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Questions and Answers of Accounting

Identify the segment information that is required to be disclosed by GAAP.
What is an operating segment, and when can information about two operating segments be aggregated?
The controller for Lafayette Inc. recently commented, “If I have to disclose our segments individually, the only people who will gain are our competitors and the only people that will lose are our
An article in the financial press entitled “Important Information in Annual Reports This Year” noted that annual reports include a management’s discussion and analysis section. What would this
The financial statements of a company are management’s, not the accountant’s. Discuss the implications of this statement.
Olga Conrad, a financial writer, noted recently, “There are substantial arguments for including earnings projections in annual reports and the like. The most compelling is that it would give anyone
The following comment appeared in the financial press: “Inadequate financial disclosure, particularly with respect to how management views the future and its role in the marketplace, has always
What are interim reports? Why are balance sheets often not provided with interim data?
What are the accounting problems related to the presentation of interim data?
Dierdorf Inc., a closely held corporation, has decided to go public. The controller, Ed Floyd, is concerned with presenting interim data when a LIFO inventory valuation is used. What problems are
What approaches have been suggested to overcome the seasonality problem related to interim reporting?
What is the difference between a CPA’s unqualified opinion or “clean” opinion and a qualified one?
Jane Eller by and Sam Callison are discussing the recent fraud that occurred at Low Rental Leasing, Inc. The fraud involved the improper reporting of revenue to ensure that the company would have
Where can authoritative iGAAP be found related to the various disclosure issues discussed in the chapter?
Bill Novak is working on an audit of an iGAAP client. In his review of the client’s interim reports, he notes that the reports are prepared on a discrete basis. That is, each interim report is
The significance of financial statement data is not in the amount alone. Discuss the meaning of this statement.
A close friend of yours, who is a history major and who has not had any college courses or any experience in business, is receiving the financial statements from companies in which he has minor
Distinguish between ratio analysis and percentage analysis relative to the interpretation of financial statements. What is the value of these two types of analyses?
In calculating inventory turnover, why is cost of goods sold used as the numerator? As the inventory turnover increases, what increasing risk does the business assume?
What is the relationship of the asset turnover ratio to the rate of return on assets?
Explain the meaning of the following terms:(a) Common size analysis,(b) Vertical analysis,(c) Horizontal analysis,(d) Percentage analysis.
Presently, the profession requires that earnings per share be disclosed on the face of the income statement. What are some disadvantages of reporting ratios on the financial statements?
Why is it important to understand international accounting standards?
Describe some of the similarities between U.S. and international standard-setting structures.
An annual report of Crestwood Industries states, “The company and its subsidiaries have long term leases expiring on various dates after December 31, 2010. Amounts payable under such commitments,
An annual report of Ford Motor Corporation states, “Net income a share is computed based upon the average number of shares of capital stock of all classes outstanding. Additional shares of common
Morlan Corporation is preparing its December 31, 2010, financial statements. Two events that occurred between December 31, 2010, and March 10, 2011, when the statements were issued, are described
Tina Bailey, a student of intermediate accounting, was heard to remark after a class discussion on segment reporting, “All this is very confusing to me. First we are told that there is merit in
Foley Corporation has seven industry segments with total revenues as follows. Penley $600 Cheng $
Operating profits and losses for the seven industry segments of Foley Corporation are: Penley $ 90 Cheng
Identifiable assets for the seven industry segments of Foley Corporation are: Penley $500 Cheng $
Answer each of the questions in the following unrelated situations.(a) The current ratio of a company is 5:1 and its acid-test ratio is 1:1. If the inventories and prepaid items amount to $500,000,
Heartland Company’s budgeted sales and budgeted cost of goods sold for the coming year are $144,000,000 and $99,000,000 respectively. Short-term interest rates are expected to average 10%. If
Post-Balance-Sheet Events Keystone Corporation issued its financial statements for the year ended December 31, 2010, on March 10, 2011. The following events took place early in 2011.(a) On January
Post-Balance-Sheet Events or each of the following subsequent (post-balance-sheet) events, indicate whether a company should(a) Adjust the financial statements,(b) Disclose in notes to the financial
Segmented Reporting) LaGreca Company is involved in four separate industries. The following information is available for each of the four industries. Determine which of the operating segments are
Ratio Computation and Analysis; Liquidity) as loan analyst for Madison Bank, you have been presented the following information. Each of these companies has requested a loan of $50,000 for 6 months
Analysis of Given Ratios Robbins Company is a wholesale distributor of professional equipment and supplies. The company?s sales have averaged about $900,000 annually for the 3-year period 2009?2011.
Ratio Analysis How ser Inc. is a manufacturer of electronic components and accessories with total assets of $20,000,000. Selected financial ratios for how ser and the industry averages for firms of
Subsequent Events your firm has been engaged to examine the financial statements of Alma den Corporation for the year 2010. The bookkeeper who maintains the financial records has prepared all the
Segmented Reporting Cineplex Corporation is a diversified company that operates in five different industries: A, B, C, D, and E. The following information relating to each segment is available for
Ratio Computations and Additional Analysis Brad burn Corporation was formed 5 years ago through a public subscription of common stock. Daniel Brown, who owns 15% of the common stock, was one of the
Horizontal and Vertical Analysis presented on page 1370 are comparative balance sheets for the Gilmour Company. (Round to two decimal places) (a) Prepare a comparative balance sheet of Gilmour
Dividend Policy Analysis Matheny Inc. went public 3 years ago. The board of directors will be meeting shortly after the end of the year to decide on a dividend policy. In the past, growth has been
General Disclosures; Inventories; Property, Plant, and Equipment Koch Corporation is in the process of preparing its annual financial statements for the fiscal year ended April 30, 2011. Because all
Disclosures Required in Various Situations Ace Inc. produces electronic components for sale to manufacturers of radios, television sets, and digital sound systems. In connection with her examination
Disclosures, Conditional and Contingent Liabilities Presented below are three independent situations.Situation 1A company offers a one-year warranty for the product that it manufactures. A history of
Post-Balance-Sheet Events At December 31, 2010, Coburn Corp. has assets of $10,000,000, liabilities of $6,000,000, common stock of $2,000,000 (representing 2,000,000 shares of $1 par common stock),
Segment Reporting You are compiling the consolidated financial statements for Winsor Corporation International. The corporation's accountant, Anthony Reese, has provided you with the segment
Segment Reporting'Theory Presented below is an excerpt from the financial statements of H. J. Heinz Company. Segment and Geographic Data the company is engaged principally in one line of
Segment Reporting—Theory The following article appeared in the Wall Street Journal. WASHINGTON—The Securities and Exchange Commission staff issued guidelines for companies grappling with the
Interim Reporting Snider Corporation, a publicly traded company, is preparing the interim financial data which it will issue to its stockholders and the Securities and Exchange Commission (SEC) at
Treatment of Various Interim Reporting Situations the following statement is an excerpt from the FASB pronouncement related to interim reporting. Interim financial information is essential to provide
Financial Forecasts an article in Barron’s noted the following. Okay. Last fall, someone with a long memory and an even longer arm reached into that bureau drawer and came out with a moldy cheese
Disclosure of Estimates Nancy Tercek, the financial vice president, and Margaret Lilly, the controller, of Romine Manufacturing Company are reviewing the financial ratios of the company for the
Reporting of Subsequent Events In June 2010, the board of directors for McElroy Enterprises Inc. authorized the sale of $10,000,000 of corporate bonds. Jennifer Grayson, treasurer for McElroy
Effect of Transactions on Financial Statements and Ratios the transactions listed below relate to Wainwright Inc. You are to assume that on the date on which each of the transactions occurred the
Where there is evidence that the utility of inventory goods, as part of their disposal in the ordinary course of business, will be less than cost, what is the proper accounting treatment?
Explain the rationale for the ceiling and floor in the lower of- cost-or-market method of valuing inventories.
Why are inventories valued at the lower-of-cost-or-market? What are the arguments against the use of the LCM method of valuing inventories?
What approaches may be employed in applying the lower-of-cost-or-market procedure? Which approach is normally used and why?
In some instances accounting principles require a departure from valuing inventories at cost alone. Determine the proper unit inventory price in the following cases.
What method(s) might be used in the accounts to record a loss due to a price decline in the inventories? Discuss.
What factors might call for inventory valuation at sales prices (net realizable value or market price)?
Under what circumstances is relative sales value an appropriate basis for determining the price assigned to inventory?
At December 31, 2011, Ashley Co. has outstanding purchase commitments for purchase of 150,000 gallons, at $6.20 per gallon, of a raw material to be used in its manufacturing process. The company
What are the major uses of the gross profit method?
Distinguish between gross profit as a percentage of cost and gross profit as a percentage of sales prices. Convert the following gross profit percentages based on cost to gross profit percentages
Adriana Co. with annual net sales of $5 million maintains a markup of 25% based on cost. Adriana’s expenses average 15% of net sales. What is Adriana’s gross profit and net profit in dollars?
A fire destroys all of the merchandise of Assante Company on February 10, 2011. Presented below is information compiled up to the date of the fire.Inventory, January 1,
What conditions must exist for the retail inventory method to provide valid results?
The conventional retail inventory method yields results that are essentially the same as those yielded by the lower-of-cost-or-market method. Explain. Prepare an illustration of how the retail
(a) Determine the ending inventory under the conventional retail method for the ?furniture department of Mayron Department Stores from the following data (amounts ?in thousands). (b) If the results
Deere and Company reported inventory in its balance sheet as follows:Inventories.................................$1,999,100,000What additional disclosures might be necessary to present the inventory
Of what significance is inventory turnover to a retail store?
Where can authoritative iGAAP guidance related to inventories be found?
Briefly describe some of the similarities and differences between U.S. GAAP and iGAAP with respect to the accounting for inventories.
LaTour Inc. is based in France and prepares its financial statements in accordance with iGAAP. In 2010, it reported cost of goods sold of €578 million and average inventory of €154 million.
Reed Pentak, finance major, has been following globalization and made the following observation concerning accounting convergence: “I do not see many obstacles concerning development of a single
What modifications to the conventional retail method are necessary to approximate a LIFO retail flow?
Presented below is information related to Rembrandt Inc.’s inventory. Determine the following:(a) The two limits to market value (i.e., the ceiling and the floor) that should be used in the
Floyd Corporation has the following four items in its ending inventory. Determine the final lower-of-cost-or-market inventory value for each item.
Kumar Inc. uses a perpetual inventory system. At January 1, 2011, inventory was $214,000 at both cost and market value. At December 31, 2011, the inventory was $286,000 at cost and $265,000 at market
Bell, Inc. buys 1,000 computer game CDs from a distributor who is discontinuing those games. The purchase price for the lot is $8,000. Bell will group the CDs into three price categories for resale,
Kemper Company signed a long-term non-cancelable purchase commitment with a major supplier to purchase raw materials in 2011 at a cost of $1,000,000. At December 31, 2010, the raw materials to be
Use the information for Kemper Company from BE9-5. In 2011, Kemper paid $1,000,000 to obtain the raw materials which were worth $950,000. Prepare the entry to record the purchase.
Fosbre Corporation’s April 30 inventory was destroyed by fire. January 1 inventory was $150,000, and purchases for January through April totaled $500,000. Sales for the same period were $700,000.
Boyne Inc. had beginning inventory of $12,000 at cost and $20,000 at retail. Net purchases were $120,000 at cost and $170,000 at retail. Net markups were $10,000; net markdowns were $7,000; and sales
In its 2007 annual report, Wal-Mart reported inventory of $33,685 million on January 31, 2007, and $31,910 million on January 31, 2006, cost of sales of $264,152 million for fiscal year 2007, and net
Use the information for Boyne Inc. from BE9-8. Compute ending inventory at cost using the LIFO retail method.
Use the information for Boyne Inc. from BE9-8, and assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value
Lower-of-Cost-or-Market The inventory of Oheto Company on December 31, 2011, consists of the following items. (a) Determine the inventory as of December 31, 2011, by the lower-of-cost-or-market
Lower-of-Cost-or-Market Riegel Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2011, consists of products
Lower-of-Cost-or-Market Sedato Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis. From the information above, determine the amount of
Lower-of-Cost-or-Market—Journal Entries Dover Company began operations in 2010 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2010, and December 31,
Lower-of-Cost-or-Market'Valuation Account Presented below is information related to Knight Enterprises. (a) From the information, prepare (as far as the data permit) monthly income statements in
Lower-of-Cost-or-Market ?Error Effect LaGreca Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2010,
Relative Sales Value Method Larsen Realty Corporation purchased a tract of unimproved land for $55,000. This land was improved and subdivided into building lots at an additional cost of $30,000.
Relative Sales Value Method During 2011, Crawford Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Crawford for a lump sum of $60,000, because it is
Purchase Commitments Prater Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term non-cancelable purchase commitment

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