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Questions and Answers of Accounting

On November 23, Terrier Repair Service extended an offer of $40,000 for land that had been priced for sale at $48,500. On December 2, Terrier Repair Service accepted the seller’s counteroffer of
Paul Eberly is the owner and operator of You’re Great, a motivational consulting business. At the end of its accounting period, December 31, 2009, You’re Great has assets of $475,000 and
Lynn Doyle is the owner and operator of Star LLC, a motivational consulting business. At the end of its accounting period, December 31, 2009, Star has assets of $750,000 and liabilities of $293,000.
Zany Delivery Service is owned and operated by Joey Bryant. The following selected transactions were completed by Zany Delivery Service during February:1. Received cash from owner as additional
Yukon Delivery Service is owned and operated by Betty Pasha. The following selected transactions were completed by Yukon Delivery Service during June:1. Received cash from owner as additional
The assets and liabilities of Impeccable Travel Service at November 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Charly
The assets and liabilities of Express Travel Service at June 30, 2010, the end of the current year, and its revenue and expenses for the year are listed at the top of the following page. The capital
Using the data for Impeccable Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the current year ended November 30, 2010. Charly Maves invested an additional
Using the data for Express Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner’s equity for the current year ended June 30, 2010. Janis Paisley invested an additional
Using the data for Impeccable Travel Service shown in Practice Exercises 1-4A and 1-5A, prepare the balance sheet as of November 30, 2010.
Using the data for Express Travel Service shown in Practice Exercises 1-4B and 1-5B, prepare the balance sheet as of June 30, 2010.
A summary of cash flows for Impeccable Travel Service for the year ended November 30, 2010, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . .
A summary of cash flows for Express Travel Service for the year ended June 30, 2010, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . . $460,000Cash
Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, use the Internet to locate the company’s
A fertilizer manufacturing company wants to relocate to Collier County. A 13-year-old report from a fired researcher at the company says the company’s product is releasing toxic by-products. The
Chalet Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Chalet Sports is owned and operated by Cliff Owen, a well-known sports enthusiast and hunter.
The total assets and total liabilities of Coca-Cola and PepsiCo are shown below. Determine the owners' equity of each company.
The total assets and total liabilities of eBay and Google are shown below. Determine the owners equity of eachcompany.
Determine the missing amount for each of thefollowing:
Donna Ahern is the owner and operator of Omega, a motivational consulting business. At the end of its accounting period, December 31, 2009, Omega has assets of $760,000 and liabilities of $240,000.
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner’s equity:a. accounts payableb. cashc. fees earnedd. lande. suppliesf. wages expense
Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business.b. Received cash for services performed.c. Paid for utilities used
a. A vacant lot acquired for $150,000 is sold for $290,000 in cash. What is the effect of the sale on the total amount of the seller’s (1) assets, (2) liabilities, and (3) owner’s equity?b.
Indicate whether each of the following types of transactions will either (a) increase owner’s equity or (b) decrease owner’s equity:1. Expenses2. Revenues3. Owner’s investments4. Owner’s
The following selected transactions were completed by Lindbergh Delivery Service during October:1. Received cash from owner as additional investment, $75,000.2. Paid rent for October, $4,200.3. Paid
Murray Kiser operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction
The income statement of a proprietorship for the month of December indicates a net income of $75,000. During the same period, the owner withdrew $100,000 in cash from the business for personal use.
Four different proprietorships, Jupiter, Mercury, Saturn, and Venus, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Payable2. Cash3.
Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.
Financial information related to Teflon Company, a proprietorship, for the month ended April 30, 2010, is as follows:Net income for April
Relax Services was organized on May 1, 2010. A summary of the revenue and expense transactions for May follows:Fees earned
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships: Determine the missing amounts, identifying them
Financial information related to the proprietorship of Plexiglass Interiors for October and November 2010 is as follows: a. Prepare balance sheets for Plexiglass Interiors as of October 31 and as
Each of the following items is shown in the financial statements of ExxonMobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.a.
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity:1. Cash
The amounts of the assets and liabilities of Heavenly Travel Service at April 30, 2010, the end of the current year, and its revenue and expenses for the year are listed below. The capital of
Doug Van Buren established Ohm Computer Services on July 1, 2010. The effect of each transaction and the balances after each transaction for July are shown at the top of the following
The financial statements at the end of Four Corners Realty's first month of operations are shown below and on the shown below. InstructionsBy analyzing the interrelationships among the four
Following are the amounts of the assets and liabilities of St. Kitts Travel Agency at December 31, 2010, the end of the current year, and its revenue and expenses for the year. The capital of Robin
Ashley Rhymer established Fair Play Financial Services on January 1, 2010. Fair Play Financial Services offers financial planning advice to its clients. The effect of each transaction and the
Swan Dry Cleaners is owned and operated by Peyton Keyes. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The financial statements at the end of Palo Duro Realty's first month of operations are shown at the top of the shown below. InstructionsBy analyzing the interrelationships among the four
What is the advantage of using comparative statements for financial analysis rather than statements for a single date or period?
The current year’s amount of net income (after income tax) is 20% 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 80%?
How would the current and quick ratios of a service business compare?
For Gray Corporation, the working capital at the end of the current year is $10,000 more than the working capital at the end of the preceding year, reported as follows: Has the current position
Why would the accounts receivable turnover ratio be different between Wal-Mart and Procter & Gamble?
A company that grants terms of n/45 on all sales has a yearly accounts receivable turnover, based on monthly averages, of 5. Is this a satisfactory turnover? Discuss.
(a) Why is it advantageous to have a high inventory turnover?(b) Is it possible for the inventory turnover to be too high? Discuss.(c) Is it possible to have a high inventory turnover and a high
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 rate earned on total assets differ from the rate earned on stockholders’ equity?(b) Which ratio is normally higher? Explain.
(a) Why is the rate earned on stockholders’ equity by a thriving business ordinarily higher than the rate earned on total assets?(b) Should the rate earned on common stockholders’ equity normally
Why would the dividend yield differ significantly from the rate earned on common stockholders’ equity?
Favorable business conditions may bring about certain seemingly unfavorable ratios, and unfavorable business operations may result in apparently favorable ratios. For example, Grochoske Company
Describe two reports provided by independent auditors in the annual report to shareholders with brief explanation.
The comparative accounts payable and long-term debt balances of a company are provided below. Based on this information, what is the amount and percentage of increase or decrease that would be
The comparative temporary investments and inventory balances for a company are provided below. Based on this information, what is the amount and percentage of increase or decrease that would be
Income statement information for Sheaf Corporation is provided below.Sales
Income statement information for Beowulf Corporation is provided below.Prepare a vertical analysis of the income statement for BeowulfCorporation.
The following items are reported on a company’s balance sheet:Cash
The following items are reported on a company’s balance sheet:Cash $140,000Temporary investments 60,000Accounts receivable (net) 40,000Inventory
A company reports the following:Net sales $560,000Average accounts receivable (net) 40,000Determine (a) The accounts receivable turnover and(b)
A company reports the following:Net sales $600,000Average accounts receivable (net) 60,000Determine (a) The accounts receivable turnover and (b)
A company reports the following:Cost of goods sold $510,000Average inventory 60,000Determine (a) The inventory turnover and (b) The number of days’ sales in inventory. Round to one
A company reports the following:Cost of goods sold $480,000Average inventory 80,000Determine(a) The inventory turnover and(b) The number of days’ sales in inventory. Round to one decimal place
The following information was taken from Grain Company’s balance sheet:Fixed assets (net) $600,000Long-term liabilities 400,000Total liabilities
The following information was taken from Shield Company’s balance sheet:Fixed assets (net) $1,000,000Long-term liabilities 500,000Total liabilities
A company reports the following:Income before income tax $2,000,000Interest expense 80,000Determine the number of times interest charges are
A company reports the following:Income before income tax $1,500,000Interest expense 200,000Determine the number of times interest charges are
A company reports the following:Net sales $2,400,000Average total assets 1,600,000Determine the ratio of net sales to assets.
A company reports the following:Net sales $1,200,000Average total assets 1,000,000Determine the ratio of net sales to assets.
A company reports the following income statement and balance sheet information for the current year:Net income $ 400,000Interest expense 20,000Average total
A company reports the following income statement and balance sheet information for the current year:Net income $ 600,000Interest expense 75,000Average total
A company reports the following:Net income $120,000Preferred dividends 20,000Average stockholders’ equity
A company reports the following:Net income $ 180,000Preferred dividends 12,000Average stockholders’
A company reports the following:Net income $340,000Preferred dividends $40,000Share of common stock outstanding 40,000Market price per share of common stock $60.00(a) Determine the company’s
A company reports the following:Net income $140,000Preferred dividends $20,000Share of common stock outstanding
Revenue and expense data for Rogan Technologies Co. are as follows: (a) Prepare an income statement in comparative form, stating each item for both 2010 and 2009 as a percent of sales. Round to one
The following comparative income statement (in thousands of dollars) for the fiscal years 2005 and 2006 was adapted from the annual report of Speedway Motorsports, Inc., owner and operator of several
Revenue and expense data for the current calendar year for Sorenson Electronics Company and for the electronics industry are as follows. The Sorenson Electronics Company data are expressed in
Balance sheet data for Hanes Company on December 31, the end of the fiscal year, are shown below. Prepare a comparative balance sheet for 2010 and 2009, stating each asset as a percent of total
Income statement data for Grendel Images Company for the years ended December 31, 2010 and 2009 are as follows: (a) Prepare a comparative income statement with horizontal analysis, indicating the
The following data were taken from the balance sheet of Bock Suppliers Company: (a) Determine for each year(1) The working capital,(2) The current ratio, and(3) The quick ratio. Round ratios to
PepsiCo, Inc., 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(1) Current
The bond indenture for the 10-year, 10% debenture bonds dated January 2, 2009, required working capital of $142,000 a current ratio of 1.7, and a quick ratio of 1.2 at the end of each calendar year
Xavier Stores Company and Lestrade Stores, Inc., are large retail department stores. Both companies offer credit to their customers through their own credit card operations. Information from the
The following data were extracted from the income statement of Brecca Systems Inc.: (a) Determine for each year(1) The inventory turnover and(2) The number of days' sales in inventory. Round to
Dell Inc. and Hewlett-Packard Company (HP) compete with each other in the personal computer market. Dell's primary strategy is to assemble computers to customer orders, rather than for inventory.
The following data were taken from the financial statements of Weal Construction Inc. for December 31, 2010 and 2009: The income before income tax was $720,000 and $560,000 for the years 2010 and
Hasbro and Mattel, Inc., are the two largest toy companies in North America. Condensed liabilities and stockholders' equity from a recent balance sheet are shown for each company as follows (in
Recent balance sheet information for two companies in the food industry, H.J. Heinz Company and The Hershey Company, are as follows (in thousands of dollars): (a) Determine the ratio of
Three major segments of the transportation industry are motor carriers, such as YRC Worldwide; railroads, such as Union Pacific; and transportation arrangement services, such as C.H. Robinson
The following selected data were taken from the financial statements of The Sigemund Group Inc. for December 31, 2010, 2009, and 2008: The 2010 net income was $242,000, and the 2009 net income
Ann Taylor Retail, Inc., sells professional women's apparel through company-owned retail stores. Recent financial information for Ann Taylor is provided below (all numbers in thousands). Assume the
The balance sheet for Bearing Industries Inc. at the end of the current fiscal year indicated the following:Bonds payable, 10% (issued in 2000 due in 2020) $4,000,000Preferred $5 stock, $100
The following information was taken from the financial statements of Finn Resources Inc. for December 31 of the current fiscal year: The net income was $600,000 and the declared dividends on the
The table below shows the stock price, earnings per share, and dividends per share for three companies as of October 2007: (a) Determine the price-earnings ratio and dividend yield for the three
The net income reported on the income statement of Goth Co. was $2,500,000. There were 100,000 shares of $10 par common stock and 40,000 shares of $4 preferred stock outstanding throughout the

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