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Wiley CPA Exam Review Problems And Solutions Vol 2 2011-2012 38th Edition O. Ray Whittington, Patrick R. Delaney - Solutions
On April 1, 2010, Saxe, Inc. purchased $200,000 face value, 9% US Treasury Notes for $198,500, including accrued interest of $4,500. The notes mature July 1, 2011, and pay interest semiannually on January 1 and July
Puff Co. acquired 40% of Straw, Inc.’s voting common stock on January 2, 2011, for $400,000. The carrying amount of Straw’s net assets at the purchase date totaled$900,000. Fair values equaled carrying amounts for all items except equipment, for which fair values exceeded carrying amounts by
Under IFRS, which of the following is not a method that may be used to account for treasury stock?a. Cost method.b. Par value method.c. Retained earnings method.d. Constructive retirement method.
Vestre Corporation prepares its financial statements under IFRS. Recently the company issued convertible debt.How should the company record this debt?a. The instrument should be presented solely as debt.b. The instrument should be presented between debt and equity.c. The instrument should be
Logan Corporation issues convertible bonds for$500,000. At the date of issuance, it is determined that the fair value of the bonds is $480,000. Logan prepares its financial statements in accordance with IFRS. How should the issuance of the bonds be recognized?a. As a bond liability for $500,000.b.
How are dividends per share for common stock used in the calculation of the following?Dividend per share payout ratio Earnings per sharea. Numerator Numeratorb. Numerator Not usedc. Denominator Not usedd. Denominator Denominator
Grid Corp. acquired some of its own common shares at a price greater than both their par value and original issue price but less than their book value. Grid uses the cost method of accounting for treasury stock. What is the impact of this acquisition on total stockholders’ equity and the book
Hoyt Corp.’s current balance sheet reports the following stockholders’ equity:5% cumulative preferred stock, par value $100 per share; 2,500 shares issued and outstanding $250,000 Common stock, par value $3.50 per share;100,000 shares issued and outstanding 350,000 Additional paid-in capital in
Selected information for Irvington Company is as follows:December 31 2010 2011 Preferred stock, 8%, par $100, nonconvertible, noncumulative $125,000 $125,000 Common stock 300,000 400,000 Retained earnings 75,000 185,000 Dividends paid on preferred stock for year ended 10,000 10,000 Net income for
The following information pertains to Ali Corp. as of and for the year ended December 31, 2011:Liabilities $ 60,000 Stockholders’ equity $500,000 Shares of common stock issued and outstanding 10,000 Net income $ 30,000 During 2011, Ali’s officers exercised stock options for 1,000 shares of
Nest Co. issued 100,000 shares of common stock. Of these, 5,000 were held as treasury stock at December 31, 2010. During 2011, transactions involving Nest’s common stock were as follows:May 3 1,000 shares of treasury stock were sold.August 6 10,000 shares of previously unissued stock were
Rudd Corp. had 700,000 shares of common stock authorized and 300,000 shares outstanding at December 31, 2010. The following events occurred during 2011:January 31 Declared 10% stock dividend June 30 Purchased 100,000 shares August 1 Reissued 50,000 shares November 30 Declared 2-for-1 stock split At
Zinc Co.’s adjusted trial balance at December 31, 2011, includes the following account balances:Common stock, $3 par $600,000 Additional paid-in capital 800,000 Treasury stock, at cost 50,000 Net unrealized loss on available-for-sale securities 20,000 Retained earnings: appropriated for uninsured
In Fay’s December 31, 2011 balance sheet, how much should be reported as a reduction of shareholders’ equity and as an endorsed note payable in respect of the ESOP?Reduction of shareholders’ equity Endorsed note payablea. $0 $0b. $0 $100,000c. $100,000 $0d. $100,000 $100,000
In its 2011 income statement, how much should Fay report as compensation expense relating to the ESOP?a. $184,000b. $120,000c. $ 84,000d. $ 60,000
A company issued rights to its existing shareholders to purchase, for $30 per share, unissued shares of $15 par value common stock. Additional paid-in capital will be credited when the Rights are issued Rights lapsea. Yes Nob. No Noc. No Yesd. Yes Yes
On November 2, 2011, Finsbury, Inc. issued warrants to its stockholders giving them the right to purchase additional$20 par value common shares at a price of $30. The stockholders exercised all warrants on March 1, 2012. The shares had market prices of $33, $35, and $40 on November 2, 2011;
In September 2009, West Corp. made a dividend distribution of one right for each of its 120,000 shares of outstanding common stock. Each right was exercisable for the purchase of 1/100 of a share of West’s $50 variable rate preferred stock at an exercise price of $80 per share. On March 20, 2011,
On July 1, 2011, Vail Corp. issued rights to stockholders to subscribe to additional shares of its common stock.One right was issued for each share owned. A stockholder could purchase one additional share for 10 rights plus $15 cash. The rights expired on September 30, 2011. On July 1, 2011, the
The stockholders’ equity section of Brown Co.’s December 31, 2011 balance sheet consisted of the following:Common stock, $30 par, 10,000 shares authorized and outstanding $300,000 Additional paid-in capital 150,000 Retained earnings (deficit) (210,000)On January 2, 2012, Brown put into effect a
When a company goes through a quasi reorganization, its balance sheet carrying amounts are stated ata. Original cost.b. Original book value.c. Replacement value.d. Fair value.
The primary purpose of a quasi reorganization is to give a corporation the opportunity toa. Obtain relief from its creditors.b. Revalue understated assets to their fair values.c. Eliminate a deficit in retained earnings.d. Distribute the stock of a newly created subsidiary to its stockholders in
On December 30, 2011, Hale Corp. paid $400,000 cash and issued 80,000 shares of its $1 par value common stock to its unsecured creditors on a pro rata basis pursuant to a reorganization plan under Chapter 11 of the bankruptcy statutes.Hale owed these unsecured creditors a total of$1,200,000.
Kamy Corp. is in liquidation under of the Federal Bankruptcy Code. The bankruptcy trustee has established a new set of books for the bankruptcy estate. After assuming custody of the estate, the trustee discovered an unrecorded invoice of $1,000 for machinery repairs performed before the bankruptcy
Seco Corp. was forced into bankruptcy and is in the process of liquidating assets and paying claims. Unsecured claims will be paid at the rate of 40 cents on the dollar. Hale holds a $30,000 noninterest-bearing note receivable from Seco collateralized by an asset with a book value of $35,000 and a
Kent Co. filed a voluntary bankruptcy petition on August 15, 2011, and the statement of affairs reflects the following amounts:Book value Estimated current value Assets Assets pledged with fully secured creditors $ 300,000 $370,000 Assets pledged with partially secured creditors 180,000 120,000
For contingent issue agreements requiring passage of time or earnings threshold that is met, before issuing stock, these should be Included in basic earnings per share Included in computing diluted earnings per sharea. No Nob. No Yesc. Yes Nod. Yes Yes
In determining earnings per share, interest expense, net of applicable income taxes, on convertible debt that is dilutive should bea. Added back to weighted-average common shares outstanding for diluted earnings per share.b. Added back to net income for diluted earnings per share.c. Deducted from
The if-converted method of computing earnings per share data assumes conversion of convertible securities as of thea. Beginning of the earliest period reported (or at time of issuance, if later).b. Beginning of the earliest period reported (regardless of time of issuance).c. Middle of the earliest
In determining diluted earnings per share, dividends on nonconvertible cumulative preferred stock should bea. Disregarded.b. Added back to net income whether declared or not.c. Deducted from net income only if declared.d. Deducted from net income whether declared or not.
West Co. had earnings per share of $15.00 for 2011 before considering the effects of any convertible securities.No conversion or exercise of convertible securities occurred during 2011. However, possible conversion of convertible bonds, not considered common stock equivalents, would have reduced
On June 30, 2010, Lomond, Inc. issued twenty $10,000, 7% bonds at par. Each bond was convertible into 200 shares of common stock. On January 1, 2011, 10,000 shares of common stock were outstanding. The bondholders converted all the bonds on July 1, 2011. The following amounts were reported in
Cox Corporation had 1,200,000 shares of common stock outstanding on January 1 and December 31, 2011. In connection with the acquisition of a subsidiary company in June 2010, Cox is required to issue 50,000 additional shares of its common stock on July 1, 2012, to the former owners of the
Peters Corp.’s capital structure was as follows:December 31 2010 2011 Outstanding shares of stock:Common 110,000 110,000 Convertible preferred 10,000 10,000 During 2011, Peters paid dividends of $3.00 per share on its preferred stock. The preferred shares are convertible into 20,000 shares of
Mann, Inc. had 300,000 shares of common stock issued and outstanding at December 31, 2010. On July 1, 2011, an additional 50,000 shares of common stock were issued for cash. Mann also had unexercised stock options to purchase 40,000 shares of common stock at $15 per share outstanding at the
On January 31, 2011, Pack, Inc. split its common stock 2 for 1, and Young, Inc. issued a 5% stock dividend. Both companies issued their December 31, 2010 financial statements on March 1, 2011. Should Pack’s 2010, basic earnings per share (BEPS) take into consideration the stock split, and should
Earnings per share data must be reported on the income statement for Cumulative effect of a change in accounting principle Extraordinary itemsa. Yes Nob. No Noc. No Yesd. Yes Yes
Strauch Co. has one class of common stock outstanding and no other securities that are potentially convertible into common stock. During 2010, 100,000 shares of common stock were outstanding. In 2011, two distributions of additional common shares occurred: On April 1, 20,000 shares of treasury
Timp, Inc. had the following common stock balances and transactions during 2011 1/1/11 Common stock outstanding 30,000 2/1/11 Issued a 10% common stock dividend 3,000 7/1/11 Issued common stock for cash 8,000 12/31/11 Common stock outstanding 41,000 What were Timp’s 2011 weighted-average shares
The following information pertains to Jet Corp.’s outstanding stock for 2011:Common stock, $5 par value Shares outstanding, 1/1/11 20,000 2-for-1 stock split, 4/1/11 20,000 Shares issued, 7/1/11 10,000 Preferred stock, $10 par value, 5% cumulative Shares outstanding, 1/1/11 4,000 What are the
Ute Co. had the following capital structure during 2010 and 2011:Preferred stock, $10 par, 4% cumulative, 25,000 shares issued and outstanding $ 250,000 Common stock, $5 par, 200,000 shares issued and outstanding 1,000,000 Ute reported net income of $500,000 for the year ended December 31, 2011.
At December 31, 2011 and 2010, Gow Corp. had 100,000 shares of common stock and 10,000 shares of 5%,$100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 2011 or 2010. Net income for 2011 was$1,000,000. For 2011, basic earnings
On July 1, 2011, Jordan Corp. granted employees sharebased payments in the form of compensatory stock options.How should Jordan account for the outstanding options in calculating earnings per share for 2011 if the options are not antidilutive?a. Include the options in the denominator of basic and
Galaxy has a tax benefit and cash retained of $20,000 as a result of share-based payments to employees. How is this tax benefit disclosed in the financial statements?a. As a component of other comprehensive income.b. As a prior period adjustment.c. As a current liability on the balance sheet.d. As
Shafer Corporation (a nonpublic company) established an employee stock option plan on January 1, 2011. The plan allows its employees to acquire 20,000 shares of its $5 par value common stock at $70 per share, when the market price is $75. The options may not be exercised until five years from the
What is the measurement date for a share-based payment to employees that is classified as a liability?a. The service inception date.b. The grant date.c. The settlement date.d. The end of the reporting period.
Compensation cost for a share-based payment to employees that is classified as a liability is measured asa. The change in fair value of the instrument for each reporting period.b. The total fair value at grant date.c. The present value of cash payments due over the life of the grant.d. The actual
In what circumstances is compensation expense immediately recognized?a. In all circumstances.b. In circumstances when the options are exercisable within two years for services rendered over the next two years.c. In circumstances when options are granted for prior service, and the options are
In accounting for stock-based compensation, what interest rate is used to discount both the exercise price of the option and the future dividend stream?a. The firm’s known incremental borrowing rate.b. The current market rate that firms in that particular industry use to discount cash flows.c.
Wall Corp.’s employee stock purchase plan specifies the following:• For every $1 withheld from employees’ wages for the purchase of Wall’s common stock, Wall contributes $2.• The stock is purchased from Wall’s treasury stock at market price on the date of purchase.The following
On January 2, 2011, Morey Corp. granted Dean, its president, 20,000 stock appreciation rights for past services.Those rights are exercisable immediately and expire on January 1, 2014. On exercise, Dean is entitled to receive cash for the excess of the stock’s market price on the exercise date
By what net amount should stockholders’ equity increase as a result of the grant and exercise of the options?a. $20,000b. $30,000c. $50,000d. $70,000
What is compensation expense for 2011 for the sharebased payments?a. $ 9,333b. $10,000c. $20,000d. $28,000
In connection with a stock option plan for the benefit of key employees, Ward Corp. intends to distribute treasury shares when the options are exercised. These shares were bought in 2010 at $42 per share. On January 1, 2011, Ward granted stock options for 10,000 shares at $38 per share as
On January 1, 2011, Doro Corp. granted an employee an option to purchase 3,000 shares of Doro’s $5 par value common stock at $20 per share. The option became exercisable on December 31, 2012, after the employee completed two years of service. The option was exercised on January 10, 2013. The
A retained earnings appropriation can be used toa. Absorb a fire loss when a company is self-insured.b. Provide for a contingent loss that is probable and reasonably estimable.c. Smooth periodic income.d. Restrict earnings available for dividends.
The following information pertains to Meg Corp.:• Dividends on its 1,000 shares of 6%, $10 par value cumulative preferred stock have not been declared or paid for three years.• Treasury stock that cost $15,000 was reissued for$8,000.What amount of retained earnings should be appropriated as a
At December 31, 2010, Eagle Corp. reported$1,750,000 of appropriated retained earnings for the construction of a new office building, which was completed in 2011 at a total cost of $1,500,000. In 2011, Eagle appropriated$1,200,000 of retained earnings for the construction of a new plant. Also,
How would a stock split in which the par value per share decreases in proportion to the number of additional shares issued affect each of the following?Additional paid-in capital Retained earningsa. Increase No effectb. No effect No effectc. No effect Decreased. Increase Decrease
On July 1, 2011, Bart Corporation has 200,000 shares of $10 par common stock outstanding and the market price of the stock is $12 per share. On the same date, Bart declared a 1-for-2 reverse stock split. The par of the stock was increased from $10 to $20 and one new $20 par share was issued for
How would total stockholders’ equity be affected by the declaration of each of the following?Stock dividend Stock splita. No effect Increaseb. Decrease Decreasec. Decrease No effectd. No effect No effect
Ray Corp. declared a 5% stock dividend on its 10,000 issued and outstanding shares of $2 par value common stock, which had a fair value of $5 per share before the stock dividend was declared. This stock dividend was distributed sixty days after the declaration date. By what amount did Ray’s
The following stock dividends were declared and distributed by Sol Corp.:Percentage of common share outstanding at declaration date Fair value Par value 10 $15,000 $10,000 28 40,000 30,800 What aggregate amount should be debited to retained earnings for these stock dividends?a. $40,800b. $45,800c.
Instead of the usual cash dividend, Evie Corp. declared and distributed a property dividend from its overstocked merchandise. The excess of the merchandise’s carrying amount over its market value should bea. Ignored.b. Reported as a separately disclosed reduction of retained earnings.c. Reported
Ole Corp. declared and paid a liquidating dividend of$100,000. This distribution resulted in a decrease in Ole’s Paid-in capital Retained earningsa. No Nob. Yes Yesc. No Yesd. Yes No
A company declared a cash dividend on its common stock on December 15, 2011, payable on January 12, 2012.How would this dividend affect stockholders’ equity on the following dates?December 15, 2011 December 31, 2011 January 12, 2012a. Decrease No effect Decreaseb. Decrease No effect No effectc.
Long Co. had 100,000 shares of common stock issued and outstanding at January 1, 2011. During 2011, Long took the following actions:March 15 — Declared a 2-for-1 stock split, when the fair value of the stock was $80 per share.December 15 — Declared a $.50 per share cash dividend.In Long’s
On December 1, 2011, Nilo Corp. declared a property dividend of marketable securities to be distributed on December 31, 2011, to stockholders of record on December 15, 2011. On December 1, 2011, the trading securities had a carrying amount of $60,000 and a fair value of $78,000.What is the effect
On June 27, 2011, Brite Co. distributed to its common stockholders 100,000 outstanding common shares of its investment in Quik, Inc., an unrelated party. The carrying amount on Brite’s books of Quik’s $1 par common stock was $2 per share. Immediately after the distribution, the market price of
On January 2, 2011, Lake Mining Co.’s board of directors declared a cash dividend of $400,000 to stockholders of record on January 18, 2011, payable on February 10, 2011.The dividend is permissible under law in Lake’s state of incorporation. Selected data from Lake’s December 31, 2010 balance
East Corp., a calendar-year company, had sufficient retained earnings in 2011 as a basis for dividends, but was temporarily short of cash. East declared a dividend of$100,000 on April 1, 2011, and issued promissory notes to its stockholders in lieu of cash. The notes, which were dated April 1,
At December 31, 2010 and 2011, Apex Co. had 3,000 shares of $100 par, 5% cumulative preferred stock outstanding.No dividends were in arrears as of December 31, 2009. Apex did not declare a dividend during 2010. During 2011, Apex paid a cash dividend of $10,000 on its preferred stock. Apex should
Arp Corp.’s outstanding capital stock at December 15, 2011, consisted of the following:• 30,000 shares of 5% cumulative preferred stock, par value $10 per share, fully participating as to dividends.No dividends were in arrears.• 200,000 shares of common stock, par value $1 per share.On
Plack Co. purchased 10,000 shares (2% ownership) of Ty Corp. on February 14, 2011. Plack received a stock dividend of 2,000 shares on April 30, 2011, when the market value per share was $35. Ty paid a cash dividend of $2 per share on December 15, 2011. In its 2011 income statement, what amount
In 2010, Fogg, Inc. issued $10 par value common stock for $25 per share. No other common stock transactions occurred until March 31, 2012, when Fogg acquired some of the issued shares for $20 per share and retired them. Which of the following statements correctly states an effect of this
On December 31, 2011, Pack Corp.’s board of directors canceled 50,000 shares of $2.50 par value common stock held in treasury at an average cost of $13 per share. Before recording the cancellation of the treasury stock, Pack had the following balances in its stockholders’ equity accounts:Common
The following accounts were among those reported on Luna Corp.’s balance sheet at December 31, 2010:Available-for-sale securities(market value $140,000) $ 80,000 Preferred stock, $20 par value, 20,000 shares issued and outstanding 400,000 Additional paid-in capital on preferred stock 30,000
In 2009, Rona Corp. issued 5,000 shares of $10 par value common stock for $100 per share. In 2011, Rona reacquired 2,000 of its shares at $150 per share from the estate of one of its deceased officers and immediately canceled these 2,000 shares. Rona uses the cost method in accounting for its
Posy Corp. acquired treasury shares at an amount greater than their par value, but less than their original issue price. Compared to the cost method of accounting for treasury stock, does the par value method report a greater amount for additional paid-in capital and a greater amount for retained
On incorporation, Dee Inc. issued common stock at a price in excess of its par value. No other stock transactions occurred except treasury stock was acquired for an amount exceeding this issue price. If Dee uses the par value method of accounting for treasury stock appropriate for retired stock,
Victor Corporation was organized on January 2, 2011, with 100,000 authorized shares of $10 par value common stock. During 2011 Victor had the following capital transactions:January 5—issued 75,000 shares at $14 per share.December 27—purchased 5,000 shares at $11 per share.Victor used the par
Cyan Corp. issued 20,000 shares of $5 par common stock at $10 per share. On December 31, 2010, Cyan’s retained earnings were $300,000. In March 2011, Cyan reacquired 5,000 shares of its common stock at $20 per share. In June 2011, Cyan sold 1,000 of these shares to its corporate officers for $25
United, Inc.’s unadjusted current assets section and stockholders’ equity section of its December 31, 2011 balance sheet are as follows:Current assets Cash $ 60,000 Investments in trading securities (including$300,000 of United, Inc. common stock) 400,000 Trade accounts receivable 340,000
At December 31, 2010, Rama Corp. had 20,000 shares of $1 par value treasury stock that had been acquired in 2010 at $12 per share. In May 2011, Rama issued 15,000 of these treasury shares at $10 per share. The cost method is used to record treasury stock transactions. Rama is located in a state
In 2010, Seda Corp. acquired 6,000 shares of its $1 par value common stock at $36 per share. During 2011, Seda issued 3,000 of these shares at $50 per share. Seda uses the cost method to account for its treasury stock transactions.What accounts and amounts should Seda credit in 2011 to record the
On December 1, 2011, shares of authorized common stock were issued on a subscription basis at a price in excess of par value. A total of 20% of the subscription price of each share was collected as a down payment on December 1, 2011, with the remaining 80% of the subscription price of each share
When collectibility is reasonably assured, the excess of the subscription price over the stated value of the no par common stock subscribed should be recorded asa. No par common stock.b. Additional paid-in capital when the subscription is recorded.c. Additional paid-in capital when the subscription
Blue Co. issued preferred stock with detachable common stock warrants at a price that exceeded both the par value and the market value of the preferred stock. At the time the warrants are exercised, Blue’s total stockholders’equity is increased by the Cash received upon exercise of the warrants
Quoit, Inc. issued preferred stock with detachable common stock warrants. The issue price exceeded the sum of the warrants’ fair value and the preferred stock’s par value.The preferred stock’s fair value was not determinable. What amount should be assigned to the warrants outstanding?a. Total
During 2009, Brad Co. issued 5,000 shares of $100 par convertible preferred stock for $110 per share. One share of preferred stock can be converted into three shares of Brad’s$25 par common stock at the option of the preferred shareholder.On December 31, 2011, when the market value of the common
On March 1, 2011, Rya Corp. issued 1,000 shares of its$20 par value common stock and 2,000 shares of its $20 par value convertible preferred stock for a total of $80,000. At this date, Rya’s common stock was selling for $36 per share, and the convertible preferred stock was selling for $27 per
On April 1, 2011, Hyde Corp., a newly formed company, had the following stock issued and outstanding:• Common stock, no par, $1 stated value, 20,000 shares originally issued for $30 per share.• Preferred stock, $10 par value, 6,000 shares originally issued for $50 per share.Hyde’s April 1,
A corporation was organized in January 2011 with authorized capital of $10 par value common stock. On February 1, 2011, shares were issued at par for cash. On March 1, 2011, the corporation’s attorney accepted 5,000 shares of the common stock in settlement for legal services with a fair value of
Beck Corp. issued 200,000 shares of common stock when it began operations in 2009 and issued an additional 100,000 shares in 2010. Beck also issued preferred stock convertible to 100,000 shares of common stock. In 2011, Beck purchased 75,000 shares of its common stock and held it in Treasury. At
On July 1, 2011, Cove Corp., a closely held corporation, issued 6% bonds with a maturity value of $60,000, together with 1,000 shares of its $5 par value common stock, for a combined cash amount of $110,000. The market value of Cove’s stock cannot be ascertained. If the bonds were issued
East Co. issued 1,000 shares of its $5 par common stock to Howe as compensation for 1,000 hours of legal services performed. Howe usually bills $160 per hour for legal services. On the date of issuance, the stock was trading on a public exchange at $140 per share. By what amount should the
Toller Corp. reports in accordance with IFRS. The controller of the company is attempting to prepare the presentation of deferred taxes on Toller’s financial statements.Which of the following is correct about the presentation of deferred tax assets and liabilities under IFRS?a. Current deferred
Which of the following is true regarding reporting deferred taxes in financial statements prepared in accordance with IFRS?a. Deferred tax assets and liabilities are classified as current and noncurrent based on their expiration dates.b. Deferred tax assets and liabilities may only be classified as
Klaus corporation prepares its financial statements in accordance with IFRS. Klaus locates its business in two jurisdictions, France and Germany. Assume that in each country Klaus has the legal right to offset the taxes receivable and payable. Klaus prepares its taxes based on taxing authority and
Which of the following statements is correct regarding the provision for income taxes in the financial statements of a sole proprietorship?a. The provision for income taxes should be based on business income using individual tax rates.b. The provision for income taxes should be based on business
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