation has outstanding 3,000,000 shares of common stock of a par value of $10 each. The balance in its Retained Earnings account at January 1, 2012, was $24,000,000, and it then had Paid-in Capital in Excess of Par—Common Stock of $5,000,000. During 2012, the company’s net income
Lois Kenseth, president of Sycamore Corporation, is concerned about several large stockholders who have been very vocal lately in their criticisms of her leadership. She thinks they might mount a campaign to have her removed as the corporation’s CEO. She decides that buying them out by purchasing
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to these financial statements and the accompanying notes to answer the following questions.(a) What is the par or stated value of
The Coca-Cola Company and PepsiCo, Inc.InstructionsGo to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) What is the par or stated value of Coca-Cola’s and PepsiCo’s common or capital
Kellogg Company is the world??s leading producer of ready-to-eat cereal products. In recent years, the company has taken numerous steps aimed at improving its profitability and earnings per share. Presented below are some basic facts for Kellogg. Instructions(a) What are some of the reasons that
The following note related to stockholders’ equity was reported in Wiebold, Inc.’s annual report.On February 1, the Board of Directors declared a 3-for-2 stock split, distributed on February 22 to shareholders of record on February 10. Accordingly, all numbers of common shares, except unissued
On January 1, 2012, Agassi Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 60,000 shares issued and outstanding) ....$600,000Paid-in Capital in Excess of Par ......................500,000Retained Earnings .........................620,000During 2012, the
Recall from Chapter 13 that Hincapie Co. (a specialty bike-accessory manufacturer) is expecting growth in sales of some products targeted to the low-price market. Hincapie is contemplating a preferred stock issue to help finance this expansion in operations. The company is leaning toward
In this simulation, you are asked to address questions related to the accounting for stockholders, equity. Prepare responses to allparts.
Where can authoritative IFRS guidance related to stockholders’ equity be found?
Briefly describe some of the similarities and differences between GAAP and IFRS with respect to the accounting for stockholders’ equity.
Briefly discuss the implications of the financial statement presentation project for the reporting of stockholders’ equity
Mary Tokar is comparing a GAAP-based company to a company that uses IFRS. Both companies report equity investments. The IFRS company reports unrealized losses on these investments under the heading “Reserves” in its equity section. However, Mary can find no similar heading in the GAAP-based
Explain each of the following terms: authorized ordinary shares, unissued ordinary shares, issued ordinary shares, outstanding ordinary shares, and treasury shares.
Indicate how each of the following accounts should be classified in the equity section.(a) Share Capital—Ordinary(b) Retained Earnings(c) Share Premium—Ordinary(d) Treasury Shares(e) Share Premium—Treasury(f) Share Capital—Preference(g) Accumulated Other Comprehensive Income
Kaymer Corporation issued 300 shares of $10 par value ordinary shares for $4,500. Prepare Kaymer’s journal entry.
Wilco Corporation has the following account balances at December 31, 2012.Share capital—ordinary, $5 par value ....$ 510,000Treasury shares ..............90,000Retained earnings ............2,340,000Share premium—ordinary ..........1,320,000InstructionsPrepare Wilco’s December 31, 2012,
Ravonette Corporation issued 300 shares of $10 par value ordinary shares and 100 shares of $50 par value preference shares for a lump sum of $13,500. The ordinary shares have a market price of $20 per share, and the preference shares have a market price of $90 per share.InstructionsPrepare the
Weisberg Corporation has 10,000 shares of $100 par value, 6%, preference shares and 50,000 ordinary shares of $10 par value outstanding at December 31, 2012.InstructionsAnswer the questions in each of the following independent situations.(a) If the preference shares are cumulative and dividends
Teller Corporation??s post-closing trial balance at December 31, 2012, was as follows. At December 31, 2012, Teller had the following number of ordinary and preference shares. The dividends on preference shares are $4 cumulative. In addition, the preference shares have a preference in liquidation
Recall from Chapter 13 that Hincapie Co. (a specialty bike-accessory manufacturer) is expecting growth in sales of some products targeted to the low-price market. Hincapie is contemplating a preference share issue to help finance this expansion in operations. The company is leaning toward
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at corporate.marksandspencer. com/documents/publications/2010/Annual_Report_2010.InstructionsRefer to M&S’s financial statements and the accompanying notes to answer the
Belanna Corporation began operations on December 1, 2012. The only inventory transaction in 2012 was the purchase of inventory on December 10, 2012, at a cost of $20 per unit. None of this inventory was sold in 2012. Relevant information is as follows. During the year, the following purchases and
Englehart Company sells two types of pumps. One is large and is for commercial use. The other is smaller and is used in residential swimming pools. The following inventory data is available for the month of March. Accounting(a) Assuming Englehart uses a periodic inventory system, determine the
In conducting year-end inventory counts, your audit team is debating the impact of the client’s right of return policy both on inventory valuation and revenue recognition. The assistant controller argues that there is no need to worry about the return policies since they have not changed in a
In this simulation, you are asked to address questions regarding inventory valuation and measurement. Prepare responses to allparts.
T J International was founded in 1969 as Trus Joist International. The firm, a manufacturer of specialty building products, has its headquarters in Boise, Idaho. The company, through its partnership in the Trus Joist MacMillan joint venture, develops and manufactures engineered lumber. This product
Noven Pharmaceuticals, Inc., headquartered in Miami, Florida, describes itself in a recent annual report as follows.Noven Pharmaceuticals, Inc.Noven is a place of ideas—a company where scientific excellence and state-of-the-art manufacturing combine to create new answers to human needs. Our
SUPERVALU reported the following data in its annual report. (a) Compute SUPERVALU's inventory turnover ratios for 2009 and 2010, using:(1) Cost of sales and LIFO inventory.(2) Cost of sales and FIFO inventory.(b) Some firms calculate inventory turnover using sales rather than cost of goods sold
Explain the rationale for the ceiling and floor in the lower-of- cost-or-market method of valuing inventories.
What approaches may be employed in applying the lower-of-cost-or-market procedure? Which approach is normally used and why?
Kemper Company signed a long-term noncancelable purchase commitment with a major supplier to purchase raw materials in 2013 at a cost of $1,000,000. At December 31, 2012, the raw materials to be purchased have a market value of $950,000. Prepare any necessary December 31, 2012, entry.
In its 2010 annual report, Wal-Mart reported inventory of $33,160 million on January 31, 2010, and $34,511 million on January 31, 2009, cost of sales of $304,657 million for fiscal year 2010, and net sales of $405,046 million. Compute Wal-Mart’s inventory turnover and the average days to sell

Showing 5300 - 5400 of 107766

First
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
Last

Step by Step Answers

Services

Sitemap
Fun
Definitions
Become Tutor
Used Textbooks
Study Help Categories
Recent Questions
Expert Questions
Campus Wear
Sell Your Books

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship
Online Quiz
Give Feedback, Get Rewards

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Student Discount
Campus Ambassador

Secure Payment

Download Our App

© 2026 SolutionInn. All Rights Reserved