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Questions and Answers of College Accounting

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 Neon
Kirk Corporation has 19,000 shares outstanding of $8 par value, 8% preferred stock, and 38,000 shares outstanding of $8 par-value common stock. In its first 5 years of operation, the company paid the
The following is the Paid-In Capital section of stockholders? equity for the Renzo Corporation on June 1, 201X: Paid-In Capital: Preferred Stock, $108 par, authorized 22,000 shares, 4,500 shares
Billings Corporation began its business on January 1, 201X. It sold at $28 per share 6,500 shares of no-par common stock with a stated value of $21 per share. The charter of Billings indicated
On January 1, 201X, Lane Corporation issued on a subscription basis 1,010 shares of $48 par-value common stock at $86 per share. Two equal installments were to be made on July 1 and December 31.
Lakeshore Corporation in its first 3 years of operation paid out the following dividends:Year 1: $0Year 2: $26,000Year 3: $95,000Given that Lakeshore has 3,300 shares of $97 par 11% cumulative,
On July 10, 201X, Happy Corporation issued 3,100 shares of common stock with a par value of $99 in exchange for equipment with a fair market value of $321,000. Journalize the appropriate entry.
Larry Corporation was authorized to issue 30,000 shares of common stock. Record the journal entry for each of the following independent situations, assuming Larry issues 5,800 shares at $12 on July
Pearker Corporation began its business on January 1, 201X. It sold at $32 per share 6,400 shares of no-par common stock with a stated value of $19 per share. The charter of Pearker indicated that
On January 1, 201X, Brown Corporation issued on a subscription basis 1,040 shares of $51 par-value common stock at $90 per share. Two equal installments were to be made on July 1 and December 31.
Quincy Corporation in its first 3 years of operation paid out the following dividends:Year 1: $0Year 2: $32,000Year 3: $85,000Given that Quincy has 3,100 shares of $97 par 12% cumulative,
On July 10, 201X, Vixen Corporation issued 2,800 shares of common stock with a par value of $103 in exchange for equipment with a fair market value of $327,000. Journalize the appropriate entry.
Lucy Corporation was authorized to issue 29,000 shares of common stock. Record the journal entry for each of the following independent situations, assuming Lucy issues 6,300 shares at $13 on July 20,
Journalize the entries to record the stock subscription plan for Gray Co. On July 1, Gray received subscriptions for 1,000 shares of $31 parvalue common stock at $44 per share. The buyer will pay
From the following, calculate the dividends for common and preferred stock:14% fully participating preferred stock.The board declared a $220,000 dividend.Preferred stock 3,200 shares, $90 par value;
Prior to the current year, Jargon Co. owed $14,900 each year for 6 years to holders of cumulative preferred stock. This year Jargon pays out $190,000 in dividends to preferred and common. How much
Lang Corporation has capital stock of $7,300. Its Retained Earnings account has a $14,700 balance. Cash has a balance of $9,800. What is the total of stockholders’ equity for Lang Corporation?
In stock subscriptions, why does one credit Common Stock Subscribed?
Explain the account Paid-In Capital in Excess of Par Value as it relates to exchange of stock for noncash assets.
What is the normal balance and the category of the account Discount on Common Stock?
Preferred stock can never be cumulative and nonparticipating: true or false? Support your answer.
What does preemptive right mean?
Explain the difference between Paid-In Capital and retained earnings.
List the advantages of the corporate form of organization.
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e and explain the benefits of being a corporation rather than a partnership.
The partnership of Jones, Rains, and Sussman is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation their balance sheet looks as follows: Journalize the entries
Lane, Ramirez, and Valverde are partners. On July 30, 201X, the balance sheet was as follows: The partners agree to share all losses and gains in a 2:2:1 ratio. Valverde is withdrawing from the
Bob Miller and Whitney Benson are partners with capital balances of $1,600 and $500, respectively. They share all profits and losses equally. From the following independent situations, journalize the
1. The partnership of Susan and Randy began with the partners investing $6,600 and $2,200, respectively. At the end of the first year, the partnership earned net income of $8,600. Under each of the
The partnership of Jackson, Rackley, and Sutter is being liquidated. All gains and losses are shared in a 3:2:1 ratio. Before liquidation, their balance sheet looks as follows: Journalize the
Lambert, Ray, and Verlander are partners. On July 30, 201X, the balance sheet was as follows: The partners agree to share all losses and gains in a 2:2:1 ratio. Verlander is withdrawing from the
Bob Miller and Whitney Allen are partners with capital balances of $1,750 and $350, respectively. They share all profits and losses equally. From the following independent situations, journalize the
1. The partnership of Katie and Leo began with the partners investing $6,000 and $2,000, respectively. At the end of the first year, the partnership earned net income of $8,400. Under each of the
Sullivan, Ritchie, and Haas have capital balances before liquidation of $15,000, $26,000, and $36,000, respectively. Cash balance is $51,000, and the partners share losses and gains in a 3:2:1 ratio.
L. Waddell, V. Sage, and E. Rabel are partners with capital balances of $91,000, $84,000, and $68,000, respectively. Rabel sells his interest in the company for $87,000 to P. Solvay. Waddell and Sage
Jessica Eaglen, Tracey DaVeiga, and Allison Ellard are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $4,700, $5,100, and $4,200, respectively. The partners are
A. Larsen and B. Samec have decided their partnership earnings will be shared as follows:(a) 13% interest allowance on capital balances at the beginning of the year,(b) Remainder to be shared
Ed Hobbs and Carrie Lewis form a partnership on May 1, 201X. Hobbs contributes $39,000. Lewis contributes $30,000 cash and land costing $18,500 with a current fair value of $30,500. A $32,000 note
Sabin, Roe, and Herber have capital balances before liquidation of $14,000, $22,000, and $31,000, respectively. Cash balance is $39,000, and the partners share losses and gains in a 3:2:1 ratio. All
L. White, V. Sabin, and E. Rackhaus are partners with capital balances of $92,000, $81,000, and $69,000, respectively. Rackhaus sells his interest in the company for $90,000 to P. Solvay. White and
Judy Eagleson, Tina DiVito, and Amy Ellars are partners who share losses and gains in a ratio of 2:2:1. Their capital balances are $4,800, $7,200, and $4,300, respectively. The partners are anxious
A. Langer and B. Semon have decided their partnership earnings will be shared as follows:(a) 14% interest allowance on capital balances at beginning of year,(b) remainder to be shared equally.
Ethan Smith and Crystal Banks form a partnership on May 1, 201X. Smith contributes cash of $40,000. Banks contributes $28,000 cash and land costing $18,100 with a current fair value of $29,500. A
From the following, journalize the(a) sale of assets and(b) loss or gain from liquidation realization.Given:Cash$3,300Other Assets18,500Liabilities4,400Maxwell, Capital5,200Cassy, Capital8,400Eaton,
From the following capital balances, calculate the profit-and-loss ratio for each account:Billy Bliss, Capital$200Antonio James, Capital900Teddy Pennington, Capital800
Phyllis Richardson wants to have a one-third interest in a law practice that has two partners with capital balances as follows:Ronald Small, Capital$5,600Al Prior, Captal2,000How much must Phyllis
On August 8, Art O’Toole sold his equity in the partnership to Bill Morrison for $5,300. Art’s capital account had a $4,000 balance. Record the journal entry.
Using your answer from Concept Check 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowances? If net income was $14,250, how
If the partners in Concept Check 2 have the following agreement, please calculate the total salary and interest allowances:1. Salary Allowance: Smith, $8,600; Stapleson, $6,900; and Menard, $5,800.2.
John Smith, Norman Stapleson, and Dakota Menard invested $12,000, $7,500, and $10,500, respectively. At the end of the first year, the company’s net income was $90,000. Assuming no agreement was
Bob Pillow and Ronald Slate enter into a partnership. On December 1, 201X, Bob invests $6,900 cash in the partnership. Ronald invests $4,300 cash and store equipment worth $6,400 with accumulated
What are the four steps of the liquidation process?
Why would a partner who is withdrawing take more or less than book equity?
When a partner withdraws, why would a partnership revalue its assets?
What is meant by a “bonus” when a partner is admitted?
What is meant by a “side transaction” when a new partner is admitted by an existing partner’s selling the new partner equity?
The statement of partners’ capital is a required report. Agree or disagree? Defend your position.
Give an example of a fractional ratio.
Explain why salary and interest allowances are not expenses for a partnership.
Mutual agency could create unlimited liability. Agree or disagree? Defend your position.
Explain how a company could operate even when being dissolved.
What is the function of the articles of partnership?
List five characteristics of a partnership.
On September 13, 2018, Cagnacci Company bought equipment for $6,000. Its estimated life is 4 years with a residual value of $288. Prepare depreciation schedules for 2018, 2019, and 2020 for(a)
On January 1, 2018, a machine was installed at Dunbar Factory at a cost of $53,000. Its estimated residual value at the end of its estimated life of 4 years is $20,000. The machine is expected to
Record the following transactions (all paid in cash except on March 24) in the general journal of Green Company: 201X Feb. 5 Purchased land for $89,000. The $89,000 included attorney's fees of
On May 13, 2018, Cook Company bought equipment for $4,080. Its estimated life is 4 years with a residual value of $240. Prepare depreciation schedules for 2018, 2019, and 2020 for(a) Straight-line(b)
On January 1, 2018, a machine was installed at Jillian Factory at a cost of $58,000. Its estimated residual value at the end of its estimated life of 4 years is $22,000. The machine is expected to
Harrison Company bought a light general-purpose truck for $9,000 on March 5, 2006. Calculate the yearly depreciation using the MACRS method.
On May 1, 2018, April Company bought a patent at a cost of $5,940. It is estimated that the patent will give April a competitive advantage for 4 years. Record in general journal form amortization for
Lakeville Co., whose accounting period ends on December 31, purchased a machine for $6,920 on January 1 with an estimated residual value of $800 and an estimated useful life of 4 years. Prepare
From the following, prepare depreciation schedules for the first 2 years for(a) Straight-line,(b) Units-of-production, (c) Double declining-balance at twice the straight line rate
Ralph Company incurred the following expenditures to buy a new machine:Invoice, $35,000 less 8% cash discountFreight charges, $440.Assembly charges, $1,500.Special base to support machine,
Menard Company bought a light general-purpose truck for $8,500 on February 6, 2006. Calculate the yearly depreciation using the MACRS method.
On May 1, 2018, Lincoln Company bought a patent at a cost of $6,120. It is estimated that the patent will give Lincoln a competitive advantage for 6 years. Record in general journal form amortization
Falcon Co., whose accounting period ends on December 31, purchased a machine for $6,900 on January 1 with an estimated residual value of $760 and an estimated useful life of 5 years. Prepare
Austin Company incurred the following expenditures to buy a new machine:Invoice, $31,000 less 13% cash discount.Freight charges, $480.Assembly charges, $1,400.Special base to support machine,
Assume that in the scenario in Concept Check 8 the cash payment was $10,800.1. What is the loss on the exchange?2. Provide a journal entry to record the exchange.
In a transaction with commercial substance, April Co. exchanged an old machine costing $19,800 with Accumulated Depreciation of $10,400 for a new machine with a market value of $19,100 and a cash
If Mark Stone depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1.Cost$9,600Residual value$1,900Service of useful life4 year
If Leo Stone depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following:Cost$4,840Residual value$1,600Estimated mileage54,000The truck
If a machine had a cost of $6,400 with an accumulated depreciation of $630, what would be its book value?
Bob Rink depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following:Cost$7,300Residual value$2,500Service of useful life4 years
Calculate the total cost of the machine given the following:List price$3,400Cash discount8%Freight$58Assembly350Special foundation63
What is the purpose of the Accumulated Depletion account?
A loss on an exchange of plant assets that has commercial substance must be recognized in the accounting records. True or false?
When a plant asset is sold, a loss results if the cash received is greater than book value. Agree or disagree? Please explain.
Which method of depreciation does not deduct residual value in its calculation?
A betterment is a revenue expenditure. True or false? Please explain.
What is the purpose of the Land Improvements account?
Suarez Computer Center had 350 pieces of merchandise inventory as of June 30, 201X. The inventory was purchased with prices as follows: Using the FIFO, LIFO, and weighted-average methods, calculate
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e. Look on page 39 and find out the balance of inventory. Which method to calculate ending inventory was used by Amazon?
Over the past 4 years the gross profit rate for Davidson Company was 26%. Last week a fire destroyed all of Davidson’s inventory. Luckily, all the records for Davidson were in a fireproof safe and
Matthew Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Matthew’s ending inventory at cost for the end of
Addison Company, using the periodic inventory system, began the year with 220 units of product B in inventory with a unit cost of $39. The following additional purchases of the product were made:Apr.
Agree Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use (b) Assuming that the LIFO method is in
Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The
The Antrim Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30. 201X 5 Purchased merchandise on account totaling $2,000; terms
Over the past 4 years, the gross profit rate for Setzer Company was 28%. Last week a fire destroyed all of Setzer’s inventory. Luckily, all the records for Setzer were in a fireproof safe and
Mosher Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mosher’s ending inventory at cost for the end of

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