All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
Search
Search
Sign In
Register
study help
business
intermediate accounting
Questions and Answers of
Intermediate Accounting
Mojave sold her condominium for $500,000 on September 14, 2012; she had paid $330,000 for it in 2004. Mojave collected the selling price as follows: 2012, $80,000; 2013, $320,000; and 2014, $100,000.
Describe the installment-sales method of accounting.
Explain the differences between the installment-sales method and the cost-recovery method.
What is the revenue recognition principle?
On July 1, 2012, Selig Company purchased for cash 40% of the outstanding capital stock of Spoor Corporation. Both Selig and Spoor have a December 31 year-end. Spoor Corporation, whose common stock is
On July 1, 2013, Fontaine Company purchased for cash 40% of the outstanding capital stock of Knoblett Company. Both Fontaine Company and Knoblett Company have a December 31 year-end. Knoblett
Presented below are three unrelated situations involving equity securities.Situation 1An equity security, whose fair value is currently less than cost, is classified as available-for-sale but is to
Lexington Co. has the following available-for-sale securities outstanding on December 31, 2012 (its first year of operations).During 2013, Summerset Company stock was sold for $9,200, the difference
Hart Golf Co. uses titanium in the production of its specialty drivers. Hart anticipates that it will need to purchase 200 ounces of titanium in October 2012, for clubs that will be shipped in the
On August 15, 2012, Outkast Co. invested idle cash by purchasing a call option on Counting Crows Inc. common shares for $360. The notional value of the call option is 400 shares, and the option price
Sarazan Company issues a 4-year, 7.5% fixed-rate interest only, non-prepayable $1,000,000 note payable on December 31, 2012. It decides to change the interest rate from a fixed rate to variable rate
On January 2, 2012, Parton Company issues a 5-year, $10,000,000 note at LIBOR, with interest paid annually. The variable rate is reset at the end of each year. The LIBOR rate for the first year is
On January 2, 2012, MacCloud Co. issued a 4-year, $100,000 note at 6% fixed interest, interest payable semiannually. MacCloud now wants to change the note to a variable-rate note. As a
On January 2, 2012, Jones Company purchases a call option for $300 on Merchant common stock. The call option gives Jones the option to buy 1,000 shares of Merchant at a strike price of $50 per share.
Presented below is selected information related to the financial instruments of Dawson Company at December 31, 2012. This is Dawson Company’s first year of operations.Instructions (a) Dawson
Assume the same information as in E17-19 for Lilly Company. In addition, assume that the investment in the Woods Inc. stock was sold during 2013 for $195,000. At December 31, 2013, the following
Presented below is information related to the purchases of common stock by Lilly Company during 2012.Instructions (a) What entry would Lilly make at December 31, 2012, to record the investment
Cairo Corporation has municipal bonds classified as available-for-sale at December 31, 2012. These bonds have a par value of $800,000, an amortized cost of $800,000, and a fair value of $740,000. The
On January 1, 2012, Meredith Corporation purchased 25% of the common shares of Pirates Company for $200,000. During the year, Pirates earned net income of $80,000 and paid dividends of
Gregory Inc. acquired 20% of the outstanding common stock of Handerson Inc. on December 31, 2012. The purchase price was $1,250,000 for 50,000 shares. Handerson Inc. declared and paid an $0.80 per
Swanson Company has the following securities in its trading portfolio of securities on December 31, 2012.All of the securities were purchased in 2012. In 2013, Swanson completed the
Capriati Corporation made the following cash purchases of securities during 2012, which is the first year in which Capriati invested in securities. 1. On January 15, purchased 9,000 shares of
Assume the same information as E17-9 and that Wenger, Inc. reports net income in 2012 of $120,000 and in 2013 of $140,000. Total holding gains (including any realized holding gain or loss) arising
At December 31, 2012, the available-for-sale equity portfolio for Wenger, Inc. is as follows.On January 20, 2013, Wenger, Inc. sold security A for $15,300. The sale proceeds are net of brokerage
On December 21, 2012, Zurich Company provided you with the following information regarding its trading securities.During 2013, Carolina Company stock was sold for $9,500. The fair value of the stock
The following information is available for Kinney Company at December 31, 2012, regarding its investments.Instructions (a) Prepare the adjusting entry (if any) for 2012, assuming the securities
On January 1, 2012, Morgan Company acquires $300,000 of Nicklaus, Inc., 9% bonds at a price of $278,384. The interest is payable each December 31, and the bonds mature December 31, 2014. The
Assume the same information as in E17-3 except that the securities are classified as available-for-sale. The fair value of the bonds at December 31 of each year end is as follows.Instructions
On January 1, 2011, Roosevelt Company purchased 12% bonds, having a maturity value of $500,000, for $537,907.40. The bonds provide the bondholders with a 10% yield. They are dated January 1, 2011,
On January 1, 2012, Jennings Company purchased at par 10% bonds having a maturity value of $300,000. They are dated January 1, 2012, and mature January 1, 2017, with interest receivable December 31
Cleveland Company has a stock portfolio valued at $4,000. Its cost was $3,300. If the Fair Value Adjustment account has a debit balance of $200, prepare the journal entry at year-end.
What is a variable-interest entity?
(a) Assuming no Fair Value Adjustment (available-for-sale) account balance at the beginning of the year, prepare the adjusting entry at the end of the year if Laura Company’s available-for-sale
On July 1, 2012, Wheeler Company purchased $4,000,000 of Duggen Company’s 8% bonds, due on July 1, 2019. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for
If the bonds in question 8 are classified as available-for-sale and they have a fair value at December 31, 2012, of $3,604,000, prepare the journal entry (if any) at December 31, 2012, to record this
Wheeler Company purchased $4,000,000 of Duggen Company’s 8% bonds, due on July 1, 2019. The bonds, which pay interest semiannually on January 1 and July 1, were purchased for $3,500,000 to yield
Cordero Corporation has an employee share-purchase plan which permits all full-time employees to purchase 10 ordinary shares on the third anniversary of their employment and an additional 15 shares
Chorkina Corporation, a new audit client of yours, has not reported earnings per share data in its annual reports to stockholders in the past. The treasurer, Beth Botsford, requested that you furnish
The executive officers of Rouse Corporation have a performance-based compensation plan. The performance criteria of this plan is linked to growth in earnings per share. When annual EPS growth is 12%,
Agassi Corporation is preparing the comparative financial statements to be included in the annual report to stockholders. Agassi employs a fiscal year ending May 31. Income from
The information below pertains to Barkley Company for 2013. There were no changes during 2013 in the number of common shares, preferred shares, or convertible bonds outstanding. There is no
Charles Austin of the controller’s office of Thompson Corporation was given the assignment of determining the basic and diluted earnings per share values for the year ending December 31, 2013.
Melton Corporation is preparing the comparative financial statements for the annual report to its shareholders for fiscal years ended May 31, 2012, and May 31, 2013. The income from operations for
Amy Dyken, controller at Fitzgerald Pharmaceutical Industries, a public company, is currently preparing the calculation for basic and diluted earnings per share and the related disclosure for
Assume that Amazon has a stock-option plan for top management. Each stock option represents the right to purchase a share of Amazon $1 par value common stock in the future at a price equal to the
Berg Company adopted a stock-option plan on November 30, 2011, that provided that 70,000 shares of $5 par value stock be designated as available for the granting of options to officers of the
Volker Inc. issued $2,500,000 of convertible 10-year bonds on July 1, 2012. The bonds provide for 12% interest payable semiannually on January 1 and July 1. The discount in connection with the issue
On December 31, 2009, Flessel Company issues 120,000 stock appreciation rights to its officers entitling them to receive cash for the difference between the market price of its stock and a
Brooks Inc. recently purchased Donovan Corp., a large midwestern home painting corporation. One of the terms of the merger was that if Donovan’s income for 2013 was $110,000 or more, 10,000
Zambrano Company’s net income for 2012 is $40,000. The only potentially dilutive securities outstanding were 1,000 options issued during 2011, each exercisable for one share at $8. None has been
On January 1, 2012, Lindsey Company issued 10-year, $3,000,000 face value, 6% bonds, at par. Each $1,000 bond is convertible into 15 shares of Lindsey common stock. Lindsey’s net income in 2013 was
The Ottey Corporation issued 10-year, $4,000,000 par, 7% callable convertible subordinated debentures on January 2, 2012. The bonds have a par value of $1,000, with interest payable annually. The
On June 1, 2011, Bluhm Company and Amanar Company merged to form Davenport Inc. A total of 800,000 shares were issued to complete the merger. The new corporation reports on a calendar-year
In 2012, Buraka Enterprises issued, at par, 75 $1,000, 8% bonds, each convertible into 100 shares of common stock. Buraka had revenues of $17,500 and expenses other than interest and taxes of $8,400
At January 1, 2012, Cameron Company’s outstanding shares included the following.280,000 shares of $50 par value, 7% cumulative preferred stock800,000 shares of $1 par value common stockNet income
On January 1, 2012, Bailey Industries had stock outstanding as follows. To acquire the net assets of three smaller companies, Bailey authorized the issuance of an additional 170,000
Ott Company had 210,000 shares of common stock outstanding on December 31, 2012. During the year 2013, the company issued 8,000 shares on May 1 and retired 14,000 shares on October 31. For the year
On January 1, 2012, Chang Corp. had 480,000 shares of common stock outstanding. During 2012, it had the following transactions that affected the Common Stock account.February 1
Gogean Inc. uses a calendar year for financial reporting. The company is authorized to issue 9,000,000 shares of $10 par common stock. At no time has Gogean issued any potentially dilutive
Tweedie Company issues 10,000 shares of restricted stock to its CFO, Mary Tokar, on January 1, 2012. The stock has a fair value of $500,000 on this date. The service period related to this restricted
Derrick Company issues 4,000 shares of restricted stock to its CFO, Dane Yaping, on January 1, 2012. The stock has a fair value of $120,000 on this date. The service period related to this restricted
On January 1, 2011, Scooby Corporation granted 10,000 options to key executives. Each option allows the executive to purchase one share of Scooby’s $5 par value common stock at a price of $20 per
On January 1, 2012, Magilla Inc. granted stock options to officers and key employees for the purchase of 20,000 shares of the company’s $10 par common stock at $25 per share. The options were
On November 1, 2011, Olympic Company adopted a stock-option plan that granted options to key executives to purchase 40,000 shares of the company’s $10 par value common stock. The options were
On May 1, 2012, Barkley Company issued 3,000 $1,000 bonds at 102. Each bond was issued with one detachable stock warrant. Shortly after issuance, the bonds were selling at 98, but the fair value of
On September 1, 2012, Jacob Company sold at 104 (plus accrued interest) 3,000 of its 8%, 10-year, $1,000 face value, nonconvertible bonds with detachable stock warrants. Each bond carried two
On January 1, 2011, Trillini Corporation issued $3,000,000 of 10-year, 8% convertible debentures at 102. Interest is to be paid semiannually on June 30 and December 31. Each $1,000 debenture can be
The December 31, 2012, balance sheet of Osygus Corp. is as follows.On March 5, 2013, Osygus Corp. called all of the bonds as of April 30, for the principal plus interest through April 30. By April
On January 1, 2012, when its $30 par value common stock was selling for $80 per share, Bartz Corp. issued $10,000,000 of 8% convertible debentures due in 20 years. The conversion option allowed the
Schuss Inc. issued $3,000,000 of 10%, 10-year convertible bonds on June 1, 2012, at 98 plus accrued interest. The bonds were dated April 1, 2012, with interest payable April 1 and October 1. Bond
For each of the unrelated transactions described below, present the entry(ies) required to record each transaction. 1. Coyle Corp. issued $10,000,000 par value 10% convertible bonds at 99. If
Ferraro, Inc. established a stock-appreciation rights (SAR) program on January 1, 2012, which entitles executives to receive cash at the date of exercise for the difference between the market price
The 2012 income statement of Wasmeier Corporation showed net income of $480,000 and an extraordinary loss of $120,000. Wasmeier had 100,000 shares of common stock outstanding all year. Prepare
Bedard Corporation reported net income of $300,000 in 2012 and had 200,000 shares of common stock outstanding throughout the year. Also outstanding all year were 45,000 options to purchase common
DiCenta Corporation reported net income of $270,000 in 2012 and had 50,000 shares of common stock outstanding throughout the year. Also outstanding all year were 5,000 shares of cumulative preferred
Rockland Corporation earned net income of $300,000 in 2012 and had 100,000 shares of common stock outstanding throughout the year. Also outstanding all year was $800,000 of 10% bonds, which are
Tomba Corporation had 300,000 shares of common stock outstanding on January 1, 2012. On May 1, Tomba issued 30,000 shares. (a) Compute the weighted-average number of shares outstanding if the 30,000
Douglas Corporation had 120,000 shares of stock outstanding on January 1, 2012. On May 1, 2012, Douglas issued 60,000 shares. On July 1, Douglas purchased 10,000 treasury shares, which were reissued
Eisler Corporation issued 2,000 $1,000 bonds at 101. Each bond was issued with one detachable stock warrant. After issuance, the bonds were selling in the market at 98, and the warrants had a market
Petrenko Corporation has outstanding 2,000 $1,000 bonds, each convertible into 50 shares of $10 par value common stock. The bonds are converted on December 31, 2012, when the unamortized discount is
At December 31, 2012, Reid Company had 600,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 200,000 of which were issued on
How is compensation expense computed using the fair value approach?
On July 1, 2012, Roberts Corporation issued $3,000,000 of 9% bonds payable in 20 years. The bonds include detachable warrants giving the bondholder the right to purchase for $30 one share of $1 par
Mask Company has 30,000 shares of $10 par value common stock authorized and 20,000 shares issued and outstanding. On August 15, 2012, Mask purchased 1,000 shares of treasury stock for $18 per share.
Wallace Computer Company is a small, closely held corporation. Eighty percent of the stock is held by Derek Wallace, president. Of the remainder, 10% is held by members of his family and 10% by Kathy
Penn Company was formed on July 1, 2010. It was authorized to issue 300,000 shares of $10 par value common stock and 100,000 shares of 8% $25 par value, cumulative and nonparticipating preferred
The books of Conchita Corporation carried the following account balances as of December 31, 2012.Cash
Washington Company has the following stockholders’ equity accounts at December 31, 2012.Common Stock ($100 par value, authorized 8,000 shares) $480,000Retained Earnings
Clemson Company had the following stockholders’ equity as of January 1, 2012.Common stock, $5 par value, 20,000 shares issued $100,000Paid-in capital in excess of par—common stock
Martinez Company’s ledger shows the following balances on December 31, 2012.Preferred Stock (5%; $10 par value, outstanding 20,000 shares) $ 200,000Common Stock ($100
Elizabeth Company reported the following amounts in the stockholders’ equity section of its December 31, 2012, balance sheet.During 2013, Elizabeth took part in the following transactions
Teller Corporation’s post-closing trial balance at December 31, 2012, was as follows.At December 31, 2012, Teller had the following number of common and preferred shares.The dividends on preferred
The following data were taken from the balance sheet accounts of Wickham Corporation on December 31, 2012.Current assets
The stockholders’ equity accounts of Lawrence Company have the following balances on December 31, 2012.Common stock, $10 par, 200,000 shares issued and outstanding $2,000,000Paid-in
The common stock of Warner Inc. is currently selling at $110 per share. The directors wish to reduce the share price and increase share volume prior to a new issue. The per share par value is $10;
For a recent 2-year period, the balance sheet of Franklin Company showed the following stockholders’ equity data at December 31 in millions.Instructions (a) Answer the following questions.(1)
Weisberg Corporation has 10,000 shares of $100 par value, 6% preferred stock and 50,000 shares of $10 par value common stock outstanding at December 31, 2012.InstructionsAnswer the questions in each
Nottebart Corporation has outstanding 10,000 shares of $100 par value, 6% preferred stock and 60,000 shares of $10 par value common stock. The preferred stock was issued in January 2012, and no
Cole Inc. owns shares of Marlin Corporation stock classified as available-for-sale securities. At December 31, 2012, the available-for-sale securities were carried in Cole’s accounting records at
On February 1, 2012, Buffalo Corporation issued 3,000 shares of its $5 par value common stock for land worth $31,000. Prepare the February 1, 2012, journal entry.
Showing 1700 - 1800
of 6743
First
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Last