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Bizhelp
Bizhelp, Accountant
Category: Business and Finance Homework
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Experience:  BA degree and Certified Public Accountant
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1. The date on which to measure the compensation element in

Customer Question

1. The date on which to measure the compensation element in a stock option granted to a corporate employee ordinarily is the date
on which the employee
a. is granted the option.
b. has performed all conditions precedent to exercising the option.
c. may first exercise the option.
d. exercises the option.
2. At December 31, 2010, Hancock Company had 500,000 shares of common stock issued and outstanding, 400,000 of which had been issued and outstanding throughout the year and 100,000 of which were issued on October I, 20 I O. Net income for the year ended December 31, 20 I0, was $1,020,000. What should be Hancock's 20 I0 earnings per common share, rounded to the nearest penny?
a. $2.02
b. $2.55
'c. $2.40
d. $2.27.
3. On January 1,2011, Gridley Corporation had 125,000 shares of its $2 par value common stock outstanding. On March I, Gridley sold an additional 250,000 shares on the open market at $20 per share. Gridley issued a 20% stock dividend on May I. On
August 1, Gridley purchased 140,000 shares and immediately retired the stock. On November I, 200,000 shares were sold for $25 per share. What is the weighted-average number of shares outstanding for 2011?
a. 510,000
b. 375,000
c. 358,333
d. 258,333
4. At December 31, 2010 Pine Company had 200,000 shares of common stock and 10,000 shares of 4%, $100 par value cumulative preferred stock outstanding. No dividends were declared on either the preferred or common stock in 20 IOar 20 II. On February 10,2012, prior to the issuance of its financial statements for the year ended December 31, 2011, Pine declared a 100% stock split on its common stock. Net income for 2011 was $720,000. In its 2011 financial statements, Pine's 2011 earnings per common share should be
a. $3.40.
b. $3.20.
c. $1.70.
d. $1.00.
5. When computing diluted earnings per share, convertible securities are
a. ignored.
b. recognized only if they are dilutive.
c. recognized only if they are antidilutive.
d. recognized whether they are dilutive or antidilutive.
6. In accounting for investments in debt securities that are classified as trading securities,
a. a discount is reported separately.
b. a premium is reported separately.
c. any discount or premium is not amortized.
d. none of these.
7. Investments in debt securities should be recorded on the date of acquisition at
a. lower of cost or market.
b. market value.
c. market value plus brokerage fees and other costs incident to the purchase.
d. face value plus brokerage fees and other costs incident to the purchase.
8. Ziegler Corporation purchased 25,000 shares of common stock of the Sherman Corporation for $40 per share on January 2, 2008. Sherman Corporation had 100,000 shares of common stock outstanding during 20 II, paid cash dividends of $60,000 during
20 II, and reported net income of $200,000 for 20 II. Ziegler Corporation should report revenue from investment for 20 II in the
amount of
a. $15,000.
b. $35,000.
c. $50,000.
d. $55,000.
9. Harrison Co. owns 20,000 of the 50,000 outstanding shares of Taylor, Inc. common stock. During 2011, Taylor earns $800,000 and the and pays cash dividends of $640,000. If the beginning balance investment account was $500,000, the balance at
December 3 I, 20 I I should be
a. $820,000.
b. $660,000.
c. $564,000.
d. $500,000.
10. Using the same information from 97 above. If Harrison Co. owned 5,000 shares, the balance at December 31, 20 II should be
a. $820,000.
b. $660,000.
c. $564,000.
d. $500,000.
11. The FASB concluded that if a company sells its product but gives the buyer the right to return the product, revenue from the sales transaction shall be recognized at the time of sale only if all of six conditions have been met. Which of the following is not
one of these six conditions?
a. The amount of future returns can be reasonably estimated.
b. The seller's price is substantially fixed or determinable at time of sale.
c. The buyer's obligation to the seller would not be changed in the event of theft or damage of the product.
d.The buyer is obligated to pay the seller upon resale of the product.
12. The principal advantage of the completed-contract method is that
a. reported revenue is based on final results rather than estimates of unperformed work.
b. it reflects current performance when the period of a contract extends into more than one accounting period.
c. it is not necessary to recognize revenue at the point of sale.
d. a greater amount of gross profit and net income is reported than is the case when the percentage-of-completion method
is used.
13. Hiser Builders, Inc. is using {he comQleted-contract method for a $5,600,000 contract that will take two years to complete. Data at December 31,2010, the end of the first year, are as follows:
Costs incurred to date $2,560,000
Estimated costs to complete 3,280,000
Billings to date 2,400,000
Collections to date 2,000,000
The gross profit or loss that should be recognized for 20 I0 is
a. $0.
b. $240,000 loss.
c. $120,000 loss.
d. $105,6000 loss
14. Duri114. During 2010, Martin Corporation sold merchandise costing $2,100,000 on an installment basis for $3,000,000. The cash receipts
related to these sales were collected as follows: 2010, $1,200,000; 2011, $1,050,000; 2012, $750,000. What amount would be
shown in the December 31, 2011 financial statements for realized gross profit on 20 I0 installment sales, and deferred gross
profit on 2010 installment sales, respectively?
a. $315,000 and $225,000
b. $585,000 and $315,000
c. $225,000 and $675,000
d. $315,000 and $675,000
15. On January 1,20 I0, Shaw Co. sold land that cost $210,000 for $280,000, receiving a note bearing interest at 10%. The note will
be paid in three annual installments of $112,595 starting on December 31, 2010. Because collection of the note is very uncertain,
Shaw will use the cost-recovery method. How much revenue from this sale should Shaw recognize in 20 IO?
a. $0
b. $21,000
c. $28,000
d. $70,000
Submitted: 2 years ago.
Category: Business and Finance Homework
Expert:  Bizhelp replied 2 years ago.

Hi,

Thanks for the questions.

 

Please click here for the answers.

Hope this helps!



If you would like to request me for future posts, please put 'For Bizhelp' at the beginning of them.

Bizhelp, Accountant
Satisfied Customers: 5761
Experience: BA degree and Certified Public Accountant
Bizhelp and other Business and Finance Homework Specialists are ready to help you
Customer: replied 2 years ago.
Thanks for helping me! Could you show me how did you compute the questions 2,48,9,10,13, and 14.
Expert:  Bizhelp replied 2 years ago.
Thanks for the accept. OK, I will send you some details on those. Give me an hour or so since it is pretty busy.
Customer: replied 2 years ago.
ok thank you. I will be wait.
Expert:  Bizhelp replied 2 years ago.

Hi,

OK, I have updated the answer file with the details for the ones you asked about.

 

Please click here for the answers.

 

Hope this helps!



If you would like to request me for future posts, please put 'For Bizhelp' at the beginning of them.

 

Customer: replied 2 years ago.
Thank you!
Expert:  Bizhelp replied 2 years ago.
You're welcome

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