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Questions and Answers of College Accounting

The April 1 inventory of Andrew Stores had a cost of $459,000 and a retail value of $670,000. During April, merchandise was purchased for $534,500 and marked to sell for $838,000. Freight in was
The following data concerns inventory at Joshua€™s Boat & Bike Shop:INSTRUCTIONSDetermine the amount that the company should report as the inventory valuation at cost or net realizable value,
The following data pertain to Model Q two-wheeled trailers in the inventory of Travel Trailers Equipment Company during the year 2019:Inventory, January 1.........................50 units at
The following data relates to the inventory and purchases of item 125 for Sanders Company during May:Inventory, May 1 .................................520 units at $21.00Purchases:May 10
The August 1 inventory of Hawkins Company had a cost of $180,000 and a retail value of $250,000. During August, merchandise was purchased for $202,260 and marked to sell for $304,000. August sales
The following data concerns inventory and purchases at Muse Company:Inventory, January 1 .........................200 units at $113Purchases:January 6 ..........................................140
James Walker owns Walker Auto Sales. He periodically borrows money from New Orleans State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts
On April 2, 2019, Wu Company received a 6-month, 8 percent interest-bearing note from Jenna Blackmon in settlement of a past-due account receivable of $15,000. On May 3, Wu discounted this note at
Give the general journal entry to record each of the following transactions:1. On June 3, 2019, Nicholson Company issued a 120-day, 9 percent note for $18,000 to purchase new office equipment.2.
On May 16, 2019, Safeway Company received a 90-day, 8 percent, $10,500 interest-bearing note from Black Company in settlement of Black’s past-due account. On June 30, Safeway discounted this note
Give the general journal entry to record each of the following transactions for Davidson Company:1. Issued a 6-month, 9 percent note for $90,000 to purchase two forklifts on May 14, 2019 (debit
Give the entries in general journal form that Alaska State Company would make if Samuel Adams dishonored the note receivable discounted by Alaska State in Exercise 16.6, assuming the bank deducted
In general journal form, give the entry required by Alaska State Company when Samuel Adams paid the note discounted in Exercise 16.6 on the maturity date.Data from 16.6On June 3, 2019, Alaska State
On June 3, 2019, Alaska State Company received a $5,200, 45-day, 10 percent note from Samuel Adams, a customer whose account was past due.1. Record in the general journal receipt of the note.2. Give
On August 1, 2019, Rodriguez Company purchased a truck (delivery equipment) for $52,800, signing a 90-day, 8 percent note for the entire purchase price. Give the entry in general journal form to
During 2019, Williamson Company borrowed money at First State Bank and Trust on two occasions. On June 8, the company borrowed $30,000, giving a 120-day, 7 percent note, and on September 8, the
Richelle Ray is president of Richelle Company, a manufacturer of toys for children. For the past 10 years, the company has sold its product to both wholesale and retail dealers of toys in the
The Family Place Kitchen is a small chain of kitchen remodeling stores. The company's year-end trial balance on December 31, 2019, included the information shown below:Accounts
Interactive Planning Software uses the direct charge-off method to account for uncollectible accounts expenses as they occur. Selected transactions for 2019 and 2020 follow. The accounts involved are
The Majestic Plumbing Company provides plumbing installations for both business and individual customers. The company records sales for the two types of customers in separate Sales accounts. The
How is the amount of impairment to be recorded determined?
List the major advantages of the partnership form of business over a corporation.
What is a collateral trust bond?
How is the Bonds Payable account classified on the balance sheet?
Why might a company use a special bank account for paying bond interest?
In a bond indenture dated January 1, 2019, Pink Company authorized the issuance of $500,000 face value, 10 percent, 20-year bonds payable. No bonds were issued until July 1, 2020, when bonds with a
Why is a bond premium or discount amortized as part of the adjustment process at the end of the year?
Why is the year-end adjusting entry for amortization of a bond premium or discount reversed at the start of the new year?
How are the legal costs and other costs related to issuing bonds accounted for?
Give the general journal entry to record the April 1, 2019, bond issue.Third Corporation issued $500,000 of its 6 percent bonds payable on April 1, 2019. The bonds were issued at face value. Interest
Give the entry in general journal form to record the interest payment on October 1, 2019.Third Corporation issued $500,000 of its 6 percent bonds payable on April 1, 2019. The bonds were issued at
Give the entry to accrue bond interest on Third’s bonds payable on December 31, 2019.Third Corporation issued $500,000 of its 6 percent bonds payable on April 1, 2019. The bonds were issued at face
Give the general journal entry to record the April 1, 2019, bond issue.Cort Inc. was authorized to issue $1,000,000 of 8 percent bonds. On April 1, 2019, the corporation issued bonds with a face
Using the data given above, what amount of premium will be amortized by Cort Inc. on October 1, 2019, using straight-line amortization? Give the general journal entry to record this amortization.Cort
Using the data given above, give the adjusting entry that would be made by Cort Inc. on December 31, 2019, to record accrued interest and to amortize the premium.Cort Inc. was authorized to issue
Give the general journal entries to record the following transactions:a. On December 31, 2018, Red Bird Company established a bond sinking fund investment by depositing $25,000 with the fund
On April 1, 2019, Dave’s Deli issued $70,000 of its 9 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 94.0. Dave’s has
The board of directors of Allen Services Inc. authorized the issuance of $400,000 face value, 20-year, 5 percent bonds dated April 1, 2019, and maturing on April 1, 2039. Interest is payable
The board of directors of Machine Shop, Inc., authorized the issuance of $1,000,000 face value, 10-year, 5 percent bonds dated April 1, 2019, and maturing on April 1, 2029. Interest is payable
The Technology Company has outstanding $600,000 of its 10 percent bonds payable, dated January 1, 2019, and maturing on January 1, 2039, 20 years later. The corporation is required under the bond
Zale Corporation has outstanding 110,000 shares of 12 percent, $80 par-value cumulative preferred stock and 500,000 shares of no-par-value common stock.1. During 2019, the corporation distributed
The board of directors of Court Products, Inc., authorized the issuance of $1,000,000 face value, 6 percent bonds dated April 1, 2019. The bonds will mature on April 1, 2029. The interest is payable
The board of directors of ACR Corporation authorized the issuance of $1,000,000 face value, 6 percent bonds. The bonds mature 10 years from their issue date of March 1, 2019. The interest is payable
The board of directors of Roma Company authorized issuance of $1,000,000 of 5 percent bonds. Each bond has a face value of $10,000. The interest is payable semiannually on February 1 and August 1.
Market Research, Inc., has outstanding $200,000 face value, 10 percent bonds payable dated January 1, 2019, and maturing 10 years later. The corporation is required under the bond contract to
On April 1, 2019, Big Sky Corporation issued $400,000 face value, 10 percent bonds at 99.16. The bonds were dated April 1, 2019, and will mature in 10 years. The discount is to be amortized on each
On December 31, 2019, the equity accounts of Bank Solutions, Inc., contained the following balances:Common stock ($10 par, 100,000 shares authorized) 50,000shares issued and
On December 31, 2019, Flight Express, Inc., has $1,000,000 of 6 percent, 10-year bonds outstanding. These bonds were issued on January 1, 2013, at par value. Interest rates have dropped to 5 percent,
1. What would cause corporate management to obtain cash by issuing bonds instead of selling stock?2. Which type of bonds would give management greater flexibility in formulating and controlling a
Lawrence Jones is the president of the Jones Water Filter Company. As president, he is in control of the issuance of stocks and bonds. Three years ago when the company needed cash, Lawrence purchased
Refer to the 2015 Form 10-K (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.Analyze:1. Locate the Notes to Consolidated Financial Statements. The 10-Year Summary of Financial and
Just Us Corporation is a corporate dance studio. It is a popular investment with investors between the ages of 20 and 30. Just Us has a dilemma. It needs money to expand its business to cash in on
Educating yourself in the various bonds is important before investing in bonds. Use your favorite search engine to find websites that have tutorials about bonds. Find the bond in which you are
Plymouth Corporation has only one class of stock. There are 100,000 shares outstanding. During 2019, the corporation’s net income after taxes was $900,000. The policy of the corporation is to
If there is only one class of stock, what is it called?
What are the corporation’s bylaws?
When common stock without a par value or a stated value is issued, what amount is credited to the capital stock account when the stock is issued?
What is the control account for the individual shareholder accounts in the common stockholders’ ledger?
Describe the flow of authority and responsibility in a corporate entity.
Who makes the day-to-day decisions necessary for a corporation to operate?
What does the term “restricted agency” mean?
What is meant by the “par value of stock”?
What is the purpose of the minute book?
How are the members of a corporation’s board of directors selected?
For several years, Herschel Anderson had operated Management Consulting Company as its sole proprietor. On January 1, 2019, he formed a partnership with Richard Harris to operate the company under
The following excerpts were taken from the 10-K Annual Report filed by TransMontaigne Partners, L.P., for the year ended December 31, 2015.Balance SheetsConsolidated Statements of IncomeAnalyze:1. On
Franklin Winston and Haley Thomas are partners in Technology Applications. The balances of their capital accounts on January 2, 2019, after revaluation of assets were Winston, $240,000, and Thomas,
Alicia Meeks and Charolette Hicks operate Uptown Apartments. Their partnership agreement provides for salaries of $120,000 a year for Meeks and $96,000 for Hicks and for an interest allowance of 10
Edmond Veal operates a store that sells paintings and portraits by local artists. Veal has agreed to enter into a partnership with Sarah Cobb, effective January 1, 2019. The new firm will be called
Betty Broker operates the Broker Broadcast Company. Her postclosing trial balance on December 31, 2019, is as follows:Broker agrees to enter into a partnership with Hattie Bingham, effective January
Dexter Thomas and Herman Walker, attorneys, operate a law practice. They would like to expand the expertise of their firm. In anticipation of this, they have agreed to admit Jewell Lorenzo to the
Lewis Wardell and Lewis Lomas own Lewis’ Antiques. Their partnership agreement provides for annual salary allowances of $200,000 for Wardell and $180,000 for Lomas, and interest of 10 percent on
Rosie Wilsman and Rosa Escobedo own The Spring Flower Shop. The partnership agreement provides that Wilsman can withdraw $5,000 a month and Escobedo, $4,500 a month in anticipation of profits. The
What are the major disadvantages of the partnership form of business entity?
The stockholder's equity accounts of Sky Inc. on January 1, 2019, contained the following balances:The transactions affecting stockholdersâ€™ equity during 2019 are given below. The worksheet at
Knox Corp. has been authorized to issue 10,000 shares of 10 percent noncumulative, nonparticipating preferred stock with a par value of $100 per share and 10,000 shares of common stock with a stated
The stockholders€™ equity accounts of Jacob Corporation on January 1, 2019, contained the following balances:Transactions affecting stockholders€™ equity during 2019 follow.INSTRUCTIONS1. Set
The Stockholders€™ Equity section of the balance sheets for Klee Corporation on December 31, 2018, and December 31, 2019, along with other selected account balances on the two dates is
Refer to the 2015 Form 10-K (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.Based on the data presented in the consolidated statements of earnings, answer the following:a. What
HiTech Inc. has the following stockholders’ equity on June 30, 2019:Common Stock, $15 par (200,000 shares issued)............$3,000,000Paid-in Capital in Excess of
1. Three individuals are planning to form a new business. What are the five major types of entities that they can use to operate their business?2. Assume that you are the controller of a corporation.
Texas Corporation had outstanding 100,000 shares of no-par-value common stock, with a stated value of $12, on December 1, 2019. The directors voted to split the stock on a 2-for-1 basis, issuing one
Char Corporation had outstanding 100,000 shares of $5 par-value common stock on August 13, 2019. On that date, it declared a 10 percent common stock dividend distributable on September 15 to
Selected transactions of Joseph Corporation during 2019 follow. Record them in the general journal.Analyze: What annual per share dividend was paid to common stockholders in 2019? DATE TRANSACTIONS
The following are selected accounts from the general ledger of the Third Company on December 31, 2019. Show how the corporation’s Stockholders’ Equity section would appear on the December 31,
On March 31, 2019, Elephant Corporation had outstanding 100,000 shares of 7 percent preferred stock with a par value of $10. The stock was originally issued for $12 per share. On that date, the
The city of Oakland contributed to Orange Corporation a tract of land on which to build a plant. When the contribution was made on May 10, 2019, the land’s appraised value was $350,000. Give the
Because of fears about the outcome of several lawsuits in progress during the years 2015 through 2019, Titan Corporation had appropriated retained earnings of $250,000, and transferred that amount
On December 31, 2019, the board of directors of Indiana Corporation voted to appropriate $150,000 of retained earnings each year for five years to establish a reserve for contingencies. Give the
On October 15, 2019, the board of directors of Trump Inc. declared a cash dividend of $2 per share on its 75,000 outstanding shares of common stock. The dividend is payable on November 15 to
After the revenue and expense accounts were closed into Income Summary on December 31, 2019, the Income Summary account showed a net loss for the year of $50,000. Prepare the general journal entry to
In each of the following situations, what is the amount of profit or loss? In each situation, what account will be debited and credited, and for what amount, in the journal entry to close the Income
A corporation has paid estimated income taxes of $45,000 during the year 2019. At the end of the year, the corporation’s tax bill is computed to be $49,500. Give the general journal entry to adjust
What is the purpose of the statement of stockholders’ equity?
What information is shown on the statement of retained earnings?
At what amount is treasury stock shown on the balance sheet? How is it classified on the balance sheet?
As an inducement for Paul Company to locate in Townville, the local chamber of commerce gave the corporation a tract of land with an appraised value of $250,000. How should the gift be accounted for
What effect does an appropriation have on total retained earnings?
How is the Common Stock Dividend Distributable account classified in the financial statements?
1. Anna Claire and Baker are establishing a new restaurant and discussing whether to organize as a partnership or a corporation. What are some of the most important characteristics of these two types

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