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Accounting Principles 10th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions
Bluebell Orchard 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 mortgage loan and the first installment payment.
Seipple Corporation leases new equipment on December 31, 2012. The lease transfers ownership of the equipment to Seipple at the end of the lease. The present value of the lease payments is $192,000. After recording this lease, Seipple has assets of $1,800,000, liabilities of $1,100,000, and
Jeff Bly 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 issuing common stock is that stockholder control is not affected.3. When seeking long-term financing, an
Bohlander 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 dividends have not been paid nor is the payment of any contemplated).2. Issue 10%, 10-year bonds at
On January 1, Camel Cove 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) The issuance of the bonds.(b) The payment of interest on July 1, assuming that interest was
On January 1, Borgstrom 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 events.(a) The issuance of the bonds.(b) The payment of interest on July 1, assuming no previous
Reffue Company issued $400,000 of 9%, 10-year bonds on January 1, 2012, at face value. Interest is payable semiannually on July 1 and January 1.InstructionsPrepare the journal entries to record the following events.(a) The issuance of the bonds.(b) The payment of interest on July 1, assuming no
Pas Company issued $1,000,000 of bonds on January 1, 2012.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) Prepare the journal entry to record the retirement of the bonds at maturity, assuming the bonds were issued
Jacobson Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2012. The bonds pay interest twice a year.Instructions(a) (1) Prepare the journal entry to record the issuance of the bonds.(2) Compute the total cost of borrowing for these bonds.(b) Repeat the requirements from part (a),
The following section is taken from Koster Corp.’s balance sheet at December 31, 2011.Current liabilitiesInterest payable………………………………….. $ 72,000Long-term liabilitiesBonds payable, 9%, due January 1, 2016……….1,600,000Bond interest is payable semiannually on
Presented below are three independent situations.1. Wakarusa Corporation retired $130,000 face value, 12% bonds on June 30, 2012, at 102. The carrying value of the bonds at the redemption date was $117,500. The bonds pay semiannual interest, and the interest payment due on June 30, 2012, has been
Bay Front Co. receives $240,000 when it issues a $240,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2012. The terms provide for semiannual installment payments of $20,000 on June 30 and December 31.InstructionsPrepare the journal entries to record the
Amethyst Company borrowed $300,000 on January 1, 2012, by issuing a $300,000, 8% mortgage note payable. The terms call for semiannual installment payments of $20,000 on June 30 and December 31.Instructions(a) Prepare the journal entries to record the mortgage loan and the first two installment
Presented below are two independent situations.1. Sunny Isles Car Rental leased a car to Emmaus Company for one year. Terms of the operating lease agreement call for monthly payments of $500.2. On January 1, 2012, Wruck Inc. entered into an agreement to lease 20 computers from Braskich Electronics.
The adjusted trial balance for Olde Farm Corporation at the end of the current year contained the following accounts.Interest Payable........... $ 9,000Lease Liability..............89,500Bonds Payable, due 2017....... 180,000Premium on Bonds Payable........ 32,000InstructionsPrepare the long-term
Brasswood Corporation reports the following amounts in its 2012 financial statements: Instructions(a) Compute the December 31, 2012, balance in stockholders?? equity.(b) Compute the debt to total assets ratio at December 31, 2012.(c) Compute times interest earned for2012.
Brislin 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 the bonds.
Hoboken Corporation issued $600,000, 9%, 10-year bonds on January 1, 2012, for $562,613. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. Hoboken uses the effective-interest method to amortize bond premium or
WJTY Company issued $300,000, 11%, 10-year bonds on January 1, 2012, for $318,694. This price resulted in an effective-interest rate of 10% on the bonds. Interest is payable semiannually on July 1 and January 1. WJTY uses the effective-interest method to amortize bond premium or
Caruba Company issued $400,000, 9%, 20-year bonds on January 1, 2012, at 103. Interest is payable semiannually on July 1 and January 1. Caruba uses straight-line amortization for bond premium or discount.InstructionsPrepare the journal entries to record the following.(a) The issuance of the
Caygill Company issued $800,000, 11%, 10-year bonds on December 31, 2011, for $730,000. Interest is payable semiannually on June 30 and December 31. Caygill Company uses the straight-line method to amortize bond premium or discount.InstructionsPrepare the journal entries to record the following.(a)
On May 1, 2012, Chance Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2012, and pay interest semiannually on May 1 and November 1. Financial statements are prepared annually on December 31.Instructions(a) Prepare the journal entry to record the issuance of the
Cherney Electric sold $500,000, 10%, 10-year bonds on January 1, 2012. 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 journal entry to record the issuance of the bonds on January 1, 2012.(b) At December 31, 2012, the
Dutch Hollow Electronics issues a $400,000, 8%, 10-year mortgage note on December 31, 2011. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for semiannual installment payments, exclusive of real estate taxes and insurance, of $29,433.
Presented below are three different lease transactions that occurred for Manitoba Inc. in 2012. Assume that all lease contracts start on January 1, 2012. In no case does Manitoba receive title to the properties leased during or at the end of the lease term. Instructions(a) Which of the leases are
Brown Deer Electric sold $3,000,000, 10%, 10-year bonds on January 1, 2012. The bonds were dated January 1 and pay interest July 1 and January 1. Brown Deer Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 104. Assume no interest is accrued on June
Canyon Run Company sold $2,500,000, 8%, 10-year bonds on July 1, 2012. The bonds were dated July 1, 2012, and pay interest July 1 and January 1. Canyon Run Company uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30.Instructions(a) Prepare
The following is taken from the Gajda Company balance sheet. Interest is payable semiannually on January 1 and July 1. The bonds are callable on any semiannual interest date. Gajda uses straight-line amortization for any bond premium or discount. From December 31, 2012, the bonds will be
On June 1, 2012, Lublin Corp. issued $2,000,000, 9%, 5-year bonds at face value. The bonds were dated June 1, 2012, and pay interest semiannually on June 1 and December 1. Financial statements are prepared annually on December 31.Instructions(a) Prepare the journal entry to record the issuance of
Petoskey Co. sold $800,000, 9%, 10-year bonds on January 1, 2012. The bonds were dated January 1, and interest is paid on January 1 and July 1. The bonds were sold at 105.Instructions(a) Prepare the journal entry to record the issuance of the bonds on January 1, 2012.(b) At December 31, 2012, the
Giordano’s Electronics issues a $600,000, 8%, 10-year mortgage note on December 31, 2012, to help finance a plant expansion program. The terms provide for semiannual installment payments, not including real estate taxes and insurance, of $44,149. Payments are due June 30 and December
Presented below are three different lease transactions in which Kristi Enterprises engaged in 2012. Assume that all lease transactions start on January 1, 2012. In no case does Kristi receive title to the properties leased during or at the end of the lease term. Instructions(a) Identify the leases
On July 1, 2012, Dacotah Chemical Company issued $4,000,000 face value, 10%, 10-year bonds at $4,543,627. This price resulted in an 8% effective-interest rate on the bonds. Dacotah uses the effective-interest method to amortize bond premium or discount. The bonds pay semiannual interest on each
Somonauk Company sold $6,000,000, 9%, 20-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on January 1 and July 1. Somonauk Company uses the straight-line method to amortize bond premium or discount. The bonds were sold at 96. Assume no interest is accrued on
Gabriel Corporation sold $4,000,000, 8%, 10-year bonds on January 1, 2012. The bonds were dated January 1, 2012, and pay interest on July 1 and January 1. Gabriel Corporation uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30.Instructions(a)
The following is taken from the Kijak Corp. balance sheet.Interest is payable semiannually on January 1 and July 1. The bonds are callable on any semiannual interest date. Kijak uses straight-line amortization for any bond premium or discount. From December 31, 2012, the bonds will be outstanding
Nordham Corporation?s trial balance at December 31, 2012, is presented below. All 2012 transactions have been recorded except for the items described below. Unrecorded transactions 1. On January 1, 2012, Nordham issued 1,000 shares of $20 par, 6% preferred stock for $22,000. 2. On January 1,
Natalie and Curtis have been experiencing great demand for their cookies and muffins. As a result, they are now thinking about buying a commercial oven. They know which oven they want and how much it will cost. They have some cash set aside for the purchase and will need to borrow the rest. They
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin.cfm to log in and prepare responses to the following:(a) What is the long-term obligation?(b) What guidance does the Codification provide for the disclosure of long-term obligations?
The financial statements of Zetar plc are presented on Appendix C. The company’s complete annual report, including the notes to its financial statements, is available atwww.zetarplc.com.InstructionsUse the company’s annual report to answer the following questions.(a) According to the notes to
How is a deceased partner's equity determined?
Eustace Scrubb and Will Poulter decide to organize the ALL-Star partnership. Scrubb invests $15,000 cash, and Poulter contributes $10,000 cash and equipment having a book value of $3,500. Prepare the entry to record Poulter’s investment in the partnership, assuming the equipment has a fair value
Rhince and Rynelf decide to merge their proprietorships into a partnership calledDawn Treader Company. The balance sheet of Rynelf Co. shows: The partners agree that the net realizable value of the receivables is $13,500 and that the fair value of the equipment is $11,000. Indicate how the
Pug Bern Co. reports net income of $70,000. The income ratios are Pug 60% and Bern 40%. Indicate the division of net income to each partner, and prepare the entry to distribute the net income.
SDT Co. reports net income of $55,000. Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. Indicate the division of net income to each partner, assuming the income ratio is 50 : 30 : 20, respectively.
Lill & Dil Co. reports net income of $28,000. Interest allowances are Lill $7,000 and Dil $5,000; salary allowances are Lill $15,000 and Dil $10,000; the remainder is shared equally. Show the distribution of income on the income statement.
After liquidating non-cash assets and paying creditors, account balances in the Kidz Co. are Cash $19,000, A Capital (Cr.) $8,000, B Capital (Cr.) $7,000, and C Capital (Cr.) $4,000. The partners share income equally. Journalize the final distribution of cash to the partners.
Beta Co. capital balances are: Ace $30,000, Bly $25,000, and Gumpus $20,000. The partners share income equally. Rhoop is admitted to the firm by purchasing one-half of Gumpus’s interest for $13,000. Journalize the admission of Rhoop to the partnership.
In Coriakin Co., capital balances are Gael $40,000 and Nausus $50,000. The partners share income equally. Slaver is admitted to the firm with a 45% interest by an investment of cash of $52,000. Journalize the admission of Slaver.
Capital balances in Midway Co. are Mirko $40,000, Neil $30,000, and Grillini $18,000. Mirko and Neil each agree to pay Grillini $12,000 from their personal assets. Mirko and Neil each receive 50% of Grillini’s equity. The partners share income equally. Journalize the withdrawal of Grillini.
Data pertaining to Midway Co. are presented in BE12-9. Instead of payment from personal assets, assume that Grillini receives $24,000 from partnership assets in withdrawing from the firm. Journalize the withdrawal of Grillini.
David Tennant has prepared the following list of statements about partnerships.1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit.2. The legal requirements for forming a partnership can be quite burdensome.3. A partnership is not an entity
K. Billie, S. Piper, and E. Rose are forming a partnership. Billie is transferring $50,000 of personal cash to the partnership. Piper owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Rose transfers to the partnership cash of $9,000, accounts
Rose Tyler has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Tyler and Sigma. Tyler’s investment in the partnership consists of $12,000 in cash, and the following assets of the proprietorship:
Martha and Jones have capital balances on January 1 of $50,000 and $40,000, respectively. The partnership income-sharing agreement provides for(1) Annual salaries of $20,000 for Martha and $12,000 for Jones,(2) Interest at 10% on beginning capital balances, and(3) Remaining income or loss to be
Aikman (beginning capital, $60,000) and Rory (beginning capital $90,000) are partners. During 2012, the partnership earned net income of $70,000, and Aikman made drawings of $18,000 while Rory made drawings of $24,000.Instructions(a) Assume the partnership income-sharing agreement calls for income
David, Matt, and Chris are forming The Doctor Partnership. David is transferring $30,000 of personal cash and equipment worth $25,000 to the partnership. Matt owns land worth $18,000 and a small building worth $75,000, which he transfers to the partnership. There is a long-term mortgage of $20,000
The Freema Company at December 31 has cash $20,000, non-cash assets $100,000, liabilities $55,000, and the following capital balances: Dalek $45,000 and Briggs $20,000. The firm is liquidated, and $110,000 in cash is received for the non-cash assets. Dalek and Briggs income ratios are 60% and 40%,
Data for The Freema Company are presented in E12-8.InstructionsPrepare the entries to record:(a) The sale of non-cash assets.(b) The allocation of the gain or loss on realization to the partners.(c) Payment of creditors.(d) Distribution of cash to the partners.
K. Gillan, C. Coduri, and C. Tate share income on a 5 : 3 : 2 basis. They have capital balances of $30,000, $26,000, and $18,000, respectively, when Cap Harkness is admitted to the partnership.InstructionsPrepare the journal entry to record the admission of Cap Harkness under each of the following
S. Noble and T. Wells share income on a 6 : 4 basis. They have capital balances of $100,000 and $70,000, respectively, when W. Trinity is admitted to the partnership.InstructionsPrepare the journal entry to record the admission of W. Trinity under each of the following assumptions.(a) Investment of
N. Clark, C. Camille, and C. Eccleston have capital balances of $50,000, $40,000, and $32,000, respectively. Their income ratios are 5 : 3 : 2. Eccleston withdraws from the partnership under each of the following independent conditions.1. Clark and Camille agree to purchase Eccleston’s equity by
B. Edwards, J. King, and N. Pegg have capital balances of $95,000, $75,000, and $60,000, respectively. They share income or loss on a 5 : 3 : 2 basis. Pegg withdraws from the partnership under each of the following conditions.1. Pegg is paid $68,000 in cash from partnership assets, and a bonus is
Carl, Barrowman, and Cribbins are partners who share profits and losses 50%, 30%, and 20%, respectively. Their capital balances are $100,000, $60,000, and $40,000, respectively.Instructions(a) Assume Darvill joins the partnership by investing $80,000 for a 25% interest with bonuses to the existing
The post-closing trial balances of two proprietorships on January 1, 2012, are presented below. Williams and Jones decide to form a partnership, Wijo Company, with the following agreed upon valuations for non-cash assets. All cash will be transferred to the partnership, and the partnership will
At the end of its first year of operations on December 31, 2012, LAD Company?s accounts show the following. The capital balance represents each partner?s initial capital investment. Therefore, net income or net loss for 2012 has not been closed to the partners? capital accounts. Instructions (a)
The partners in River Song Company decide to liquidate the firm when the balance sheet shows the following. The partners share income and loss 5 : 3 : 2. During the process of liquidation, the following transactions were completed in the following sequence.1. A total of $55,000 was received from
On December 31, the capital balances and income ratios in SAR Company are as follows. Instructions(a) Journalize the withdrawal of Ruscoe under each of the following assumptions. (1) Each of the continuing partners agrees to pay $18,000 in cash from personal funds to purchase Ruscoe?s ownership
The partners in Tallis Company decide to liquidate the firm when the balance sheet shows the following. The partners share income and loss 5 : 3 : 2. During the process of liquidation, the transactions below were completed in the following sequence.1. A total of $57,000 was received from
On December 31, the capital balances and income ratios in Noma Company are as follows. Instructions(a) Journalize the withdrawal of Ogden under each of the following independent assumptions.(1) Each of the remaining partners agrees to pay $15,000 in cash from personal funds to purchase Ogden??s
Natalie’s high school friend, Katy Peterson, has been operating a bakery for approximately 18 months. Because Natalie has been so successful operating Cookie Creations, Katy would like to have Natalie become her partner. Katy believes that together they will create a thriving cookie-making
The corporate charter of Hawes Corporation allows the issuance of a maximum of 100,000 shares of common stock. During its first two years of operations, Hawes sold 70,000 shares to shareholders and reacquired 7,000 of these shares. After these transactions, how many shares are authorized, issued,
(a) What are the principal differences between common stock and preferred stock?(b) Preferred stock may be cumulative. Discuss this feature.(c) How are dividends in arrears presented in the financial statements?
Trudy Borke is studying for her accounting midterm examination. Identify for Trudy the advantages and disadvantages of the corporate form of business organization.
At December 31, Jimbo Corporation reports net income of $450,000. Prepare the entry to close net income.
On May 10, Jack Corporation issues 2,000 shares of $10 par value common stock for cash at $18 per share. Journalize the issuance of the stock.
On June 1, Donkey Inc. issues 3,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated value of $1 per share.
Jer Inc.’s $10 par value common stock is actively traded at a market value of $15 per share. Jer issues 5,000 shares to purchase land advertised for sale at $85,000. Journalize the issuance of the stock in acquiring the land.
On July 1, Laura Corporation purchases 500 shares of its $5 par value common stock for the treasury at a cash price of $8 per share. On September 1, it sells 300 shares of the treasury stock for cash at $11 per share. Journalize the two treasury stock transactions.
Cora Inc. issues 5,000 shares of $100 par value preferred stock for cash at $130 per share. Journalize the issuance of the preferred stock.
Vivi Corporation has the following accounts at December 31: Common Stock, $10 par, 5,000 shares issued, $50,000; Paid-in Capital in Excess of Par—Common Stock $20,000; Retained Earnings $45,000; and Treasury Stock, 500 shares, $11,000. Prepare the stockholders’ equity section of the balance
At the end of its first year of operation, Jane Corporation has $1,000,000 of common stock and net income of $216,000. Prepare (a) The closing entry for net income and (b) The stockholders’ equity section at year-end.
Balboa Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to attorneys in settlement of their bill of $27,500 for organization costs. Journalize both issuances, assuming
Caleb Corporation purchased 2,000 shares of its $10 par value common stock for $120,000 on August 1. It will hold these shares in the treasury until resold. On December 1, the corporation sold 1,200 shares of treasury stock for cash at $72 per share. Journalize the treasury stock transactions.
Doreen Corporation has issued 100,000 shares of $5 par value common stock. It authorized 500,000 shares. The paid-in capital in excess of par on the common stock is $240,000. The corporation has reacquired 7,000 shares at a cost of $46,000 and is currently holding those shares. Treasury stock was
Angela has prepared the following list of statements about corporations.1. A corporation is an entity separate and distinct from its owners.2. As a legal entity, a corporation has most of the rights and privileges of a person.3. Most of the largest U.S. corporations are privately held
Angela (see E13-1) has studied the information you gave her in that exercise and has come to you with more statements about corporations.1. Corporation management is both an advantage and a disadvantage of a corporation compared to a proprietorship or a partnership.2. Limited liability of
During its first year of operations, Benji Corporation had the following transactions pertaining to its common stock.Jan. 10 Issued 70,000 shares for cash at $5 per share.July 1 Issued 40,000 shares for cash at $7 per share.Instructions(a) Journalize the transactions, assuming that the common stock
Jake Corporation issued 1,000 shares of stock.InstructionsPrepare the entry for the issuance under the following assumptions.(a) The stock had a par value of $5 per share and was issued for a total of $52,000.(b) The stock had a stated value of $5 per share and was issued for a total of
Laci Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $5 par value common stock to attorneys in payment of a bill for $30,000 for services provided in helping the company to incorporate.June 12 Issued 60,000 shares of $5 par value common stock for cash of
As an auditor for the CPA firm of Valente and Ardvino, you encounter the following situations in auditing different clients.1. PM Corporation is a closely held corporation whose stock is not publicly traded. On December 5, the corporation acquired land by issuing 5,000 shares of its $20 par value
On January 1, 2012, the stockholders’ equity section of Joshua Corporation shows:Common stock ($5 par value) $1,500,000; paid-in capital in excess of par $1,000,000; and retained earnings $1,200,000. During the year, the following treasury stock transactions occurred.Mar. 1 Purchased 50,000
Michaela Corporation purchased from its stockholders 5,000 shares of its own previously issued stock for $250,000. It later resold 2,000 shares for $54 per share, then 2,000 more shares for $49 per share, and finally 1,000 shares for $40 per share.InstructionsPrepare journal entries for the
Paul Corporation is authorized to issue both preferred and common stock. The par value of the preferred is $50. During the first year of operations, the company had the following events and transactions pertaining to its preferred stock.Feb. 1 Issued 20,000 shares for cash at $53 per share.July 1
David Corporation issued 100,000 shares of $20 par value, cumulative, 8% preferred stock on January 1, 2011, for $2,100,000. In December 2013, David declared its first dividend of $500,000.Instructions(a) Prepare David’s journal entry to record the issuance of the preferred stock.(b) If the
Carolyn Corporation 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 his textbooks on the topic of corporation accounting. During the first month, the accountant made the following
The following stockholders’ equity accounts, arranged alphabetically, are in the ledger of Borkowski Corporation at December 31, 2012.Corporation at December 31, 2012.Common Stock ($5 stated value)……………………………………… $1,700,000Paid-in Capital in Excess of Par—Preferred
The stockholders’ equity section of Erik Corporation at December 31 is as follows.ERIK CORPORATIONBalance Sheet (partial)Paid-in capitalPreferred stock, cumulative, 10,000 shares authorized, 6,000 shares issuedand outstanding…………………………………………………………. $
The ledger of Hickory Hills Corporation contains the following accounts: Common Stock, Preferred Stock, Treasury Stock, Paid-in Capital in Excess of Par??Preferred Stock, Paid-in Capital in Excess of Stated Value??Common Stock, Paid-in Capital from Treasury Stock, and Retained
Alexia Corporation was organized on January 1, 2012. It is authorized to issue 10,000 shares of 8%, $100 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
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