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Questions and Answers of Accounting

Flynn Corporation reports operating expenses of $80,000 excluding depreciation expense of $15,000 for 2010. During the year prepaid expenses decreased $6,600 and accrued expenses payable increased
Rapture Corporation had the following transactions.1. Issued $200,000 of bonds payable.2. Paid utilities expense.3. Issued 500 shares of preferred stock for $45,000.4. Sold land and a building for
JMB Photography reported net income of $100,000 for 2010. Included in the income statement were depreciation expense of $6,000, patent amortization expense of $2,000, and a gain on sale of equipment
Grinders Corporation issued the following statement of cash flows for 2010.(a) Compute free cash flow for Grinders Corporation.(b) Explain why free cash flow often provides better information
Pioneer Corporation had these transactions during 2010.(a) Issued $50,000 par value common stock for cash.(b) Purchased a machine for $30,000, giving a long-term note in exchange.(c) Issued $200,000
An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts of Gagliano Corp. uncovered the following items. Assume all items involve cash unless
Rachael Ray Corporation had the following transactions.1. Sold land (cost $12,000) for $15,000.2. Issued common stock for $20,000.3. Recorded depreciation of $17,000.4. Paid salaries of $9,000.5.
Villa Company reported net income of $195,000 for 2010.Villa also reported depreciation expense of $45,000 and a loss of $5,000 on the sale of equipment. The comparative balance sheet shows a
The current sections of Bellinham Inc.’s balance sheets at December 31, 2009 and 2010, are presented here. Bellinham’s net income for 2010 was $153,000. Depreciation expense was
The three accounts shown below appear in the general ledger of Cesar Corp. during 2010. InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash
Scully Corporation’s comparative balance sheets are presented below.Additional information:1. Net income was $22,630. Dividends declared and paid were $19,500.2. All other changes in noncurrent
Here are comparative balance sheets for Taguchi Company. Additional information:1. Net income for 2010 was $103,000.2. Cash dividends of $45,000 were declared and paid.3. Bonds payable amounting to
Muldur Corporation’s comparative balance sheets are presented below.Additional information:1. Net income was $18,300. Dividends declared and paid were $16,400.2. Equipment which cost $10,000 and
Comparative balance sheets for Eddie Murphy Company are presented below. Additional information:1. Net income for 2010 was $125,000.2. Cash dividends of $60,000 were declared and paid.3. Bonds
Hairston Company completed its first year of operations on December 31, 2010. Its initial income statement showed that Hairston had revenues of $192,000 and operating expenses of $78,000. Accounts
A recent income statement for McDonald’s Corporation shows cost of goods sold $4,852.7 million and operating expenses (including depreciation expense of $1,201 million) $10,671.5 million. The
The 2010 accounting records of Verlander Transport reveal these transactions and events. InstructionsPrepare the cash flows from operating activities section using the direct method. (Not all of the
The following information is taken from the 2010 general ledger of Pierzynski Company. InstructionsIn each case, compute the amount that should be reported in the operating activities section of the
You are provided with the following transactions that took place during a recent fiscal year. InstructionsComplete the table indicating whether each item (1) Should be reported as an operating (O)
The following account balances relate to the stockholders’ equity accounts of GoreCorp. at year-end.A small stock dividend was declared and issued in 2010. The market value of the shares was
The income statement of Elbert Company is presented here. Additional information:1. Accounts receivable increased $250,000 during the year, and inventory decreased $500,000.2. Prepaid expenses
Data for Elbert Company are presented in P17-3A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
Grania Company’s income statement contained the condensed information below.Grania’s balance sheet contained the comparative data at December 31, shown below.Accounts payable pertain to
Data for Grania Company are presented in P17-5A.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
Presented on the next page are the financial statements of Weller Company. Additional data:1. Dividends declared and paid were $25,000.2. During the year equipment was sold for $8,500 cash. This
Data for Weller Company are presented in P17-7A. Further analysis reveals the following.1. Accounts payable pertain to merchandise suppliers.2. All operating expenses except for depreciation were
Data for Arma Inc. are presented in P17-9A. Further analysis reveals that accounts payable pertain to merchandise creditors.InstructionsPrepare a statement of cash flows for Arma Inc. using the
The comparative balance sheets for Ramirez Company as of December 31 are presented on the next page. Additional information:1. Operating expenses include depreciation expense of $42,000 and charges
Condensed financial data of Oprah Company appear below. Additional information:1. New plant assets costing $92,000 were purchased for cash during the year.2. Investments were sold at cost.3. Plant
You are provided with the following transactions that took place during a recent fiscal year. (a) Recorded depreciation expense on the plant assets.(b) Incurred a loss on disposal of plant
The following selected account balances relate to the plant asset accounts of Wegent Inc. at year-end. Additional information:1. Wegent purchased $95,000 of equipment and $30,000 of land for cash in
The income statement of Rosenthal Company is presented below. Additional information: 1. Accounts receivable decreased $320,000 during the year, and inventory increased $120,000. 2. Prepaid expenses
Data for Rosenthal Company are presented in P17-3B.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
The income statement of Brislin Inc. reported the following condensed information.Brislin’s balance sheet contained these comparative data at December 31.Brislin has no depreciable assets.
Data for Brislin Inc. are presented in P17-5B.InstructionsPrepare the operating activities section of the statement of cash flows using the direct method.
Presented below are the financial statements of Ortega Company. Additional data:1. Dividends of $23,000 were declared and paid.2. During the year equipment was sold for $10,000 cash. This
Data for Ortega Company are presented in P17-7B. Further analysis reveals the following.1. Accounts payable pertains to merchandise creditors.2. All operating expenses except for depreciation are
Condensed financial data of Ziebert Company are shown below. Additional information:1. New plant assets costing $146,000 were purchased for cash during the year.2. Investments were sold at cost.3.
Data for Ziebert Company are presented in P17-9B. Further analysis reveals that accounts payable pertain to merchandise creditors.InstructionsPrepare a statement of cash flows for Ziebert Company
Presented below are the comparative balance sheets for Marin Company at December 31. Additional information:1. Operating expenses include depreciation expense $55,000 and charges from prepaid
Refer to the financial statements of PepsiCo’s, presented in Appendix A, and answer the following questions.(a) What was the amount of net cash provided by operating activities for the year ended
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these
Purpose: Learn about the SEC.From the SEC homepage, choose About the SEC.InstructionsAnswer the following questions.(a) How many enforcement actions does the SEC take each year against securities law
Ron Nord and Lisa Smith are examining the following statement of cash flows for Carpino Company for the year ended January 31, 2010.Ron claims that Carpino’s statement of cash flows is an excellent
Kyle Benson, the owner-president of Computer Services Company, is unfamiliar with the statement of cash flows that you, as his accountant, prepared. He asks for further explanation.InstructionsWrite
Tappit Corp. is a medium-sized wholesaler of automotive parts. It has 10 stockholders who have been paid a total of $1 million in cash dividends for 8 consecutive years. The board’s policy requires
In this chapter you learned that companies prepare a statement of cash flows in order to keep track of their sources and uses of cash and to help them plan for their future cash needs. Planning for
(a). Juan Marichal believes that the analysis of financial statements is directed at two characteristics of a company: Liquidity and profitability. Is Juan correct? Explain.(b). Are short-term
(a) Distinguish among the following bases of comparison:(1) Intracompany, (2) Industry averages, and (3) Intercompany.(b) Give the principal value of using each of the three bases of comparison.
Two popular methods of financial statement analysis are horizontal analysis and vertical analysis. Explain the difference between these two methods.
(a) If Leonard Company had net income of $360,000 in 2010 and it experienced a 24.5% increase in net income for 2011, what is its net income for 2011?(b) If six cents of every dollar of Leonard
What is a ratio? What are the different ways of expressing the relationship of two amounts? What information does a ratio provide?
Name the major ratios useful in assessing(a) Liquidity and(b) Solvency.
Raphael Ochoa is puzzled. His company had a profit margin of 10% in 2010. He feels that this is an indication that the company is doing well. Cindy Lore, his accountant, says that more information is
What do the following classes of ratios measure?(a) Liquidity ratios.(b) Profitability ratios.(c) Solvency ratios.
What is the difference between the current ratio and the acid-test ratio?
Donte Company, a retail store, has a receivables turnover of 4.5 times. The industry average is 12.5 times. Does Donte have a collection problem with its receivables?
Which ratios should be used to help answer the following questions?(a) How efficient is a company in using its assets to produce sales?(b) How near to sale is the inventory on hand?(c) How many
The price-earnings ratio of General Motors (automobile builder) was 8, and the price-earnings ratio of Microsoft (computer software) was 38.Which company did the stock market favor? Explain.
Holding all other factors constant, indicate whether each of the following changes generally signals good or bad news about a company.(a) Increase in profit margin.(b) Decrease in inventory
The return on assets for Tresh Corporation is 7.6%. During the same year Tresh’s return on common stockholders’ equity is 12.8%.What is the explanation for the difference in the two rates?
Which two ratios do you think should be of greatest interest to:(a) A pension fund considering the purchase of 20-year bonds?(b) A bank contemplating a short-term loan?(c) A common stockholder?
(a) What is meant by trading on the equity?(b) How would you determine the profitability of trading on the equity?
Hillman Inc. has net income of $160,000, weighted average shares of common stock outstanding of 50,000, and preferred dividends for the period of $40,000.What is Hillman’s earnings per share of
Why is it important to report discontinued operations separately from income from continuing operations?
You are considering investing in Shawnee Transportation. The company reports 2010 earnings per share of $6.50 on income before extraordinary items and $4.75 on net income. Which EPS figure would you
STL Inc. reported 2009 earnings per share of $3.20 and had no extraordinary items. In 2010, EPS on income before extraordinary items was $2.99, and EPS on net income was $3.49. Is this a favorable
Identify and explain factors that affect quality of earnings.
Identify the specific sections in PepsiCo’s 2007 annual report where horizontal and vertical analyses of financial data are presented.
Summary financial information for Holland Company is as follows. Compute the amount and percentage changes in 2011 using horizontal analysis, assuming 2010 is the baseyear.
The condensed financial statements of Eau Fraîche Company for the years 2009 and 2010 are presented below.Compute the following ratios for 2010 and 2009.(a) Current ratio.(b) Inventory turnover.
In its proposed 2010 income statement, Supply Corporation reports income before income taxes $500,000, extraordinary loss due to earthquake $150,000, income taxes $200,000 (not including irregular
Match each of the following terms with the phrase that it best matches.Quality of earnings ... Pro forma incomeCurrent ratio .... Discontinued operationsHorizontal analysis .. Comprehensive income1.
You recently received a letter from your Uncle Frank. A portion of the letter is presented below.You know that I have a significant amount of money I saved over the years. I am thinking about
Drew Carey Corporation reported the following amounts in 2009, 2010, and 2011.Instructions(a) Identify and describe the three tools of financial statement analysis.(b) Perform each of the three types
Using the following data from the comparative balance sheet of Rodenbeck Company, illustrate horizontalanalysis.
Using the same data presented above in BE18-3 for Rodenbeck Company, illustrate vertical analysis.
Net income was $500,000 in 2009, $450,000 in 2010, and $522,000 in 2011.What is the percentage of change from(a) 2009 to 2010 and(b) 2010 to 2011? Is the change an increase or a decrease?
If Soule Company had net income of $585,000 in 2011 and it experienced a 30% increase in net income over 2010, what was its 2010 net income?
Horizontal analysis (trend analysis) percentages for Epstein Company’s sales, cost of goods sold, and expenses are shown below.Did Epstein’s net income increase, decrease, or remain unchanged
Vertical analysis (common size) percentages for Charles Company’s sales, cost of goods sold, and expenses are shown below.Did Charles’s net income as a percent of sales increase, decrease, or
Selected condensed data taken from a recent balance sheet of Perkins Inc. are as follows. What are the(a) Working capital,(b) Current ratio, and(c) Acid-testratio?
McLaren Corporation has net income of $11.44 million and net revenue of $80 million in 2010. Its assets are $14 million at the beginning of the year and $18 million at the end of the year. What are
The following data are taken from the financial statements of Morino Company. (a) Compute for each year(1) The receivables turnover and(2) The average collection period. At the end of 2009,
The following data are from the income statements of Huntsinger Company. (a) Compute for each year(1) The inventory turnover and(2) The average days to sell the inventory.(b) What conclusions
Gladow Company has owners’ equity of $400,000 and net income of $66,000. It has a payout ratio of 20% and a rate of return on assets of 15%. How much did Gladow pay in cash dividends, and what were
An inexperienced accountant for Ming Corporation showed the following in the income statement: income before income taxes and extraordinary item $400,000 and extraordinary loss from flood (before
On June 30, Reeves Corporation discontinued its operations in Mexico. During the year, the operating loss was $300,000 before taxes. On September 1, Reeves disposed of the Mexico facility at a pretax
Financial information for Blevins Inc. is presented below. InstructionsPrepare a schedule showing a horizontal analysis for 2011 using 2010 as the baseyear.
Operating data for Gallup Corporation are presented below. InstructionsPrepare a schedule showing a vertical analysis for 2011 and 2010.
The comparative condensed balance sheets of Conard Corporation are presented below. Instructions(a) Prepare a horizontal analysis of the balance sheet data for Conard Corporation using 2010 as a
The comparative condensed income statements of Hendi Corporation are shown below. Instructions(a) Prepare a horizontal analysis of the income statement data for Hendi Corporation using 2010 as a
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data for the year ending February 2, 2008, are shown on the next page. For the year, net sales were
Leach Incorporated had the following transactions occur involving current assets and current liabilities during February 2010.Feb. 3 Accounts receivable of $15,000 are collected.7 Equipment is
Bennis Company has the following comparative balance sheet data. Additional information for 2011:1. Net income was $25,000.2. Sales on account were $410,000. Sales returns and allowances were
Selected comparative statement data for Willingham Products Company are presented below. All balance sheet data are as of December 31.InstructionsCompute the following ratios for 2011.(a) Profit
The income statement for Christensen, Inc., appears below. Additional information:1. The weighted average common shares outstanding in 2010 were 30,000 shares.2. The market price of Christensen,
Rees Corporation experienced a fire on December 31, 2011, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following
Scully Corporation’s comparative balance sheets are presented below.Scully’s 2010 income statement included net sales of $100,000, cost of goods sold of $60,000, and net income of
For its fiscal year ending October 31, 2010, Molini Corporation reports the following partial data shown on the next page.Income before incomes taxes ......... $540,000Income tax expense (30% ×

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