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Questions and Answers of Financial Accounting

During 2018, Edwin Company earned revenues of $150 million. Edwin incurred, during that same year, salary expense of $34 million, rent expense of $23 million, and utilities expense of $16 million.
Refer to the data in Exercise 1-27A.Requirement1. Prepare the balance sheet of Giada Coffee Roasters Corp., for August 31, 2019.Data from Exercise 1-27AAssume the Giada Coffee Roasters Corp. ended
Assume the Giada Coffee Roasters Corp. ended the month of August 2019 with these data:Requirement1. Prepare the income statement and the statement of retained earnings for Giada Coffee Roasters
This exercise should be used with Exercise 1-25A.Requirements1. Prepare the income statement of Jill Carlson Realty Company for the year ended January 31, 2018.2. What amount of dividends did Jill
The following are the assets and liabilities of Jill Carlson Realty Company, as of January 31, 2018. Also included are revenue, expense, and selected stockholders’ equity figures for the year ended
At December 31, 2018, Landy Products has cash of $24,000, receivables of $18,000, and inventory of $80,000. The company’s equipment totals $182,000. Landy owes accounts payable of $22,000 and
Collinswood Company’s comparative balance sheet at January 31, 2019, and 2018, reports the following (in millions):RequirementsThe following are three situations related to Collinswood Company’s
Willow, Inc., has current assets of $220 million; property, plant, and equipment of $320 million; and other assets totaling $130 million. Current liabilities are $160 million and long-term
Compute the missing amount in the accounting equation for each company (amounts in billions):Which company appears to have the strongest financial position? Explain your reasoning. Liabilities
Match the following definitions with one of the terms listed here.Item Definitiona. Total revenues less total expensesb. Provides information for decision makers outside of the organizationc.
Python Legal Services, Inc., ended 2017 with cash of $16,000. During 2018, Python earned net income of $115,000 and had adjustments to reconcile net income to net cash provided by operations totaling
Sullivan Corporation ended its fiscal year on September 30, 2018, with cash of $78 million, accounts receivable of $27 million, property and equipment of $27 million, and other long-term assets of
At December 31, 2018, Jackson Corporation has cash of $52 million, accounts receivable of $23 million, and long-term assets of $45 million. The company owes accounts payable of $21 million and has
Journey Corporation began 2018 with retained earnings of $270 million. Revenues during the year were $460 million, and expenses totaled $380 million. Journey declared dividends of $64 million. What
MacKensie Services Corporation began 2018 with total assets of $230 million and ended 2018 with total assets of $365 million. During 2018, MacKensie earned revenues of $394 million and had expenses
Identify the missing amount for each of the following situations: Total Liabilities Stockholders' Equity Total Assets a. $300,000 50,000 $360,000 b. 85,000 C. 350,000 275,000
On January 1, 2017, Collins Copy Machine Company issued thirty $1,000 face-value bonds with a stated annual rate of 10 percent that mature in ten years. Interest is paid semiannually on June 30 and
Coral Sands Marina issued 100 ten-year bonds on July 1, 2018. The interest payments are due semiannually (January 1 and July 1) at an annual rate of 8 percent. The effective rate on the bonds is 6
Taylor Corporation is contemplating issuing bonds to raise cash to finance an expansion. Before issuing the debt, the controller of the company wants to prepare an analysis of the cash flows and the
Arden’s Used Cars offers a one-year warranty from the date of sale on all cars. From historical data, Mr. Arden estimates that, on average, each car will require the company to incur warranty costs
Tingham Village issued 500 five-year bonds on July 1, 2018. The interest payments are due semiannually (January 1 and July 1) at an annual rate of 6 percent. The effective interest rate on the bonds
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the Disney 2015 SEC Form 10-K, and answer the following questions:a. Compute Disney’s
Marker Musical Products issued bonds with a face value of $100,000 and an annual stated interest rate of 8 percent on January 1, 2015. The effective interest rate on the bonds was 10 percent.
As of January 31, 2015, Walmart reported balance sheet total assets and total liabilities of $204 billion and $118 billion, respectively. In the footnotes the company disclosed future operating
Ficus Tree Farm issued five $1,000 bonds with a stated annual interest rate of 12 percent on January 1, 2018. The bonds mature on January 1, 2023. Interest is paid semiannually on June 30 and
Consider the three notes payable listed here. Each was issued on January 1, 2018, and matures on December 31, 2020. Interest payments are made annually on December 31.REQUIRED:a. Compute the present
Ginny & Bill Eateries reported the following account balances in the December 31, 2017, financial report:Bonds payable .......................................................$500,000Premium on
The following information was extracted from the financial records of Leong Cosmetics:a. What is the effective interest rate on the notes payable?b. Prepare the journal entry to record interest
Ross Running Shoes issued ten $1,000 bonds with a stated annual rate of 10 percent on June 30, 2018. These bonds mature on June 30, 2021. The bonds have an effective interest rate of 8 percent, and
Rochester Enterprises purchased 500 shares of Newark Corporation for $15 per share on June 15, 2017, when Newark had approximately 10,000 equity shares outstanding. Rochester held the investment
Key figures for Apple and Google follow.Required1. Compute the recent two years€™ cash flow on total assets ratios for Apple and Google.2. What does the cash flow on total assets ratio
Numerous companies have established home pages on the Internet, e.g., Capt’n Eli Root Beer Company (www.captneli.com/rootbeer.php) and Kodak (www.kodak.com).InstructionsExamine the home pages of
Data for B. Madar, interior decorating, are presented in E2-2. Instructions Journalize the transactions using journal page J1. (You may omit explanations.)
Kinney’s Repair Ltd. was started on May 1. A summary of May transactions is presented below.1. Shareholders invested £10,000 cash in the business in exchange for ordinary shares.2. Purchased
Much information about specific companies is available on the Internet. Such information includes basic descriptions of the company’s location, activities, industry, financial health, and financial
Because Natalie has had such a successful first few months, she is considering other opportunities to develop her business. One opportunity is the sale of fine European mixers. The owner of Kzinski
Mackey Company acquired equipment on January 1, 2017, through a leasing agreement that required an annual year-end payment of $30,000. Assume that the lease has a term of five years and that the life
Treadway Company issued bonds with a face value of $20,000 on January 1, 2017. The bonds were due to mature in five years and had a stated annual interest rate of 8 percent. The bonds were issued at
On June 1, 2017, May berry Imports purchased bonds on the open market, paying $92,994. The bonds had a face value of $100,000, a stated annual interest rate of 4 percent, and a remaining time to
The balance sheet as of December 31, 2017, for Thompkins Laundry follows:The $20,000 of long-term debt on the balance sheet represents a long-term note that requires Thompkins to maintain a
On September 10, 2015, Mooney Plastic Products issued bonds with a face value of $500,000 for a price of 96. During 2018, Mooney exercised a call provision and redeemed the bonds for 101. At the
Memminger Corporation purchased equipment on January 1, 2018. The terms of the purchase required that the company pay $1,000 in interest at the end of each year for five years and $20,000 at the end
Hodge Sports bonds are selling on the open market at par value. The bonds have a stated interest rate of 9 percent and mature in five years. You have determined that the risk-free rate is 7
The following information was taken from the balance sheet of Beasley Brothers as of December 31, 2017:The bonds have a stated interest rate of 5 percent paid annually and will mature on December
The following information was taken from the balance sheet of Cohort Enterprises as of December 31, 2018:The bonds have a stated interest rate of 5 percent paid annually and will mature on December
On January 1, 2017, Q-Mart entered into a five-year lease agreement requiring annual payments of $10,000 on December 31 of each year. The fair market value of the building was estimated by appraisers
Tradeall Inc., leases automobiles for its sales force. On January 1, 2017, the company leased 100 automobiles and agreed to make lease payments of $10,000 per automobile each year. The lease
Dylander bonds are selling on the open market at 89.16. The bonds have a stated interest rate of 8 percent and mature in ten years. Interest payments are made semiannually.a. Assume that your
The following information was taken from the 2014 statement of shareholders€™ equity of Home Depot (dollars in millions):a. What portion of net income was paid out in dividends during the
When Tandy (RadioShack) Corporation announced a 2:1 stock split, the company had 97 million shares outstanding, trading at $100 per share.a. Estimate the number of shares outstanding and market price
Deming Contractors was involved in the following events involving stock during 2018:1. Authorized to issue (a) 100,000 shares of $100 par value, 8 percent preferred stock; (b) 150,000 shares of
The following information was taken from the 2014 annual report of Coca-Cola (dollar and share amounts in millions):a. At what average price did the company repurchase its shares in 2012?b. At what
Twin Lakes incorporated on April 1, 2018, and was authorized to issue 100,000 shares of $5 par value common stock and 10,000 shares of $8, no-par preferred stock. During the remainder of 2018, the
The following information was extracted from the financial records of Maverick Corporation:Preferred stock: 15,000 shares outstanding, 10 percent, $50 par value Common stock: 50,000 shares
The shareholders’ equity section of Rodman Corporation as of December 31, 2017, follows:Common stock .................................................$ 80,000Additional paid-in capital
The following selected financial information was extracted from the December 31, 2017, financial records of Cotter Company:The company€™s board of directors is currently contemplating
In 2008, Stuart Corporation began operations, issuing 100,000 shares of $1 par value common stock for $25 per share. Since that time, the company has been very profi table. The shareholders’
The condensed 2014 balance sheet of Honeywell International follows (dollars in millions):Outstanding were 782.2 million shares of common stock and no preferred stock. The following requirements
The 2014 statement of shareholders€™ equity of Starbucks, the coffee shop retailer, included the following information concerning common stock (in millions):REQUIRED:a. Compute the average
The following information was taken from the statement of shareholders€™ equity of Chinook Furs:*The $30 increase (from $20 to $50) was in part from the sale of common stock ($20) and
The shareholders’ equity section of Rudnicki Corporation contained the following balances as of December 31, 2017:Preferred stock (10%, $10 par value, cumulative)
The shareholders€™ equity section of Buzytown Industries€™ balance sheet reports the following:REQUIRED:a. How many shares of preferred stock were issued during 2018? What was
The following information was taken from the statement of shareholders€™ equity of Kidd Sports as of December 31, 2018. The par value of Kidd stock is $1, and as of the beginning of 2018,
The following are several account titles that could appear on an income statement:1. Cost of Goods Sold2. Insurance Expense3. Sales Revenue4. Dividend Revenue5. Salaries and Wages Expense6. Supplies
Tracey Corporation reports the following in its December 31, 2017, financial report:The total balance in treasury stock on December 31, 2016, represents the acquisition of 1,500 shares of common
Aspen Industries became a corporation in the state of Colorado on March 23, 2015. The company was authorized to issue 1 million shares of $6 par value common stock. Since the date of incorporation,
Refer to the Merck income statement presented at the very beginning of the chapter, and note that the company reported fluctuating profits of $6.3 billion, $4.5 billion, and $12.0 billion in 2012,
As of December 31, 2014, Graham Holding Company (previous owner of The Washington Post Company) held significant, but not controlling, interest in Residential Home Health Illinois and other
In July 2005 Microsoft adopted SFAS 123 (R), Share-based Payment, which required companies to recognize expenses related to stock options. In the company’s 2015 annual report, Microsoft reported
The shareholders’ equity section of May berry Corporation, as of the end of 2018, follows. May berry began operations in 2014. The 5,000 shares of preferred stock have been outstanding since
Refer to the statement of shareholders’ equity reported by Emerson Electronics located at the end of the chapter.REQUIRED:Describe Emerson’s dividend and treasury stock transactions and policies
The shareholders’ equity section of Pioneer Enterprises as of December 31, 2018, follows:Common stock (10,000 shares issued at $6 par) ..........................$ 60,000Additional paid-in capital
Hewlett-Packard and Apple Inc., two very successful technology firms, showed no investment in their own shares (treasury stock) on their 2008 balance sheets. Bear Stearns, on the other hand, was
The December 31, 2017, balances in retained earnings and additional paid-in capital for Railway Shippers Company are $135,000 and $50,000, respectively. Five thousand $10 par value common shares are
Unilever Group, a Dutch-based consumer-goods company that publishes IFRS-based financial statements, reported a net profit on its 2014 income statement of 5.5 billion euros. That same year the
The lower portion of the 2014 income statement for Duke Energy Corporation follows (dollars in millions, except per-share amounts):Income from continuing operations
Driftwood Shipbuilders entered into the following transactions during 2018:1. Sold $6,000 of no-par common stock.2. Purchased $6,000 of inventory on account.3. Purchased new equipment for $5,000 in
Apex Trucking purchased a truck for $100,000 on January 1, 2017. The useful life of the truck was estimated to be either five years or 200,000 miles. Salvage value was estimated at $20,000. Over the
Stonebrecker International recently purchased new manufacturing equipment. The equipment cost $1 million. The company also incurred additional costs related to the acquisition of the equipment. The
The Boeing Company reported in its 2014 annual report $1,414 million in depreciation expense and $492 million in amortization expense for the year ending December 31, 2014.a. Describe how the
Savory Enterprises reported the following information regarding the company’s property, plant, and equipment in the footnotes to the company’s 2017 financial statements:Equipment
Paris Company purchased equipment on January 1, 2015, for $25,000. The estimated useful life of the equipment is five years, the salvage value is $5,000, and the company uses the
Lily May Electronics recognizes expenses for wages, interest, and rent when cash payments are made. The following related cash payments were made during December 2017:1. December 1 Paid $1,100 for
Monsanto’s 2015 annual report stated that the company’s liabilities for environmental remediation and litigation contingencies are $194 million as of 8/31/15 ($184 million as of 8/31/14).a.
While shopping on October 13, 2017, at the Floor Wax Shop, Tom Jacobs slipped and seriously injured his back. Mr. Jacobs believed that the Floor Wax Shop should have warned him that the floors were
Target Corporation’s 2014 financial statements included the following items (dollars in millions):INCOME STATEMENT:Cost of sales
On January 1, 2013, Lacey Tree toppers borrowed $300,000, which is to be paid back in annual installments of $20,000 on December 30 of each year.a. Assuming that Lacey has met all payments on a
Norsums Department Store sells gift certificates that are redeemable in merchandise. During 2017, Norsums sold gift certificates for $88,000. Merchandise with the total price of $52,000 was redeemed
To kick off its 2017 advertising campaign, Rachel’s Breakfast Cereal is offering a $1 refund in exchange for five cereal box tops. The company estimates that the tops of 10 percent of the cereal
The following information was taken from the 2014 annual report of Bed Bath & Beyond, a leading household retailer (dollars in thousands):a. Assume that accounts payable reflects only accounts
United Continental Holdings Inc. is the parent company of both United Airlines and Continental Airlines. On the December 31, 2014, balance sheet the company lists as a current liability $2.1 billion
Acme Inc. purchased machinery at the beginning of 2015 for $50,000. Management used the straight-line method to depreciate the cost for financial reporting purposes and the double-declining-balance
Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2014 and 2013 annual reports (dollars in millions):REQUIRED:a. Briefly describe the transaction
During 2017, Seagul Outboards sold 200 outboard engines for $250 each. The engines are under a one-year warranty for parts and labor, and from past experience, the company estimates that, on average,
You are a security analyst for Magneto Investments and have chosen to invest in one firm from the semiconductor manufacturing industry. You have narrowed your choice to either Owen-Foley Company or
Southwest Airlines is paid in advance for its ticket sales, recognizing a deferred revenue, called air traffic liability, when it receives the cash. The liability is then converted to revenue when
The following information was taken from the 2014 annual reports of Walgreens and L Brands (parent company of The Limited) (dollars in millions):REQUIRED:Compute the conservatism ratios for both
The following information was taken from the 2015 annual report of Emerson, a leader in process management, technology, network power, and industrial automation (dollars in millions):REQUIRED:Comment
Swingley Company uses an accelerated method to depreciate its fixed assets for tax purposes and the straight-line method for financial reporting purposes. In 2017, the accelerated method recognized
The following information was taken from the annual report of Busytown Industries:a. Compute Busytown€™s conservatism ratio, and comment on how conservative the company€™s

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