How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask linda_us Your Own Question
linda_us
linda_us, Master's Degree
Category: Multiple Problems
Satisfied Customers: 1402
Experience:  A tutor for Business, Finance, Accounts and other related topics.
19873544
Type Your Multiple Problems Question Here...
linda_us is online now
A new question is answered every 9 seconds

Question 1 Corp. issued purchased 75,000 shares n it began

Customer Question

Question 1
B Corp. issued purchased 75,000 shares n it began operations in 2004 and issued an additional 100,000 shares in 2005. B also issued preferred stock convertible into 100,000 shares of common stock. In 2006, B purchased 75,000 shares of its common stock and held it in the treasury. At December 31, 2006, how many shares of B's common stock were outstanding?
400,000
325,000
300,000
225,000
Question 2
If a company reissued at $20 per share 100 shares of treasury stock that it had previously acquired for $28 per share and there wasn’t any Paid-in Capital from Treasury Stock, it would debit
Loss on Sale of Treasury Stock for $800
Paid-in Capital from Common Stock for $800
Retained Earnings for $800
Treasury Stock for $800
Question 3
The Company purchases an asset on January 1, 2005, for $200,000. The straight-line method of depreciation is used for book purposes, resulting in depreciation of $50,000 per year. An accelerated method is used for tax purposes, resulting in depreciation of $80,000, $60,000, $40,000, and $20,000 for the years 2005, 2006, 2007, and 2008, respectively. Assume that the tax rate is 40 percent for all years and that depreciation is the only temporary difference between book and tax purposes. The 2005 journal entry would include a
debit to Deferred Tax Liability of $12,000
debit to Deferred Tax Liability of $4,000
credit to Deferred Tax Asset of $4,000
credit to Deferred Tax Liability of $12,000
Question 4
Assume that Bad Company makes sales of $200,000 during 2004 and reports the amount as sales revenue on its income statement. Also assume that the company wishes to delay the reporting of a portion of that amount for tax purposes and uses the installment sales method for tax purposes. Assume that $60,000 of collections occurred during 2004 and the remainder will occur in 2005. What is the amount of the temporary difference at the end of the year 2004?
$200,000
$140,000
$60,000
$0
Question 5
William Corp. issued 10,000 shares of its $1 par value common stock for a building. The building was listed for sale at $500,000. William’s common stock is currently selling for $45 per share. William Corp. should record the building at
$10,000
$440,000
$450,000
$500,000
Question 6
During 2005, Bob 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 Bob's $25 par common stock at the option of the preferred shareholder. On December 31, 2006, when the market value of the common stock was $40 per share, all of the preferred stock was converted. What amount should Bob credit to Common Stock and to Additional Paid-in Capital as a result of the conversion?
Common Stock Additional Paid-in Capital
$375,000 $175,000
375,000 225,000
500,000 50,000
600,000 0
Question 7
A liability for a cash dividend exists at the
end of each year
date of declaration
date of record
date of payment
Question 8
Assume that Grandzol Company believes that $120,000 of a $600,000 deduction will not be utilized in future periods and that the tax rate is 40 percent for all periods. What is the amount of the valuation allowance?
$48,000
$120,000
$192,000
$240,000
Question 9
Assume that S Company makes sales of $400,000 during 2004 and reports the amount as sales revenue on its income statement. Also assume that the company wishes to delay the reporting of a portion of that amount for tax purposes and uses the installment sales method for tax purposes. Assume that $100,000 of collections occurred during 2004, $150,000 occurred in 2005, and the remainder will occur in 2006. Assuming a tax rate of 40 percent, what is the amount of the entry into the Deferred Tax account at the end of the year 2004?
$40,000
$60,000
$120,000
$160,000
Question 10
Information regarding Silly Co.’s portfolio of available-for-sale securities is as follows:
Aggregate cost as of 12/31/05 $170,000
Unrealized gains as of 12/31/05 4,000
Unrealized losses as of 12/31/05 26,000
Net realized gains during 2005 30,000
At December 31, 2004, Silly reported an unrealized holding loss from available-for-sale securities of $1,500 on the statement of stockholders’ equity. Assuming the application of SFAS No. 115, “Accounting for Certain Investments in Debt and Equity Securities,” what amount should Silly report on its December 31, 2005, balance sheet as an unrealized holding loss?
$26,000
$22,000
$20,500
$0
Question 11
Debt securities that are classified as available-for-sale securities are reported on the balance sheet at
fair value
historical cost
amortized cost
lower of amortized cost or fair value
Question 12
On March 1, 2004, Leo Corp. was formed by issuing 100,000 shares of $1 par value common stock at $5 per share and 20,000 shares of $100 par value preferred stock at $101 per share. If Leo earned $35,000 in its first year of operations, total stockholders’ equity at year end would be
$335,000
$735,000.
$2,135,000.
$2,555,000
4 points
Question 13
At December 31, 2005 and 2006, C Corp. had outstanding 4,000 shares of $100 par value, 6 percent cumulative preferred stock and 20,000 shares of $10 par value common stock. At December 31, 2005, dividends in arrears on the preferred stock were $12,000. Cash dividends declared in 2006 totaled $44,000. Of the $44,000, what amounts were payable on each class of stock?
Preferred Stock Common Stock
$44,000 $ 0
36,000 8,000
32,000 12,000
24,000 20,000
Question 14
Which of the following does not use the Adjustment and Unrealized Holding Gain (Loss) accounts?
Held-to-maturity securities
Trading securities
Available-for-sale securities
Both held-to-maturity and trading securities
Question 15
Which of the following is not an equity security?
Common stock
Warrants
Call options
Redeemable preferred stock with a mandatory redemption period
Question 16
On December 31, 2010, the CPA Company had 100,000 shares of common stock issued and outstanding. On July 1, 2011, the company sold 20,000 additional shares for cash. CPA's net income for the year ended December 31, 2011 was $650,000. During 2011, CPA declared and paid $89,000 in cash dividends on its nonconvertible preferred stock. What is the 2011 basic earnings per share?
5.91
5.61
5.10
None of the above
Question 17
Dividends are a(n)
expense
distribution to owners
asset
increase in equity
Question 18
Rent income received in advance that is included for tax purposes when received, but recorded for book purposes when earned results in
expense items and deductions being taken for tax purposes before book purposes
expense items and deductions being recorded for book purposes before tax purposes
purposes income being included for tax purposes before book
income being recorded for book purposes before tax purposes.
Question 19
On January 1, 2005, N Inc. purchased 10-year bonds issued by B Company. The bonds have a face value of $500,000 and pay interest annually at 8 percent on each December 31. N purchased the bonds for $550,000. N’s accounting year ends on December 31. N’s management has chosen to treat the bonds purchased as an available-for-sale security. There are no other securities in the available-for-sale portfolio. Assume that on December 31, 2005, the fair market value of the bonds was $510,000. The company uses the straight-line method of amortization. What is the amount of interest income to be reported on the 2005 income statement?
$35,000
$40,000
$44,000
$45,000
Question 20
Other comprehensive income includes changes in the fair value of
held-to-maturity securities
trading securities
available-for-sale securities
investments accounted for under the equity method
Question 21
Treasury stock is a(n)
asset account
contra-asset account
equity account
contra-equity account
Question 22
Coe Corp. issued 20,000 shares of $5 par common stock at $10 per share. On December 31, 2005, Coe's retained earnings were $300,000. In March 2006, Coe reacquired 5,000 shares of its common stock at $20 per share. In June 2006, Coe sold 1,000 of these shares to its corporate officers for $25 per share. Coe uses the cost method to account for its treasury stock. Net income for the year ended December 31, 2006, was $60,000. At December 31, 2006, what amount should Coe report as retained earnings?
$360,000
$365,000
$375,000
$380,000
Question 23
Which of the following has no effect on comprehensive income?
Unrealized gains and losses on held-to-maturity investments
Unrealized gains and losses on available-for-sale investments
Unrealized gains and losses on trading securities
Realized gains and losses on available-for-sale securities that were held in previous periods
Question 24
Interest received from available-for-sale debt securities should be reported as
an unrealized holding gain—income
an unrealized holding gain—equity
other revenue on the income statement
a reclassification adjustment on the statement of comprehensive income
Question 25
On December 31, 2010, Albacore Company had 300,000 shares of common stock issued and outstanding. Albacore issued a 10% stock dividend on June 30, 2011. On September 30, 2011, 12,000 shares of common stock were reacquired as treasury stock. What is the appropriate number of shares to be used in the basic earnings per share computation for 2011?
303,000
342,000
312,000
327,000
Submitted: 1 year ago.
Category: Multiple Problems
Expert:  F. Naz replied 1 year ago.
Hello
What is the deadline for this answer ?
Have a nice day :)
Customer: replied 1 year ago.
Sunday
Expert:  F. Naz replied 1 year ago.
I am sending you an offer to ajdust the price of the question accoridng to the amount of work required.Please accept the offer so i can start working on it.
Have a nice day :)
Customer: replied 1 year ago.
No thank you. I cannot afford it
Expert:  F. Naz replied 1 year ago.
How much can you afford ?
Customer: replied 1 year ago.
I need to cancel this account and I am not interested
Expert:  F. Naz replied 1 year ago.
okay no problem .
Have a nice day :)

Related Multiple Problems Questions