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Questions and Answers of College Accounting

From the given income statement and additional information of Connors Co., compute the following: 1. Asset turnover for 2020 2. Inventory turnover for 2020 3. Accounts receivable turnover for
Complete a trend analysis from the following data of Hall Corporation using 2019 as the base year. (Round to the nearest percent.) 2022 2021 2020 2019 Sales $580,000 $490, 000 $400,000 $310,000
From the following comparative balance sheet of Howard Co., prepare a common-size comparative balance sheet. (Round all percentages to the nearest tenth of a percent.) 2020 2019 Current Assets
From the following, prepare a common-size income statement for Tony Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as 100%. 2020
Prepare a horizontal analysis of the comparative income statement for Alvin Co. for the years ending December 31, 2019, and December 31, 2020. (Round to the nearest hundredth of a percent as
From the data given calculate the following. (Round to the nearest hundredth or hundredth of a percent as needed.)1. Current ratio2. Acid test ratio3. Asset turnover ratio4. Gross profit rateNet
Complete a trend analysis from the following data of Carter Corporation using 2019 as the base year. (Round to the nearest percent.) 2022 2021 2020 2019 Sales $1,000 $650 $550 $400 Gross Profit 350
Prepare a common-size income statement from the following (use net sales as 100%):Net Sales$1,100Cost of Goods Sold385Gross profit from Sales715Operating Expenses275Net Income$440
Complete a vertical analysis of the assets. (Round to the nearest tenth of a percent as needed.)a. Cash$ 784b. Accounts Receivable952c. Merchandise Inventory1,064d. Office Equipment2,800Total
Calculate the amount of increase or decrease as well as the percentage of increase or decrease. (Round to the nearest tenth of a percent as needed.) 2020 2019 Amount a. Accounts Receivable $650 $520
Rate of return on assets is affected by return on sales and asset turnover. Agree or disagree?
What does possible liquidation have to do with the ratio of debt to total assets?
Stockouts could easily result if inventory is higher than it should be. Agree or disagree? Please explain.
What current asset accounts are deleted in the calculation of the acid test ratio? Why?
How can ratios be expressed?
Why is a base year chosen in trend analysis?
Common-size statements use horizontal analysis. Agree or disagree? Please explain.
Horizontal analysis cannot be presented on comparative financial statements. Agree or disagree? Please explain.
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e on page 17 and find the net cash provided by operating activities in 2016.
From the following income statement (Figure 21.14 ), balance sheet (Figure 21.15 ), and additional data for Webber Company, prepare a statement of cash flows using the indirect method. Income
From the following income statement (Figure 21.12 ), balance sheet (Figure 21.13 ), and additional data for Salmon Company, prepare a statement of cash flows using the indirect method. Income
From the following, calculate the net cash flows from operating activities (use the direct method):Sales$9,300Cost of Goods Sold4,400Salaries Expense1,400Insurance Expense840Other Expenses (all
From the following, calculate the net cash flows from operating activities (use the indirect method): 2018 2019 Accounts Receivable $ 5,200 $7,400 Prepaid Insurance 905 849 Accounts Payable 4,000
From the following, calculate the net cash flows from operating activities (use the direct method):Sales$9,700Cost of Goods Sold4,200Salaries Expense1,200Insurance Expense800Other Expenses (all
From the following, calculate the net cash flows from operating activities (use the indirect method): 2018 2019 Accounts Receivable $ 4,900 $7,300 Prepaid Insurance 908 851 Accounts Payable 3,993
Given the following, calculate net change in cash:Net cash provided by operating activities$6,000Net cash used by investing activities(2,200)Net cash provided by financing activities1,300
From the following, calculate net cash flows from financing activities:Payments of dividends$17,000Issuance of common stock4,000Issuance of long-term note payable16,075
Using the data from Concept Check 2 plus the additional information in Figure 21.11 , compute net cash flows from operating activities using the direct method. Income Statement $8400 00 229000 $6110
From the following, calculate the net cash flow from operating activities using the indirect method: 2018 2019 Accounts Receivable $ 620 $ 850 Merchandise Inventory 2,500 4,400 Prepaid Insurance 750
The issuance of stock is an investing activity. Agree or disagree? Why?
Go to the annual 2016 report for Amazon at https://tinyurl.com/slaterca14e and find the amount of long-term debt in 2016. How much of that debt relates to Bonds?
On April 1, 201X, Leffer Corporation issued $160,000 of 11%, 5-year bonds for $179,537, yielding a market rate of 8%. Interest is paid on October 1 and April 1. Leffer Corporation uses the interest
On January 1, 201X, Wilcox Corporation issued $300,300 of 10%, 10-year bonds for $265,916, yielding a market rate of 12%. Interest is paid on July 1 and December 31. Wilcox uses the interest method
On May 1, 201X, Langston Corporation issued $400,000 of 12%, 20-year bonds at 109. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an
On January 1, 201X, Lemming Corporation sold $480,000 of 6%, 10-year bonds at 96. Interest is to be paid on June 30 and December 31. The straight-line method of amortizing the discount is used.
On June 1, 201X, Leffer Corporation issued $300,000 of 10%, 5- year bonds for $324,465, yielding a market rate of 8%. Interest is paid on December 1 and June 1. Leffer Corporation uses the interest
On January 1, 201X, Acorn Corporation issued $300,000 of 10%, 10-year bonds for $265,650, yielding a market rate of 12%. Interest is paid on July 1 and December 31. Acorn uses the interest method to
On May 1, 201X, Douglas Corporation issued $600,000 of 6%, 20-year bonds at 107. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an
On January 1, 201X, Lester Corporation sold $380,000 of 5%, 10-year bonds at 99. Interest is to be paid on June 30 and December 31. The straight-line method of amortizing the discount is used.
From the following, prepare the long-term liabilities section of a balance sheet:a. Bond sinking fund$450,000b. Premium on 9% bonds3,000c. Discount on 11% bonds13,000d. 9% Bonds Payable580,000e. 11%
On January 1 Lincoln Corporation sold $400,000 of 10-year sinking fund bonds. The corporation expects to earn 10% on the sinking fund balance and is required to deposit $23,100 at the end of each
On July 1, Colden Corporation issued 6%, 25-year bonds with a face value of $105,000 for $66,641 because the current market rate is 10%. Record the following entries, assuming the interest method is
Morris Corporation issued $250,000 of 11%, 20-year bonds at 88 on March 1, 201X, with semiannual interest payable on March 1 and September 1. Amortization of discount is by the straight-line
On November 1, 201X, Alpha Corporation issued $875,000 of 3%, 12-year bonds to lenders at par (100). Interest is to be paid semiannually on May 1 and November 1. Journalize the following entries:1.
Ryan Corporation and Hart Corporation have both earned $160,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. The bond and
From the following, prepare the long-term liabilities section of a balance sheet:a. Bond sinking fund$375,000b. Premium on 5% bonds5,000c. Discount on 9% bonds15,000d. 5% Bonds Payable470,000e. 9%
On January 1 Rixon Corporation sold $360,000 of 10-year sinking fund bonds. The corporation expects to earn 9% on the sinking fund balance and is required to deposit $23,000 at the end of each year
On July 1, Johnson Corporation issued 6%, 12-year bonds with a face value of $100,000 for $62,350 because the current market rate is 12%. Record the following entries, assuming that the interest
Quick Corporation issued $275,000 of 4%, 10-year bonds at 96 on February 1, 201X, with semiannual interest payable on February 1 and August 1. Amortization of discount is by the straight-line
On May 1, 201X, Maltby Corporation issued $925,000 of 12%, 25-year bonds to lenders at par (100). Interest is to be paid semiannually on November 1 and May 1. Journalize the following entries:1.
Boice Corporation and Hamlin Corporation have both earned $180,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. The bond
Journalize the following transactions:1. Set up a bond sinking fund with an initial deposit of $7,000.2. Earned $230 interest on sinking fund balance.3. Sinking fund of $25,000 was used to pay off
Facts: Bond issue: $104,000, 11%, 25-year bonds; selling price ofbonds $249,600; market rate 3%. Use the interest method. Calculate thefollowing:1. Carrying value at beginning of period2. Interest
Facts: Bond issue: $100,000, 7%, 10-year bonds; selling price of bonds $93,165; market rate 8%. Use the interest method. Calculate the following:1. Carrying value at beginning of period2. Interest
From Concept Check 2, record the June 30 semiannual payment and amortization of the discount. Use the straight-line method.Concept Check 2On January 1, Borg Co. issued five $2,200, 4%, 20-year bonds
On January 1, Borg Co. issued five $2,200, 4%, 20-year bonds at 92. Record the journal entry.
Journalize the following transactions:1. Issued three $35,000, 8% bonds that mature in 12 years at face value on May 1.2. Paid semiannual interest on October 31.3. Bonds retired at end of 12 years.
Why does the interest method of amortizing a discount or premium use the market rate in calculating interest expense to be recorded?
The straight-line method of amortizing a bond discount or premium will result in an uneven amount of discount or premium that increases or decreases expense each period. Agree or disagree? Why?
Premium on Bonds Payable will cause total interest expense to be reduced. True or false?
Why isn’t Discount on Bonds Payable an immediate expense?
Explain why a bond may sell at a premium.
Accrued interest results in the seller paying extra for bonds. True or false? Explain.
Dividends reduce earnings before taxes. True or false? Explain.
Explain the selling price of a bond quoted at 99.
The following is the stockholders? equity of Pierro Corporation on October 1, 201X: 1. Journalize the transactions in general journal form. 2. Prepare the stockholders? equity section of the
At the beginning of January 201X, the stockholders? equity of Hillside Corporation consisted of the following: 1. Record the transactions in general journal form. 2. Prepare the stockholders?
Rollin Corporation has 420,000 shares of $7 par value common stock issued and outstanding. Record the following entries into the general journal for Rollin: 201X July 2 Declared a cash dividend of
The stockholders? equity of Hadley Company is as follows: Given a redemption value of $108 per share for the preferred stock, calculate the book value per share of preferred and common stock,
The following is the stockholders? equity of Pierotti Corporation on October 1, 201X: 1. Journalize the transactions in general journal form. 2. Prepare the stockholders? equity section of the
At the beginning of January 201X, the stockholders? equity of Country View Corporation consisted of the following: 1. Record the transactions in general journal form. 2. Prepare the stockholders?
Racette Corporation has 400,000 shares of $4 par value common stock issued and outstanding. Record the following entries into the general journal for Racette: 201X July 2 Declared a cash dividend
The stockholders? equity of Darwin Company is as follows: Given a redemption value of $104 per share for the preferred stock, calculate the book value per share of preferred and common stock,
From the following, prepare in proper form a statement of retained earnings for Johnson Company for the year ended December 31, 2019. Retained Earnings, January 1, 2019 Prior period adjustment:
Given the following stockholders? equity: Common Stock, $3 par value, authorized 99,000 shares, 81,000 shares issued and outstanding $243,000 Retained Earnings 460,000 Total Stockholders?
On July 31, 201X, Nicole Corporation had the following stockholders’ equity:Common Stock, $13 par value, authorized 85,000 shares, 54,000 shares issued and outstanding$702,200Retained
Dixon Corporation has 320,000 shares of common stock issued and outstanding. On June 9, 201X, the board of directors declared a $0.45 per share dividend, payable on July 16, 201X, to stockholders of
From the following information, determine the book value per share for preferred and common stock assuming $16,000 of dividends are in arrears on the preferred stock.Preferred 9% Stock cumulative
From the following, prepare in proper form a statement of retained earnings for Quincy Company for the year ended December 31, 2019. Retained Earnings, January 1, 2019 Prior period adjustment:
Given the following stockholders? equity: Common Stock, $7 par value, authorized 98,000 shares, 79,000 shares issued and outstanding $553,000 Retained Earnings 520,000 Total Stockholders?
On July 31, 201X, Lucky Corporation had the following stockholders’ equity:Common Stock, $13 par value, authorized 89,000 shares, 59,000 shares issued and outstanding$767,000Retained
Simpson Corporation has 300,000 shares of common stock issued and outstanding. On June 9, 201X, the board of directors declared a $0.52 per share dividend, payable on July 16, 201X, to stockholders
From the following information, determine the book value per share for preferred and common stock assuming $14,000 of dividends are in arrears on the preferred stock.Stockholders’ EquityPreferred
Seven months after its closing, Trees Co. discovered that depreciation was understated by $16,000. Provide the journal entry to adjust the prior period error (ignore any tax effects).
Journalize the following transactions:1. Jarrod Co. acquired 110 shares of its own $5 par value common stock at $16 per share.2. Twenty-seven of the treasury shares are reissued at $21 per share.3.
On July 24, 201X, Flowers Corporation declared a 9% stock dividend distributable August 18 to stockholders of record on August 8. Currently Flowers has 6,500 shares of common stock issued and
On March 20, 201X, the board of directors of Dustin Corporation declared $3 cash dividend per share on the 8,000 shares issued and outstanding. The dividend will be paid on April 28, 201X, to
Given the following, prepare the book value per share for preferred and common stock:Preferred Stock $97,000; 1,100 shares issued and outstanding.Common Stock $164,000; 1,800 shares issued and
What elements make up the statement of retained earnings?
Restrictions on retained earnings have to be updated in the ledger. Agree or disagree? Why?
Appropriation of retained earnings is always done for a contractual reason. Agree or disagree? Defend your position.
All treasury stock is recognized as issued and outstanding for dividends. True or false? Please explain.
Treasury stock is really an asset. Defend or reject. Support your argument.
Common Stock Dividend Distributable is a liability. Agree or disagree? Defend your position.
Why is no journal entry needed at the date of record?
Rebal Corporation was just issued a charter by the state of New York. This charter gives Rebal the authority to issue 325,000 shares of $7 par-value common stock. Consider the following
From the following partial mixed list, select the appropriate titles and prepare a stockholders’ equity section using the source-of-capital approach as shown in the Blueprint example for Ration
Dickens Corporation has 25,000 shares outstanding of $10 par value, 6% preferred stock, and 50,000 shares outstanding of $10 parvalue common stock. In its first 5 years of operation, the company paid
The following is the Paid-In Capital section of stockholders? equity for the Royce Corporation on June 1, 201X: Preferred Stock, $104 par, authorized 24,000 shares, 4,000 shares issued $
Lincoln Corporation was just issued a charter by the state of New York. This charter gives Lincoln the authority to issue 275,000 shares of $8 par-value common stock. From the following

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