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ACC/ 291 – 40918999 I Week Four Assignment

E11-16

Before preparing financial statements for the current year, the chief accountant for Springer Company
discovered the following errors in the accounts.

1. The declaration and payment of $50,000 cash dividend was recorded as a debit to Interest
Expense $50,000 and a credit to Cash $50,000.

2. A 10% stock dividend (1,000 shares) was declared on the $10 par value stock when the market
value per share was $16. The only entry made was: Retained Earnings (Dr.) $10,000 and
Dividend Payable (Cr.) $10,000. The shares have not been issued.

3. A 4-for-i stock split involving the issue of 400,000 shares of $5 par value common stock for
100,000 shares of $20 par value common stock was recorded as a debit to Retained Earnings
$2,000,000 and a credit to Common Stock $2,000,000.

Prepare the correcting entries at December 31. (For multiple debit/credit entries, list amounts
from largest to smallest e.g. 10, 5, 3, 2.)

CCoUflt/ DescriDtion Debit’ Credit

Ii. Dec.
bi I

I I II
12. Dec.

L31 I___________________

_________

I i______________________________________________

_____________________

I I

I I Ii
13. Dec.
bi I I I
I Ii 1.1 I I

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P13-9A

Condensed financial data of Arma Inc. follow.

ARMA INC.

Comparative Balance Sheets

December 3

Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)

Total $682,500 $514,750

Liabilities and Stockholders’ Eauitv
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000

150,000

Common stock 220,000 175,000
Retained earnings 224,000 105,450

Total $682,500 $514,750

ARMA INC.
Income Statement

For the Year Ended

December 31, 2011

Sales $392,780

Less:

Cost of goods sold $135,460
Operating expenses, excluding depreciation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880

Net income $158,900

Additional information:

1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.

Complete the statement of cash flows using the indirect method. (List amounts from largest

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positive to smallest positive followed by most negative to least negative, e.g
. 15, 14, 10, -17,

-5, -1. If amount decreases cash flow, use either a negative sign pre
ceding the number e.g.

-45 or parentheses e.g. (45).)

ARMA INC.

Statement of Cash Flows

For the Year Ended December 31, 2011

I I
Adjustments to reconcile net income to net

cash provided by

operating

activities

I I

I I
I I

I I

Net cash I by

operating activities

Cash flows from investing activities

I I
I I
I I

Net cash
investing activities

Cash flows from

financing activities

I 7
Net cash I I by

financing activities

Net1

I in cash

Cash at beginning of period

Cash flows from operating activities

I I
I I
I I
I I

I I

-j I_i I

I I
I I
I I

I I

j by

I I

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Cash at end of period I

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El 4-1

Financial information for Blevins Inc. is presented below.

Current assets

Plant assets (net)

Current liabilities

Long-term liabilities
Common stock, $1 par

Retained

earnings

Total stockholders
equity

Total liabilities and
stockholders’ equity

December 31, 2012

$125,000

396,000

91,000

133,000

161,000

136,000

Condensed Balance Sheet
December 31

December 31, 2011

$100,000

330,000

70,000

95,000

115,000

150,000

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Complete the schedule showing a horizontal analysis for 2012 using 2011 as the base year. (If amount isa decrease, use
either a negative sign preceding the number eg -45 or parentheses eg (45). Round percentages to 1 decimal
place, e.g. 10.5. List items in the order given in the question.)

BLEVINS INC.

Increase or (Decrease)
2012 2011 Amount Percentage

Assets

I I$I I$I I si II lob
I 1± LL Li II lola

Total assets I $1 I $1 I I 1%

Liabilities

I isI IsI I l 1 1%
I I_J I__I I___l I I I°,

Total liabilities I si I sI
Stockholders’ Equity

I IsI IsI I si II lob
I I…] I…] l…….I I I lo,o

isi I si ir 1°bo
•II I I I loin

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E11-15

On October 31, the stockholders equity section of Omar Company consists of common stock $600,000
and retained earnings $900,000. Omar is considering the following two courses of action: (1) declaring a
5% stock dividend on the 60,000, $10 par value shares outstanding, or (2) effecting a 2-for-i stock split
that will reduce par value to $5 per share. The current market price is $14 per share.

Complete the tabular summary of the effects of the alternative actions on the components of
stockholders equity and outstanding shares. (If answer is zero, please enter 0. Do not leave any
fields blank.)

Stockholders equity
Paid-in capital

Common Stock

In excess of par value

Total paid-in capital

Retained earnings

equity
Total stockholders

Outstanding shares

Before Action After Stock Dividend After Stock Split

sL IsF I

sI I

1 11 I_J_______

I I I I I
I_i II I

$1 I__i I $1

J Li II I

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DO IT! 11-1

Indicate whether each of the following statements is true or false.

JE]The corporation is an entity separate and distinct from its owners.

gfriiiability of stockholders is normally limited to their investment in t

r Icorporation.

[me relative lack of government regulation is an advantage of the
F Icorporate form of business.
JZ [There is no journal entry to record the authorization of capital stock.
1’:—_No-par value stock is quite rare today.

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P14-2A

The comparative statements of Villa Tool Company are presented below.

VILLA TOOL COMPANY
Income Statement

For the Year Ended December 31.

2012 201.1.
Net sales $1,818,500 $1,750,500
Cost of goods sold 1,011,500 996,000
Gross profit 807,000 754,500
Selling and administrative expense 516,000 479,000
Income from operations 291,000 275,500
Other expenses and losses

Interest expense 18,000 14,000
Income before income taxes 273,000 261,500
Income tax expense 81,000 77,000
Net income $ 192,000 $ 184,500

VILLA TOOL COMPANY
Balance Sheets
December 31

Assets 2012 2011.
Current assets

Cash $ 60,100 $ 64,200
Short-term investments 69,000 50,000
Accounts receivable (net) 117,800 102,800
Inventory 123,000 115,500

Total current assets 369,900 332,500
Plant assets (net) 600,300 520,300
Total assets $970,200

$852,800

Liabilities and Stockholders Equity
Current liabilities

Accounts payable $160,000 $145,400
Income taxes payable 43,500 42,000

Total current liabilities 203,500 187,400
Bonds payable 200,000 200,000

Total liabilities 403,500 387,400
Stockholders equity

Common stock ($5 par) 280,000 300,000
Retained earnings 286,700 165,400

Total stockholders equity 566,700 465,400

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Total liabilities and stockholders equity $970,200

_________

Compute the following ratios for 2012. (Weighted average common shares in 2012 were 57,000, and
all

sales were on account.) (Round earnings per share, current ratio and acid-test ratio to 2

decimal places, e.g. 10.50. Round other answers to I decimal place, e.g. 10.5.)

lEarnings per share

$852,800
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P13-bA

Condensed financial data of Arma Inc. follow.

ARMA INC.
Comparative Balance Sheets

December 31
Assets 2011 2010
Cash $90,800 $48,400
Accounts receivable 92,800 33,000
Inventories 112,500 102,850
Prepaid expenses 28,400 26,000
Investments 138,000 114,000
Plant assets 270,000 242,500
Accumulated depreciation (50,000) (52,000)
Total $682,500 $514,750

Liabilities and Stockholders’ Equity
Accounts payable $112,000 $67,300
Accrued expenses payable 16,500 17,000
Bonds payable 110,000 150,000
Common stock 220,000 175,000
Retained earnings 224,000 105,450

Total $682,500 $514,750
ARMA INC.
Income Statement

For the Year Ended December 31, 2011
Sales $392,780
Less:

Cost of goods sold $135,460
Operating expenses, excluding depredation 12,410
Depreciation expense 46,500
Income taxes 27,280
Interest expense 4,730
Loss on sale of plant assets 7,500 233,880

Net income $158,900
Additional information:
1. New plant assets costing $85,000 were purchased for cash during the year.
2. Old plant assets having an original cost of $57,500 were sold for $1,500 cash.
3. Bonds matured and were paid off at face value for cash.
4. A cash dividend of $40,350 was declared and paid during the year.

Further analysis reveals that accounts payable pertain to merchandise creditors.

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Complete the statement of cash flows for Arma Inc. using the direct method. (List amounts from

largest positive to smallest positive followed by most negative to least negative, e.g. 15, 14,

10, -17, -5, -1. If amount decreases cash flow for financing and investing activities, use either

a negative sign preceding the number e.g. -45 or parentheses e.g. (45). List all other

amounts as positive.)

ARMA INC.
Statement of Cash Flows
For the Year Ended December 31, 2011

I I
Less cash payments

Cash flows from investing activities

Net cash
activities

by investing

Cash flows from financing activities

I I
I I
I I

Net cash

financing activities

Net I
Cash at beginning of period

Cash at end of period

I in cash

J by

$1 I

Cash flows from operating activities
I I
I I
I I
I I

L I

Net cash
operating activities

j by

I-i 1

I I I I

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E13-8

Here are comparative balance sheets for Taguchi Company.

TAGUCH! COMPANY
Comparative Balance Sheets

December 31
Assets 2011 2010
Cash $73,000 $22,000
Accounts receivable 85,000 76,000
tnventories 170,000 189,000
Land 75,000 100,000
Equipment 260,000 200,000
Accumulated depreciation (66,000) (32,000)

Total $597,000 $555,000

Liabilities and Stockholders Equity
Accounts payable $39,000 $47,000
Bonds payable 150,000 200,000
Common stock ($1 par) 216,000 174,000
Retained earnings 192,000 134,000

Total $597,000 $555,000
Additional information:

1. Net income for 2011 was $103,000.
2. Cash dividends of $45,000 were declared and paid.
3. Bonds payable amounting to $50,000 were redeemed for cash $50,000.
4. Common stock was issued for $42,000 cash.
5. No equipment was sold during 2011, but land was sold at cost.

Complete the statement of cash flows for 2011 using the indirect method. (List amounts from largest
positive to smallest positive followed by most negative to least negative, e.g. 15, 14, 10, -17,
-5, -1. If amount decreases cash flow, use either a negative sign preceding the number e.g.
-45 or parentheses e.g. (45).)

TAGUCHI COMPANY
Statement of Cash Flows

For the Year Ended December 31, 2011
Cash flows from operating activities

I I s I
Adjustments to reconcile net income

to net cash provided by operating activities

I I $1 I

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I I
I I
. I

I I
I I
I I
I I

Net cash r I by financing

Net I I in cash
Cash at beginning of period

Cash at end of period
I I
I I

F I

L
$1

Question Attempts: 0 of 3 used
L
_____________________

Net cash I I by
operating activities

Cash flows from investing activities

J_j

Net cash I I by investing
activities

Cash flows from financing activities

I.
I

activities

j
1

_J I

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El 3-1

Pioneer Corporation had the transactions below during 2011.

Analyze the transactions and indicate whether each transaction resulted in a cash flow from operating
activities, investing activities, financing activities, or noncash investing and financing activities.

(a) Issued $50,000 par value common stock for cash. I I
Purchased a machine for $30,000, giving a long-term
note in exchange. I I

J Issued $200,000 par value common stock uponC
conversion of bonds having a face value of $200,000. I I

(d) Declared and paid a cash dividend of $18,000. p
e’

Sold a long-term investment with a cost of $15,000
‘‘ for $15,000 cash. I
(f) Collected $16,000 of accounts receivable. I
(g) Paid $18,000 on accounts payable. I I

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Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8°h, noncumulative
preferred stock and 2,000,000 shares of no-par common stock. The corporation assigned a $5 stated
value to the common stock. At December 31, 2011, the ledger contained the following balances
pertaining to stockholders equity.

Preferred Stock
Paid-in Capital in Excess of Par Value-Preferred
Common Stock
Paid-in Capital in Excess of Stated Value-Common
Treasury Stock-Common (1,000 shares)
Paid-in Capital from Treasury Stock
Retained Earnings

The preferred stock was issued for land having a fair market value of $296,000. All common stock
issued was for cash. In November, 1,500 shares of common stock were purchased for the treasury at a
per share cost of $22. In December, 500 shares of treasury stock were sold for $28 per share. No
dividends were declared in 2011.

Prepare the journal entries for the: (For multiple debit/credit entrjes, list amounts from largest
to smallest e.g. 10, 5, 3, 2.)

1. Issuance of preferred stock for land.
2. Issuance of common stock for cash.
3. Purchase of common treasury stock for cash.
4. Sale of treasury stock for cash.

L 1

$240,000
56,000

2,000,000
5,700,000

22,000
3,000

560,000

‘&ccount/DescriDtion Debiti Credit

I
— I Ii

:
I

I I Ii
[ i

E1i ii______________
1 i I I

ki______________________ ii

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F__I i I Ii ii
Complete the stockholders equity section at December 31, 2011. (Order multiple accounts in t

standard format used in the text. Enter all amounts as positive amounts and subtract where

necessary.)

Stockholders’ equity
Paid-in capital

ARNOLD CORPORATION

I I

$1
noncumulative, L__

shares authorized,

outstanding

I I,

sL J stated value,

shares authorized

shares issued and

I I

Total additional paid-in capital

Total paid-in capital

I I
earnings

Less:

Total paid-in capital and retained

I I
Total stockholders’ equity

sI I
I
I

I
$1

I par value,

I shares issued and $1__

Total capital stock

I joutstanding I I

I I

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P11-8A

The following stockholders equity accounts arranged alphabetically are in the ledger of McGrath
Corporation at December 31, 2011.

Complete the stockholders equity section at December 31, 2011. (List entries by the format used in
the text. Enter all amounts as positIve amounts and subtract where necessary.)

I I
I I,
$L j par noncumulative

L
outstanding

Total capital stock
I I
I I
I I

] shares issued and

j stated value,

shares issued and
outstanding
Total additional paid-in capital
Total paid-in capital
$1
I

Common Stock ($10 stated value)
Paid-in Capital from Treasury Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Paid-in Capital in Excess of Par Value-Preferred Stock
Preferred Stock (8%, $100 par, noncumulative)
Retained Earnings
Treasury Stock-Common (8,000 shares)

$1,500,000
6,000

690,000
288,400
400,000
776,000

88,000

Stockholders equity
Paid-in capital

MCGRATH CORPORATXON

I I,
I I
$1 I
I I
1
I I

J
I

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earnings
Less:
Total paid-in capital and retained

Total stockholders equity

I I
$1 I

Compute the book value per share of the common stock, assuming the preferred stoc
k has a call price

of $110 per share. (Round answer to 2 decimal places, e.g. 10.50.)

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