Problems: Problem 14-4A Financial information for Ernie Bishop Company is presented below. ERNIE BISHOP COMPANY Balance Sheets December 31 Assets 2013 2012 Cash $ 137,900 $ 128,050 Short-term investments 102,440 78,800 Receivables (net) 193,060 157,600 Inventory 246,250 265,950 Prepaid expenses 57,130 45,310 Land 256,100 256,100 Building and equipment (net) 330,960 344,750 $1,323,840 $1,276,560 Liabilities and Stockholders’ Equity Notes payable $197,000 197,000 Accounts payable 94,560 82,740 Accrued liabilities 86,680 78,800 Bonds payable, due 2016 295,500 295,500 Common stock, $10 par 394,000 394,000 Retained earnings 256,100 228,520 $1,323,840 $1,276,560 ERNIE BISHOP COMPANY Income Statement For the Years Ended December 31 2013 2012 Net sales $1,690,260 $1,572,060 Cost of goods sold 1,203,670 1,132,750 Gross profit 486,590 439,310 Operating expenses 402,865 356,570 Net income $ 83,725 $ 82,740 Additional information: 1. Inventory at the beginning of 2012 was $232,460. 2. Total assets at the beginning of 2012 were $1,245,040. 3. No common stock transactions occurred during 2012 or 2013. 4. All sales were on account. 5. Receivables (net) at the beginning of 2012 were $173,360. (a) Indicate, by using ratios, the change in liquidity and profitability of Ernie Bishop Company from 2012 to 2013. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all others to 1 decimal place, e.g. 6.8 or 6.8% .) 2012 2013 Change LIQUIDITY Current  :1  :1 Acid-test  :1  :1 Receivables turnover  times  times Inventory turnover  times  times PROFITABILITY Profit margin  %  % Asset turnover  times  times Return on assets  %  % Earnings per share $ $ (b) Given below are three independent situations and a ratio that may be affected. For each situation, compute the affected ratio (1) as of December 31, 2013, and (2) as of December 31, 2014, after giving effect to the situation. Net income for 2014 was $98,500. Total assets on December 31, 2014, were $1,379,000. Situation Ratio (1) 35,460 shares of common stock were sold at par on July 1, 2014. Return on common stockholders’ equity (2) All of the notes payable were paid in 2014. The only change in liabilities was that the notes payable were paid. Debt to total assets (3) Market price of common stock was $18 on December 31, 2013, and $24.63 on December 31, 2014. Price-earnings ratio 2013 2014 Change Return on common stockholders’ equity  %  % Debt to total assets  %  % Price-earnings ratio  times  times Warning Don't show me this message again for the assignment Ok Cancel Click if you would like to Show Work for this question: Open Show Work Modify Show Work Problem 14-6A The comparative statements of Beulah Company are presented below. BEULAH COMPANY Income Statement For the Years Ended December 31 2014 2013 Net sales (all on account) $501,000 ...

1. Problems:
Problem 14-4A
Financial information for Ernie Bishop Company is presented
below.
ERNIE BISHOP COMPANY
Balance Sheets
December 31
Assets
2013
2012
Cash
$ 137,900
$ 128,050
Short-term investments
102,440
78,800
Receivables (net)
193,060
157,600
Inventory
246,250
265,950
Prepaid expenses

2. 57,130
45,310
Land
256,100
256,100
Building and equipment (net)
330,960
344,750
$1,323,840
$1,276,560
Liabilities and Stockholders’ Equity
Notes payable
$197,000
197,000
Accounts payable
94,560
82,740
Accrued liabilities

3. 86,680
78,800
Bonds payable, due 2016
295,500
295,500
Common stock, $10 par
394,000
394,000
Retained earnings
256,100
228,520
$1,323,840
$1,276,560
ERNIE BISHOP COMPANY
Income Statement
For the Years Ended December 31
2013
2012
Net sales
$1,690,260

4. $1,572,060
Cost of goods sold
1,203,670
1,132,750
Gross profit
486,590
439,310
Operating expenses
402,865
356,570
Net income
$ 83,725
$ 82,740
Additional information:
1.
Inventory at the beginning of 2012 was $232,460.
2.
Total assets at the beginning of 2012 were $1,245,040.
3.
No common stock transactions occurred during 2012 or 2013.
4.
All sales were on account.
5.

5. Receivables (net) at the beginning of 2012 were $173,360.
(a) Indicate, by using ratios, the change in liquidity and
profitability of Ernie Bishop Company from 2012 to 2013.
(Round Earnings per share to 2 decimal places, e.g. 1.65, and
all others to 1 decimal place, e.g. 6.8 or 6.8% .)
2012
2013
Change
LIQUIDITY
Current
:1
:1
Acid-test
:1

6. :1
Receivables turnover
times
times
Inventory turnover
times
times
PROFITABILITY
Profit margin
%

7. %
Asset turnover
times
times
Return on assets
%
%
Earnings per share
$
$
(b) Given below are three independent situations and a ratio that
may be affected. For each situation, compute the affected ratio
(1) as of December 31, 2013, and (2) as of December 31, 2014,
after giving effect to the situation. Net income for 2014 was
$98,500. Total assets on December 31, 2014, were $1,379,000.

8. Situation
Ratio
(1)
35,460 shares of common stock were sold at par on July 1,
2014.
Return on common stockholders’ equity
(2)
All of the notes payable were paid in 2014. The only change in
liabilities was that the notes payable were paid.
Debt to total assets
(3)
Market price of common stock was $18 on December 31, 2013,
and $24.63 on December 31, 2014.
Price-earnings ratio
2013
2014
Change
Return on common stockholders’ equity
%
%

9. Debt to total assets
%
%
Price-earnings ratio
times
times
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Problem 14-6A

10. The comparative statements of Beulah Company are presented
below.
BEULAH COMPANY
Income Statement
For the Years Ended December 31
2014
2013
Net sales (all on account)
$501,000
$419,000
Expenses
Cost of goods sold
315,000
254,000
Selling and administrative
120,000
114,000
Interest expense
8,400
6,400
Income tax expense

11. 20,700
13,400
Total expenses
464,100
387,800
Net income
$ 36,900
$ 31,200
BEULAH COMPANY
Balance Sheets
December 31
Assets
2014
2013
Current assets
Cash
$ 21,900
$ 18,100
Short-term investments
18,500

12. 14,400
Accounts receivable (net)
86,000
75,000
Inventory
80,800
61,000
Total current assets
207,200
168,500
Plant assets (net)
422,000
384,000
Total assets
$629,200
$552,500
Liabilities and Stockholders’ Equity
Current liabilities

13. Accounts payable
$122,000
$111,000
Income taxes payable
11,700
11,700
Total current liabilities
133,700
122,700
Long-term liabilities
Bonds payable
120,000
80,100
Total liabilities
253,700
202,800
Stockholders’ equity

14. Common stock ($5 par)
149,000
149,000
Retained earnings
226,500
200,700
Total stockholders’ equity
375,500
349,700
Total liabilities and stockholders’ equity
$629,200
$552,500
Additional data:
The common stock recently sold at $19.50 per share.
Compute the following ratios for 2014. (Round Earnings per
share and Acid-test ratio to 2 decimal places, e.g. 1.65, and all
others to 1 decimal place, e.g. 6.8 or 6.8% .)
(a)
Current ratio
:1
(b)

15. Acid-test ratio
:1
(c)
Accounts receivable turnover
times
(d)
Inventory turnover
times
(e)
Profit margin
%
(f)
Asset turnover
times
(g)
Return on assets
%
(h)

16. Return on common stockholders’ equity
%
(i)
Earnings per share
$
(j)
Price-earnings ratio
times
(k)
Payout ratio
%
(l)
Debt to total assets
%
(m)
Times interest earned
times
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Problem 13-3A
The income statement of Toby Zed Company is presented here.
Toby Zed Company
Income Statement
For the Year Ended November 30, 2014
Sales revenue
$7,432,500
Cost of goods sold
Beginning inventory
$1,907,200
Purchases
4,312,100

18. Goods available for sale
6,219,300
Ending inventory
1,301,100
Total cost of goods sold
4,918,200
Gross profit
2,514,300
Operating expenses
1,067,700
Net income
$1,446,600
Additional information:
1.
Accounts receivable increased $195,800 during the year, and
inventory decreased $606,100.

19. 2.
Prepaid expenses increased $176,200 during the year.
3.
Accounts payable to suppliers of merchandise decreased
$342,900 during the year.
4.
Accrued expenses payable decreased $106,800 during the year.
5.
Operating expenses include depreciation expense of $85,100.
Prepare the operating activities section of the statement of cash
flows for the year ended November 30, 2014, for Toby Zed
Company, using the indirect method. (Show amounts that
decrease cash flow with either a - sign e.g. -15,000 or in
parenthesis e.g. (15,000).)
TOBY ZED COMPANY
Partial Statement of Cash Flows
For the Year Ended November 30, 2014
$
Adjustments to reconcile net income to
$

20. $
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Problem 13-7A
Presented below are the financial statements of Rajesh
Company.

21. Rajesh Company
Comparative Balance Sheets
December 31
Assets
2014
2013
Cash
$37,710
$19,220
Accounts receivable
32,530
18,280
Inventory
30,850
20,350
Equipment
59,320
77,250

22. Accumulated depreciation—equipment
(29,550
)
(23,910
)
Total
$130,860
$111,190
Liabilities and Stockholders’ Equity
Accounts payable
$28,310
$ 16,070
Income taxes payable

23. 7,440
8,460
Bonds payable
27,310
32,960
Common stock
18,730
14,590
Retained earnings
49,070
39,110
Total
$130,860
$111,190
Rajesh Company

24. Income Statement
For the Year Ended December 31, 2014
Sales revenue
$242,430
Cost of goods sold
175,030
Gross profit
67,400
Operating expenses
24,190
Income from operations
43,210
Interest expense
3,680
Income before income taxes
39,530
Income tax expense
8,920
Net income
$30,610
Additional data:
1.
Depreciation expense is 13,840.
2.

25. Dividends declared and paid were $20,650.
3.
During the year equipment was sold for $9,730 cash. This
equipment cost $17,930 originally and had accumulated
depreciation of $8,200 at the time of sale.
(a) Prepare a statement of cash flows using the indirect method.
(Show amounts that decrease cash flow with either a - sign e.g.
-15,000 or in parenthesis e.g. (15,000).)
RAJESH COMPANY
Statement of Cash Flows
For the Year Ended December 31, 2014
$
Adjustments to reconcile net income to
$

27. $
(b) Compute free cash flow.
Free cash flow
$
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Problem 12-2A (Part Level Submission)
In January 2014, the management of Stefan Company concludes
that it has sufficient cash to permit some short-term investments
in debt and stock securities. During the year, the following
transactions occurred.

28. Feb. 1
Purchased 600 shares of Superior common stock for $30,000,
plus brokerage fees of $610.
Mar. 1
Purchased 710 shares of Pawlik common stock for $17,750, plus
brokerage fees of $500.
Apr. 1
Purchased 60 $1,200, 8% Venice bonds for $72,000, plus
$1,100 brokerage fees. Interest is payable semiannually on
April 1 and October 1.
July 1
Received a cash dividend of $0.60 per share on the Superior
common stock.
Aug. 1
Sold 180 shares of Superior common stock at $63 per share less
brokerage fees of $210.
Sept. 1
Received a $1 per share cash dividend on the Pawlik common
stock.
Oct. 1
Received the semiannual interest on the Venice bonds.
Oct. 1
Sold the Venice bonds for $72,000 less $1,100 brokerage fees.
At December 31, the fair value of the Superior common stock
was $52 per share. The fair value of the Pawlik common stock
was $24 per share.
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(a)
Journalize the transactions and post to the accounts Debt
Investments and Stock Investments. (Use the T-account form.)
(Record entries in the order displayed in the problem statement.
Credit account titles are automatically indented when amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Feb. 1
Stock Investments
Cash
Mar. 1

30. Stock Investments
Cash
Apr. 1
Debt Investments
Cash
July 1
Cash
Dividend Revenue
Aug. 1
Cash
Stock Investments
Gain on Sale of Stock Investments
Sept. 1

31. Cash
Dividend Revenue
Oct. 1
Cash
Interest Revenue
Oct. 1
Cash
Loss on Sale of Debt Investments
Debt Investments
Stock Investments
res_EAT_1317806561579_0_6394574809135353_109_resp_1
res_EAT_1317806561579_0_6394574809135353_118_resp_4
res_EAT_1317806561579_0_6394574809135353_127_resp_2

32. res_EAT_1317806561579_0_6394574809135353_145_resp_6
Debt Investments
res_EAT_1317806561579_0_6394574809135353_163_resp_3
res_EAT_1317806561579_0_6394574809135353_172_resp_5
res_EAT_1317806561579_0_6394574809135353_199_resp_6
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Problem 12-6A
The following data, presented in alphabetical order, are taken
from the records of Radar Corporation.
Accounts payable
$239,220
Accounts receivable
139,920

33. Accumulated depreciation—buildings
179,190
Accumulated depreciation—equipment
52,720
Allowance for doubtful accounts
6,760
Bonds payable (10%, due 2020)
499,040
Buildings
950,390
Cash
41,330
Common stock ($10 par value; 501,710 shares
authorized, 149,650 shares issued)
1,496,500
Dividends payable
80,750
Equipment
275,960
Fair value adjustment—non-trading securities (Dr)
8,880
Goodwill
199,750
Income taxes payable

34. 120,390
Inventory
170,480
Investment in Mara common stock (30% ownership), at equity
379,920
Investment in Sasse common stock (10% ownership), at cost
277,700
Land
389,730
Notes payable (due 2015)
70,960
Paid-in capital in excess of par—common stock
132,860
Premium on bonds payable
40,470
Prepaid insurance
15,680
Retained earnings
102,950
Short-term investment, at fair value (and cost)
180,950
Unrealized gain—non-trading securities
8,880
The investment in Sasse common stock is considered to be a

35. long-term non-trading security.
Prepare a classified balance sheet at December 31, 2014. (List
assets in order of liquidity. Property, plant and equipment list in
order of land, buildings and equipment.)
RADAR CORPORATION
Balance Sheet
December 31, 2014
Assets
$
$

36. :

38. $
:
:

39. $
Liabilities and Stockholders' Equity
$

40. $

41. $
:

43. :
$
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Problem 11-3A (Part Level Submission)
The stockholders’ equity accounts of Terrell Corporation on
January 1, 2014, were as follows.

44. Preferred Stock (9%, $49 par, cumulative, 10,800 shares
authorized)
$ 406,700
Common Stock ($1 stated value, 2,061,400 shares authorized)
1,191,700
Paid-in Capital in Excess of Par—Preferred Stock
129,300
Paid-in Capital in Excess of Stated Value—Common Stock
1,466,000
Retained Earnings
1,810,600
Treasury Stock (20,100 common shares)
46,230
During 2014, the corporation had the following transactions and
events pertaining to its stockholders’ equity.
Feb. 1
Issued 25,200 shares of common stock for $117,700.
Apr. 14
Sold 8,800 shares of treasury stock—common for $45,300.
Sept. 3
Issued 7,000 shares of common stock for a patent valued at
$42,800.
Nov. 10
Purchased 1,000 shares of common stock for the treasury at a
cost of $5,800.

45. Dec. 31
Determined that net income for the year was $442,700.
No dividends were declared during the year.
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(a)
Journalize the transactions and the closing entry for net income.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Feb. 1
Cash

46. Common Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Apr. 14
Cash
Paid-in Capital from Treasury Stock
Treasury Stock
Sept. 3
Patents
Common Stock
Paid-in Capital in Excess of Stated Value-Common Stock
Nov. 10
Treasury Stock

47. Cash
Dec. 31
Income Summary
Retained Earnings
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Problem 11-7A (Part Level Submission)
On January 1, 2014, Primo Corporation had the following
stockholders' equity accounts.
Common Stock ($10 par value, 78,400 shares issued and
outstanding)
$784,000
Paid-in Capital in Excess of Par Value-Common Stock
198,700
Retained Earnings

48. 560,700
During the year, the following transactions occurred.
Jan. 15
Declared a $1.10 cash dividend per share to stockholders of
record on January 31, payable February 15.
Feb. 15
Paid the dividend declared in January.
Apr. 15
Declared a 5% stock dividend to stockholders of record on April
30, distributable May 15. On April 15, the market price of the
stock was $15 per share.
May 15
Issued the shares for the stock dividend.
July 1
Announced a 2-for-1 stock split. The market price per share
prior to the announcement was $15. (The new par value is $5.)
Dec. 1
Declared a $0.90 per share cash dividend to stockholders of
record on December 15, payable January 10, 2015.
Dec. 31
Determined that net income for the year was $277,800.
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49. (a)
Journalize the transactions and the closing entries for net
income and dividends. (If no entry is required, select "No entry"
for the account titles and enter 0 for the amounts. Credit
account titles are automatically indented when the amount is
entered. Do not indent manually.)
Date
Account/Description
Debit
Credit
Jan. 15
Feb. 15

50. Apr. 15
May 15
July 1

51. Dec.1
Dec. 31
(To close net income.)
Dec.31

52. (To close cash dividends.)
Dec. 31
(To close stock dividends.)
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53. Problem 9-3A (Part Level Submission)
On January 1, 2014, Thao Company purchased the following
two machines for use in its production process.
Machine A:
The cash price of this machine was $48,100. Related
expenditures included: sales tax $1,600, shipping costs $130,
insurance during shipping $80, installation and testing costs
$100, and $190 of oil and lubricants to be used with the
machinery during its first year of operations. Thao estimates
that the useful life of the machine is 5 years with a
$5,300 salvage value remaining at the end of that time period.
Assume that the straight-line method of depreciation is used.
Machine B:
The recorded cost of this machine was $200,000. Thao estimates
that the useful life of the machine is 4 years with a
$12,500 salvage value remaining at the end of that time period.
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54. (a)
Your answer is correct.
Prepare the following for Machine A. (Round answers to 0
decimal places, e.g. $2,125. Credit account titles are
automatically indented when amount is entered. Do not indent
manually.)
1.
The journal entry to record its purchase on January 1, 2014.
2.
The journal entry to record annual depreciation at December 31,
2014.
No.
Account Titles and Explanation
Debit
Credit
1.
Equipment
50010
Cash
50010
2.

55. Depreciation Expense
8942
Accumulated Depreciation-Equipment
8942
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56. Attempts: 2 of 3 used
(b)
Your answer is partially correct. Try again.
Calculate the amount of depreciation expense that Thao should
record for Machine B each year of its useful life under the

57. following assumptions. (Round answers to 0 decimal places,
e.g. $2,125. Round cost per unit to 2 decimal place, e.g. 1.25.)
(1)
Thao uses the straight-line method of depreciation.
(2)
Thao uses the declining-balance method. The rate used is twice
the straight-line rate.
(3)
Thao uses the units-of-activity method and estimates that the
useful life of the machine is 165,770 units. Actual usage is as
follows: 2014, 53,400 units; 2015, 44,710 units;
2016, 37,580 units; 2017, 30,080 units.
2014
2015
2016
2017

58. Straight-line method
$46875
$46875
$46875
$46875
Declining-balance method
$100000
$50000
$25000
$12500
Units-of-activity method
$53400
$44710
$37580

59. $30080
Problem 9-7A (Part Level Submission)
The intangible assets section of Glover Company at December
31, 2013, is presented below.
Patents ($61,400 cost less $6,140 amortization)
$55,260
Franchises ($36,200 cost less $14,480 amortization)
21,720
Total
$76,980
The patent was acquired in January 2013 and has a useful life
of 10 years. The franchise was acquired in January 2010 and
also has a useful life of 10 years. The following cash
transactions may have affected intangible assets during 2014.
Jan. 2

60. Paid $40,860 legal costs to successfully defend the patent
against infringement by another company.
Jan.–June
Developed a new product, incurring $137,570 in research and
development costs. A patent was granted for the product on July
1. Its useful life is equal to its legal life.
Sept. 1
Paid $55,760 to an extremely large defensive lineman to appear
in commercials advertising the company’s products. The
commercials will air in September and October.
Oct. 1
Acquired a franchise for $135,000. The franchise has a useful
life of 50 years.
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61. (a)
Prepare journal entries to record the transactions above. (Record
journal entries in the order presented in the problem. Credit
account titles are automatically indented when amount is
entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit

63. Prepare journal entries to record the 2014 amortization expense.
(Credit account titles are automatically indented when amount
is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Dec. 31
(To record patents amortization.)
Dec. 31

64. (To record franchises amortization.)
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Problem 10-1A (Part Level Submission)
On January 1, 2014, the ledger of Shumway Company contains

65. the following liability accounts.
Accounts Payable
$55,910
Sales Taxes Payable
7,600
Unearned Service Revenue
16,570
During January, the following selected transactions occurred.
Jan. 5
Sold merchandise for cash totaling $22,256, which includes 7%
sales taxes.
12
Provided services for customers who had made advance
payments of $11,630. (Credit Service Revenue.)
14
Paid state revenue department for sales taxes collected in
December 2013 ($7,600).
20

66. Sold 620 units of a new product on credit at $50 per unit,
plus 7% sales tax.
21
Borrowed $24,750 from DeKalb Bank on a 3-month, 8%,
$24,750 note.
25
Sold merchandise for cash totaling $10,571, which includes 7%
sales taxes.
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67. (a)
Journalize the January transactions. (Round answers to 0
decimal places, e.g. 125. Credit account titles are automatically
indented when amount is entered. Do not indent manually.)
Date
Account Titles and Explanation
Debit
Credit
Jan. 5
Cash
Sales Revenue
Sales Taxes Payable
Jan. 12

68. Unearned Service Revenue
Service Revenue
Jan. 14
Sales Taxes Payable
Cash
Jan. 20
Accounts Receivable
Sales Revenue
Sales Taxes Payable

69. Jan. 21
Cash
Notes Payable
Jan. 25
Cash
Sales Revenue
Sales Taxes Payable
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Stock Invest
Cash
Stock Invest
Cash
Debt Investm

71. Cash
Cash
Dividend Re
Cash
Stock Invest
Gain on Sal
Cash
Dividend Re
Cash
Interest Rev
Cash
Loss on Sal
Debt Investm

72. Feb. 1
Aug. 1
Mar. 1
Dec. 31 Bal.
Apr. 1
Oct. 1
Dec. 31 Bal.
Cash
Common St
Paid-in Capi
Cash

73. Paid-in Capi
Treasury Sto
Patents
Common St
Paid-in Capi
Treasury Sto
Cash
Income Sum
Retained Ea
Equipment
50010

74. Cash
50010
Depreciation
8942
Accumulate
8942
46875
46875
46875
46875
100000
50000

75. 25000
12500
53400
44710
37580
30080
Cash
Sales Reven
Sales Taxes
Unearned S
Service Reve
Sales Taxes

76. Cash
Accounts R
Sales Reven
Sales Taxes
Cash
Notes Paya
Cash
Sales Reven
Sales Taxes