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accounting principles 14th edition

Accounting Principles 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell - Solutions

The following are two independent situations. 1. Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2022. On June 30, Nevins declared and paid a $60,000 dividend. On December 31, Nevins reported net income of
Kruger Corporation has these long-term investments: common stock of Eidman Co. (10% ownership), cost $108,000, fair value $115,000; common stock of Pickerill Inc. (30% ownership), cost $210,000, equity $260,000; and debt investment, cost $90,000, fair value $150,000. Prepare the investments
At December 31, 2022, the trading debt securities for Storrer,Inc. are as follows.Instructionsa. Prepare the adjusting entry at December 31, 2022, to report the securities at fair value.b. Show the balance sheet and income statement presentation at December 31, 2022, after adjustment to fair value.
At December 31, 2022, available-for-sale debt securities for Storrer, Inc. are as follows. The securities are considered to be a long-term investment.Instructionsa. Prepare the adjusting entry at December 31, 2022, to report the securities at fair value.b. Show the statement presentation at
What are consolidated financial statements?
Uttinger Company has these data at December 31, 2022, the end of its first year of operations.The available-for-sale securities are held as a long-term investment.Instructionsa. Prepare the adjusting entries to report each class of securities at fair value.b. Indicate the statement presentation of
Kael Company maintains a petty cash fund for small expenditures. These transactions occurred during the month of August.Aug. 1 Established the petty cash fund by writing a check payable to the petty cash custodian for $200.15. Replenished the petty cash fund by writing a check for $175.
Hawkeye Corporation's balance sheet at December 31, 2021, is presented below.During 2022, the following transactions occurred.1. On January 1, 2022, Hawkeye issued 1,200 shares of $40 par, 7% preferred stock for $49,200.2. On January 1, 2022, Hawkeye also issued 900 shares of the $10 par value
Earnings per share computations related to IFRS and GAAP:a. Are essentially similar.b. Result in an amount referred to as earnings per share.c. Must deduct preferred (preference) dividends when computing earnings per share.d. All of the answer choices are correct.
On May 1, 2022, Herron Corp. issued $600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2022, and pay interest annually on May 1. Financial statements are prepared annually on December 31.Instructionsa. Prepare the journal entry to record the issuance of the bonds.b. Prepare the
The leasing standards employed by IFRS:a. Rely more heavily on interpretation of the conceptual meaning of assets and liabilities than GAAP.b. Are more "rules based" than those of GAAP.c. Employ the same "bright-line test" as GAAP.d. Are identical to those of GAAP.
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website.Instructions Answer the following questions using Apple's Consolidated Statements of Operations. a. What was the
The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to its financial statements, are available at the company's website.Instructions.Using the notes to the company's 2019 consolidated financial statements, what
Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the company has combined the jobs of cashier and bookkeeper. As a result, Bret Torrin handles all cash
PepsiCo, Inc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
Under IFRS:a. The entry to record estimated uncollected accounts is the same as GAAP.b. It is always acceptable to use the direct write-off method.c. All financial instruments are recorded at fair value.d. None of the answer choices is correct.
At the end of 2022, Carpenter Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2023, the company learns that its receivable from Megan Gray is not collectible, and management authorizes a write-off of $6,200. a. Prepare the journal entry
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2022. The company does not make entries to accrue interest except at December 31.Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.Dec. 11 Sold goods to
Terry Wade, the new controller of Hellickson Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2022. Here are his findings:All assets are depreciated by the straight-line method. Hellickson Company uses a calendar year in preparing
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website.InstructionsAnswer the following questions about current and contingent liabilities and payroll costs.a. What were
PepsiCo, Inc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
Amazon.com, Inc. vs. Walmart Inc. CTll.3 Amazon.com Inc.'s financial statements are presented in Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. The complete annual reports of Amazon and Walmart, including the notes to the financial statements, are available at each
The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to the financial statements, are available at the company's website. Instructions Use the company's 2019 consolidated financial statements to answer the
If your school has a subscription to the FASB Codification, log in and prepare responses to the following.a. What is the definition of current liabilities?b. What is the definition of a contingent liability?c. What guidance does the Codification provide for the disclosure of contingent liabilities?
Maria Garza's regular hourly wage rate is $35, and she receives a wage of 1½ times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Maria worked 42 hours. Her gross earnings prior to the current week were $6,000. Maria is married and claims three
Employee earnings records for Slaymaker Company reveal these gross earnings for four employees through the pay period of December 15.For the pay period ending December 31, each employee's gross earnings is $4,500. The FICA tax rate is 7.65% on gross earnings of $132,900.InstructionsCompute the FICA
Ramirez Company has the following data for the weekly payroll ending January 31.Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA taxes are 7.65% on the first $132,900 of gross earnings. Ramirez Company is subject to 5.4% state
According to a payroll register summary of Frederickson Company, the amount of employees' gross pay in December was $850,000, of which $80,000 was not subject to Social Security taxes Aof 6.2% and $750,000 was not subject to state and federal unemployment taxes. Instructionsa. Determine the
Explain how a 401(k) plan works.
The characteristics of a partnership include the following: (a) Association of individuals, (b) Limited life, (c) Co-ownership of property. Explain each of these terms.
This exercise is an introduction to the Big Four accounting firms, all of which are partnerships: Deloitte, EY, KPMG, and PwC. Instructions Select a firm that is of interest to you, go to the firm's homepage, and then answer the following questions. a. Name two services performed by
Stephen Wadson and Mary Shively, two professionals in the finance area, have worked for Morrisen Leasing for a number of years. Morrisen Leasing is a company that leases high-tech medical equipment to hospitals. Stephen and Mary have decided that, with their financial expertise, they might start
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is transferring $50,000 of personal cash to the partnership. Rosen owns land worth $15,000 and a small building worth $80,000, which she transfers to the partnership. Toso transfers to the partnership cash of $9,000, accounts
You are an expert in the field of forming partnerships. Ronald Hrabik and Meg Percival want to establish a partnership to start "Pasta Shop," and the are going to meet with you to discuss their plans. Prior to the meeting, you will send them a memo discussing the issues related to the
Terry, Nick, and Frank are forming The Doctor Partnership. Terry is transferring $30,000 of personal cash and equipment worth $25,000 to the partnership. Nick owns land worth $28,000 and a small building worth $75,000, which he transfers to the partnership. There is a long-term mortgage of $20,000
Sedgwick Company at December 31 has cash $20,000, noncash assets $100,000, liabilities $55,000, and the following capital balances: Floyd $45,000 and DeWitt $20,000. The firm is liquidated, and $105,000 in cash is received for the noncash assets. Floyd and DeWitt income ratios are 60% and 40%,
Capital balances in Pelmar Co. are Lango $40,000, Oslo $30,000, and Fernetti $20,000. Fernetti has decided to leave the partnership. Lango and Oslo each agree to pay Fernetti $24,000 from partnership assets in withdrawing from the firm. Lango and Oslo each receive 50% of Fernett's equity. The
Are the financial statements of a partnership similar to those of a proprietorship? Explain.
How does the liquidation of a partnership differ from the dissolution of a partnership?
On January 1, 2022, Geffrey Corporation had the following stockholders' equity accounts.Instructionsa. Journalize the transactions and the closing entries for net income and dividends.b. Enter the beginning balances, and post the entries to the stockholders' equity accounts. (Open additional
Identify the items in Apple's financial statements that indicate Apple is not a partnership.
a. What is a dividend?b. "Dividends must be paid in cash ." Is this correct? Explain why or why not.
The stockholders' equity section of Apple lnc.'s balance sheet is shown in the Consolidated Statement of Financial Position in Appendix A. Apple's complete annual report, including the notes to the financial statements, is available at the company's website.InstructionsRefer to Apple's financial
After establishing their company's fiscal year-end to be October 31, Natalie and Curtis began operating Cookie & Coffee Creations Inc. on November 1, 2022. On that date, they issued both preferred and common stock. After the first year of operations, Natalie and Curtis want to prepare financial
The basic accounting for cash dividends and stock dividends:a. Is different under IFRS versus GAAP.b. Is the same under IFRS and GAAP.c. Differs only for the accounting for cash dividends between GAAP and IFRS.d. Differs only for the accounting for stock dividends between GAAP and IFRS.
The post-closing trial balance of Storey Corporation at December 31, 2022, contains the following stockholders' equity accounts.A review of the accounting records reveals the following.1. No errors have been made in recording 2022 transactions or in preparing the closing entry for net income.2.
Knudsen Corporation was organized on January 1, 2021. During its first year, the corporation issued 2,000 shares of $50 par value preferred stock and 100,000 shares of $10 par value common stock. At December 31, the company declared the following cash dividends: 2021, $5,000; 2022, $12,000; and
PepsiCo's financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
Which of the following terms is used for equity under IFRS?a. Shareholders' equity.b. Capital and reserves.c. Shareholders' funds.d. All of the answer choices are correct.
On January 1, 2022, Ven Corporation had the following stockholders' equity accounts.InstructionsPrepare the stockholders' equity section of the balance sheet at (a) March 31, (b) June 30, (c) September 30, (d) December 31, 2022. Common Stock (no par value, 90,000 shares issued
(a) What are long-term liabilities? Give three examples. (b) What is a bond?
Swisher Company issued $2,000,000 of bonds on January 1, 2022. 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 redemption of the bonds at maturity, assuming the bonds were
Paris Electric sold $3,000,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1 and pay interest annually on January 1. Paris Electric uses the straight-line method to amortize bond premium or discount. The bonds were sold at 104.Instructionsa. Prepare the journal entry to
On January 1, 2020, Glover Corporation issued $2,400,000 of 5-year, 8% bonds at 95. The bonds pay interest annually on January 1. By January 1, 2022, the market rate of interest for bonds of risk similar to those of Glover Corporation had risen. As a result, the market value of these bonds was
The balance sheet for Miley Consulting reports the following information on July 1, 2022.Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record the redemption on July 1, 2022. Long-term liabilities Bonds payable Less: Discount on bonds
If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid annually, what is the amount of the interest payment at the end of the first year period?
Whitmore Company issued $500,000 of 5-year, 8% bonds at 97 on January 1, 2022. The bonds pay interest annually.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),
Saberhagen Company sold $3,500,000, 8%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022 and pay interest annually on January 1. Saberhagen Company uses the straight-line method to amortize bond premium or discount.Instructionsa. Prepare all the necessary journal entries to
Hanschu Inc. issues an $800,000, 10%, 10-year mortgage note on December 31, 2022, to obtain financing for a new building. The terms provide for annual installment payments of $130,196. Prepare the entry to record the mortgage loan on December 31, 2022, and the first installment payment on December
The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2021.Bond interest is payable annually on January 1. The bonds are callable on any interest date.Instructionsa. Journalize the payment of the bond interest on January 1, 2022.b. Assume that on January 1, 2022, after
The following is taken from the Colaw Company balance sheet.Interest is payable annually on January 1. The bonds are callable on any annual interest date. Colaw uses straight-line amortization for any bond premium or discount. From December 31, 2022, the bonds will be outstanding for an additional
Presented below are long-term liability items for Lind Company at December 31, 2022. Prepare the long-term liabilities section of the balance sheet for Lind Company. Bonds payable, due 2024 Lease liability Notes payable, due 2027 Discount on bonds payable $600,000 70,000 80,000 45,000
The following are two independent situations.1. Longbine Corporation redeemed $130,000 face value, 12% bonds on June 30, 2022, at 102. The carrying value of the bonds at the redemption date was $117,500. The bonds pay annual interest, and the interest payment due on June 30, 2022, has been made and
On January 1, 2022, Lock Corporation issued $1,800,000 face value, 5%, 10-year bonds at $1,667,518. This price resulted in an effective-interest rate of 6% on the bonds. Lock uses the effectiveinterest method to amortize bond premium or discount. The bonds pay annual interest January
Suppose the 2022 adidas financial statements contain the following selected data (in millions).Compute the following values and provide a brief interpretation of each.a. Debt to assets ratio.b. Times interest earned. Current assets Total assets Current liabilities Total
If your school has a subscription to the FASB Codification, log in and prepare responses to the following: a. What is the definition of long-term obligation? b. What guidance does the Codification provide for the disclosure of long-term obligations?
Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2022. The terms provide for annual installment payments of $50,000 on December 31.InstructionsPrepare the journal entries to record the mortgage loan and
Moby Inc. is considering two alternatives to finance its construction of a new $2 million plant.Instructionsa. Issuance of 200,000 shares of common stock at the market price of $10 per share.b. Issuance of $2 million, 8% bonds at face value. Complete the following table, and indicate which
On January 1, 2022, Jade Company issued $2,000,000 face value, 7%, 10-year bonds at $2,147,202. This price resulted in a 6% effective-interest rate on the bonds. Jade uses the effective-interest method to amortize bond premium or discount. The bonds pay annual interest on each January
Dreiling Company borrowed $300,000 on January 1, 2022, by issuing a $300,000, 8% mortgage note payable. The terms call for annual installment payments of $40,000 on December 31.Instructions.a. Prepare the journal entries to record the mortgage loan and the first two installment payments.b. Indicate
The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the following accountsPrepare the long-term liabilities section of the balance sheet. Interest Payable Lease Liability Bonds Payable, due 2027 Premium on Bonds Payable $ 9,000 89,500 180,000 32,000
Sweetwood Company issues $5 million, 10-year, 9% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount.Instructionsa. Prepare the journal entry to record the sale of these bonds on January l, 2022.b. Prepare the adjusting journal entry
(a) What is a lease agreement? (b) What are the two common types of leases?
Golden Inc. issues $4 million, 5-year, 10% bonds at 102, with interest payable annually on January 1. The straight-line method is used to amortize bond premium.Instructionsa. Prepare the journal entry to record the sale of these bonds on January l , 2022.b. Prepare the adjusting journal entry to
Hatfield Corporation reports the following amounts in its 2022 financial statements:Instructionsa. Compute the December 31, 2022, balance in stockholders' equity.b. Compute the debt to assets ratio at December 31, 2022.c. Compute times interest earned for 2022. Total assets Total liabilities Total
Benedict Company entered into an agreement to lease 12 computers from Haley Electronics, Inc. The present value of the lease payments is $186,300. Assuming that this is a finance lease, what entry would Benedict Company make on the date of the lease agreement?
Presented below is the partial bond discount amortization schedule for Gomez Corp. Gomez uses the effective-interest method of amortization.a. Prepare the journal entry to record the payment of interest and the discount amortization at the end of period 1.b. Explain why interest expense is greater
On January 1, 2022, Throm Inc. entered into an agreement to lease 20 computers Drummond Electronics. The terms of the lease agreement require three annual rental payments of $20,000 (including 10% interest) beginning December 31, 2022. The present value of the three rental payments is $49,735.
Did Apple redeem any of its debt during the fiscal year ended September 28, 2019?
Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2022, at 103. Interest is payable annually on January 1. Adcock uses straight-line amortization for bond premium or discount.InstructionsPrepare the journal entries to record the following.a. The issuance of the bonds.b. The accrual of
Gridley Company issued $800,000, 11%, 10-year bonds on December 31, 2021, for $730,000. Interest is payable annually on December 31. Gridley Company uses the straight-line method to amortize bond premium or discount.InstructionsPrepare the journal entries to record the following.a. The issuance of
De Weese Corporation issues $400,000 of 8%, 5-year bonds on January 1, 2022, at 105. Assuming that the straight-line method is used to amortize the premium, what is the total amount of interest expense for 2022?
Lorance Corporation issued $400,000, 7%, 20-year bonds on January 1, 2022, for $360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1. Lorance uses the effective-interest method to amortize bond premium or
LRNA Company issued $380,000, 7%, 10-year bonds on January 1, 2022, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1.LRNA uses the effective-interest method to amortize bond premium or discount.InstructionsPrepare the
Windsor Corporation issues $500,000 of 9%, 5-year bonds on January 1, 2022, at 104. If Windsor uses the effective-interest method in amortizing the premium, will the annual interest expense increase or decrease over the life of the bonds? Explain.
On January 1, 2022, Frontier Corporation had $1,000,000 of common stock outstanding that was issued at par. It also had retained earnings of $750,000. The company issued 40,000 shares of common stock at par on July 1 and earned net income of $400,000 for the year.Instructions.Journalize the
Amazon.com, lnc.'s financial statements are presented in Appendix D.Financial statements of Walmart Inc. are presented in Appendix E. The complete annual reports of Amazon and Walmart, including the notes to the financial statements, are available at each company's respective website.Instructionsa.
Farley Inc. declares a $55,000 cash dividend on December 31, 2022. The required annual dividend on preferred stock is $10,000. Determine the allocation of the dividend to preferred and common stockholders assuming the preferred stock is cumulative and dividends are 1 year in arrears.
On January 1, 2022, Goodhue Inc. had the following stockholders' equity balances.During 2022, the following transactions and events occurred.1. Issued 60,000 shares of $2 par value common stock as a result of 15% stock dividend declared on December 15, 2023.2. Issued 30,000 shares of common stock
The following stockholders' equity accounts arranged alphabetically are in the ledger of Westin Corporation at December 31, 2022.Instructionsa. Prepare a stockholders' equity section at December 31, 2022.b. Compute the book value per share of the common stock. Common Stock ($10 stated
The stockholders' equity accounts of Gonzalez, Inc., at January 1, 2022, are as follows.InstructionsWith the class divided into groups, complete the following.a. Determine the retained earnings balance at December 31, 2022. There are no preferred dividends in arrears.b. Discuss why the
SUPERVALU, one of the largest grocery retailers in the United States, is headquartered in Minneapolis. Suppose the following financial information (in millions) was taken from the company's 2022 annual report: net sales $40,597, net income $393, beginning common stockholders' equity $2,581, and
During 2022, Roblez Corporation had the following transactions and events.1. Declared a cash dividend.2. Issued par value common stock for cash at par value.3. Completed a 2-for-l stock split in which $10 par value stock was changed to $5 par value stock.4. Declared a small stock dividend when the
The following information is available for Reinsch Corporation for the year ended December 31, 2022: cost of goods sold $205,000, sales revenue $350,000, other revenues and gains $50,000, and operating expenses $75,000. Assuming a corporate tax rate of 20%, prepare an income statement for the
Newland Company reported retained earnings at December 31, 2021, of $310,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2022. The following transactions occurred during 2022.1. A cash dividend of $0.50 per share was declared and paid.2. A 5% stock dividend was
The following information is available for Norman Corporation for the year ended December 31, 2022: sales revenue $700,000, other revenues and gains $92,000, operating expenses $110,000, cost of goods sold $465,000, other expenses and losses $32,000, and preferred stock dividends $30,000. The
Ringgold Corporation has outstanding at December 31, 2022, 50,000 shares of $20 par value, cumulative, 6% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the entire year. During 2022, Ringgold earned total revenues of $2,000,000 and incurred total
What were the amounts of basic earnings per share of common stock that Apple reported in the years 2018 to 2019?
This financial information is available for Klinger Corporation.The weighted-average number of shares of common stock outstanding was 180,000 for 2021 and 150,000 for 2022. Instructions Calculate earnings per share and return on common stockholders' equity for 2022 and 2021. Average common
At December 31, 2022, Millwood Corporation has 2,000 shares of $100 par value, 8%, preferred stock outstanding and 100,000 shares of $10 par value common stock issued. Millwood's net income for the year is $241,000. Instructions Compute the earnings per share of common stock under the following

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