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Accounting
In 2013, Rec Room Sports reported earnings per share of $8.50 when its share price was $212.50. In 2014, its earnings increased by 20 percent. If the P/E ratio remains constant, what is the price of
To expand operations, Artagon Consulting issued 100,000 shares of previously unissued common shares with a par value of $1. The share price was $75 per share. Analyze the accounting equation effects
Refer to M11-2. Assume the issued shares have no par value. Analyze the accounting equation effects and record the journal entry for the issuance of the no-par value shares at $75. Do the effects on
Beamsley Corporation was organized in 2014 to operate a financial consulting business. The charter authorized 12,000 common shares, no par value. During the first year, the following selected
A press release contained the following announcement: Castleton Sask April 30, 2014 Ridgeton Corporation announced today that its Board of Directors declared a quarterly cash dividend
On July 1, 2014, Jones Limited had the following share structure:Required: Complete the following table based on three independent cases involving share transactions: Case 1: The board of directors
Like many start-up companies, DomainCo struggled with cash flows as it developed new business opportunities. A student found a financial statement for DomainCo that stated that the increase in
Superior Corporation has the following shares outstanding:Preferred shares: 6 percent: par $15;8,000 outstanding sharesCommon shares par $8, 30, 000 outstanding sharesOn October 1, 2014, the board of
Lynn Company has outstanding 60,000 common shares of $10 par value and 25,000 preferred shares of $20 par value (8 percent). On December 1, 2014, the board of directors voted an 8 percent cash
Winnebago is a familiar name on vehicles travelling Canadian highways. The company manufactures and sells large motor homes for vacation travel. These motor homes can be quickly recognized because of
J. Bartley Pools Inc. reported the following in its financial statements for the quarter endedMarch 31, 2014.During the quarter ended March 31, 2014, Bartley reported Net Income of $5,000 and
Norwest Aviation received its charter during January 2014. The charter authorized the following shares: Preferred shares: 8 percent: no par value authorized shares Common shares: no par value:
Shelby Corporation was organized in January 2014 by ten shareholders to operate an air- conditioning sales and service business. The charter issued by the province authorized the following
RiteSide Limited was issued a charter on January 15, 2014, that authorized the following shares: Common shares: no par vales: 100,000 shares: one vote per share Preferred shares: 7 percent: no par
The 2014 annual report for Sneer Corporation disclosed that the company declared and paid preferred dividends in the amount of $119.9 million in 2014. It also declared and paid dividends on common
On December 31, 2013, the shareholders' equity section of the balance sheet of R & L Corporation reflected the following:On February 1, 2014, the board of directors declared a 12 percent stock
Avery's Rentals, Inc., and Rent-A-Matic, Inc., are two publicly traded rental companies. They reported the following in their 2013 financial statements (in millions of dollars, except per share
Doulane Marine obtained a charter from the province in January 2014 that authorized 1,000,000 common shares. During the first year, the company earned $429,000 and the following selected transactions
Metro Chocolate Corp. produces chocolate bars and snacks under the brand names Blast and Soothe. A press release contained the following information: March 5, 2014-Metro Chocolate Corp. today
At December 31, 2014, the records of Kozmetsky Corporation provided the following selected and incomplete data:Common shares: no changes during 2014Shares authorized 5,000,000.Shares issued,
Ritz Company had the following shares outstanding and Retained Earnings at December 31, 2014:On December 31, 2014, the board of directors is considering the distribution of a cash dividend to the
Two magazine companies reported the following in their 2014 financial statements (in thousands of dollars, except earnings per share amounts and share prices)Required: 1. Compute the 2014 ROE for
At December 31, 2014, the records of Seacrest Enterprises provided the following selected and incomplete data:Required1. Complete the following:Shares issued ___________Shares outstanding
Carlos Company had the following shares outstanding and Retained Earnings at December 31, 2014:On December 31, 2014, the board of directors is considering the distribution of a cash dividend to the
Two music companies reported the following in their 2014 financial statements (in thousands of dollars, except earnings per share amounts and share prices):Required 1. Compute the 2014 ROE for each
Americana Inc. reported the following shareholders' equity account balances on January 1, 2014.The company entered into the following transactions during 2014. Jna.15 ........... Issued 5,000 common
1. As of December 29, 2013, how many shares were authorized? How many shares were issued? What does this suggest to you about the number of shares outstanding?2. According to the Statement of Changes
1. Did The Home Depot have more or fewer authorized common shares than Rona Inc. at the beginning of the fiscal year-end 2013?2. From the Retained Earnings column in the Statement of Shareholders'
What is the going-concern assumption? What is a going-concern problem? What factors can contribute to such a problem?
How do industry practices and cost-benefit constraints impact financial reporting?
TechCo is a U.S. company that uses the LIFO inventory method. You plan to compare its ratios to Euroten, but you are concerned because Euroten uses IFRS. What accounting policy difference is certain
From 2013 to 2014, Colossal Company's current ratio increased and its quick ratio decreased. What does this imply about the level of inventory and prepaids?
From 2013 to 2014, Mechanic International reported that its Net Sales increased from $300,000 to $400,000, and its Gross Profit increased from $90,000 to $130,000. Was the Gross Profit increase
The average price of a litre of gas in 2011 jumped $0.17 (16 percent) from $1.04 in 2010 to $1.21 in 2011. Let's see whether these changes are reflected in the income statement of Suncor Energy Inc.
Loonie Corporation stores feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed-income families. For the year ended January 30, 2014, the company reported average
SportChek is Canada's largest retailer of sporting goods and sports apparel and footwear, with over 130 stores across Canada. Assume one of the SportChek stores reported current assets of $88,000 and
Use the information for Suncor Energy Inc. in E13-1 to complete the following requirements.Refer to E13-1,The average price of a litre of gas in 2011 jumped $0.17 (16 percent) from $1.04 in 2010 to
Assume the average cost of computer equipment fell 20.9 percent between 2012 and 2013. Let's see whether these changes are reflected in the income statement of Computer Tycoon Inc. for the year ended
Use the information in E13-3 to complete the following requirements.Refer to E13-3,Assume the average cost of computer equipment fell 20.9 percent between 2012 and 2013. Let's see whether these
Assume that for the 2013 fiscal year, AstroCo reported sales revenue of $2.8 billion and cost of goods sold of $1.6 billion.RequiredAssuming that all sales are on credit, compute the current ratio
The 2014 financial statements for the Armstrong and Blair companies are summarized here:The companies are in the same line of business and are direct competitors in a large metropolitan area. Both
The 2014 financial statements for Royale and Cavalier companies are summarized below.These two companies are in the same business and the same province but in different cities. One-half of Royale's
Use the data given in PB13-1 for Tiger Audio.Refer to PB13-1,The comparative financial statements prepared at December 31, 2014, for Tiger Audio showed the following summarized data:Required 1.
A condensed balance sheet for Northwest Airlines and a partially completed vertical analysis are presented below.Required 1. Complete the vertical analysis by computing each line item from (a)
A condensed income statement for Northwest Airlines and a partially completed vertical analysis are presented below.Required 1. Complete the vertical analysis by computing each line item from (a)
The 2014 financial statements for Thor and Gunnar Companies are summarized below.These two companies are in the same business and in the same province but in different cities. One-half of Thor's
To benchmark The Home Depot's financial results, we reported the following ratios for Rona Inc. fiscal year ended December 29, 2013: fixed asset turnover (5.50), return on equity (8.7
One study done by Weiss Ratings focused on auditors' ability to predict bankruptcy. The study criticized auditors for failing to identify and report going-concern problems for audit clients that
Sasha Parker is going to set up a new business on 1 January 20X1. She estimates that her first six months in business will be as follows:(i) She will put £150,000 into a bank account for the firm on
Mr Norman set up a new business on 1 January 20X8. He invested €50,000 in the new business on that date. The following information is available.1. Gross profit was 20% of sales. Monthly sales were
Sasha Parker is going to set up a new business in Bruges on 1 January 20X1. She estimates that her first six months in business will be as follows:(i) She will put €150,000 into the firm on 1
Mr Norman is going to set up a new business in Singapore on 1 January 20X8. He will invest $150,000 in the business on that date and has made the following estimates and policy decisions:1. Forecast
The following trial balance was extracted from the books of Old NV on 31 December 20X1.Note of information not taken into the trial balance data:(a) Provide for:(i) An audit fee of €38,000.(ii)
Formatone plc produced the following trial balance as at 30 June 20X6:The following information is available:(i) A revaluation of the Land and Buildings on 1 July 20X5 resulted in an increase of
Gamma is a company that manufactures power tools. Gamma was established by Mr Lee, who owns all of Gamma's shares. Mrs Lee, Mr Lee's wife, owns a controlling interest in Delta, a distributor of power
Marwell plc reported a profit after tax of €14.04m for 20X2 as follows:The statements of financial position and changes in equity showed:(i) Inventories at the year-end were €5.94m higher than
The financial statements of Saturn plc have been prepared as follows:Further information:(a) Extract from statement of income€000Operating profit.........................1,008Dividend
Senford PLC entered into a contract to sell 3,000 telephones each with a two-year provider contract. The total cost of the contract was €120 per month payable at the end of the month. The phones
Henry plc is a company which has established a reputation as a company which generates growth in sales from year to year and those growth prospects have been incorporated into share prices. However,
Exess Steel plc specialises in steelmaking and is located in the northwest of the country. Due to an unexpected downturn in demand for its steel products it has excess coking coal. South East Steel
New Management plc is a pharmaceutical company selling to wholesalers and retail pharmacies. The new CEO was appointed at the start of the financial year and was full of enthusiasm. For the first six
Renee Aluminum Products plc enters into an agreement to supply Skyline Window Installers plc with standard window frames at the retail prices at the time less 40%. Renee supplies 300 windows a month
Strayway PLC sells two planes to Elliott & Elliott Budget Airlines PLC for 5 million euros each payable in two years' time on presentation of an accepted bill of exchange to be presented through
Penrith European Car Sales plc sells a new car with 'free' 5,000 kilometre and 20,000 kilometre services for a combined price of €41,500. The cost of the car from the manufacturer is €30,000. The
Henry Falk subscribes to an online monthly gardening magazine and selects the option of a three-year subscription from the following options:One issue .................................€ 12Twelve
Assume the same facts as in Question 4(b) but add the presence of a 7.5% value added tax on the sales and a 1% transaction cost paid to the supplier of credit card transactions.Required:(a) Show the
Five G Telephones enters into telephone contracts on the following terms and options:Xyz mobile phones ......................€1,000Basic Y phones ..........................€ 200Basic connection
Assume the facts as per Question 6 with the following additional costs:There is a five euro cost to add a customer to the phone system and those who buy the phone outright do not default on payments
Assume that in Question 3 you had also been told that cars without the inclusion of free services are typically sold by other sales outlets for €40,000. Required: Re-do the entries for the sale and
Complete Computer Services (CCS) sells computer packages which include supply of a computer which carries the normal warranty against faulty parts plus a two-year assistance package covering problems
(i) Critically discuss the rationale for allowing businesses in the UK a choice as to which accounting standards to apply, such as IFRS for the Group accounts and FRS 102 for UK subsidiaries.(ii)
Joe Withers is the chief financial officer for Withco plc responsible for negotiating bank loans. It has been the practice to obtain loans from a number of merchant banks. He has recently met Ben
Jemma Burrett is a public practitioner. Four years earlier she had set up a family trust for a major client by the name of Simon Trent. The trust is for the benefit of Simon and his wife Marie. Marie
George Longfellow is a financial controller with a listed industrial firm which has a long period of sustained growth. This has necessitated substantial use of external borrowing. During the great
Suktor is an entity that prepares financial statements to 30 June each year. On 30 April 20X1 the directors decided to discontinue the business of one of Suktor's operating divisions. They decided
On 1 April 20W9 Kroner began to lease an office block on a 20-year lease. The useful economic life of the office buildings was estimated at 40 years on 1 April 20W9. The supply of leasehold
On 1 January 2009 Hazell plc borrows €5 million on terms with interest of 3% fixed for the period to 31 December 2009, going to variable rate thereafter (at inception the variable rate is 6%). The
Baudvin Ltd has an equity investment that cost €1 million on 1 January 2008. The investment is classified as an available-for-sale investment. The value of the investment at each period-end is:31
Tan plc owns an available-for-sale equity investment that cost £2 million. At 31 December 2008 the investment was recognised on the balance sheet at £2.1 million. At 31 December 2009 the
At the start of the year Cornish plc entered into a number of financial instruments and is considering how to classify these instruments under IAS 39. The instruments are as follows: (a) Investment
Fairclough plc borrowed €10 million from a bank on 1 January 2011. Fees of €100,000 were charged by the bank which were paid by Fairclough plc at inception of the loan. The terms of the loan
Milner Ltd issues a 6% cumulative preference share for €1 million that is repayable in cash at par 10 years after issue. The only condition on the dividends is that if the directors declare an
Creasy plc needs to raise €20 million and is considering two different instruments that could be issued:(i) A 7% debenture with a par value of €20 million, repayable at par in five years.
A plc issues 50,000 share options to its employees on 1 January 2008 which the employees can only exercise if they remain with the company until 31 December 2010. The options have a fair value of £5
Oberon prepares financial statements to 31 March each year. Oberon makes contributions to a defined benefit post-employment benefit plan for its employees. Relevant data are as follows:(a) At 1
On 1 April 20W9 Oliver granted share options to 20 senior executives. The options are due to vest on 31 March 20X2 provided the senior executives remain with the company for the period between 1
Hanson Products Ltd is a newly formed company. The company commenced trading on 1 January 20X1 when it purchased an item of plant and equipment for $240,000. The plant and equipment has an expected
The accountant of Hanson Products Ltd has asked you how your answer to Question 8 above would be affected using the following two methods of calculating deferred taxation. Required: (a) For each of
The following information relates to Deferred plc:● EBITDA (earnings before interest, tax, depreciation and amortisation) for year ended 31.12.20X1 is £300,000● No interest payable in 20X1● No
On 1 January 20X7 Baldwin Brothers entered into a five-year lease of equipment at an annual rental of £39,000 payable in arrears. The interest rate associated with this transaction is 10% and
Magnificant Retailor enters into a five-year lease agreement with Mega Shopping Centres plc to lease a small shop at £50,000 per annum payable at the start of each year. Assume the relevant interest
Market Specialists plc leases a motor vehicle for its managing director from K G Financiers plc for a five-year period at £27,618 per annum payable in advance. The expected life of the vehicle is
Oxlag plc, a manufacturer of pharmaceutical products, has the following research and development projects on hand at 31 January 20X2:(A) A general survey into the long-term effects of its sleeping
Ross Neale is the divisional accountant for the Research and Development division of Critical Pharmaceuticals PLC. He is discussing the third-quarter results with Tina Snedden who is the manager of
Uptodate plc's financial year ended on 31 March 20X8. Inventory taken on 7 April 20X8 amounted to £200,000. The following information needs to be taken into account: (i) Purchases made during the
Hasty plc's financial year ended on 31 March 20X8. Inventory taken on 7 April 20X8 amounted to £100,000. The following information needs to be taken into account:(i) Sales invoices totalling £9,000
Boldwin Construction has entered into a contract with Spears Retailers to construct a new department store on Spears land. The contract sum is £45 million. At 30 June 20X1 the situation is as
At 31 October 20X9, Lytax Ltd was engaged in the following five long-term contracts. In each contract Lytax was building cold storage warehouses on five sites where the land was owned by the
Backwater Construction Company is reviewing a major contract which is in serious difficulty. The contract price is €10,000,000. The project involves the construction of four buildings of equal size
Norwik Construction plc is a large construction company involved in multiple large contracts around the world. One contract to build three stadiums is being undertaken by the Australasian division.
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