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business
managerial accounting

Questions and Answers of Managerial Accounting

Chocolate Inc. began 2007 with cash of \($55,000.\) During the year Chocolate Inc. earned revenue of \($600,000\) and collected \($620,000\) from customers. Expenses for the year totaled
Little People Learning Center (LPLC) has assembled the following data for the year ended June 30, 2005.Prepare the operating activities section of LPLC's statement of cash flows for the year ended
Use the data in Short Exercise 16-12 to prepare Little People Learning Center's (LPLC) statement of cash flows for the year ended June 30, 2005. LPI.C uses the direct method for operating activities.
Lagos Toy Company reported the following comparative balance sheet:Compute for Lagos:a. Collections from customers during 2009. Sales totaled $140,000.b. Payments for inventory during 2009. Cost of
SmartPages Media Corp. has experienced 10 years of growth in net income. Nevertheless, the business is facing bankruptcy. Creditors are calling all of SmartPages' loans for immediate payment, and the
The accounting records of DVD Sales, Inc., include these accounts:Compute DVD's net cash provided by (used for) operating activities during March. Use the indirect method. Cash Accounts Receivable
The income statement and additional data of Vitamins Plus, Inc., follow:Additional data: a. Acquisition of plant assets is $ 1 1 6,000. Of this amount, S 1 0 1 ,000 is paid in cash and \($15,000\)
Compute the following items for the statement of cash flows:a. Beginning and ending Retained Earnings are \($45,000\) and \($70,000,\) respectively. Net income for the period is \($60,000.\) How much
Hawkeye Gymnastics Equipment, Inc., reported the following financial statements for 2006:Compute the amount of Hawkeye's acquisition of plant assets. Hawkeye sold no plant assets. HAWKEYE GYMNASTICS
Use the Hawkeye Gymnastics data in Exercise 16-22 to computea. New borrowing or payment of long-term notes payable, with Hawkeye having only one long-term note payable transaction during the yearb.
The income statement and additional data of Capitol Hill Corporation follow:Additional data:a. Collections from customers are Si 5,000 more than sales.b. Dividend revenue, interest expense, and
Elite Mobile Homes reported the following in its financial statements for the year ended December 31, 2007 (adapted, in millions):.Determine the following for Elite Mobile Homes during 2007:a.
Top managers of Bernard Associates are reviewing company perfor- mance for 2009. The income statement reports a 15% increase in net income, which is outstanding. The balance sheet shows modest
American Reserve Rare Coins (ARRC) was formed on January 1, 2006, when ARRC issued its common stock for \($200,000.\) Early in January, ARRC made the following cash payments:a. For store fixtures,
Accountants for Datsun, Inc., have assembled the following data for the year ended December 31, 2007:Requirement Prepare Datsun's statement of cash flows using the indirect method to report
The comparative balance sheet of Fidelity Medical Supply at December 31, 2008, reported the following:Fidelity's transactions during 2008 included the following:Requirements 1. Prepare the statement
The 2008 comparative balance sheet and income statement of Digital Subscriptions, Inc.. follow.Digital Subscriptions had no noncash investing and financing trans- actions during 2008. During the
GSK Inc., accountants have developed the following data from the company's accounting records for the year ended November 30, 2005:a. Purchase of plant assets, $100,000 b. Cash receipt from issuance
Use the American Reserve Rare Coins data from Problem 16-33A.Requirements 1. Prepare American Reserve Rare Coins' income statement for the year ended December 31, 2006. Use the single-step format,
To prepare the statement of cash flows, accountants for A-Mobile, Inc., vou have summarized 2008 activity in the Cash account as follows:Requirement Prepare A-Mobile's statement of cash flows for
Top managers of Chase Financial Services are reviewing company per- formance for 2009. The income statement reports a 20% increase in net income over 2008. However, most of the net-income increase
Lucenay Interiors, a furniture store, was formed on January l, 2008, when lucenay issued common stock for \($400,000.\) Early in January, Lucena) made the following cash payments:a. \($100,000\) for
Carlson Corporation accountants have assembled the company's data for the year ended December 31, 2007.Requirement Prepare Carlson Corporation's statement of cash flows using the indirect method to
The comparative balance sheet of Fitzwater Company at March 31, 2009, reported the following:Fitzwater's transactions during the year ended March 31, 2009, included the following:Requirements 1.
The 2005 comparative balance sheet and income statement of Get Wired, Inc., follow on the next page.Get Wired, Inc., had no noncash investing and financing transactions during 2005. During the year,
Accountants for Compass Software have developed the following data from the companv's accounting records for the vear ended April 30, 2005:a. Purchase of plant assets, \($59,400b.\) Cash receipt from
Use the Lucenay Interiors data from Problem 16-42B.Requirements 1. Prepare Lucenay Interiors' income statement for the year ended December 31, 2008. Use the single-step format, with all revenues
Use the Get Wired. Inc., data from Problem 16-45B.Requirements 1. Prepare the 2005 statement of cash flows by the direct method.Follow the statement format given in Exhibit 16A-3.2. How will what
To prepare the statement of cash flows, accountants for Toil-Free Calling, Inc., have summarized 2008 activity in the Cash account as follows:RequirementPrepare the statement of cash flows of
Source Today earned net income of \(\$ 60,000\) after deducting depreciation of \(\$ 4,000\) and all other expenses. Current assets decreased by \(\$ 3,000\), and current liabilities increased by
The Plant Assets account of Star Media shows the following:Star Media sold plant assets at a \(\$ 10,000\) loss. Where on the statement of cash flows should Star. Media report the sale of plant
Round Rock Corp. borrowed \(\$ 35,000\), issued common stock of \(\$ 10,000\), and paid dividends of \(\$ 25,000\). What was Round Rock's net cash provided (used) by financing activities?a. \(S 0\)b.
Which item appears on a statement of cash flow's prepared by the indirect method?a. Payments to suppliersb. Payments of income taxc. Depreciationd. Collections from customers
Peppertree Copy Center had accounts receivable of \(\$ 20,000\) at the beginning of the year and \(\$ 50,000\) at year-end. Revenue for the year totaled \(\$ 110,000\). How much cash did Peppertree
Pilot Company had operating expense of \(\$ 40,000\). At the beginning of the year, Pilot owed \(\$ 8,000\) on accrued liabilities. At year-end, accrued liabilities were \(\$ 4,000\). How much cash
Hunter Corporation issued a \(\$ 100,000,61 / 2 \%, 10\)-year bond payable. Journalize the following transactions for Hunter. Include an explanation for each entry.a. Issuance of the bond payable at
Sonic Drive-Ins borrowed money by issuing \(\$ 1,000,000\) of \(6 \%\) bonds payable at 96.5 .1. How much cash did Sonic receive when it issued the bonds payable? 2. How much must Sonic pay back at
Ogden, Inc., issued a \(\$ 50,000,8 \%, 10\)-year bond payable at a price of 90 on January 1, 2006. Journalize the following transactions for Ogden. Include an explanation for each entry.a. Issuance
Washington Mutual Insurance Company issued an \(\$ 80,000,7 \%, 10\)-vear bond payable at a price of 110 on January 1, 2009. Journalize the following transactions for Washington. Include an
Onstar Communication issued \(\$ 100,000\) of \(6 \%, 10\)-year bonds payable on October 1, 2008, at par value. Onstar's accounting year ends on December 31. Journalize the following transactions.
Simons Realty issued \(\$ 250,000\) of \(6 \%, 10\)-year bonds payable at par value on May 1,2006, four months after the bond's original issue date of January 1, 2006. Journalize the following
Newmarket Corp. has \(\$ 1,000,000\) of convertible bonds payable outstanding, with a bond premium of \(\$ 20,000\) also on the books. The bondholders have notified Newmarket that they wish to
Master Suites Hotels includes the following selected accounts in its general ledger at December 31,2008 :Prepare the liabilities section of Master Suites' balance sheet at December 31, 2008, to show
Speegleville Marina needs to raise \(\$ 1\) million to expand. Speegleville's president is considering two plans:- Plan A: Issue \(\$ 1,000,000\) of \(8 \%\) bonds payable to borrow the money- Plan
Havens Corp. is planning to issue long-term bonds payable to borrow for a major expansion. The chief executive, Richie Havens, asks your advice on some related matters, as follows:a. At what type of
Pluto Corporation issued \(\$ 400,000\) of \(7 \%, 20\) year bonds payable on March 31, 2006. The bonds were issued at 100 and pay interest on March 31 and September 30. Record(a) issuance of the
Columbus, Inc., issued \(\$ 50,000\) of 10 -year, \(6 \%\) bonds payable on January 1, 2006. Columbus pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line
Fleetwood Homebuilders issued S200,000 of \(6 \%, 10\)-year bonds at par on August 31. Fleetwood pars semiannual interest on February 28 and August 31. Journalize for Fleetwood:a. Issuance of the
Saturn Corporation issued \(\$ 400,000\) of \(6 \%\) bonds payable on June 30. The bonds were dated April 30, and the semiannual interest dates are April 30 and October 31.1. How much cash will
Lakewood Co. issues \(\$ 100,000\) of \(6 \%, 20\)-year bonds payable that are dated April 30. Record(a) issuance of bonds at par on Nay 31 (b) the next semiannual interest payment on October 31.
Virtuoso Transportation issued \(\$ 600,000\) of \(8 \%\) bonds payable at \(9^{-}\) on October 1, 2010. These bonds are callable at 100 and mature on October 1, 2018. Virtuoso pays interest each
Worldview Magazine, Inc., issued \(\$ 700,000\) of 15 -year, \(81 / 2 \%\) convertible bonds payable on July 31,2006 , at a price of 98 . Each \(\$ 1,000\) maturity amount of the bonds is convertible
Superhero Industries reported the following at September 30:Requirements 1. Record retirement of half of the bonds on October 1 at the call price of 101.2. Record conversion of the remainder of the
MC Electronics is considering two plans for raising \(\$ 1,000,000\) to expand operations. Plan A is to issue \(9 \%\) bonds payable, and plan B is to issue 100,000 shares of common stock. Before any
This (partial and adapted) advertisement appeared in The Wall Street Journal.A subordinated debenture gives rights to the bondholder that are more restricted than the rights of other
Refer to the bond situation of Hewitt Corporation in Exercise 15-27. Hewitt issued the bonds at the advertised price. The company uses the straight-line amortization method and reports financial
Environmental Concerns Limited (ECL) issued \$500,000 of 10-year, 6\% bonds payable at maturity (par) value on May 1, 2008. The bonds pay interest each April 30 and October 31, and the company ends
On March 1, 2007, Educators Credit Union (ECU) issued 6\%, 20-year bonds payable with maturity value of \(\$ 300,000\). The bonds pay interest on February 28 and August 31. ECU amortizes bond premium
El Conquistador, Inc., finances operations with both bonds and stock. Suppose El Conquistador issued \(\$ 500,000\) of 10 -year, \(8 \%\) bonds payable under various market conditions. Match each
Captain Billy Whizbang Hamburgers, Inc., issued 6\%, 10-year bonds payable at 95 on December 31, 2005. At December 31, 2007, Captain Billy reported the bonds payable as follows:Captain Billy uses the
The board of directors of Changing Seasons Health Spa authorizes the issuance of \(\$ 600,000\) of \(7 \%, 10\)-year bonds payable. The semiannual interest dates are May 31 and November 30. The bonds
Two businesses are considering how to raise \(\$ 5\) million. Buchanan Corporation is having its best year since it began operations in 1998 . For each of the past 10 years, earnings per share have
Total Placement Service (TPS) issued \(\$ 600,000\) of \(20-\) year, \(7 \%\) bonds payable at maturity (par) value on February 1, 2008. The bonds pay interest each January 31 and July 31, and the
On April 1, 2006, US Ultracom issued 7\%, 10-year bonds payable with maturity value of \(\$ 400,000\). The bonds pay interest on March 31 and September 30, and US Ultracom amortizes premium and
Tristate Recreation Park (TRP) finances operations with both bonds and stock. Suppose TRP issued \(\$ 200,000\) of 10 -year, \(6 \%\) bonds payable under various market conditions. Match each market
Holze Music Co. issued 5\%, 10 -year bonds payable at 75 on December 31, 2006. At December 31, 2009, Holze reported the bonds payable as follows:Holze uses the straight-line amortization
The board of directors of Beta North America, Inc., authorizes the issuance of \(\$ 1\) million of \(9 \%, 20\)-year bonds payable. The semiannual interest dates are March 31 and September 30. The
The accounting records of Compass Bookstores, Inc., include the following:Requirement Report these liabilities on Compass Bookstores' balance sheet, including headings and totals for current
Which type of bond is unsecured?a. Common bondb. Mortgage bondc. Serial bondd. Debenture bond
A \(\$ 100,000\) bond priced at 103.5 can be bought or sold fora. \(\$ 100,000+\) interestb. \(\$ 103,500\)c. \(\$ 3,500\)d. \(\$ 10,350\)
Which interest rate on a bond determines the amount of the semiannual interest payment?a. Market rateb. Effective ratec. Stated rated. Semiannual rate
The final journal entry to record for bonds payable is b. Cash..... a. Bonds Payable Cash....... Bonds Payable... XXX XXX XXX XXX c. Interest Expense... XXX Cash......... XXX d. Discount on Bonds
Bonds issued at a premium always havea. Interest expense equal to the interest paymentsb. Interest expense greater than the interest paymentsc. Interest expense less than the interest paymentsd. None
Nick Spanos Antiques issued its \(8 \%, 10\)-year bonds payable at a price of \(\$ 440,000\) (maturity value is \(\$ 500,000\) ). The company uses the straight-line amortization method for the bonds.
Spice Inc. issued bonds payable on December 31.Spice's bonds were dated July 31.Which statement is true of Spice's journal entry to record issuance of the bonds payable?a. Spice must pay one month's
Bull \& Bear, Inc., retired \(\$ 100,000\) of its bonds payable, paying cash of \(\$ 103,000\). On the retirement date, the bonds payable had a premium of \(\$ 2,000\). The bond retirement created
Crestview Pool Supply has 10,000 shares of \(\$ 1\) par common stock outstanding. Crestview distributes a \(10 \%\) stock dividend when the market value of its stock is \(\$ 15\) per share.1.
Pier 1 Imports recently reported the following stockholders' equity (adapted and in millions except par value per share):Suppose Pier 1 split its common stock 2 for 1 in order to decrease the market
List the major parts of a complex corporate income statement for WRS Athletic Clubs, Inc., for the year ended December 31, 2007. Include all the major parts of the income statement, starting with net
PWC Corp. accounting records include the following items, listed in no particular order, at December 31, 2008 :Prepare PWC's income statement for the year ended December 31, 2008. Omit earnings per
Owens-Illinois, Inc. has preferred stock outstanding.1. Give the basic equation to compute earnings per share of common stock for net income.2. List all the income items for which Owens-Illinois must
Statistical Research Service, Inc. (SRSI) ended 2008 with retained earnings of \(\$ 75,000\). During 2009 SRSI earned net income of \(\$ 90,000\) and declared dividends of \(\$ 30,000\). Also during
The stockholders' equity of Lakewood Occupational Therapy, Inc., on December 31, 2009, follows.On April 30, 2010, the market price of Lakewood's common stock was $14 per share and the company
Martial Arts Schools, Inc., is authorized to issue 500,000 shares of \$1 par common stock. The company issued 80,000 shares at \(\$ 4\) per share. When the market price of common stock was \(\$ 6\)
Cobra Golf Club Corp. had the following stockholders' equity at December 31, 2007:On June 30, 2008, Cobra split its common stock 2 for 1. Make the memorandum entry to record the stock split, and
Identify the effects of the following transactions on total stockholders' equity: Each transaction is independent.a. A \(10 \%\) stock dividend. Before the dividend, 500,000 shares of \(\$ 1\) par
Mid America Amusements Corporation bad the following stockholders' equity on November 30:On December 30, Mid America purchased 10,000 shares of treasury stock at \(\$ 9\) per share.1. Journalize the
The agreement under which Toshiba Printers issued its long-term debt requires the restriction of \(\$ 100,000\) of the company's retained earnings balance. Total retained earnings is \(\$ 250,000\),
Cannon Photographic Supplies, Inc., accounting records include the following for 2008:Requirement Prepare Cannon's multistep income statement for 2008. Omit earnings per share. Income tax saving-
Palestine Corp. earned net income of \(\$ 108,000\) for 2007. Palestine's books include the following figures:Requirement Compute Palestine's EPS for the year. Preferred stock, 6%, $50 par, 1,000
Athens Academy Surplus had 50,000 shares of common stock and 10,000 shares of \(5 \%, \$ 10\) par preferred stock outstanding through December 31, 2008. Income from continuing operations of 2008 was
Good Times Express Company had retained earnings of \(\$ 160\) million at December 31, 2006. The company reported these figures for 2007:Requirement Beginning with net income, prepare a combined
Sarah Lou Bakery, Inc., reported a prior-period adjustment in 2008. An accounting error caused net income of prior years to be overstated by \(\$ 5,000\). Retained earnings at December 31, 2007, as
During 2009, Newfoundland Corp. earned income from continuing operations of \(\$ 135,000\). The company also sold a segment of the business (discontinued operations) at a loss of \(\$ 30,000\) and
Dearborn Manufacturing Co. completed the following transactions during 2009 .RequirementRecord the transactions in Dearborn's general journal. Jan. 16 Declared a cash dividend on the 4%, $100 par
The balance sheet of Lennox Health Foods, at December 31, 2007, reported 100,000 shares of no-par common stock authorized, with 30,000 shares issued and a Common Stock balance of \(\$ 180,000\).
Jennifer Vera, Inc., is the only company with a distribution network for its imported goods. The company does a brisk business with specialty stores such as Neiman Marcus, Saks Fifth Avenue, and
The balance sheet of Morrisey Management Consulting, Inc., at December 31, 2007, reported the following stockholders' equity:During 2008, Morrisey completed the following selected
The following information was taken from the records of Mobile Motorsports, Ince, at September 30, 2008.Requirement Prepare a multistep income statement for Mobile Motorsports, Inc., for the fiscal
Lisa Sheraton, accountant for Chase Home Finance, was injured in a boating accident. Another employee prepared the accompanying income statement for the year ended December 31, 2008.The individual

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