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Wiley Questions

Wiley Questions
ACC 421 Week 2 Wiley Questions

Brief Exercise 4-2 Brisky Corporation
Brief Exercise 4-4 Finley Corporation
Brief Exercise 4-9 Portman Corporation
Brief Exercise 18-2 Adani Inc
Brief Exercise 18-5 Jansen Corporation
Brief Exercise 18-6 Telephone Sellers Inc

Brief Exercise 4-2
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2014. Expenses for 2014 were cost of goods sold $1,450,000; administrative
expenses $212,000; selling expenses $280,000; and interest expense $45,000. Brisky’s tax rate is 30%. The corporation had 100,000 shares of common stock authorized and
70,000 shares issued and outstanding during 2014.

Prepare a single-step income statement for the year ended December 31, 2014. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Brief Exercise 4-4
Finley Corporation had income from continuing operations of $10,600,000 in 2014. During 2014, it disposed of its restaurant division at an after-tax loss of $189,000.
Prior to disposal, the division operated at a loss of $315,000 (net of tax) in 2014. Finley had 10,000,000 shares of common stock outstanding during 2014.

Prepare a partial income statement for Finley beginning with income from continuing operations. (Round earnings per share to 2 decimal places, e.g. 1.48.)

Brief Exercise 4-9
Portman Corporation has retained earnings of $675,000 at January 1, 2014. Net income during 2014 was $1,400,000, and cash dividends declared and paid during 2014
totaled $75,000.

Prepare a retained earnings statement for the year ended December 31, 2014.(List items that increase retained earnings first.)

Brief Exercise 18-2
Adani Inc. sells goods to Geo Company for $11,000 on January 2, 2014, with payment due in 12 months. The fair value of the goods at the date of sale is $10,000.

Prepare the journal entry to record this transaction on January 2, 2014. (Credit account titles are automatically indented when amount is entered. Do not indent
manually.)

Brief Exercise 18-5
Jansen Corporation shipped $20,000 of merchandise on consignment to Gooch Company. Jansen paid freight costs of $2,000. Gooch Company paid $500 for local advertising,
which is reimbursable from Jansen. By year-end, 60% of the merchandise had been sold for $21,500. Gooch notified Jansen, retained a 10% commission, and remitted the
cash due to Jansen.

Prepare Jansen’s entry when the cash is received. (Round answers to 0 decimal places, e.g. 1,525. Credit account titles are automatically indented when amount is
entered. Do not indent manually.)

Brief Exercise 18-6
Telephone Sellers Inc. sells prepaid telephone cards to customers. Telephone Sellers then pays the telecommunications company, TeleExpress, for the actual use of its
telephone lines. Assume that Telephone Sellers sells $4,000 of prepaid cards in January 2014. It then pays TeleExpress based on usage, which turns out to be 50% in
February, 30% in March, and 20% in April. The total payment by Telephone Sellers for TeleExpress lines over the 3 months is $3,000.

Indicate how much income Telephone Sellers should recognize in January, February, March, and April.

 

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