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 be no calculation of net income because the purpose of the charitable
organization is to provide services to its constituents, not seek profits.

1.3 The balance sheet shows assets, liabilities and, shareholders’ equity as of
a specific date (the balance sheet date), similar to a snapshot. The income
statement and statement of cash flows report changes in assets and
liabilities over a period of time, similar to a motion picture.

1-1 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.4 The auditor evaluates the accounting system, including its ability to
record transactions properly and its operational effectiveness, and also
determines whether the financial reports prepared by the firm’s managers
conform to the requirements of the applicable authoritative guidance. The
auditor provides an audit opinion that reflects his professional
conclusions. For most publicly traded firms in the U.S. the auditor also
provides a separate opinion on the effectiveness of the firm’s internal
controls over financial reporting.

1.5 Management, under the oversight of the firm’s governing board, prepares
the financial statements.

1.6 Employees and suppliers of goods such as raw materials or merchandise

often provide the services or goods before they are paid. The firm has the
benefit of consuming or using the goods or services before it transfers cash
to the employees and suppliers. The length of the financing period is the
number of days between when the employees and suppliers provide goods
and services and when the firm pays cash to those employees and suppliers.

1.7 Accounts receivable represent amounts owed by customers for goods and
services they have already received. The customer, therefore, has the
benefit of the goods and services before it pays cash. The length of the
financing period is the number of days between when the customer
receives the goods and services and when the customer pays cash to the
seller of those goods and services.

1.8 Both kinds of capacity represent investments in long-lived assets, with

useful lives (or service lives) that can extend for several or many years.
They differ in that land, buildings, and equipment represent physical
capital, while patents and licenses represent intangible or intellectual
capital.

1.9 A calendar year ends on December 31. A fiscal year ends on a date that is
determined by the firm, perhaps based on its business model (for example,
many retailers choose a fiscal year end that is close to the end of January).
A firm can choose the calendar year as its fiscal year, and many do. Both
calendar years and fiscal years have 12 months.

1.10 Most firms report the amounts in their financial statements using the
currency of the country where they are incorporated and conduct most of
their business activities. Some firms use a different currency.

Solutions 1-2

© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.11 A current item is expected to result in a cash receipt (assets such as accounts
receivable) or a cash payment (liabilities such as accounts payable) within
approximately one year or less. A noncurrent item is expected to generate
cash over periods longer than a year (assets, such as factory buildings that
will be used to produce goods for sale over many years) or use cash over
periods longer than a year (liabilities such as long term debt). Users of
financial statements would likely be interested in this distinction because
the distinction provides information about short- term cash flows
separately from long-term cash flows.

1.12 Historical amounts reflect the amounts at which items entered the firm’s
balance sheet, for example, the acquisition cost of inventory. Historical
amounts reflect economic conditions at the time the firm obtained assets
or obtained financing. Current amounts reflect values at the balance sheet
date, so they reflect current economic conditions. For example, the
historical amount for inventory is the amount the firm paid to obtain the
inventory, and the current amount for inventory is the amount for which
the firm could replace the inventory today.

1.13 An income statement connects two successive balance sheets through its
effect on retained earnings. Net income that is not paid to shareholders as
dividends increases retained earnings. A statement of cash flows connects
two successive balance sheets because it explains the change in cash (a
balance sheet account) from operating, financing, and investing activities.
The statement of cash flows also shows the relation between net income
and cash flows from operations, and changes in assets and liabilities that
involve cash flows.

1.14 The U.S. Securities and Exchange Commission (SEC) is the government
agency that enforces the securities laws of the United States, including
those that apply to financial reporting. The Financial Accounting
Standards Board (FASB) is the private-sector financial accounting
standard setter in the United States. The International Accounting
Standards Board (IASB) is a private-sector financial accounting standard
setter that promulgates accounting standards. More than 100 countries
require or permit the use of IFRS, or standards based on or adapted from
IFRS, for some or all firms in those countries. Neither the FASB nor the
IASB has any enforcement powers.

1.15 U.S. GAAP must be used by U.S. SEC registrants and may be used by other
firms as well. International Financial Reporting Standards (IFRS) may be
used by non-U.S. firms that list and trade their securities in the United
States, and these firms may also use U.S. GAAP.

1-3 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.16 The purpose of the IASB’s and FASB’s conceptual frameworks is to guide
standard-setting decisions of the two Boards. For example, the conceptual
framework specifies the purpose of financial reporting and the qualitative
characteristics of financial information that would serve that purpose.
FASB and IASB board members use this conceptual structure as they
consider solutions to accounting issues.

1.17 The accrual basis of accounting is based on assets and liabilities, not on
cash receipts and disbursements. It provides a better basis for measuring
performance because it is based on revenues (inflows of assets from
customers), not cash receipts from customers, and on expenses (outflows of
assets from generating revenues), not cash payments. It matches revenues
with the costs associated with earning those revenues and is not sensitive
to the timing of expenditures.

1.18 (Palmer Coldgate, a consumer products firm; understanding the balance

sheet.) (amounts in millions of US$)

a. Property, plant, and equipment, net = $3,015.2 million.

b. Noncurrent assets = $6,493.5 (= $3,015.2 + $2,272.0 + $844.8 +

$361.5).

c. Long-term debt = $3,221.9 million.

d. Current assets – Current liabilities = $3,618.5 – $3,162.7 = $455.8

million.

e. Yes, the firm has been profitable since its inception. We know this
because its Retained Earnings, $10,627.5 million, is positive. The
firm may have had a loss in one or more prior years; cumulatively, it
has had positive income.

f. Total Liabilities/Total Assets = $7,825.8/$10,112.0 = 77.4%.

g. Total Assets = Total Liabilities + Shareholders’ Equity

$10,112.0 = $7,825.8 + $2,286.2

Solutions 1-4
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.19 (Capcion, a paper and packaging firm; understanding the income
statement.) (amounts in thousands of euros)

a. Cost of goods sold = €1,331,292.1 thousand.

b. Selling and distribution expenses = €172,033.4 thousand.

c. Gross margin percentage = 23.4% (= €405,667.1/€1,736,959.2).

d. Operating profit = €169,418.2 thousand.

Profit before tax = €170,863.9 thousand.

Difference equals €1,445.7 thousand (= €169,418.2 – €170,863.9). The

items that constitute this difference are nonoperating sources of income
(expense).

e. Effective tax rate = €54,289.9/€170,863.9 = 31.8%.

f. Profit = €116,574.0 thousand.

1.20 (Seller Redbud, a retailer; understanding the statement of cash flows.)

(amounts in thousands of US$)

a. Cash inflow from operating activities = $614,536 thousand.

b. Cash inflow from investing activities = $101,698 thousand.

c. Cash used in financing activities = $705,531 thousand outflow.

d. Net cash flow equals $10,703 thousand (= $614,536 + $101,698 –

$705,531).

e. Change in cash balance equals $10,703 thousand (= $224,084 –

$213,381). The increase was attributable to the net cash inflow
during the year of the same amount, $10,703 thousand.

1-5 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.21 (EuroTel, a communications firm; balance sheet relations.) (amounts in
millions of euros [€])

Share-
Current Noncurrent Current Noncurrent holders’
Assets + Assets = Liabilities + Liabilities + Equity

€20,000 + €29,402 = €15,849 + ? + €17,154

Noncurrent liabilities total €16,399 million.

1.22 (GoldRan, a mining company; balance sheet relations.) (amounts in

millions of South African rand [R])

Share-
Current Noncurrent Current Noncurrent holders’
Assets + Assets = Liabilities + Liabilities + Equity

R6,085.1 + R49,329.8 = R4,360.1 + R13,948.4 + ?

Shareholders’ equity = R37,106.4 million.

1.23 (GrandRider, an automotive manufacturer; income statement relations.)

(amounts in millions of pounds sterling)

Sales ............................................................................................. £ 7,435

Less Cost of Sales ........................................................................ (6,003)
Gross Margin................................................................................ 1,432
Less Other Operating Expenses .................................................. (918)
Loss on Sale of Business ............................................................. (2)
Net Financing Income .................................................................. 221
Profit Before Taxes ...................................................................... 733
Less Tax Expense......................................................................... (133)
Net Income ................................................................................... £ 600

Solutions 1-6
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.24 (AutoCo, an automotive manufacturer; income statement relations.)
(amounts in millions of US$)

Sales ............................................................................................ $ 207,349

Cost of Sales ............................................................................... (164,682)
Other Operating Expenses.......................................................... (50,335)
Net Financing Income ................................................................. 5,690
Net Loss ...................................................................................... $ (1,978)

1.25 (Veldt, a South African firm; retained earnings relations) (amounts in

millions of South African rand [R])

Retained Retained
Earnings Earnings
at End of Income Dividends = at End of
2012 + for 2013 – Declared 2013

R4,640.9 + R2,362.5 – ? = R5,872.4

Dividends declared = R1,131.0 million.

1.26 (Delvico, an Indian firm; retained earnings relations.) (amounts in

millions of Indian rupees [Rs])

Retained Retained
Earnings Earnings
Start of Net Dividends = End of
Year + Income – Declared Year

Rs26,575 + ? – Rs3,544 = Rs70,463

Net income for the year was Rs47,432 million.

1.27 (BargainPurchase, a retailer; cash flow relations.) (amounts in millions of

US$)

Cash at Cash Flow Cash Flow Cash Flow Cash at

Start from from from End of
of Year + Operations + Investing + Financing = Year

$813 + $4,125 + $(6,195) + $3,707 = ?

Cash at end of year = $2,450 million.

1-7 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.28 (Buenco, an Argentinean firm; cash flow relations.) (amounts in millions
of Argentinean pesos [Ps])

Cash at Cash Flow Cash Flow Cash Flow Cash at

End of from from from End of
Year + Operations + Investing + Financing = Year

Ps32,673 + Ps427,182 + ? + Ps(21,806) = Ps101,198

The net cash outflow for investing for the year = Ps(336,851) million.

1.29 (Kenton Limited; preparation of simple balance sheet; current and

noncurrent classifications.) (amounts in pounds sterling)

January 31,
2013
Assets
Cash.............................................................................................. £ 2,000
Inventory ...................................................................................... 12,000
Prepaid Rent ................................................................................ 24,000
Total Current Assets ............................................................... 38,000
Prepaid Rent ................................................................................ 24,000
Total Noncurrent Assets ......................................................... 24,000
Total Assets ............................................................................. £ 62,000
Liabilities and Shareholders’ Equity
Accounts Payable ......................................................................... £ 12,000
Total Current Liabilities......................................................... 12,000
Total Noncurrent Liabilities ................................................... —
Total Liabilities....................................................................... 12,000
Common Stock ............................................................................. 50,000
Total Shareholders’ Equity...................................................... 50,000
Total Liabilities and Shareholders’ Equity ............................ £ 62,000

Solutions 1-8
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.30 (Heckle Group; preparation of simple balance sheet; current and
noncurrent classifications.) (amounts in euros)
June 30,
2013
Assets
Cash........................................................................................... € 720,000
Total Current Assets ............................................................ 720,000
Property, Plant, and Equipment............................................... 600,000
Patent ........................................................................................ 120,000
Total Noncurrent Assets ...................................................... 720,000
Total Assets .......................................................................... €1,440,000
Liabilities and Shareholders’ Equity
Accounts Payable ...................................................................... € 120,000
Total Current Liabilities...................................................... 120,000
Note Payable ............................................................................. 400,000
Total Noncurrent Liabilities ................................................ 400,000
Total Liabilities.................................................................... 520,000
Common Stock .......................................................................... 920,000
Total Shareholders’ Equity................................................... 920,000
Total Liabilities and Shareholders’ Equity ......................... €1,440,000

1.31 (Hewston, a manufacturing firm; accrual versus cash basis of accounting.)

(amounts in US$)

a. Net Income = Sales Revenue – Expenses

= $66,387 million– $62,313 million = $4,074 million.

Net Cash Flow = Cash Inflows – Cash Outflows

= $65,995 million– $56,411 million = $9,584 million.

b. Cash collections may be less than revenues for at least two reasons.
First, customers may have purchased on credit and have not yet paid.
Second, the firm may have collected cash from customers who
purchased on credit last year, but cash collections remain less than
cash collected on new credit sales.

c. Cash payments may be less than expenses for at least two reasons.
First, the firm may have received goods and services from suppliers,
but not yet paid for those items (i.e., the amounts are to be paid in the

1-9 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.31 c. continued.

next year). Second, the firm may have accrued expenses this year that
will be paid in cash in future periods; an example would be the accrual
of interest expense on a bond that will be paid the next year.

1.32 (DairyLamb, a New Zealand firm; accrual versus cash basis of accounting.)
(amounts in millions of New Zealand dollars)

Calculation of net income:

Revenue ....................................................................................... $ 13,882

Cost of Goods Sold ...................................................................... (11,671)
Interest and Other Expenses ...................................................... (2,113)
Income Before Taxes ................................................................... 98
Tax Expense ................................................................................ (67)
Net Income .................................................................................. $ 31

Calculation of net cash flow:

Cash Receipts from Customers.................................................. $ 13,894

Miscellaneous Cash Receipts..................................................... 102
Total Cash Receipts ............................................................. 13,996
Cash Payments to Employees and Creditors ............................ (5,947)
Cash Payments to Milk Suppliers ............................................. (6,261)
Cash Payments for Interest Costs ............................................. (402)
Cash Payments for Taxes ........................................................... (64)
Total Cash Payments .......................................................... (12,674)
Net Cash Flow ............................................................................ $ 1,322

1.33 (ComputerCo, a Singapore manufacturer; balance sheet relations.)

(amounts in millions of Singapore dollars [$])

The missing items appear in boldface type.

2013 2012
Assets

Current Assets ........................................................ $ 170,879 $ 170,234

Noncurrent Assets .................................................. 28,945 17,368
Total Assets ........................................................ $ 199,824 $ 187,602

Solutions 1-10
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.33 continued.

Liabilities and Shareholders’ Equity

Current Liabilities.................................................. $ 139,941 $ 126,853
Noncurrent Liabilities ............................................ 7,010 7,028
Total Liabilities.................................................. 146,951 133,881
Shareholders’ Equity............................................... 52,873 53,721
Total Liabilities and Shareholders’ Equity ....... $ 199,824 $ 187,602

1.34 (SinoTwelve, a Chinese manufacturer; balance sheet relations.) (amounts

in thousands of US$)

The missing items appear in boldface type.

2013 2012
Assets
Current Assets ..................................................... $ 4,705,366 $ 3,062,449
Noncurrent Assets ............................................... 2,494,481 2,388,389
Total Assets ..................................................... $ 7,199,847 $ 5,450,838
Liabilities and Shareholders’ Equity
Current Liabilities............................................... $ 4,488,461 $ 3,527,504
Noncurrent Liabilities ......................................... 1,098,123 789,058
Total Liabilities............................................... 5,586,584 4,316,562
Shareholders’ Equity............................................ 1,613,263 1,134,276
Total Liabilities and Shareholders’ Equity .... $ 7,199,847 $ 5,450,838

1.35 (EastonHome, a consumer products manufacturer; income statement

relations.) (amounts in millions of US$)

The missing items appear in boldface type.

2013 2012 2011

Sales .............................................................. $ 13,790 $ 12,238 $ 11,397
Cost of Goods Sold ........................................ (6,042) (5,536) (5,192)
Selling and Administrative Expenses.......... (4,973) (4,355) (3,921)
Other (Income) Expense ................................ (121) (186) (69)
Interest Expense, Net ................................... (157) (159) (136)
Income Tax Expense...................................... (759) (648) (728)
Net Income .................................................... $ 1,738 $ 1,354 $ 1,351

1-11 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.36 (Yankee Fashion, a clothing retailer; income statement relations.)
(amounts in millions of US$)

The missing items appear in boldface type.

2013 2012 2011
Net Revenues ........................................ $ 4,295.4 $ 3,746.3 $ 3,305.4
Cost of Goods Sold ................................ (1,959.2) (1,723.9) (1,620.9)
Selling and Administrative Expenses.. (1,663.4) (1,476.9) (1,377.6)
Operating Income .................................. 672.8 545.5 306.9
Other Income (Expense) ........................ (34.0) (43.8) (2.7)
Interest Income (Expense), Net............. 4.5 1.2 (6.4)
Income Tax Expense .............................. (242.4) (194.9) (107.4)
Net Income ............................................ $ 400.9 $ 308.0 $ 190.4

1.37 (AB Brown, a Swedish firm; statement of cash flows relations.)

Statement of Cash Flows
(amounts in millions of Swedish kronor [SEK])
2013 2012 2011
Operations:

Revenues, Net of Expenses ......... SEK 19,210 SEK 18,489 SEK 16,669
Cash Flow from Operations............ 19,210 18,489 16,669
Investing:
Acquisition of Property and
Equipment............................... (4,319) (3,827) (3,365)
Acquisition of Businesses........... (26,292) (18,078) (1,210)
Sale of Property and Equip-
ment ........................................ 152 185 362
Sale of Short-Term Invest-
ments....................................... 3,499 6,180 6,375
Other Investing Activities........... (573) 663 (1,131)
Cash Flow from Investing............... (27,533) (14,877) 1,031
Financing:
Proceeds from Borrowings .......... 15,587 1,290 657
Repayment of Borrowings........... (1,291) (9,510) (2,784)
Sale of Common Stock................ 94 124 174
Dividends Paid............................ (8,132) (7,343) (4,133)
Other Financing Activities ......... 406 58 (288)
Cash Flow from Financing.............. 6,664 (15,381) (6,374)
Change in Cash ............................... (1,659) (11,769) 11,326
Cash, Beginning of Year.................. 29,969 41,738 30,412
Cash, End of Year............................ SEK 28,310 SEK 29,969 SEK 41,738

Solutions 1-12
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.38 (Jackson Corporation; statement of cash flows relations.)

JACKSON CORPORATION
Statement of Cash Flows
(amounts in millions of US$)
2013 2012 2011
Operations:

Revenues Increasing Cash ........... $ 19,536 $ 19,083 $ 17,233

Expenses Decreasing Cash .......... (16,394) (18,541) (18,344)
Cash Flow from Operations............. 3,142 542 (1,111)
Investing:
Sale of Property, Plant, and
Equipment................................ 332 401 220
Acquisition of Property, Plant,
and Equipment......................... (3,678) (3,640) (1,881)
Other Investing Transactions ...... 71 (1,501) 268
Cash Flow from Investing................ (3,275) (4,740) (1,393)
Financing:
Proceeds of Long-Term Borrow-
ing ............................................. 836 5,096 3,190
Issue of Common Stock................ 67 37 3
Repayments of Long-Term Debt . (766) (922) (687)
Cash Flow from Financing............... 137 4,211 2,506
Change in Cash ................................ 4 13 2
Cash, Beginning of Year................... 117 104 102
Cash, End of Year............................. $ 121 $ 117 $ 104

1-13 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.39 (JetAway Airlines; preparing a balance sheet and an income statement.)

a. JETAWAY AIRLINES
Balance Sheet
(amounts in thousands of US$)

Sept. 30, Sept. 30,

2013 2012
Assets
Cash............................................................ $ 378,511 $ 418,819
Accounts Receivable................................... 88,799 73,448
Inventories .................................................. 50,035 65,152
Other Current Assets................................. 56,810 73,586
Total Current Assets ............................. 574,155 631,005
Property, Plant, and Equipment (Net) ...... 4,137,610 5,008,166
Other Noncurrent Assets ........................... 4,231 12,942
Total Assets ........................................... $ 4,715,996 $ 5,652,113
Liabilities and Shareholders’ Equity
Accounts Payable ....................................... $ 157,415 $ 156,755
Current Maturities of Long-Term Debt .... 11,996 7,873
Other Current Liabilities........................... 681,242 795,838
Total Current Liabilities ....................... 850,653 960,466
Long-Term Debt ......................................... 623,309 871,717
Other Noncurrent Liabilities ..................... 844,116 984,142
Total Liabilities ..................................... 2,318,078 2,816,325
Common Stock ........................................... 352,943 449,934
Retained Earnings...................................... 2,044,975 2,385,854
Total Shareholders’ Equity .................... 2,397,918 2,835,788
Total Liabilities and Shareholders’
Equity ................................................. $ 4,715,996 $ 5,652,113

Solutions 1-14
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.39 continued.

b. JETAWAY AIRLINES
Income Statement
(amounts in thousands of US$)

For the Year Ended: Sept. 30,

2013
Sales ................................................................................. $ 4,735,587
Salaries and Benefits Expense ........................................ (1,455,237)
Fuel Expense .................................................................... (892,415)
Maintenance Expense ...................................................... (767,606)
Other Operating Expenses ............................................... (1,938,753)
Interest Expense............................................................... (22,883)
Interest Income ................................................................. 14,918
Net Income........................................................................ $ (326,389)

c. Retained Earnings, September 30, 2012 ........................ $ 2,385,854

Plus Net Loss for 2013..................................................... (326,389)
Less Dividends Declared During 2013 (Plug).................. (14,490)
Retained Earnings, September 30, 2013 ........................ $ 2,044,975

1.40 (Block’s Tax and Bookkeeping Services; cash versus accrual accounting.)
(amounts in US$)

a. Income for July 2013:

(1) Cash Basis Accounting

Sales Revenues ............................................................... $ 13,000

Rent (Office).................................................................... (6,000)
Rent Equipment ............................................................. (12,000)
Office Supplies Expense ................................................. (370)
Income (Loss) .................................................................. $ (5,370)

(2) Accrual Basis Accounting

Sales Revenues ............................................................... $ 44,000

Rent (Office).................................................................... (2,000)
Rent (Equipment) ........................................................... (2,000)
Salaries Expense ............................................................ (6,000)
Office Supplies Expense ................................................. (90)
Interest Expense ............................................................. (133)
Income (Loss) .................................................................. $ 33,777

1-15 Solutions
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.40 continued.

b. Cash on Hand:
Beginning Balance, July 1................................................. $ 0
Financing Sources and (Uses):
Jack Block Share Purchase............................................... 40,000
Bank Loan ......................................................................... 20,000
Total Financing Sources................................................ 60,000
Operating Sources and (Uses):
Cash Collected from Customers....................................... 13,000
Office Rent ......................................................................... (6,000)
Equipment Rental ............................................................. (12,000)
Office Supplies Expense.................................................... (370)
Net Operating Uses .............................................................. (5,370)
Ending Balance, July 31........................................................ $ 54,630

The ending balance in cash contains the effects of both operating

activities, which have net cash flow of $(5,370), and financing
activities, which have net cash flow of $60,000. The firm is financing
its operating activities with a bank loan and with funds invested by
its owner; both of these sources of funds represent claims on the firm’s
assets, not increases in net assets.

1.41 (Stationery Plus; cash basis versus accrual basis accounting.) (amounts in
US$)

a. Income for November 2013:

(1) Cash Basis Accounting

Sales................................................................................ $ 23,000
Cost of Merchandise....................................................... (20,000)
Rent................................................................................. (9,000)
Salaries........................................................................... (10,000)
Utilities .......................................................................... (480)
Income (Loss) .................................................................. $ (16,480)

Solutions 1-16
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1.41 a. continued.

(2) Accrual Basis Accounting

Sales................................................................................ $ 56,000
Cost of Merchandise....................................................... (29,000)
Rent................................................................................. (1,500)
Salaries........................................................................... (10,000)
Utilities .......................................................................... (480)
Interest............................................................................ (1,000)
Income (Loss) .................................................................. $ 14,020

b. Income for December 2013:

(1) Cash Basis Accounting

Sales Made in November, Collected in December ........ $ 33,000

Sales Made and Collected in December ........................ 34,000
Cost of Merchandise Acquired in November and Paid
in December ................................................................ (20,000)
Cost of Merchandise Acquired and Paid in December.. (27,500)
Salaries........................................................................... (10,000)
Utilities .......................................................................... (480)
Interest............................................................................ (2,000)
Income (Loss) .................................................................. $ 7,020

(2) Accrual Basis Accounting

Sales................................................................................ $ 62,000
Cost of Merchandise....................................................... (33,600)
Rent................................................................................. (1,500)
Salaries........................................................................... (10,000)
Utilities .......................................................................... (480)
Interest............................................................................ (1,000)
Income (Loss) .................................................................. $ 15,420

1-17 Solutions
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1.42 (ABC Company; relations between net income and cash flows.) (amounts
in US$)

a.
Cash Cash Cash Cash
Balance at Receipts Disbursements
Balance Beginning + from – for Production –
at End of
Month of Month Customers Costs the
Month

January $ 875 $ 1,000 $ 750 $ 1,125

February 1,125 1,000 1,500 625
March 625 1,500 1,875 250
April 250 2,000 2,250 0

b. The cash flow problem arises because of a lag between cash

expenditures incurred in producing goods and cash collections from
customers once the firm sells those goods. For example, cash
expenditures during February ($1,500) are for goods produced during
February and sold during March. Cash is not collected from
customers on these sales, however, until April ($2,000). A growing
firm must generally produce more units than it sells during a period if
it is to have sufficient quantities of inventory on hand for future sales.
The cash needed for this higher level of production may well exceed the
cash received from the prior period’s sales. Thus, a cash shortage
develops.
The difference between the selling price of goods sold and the cost
of those goods equals net income for the period. As long as selling
prices exceed the cost of the goods, a positive net income results. As
the number of units sold increases, net income increases. A firm does
not necessarily recognize revenues and expenses in the same period as
the related cash receipts and expenditures. Thus, cash decreases, even
though net income increases.

c. The income statement and statement of cash flows provide

information about the profitability and liquidity, respectively, of a
firm during a period. The fact that net income and cash flows can
move in opposite directions highlights the need for information from
both statements. A firm without sufficient cash will not survive, even
if it operates profitably. The balance sheet indicates a firm’s asset and
equity position at a moment in time. The deteriorating cash position
is evident from the listing of assets at the beginning of each month.
Examining the cash receipts and disbursements during each month,
however, identifies the reasons for the deterioration.
© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
Solutions 1-18

© 2013 Cengage Learning. All rights reserved. No distribution allowed without express authorization.
1.42 continued.

d. Strategies for dealing with the cash flow problem center around (a)
reducing the lag between cash outflows to produce widgets and cash
inflows from their sale, and (b) increasing the margin between selling
prices and production costs.
To reduce the lag on collection of accounts receivable, ABC might:

(1) Provide to customers an incentive to pay faster than 30 days, such

as offering a discount if customers pay more quickly or charge
interest if customers delay payment.

(2) Use the accounts receivable as a basis for external financing, such
as borrowing from a bank and using the receivables as collateral
or selling (factoring) the receivables for immediate cash.

(3) Sell only for cash, although competition may preclude this
alternative.

To delay the payment for widgets, ABC might:

(1) Delay paying its suppliers (increases accounts payable) or borrow

from a bank using the inventory as collateral (increases bank loan
payable).

(2) Reduce the holding period for inventories by instituting a just-in-

time inventory system. This alternative requires ordering raw
materials only when needed in production and manufacturing
widgets only to customer orders. Demand appears to be
sufficiently predictable so that opportunities for a just-in-time
inventory system seem attractive.

To increase the margin between selling price and manufacturing

cost, ABC might:

(1) Negotiate a lower purchase price with suppliers of raw materials.

(2) Substitute more efficient manufacturing equipment for work now

done by employees.

(3) Increase selling prices.

1-19 Solutions
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1.42 d. continued.

The cash flow problem is short-term because it will neutralize

itself by June. This neutralization occurs because the growth rate in
sales is declining (500 additional units sold on top of an ever-
increasing sales base). Thus, the firm needs a short-term solution to
the cash flow problem. If the growth rate were steady or increasing,
ABC might consider obtaining a more permanent source of cash, such
as issuing long-term debt or common stock.

1.43 (Balance sheet and income statement relations.)

a. Bushels of wheat are the most convenient in this case with the given
information. This question emphasizes the need for a common
measuring unit.

b. IVAN AND IGOR

Comparative Balance Sheets
(amounts in bushels of wheat)

IVAN IGOR
Beginning End of Beginning End of
Assets of Period Period of Period Period
Wheat ...................... 20 223 10 105
Fertilizer.................. 2 — 1 —
Ox ............................. 40 36 40 36
Plow ......................... — — — 2
Land......................... 100 100 50 50
Total Assets ........ 162 359 101 193
Liabilities and
Owner’s Equity
Accounts Payable .... — 3 — —
Owner’s Equity ........ 162 356 101 193
Total Liabilities
and Owner’s
Equity................ 162 359 101 193

Questions will likely arise as to the accounting entity. One view is

that there are two accounting entities (Ivan and Igor) to whom the
Red-Bearded Baron has entrusted assets and required a periodic
reporting on stewardship. The “owner” in owner’s equity in this case is
the Red-Bearded Baron. Another view is that the Red-Bearded Baron

Solutions 1-20
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1.43 b. continued.

is the accounting entity, in which case financial statements that

combine the financial statements for Ivan and Igor are appropriate.
Identifying the accounting entity depends on the intended use of the
financial statements. For purposes of evaluating the performance of
Ivan and Igor, the accounting entities are separate—Ivan and Igor. To
assess the change in wealth of the Red-Bearded Baron during the
period, the combined financial statements reflect the accounting
entity.

c. IVAN AND IGOR Comparative

Income Statement (amounts in
bushels of wheat)

IVAN IGOR
Revenues............................................................. 243 138
Expenses:
Seed ................................................................ 20 10
Fertilizer......................................................... 2 1
Depreciation on Ox ......................................... 4 4
Plow ................................................................ 3 1
Total Expenses ........................................... 29 16
Net Income.......................................................... 214 122

Chapter 1 does not expose students to the concept of depreciation. Most

students, however, grasp the need to record some amount of expense
for the ox and the plow.

d. (amounts in bushels of wheat) IVAN IGOR

Owner’s Equity, Beginning of Period...................... 162 101
Plus Net Income ..................................................... 214 122
Less Distributions to Owner.................................. (20) (30)
Owner’s Equity, End of Period ............................... 356 193

1-21 Solutions
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1.43 continued.

e. We cannot compare the amounts of net income for Ivan and Igor
without adjustment because the Red-Bearded Baron entrusted them
with different amounts of resources. We must relate the net income
amounts to some base. The possibilities include the following:

IVAN IGOR
Net Income/Average Total Assets ...................... 82.2% 83.0%
Net Income/Beginning Total Assets ................... 132.1% 120.8%
Net Income/Average Noncurrent Assets............. 155.1% 137.1%
Net Income/Beginning Noncurrent Assets ......... 152.9% 135.6%
Net Income/Average Owner’s Equity .................. 82.6% 83.0%
Net Income/Beginning Owner’s Equity ............... 132.1% 120.8%
Net Income (in bushels)/Acre .............................. 10.70 12.20

The purpose of this question is to get students to think about

performance measurement. The instructor may or may not wish to
devote class time at this point discussing which base is more
appropriate.

Solutions 1-22
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Other documents randomly have
different content
Queen prisoner, and drove the Army of Fidelity to I don’t know
where.
Poor Queen! Hogginarmo, her conqueror, would not condescend
to see her. “Get a horse-van!” he said to his grooms, “clap the hussy
into it, and send her, with my compliments, to His Majesty King
Padella.”
Along with his lovely prisoner, Hogginarmo sent a letter full of
servile compliments and loathsome flatteries to King Padella, for
whose life, and that of his royal family, the hypocritical humbug
pretended to offer the most fulsome prayers. And Hogginarmo
promised speedily to pay his humble homage at his august master’s
throne, of which he begged leave to be counted the most loyal and
constant defender. Such a wary old bird as King Padella was not to
be caught by Master Hogginarmo’s chaff, and we shall hear
presently how the tyrant treated his upstart vassal. No, no; depend
on’t, two such rogues do not trust one another.
So this poor Queen was laid in the straw like Margery Daw, and
driven along in the dark ever so many miles to the Court, where King
Padella had now arrived, having vanquished all his enemies,
murdered most of them, and brought some of the richest into
captivity with him for the purpose of torturing them and finding out
where they had hidden their money.
Rosalba heard their shrieks and groans in the dungeon in which
she was thrust; a most awful black hole, full of bats, rats, mice,
toads, frogs, mosquitoes, bugs, fleas, serpents, and every kind of
horror. No light was let into it, otherwise the gaolers might have
seen her and fallen in love with her, as an owl that lived up in the
roof of the tower did, and a cat, you know, who can see in the dark,
and having set its green eyes on Rosalba, never would be got to go
back to the turnkey’s wife to whom it belonged. And the toads in the
dungeon came and kissed her feet, and the vipers wound round her
neck and arms, and never hurt her, so charming was this poor
Princess in the midst of her misfortunes.
 At last, after she had been kept in this place ever so long, the
door of the dungeon opened, and the terrible King Padella came in.
But what he said and did must be reserved for another chapter, as
we must now go back to Prince Giglio.

XIV
WHAT BECAME OF GIGLIO

The idea of marrying such an old creature as Gruffanuff frightened

Prince Giglio so, that he ran up to his room, packed his trunks,
fetched in a couple of porters, and was off to the diligence office in a
twinkling.
It was well that he was so quick in his operations, did not dawdle
over his luggage, and took the early coach, for as soon as the
mistake about Prince Bulbo was found out, that cruel Glumboso sent
up a couple of policemen to Prince Giglio’s room, with orders that he
should be carried to Newgate, and his head taken off before twelve
o’clock. But the coach was out of the Paflagonian dominions before
two o’clock; and I dare say the express that was sent after Prince
Giglio did not ride very quick, for many people in Paflagonia had a
regard for Giglio, as the son of their old sovereign; a Prince who,
with all his weaknesses, was very much better than his brother, the
usurping, lazy, careless, passionate, tyrannical, reigning monarch.
That Prince busied himself with the balls, fêtes, masquerades,
hunting-parties, and so forth, which he thought proper to give on
the occasion of his daughter’s marriage to Prince Bulbo; and let us
trust was not sorry in his own heart that his brother’s son had
escaped the scaffold.
It was very cold weather, and the snow was on the ground, and
Giglio, who gave his name as simple Mr. Giles, was very glad to get a
comfortable place in the coupé of the diligence, where he sat with
the conductor and another gentleman. At the first stage from
Blombodinga, as they stopped to change horses, there came up to
the diligence a very ordinary, vulgar-looking woman, with a bag
under her arm, who asked for a place. All the inside places were
taken, and the young woman was informed that if she wished to
travel, she must go upon the roof; and the passenger inside with
Giglio (a rude person, I should think), put his head out of the
window, and said, “Nice weather for travelling outside! I wish you a
pleasant journey, my dear.” The poor woman coughed very much,
and Giglio pitied her. “I will give up my place to her,” says he, “rather
than she should travel in the cold air with that horrid cough.” On
which the vulgar traveller said, “You’d keep her warm, I am sure, if
it’s a muff she wants.” On which Giglio pulled his nose, boxed his
ears, hit him in the eye, and gave this vulgar person a warning never
to call him muff again.
Then he sprang up gaily on to the roof of the diligence, and made
himself very comfortable in the straw. The vulgar traveller got down
only at the next station, and Giglio took his place again, and talked
to the person next to him. She appeared to be a most agreeable,
well-informed, and entertaining female. They travelled together till
night, and she gave Giglio all sorts of things out of the bag which
she carried, and which indeed seemed to contain the most
wonderful collection of articles. He was thirsty—out there came a
pint bottle of Bass’s pale ale, and a silver mug! Hungry—she took
out a cold fowl, some slices of ham, bread, salt, and a most delicious
piece of cold plum-pudding, and a little glass of brandy afterwards.
As they travelled, this plain-looking, queer woman talked to Giglio
on a variety of subjects, in which the poor Prince showed his
ignorance as much as she did her capacity. He owned, with many
blushes, how ignorant he was; on which the lady said, “My dear Gigl
—my good Mr. Giles, you are a young man, and have plenty of time
before you. You have nothing to do but to improve yourself. Who
knows but that you may find use for your knowledge some day?
When—when you may be wanted at home, as some people may be.”
“Good heavens, madam!” says he, “do you know me?”
“I know a number of funny things,” says the lady, “I have been at
some people’s christenings, and turned away from other folks’ doors.
I have seen some people spoilt by good fortune, and others, as I
hope, improved by hardship. I advise you to stay at the town where
the coach stops for the night. Stay there and study, and remember
your old friend to whom you were kind.”
“And who is my old friend?” asked Giglio. “When you want
anything,” says the lady, “look in this bag, which I leave to you as a
present, and be grateful to—”
“To whom, madam?” says he.
“To the Fairy Blackstick,” says the lady, flying out of the window.
And when Giglio asked the conductor if he knew where the lady
was?
“What lady?” says the man; “there has been no lady in this coach,
except the old woman, who got out at the last stage.” And Giglio
thought he had been dreaming. But there was the bag which
Blackstick had given him lying on his lap; and when he came to the
town he took it in his hand and went into the inn.
They gave him a very bad bedroom, and Giglio, when he woke in
the morning, fancying himself in the Royal Palace at home, called,
“John, Charles, Thomas! My chocolate—my dressing-gown—my
slippers”; but nobody came. There was no bell, so he went and
bawled out for waiter on the top of the stairs.
The landlady came up, looking—looking like this—
 “What are you a hollaring and a bellaring for here, young man?”
says she.
“There’s no warm water—no servants; my boots are not even
cleaned.”
“He, he! Clean ’em yourself,” says the landlady. “You young
students give yourselves pretty airs. I never heard such impudence.”
“I’ll quit the house this instant,” says Giglio.
“The sooner the better, young man. Pay your bill and be off. All my
rooms is wanted for gentlefolks, and not for such as you.”
“You may well keep the Bear Inn,” said Giglio. “You should have
yourself painted as the sign.”
The landlady of the Bear went away growling. And Giglio returned
to his room, where the first thing he saw was the fairy bag lying on
the table, which seemed to give a little hop as he came in. “I hope it
has some breakfast in it,” says Giglio, “for I have only a very little
money left.” But on opening the bag, what do you think was there?
A blacking-brush and a pot of Warren’s jet, and on the pot was
written—

Poor young men their boots must black:

Use me and cork me and put me back.

So Giglio laughed and blacked his boots, and put back the brush and
the bottle into the bag.
When he had done dressing himself, the bag gave another little
hop, and he went to it and took out—
1. A tablecloth and a napkin.
2. A sugar-basin full of the best loaf-sugar.
4, 6, 8, 10. Two forks, two teaspoons, two knives, and a pair of
sugar-tongs, and a butter-knife, all marked G.
 11, 12, 13. A teacup, saucer, and slop-basin.
14. A jug full of delicious cream.
15. A canister with black tea and green.
16. A large tea-urn and boiling water.
17. A saucepan, containing three eggs nicely done.
18. A quarter of a pound of best Epping butter.
19. A brown loaf.
And if he hadn’t enough now for a good breakfast, I should like to
know who ever had one?
Giglio, having had his breakfast, popped all the things back into
the bag, and went out looking for lodgings. I forgot to say that this
celebrated university town was called Bosforo.
He took a modest lodging opposite the Schools, paid his bill at the
inn, and went to his apartment with his trunk, carpet-bag, and not
forgetting, we may be sure, his other bag.
When he opened his trunk, which the day before he had filled with
his best clothes, he found it contained only books. And in the first of
them which he opened there was written—

Clothes for the back, books for the head:

Read and remember them when they are read.

And in his bag, when Giglio looked in it, he found a student’s cap
and gown, a writing-book full of paper, an inkstand, pens, and a
Johnson’s dictionary, which was very useful to him, as his spelling
had been sadly neglected.
So he sat down and worked away, very, very hard for a whole
year, during which “Mr. Giles” was quite an example to all the
students in the University of Bosforo. He never got into any riots or
disturbances. The Professors all spoke well of him, and the students
liked him too; so that, when at examination, he took all the prizes,
viz.—

The Spelling Prize

The Writing Prize
The History Prize
The Catechism Prize
The French Prize
The Arithmetic Prize
The Latin Prize
The Good Conduct Prize,

all his fellow-students said, “Hurray! Hurray for Giles! Giles is the boy
—the student’s joy! Hurray for Giles!” And he brought quite a
quantity of medals, crowns, books, and tokens of distinction home to
his lodgings.
One day after the Examinations, as he was diverting himself at a
coffee-house with two friends—(Did I tell you that in his bag, every
Saturday night, he found just enough to pay his bills, with a guinea
over, for pocket-money? Didn’t I tell you? Well, he did, as sure as
twice twenty makes forty-five)—he chanced to look in the Bosforo
Chronicle, and read off, quite easily (for he could spell, read, and
write the longest words now), the following;—

“Romantic Circumstance.—One of the most

extraordinary adventures that we have ever heard has
set the neighboring country of Crim Tartary in a state
of great excitement.
“It will be remembered that when the present
revered sovereign of Crim Tartary, His Majesty King
Padella, took possession of the throne, after having
vanquished, in the terrific battle of Blunderbusco, the
late King Cavolfiore, that Prince’s only child, the
Princess Rosalba, was not found in the royal palace, of
which King Padella took possession, and, it was said,
had strayed into the forest (being abandoned by all her
attendants), where she had been eaten up by those
ferocious lions, the last pair of which were captured
some time since, and brought to the Tower, after killing
several hundred persons.
“His Majesty King Padella, who has the kindest heart
in the world, was grieved at the accident which had
occurred to the harmless little Princess, for whom His
Majesty’s known benevolence would certainly have
provided a fitting establishment. But her death seemed
to be certain. The mangled remains of a cloak, and a
little shoe, were found in the forest, during a hunting-
party, in which the intrepid sovereign of Crim Tartary
slew two of the lion’s cubs with his own spear. And
these interesting relics of an innocent little creature
were carried home and kept by their finder, the Baron
Spinachi, formerly an officer in Cavolfiore’s household.
The Baron was disgraced in consequence of his known
legitimist opinions, and has lived for some time in the
humble capacity of a woodcutter, in a forest on the
outskirts of the Kingdom of Crim Tartary.
“Last Tuesday week Baron Spinachi and a number of
gentlemen, attached to the former dynasty, appeared
in arms, crying, ‘God save Rosalba, the first Queen of
Crim Tartary!’ and surrounding a lady whom report
describes as ‘beautiful exceedingly.’ Her history may be
authentic, is certainly most romantic.
“The personage calling herself Rosalba states that
she was brought out of the forest, fifteen years since,
by a lady in a car drawn by dragons (this account is
certainly improbable), that she was left in the Palace
 Garden of Blombodinga, where Her Royal Highness the
Princess Angelica, now married to His Royal Highness
Bulbo, Crown Prince of Crim Tartary, found the child,
and, with that elegant benevolence which has always
distinguished the heiress of the throne of Paflagonia,
gave the little outcast a shelter and a home! Her
parentage not being known, and her garb very
humble, the foundling was educated in the Palace in a
menial capacity, under the name of Betsinda.
“She did not give satisfaction, and was dismissed
carrying with her, certainly, part of a mantle and a
shoe, which she had on when first found. According to
her statement she quitted Blombodinga about a year
ago, since which time she has been with the Spinachi
family. On the very same morning the Prince Giglio,
nephew to the King of Paflagonia, a young Prince
whose character for talent and order were, to say
truth, none of the highest, also quitted Blombodinga,
and has not been since heard of!”

“What an extraordinary story!” said Smith and Jones, two young

students, Giglio’s especial friends.
“Ha! what is this?” Giglio went on, reading—

“Second Edition, Express.—We hear that the troop

under Baron Spinachi has been surrounded, and
utterly routed, by General Hogginarmo, and the soi-
disant Princess is sent a prisoner to the capital.
“University News.—Yesterday, at the Schools, the
distinguished young student, Mr. Giles, read a Latin
oration, and was complimented by the Chancellor of
Bosforo, Dr. Prugnaro, with the highest University
honor—the wooden spoon.”
 “Never mind that stuff,” says Giles, greatly disturbed. “Come home
with me, my friends. Gallant Smith! intrepid Jones! friends of my
studies—partakers of my academic toils—I have that to tell shall
astonish your honest minds.”
“Go it, old boy!” cried the impetuous Smith.
“Talk away, my buck!” says Jones, a lively fellow.
With an air of indescribable dignity, Giglio checked their natural,
but no more seemly, familiarity. “Jones, Smith, my good friends,”
said the Prince, “disguise is henceforth useless; I am no more the
humble student Giles, I am the descendant of a royal line.”
“Atavis edite regibus, I know, old co—,” cried Jones. He was going
to say old cock, but a flash from the royal eye again awed him.
“Friends,” continued the Prince, “I am that Giglio, I am, in fact,
Paflagonia. Rise, Smith, and kneel not in the public street. Jones,
thou true heart! My faithless uncle, when I was a baby filched from
me that brave crown my father left me, bred me, all young and
careless of my rights, like unto hapless Hamlet, Prince of Denmark;
and had I any thoughts about my wrongs, soothed me with
promises of near redress. I should espouse his daughter, young
Angelica; we two indeed should reign in Paflagonia. His words were
false—false as Angelica’s heart!—false as Angelica’s hair, color, front
teeth! She looked with her skew eyes upon young Bulbo, Crim
Tartary’s stupid heir, and she preferred him. ’Twas then I turned my
eyes upon Betsinda—Rosalba, as she now is. And I saw in her the
blushing sum of all perfection; the pink of maiden modesty; the
nymph that my fond heart had ever woo’d in dreams,” etc., etc.
(I don’t give this speech, which was very fine, but very long; and
though Smith and Jones knew nothing about the circumstances, my
dear reader does, so I go on.)
The Prince and his young friends hastened home to his apartment,
highly excited by the intelligence, as no doubt by the royal narrator’s
admirable manner of recounting it, and they ran up to his room
where he had worked so hard at his books.
 On his writing-table was his bag, grown so long that the Prince
could not help remarking it. He went to it, opened it, and what do
you think he found in it?
A splendid long, gold-handled, red-velvet-scabbarded, cut-and-
thrust sword, and on the sheath was embroidered “Rosalba for Ever!”
He drew out the sword, which flashed and illuminated the whole
room, and called out “Rosalba for ever!” Smith and Jones following
him, but quite respectfully this time, and taking the time from His
Royal Highness.
And now his trunk opened with a sudden pong, and out there
came three ostrich feathers in a gold crown, surrounding a beautiful
shining steel helmet, a cuirass, a pair of spurs, finally a complete suit
of armor.
The books on Giglio’s shelves were all gone. Where there had
been some great dictionaries, Giglio’s friends found two pairs of jack-
boots labelled, “Lieutenant Smith,” “—Jones, Esq.,” which fitted them
to a nicety. Besides, there were helmets, back and breast plates,
swords, etc., just like in Mr. G. P. R. James’s novels; and that evening
three cavaliers might have been seen issuing from the gates of
Bosforo, in whom the porters, proctors, etc., never thought of
recognizing the young Prince and his friends.
They got horses at a livery stable-keeper’s, and never drew bridle
until they reached the last town on the frontier before you come to
Crim Tartary. Here, as their animals were tired, and the cavaliers
hungry, they stopped and refreshed at an hostel. I could make a
chapter of this if I were like some writers, but I like to cram my
measure tight down, you see, and give you a great deal for your
money, and, in a word, they had some bread and cheese and ale
upstairs on the balcony of the inn. As they were drinking, drums and
trumpets sounded nearer and nearer, the market-place was filled
with soldiers, and His Royal Highness looking forth, recognized the
Paflagonian banners, and the Paflagonian national air which the
bands were playing.
 The troops all made for the tavern at once, and as they came up
Giglio exclaimed, on beholding their leader, “Whom do I see? Yes!
No! It is, it is! Phoo! No, it can’t be! Yes! It is my friend, my gallant
faithful veteran, Captain Hedzoff! Ho! Hedzoff! Knowest thou not thy
Prince, thy Giglio? Good Corporal, methinks we once were friends.
Ha, Sergeant, an my memory serves me right, we have had many a
bout at singlestick.”
“I’ faith, we have a many, good my Lord,” says the Sergeant.
“Tell me, what means this mighty armament,” continued His Royal
Highness from the balcony, “and whither march my Paflagonians?”
Hedzoff’s head fell. “My Lord,” he said, “we march as the allies of
great Padella, Crim Tartary’s monarch.”
“Crim Tartary’s usurper, gallant Hedzoff? Crim Tartary’s grim
tyrant, honest Hedzoff!” said the Prince, on the balcony, quite
sarcastically.
“A soldier, Prince, must needs obey his orders: mine are to help
His Majesty Padella. And also (though alack that I should say it!) to
seize wherever I should light upon him—”
“First catch your hare! ha, Hedzoff!” exclaimed His Royal Highness.
“—On the body of Giglio, whilome Prince of Paflagonia,” Hedzoff
went on, with indescribable emotion. “My Prince, give up your sword
without ado. Look! we are thirty thousand men to one!”
“Give up my sword! Giglio give up his sword!” cried the Prince;
and stepping well forward on to the balcony, the royal youth, without
preparation, delivered a speech so magnificent that no report can do
justice to it. It was all in blank verse (in which, from this time, he
invariably spoke, as more becoming his majestic station). It lasted
for three days and three nights, during which not a single person
who heard him was tired, or remarked the difference between
daylight and dark. The soldiers only cheering tremendously, when
occasionally, once in nine hours, the Prince paused to suck an
orange, which Jones took out of the bag. He explained, in terms
which we say we shall not attempt to convey, the whole history of
the previous transaction, and his determination not only not to give
up his sword, but to assume his rightful crown; and at the end of
this extraordinary, this truly gigantic effort, Captain Hedzoff flung up
his helmet, and cried, “Hurray! Hurray! Long live King Giglio!”
Such were the consequences of having employed his time well at
College.
When the excitement had ceased, beer was ordered out for the
army, and their Sovereign himself did not disdain a little! And now it
was with some alarm that Captain Hedzoff told him his division was
only the advanced guard of the Paflagonian contingent, hastening to
King Padella’s aid; the main force being a day’s march in the rear
under His Royal Highness Prince Bulbo.
“We will wait here, good friend, to beat the Prince,” His Majesty
said, “and then will make his royal father wince.”

XV
WE RETURN TO ROSALBA

King Padella made very similar proposals to Rosalba to those

which she had received from the various princes who, as we have
seen, had fallen in love with her. His Majesty was a widower, and
offered to marry his fair captive that instant, but she declined his
invitation in her usual polite gentle manner, stating that Prince Giglio
was her love, and that any other union was out of the question.
Having tried tears and supplications in vain, this violent-tempered
monarch menaced her with threats and tortures; but she declared
she would rather suffer all these than accept the hand of her father’s
murderer, who left her finally, uttering the most awful imprecations,
and bidding her prepare for death on the following morning.
All night long the King spent in advising how he should get rid of
this obdurate young creature. Cutting off her head was much too
easy a death for her; hanging was so common in His Majesty’s
dominions that it no longer afforded him any sport; finally, he
bethought himself of a pair of fierce lions which had lately been sent
to him as presents, and he determined, with these ferocious brutes,
to hunt poor Rosalba down. Adjoining his castle was an
amphitheatre where the Prince indulged in bull-baiting, rat-hunting,
and other ferocious sports. The two lions were kept in a cage under
this place; their roaring might be heard over the whole city, the
inhabitants of which, I am sorry to say, thronged in numbers to see
a poor young lady gobbled up by two wild beasts.
The King took his place in the royal box, having the officers of his
Court around and the Count Hogginarmo by his side, upon whom His
Majesty was observed to look very fiercely; the fact is, royal spies
had told the monarch of Hogginarmo’s behavior, his proposals to
Rosalba, and his offer to fight for the crown. Black as thunder looked
King Padella at this proud noble, as they sat in the front seats of the
theatre waiting to see the tragedy whereof poor Rosalba was to be
the heroine.
At length that Princess was brought out in her nightgown, with all
her beautiful hair falling down her back, and looking so pretty that
even the beef-eaters and keepers of the wild animals wept plentifully
at seeing her. And she walked with her poor little feet (only luckily
the arena was covered with sawdust), and went and leaned up
against a great stone in the center of the amphitheatre, round which
the Court and the people were seated in boxes, with bars before
them, for fear of the great, fierce, red-maned, black-throated, long-
tailed, roaring, bellowing, rushing lions. And now the gates were
opened, and with a wurrawarrurawarar two great lean, hungry,
roaring lions rushed out of their den, where they had been kept for
three weeks on nothing but a little toast-and-water and dashed
straight up to the stone where poor Rosalba was waiting. Commend
her to your patron saints, all you kind people, for she is in a dreadful
state!
 There was a hum and a buzz all through the circus, and the fierce
King Padella even felt a little compassion. But Count Hogginarmo,
seated by His Majesty, roared out “Hurray! Now for it! Soo-soo-soo!”
that nobleman being uncommonly angry still at Rosalba’s refusal of
him.
BULBO WAS BROUGHT IN CHAINS, LOOKING VERY
UNCOMFORTABLE

—page 489

From the drawing by Wm. Makepeace Thackeray

 But O strange event! O remarkable circumstance! O extraordinary
coincidence, which I am sure none of you could by any possibility
have divined! When the lions came to Rosalba, instead of devouring
her with their great teeth, it was with kisses they gobbled her up!
They licked her pretty feet, they nuzzled their noses in her lap, they
moo’d, they seemed to say, “Dear, dear sister, don’t you recollect
your brothers in the forest?” And she put her pretty white arms
round their tawny necks, and kissed them.

King Padella was immensely astonished. The Count Hogginarmo

was extremely disgusted. “Pooh!” the Count cried. “Gammon!”
exclaimed his Lordship. “These lions are tame beasts come from
Wombwell’s or Astley’s. It is a shame to put people off in this way. I
believe they are little boys dressed up in doormats. They are no lions
at all.”
“Ha!” said the King, “you dare to say ‘gammon’ to your Sovereign,
do you? These lions are no lions at all, aren’t they? Ho! my beef-
eaters! Ho! my bodyguard! Take this Count Hogginarmo and fling
him into the circus! Give him a sword and buckler, let him keep his
armor on, and his weather-eye out and fight these lions.”
 The haughty Hogginarmo laid down his opera-glass, and looked
scowling round at the King and his attendants. “Touch me not,
dogs!” he said, “or by St. Nicholas the Elder, I will gore you! Your
Majesty thinks Hogginarmo is afraid? No, not of a hundred thousand
lions! Follow me down into the circus, King Padella, and match
thyself against one of yon brutes. Thou darest not. Let them both
come on, then!” And opening a grating of the box, he jumped lightly
down into the circus.
Wurra wurra wurra wur-aw-aw-aw!!!
In about two minutes
The Count Hogginarmo was
gobbled up
by
those lions,
bones, boots, and all,
and
There was an
End of him
At this, the King said, “Serve him right, the rebellious ruffian! And
now, as those lions won’t eat that young woman—”
“Let her off!—let her off!” cried the crowd.
“NO!” roared the King. “Let the beef-eaters go down and chop her
into small pieces. If the lions defend her, let the archers shoot them
to death. That hussy shall die in tortures!”
“A-a-ah!” cried the crowd. “Shame! shame!”
“Who dares cry out shame?” cried the furious potentate (so little
can tyrants command their passions). “Fling any scoundrel who says
a word down among the lions!”
I warrant you there was a dead silence then, which was broken by
a Pang arang pang pangkarangpang, and a Knight and a Herald rode
in at the further end of the circus: the Knight, in full armor, with his
vizor up, and bearing a letter on the point of his lance.
 “Ha!” exclaimed the King, “by my fay, ’tis Elephant and Castle,
pursuivant of my brother of Paflagonia; and the Knight, an my
memory serves me, is the gallant Captain Hedzoff! What news from
Paflagonia, gallant Hedzoff? Elephant and Castle, beshrew me, thy
trumpeting must have made thee thirsty. What will my trusty herald
like to drink?”
“Bespeaking first safe conduct from your Lordship,” said Captain
Hedzoff, “before we take a drink of anything, permit us to deliver our
King’s message.”
“My Lordship, ha!” said Crim Tartary, frowning terrifically. “That
title soundeth strange in the anointed ears of a crowned King.
Straightway speak out your message, Knight and Herald!”
Reining up his charger in a most elegant manner close under the
King’s balcony, Hedzoff turned to the Herald, and bade him begin.
Elephant and Castle, dropping his trumpet over his shoulder, took
a large sheet of paper out of his hat, and began to read:
“O Yes! O Yes! O Yes! Know all men by these presents, that we,
Giglio, King of Paflagonia, Grand Duke of Cappadocia, Sovereign
Prince of Turkey and the Sausage Islands, having assumed our
rightful throne and title, long time falsely borne by our usurping
Uncle, styling himself King of Paflagonia—”
“Ha!” growled Padella.
“Hereby summon the false traitor, Padella, calling himself King of
Crim Tartary—”
The King’s curses were dreadful. “Go on, Elephant and Castle!”
said the intrepid Hedzoff.
“—To release from cowardly imprisonment his liege lady and
rightful Sovereign, Rosalba, Queen of Crim Tartary, and restore her
to her royal throne: in default of which I, Giglio, proclaim the said
Padella sneak, traitor, humbug, usurper, and coward. I challenge him
to meet me, with fists or with pistols, with battle-axe or sword, with
blunderbuss or singlestick, alone or at the head of his army, on foot
or on horseback; and will prove my words upon his wicked ugly
body!”
“God save the King!” said Captain Hedzoff, executing a demivolte,
two semilunes, and three caracols.
“Is that all?” said Padella, with the terrific calm of concentrated
fury.
“That, sir, is all my royal master’s message. Here is His Majesty’s
letter in autograph, and here is his glove, and if any gentleman of
Crim Tartary chooses to find fault with His Majesty’s expressions, I,
Tuffskin Hedzoff, Captain of the Guard, am very much at his service,”
and he waved his lance, and looked at the assembly all round.
“And what says my good brother of Paflagonia, my dear son’s
father-in-law, to this rubbish?” asked the King.
“The King’s uncle hath been deprived of the crown he unjustly
wore,” said Hedzoff gravely. “He and his ex-minister, Glumboso, are
now in prison waiting the sentence of my royal master. After the
battle of Bombardaro—”
“Of what?” asked the surprised Padella.
“Of Bombardaro, where my liege, his present Majesty, would have
performed prodigies of valor, but that the whole of his uncle’s army
came over to our side, with the exception of Prince Bulbo.”
“Ah! my boy, my boy, my Bulbo was no traitor!” cried Padella.
“Prince Bulbo, far from coming over to us, ran away, sir; but I
caught him. The Prince is a prisoner in our army, and the most
terrific tortures await him if a hair of the Princess Rosalba’s head is
injured.”
“Do they?” exclaimed the furious Padella, who was now perfectly
livid with rage. “Do they indeed? So much the worse for Bulbo. I’ve
twenty sons as lovely each as Bulbo. Not one but is as fit to reign as
Bulbo. Whip, whack, flog, starve, rack, punish, torture Bulbo—break
all his bones—roast him or flay him alive—pull all his pretty teeth out
one by one! But justly dear as Bulbo is to me—joy of my eyes, fond
treasure of my soul!—Ha, ha, ha, ha! revenge is dearer still. Ho!
torturers, rackmen, executioners—light up the fires and make the
pincers hot! get lots of boiling lead!—Bring out Rosalba!”

XVI
HOW HEDZOFF RODE BACK AGAIN TO KING GIGLIO

Captain Hedzoff rode away when King Padella uttered this cruel
command, having done his duty in delivering the message with
which his royal master had entrusted him. Of course he was very
sorry for Rosalba, but what could he do?
So he returned to King Giglio’s camp, and found the young
monarch in a disturbed state of mind, smoking cigars in the royal
tent. His Majesty’s agitation was not appeased by the news that was
brought by his ambassador. “The brutal ruthless ruffian royal
wretch!” Giglio exclaimed. “As England’s poesy has well remarked,
‘The man that lays his hand upon a woman, save in the way of
kindness, is a villain.’ Ha, Hedzoff!”
“That he is, your Majesty,” said the attendant.
“And didst thou see her flung into the oil? and didn’t the soothing
oil—the emollient oil, refuse to boil, good Hedzoff—and to spoil the
fairest lady ever eyes did look on?”
“Faith, good my liege, I had no heart to look and see a beauteous
lady boiling down; I took your royal message to Padella, and bore
his back to you. I told him you would hold Prince Bulbo answerable.
He only said that he had twenty sons as good as Bulbo, and
forthwith he bade the ruthless executioners proceed.”
“O cruel father—O unhappy son!” cried the King. “Go, some of
you, and bring Prince Bulbo hither.”
Bulbo was brought in chains, looking very uncomfortable. Though
a prisoner, he had been tolerably happy, perhaps because his mind
was at rest, and all the fighting was over, and he was playing at
marbles with his guards when the King sent for him.
“Oh, my poor Bulbo,” said His Majesty, with looks of infinite
compassion, “hast thou heard the news?” (for you see Giglio wanted
to break the thing gently to the Prince), “thy brutal father has
condemned Rosalba-p-p-p-ut her to death, P-p-p-prince Bulbo!”
“What, killed Betsinda! Boo-hoo-hoo,” cried out Bulbo. “Betsinda!
pretty Betsinda! dear Betsinda! She was the dearest little girl in the
world. I love her better twenty thousand times even than Angelica,”
and he went on expressing his grief in so hearty and unaffected a
manner that the King was quite touched by it, and said, shaking
Bulbo’s hand, that he wished he had known Bulbo sooner.
Bulbo, quite unconsciously, and meaning for the best, offered to
come and sit with his Majesty, and smoke a cigar with him, and
console him. The royal kindness supplied Bulbo with a cigar; he had
not had one, he said, since he was taken prisoner.
And now think what must have been the feelings of the most
merciful of monarchs, when he informed his prisoner that, in
consequence of King Padella’s cruel and dastardly behavior to
Rosalba, Prince Bulbo must instantly be executed! The noble Giglio
could not restrain his tears, nor could the Grenadiers, nor the
officers, nor could Bulbo himself, when the matter was explained to
him, and he was brought to understand that His Majesty’s promise,
of course, was above every thing, and Bulbo must submit. So poor
Bulbo was led out, Hedzoff trying to console him, by pointing out
that if he had won the battle of Bombardaro, he might have hanged
Prince Giglio. “Yes! But that is no comfort to me now!” said poor
Bulbo; nor indeed was it, poor fellow!
He was told the business would be done the next morning at
eight, and was taken back to his dungeon, where every attention
was paid to him. The gaoler’s wife sent him tea, and the turnkey’s
daughter begged him to write his name in her album, where a many
gentlemen had wrote it on like occasions! “Bother your album!” says
Bulbo. The Undertaker came and measured him for the handsomest
coffin which money could buy—even this didn’t console Bulbo. The
Cook brought him dishes which he once used to like; but he
wouldn’t touch them: he sat down and began writing an adieu to
Angelica, as the clock kept always ticking, and the hands drawing
nearer to next morning. The Barber came in at night, and offered to
shave him for the next day. Prince Bulbo kicked him away, and went
on writing a few words to Princess Angelica, as the clock kept always
ticking, and the hands hopping nearer and nearer to next morning.
He got up on the top of a hat-box, on the top of a chair, on the top
of his bed, on the top of his table, and looked out to see whether he
might escape, as the clock kept always ticking and the hands
drawing nearer, and nearer, and nearer.
But looking out of the window was one thing, and jumping
another: and the town clock struck seven. So he got into bed for a
little sleep, but the gaoler came and woke him, and said, “Git up,
your Royal Ighness, if you please, it’s ten minutes to eight!”
So poor Bulbo got up: he had gone to bed in his clothes (the lazy
boy), and he shook himself, and said he didn’t mind about dressing,
or having any breakfast, thank you; and he saw the soldiers who
had come for him. “Lead on!” he said; and they led the way, deeply
affected; and they came into the courtyard, and out into the square,
and there was King Giglio come to take leave of him, and His
Majesty most kindly shook hands with him, and the gloomy
procession marched on—when hark!
Haw—wurraw—wurraw—aworr!
A roar of wild beasts was heard. And who should come riding into
the town, frightening away the boys, and even the beadle and
policeman, but Rosalba!
The fact is, that when Captain Hedzoff entered into the court of
Snapdragon Castle, and was discoursing with King Padella, the lions
made a dash at the open gate, gobbled up the six beef-eaters in a
jiffy, and away they went with Rosalba on the back of one of them,
and they carried her, turn and turn about, till they came to the city
where Prince Giglio’s army was encamped.
When the King heard of the Queen’s arrival, you may think how he
rushed out of his breakfast-room to hand Her Majesty off her lion!
The lions were grown as fat as pigs now, having had Hogginarmo
and all those beef-eaters, and were so tame anybody might pat
them.
While Giglio knelt (most gracefully) and helped the Princess,
Bulbo, for his part, rushed up and kissed the lion. He flung his arms
round the forest monarch; he hugged him, and laughed and cried
for joy. “Oh, you darling old beast, oh, how glad I am to see you,
and the dear, dear Bets—that is, Rosalba.”
“What, is it you? poor Bulbo!” said the
Queen. “Oh, how glad I am to see you,”
and she gave him her hand to kiss. King
Giglio slapped him most kindly on the
back, and said, “Bulbo, my boy, I am
delighted, for your sake, that Her
Majesty has arrived.”
“So am I,” said Bulbo; “and you know
why.” Captain Hedzoff here came up.
“Sire, it is half-past eight: shall we
proceed with the execution?”
“Execution! what for?” asked Bulbo.
“An officer only knows his orders,”
replied Captain Hedzoff, showing his warrant, on which His Majesty
King Giglio smilingly said, “Prince Bulbo was reprieved this time,” and
most graciously invited him to breakfast.

XVII
HOW A TREMENDOUS BATTLE TOOK PLACE, AND WHO WON IT
 As soon as King Padella heard, what we know already, that his
victim, the lovely Rosalba, had escaped him, His Majesty’s fury knew
no bounds, and he pitched the Lord Chancellor, Lord Chamberlain,
and every officer of the Crown whom he could set eyes on, into the
cauldron of boiling oil prepared for the Princess.
Then he ordered out his whole army, horse, foot, and artillery;
and set forth at the head of an innumerable host, and I should think
twenty thousand drummers, trumpeters, and fifers.
King Giglio’s advanced guard, you may be sure, kept that monarch
acquainted with the enemy’s dealings, and he was in no wise
disconcerted. He was much too polite to alarm the Princess, his
lovely guest, with any unnecessary rumors of battles impending; on
the contrary, he did everything to amuse and divert her; gave her a
most elegant breakfast, dinner, lunch, and got up a ball for her that
evening, when he danced with her every single dance.
Poor Bulbo was taken into favor again, and allowed to go quite
free now. He had new clothes given him, was called “My good
cousin” by His Majesty, and was treated with the greatest distinction
by everybody. But it was easy to see he was very melancholy. The
fact is, the sight of Betsinda, who looked perfectly lovely in an
elegant new dress, set poor Bulbo frantic in love with her again. And
he never thought about Angelica, now Princess Bulbo, whom he had
left at home, and who, as we know, did not care much about him.
The King, dancing the twenty-fifth polka with Rosalba, remarked
with wonder the ring she wore; and then Rosalba told him how she
had got it from Gruffanuff, who no doubt had picked it up when
Angelica flung it away.
“Yes,” says the Fairy Blackstick, who had come to see the young
people, and who had very likely certain plans regarding them. “That
ring I gave the Queen, Giglio’s mother, who was not, saving your
presence, a very wise woman; it is enchanted, and whoever wears it
looks beautiful in the eyes of the world. I made poor Prince Bulbo,
when he was christened, the present of a rose which made him look
handsome while he had it; but he gave it to Angelica, who instantly
looked beautiful again, whilst Bulbo relapsed into his natural
plainness.”
“Rosalba needs no ring, I am sure,” says Giglio, with a low bow.
“She is beautiful enough, in my eyes, without any enchanted aid.”
“Oh, sir!” said Rosalba.
“Take off the ring and try,” said the King, and resolutely drew the
ring off her finger. In his eyes she looked just as handsome as
before!
The King was thinking of throwing the ring away, as it was so
dangerous and made all the people so mad about Rosalba; but being
a Prince of great humor, and good humor too, he cast eyes upon a
poor youth who happened to be looking on very disconsolately, and
said—
“Bulbo, my poor lad! come and try on this ring. The Princess
Rosalba makes it a present to you.”
The magic properties of this ring were uncommonly strong, for no
sooner had Bulbo put it on, but lo and behold, he appeared a
personable, agreeable young Prince enough—with a fine complexion,
fair hair, rather stout, and with bandy legs; but these were encased
in such a beautiful pair of yellow morocco boots that nobody
remarked them. And Bulbo’s spirits rose up almost immediately after
he had looked in the glass, and he talked to their Majesties in the
most lively, agreeable manner, and danced opposite the Queen with
one of the prettiest maids of honor, and after looking at Her Majesty,
could not help saying—
“How very odd! she is very pretty, but not so extraordinarily
handsome.”
“Oh no, by no means!” says the Maid of Honor.
“But what care I, dear sir,” says the Queen, who overheard them,
“if you think I am good-looking enough?”
 His Majesty’s glance in reply to this affectionate speech was such
that no painter could draw it. And the Fairy Blackstick said, “Bless
you, my darling children! Now you are united and happy; and now
you see what I said from the first, that a little misfortune has done
you both good. You, Giglio, had you been bred in prosperity, would
scarcely have learned to read or write—you would have been idle
and extravagant, and could not have been a good King as now you
will be. You, Rosalba, would have been so flattered, that your little
head might have been turned like Angelica’s, who thought herself
too good for Giglio.”
“As if anybody could be good enough for him,” cried Rosalba.
“Oh, you, you darling!” says Giglio. And so she was! and he was
just holding out his arms in order to give her a hug before the whole
company, when a messenger came rushing in, and said, “My Lord,
the enemy!”
“To arms!” cries Giglio.
“Oh, mercy!” says Rosalba, and fainted of course.
He snatched one kiss from her lips, and rushed forth to the field of
battle!

The Fairy had provided King Giglio with a suit of armor, which was
not only embroidered all over with jewels, and blinding to your eyes
to look at, but was water-proof, gun-proof, and sword-proof; so that
in the midst of the very hottest battles His Majesty rode about as
calmly as if he had been a British Grenadier at Alma. Were I
engaged in fighting for my country, I should like such a suit of armor
as Prince Giglio wore; but, you know, he was a Prince of a fairy tale,
and they always have these wonderful things.
Besides the fairy armor, the Prince had a fairy horse, which would
gallop at any pace you please; and a fairy sword, which would
lengthen and run through a whole regiment of enemies at once.
With such a weapon at command, I wonder, for my part, he thought
of ordering his army out; but forth they all came, in magnificent new
uniforms, Hedzoff and the Prince’s two college friends each
commanding a division, and His Majesty prancing in person at the
head of them all.
Ah! if I had the pen of a Sir Archibald Alison, my dear friends,
would I not now entertain you with the account of a most
tremendous shindy? Should not fine blows be struck? dreadful
wounds be delivered? arrows darken the air? cannon balls crash
through the battalions? cavalry charge infantry? infantry pitch into
cavalry? bugles blow; drums beat; horses neigh; fifes sing; soldiers
roar, swear, hurray; officers shout out “Forward, my men!” “This way,
lads!” “Give it ’em, boys!” “Fight for King Giglio, and the cause of
right!” “King Padella for ever!” Would I not describe all this, I say,
and in the very finest language too? But this humble pen does not
possess the skill necessary for the description of combats. In a word,
the overthrow of King Padella’s army was so complete, that if they
had been Russians you could not have wished them to be more
utterly smashed and confounded.
As for that usurping monarch, having performed acts of valor
much more considerable than could be expected of a royal ruffian
and usurper, who had such a bad cause, and who was so cruel to
women—as for King Padella, I say, when his army ran away, the King
ran away too, kicking his first general, Prince Punchikoff, from his
saddle, and galloping away on the Prince’s horse, having, indeed,
had twenty-five or twenty-six of his own shot under him. Hedzoff
coming up, and finding Punchikoff down, as you may imagine, very
speedily disposed of him. Meanwhile King Padella was scampering
off as hard as his horse could lay legs to ground. Fast as he
scampered, I promise you somebody else galloped faster; and that
individual, as no doubt you are aware, was the Royal Giglio, who
kept bawling out, “Stay, traitor! Turn, miscreant, and defend thyself!
Stand, tyrant, coward, ruffian, royal wretch, till I cut thy ugly head
from thy usurping shoulders!” And, with his fairy sword, which
elongated itself at will, His Majesty kept poking and prodding Padella
in the back, until that wicked monarch roared with anguish.
 When he was fairly brought to bay, Padella turned and dealt Prince
Giglio a prodigious crack over the sconce with his battle-axe, a most
enormous weapon, which had cut down I don’t know how many
regiments in the course of the afternoon. But, Law bless you! though
the blow fell right down on His Majesty’s helmet, it made no more
impression than if Padella had struck him with a pat of butter: his
battle-axe crumpled up in Padella’s hand, and the Royal Giglio
laughed for very scorn at the impotent efforts of that atrocious
usurper.
AND THE GLOOMY PROCESSION MARCHED ON

—page 491

From the drawing by J. H. Tinker

 At the ill success of his blow the Crim Tartar monarch was justly
irritated. “If,” says he to Giglio, “you ride a fairy horse, and wear
fairy armor, what on earth is the use of my hitting you? I may as
well give myself up a prisoner at once. Your Majesty won’t, I
suppose, be so mean as to strike a poor fellow who can’t strike
again?”
The justice of Padella’s remark struck the magnanimous Giglio.
“Do you yield yourself a prisoner, Padella?” says he.
“Of course I do,” says Padella.
“Do you acknowledge Rosalba as your rightful Queen, and give up
the crown and all your treasures to your rightful mistress?”
“If I must, I must,” says Padella, who was naturally very sulky.
By this time King Giglio’s aides-de-camp had come up, whom His
Majesty ordered to bind the prisoner. And they tied his hands behind
him, and bound his legs tight under his horse, having set him with
his face to the tail; and in this fashion he was led back to King
Giglio’s quarters, and thrust into the very dungeon where young
Bulbo had been confined.
Padella (who was a very different person in the depth of his
distress to Padella the proud wearer of the Crim Tartary crown), now
most affectionately and earnestly asked to see his son—his dear
eldest boy—his darling Bulbo; and that good-natured young man
never once reproached his haughty parent for his unkind conduct
the day before, when he would have left Bulbo to be shot without
any pity, but came to see his father, and spoke to him through the
grating of the door, beyond which he was not allowed to go; and
brought him some sandwiches from the grand supper which His
Majesty was giving above stairs, in honor of the brilliant victory
which had just been achieved.
“I cannot stay with you long, sir,” says Bulbo, who was in his best
ball dress, as he handled his father in the prog, “I am engaged to
dance the next quadrille with Her Majesty Queen Rosalba, and I hear
the fiddles playing at this very moment.”
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