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© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin1 Review Exercise Chapter 11, , 13-15
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin2 Exercise 1: Warranty Expense (Chap 11) August,16,2005 Chang Co. sold copier costing $3,800 with $5,500 cash Nov,22,2006 on-site repair of the copier with $199 repair inventory Chang expect warranty cost of 4% of dollar sales
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin3 Exercise 2: Cumulative & Noncumulative Preferred Stock Dividend (Chap 13) Citicool’s outstanding stock consist of 40,000 shares of noncumulative 7.5% preferred stock with $10 par value, 100,000 shares of common stock with $1 par value How about dividend for two type stock if preferred stock is cumulative?
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin4 Exercise 3: Treasury Stock (Chap 13) Oct,10 Nobel System’s statement of Stockholders’ Equity 1.Prepare Journal Entry Oct,11 Purchase 4,500 shares of its own stock with $30 per share Nov,1 Sell 1,200 shares with $36 per share Nov,25 Sell remaining treasury stock for $25 per share 2.Nobel’s statement of stockholder’s equity before treasury stock purchase (oct,10) and after.
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin5 Exercise 4: Bond Issuance, Bond Discount Amortization & Bond Retirement (Chap 14) January 1,2004 Steadman issue $350,000 of 10%, 15-year bond at a price Six years later, Jan,1,2010 Steadman retires 20% of the bond with price All interest paid before purchase. Straight-line amortization is used. Journal Entry for Bond Issue Amortization of Bond Discount 1/1/ /31/2009 Carry value of Bond and 20% of Bond Journal Entry of retirement of 20% Bond
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin6 Exercise 5: Installment Note with Equal Payments or Equal Principal Payments (Chap 14) January 1,2005, Randa borrow $25,000 cash by signing a 4- year 7% Installment Note, Randa will pay equal payment on Dec,31, What’s the amount of equal payment? Amortization of Equal Payment How about if Randa pay Equal Principal Payment?
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin7 Exercise 6: Equity Method (Chap 15) Kash Company 2005 Jan,2 Purchase 30,000 shares of Bushtex Co. common stock for $204,000 cash and broker’s fee $3,480 cash. Bushtex has 90,000 shares outstanding Sept,1 Bushtex declare and Paid a Cash dividend $3.10 Dec,31 Bushtex announce Net income of $624, June,1 Bushtex declare and Paid a Cash dividend $3.60 Dec,31 Bushtex announce Net income of $699,750 Dec,31 Kash sold 10,000 shares of Bushtex for $162,500
© The McGraw-Hill Companies, Inc., 2006 McGraw-Hill/Irwin8 Exercise 7: Trading Portfolio (Chap 15) Dec,27,2005 Forex Co. purchase investment in trading securities at a cost of $56,000 Dec,31,2005 these securities had a market value of $66,000 This is first and only purchase of such securities
ACCOUNTING REVIEW ACCOUNTING JEOPARDY DOCSEDA Debit/CreditAdjustments Income Statement Balance SheetStatement of Equity
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