Financial Accounting Valuation Of Intangible Assets Question And Answers Homework Help
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1.Bonds payable various issues Atom Endeavour Co. issued $500 million face amount of 9% bonds when market interest rates were 9.14% for bonds of similar risk and other characteristics.
a. How much interest will be paid annually on these bonds?
b. Were the bonds issued at a premium or discount? Explain your answer.
c. Will the annual interest expense on these bonds be more than, equal to, or less than the amount of interest paid each year? Explain your answer.
2.Other accrued liabilities payroll and payroll taxes. The following summary data for the payroll period ended December 27, 2012, are available for Cayman Coating Co.:
Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 86,000
FICA tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?
Income tax withholdings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,320
Group hospitalization insurance. . . . . . . . . . . . . . . . . . . . . . . . . 1,270
Employee contributions to pension plan . . . . . . . . . . . . . . . . . . ?
Total deductions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,825
Net pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?
For employees, FICA tax rates for 2012 were 5.65% on the first $110,100 of each employee s annual earnings and 1.45% on any earnings in excess of $110,100. However, no employees had accumulated earnings for the year in excess of the $110,100 limit.
For employers, FICA tax rates for 2012 were 7.65% on the first $110,100 of each employee s annual earnings and 1.45% on any earnings in excess of $110,100.
The federal and state unemployment compensation tax rates are 0.6% and 5.4%, respectively. These rates are levied against the employer for the first $7,000 of each employee s annual earnings. Only $9,000 of the gross pay amount for the December 27, 2012, pay period was owed to employees who were still under the annual limit.
Assuming that Cayman Coating Co. s payroll for the last week of the year is to be paid on January 3, 2013, use the horizontal model (or write the journal entry) to record the effects of the December 27, 2012, entries for
a. Accrued payroll.
b. Accrued payroll taxes.
3.Bonds payable calculate issue price and amortize premium On January 1, 2013, Learned, Inc., issued $90 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December 31 and mature on December 31, 2032.
a. Using the present value tables in Chapter 6, calculate the proceeds (issue price) of Learned, Inc. s, bonds on January 1, 2013, assuming that the bonds were sold to provide a market rate of return to the investor.
b. Assume instead that the proceeds were $93,000,000. Use the horizontal model (or write the journal entry) to record the payment of semiannual interest and the related premium amortization on June 30, 2013, assuming that the premium of $3,000,000 is amortized on a straight-line basis.
c. If the premium in part b were amortized using the compound interest method, would interest expense for the year ended December 31, 2013, be more than, less than, or equal to the interest expense reported using the straight-line method of premium amortization? Explain.
d. In reality, the difference between the stated interest rate and the market rate would be substantially less than 2%. The dramatic difference in this problem was designed so that you could use present value tables to answer part a. What causes the stated rate to be different from the market rate, and why is the difference likely to be much less than depicted in this problem?
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4.Calculate stock dividend shares and cash dividend amounts Assume that you own 4,000 shares of Blueco, Inc. s, common stock and that you currently receive cash dividends of $0.84 per share per year.
a. If Blueco, Inc., declared a 5% stock dividend, how many shares of common stock would you receive as a dividend?
b. Calculate the cash dividend per share amount to be paid after the stock dividend that would result in the same total cash dividend (as was received before the stock dividend).
c. If the cash dividend remained at $0.84 per share after the stock dividend, what per share cash dividend amount without a stock dividend would have accomplished the same total cash dividend?
d. Why would a company have a dividend policy of paying a $0.10 per share cash dividend and issuing a 5% stock dividend every year?
5.Common and preferred stock issuances and dividends Permabilt Corp. was incorporated on January 1, 2013, and issued the following stock for cash:
4,000,000 shares of no-par common stock were authorized; 1,250,000 shares were issued on January 1, 2013, at $35 per share.
1,500,000 shares of $100 par value, 8.5% cumulative, preferred stock were authorized, and 640,000 shares were issued on January 1, 2013, at $105 per share.
Net income for the years ended December 31, 2013, 2014, and 2015, was $18,400,000, $24,600,000, and $28,750,000, respectively.
No dividends were declared or paid during 2013 or 2014. However, on December 17, 2015, the board of directors of Permabilt Corp. declared dividends of $42,300,000, payable on February 9, 2016, to holders of record as of January 4, 2016.
a. Use the horizontal model (or write the entry) to show the effects of
1. The issuance of common stock and preferred stock on January 1, 2013.
2. The declaration of dividends on December 17, 2015.
3. The payment of dividends on February 9, 2016.
b. Of the total amount of dividends declared during 2015, how much will be received by preferred shareholders?
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