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Accounting
The following data (in millions) were adapted from recent financial statements of CVS Health Corporation (CVS).1. Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal
Mitchell Co. is experiencing a decrease in sales and operating income for the fiscal year ending December 31, 20Y1. Gene Lumpkin, controller of Mitchell Co., has suggested that all orders received
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk.a. Architect's
Bayside Coatings Company purchased waterproofing equipment on January 2, 20Y4, for $190,000. The equipment was expected to have a useful life of four years and a residual value of
Knife Edge Company purchased tool sharpening equipment on July 1, 20Y5, for $16,200. The equipment was expected to have a useful life of three years and a residual value of $900.InstructionDetermine
Which of the following qualities are characteristic of fixed assets? (a) Tangible, (b) Capable of repeated use in the normal operations of the business, (c) Not held for sale in the normal course of
How is depletion determined?
The following data (in millions) were adapted from recent annual reports of United Parcel Service, Inc. (UPS). UPS provides delivery and freight services throughout the world.a. Compute the net
Equipment acquired on January 9, 20Y3, at a cost of $560,000, has an estimated useful life of 20 years, an estimated residual value of $40,000, and is depreciated by the straight-line method. a. What
Equipment acquired on January 8, 20Y1, at a cost of $280,000, has an estimated useful life of 8 years and an estimated residual value of $30,000. a. What was the annual amount of depreciation for the
MacLean Mining Co. acquired mineral rights for $72,000,000. The mineral deposit is estimated at 120,000,000 tons. During the current year, 44,000,000 tons were mined and sold. a. Determine the amount
Dovetail Technologies Company acquired patent rights on January 6, 20Y5, for $1,500,000. The patent has a useful life of 8 years. On January 7, 20Y6, Dovetail Technologies successfully defended the
Snowy Ridges Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts. (a) Should the tree cutting,
Four Corners Delivery Company acquired an adjacent lot to construct a new warehouse, paying $200,000 and giving a short-term note for $375,000. Legal fees paid were $6,000, delinquent taxes assumed
Custer Construction Co. reported $8,300,000 for equipment and $4,950,000 for accumulated depreciation-equipment on its balance sheet. Does this mean (a) That the replacement cost of the equipment is
A Caterpillar tractor acquired on January 12 at a cost of $180,000 has an estimated useful life of 25 years. Assuming that it will have no residual value, determine the depreciation for each of the
Equipment acquired at the beginning of the fiscal year at a cost of $360,000 has an estimated residual value of $45,000 and an estimated useful life of 10 years. Determine the following: (a) The
Sandblasting equipment acquired at a cost of $42,000 has an estimated residual value of $6,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal
Use the data from E7-9 to answer each of the following: 1. Using the integrated financial statement framework, indicate the effects (higher or lower) of using double-declining-balance depreciation
Using the data from P7-4, indicate the effects on the liquidity metric free cash flow and profitability metric asset turnover for each of the following: 1. The equipment was sold in the first week
Using the data from P7-5, indicate the effects on the liquidity metric free cash flow and profitability metric asset turnover for each of the following: 1. Impaired goodwill 2. Patent
United Continental Holdings, Inc., (UAL), operates passenger service throughout the world. The following data (in millions) were adapted from a recent financial statement of United. Sales (revenue)
Southwest Airlines (LUV) operates passenger services throughout the United States. The following data (in millions) were adapted from a recent financial statement of Southwest. Sales (revenue)
JetBlue Airways Corporation (JBLU) operates passenger services throughout the United States. The following data (in millions) were adapted from recent financial statements of JetBlue.1. Compute the
1. Compare the asset turnover ratios for Delta Air Lines (see the chapter illustration), United (MBA 7-5), Southwest (MBA 7-6), and JetBlue (MBA 7-7). Use Year 2 of Delta and JetBlue for your
Marriott International Inc. (MAR) and Hilton Wordwide Holdings Inc. (HLT) operate hotels worldwide. The following data (in millions) were adapted from recent financial statements of Marriott and
Einstein Construction Co. specializes in building replicas of historic houses. Bree Andrus, president of Einstein Construction, is considering the purchase of various items of equipment on July 1,
The following is an excerpt from a conversation between the chief executive officer, Kim Jenkins, and the chief financial officer, Steve Mueller, of Quatro Group Inc.: Kim: Steve, as you know, the
Yukon Bike Corp. manufactures mountain bikes and distributes them through retail outlets in Canada, Montana, Idaho, Oregon, and Washington. Yukon Bike Corp. declared the following annual dividends
A corporation with preferred stock and common stock outstanding has a substantial balance in its retained earnings account at the beginning of the current fiscal year. Although net income for the
Ford Motor Company (F) disclosed the following estimated product warranty payable for two recent years.Ford's sales in its automotive sector were $135,782 million in Year 2 and $139,369 million in
Several months ago, Cinnabar Chemical Company experienced a hazardous materials spill at one of its plants. As a result, the Environmental Protection Agency (EPA) fined the company $1,000,000. The
The following note accompanied the financial statements for Goodyear Tire and Rubber Company (GT): We are a defendant in numerous lawsuits alleging various asbestos-related personal injuries
Blue Moon Water Supply Inc. bottles and distributes spring water. On July 17 of the current year, Blue Moon Water Supply reacquired 35,000 shares of its common stock at $60 per share. a. What is the
Based on the data in Exercise E8-1, discuss factors other than earnings per share that should be considered in evaluating such financing plans.In Exercise E8-1BSF Co., which produces and sells skiing
The date of declaration, date of record, and date of payment in connection with a cash dividend of $1,200,000 on a corporation's common stock are June 1, July 15, and August 14, respectively.
Indicate whether the following actions would (+) increase, () decrease, or (0) not affect Ballistic Scientific Inc.'s total assets, liabilities, and stockholders' equity:
The following accounts and their balances appear in the ledger of Young Properties Inc. on November 30 of the current year: Common Stock, $40 par ............................... $ 3,000,000 Paid-In
Zahn Inc. sold 16,000 annual magazine subscriptions for $15 during December 20Y4. These new subscribers will receive monthly issues, beginning in January 20Y5. Zahn Inc. issued a $48,000, 180-day, 5%
A business issued a 90-day, 7% note for $30,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of recording (a) The issuance of the note and (b) The
An employee earns $28 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 46 hours during the week. Assume that the FICA tax rate is 7.5%
In the following summary of data for a payroll period, some amounts have been intentionally omitted: Earnings: 1. At regular rate ............................. ? 2. At overtime rate ................
According to a summary of the payroll of Kirby Co., $180,000 in earnings were subject to the 7.5% FICA tax. Also, $60,000 in earnings were subject to state and federal unemployment taxes.a. Calculate
ProTech Inc. provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $432,000. Illustrate
CVS Caremark Corp. (CVS) 5.3% bonds due in 2043, sold for 113.04. Were the bonds selling at a premium or at a discount? Explain.
The following information about the payroll for the week ended October 4 was obtained from the records of Simkins Mining Co.:Tax rates assumed: FICA tax, 7.5% of employee annual earnings State
Beaufort Vaults Corporation produces and sells burial vaults. On July 1, 20Y3, Beaufort Vaults Corporation issued $25,000,000 of 10-year, 8% bonds at par. Interest on the bonds is payable
Using the data from E8-4, indicate the effects on net assets and earnings per share (EPS) of each of the following: 1. Issuing the notes payable. 2. Payment of the note at maturity, including
Alphabet (formerly known as Google) (GOOG) is a technology company that offers users Internet search and e-mail services. Google also developed the Android operating system for use with cell phones
For each of the following companies, indicate whether you think the ratio of liabilities to total assets is more than 50%. Also, indicate whether you think the price-earnings ratio is above 10.
Using the data from P8-2, indicate the effects on net assets and EPS of each of the following:1. Recording the payroll.2. Recording the payroll taxes.3. Paying the payroll and payroll taxes.Data from
Using the data from P8-3, indicate the effects on net assets and EPS of each of the following: 1. Issuing the bonds payable on July 1, 20Y3. 2. Interest payment on December 31, 20Y3. 3. Payment of
Using the data from P8-4, indicate the effects on net assets and EPS for the March 8, 13, and 26 transactions. Data from P8-4 Vaga Optics produces medical lasers for use in hospitals. The following
Using the data from E8-19, indicate the effects on net assets and EPS for the following transactions: 1. Purchase of the Treasury stock on April 2. 2. Sale of the Treasury stock on January 25 of the
Using the data from E8-20, indicate the effects on net assets and EPS for the following dates: 1. June 1 (date of declaration) 2. July 15 (date of record) 3. August 14 (date of payment) Data from
The Home Depot, Inc. (HD) operates over 2,200 home improvement retail stores and is a competitor of Lowe's (LOW). The following data (in millions) were adapted from recent financial statements of
Lowe's Companies Inc. (LOW) operates over 1,800 home improvement retail stores and is a competitor of The Home Depot (HD). The following data (in millions) were adapted from a recent financial
1. Discuss the arguments for and against classifying the issuance of the $25 million of stock as debt. 2. What do you think might be a practical solution to this classification problem? Sahara
Revenue and expense data for Searle Technologies Co. are as follows:a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. Round to one
The following comparative income statement (in thousands of dollars) for two recent years was adapted from the annual report of Speedway Motorsports, Inc. (TRK), owner and operator of several major
Revenue and expense data for the current calendar year for Lyons Electronics Company and for the electronics industry are as follows. Lyons Electronics Company data are expressed in dollars. The
Balance sheet data for a company for the years ended December 31, 20Y2 and 20Y1, are shown below.Prepare a comparative balance sheet for 20Y2 and 20Y1, stating each asset as a percent of total
Income statement data for Yellowstone Images Inc. for the years ended December 31, 20Y5 and 20Y4, are as follows:a. Prepare a comparative income statement with horizontal analysis, indicating the
For 20Y3, Greyhound Technology Company reported its most significant decline in net income in years. At the end of the year, Duane Vogel, the president, is presented with the following condensed
For 20Y6, Fishing Experiences Inc. initiated a sales promotion campaign that included the expenditure of an additional $45,000 for advertising. At the end of the year, Colt Schultz, the president, is
The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8.InstructionsDetermine
What do the following data taken from a comparative balance sheet indicate about the company's ability to borrow additional funds on a long-term basis in the current year as compared to the
a. How does the return on total assets differ from the return on stockholders' equity? b. Which return is normally higher? Explain.
The current year's amount of net income (after income tax) is 9% larger than that of the preceding year. Does this indicate an improved operating performance? Discuss.
How would you respond to a horizontal analysis that showed an expense increasing by over 70%?
A company that grants terms of n/30 on all sales has a yearly accounts receivable turnover, based on monthly averages, of 9. Is this a satisfactory turnover? Discuss.
Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected
The following data were taken from the financial statements of Starr Construction Inc. for December 31, 20Y6 and 20Y5:The income before income tax was $2,816,000 and $2,640,000 for the years 20Y6
Hasbro (HAS) and Mattel, Inc. (MAT), are the two largest toy companies in North America. Liability and stockholders' equity data from recent balance sheets are shown for each company below (in
Recent balance sheet information for two companies in the snack food industry, The Hershey Company (HSY) and Mondelez International, Inc. (MDLZ), is as follows (in millions of dollars):a. Determine
Three major transportation segments and a major company within each segment are as follows:Segment ________________________________________Company_______Motor carriers
Macy's, Inc. (M), sells merchandise through company-owned retail stores and Internet website. Recent financial information for Macy's is provided below (all numbers in millions).Assume the apparel
The following data were taken from the financial statements of Woodwork Enterprises Inc. for the current fiscal year. Assuming that there are no intangible assets, determine the following:(a) Debt
The balance sheet for Shryer Industries Inc. at the end of 20Y9 indicated the following: Bonds payable, 5% (due in 30 years) .............................. $ 8,000,000 Preferred $4 stock, $75 par
The table below shows recent stock prices, earnings per share, and dividends per share for three companies.a. Determine the price-earnings ratio and dividend yield for the three companies. Round to
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify
The following data were taken from the comparative balance sheet of Osborn Sisters Company for the years ended December 31, 20Y9 and December 31, 20Y8:a. Determine for each year (1) The working
PepsiCo, Inc. (PEP), the parent company of Frito-Lay¢ snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent years:a. Determine
The bond indenture for the 10-year, 8% debenture bonds dated January 2, 20Y8, required working capital of $200,000, a current ratio of 2.0, and a quick ratio of 1.0 at the end of each calendar year
The following data are taken from the financial statements of Outdoor Patio Inc. Terms of all sales are 2/10, n/60.a. For Years 2 and 3, determine (1) The accounts receivable turnover and (2) The
The condensed income statements through operating income for Apple Inc. and Best Buy Co. Inc. (BBY) are reproduced below for recent fiscal years (numbers in millions of dollars).Prepare comparative
Harley-Davidson, Inc. (HOG), is a leading motorcycle manufacturer in the United States. The company manufactures and sells a number of different types of motorcycles, a complete line of motorcycle
Starwood Hotels & Resorts Worldwide Inc. (HOT) and Wyndham Worldwide Corporation (WYN) are two major owners and managers of lodging and resort properties in the United States. Financial data (in
The following events took place for Bridger Bikes Inc. during July 20Y6, the first month of operations, as a producer of road bikes:• Purchased $340,000 of materials.• Used $329,000 of direct
Deer Lodge Regional Hospital plans to use activity-based costing to assign hospital indirect costs to the care of patients. The hospital has identified the following activities and activity rates for
Umbrella Insurance Company carries three major lines of insurance: auto, workers' compensation, and homeowners. The company has prepared the following report for 20Y2:Management is concerned that the
Waddell Equipment Company uses a job order cost system. The following data summarize the operations related to production for April 20Y4, the first month of operations:a. Materials purchased on
R-Tunes Inc. is in the business of developing, promoting, and selling musical talent online and with compact discs (CDs). The company signed a new group, called Cyclone Panic, on January 1, 20Y8. For
a. What is the objective of just-in-time processing?b. How does just-in-time processing differ from traditional processing?
Big Timber Furniture Company manufactures furniture. Big Timber Furniture uses a job order cost system. Balances on June 1 from the materials ledger are as follows:Fabric .......................... $
A summary of the time tickets for January is as follows:a. Determine the amounts of factory labor costs transferred to Work in Process and Factory Overhead for January. b. Illustrate the effect on
The weekly time tickets indicate the following distribution of labor hours for three direct labor employees:The direct labor rate earned by the three employees is as follows: Leavitt
Novus Engine Shop uses a job order cost system to determine the cost of performing engine repair work. Estimated costs and expenses for the coming period are as follows: Engine parts
Mt Ellis Medical Center has a single operating room that is used by local physicians to perform surgical procedures. The cost of using the operating room is accumulated by each patient procedure and
Wagner Printing Inc. began printing operations on July 1. Jobs 7-01 and 7-02 were completed during the month, and all costs applicable to them were recorded on the related cost sheets. Jobs 7-03 and
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