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business
managerial accounting

Questions and Answers of Managerial Accounting

The capital structure of Knightsbridge, Inc., at December 31, 2006, included 20,000 shares of \(\$ 1.25\) preferred stock and 40,000 shares of common stock. Common stock outstanding during 2007
Maxfli Hot Air Balloons, Inc., completed the following selected transac- tions during 2009:Requirement Record the transactions in the general journal. Feb. 9 Declared a cash dividend on the 10,000
The balance sheet of Banc One Corp. at December 31, 2007, reported 500,000 shares of \(\$ 1\) par common stock authorized with 100,000 shares issued. Paid-In Capital in Excess of Par had a balance of
Guatemalan Imports is the only company with reliable sources for its imported gifts. The company does a brisk business with specialty stores such as Pier 1 Imports. Guatemalan Imports' recent success
The balance sheet of Oriental Rug Company at December 31, 2008, included the following stockholders' equity:During 2009, Oriental Rug completed the following selected transactions:Requirements 1.
The following information was taken from the records of Underwood Company at June 30, 2007:Requirement Prepare a multistep income statement for Underwood Company for the fiscal year ended June 30,
Jeremy Hawk, accountant for Rainbow International Corp., was injured in an auto accident. Another employee prepared the following income statement for the year ended December 31, 2007:The individual
The capital structure of Audiology Associates, Inc., at December 31, 2007 , included 5,000 shares of \(\$ 2\) preferred stock and 100,000 shares of common stock. Common shares outstanding during 2008
A stock dividenda. Decreases Common Stockb. Increases Retained Earningsc. Has no effect on total equityd. All of the above
In a small stock dividend,a. Common stock is debited for the par value of the shares issued.b. Retained Earnings is debited for the market value of the shares issued.c. Paid-In Capital in Excess of
Stock splitsa. Decrease par value per shareb. Increase the number of shares of stock issuedc. Both a and bd. None of the above
Assume that IHOP paid \(\$ 10\) per share to purchase 1,000 of its \(\$ 1\) par common as treasury stock. The purchase of treasury stocka. Decreased total equity by \(\$ 10,000\)b. Increased total
Assume that IHOP sold all 1,000 shares of its treasury stock for \(\$ 15\) per share. The sale of treasury stocka. Decreased total equity by \(\$ 15,000\)b. Increased total equity by \(\$ 5,000\)c.
Allied Electronics in Exhibit 14-8, page 704, is most likely to earn net income of \(\$ x\) next year. How much is \(\$ x\) ?a. \(\$ 90,000\)b. \(\$ 79,000\)c. \(\$ 75,000\)d. \(\$ 54,000\)
Which of the following events would be an extraordinary loss?a. Loss due to an earthquakeb. Loss on the sale of equipmentc. Loss on discontinued operationsd. All of the above are extraordinary items
What is the most widely followed statistic in business?a. Gross profitb. Earnings per sharec. Retained earningsd. Dividends
Earnings per share is not computed fora. Net incomeb. Comprehensive incomec. Discontinued operationsd. Extraordinary items
IHOP issued common stock and received \(\$ 32,000,000\). The par value of the IHOP stock was only \(\$ 32,000\). Is the excess amount of \(\$ 31,968,000\) a profit to IHOP? Does the excess affect net
Smartpages.com issued stock during 2008 and reported the following on its balance sheet at December 31, 2008:Journalize the company's issuance of the stock for cash. Common stock, $0.25 par value
Hillcrest Corporation reported the following accounts:Prepare the stockholders' equity section of the Hillcrest balance sheet. Cost of goods sold $58.800 Accounts payable $ 6.000 Paid-in capital in
Use the Hillcrest Corporation data in Short Exercise 13-6 to compute Hilkest'sa. Total liabilities b. Total assetsExercise 13-6Hillcrest Corporation reported the following accounts:Prepare the
Sterling Trust has the following stockholders' equity:Answer these questions about Sterling's dividends:1. Is Sterling's preferred stock cumulative or noncumulative? How can you tell?2. Sterling
Refer to the stockholders' equity of Sterling Trust in Short Exercise 13-9. Sterling has not declared preferred dividends for 5 years (including the current year). Compute the book value per share of
Coca-Cola's 2004 financial statements reported the following itemswith 2005 figures given for comparison (adapted, in millions):Compute Coca-Cola's rate of return on total assets and rate of return
Foxey Flowers had income before income tax of \(\$ 80,000\) and taxable income of \(\$ 70,000\) for 2007, the company's first year of operations. The income tax rate is \(40 \%\).1. Make the entry to
Jack and Judy Myers are opening Parties on Demand. To buy stage props and other equipment they need outside capital, so they plan to organize the business as a corporation. They come to you for
Mustang Properties completed the following stock issuance transactions:Requirements 1. Journalize the transactions. Explanations are not required. 2. How much paid-in capital did these transactions
Manor House Restaurants issued 5,000 shares of no-par common stock for \(\$ 6\) per share. Record issuance of the stock if the stock(a) is true nopar stock (b) has stated value of \(\$ 2\) per
The charter of Maple Leaf Capital Corporation authorizes the issuance of 1,000 shares of preferred stock and 10,000 shares of common stock.During a two-month period, Maple Leaf completed these
International Publishing Company has the following selected account balances at June 30, 2007. Prepare the stockholders" equity section of International's balance sheet. Inventory $112.000 Common
Waddell Sc Reed, Inc., has the following stockholders' equity:First, determine whether preferred stock is cumulative or noncumulative. Then compute the amount of dividends to preferred and to common
The following elements of stockholders' equity are adapted from the balance sheet of Volvo Marketing Corp.Volvo paid no preferred dividends in 2008 Requirement Compute the dividends to preferred and
La Salle Exploration Company reported these figures for 2008 and 2007:Compute rate of return on total assets and rate of return on common stockholders' equity for 2008. Do these rates of return
Lance Lot and Arthur King are opening a FedEx Kinko's store. There are no competing copy shops in the area. Their fundamental decision is how to organize the business. Lot thinks the partnership form
A-Mobile Wireless needed additional capital to) expand, so the business incorporated. The charter from the state of Georgia authorizes A-Mobile to) issue \(50,(0) 0)\) shares of \(6 \%, \$ 100\)-par
Lockridge-Priest, Inc., was organized in 2008. At December 31, 2008, the Lockridge-Priest balance sheet reported the following stockholders' equity:Requirements 1. During 2009 , the company
The following summaries for Centroplex Service, Inc., and JacobsCathey Co. provide the information needed to prepare the stockholders' equity section of each company's balance sheet. The two
Trane Comfort Specialists, Inc., reported the following stockholders' equity on its balance sheet at June \(30,2008\).Requirements 1. Identify the different issues of stock that Trane has
The following accounts and December 31, 2006, balances of New York Optical Corporation are arranged in no particular order.Requirements 1. Prepare the company's classified balance sheet in account
Vogue Skincare has 5,000 shares of \(5 \%, \$ 20\) par value preferred stock and 100,000 shares of \(\$ 1.50\) par common stock outstanding. During a three-year period, Vogue declared and paid cash
The balance sheet of Beechcraft, Inc., reported the following:Preferred dividends are in arrears for two years, including the current year. On the balance sheet date, the market value of the
Sherry Taft and I.aura Sims are opening Bank Compliance Consultants. The area is growing, and no competitors are located nearby. Their basic decision is how to organize the business. Taft thinks the
Mailmax Direct is incorporated in the state of Arizona. The charter authorizes Mailmax to issue 1,000 shares of \(6 \%, \$ 100\) par preferred stock and 250,000 shares of \$10-par common stock. In
Lieberman Corporation was organized in 2007. At December 31, 2007, Lieberman's balance sheet reported the following stockholders' equity:Requirements 1. During 2008, Lieberman completed the
Stockholders' equity information for two independent companies, Monterrey Enterprises, Inc., and Guadalupe Corp., follow.- Monterrey Enterprises, Inc. Monterrey is authorized to issue 60,000 shares
Crawford-Austin Properties included the following stockholders' equity on its year-end balance sheet at December 31, 2006.Requirements 1. Identify the different issues of stock that Crawford-Austin
The accounts and June 30, 2007, balances of Cromwell Company are arranged in no particular order:Requirements 1. Prepare the company's classified balance sheet in account format at June 30, 2007.2.
FHA Loan Company has 10,000 shares of \($3.50,\) no-par preferred stock and 50,000 shares of no-par common stock outstanding. FHA declared and paid the following dividends during a three-year period:
The balance sheet of Creative Communications, Inc., reported the following:Preferred dividends are in arrears for three years including the current year. On the balance sheet date, the market value
The accounting records of Dwter Minerals Corporation provide income statement data for 2008.Total expenses include depreciation of \(\$ 50,000\) computed under the straight-line method. In
Which corporate characteristic is a disadvantage?a. Double taxationb. Mutual agencyc. Limited liabilityd. None of the above
Which class of stockholders takes the greater investment risk?a. Commonb. Preferredc. Neither; bondholders take the most riskd. Both preferred and common take equal risk
Suppose Pier 1 Imports issued 100,000 shares of 50.05 par common stock at \(\$ 1\) per share. Which journal entry correctly records the issuance of this stock? a. Cash. 100.000 Common Stock 100,000
Chewning (orporation has 10,000 shares of \(5 \%, \$ 10\) par preferred stock and \(5000\) shares of common stock outstanding. (hewning declared no dividends in 2008 . In 2009 , (hewning declares a
Connor Health Foods has 10,000 shares of \(\$ 1\) par common stock outstanding, which was issued at \(\$ 10\) per share. Connor also has retained earnings of \(\$ 80,000\). How much is Connor's total
Dale Corporation has the following data:Dale's return on assets isa. \(15 \%\)b. \(12 \%\)c. \(10 \%\)d. \(4 \%\) Net income $22,000 Average total assets $300,000 Interest expense 8,000 Average
A corporation's income tax payable is computed as:a. Income before tax \(\times\) Income tax rateb. Taxable income \(\times\) Income tax ratec. Net income \(\times\) Income tax rated. Return on
Marty Stubbs invests land in a partnership with Lee Dix. Stubbs purchased the land in 2007 for \(\$ 200,000\). A real estate appraiser now values the land at \(\$ 500,000\). Stubbs wants \(\$
Joe Brown and Chris White are forming a partnership to develop a theme park near Panama City, Florida. Brown invests cash of \(\$ 1\) million and land valued at \(\$ 10\) million. When Brown
Abel and Baker had beginning capital balances of \(\$ 20,000\) and 16,000 , respectively. The two partners fail to agree on a profit-and-loss ratio. For the first month (June 2008), the partnership
Lee, Muse, and Nall have capital balances of \(\$ 20,000, \$ 30,000\), and \(\$ 50,000\), respectively. The partners share profits and losses as follows:a. The first \(\$ 40,000\) is divided based on
Ann Todd has a capital balance of \(\$ 30,000\); Vic Carlson's balance is \(\$ 25,000\). Claire Reynaldo pays \(\$ 100,000\) to purchase Carlson's interest in the Todd \& Carlson partnership. Carlson
Abraham, Isaac, and Jacob each have a \(\$ 50,000\) capital balance. Abraham is very old and is retiring from the business. The partners agree to revalue the assets at current market value. A
The partnership of Bush and Carter had these balances at September 30,\(2007:\)Bush gets \(60 \%\) of profits and losses, and Carter \(40 \%\). Prepare the partnership's income statement for the year
Monique (oty, a friend from college, asks you to form a partnership to import fragrances. Since graduating, Coty has worked for the French Embassy, developing important contacts among government
Nan Fuentes has been operating an apartment-locator service as a proprietorship. She and Misti Fulmer have decided to form a partnership. Fuentes's investment consists of cash, \(\$ 8,000\); accounts
Bob Fultz and Jack Hardie form a partnership, investing \(\$ 40,000\) and \(\$ 80,000\), respectively. Determine their shares of net income or net loss for each of the following situations:a. Net
Bob Fultz and Jack Hardie each withdrew cash of \(\$ 40,000\) for personal use during the year. Using the data from situation (c) in Exercise 12-16, journalize the entries to close (1) net income to
Heather Hollis is admitted to the partnership of Rose \& Novak. Prior to her admission, the partnership books show Ginny Rose's capital balance at \(\$ 100,000\) and Chris Novak's at \(\$ 50,000\).
Make the partnership journal entry to record the admission of Hollis under plans (a), (b), and (c) in Exercise 12-18. Explanations are not required. Exercise 12-18Heather Hollis is admitted to the
The O`Brien and Pope partnership balance sheet reports capital of \(\mathrm{S} 60,000\) for \(\mathrm{O}^{\circ}\) Brien and \(\mathrm{S} 90,000\) for Pope. \(\mathrm{O}^{\circ}\) Brien is
On May 31, Sam retires from the partnership of Sam, Bob, and Tim. The partner capital balances are Sam、 \(\$ 36,000 ;\) Bob, \(\$ 51,000\); and Tim, S22,000. The partners have the assets revalued
Ray; Scotr, and Van are liquidating their partnership. Before selling the assets and paying the liabilities, the capital balances are Ray S33,000; Scott, S28,000; and Van, \(\$ 19,000\). The
The partnership of Dodd, Gage, and Hamm is liquidating. Business assets, liabilities, and partners' capital balances prior to liquidation follow. The partners share profits and losses as follows:
On December 31, 2008, Dana Farrell and Lou Flores agree to combine their proprietorships as a partnership. Their balance sheets on December 31 are shown on this and the next page.RequirementPrepare
Gina Romero and Carlo Ponti are forming a partnership, Italian Leather Goods, to import from Italy. Romero is especially artistic and will travel to Italy to buy the merchandise. Ponti is a super
Nicole LeBlanc and Keith Rollins formed a partnership on March 15. The partners agreed to invest equal amounts of capital. LeBlanc invested her proprietorship's assets and liabilities (credit
Hasselback, Krooch \& Kinney, a partnership, is considering admitting Ken Rosenzweig as a new partner. On July 31 of the current year, the capital accounts of the three existing partners and
Evans, Furr, and Good formed the EF\&G partnership. Evans invested \(\$ 20,000\); Furr, \(\$ 40,000\); and Good, \(\$ 60,000\). Evans will manage the store; Furr will work in the store three-quarters
Ho-Kim-Li Oriental Design is a partnership owned by three individuals. The partners share profits and losses in the ratio of \(30 \%\) to \(\mathrm{Ho}, 40 \%\) to \(\mathrm{Kim}\), and \(30 \%\) to
The partnership of King. Queen, \&- Page has experienced operating losses for three consecutive years. The partners-who have shared profits and losses in the ratio of King, \(15 \%\) : Queen,
ABACUS is a partnership owned by Allen, Bacon, and Cush, who share profits and losses in the ratio of \(1: 3: 4\). The account balances of the partnership at June 30 follow.Requirements 1. Prepare
Dave Clinton and Andi Groff are forming a partnership, Compass Web Designs, to create Web sites for clients. Clinton can create designs that draw large sales volumes. Groff is a super salesperson and
On June 30, Allie Hayes and Mandy McKay formed a partnership. The women agree to invest equal amounts of capital. Hayes invests her proprietorship's assets and liabilities (credit balances in
Pike, Quinn, and Reed are considering adding Shipp as a new partner. On March 31 of the current year, the capital accounts of the three existing partners and their shares of profits and losses are as
Beau, Cole, and Drake formed a partnership. Beau invested \(\$ 15,000\), Cole \(\$ 20,000\), and Drake \(\$ 25,000\). Beau will manage the store; Cole will work in the store half-time; and Drake will
El Paso Physicians is a partnership of three doctors. The partners share profits and losses in the ratio of \(20 \%\) to Juan Hernandez, \(40 \%\) to Rosa Garcia, and 40\% to Eva Cahill. At December
The partnership of Donald, Healey \& Jaguar has experienced operating losses. The partners-who have shared profits and losses in the ratio of Donald, \(10 \%\); Healey, \(30 \%\); and Jaguar,
LM6vX is a partnership owned by Lee, Mah, and Nguyen, who share profits and losses in the ratio of 5:3:2. The account balances of the partnership at September 30 follow.Requirements 1. Prepare the
How does a partnership get started?a. The partners reach an agreement and begin operations.b. The partners get a charter from the state.c. The partners register under the Uniform Partnership Act.d.
An \(\mathrm{S}\) corporation is taxed like aa. Corporationb. Partnershipc. Either a orb, depending on the stockholders' decisiond. None of the above
Malcolm pays \(\$ 50,000\) to Lloyd to acquire Lloyd's \(\$ 25,000\) interest in a partnership. The journal entry to record this transaction is a. Lloyd, Capital............. 75,000 Malcolm,
Clark and Douglas admit Evans to their partnership, with Evans paying \(\$ 50,000\) more than the book value of her equity in the new business. Clark and Douglas have no formal profit-and-loss
Tate retires from the partnership of Roberts, Smith, and Tate. The partners share profits and losses in the ratio of \(4: 3: 3\). Tate's capital balance is \(\$ 40,000\), and he receives \(\$
The book value of the assets of the KLM partnership is \(\$ 100,000\). In liquidation, the partnership sells the assets for \(\$ 130,000\). How should the partnership account for the sale of the
Partnership financial statements reporta. Revenues on the income statementb. Liabilities on the income statementc. Net income on the balance sheetd. Expenses on the balance sheet
On June 30, 2006. Cimmaron Co. purchased \(\$ 8,000\) of inventory: on a 1 -year, \(9 \%\) note payable. Journalize the company's(a) accrual of interest expense on December 31,2006, (b) payment of
Refer to the data in Short Exercise 11-1. Show what Cimmaron reports for the note parable and related interest payable on its balance sheet at December 31, 2006, and on its income statement for the
Sierra Corporation guarantees its snowmobiles for three years. Company experience indicates that warranty costs will add up to \(5 \%\) of sales.Assume that the Sierra dealer in Colorado Springs made
What amount of warranty expense will Sierra (in Short Exercise 11-3) report during \(200^{-}\)? Does the warranty expense for the year equal the year's cash payments for warranties? Which accounting

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