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financial accounting

Questions and Answers of Financial Accounting

Cascade Inn, Inc., included the following stockholders? equity on its year-end balance sheet at December 31, 2018: Requirements 1. Identify the different issues of stock Cascade Inn, Inc., has
Cutter Furniture, Inc., was organized in 2017. At December 31, 2017, Cutter Furniture, Inc.?s balance sheet reported the following stockholders? equity: Requirement Answer the following questions
Cal Spas, Inc., reported the following statement of stockholders? equity for the year ended September 30, 2018: Requirements 1. What is the par value of the company?s common stock? 2. At what
The balance sheet of Johnson Supply, Inc., at December 31, 2017, reported 800,000 shares of $2 par common stock authorized, with 116,000 shares issued and outstanding. Paid-in Capital in Excess of
Cho Sporting Goods, Inc., completed the following selected transactions during 2018:Jan 6 Declared a cash dividend on the 8,000 shares of $4, no-par preferred stock outstanding. Declared a $0.20 per
Kommeri Consulting, Inc., has 9,000 shares of $6, no-par preferred stock and 60,000 shares of no-par common stock outstanding for 2016–2018. Kommeri Consulting, Inc., declared and paid the
The Davenport Hotel, Inc., included the following stockholders? equity on its year-end balance sheet at December 31, 2018. Requirements 1. Identify the different issues of stock that the Davenport
Gamma Corporation was organized in 2017. At December 31, 2017, Gamma Corporation?s balance sheet reported the following stockholders? equity: Requirement Answer the following questions and make
Assume that Pugliese Industrial Supply, Inc., has the following data:Net income for 2018 ........................................................................................$ 149,000Total
Universal Communications, Inc., began 2018 with 340,000 shares of $1 par common stock issued and outstanding. Beginning Paid-in Capital in Excess of Par—Common was $590,000, and Retained Earnings
At December 31, 2017, Gentili Corp. reported the following stockholders? equity: During 2018, Gentili completed these transactions and events in this order: a. Sold 1,200 shares of treasury stock
Patterson Manufacturing Co. has the following selected account balances at September 30, 2018: Requirement Prepare the stockholders? equity section of the company?s balance sheet. Common Stock, no
The stockholders? equity for Coeur d?Alene Marina, Inc., on December 31, 2017, follows: On May 31, 2018, the market price of Coeur d?Alene Marina, Inc.?s common stock was $17 per share, and the
The following elements of stockholders? equity are adapted from the balance sheet of Sacchetti Corporation: Sacchetti Corporation paid no preferred dividends in 2018 but paid the designated amount
Tri County Communications, Inc., has the following stockholders? equity: Requirements Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and common shareholders
The charter for Zealax, Inc., authorizes the company to issue 250,000 shares of $3, nopar preferred stock and 950,000 shares of common stock with $8 par value. During its start-up phase, Zealax,
Assume that Pembrook Industries, Inc., has the following data:Net income for 2018 ......................................................................................$ 104,000Total stockholder’s
Century Communications, Inc., began 2018 with 290,000 shares of $1 par common stock issued and outstanding. Beginning Paid-in Capital in Excess of Par—Common was $580,000, and retained earnings
At December 31, 2017, Gertner Corp. reported the following stockholders’ equity:During 2018, Gertner Corp. completed these transactions and events in this order:a. Sold 1,300 shares of treasury
Tsongas Manufacturing Co. has the following selected account balances at July 31, 2018: Requirements Prepare the stockholders? equity section of the company?s balance sheet. Common Stock, no par
The stockholders? equity for Lakeside Marina, Inc., on December 31, 2017, follows: On January 31, 2018, the market price of Lakeside Marina?s common stock was $20 per share and the company
The following elements of stockholders’ equity are adapted from the balance sheet of Sanders Corporation:Stockholders’ EquityPreferred Stock, cumulative, $4 par (Note 7), 40,000 shares issuedand
H&K Telecom, Inc., has the following stockholders? equity: Requirement Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and common shareholders for 2018
At December 31, 2018, Sugarland Company reported the following on its comparative balance sheet, which included 2017 amounts for comparison (adapted, with all amounts in millions except par value per
Buckeye, Inc., reported the following on its balance sheet at December 31, 2018:Common Stock, $3.00 par value, 550,000 shares authorized,400,000 shares issued and
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material.This case continues our examination of Columbia Sportswear. Here
Let’s look again at Dick’s Sporting Goods (Dick’s). Think about Dick’s. How did Dick’s get the money to fund its operations? Return to Dick’s Annual Report and review the financial
This problem continues our accounting for Fitness Equipment Doctor, Inc., from Chapter 9. Fitness Equipment Doctor, Inc., has been authorized to sell 100,000 shares of $5 par value common stock and
This exercise continues our accounting for Sensations Salon, Inc., from Chapter 9. In this exercise, we account for the declaration and issuance of a cash dividend by Sensations Salon, Inc. On
This exercise continues our accounting for Sensations Salon, Inc., from previous chapters. In this exercise, we will account for the annual depreciation expense for Sensations Salon, Inc. In the
Watkins Enterprises earned net income of $95,000 during the year ended December 31, 2018. On December 15, 2018, Watkins Enterprises declared the annual cash dividend on its 2 percent preferred stock
The charter for Zelkin, Inc., authorizes the company to issue 200,000 shares of $3, nopar preferred stock and 900,000 shares of common stock with $1 par value. During its start-up phase, Zelkin,
Use the statement of stockholders? equity in Exhibit 10-8 to answer the following questions: 1. Make journal entries to record the declaration and payment of cash dividends during 2018. 2. How much
Zepher, Inc., prepared the following stockholders? equity section as of December 31, 2018. Requirement Answer the following questions about Zepher, Inc.?s dividends: a. How much in dividends must
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. The summary of significant accounting policies is located in note 2 to the financial statements.
Several years ago, Health Services acquired a helicopter for use in emergency situations.Health Services incurred the following expenditures related to the helicopter delivery operations in the
On August 31, 2018, Freemont Co. purchased $18,000 of inventory with a one-year, 8 percent note payable. Journalize the following for the company:1. Accrual of interest expense on December 31, 20182.
Allied Corp. issued 8 percent, five-year bonds payable at a price of $52,420 on January 1, 2018; the bonds have a maturity value of $50,000. Journalize the following transactions for Allied Corp.
Bike World, Inc., wholesales a line of custom road bikes. Bike World?s inventory as of November 30, 2018, consisted of 22 mountain bikes costing $1,650 each. Bike World?s trial balance as of November
Use the data for River City Fabrication, Inc., from P4-43A. Requirements 1. Calculate the earnings per share for River City Fabrication for the year. Assume an average of 16,000 common shares were
Olympia Hardware, Inc., had sales totaling $14,300 during the month of September. Based on experience, company management expects 7 percent of the sales amount will be refunded to customers in the
The adjusted trial balance for Checker Flag Auto, Inc., as of January 31, 2018, is presented next: Requirements 1. Prepare the multistep income statement for January for Checker Flag Auto, Inc. 2.
The accounts for the year ended October 31, 2018, for Lake City Industries, Inc., are listed next: Requirements 1. Prepare Lake City Industries, Inc.?s multistep income statement. 2. Prepare Lake
Use the data for Lake City Industries, Inc., from P4-50B. Requirements 1. Calculate the earnings per share for Lake City Industries for the year. Assume an average of 25,000 common shares were
Let’s look at Dick’s Sporting Goods (Dick’s) some more. Think about Dick’s. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.This case continues our examination of the
Hasse Landscaping would like to assign the oldest costs of inventory items to its ending inventory.Which inventory costing method should Hasse Landscaping choose?
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company annual report located in Appendix A, and go to the financial statements
At the end of the current year, Cottage Cafe’s inventory account balance was $13,550. A physical count of the inventory revealed that inventory on hand totaled $13,480. What amount should Cottage
Inland Industrial Supply’s income statement data for the year ended October 31, 2018, follow.Sales Revenue.........................$253,700Cost of Goods Sold...................136,400Gross
Inland Industrial Supply’s income statement data for the year ended December 31, 2018, follow.Sales Revenue..............................$253,700Cost of Goods
Swanson, Incorporated’s sales for the year ended March 31, 2018, were $1,275,000, and cost of goods sold amounted to $728,000. Beginning inventory was $55,000, and ending inventory was
Assume Alpine Bikes, Inc., bought and sold a line of mountain bikes during October as follows: Alpine Bikes, Inc., uses the perpetual inventory system. Requirements 1. Compute the cost of goods
Refer to the data for Alpine Bikes, Inc., in E5-19A. Requirements 1. Compute the cost of ending inventory under FIFO. 2. Compute the cost of ending inventory under LIFO. 3. Which method results in a
Assume Fisher Tire, Inc., completed the following perpetual inventory transactions for a line of tires.Beginning
The following are selected data for Armada Industries: Requirements 1. Calculate the return on assets (ROA) and the fixed asset turnover ratio for Armada Industries for 2017 and 2018. Round your
Brown Freightway provides freight service. The company’s balance sheet includes Land, Buildings, and Motor-Carrier Equipment. Brown Freightway uses a separate accumulated depreciation account for
On January 4, 2018, Crux Systems, Inc., paid $281,200 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $2,800 for transportation
The following are selected data for Patina Industries: Requirements 1. Calculate the return on assets (ROA) and the fixed asset turnover ratio for Patina Industries for 2017 and 2018. Round your
In this exercise, we will continue the accounting for Sensations Salon, Inc. Assume that on September 30, 2018, Sensations Salon, Inc., borrowed $6,500 from State Bank, signing a nine-month, 71∕2
This continues the Fitness Equipment Doctor, Inc., example from the Continuing Problem in Chapter 8. Fitness Equipment Doctor, Inc., purchased some of its long-term assets during 2018 using longterm
What accounts are involved in the journal entry to record the issuance of stock at a price above the par value of the stock?
Let’s examine Dick’s Sporting Goods (Dick’s) again. Think about Dick’s. What liabilities might Dick’s need to finance its operations? Return to Dick’s Annual Report and look at the
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.This case focuses on the liabilities of Columbia
On April 30, 2018, Dawson Co. borrowed $6,000 on a one-year, 9 percent note payable. What amounts would Dawson Co. report for the note payable and the related interest payable on its balance sheet
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Consolidated Financial
Ling Company issued a $280,000, 4 percent mortgage note on January 1, 2018, to purchase a building. Payments of $8,055 are made semiannually. Complete the following amortization schedule (partial)
McCormack Co. purchased a building and issued a $360,000, 6 percent mortgage note on January 1, 2018. Payments of $13,008 are made semiannually on June 30 and December 31 each year. Record the
Determine whether the following bonds payable will be issued at par, at a premium, or at a discount:a. The market interest rate is 5 percent. Wilson Corp. issues bonds payable with a stated rate of
Allison Supply, Inc., is planning to issue long-term bonds payable to fund a major expansion. For each of the following questions, identify whether the bond price involves a discount, a premium, or
Wilson Corp. issued 6.5 percent, 10-year bonds payable with a maturity value of $30,000 on January 1, 2018. Journalize the following transactions and include an explanation for each entry. The market
Allied Corp. issued 8 percent, five-year bonds payable at a price of $48,200 on January 1, 2018; these bonds have a maturity value of $50,000. Journalize the following transactions for Allied Corp.
Tri-County Medical Group borrowed $1,050,000 on July 1, 2018, by issuing a 5 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the
The account balances for the year ended December 31, 2018, for River City Fabrication, Inc., are listed next: Requirements 1. Prepare River City Fabrication, Inc.?s multistep income statement. 2.
The adjusted trial balance for Motion Auto, Inc., as of June 30, 2018, is presented next: Requirements 1. Prepare the multistep income statement for June for Motion Auto, Inc. 2. Calculate the
The following transactions for Quality Tire, Inc., occurred during November:Nov 4 Purchased $5,600 of merchandise on account from Tri-States Tire. Terms, 2/15, n/45, FOB shipping point. Tri-States
Sunshine Solar, Inc., had sales revenue of $445,000, cost of goods sold of $193,000, and net income of $96,000 for the year. An average of 4,000 shares of common stock were outstanding during the
The account balances for Grease Monkey Auto Supply, Inc., for the year ended December 31, 2018, are presented next in random order: Requirements 1. Prepare Grease Monkey Auto Supply, Inc.?s
Consider the following incomplete table of a merchandiser?s profit data: Requirement Complete the table by computing the missing amounts. Sales Revenue Cost of Goods Sold 72,500 Gross Profit (a)
The following transactions occurred during November 2018 for Specialty T-Shirts, Inc.:Nov 3 Purchased $3,900 of goods on account. Terms, 3/10, n/30. FOB shipping point.6 Returned $300 of defective
On April 14, 2018, Discount Furniture, Inc., sold $4,200 of inventory (cost is $1,350) on account to one of its customers. The terms were 1/10, n/30, FOB destination. On April 16, Discount Furniture,
The Country Carver had sales totaling $14,800 during the month of June. Based on experience, company management expects 7 percent of the sales amount will be refunded to customers in the form of
On September 15, 2018, A.D. Wholesale, Inc. purchased $4,200 of inventory on account from one of its suppliers. The terms were 1/15, n/30, FOB shipping point. On September 17, A.D. Wholesale, Inc.,
Whole Foods, Inc., had sales revenue of $560,000, cost of goods sold of $224,000, and net income of $84,000 for the year. An average of 8,000 shares of common stock were outstanding during the
Use the data for Spark?s Electrical Supply, Inc., from E4-22A. Requirement Prepare Spark?s Electrical Supply, Inc.?s classified balance sheet. Use the account format. The balance shown for Retained
Use the data for Spark?s Electrical Supply, Inc., from E4-22A. Requirements 1. Prepare Spark?s Electrical Supply, Inc.?s multistep income statement. 2. Calculate the gross profit percentage. 3. The
The account balances for Spark?s Electrical Supply, Inc., for the year ended August 31, 2018, are presented next in random order: Requirements 1. Prepare Spark?s Electrical Supply, Inc.?s
Consider the following incomplete table of a merchandiser?s profit data: Requirement Complete the table by computing the missing amounts. Sales Revenue Gross Profit Cost of Goods Sold 71,400 52,600
The following transactions occurred during June 2018 for Soulful Art, Inc.:Jun 3 Purchased $3,300 of goods on account. Terms, 2/10, n/30, FOB shipping point.6 Returned $800 of defective merchandise
Journalize the following transactions for Bridgeport Audio, Inc., that occurred during the month of November, assuming the “net” method is used. Bridgeport Audio’s cost of inventory is 55
On July 14, 2018, Salem Food Wholesale, Inc., sold $2,700 of inventory (cost is $1,050) on account to one of its customers. The terms were 2/10, n/30, FOB destination. On July 16, Salem Food
The Knotty Splinter had sales during the month of June that totaled $5,300. Based on experience, company management expects 8 percent of the sales amount will be refunded to customers in the form of
On October 15, 2018, Chandler’s Department Store purchased $3,900 of inventory on account from one of its suppliers. The terms were 2/15, n/45, FOB shipping point. On October 17, Chandler’s
Use the data from S4-11 to calculate the gross profit percentage and the net income percentage for 2018 for The Skate Shed, Inc. Cost of Goods Sold . Equipment, Net Accrued Liabilities. Sales
Use the data from S4-11 to prepare the classified balance sheet for The Skate Shed, Inc., at January 31, 2018. Use the report format. Cost of Goods Sold . Equipment, Net Accrued Liabilities. Sales
The accounting records for The Skate Shed, Inc., reflected the following amounts at the end of January 2018: Prepare The Skate Shed?s multistep income statement for the fiscal year ended January
Selected account balances for Maria?s Mocha at the end of the month are listed below in random order: Identify or compute the following amounts for Maria?s Mocha: a. Total current assets b. Total
Suppose Paul’s Hardware sells merchandise on account, terms 1/10, n/45, for $920 (the cost of the inventory is $550) on March 17, 2018. Paul’s Hardware later received $290 of goods (cost, $175)
Suppose Peter’s Hardware sells merchandise on account, terms 2/10, n/30, for $640 (the cost of the inventory is $360) on March 17, 2018. Peter’s Hardware later received $185 of goods (cost, $110)
What kind of account is Estimated Refund Liability? Where would it appear on the financial statements?

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