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fundamental accounting

Fundamental Accounting Principles Volume 2 21st Edition John Wild, Ken Shaw, Barbara Chiappetta - Solutions

Refer to the information reported about Golden Corporation in Problem 16-4A.Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating activities under the indirect method. Identify the debits and credits in the Analysis of Changes columns with
What docs a relatively high accounts receivable turnover indicate about a company’s short-term liquidity?
Match the ratio to the building block of financial statement analysis to which it best relates. A. Liquidity and efficiency B. Solvency C. Profitability D. Market prospects -2345 1. Equity ratio 6. 2. Return on total assets 7. Accounts receivable turnover Debt-to-equity 3. Dividend yield 8. Times
Refer to Simon Company’s financial information in Exercises 17-7 and 17-9. Evaluate the company’s effi¬ ciency and profitability by computing the following for 2014 and 2013: (1) profit margin ratio—percent rounded to one decimal, (2) total asset turnover—rounded to one decimal, and (3)
Refer to Simon Company’s financial information in Exercises 17-7 and 17-9. Additional information about the company follows. To help evaluate the company’s profitability, compute and interpret the following ratios for 2014 and 2013: (1) return on common stockholders’ equity—percent rounded
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $48,900; total assets, $189,400; common stock, $90,000; and retained earnings, $22,748.)Required Compute the following: (1) current
Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1, and an acid-test ratio of 1.4:1. During the month, it completed the following transactions (the company uses a perpetual inventory system).Required Prepare a table showing the company’s (1) current
Selected year-end financial statements of Overton Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $17,400; total assets, $94,900; common stock, $35,500; and retained earnings, $18,800.)Required Compute the following: (1) current
Use the following selected data from Success Systems’ income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance sheet to complete the requirements below: computer services revenue, $25,160; net sales (of goods), $18,693; total sales and revenue, $43,853;
Refer to Polaris financial statements in Appendix A to answer the following.1. Using fiscal 2009 as the base year, compute trend percents for fiscal years 2009, 2010, and 2011 for revenues, cost of sales, operating income, non-operating expenses, income taxes, and net income. (Round percents to one
A team approach to learning financial statement analysis is often useful.Required 1. Each team should write a description of horizontal and vertical analysis that all team members agree with and understand. Illustrate each description with an example.2. Each member of the team is to select one of
KTM (www.KTM.com). which is a leading manufacturer of offroad and street motorcycles, along with Polaris and Arctic Cat, are competitors in the global marketplace. Key figures for KTM follow (in Euro thousands).Required 1. Compute common-size percents for KTM using the data provided. (Round
When the contract rate is above the market rate, do bonds sell at a premium or a discount? Do purchasers pay more or less than the par value of the bonds?
Are these bonds issued at a discount or a premium? Explain your answer. On December 31,2012, a company issues 16%, 10-year bonds with a par value of $100,000. Inter¬ est is paid on June 30 and December 31. The bonds are sold to yield a 14% annual market rate at an issue price of $110,592.
How is the interest portion of an installment note payment computed?
Explain the types and payment patterns of notes?
Explain and compute the present value of an amount(s) to be paid at a future date(s).?
Describe interest accrual when bond payment periods differ from accounting periods?
Describe accounting for leases and pensions
Compare bond financing with stock financing
Describe Assess debt features and their implications
A company issues 8%, 20-year bonds with a par value of $500,000. The current market rate for the bonds is 8%. The amount of interest owed to the bondholders for each semiannual interest payment isa. $40,000.b. $0.c. $20,000.d. $800,000.e. $400,000.
Rogers Company signs a five-year capital lease with Packer Company for office equipment. The annual lease payment is $10,000, and the interest rate is 8%.Required 1. Compute the present value of Roger’s five-year lease payments.2. Prepare the journal entry to record Roger’s capital lease at its
Refer to the bond details in Problem 14-2B, except assume that the bonds are issued at a price of $4,192,932.Required 1. Prepare the January 1, 2013, journal entry to record the bonds’ issuance.2. For each semiannual period, compute (a) the cash payment, (b) the straight-line premium amortiza¬
Break into teams and complete the following requirements related to effective interest amortization for a premium bond.1. Each team member is to independently prepare a blank table with proper headings for amortization of a bond premium. When all have finished, compare tables and ensure that all
Braun Company signs a five-year capital lease with Verdi Company for office equipment. The annual lease payment is $20,000, and the interest rate is 10%.RequiredProblem 14-11 B°Capital lease accountingC41. Compute the present value of Braun’s lease payments.2. Prepare the journal entry to record
Refer to Polaris’ financial statements in Appendix A to answer the following.1. Identify the items, if any, that make up Polaris’ long-term debt as reported on its balance sheet at December 31, 2011.2. Assume that Polaris has $100,000 thousand in convertible debentures that carry a 4.25%
Is it more common for a company to issue common stock with a par value of $10 or $.001 ? Explain why.
A company issues 7000 shares of its $10 par value common stock in exchange for equipment valued at $105,000. The entry to record this transaction includes a credit to (a) Paid-In Capital in Excess of Par Value, Common Stock, for $35,000. (b) Retained Earnings for $35,000.(c) Common Stock, $10 Par
What is a premium on stock issuance?
Who is protected by the minimum legal capital requirement?
Barton Corporation began operations on January 1, 2012. The following transactions relating to stock¬ holders’ equity occurred in the first two years of the company’s operations.2012 Jan. 1 Authorized the issuance of 2 million shares of $5 par value common stock and 100,000 shares of $100 par
Precision Company began year 2013 with the following balances in its stockholders’ equity accounts.All outstanding common stock was issued for $15 per share when the company was created. Prepare jour¬ nal entries to account for the following transactions during year 2013. Common stock-$10 par,
Identify characteristics of corporations and their organization.
Explain characteristics of, and distribute dividends be¬ tween, common and preferred stock
Explain the items reported in retained earnings.
A corporation issues 6,000 shares of $5 par value common stock for $8 cash per share. The entry to record this transaction includes:a. A debit to Paid-In Capital in Excess of Par Value for $18,000.b. A credit to Common Stock for $48,000.c. A credit to Paid-In Capital in Excess of Par Value for
A company has 5,000 shares of $100 par preferred stock and 50,000 shares of $10 par common stock outstanding. Its total stockholders’ equity is $2,000,000. Its book value per common share is:a. $100.00b. $ 10.00c. $ 40.00d. $ 30.00e. $ 36.36
Of the following statements, which are true for the corporate form of organization?1. Ownership rights cannot be easily transferred.2. Owners have unlimited liability for corporate debts.3. Capital is more easily accumulated than with most other forms of organization.4. Corporate income that is
Issuance of preferred stock PI P2 :a. Prepare the journal entry to record Tamasine Company’s issuance of 5,000 shares of $100 par value 7% cumulative preferred stock for $102 cash per share.b. Assuming the facts in part 1, if Tamasine declares a year-end cash dividend, what is the amount of
Prepare journal entries to record the following transactions for Emerson Corporation.July 15 Declared a cash dividend payable to common stockholders of $165,000.August 15 Date of record is August 15 for the cash dividend declared on July 15.August 31 Paid the dividend declared on July 15.
The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 10% stock dividend. The stock’s per share market value on April 2 is $20 (prior to the dividend). Prepare the stockholders’ equity section irmnediately after the
The stockholders’ equity section of Montel Company’s balance sheet follows. The preferred stock’s call price is $40. Determine the book value per share of the common stock. Preferred stock-5% cumulative, $10 par value, 20,000 shares authorized, issued and outstanding. Common stock-$5 par
Air France-KLM reports the following equity information for its fiscal year ended March 31, 2012 (euros in millions). Prepare its journal entry, using its account titles, to record the issuance of capital stock assuming that its entire par value stock was issued on March 31, 2012, for cash. March
Match each description 1 through 6 with the characteristic of preferred stock that it best describes by writ¬ ing the letter of that characteristic in the blank next to each description.A. Callable B. Convertible C. Cumulative D. Noncumulative E. Nonparticipating F. Participating 1. Holders of the
On June 30, 2013, Sharper Corporation’s common stock is priced at $62 per share before any stock divi¬ dend or split, and the stockholders’ equity section of its balance sheet appears as follows.1. Assume that the company declares and immediately distributes a 50% stock dividend. This event is
The stockholders’ equity of TVX Company at the beginning of the day on Febmary 5 follows:On February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15 stockholders of record. The stock’s market value is $40 per share on February 5 before the stock
On October 10, the stockholders’ equity of Sherman Systems appears as follows:1. Prepare journal entries to record the following transactions for Sherman Systems,a. Purchased 5,000 shares of its own common stock at $25 per share on October 11,b. Sold 1,000 treasury shares on November 1 for $31
The equity section of Cyril Coiporation’s balance sheet shows the following:Determine the book value per share of the preferred and common stock under two separate situations.1. No prefeiTed dividends are in arrears.2. Three years of prefen'ed dividends are in arrears. Preferred stock-6%
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2013:In year 2014, the following transactions affected its stockholders’ equity accountsRequired:1. Prepare journal entries to record each of these transactions for 2014.2. Prepare a statement of
Kinkaid Co. is. incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations.Required 1. Explain the transaction(s) underlying each journal entry (a) through (d).2. How many
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2013:In year 2014, the following transactions affected its stockholders’ equity accounts.Jan. 1 Purchased 4,000 shares of its own stock at $20 cash per share.Jan. 5 Directors declared a $2 per share cash
At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.In the fourth quarter, the following entries related to its equity are recorded:Required 1. Explain the transaction(s) underlying each journal entry.2. Complete the following
The equity sections from Atticus Group’s 2013 and 2014 year-end balance sheets follow.The following transactions and events affected its equity during year 2014.Jan. 5 Declared a $0.50 per share cash dividend, date of record January 10.Mar. 20 Purchased treasury stock for cash.Apr. 5 Declared a
Raphael Corporation’s common slock is currently selling on a stock exchange at $85 per share, and its current balance sheet shows the following stockholders’ equity section:Required (Round per share amounts to cents.)1. What is the current market value (price) of this corporation’s common
Weiss Company is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of operations.Required 1. Exiilain the Iransaction(s) underlying each journal entry («) through (t/).2. I low
At December 31, the end of Chilton Communication’s third quarter, the following stockholders’ equity accounts are reported:In the fourth quarter, the following entries related to its equity are recorded:Required 1. Explain the transaction(s) underlying each journal entry.2. Complete the
Soltech Company’s common stock is currently selling on a stock exchange at $90 per share, and its cur¬ rent balance sheet shows the following stockholders’ equity section.Required (Round per share amounts to cents.)1. What is the current market value (price) of this coiporation’s common
Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and Adria plans to expand her business. She believes that an additional $86,000 is needed and is investigating three funding sources.a. Adria’s sister Cicely is willing to invest $86,000 in the business as a
Refer to Polaris’ financial statements in Appendix A to answer the following.1. How many shares of common stock are issued and outstanding at December 31, 2011 and 2010? How do these numbers compare with the basic weighted-average common shares outstanding at December 31, 2011 and 2010?2. What is
Review 30 to 60 minutes of financial news programming on television. Take notes on companics that are catching analysts’ attention. You might hear reference to over- and undervaluation of firms and to reports about PE ratios, dividend yields, and earnings per share. Be prepared to give a brief
Financial information for KTM Corporation (www.KTM.com) follows:Required 1. Compute book value per share for KTM.2. Compute earnings per share (EPS) for KTM.3. Compare KTM’s dividends per share with its EPS. Is KTM paying out a large or small amount of its income as dividends? Explain. Net income
Record entries for these transactions assuming the allowance method is used:Jan. 10 The $300 account of customer Cool Jam is determined uncollectible.April 12 Cool Jam unexpectedly pays in full the account deemed uncollectible on Jan. 10
Irwin purchases $7,000 of merchandise from Stamford on December 16, 2013 . Stamford accepts Irwin's $7,000, 90-day, 12% note as payment. Stamford's accounting period ends on December 31, and it does not make reversing entries. Prepare entries for Stamford on December 16, 2013, and December 31, 2013
Using the information in Quick Check 8, prepare Stamford's March 16, 2014, entry if Irwin dishonors the note.
What is the maturity date of a 60-day note signed by the maker on September 15?
Clayco Company completes the following selected transactions during year 2013.July 14 Writes off a $750 account receivable arising from a sale to Briggs Company that dates to 10 months ago. (Clayco Company uses the allowance method.)30 Clayco Company receives a $1,000, 90-day, 10% note in exchange
Describe accounts receivable and how they occur and are recorded.
Assume the same facts as in QS 9-3, except that Warner estimates uncollectibles as 0.5% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles ?
Refer to the information in QS 9-9. On October 30, P. Moore unexpectedly paid his account in full to Solstice Company. Record Solstice’s entry(ies) to reflect this recovery of this bad debt.
At December 31, Folgeys Coffee Company reports the following results for its calendar year.Its year-end unadjusted trial balance includes the following items.a. Prepare the adjusting entry to record Bad Debts Expense assuming uncollectibles are estimated to be 1.5% of credit sales.b. Prepare the
Prepare journal entries to record these selected transactions for Vitalo Company.Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her past-due account receivable.Dec. 31 Adjusted the year-end accounts for the accrued interest earned on the
Refer to the information in Exercise 9-13 and prepare the journal entries for the following selected transac¬ tions of Dulcinea Company for 2013.2013 Jan. 27 Received Lee’s payment for principal and interest on the note dated December 13.Mar. 3 Accepted a $5,000, 10%, 90-day note dated March 3
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on its credit card and immediately credits the bank account of Archer when credit card receipts are
Refer to Polaris’ financial statements in Appendix A to answer the following.1. What is the amount of Polaris’ accounts receivable as of December 31, 2011 ?2. Compute Polaris’ accounts receivable turnover as of December 31, 2011.3. How long does it take, on average, for the company to collect
Many commercials include comments similar to the following: “We accept VISA” or “We do not accept American Express.” Conduct your own research by contacting at least five companies via interviews, phone calls, or the Internet to determine the reason(s) companies discriminate in their use of
Key information from Piaggio (www.Piaggio.com). which manufactures two-, three- and four- wheel vehicles, and is Europe’s leading manufacturer of motorcycles and scooters, follows.1. Compute the accounts receivable turnover for the current year.2. How long does it take on average for Piaggio to
Describe a note receivable, the computation of its maturity date, and the recording of its existence.
Explain how receivables can be converted to cash before maturity.
If your company pays a $4,800 premium on April 1, 2013, for two years' insurance coverage, how much insurance expense is reported in 2014 using cash basis accounting?
The following information relates to Fanning’s Electronics on December 31, 2013. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned items in bal¬ ance sheet accounts (assets and liabilities, respectively).a. The company’s weekly
Use the following adjusted trial balance to answer questions 1-3.1. Prepare the annual income statement i'rom the adjusted trial balance of Choi Company.2, Prepare a statement ol'owner’s equity I'rom the adjusted trial balance of Choi Company. Choi’s capital account balance of $40,.340 consists
Explain the importance of periodic reporting and the time period assumption.
Explain accrual accounting and how it improves financial statements
Identify the types of adjustments and their purpose.
Explain how accounting adjustments link to financial statements.
Compute profit margin and describe its use in analyzing company performance.
Explain the alternatives in accounting for prepaids.
On May 1, 2013, a two-year insurance policy was purchased for $24,000 with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income statement for the year ended December 31, 2013?a. $4,000b. $8,000c. $12,000d. $20,000e. $24,000
On November 1, 2013, Stockton Co. receives $3,600 cash from Hans Co. for consulting services to be provided evenly over the period November 1, 2013, to April 30, 2014—at which time Stockton credited $3,600 to Unearned Consulting Eees. The adjusting entry on December 31, 2013 (Stockton’s
If a company had $15,000 in net income for the year, and its sales were $300,000 for the same year, what is its profit margin?a. 20%b. 2,000%c. $285,000d. $315,000e. 5%
Adjusting for depreciation:a. Bargains Company purchases $20,000 of equipment on January 1, 2013. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one year’s depreciation expense of $3,600 for the equipment as of December 31,
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR).a. To record expiration of prepaid insurance. ^b. To record revenue earned but not yet billed (nor recorded).c. To record wages expense incurred but
In its first year of operations, Roma Co. earned $45,000 in revenues and received $37,000 cash from these customers. The company incuited expenses of $25,500 but had not paid $5,250 of them at year-end. The company also prepaid $6,750 cash for expenses that would be incun'ed the next year.
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the following entries, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet
During the year, $ereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company must make three adjusting entries: (1) accrue salaries expense, (2) adjust the Llnearned Services
Calvin Consulting initially records prepaid and unearned items in income statement accounts. Given this QS 3-1 company’s accounting practices, which of the following applies to the preparation of adjusting entries at Preparing adjusting entries the end of its first accounting period? q3a.
Pablo Management has five pait-time employees, each of whom earns $250 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. Assume that December 28, 2013, was a Friday, and that they were paid in full on that day. The next week, the five employees
adidas AG reports the following balance sheet accounts for the year ended December 31, 2011 (euros in millions). Prepare the balance sheet for this company as of December 31, 2011, following usual IFRS practices. Tangible and other assets Total equity.... Receivables and other assets 255 2,322
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2013. The last two columns contain the adjusted trial balance as of the same date.Required Analysis Component 1. Analyze the differences between the unadjusted and

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