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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

What are just-in-case inventory and inventory carrying costs?
What is the just-in-time manufacturing philosophy? Describe it.
What is meant by goods flow and cost flow?
Describe how each of the following inventory costing methods is used with the perpetual inventory system: (a) Specific identification; (b) Weighted-average cost; (c) First-in, first-out; and (d)
Describe the type of inventory for which the goods flow would most naturally correspond to the cost flow for each of the inventory costing methods: (a) Specific identification, (b) Weighted-average
What is the nature of FIFO phantom profits during periods of rising inventory purchase prices?
If costs have been rising, which inventory costing method-weighted-average cost; first-in, first-out; or last-in, first-out-yields (a) the lowest ending inventory value? (b) the lowest net income?
Even though it does not represent their goods flow, why might firms adopt last-in, first-out inventory costing during periods when inventory costs are rising?
Describe a situation in which merchandise must be valued on the balance sheet at an amount less than its acquisition cost.
Which of the following is not an inventory costing method?a. Specific identificationb. Weighted-average costc. Just-in-time manufacturingd. FIFO
What is the effect on reported net income of applying the lower-of-cost-or-net realizable value method to ending inventory?
How do the accounting principles of consistency and full disclosure apply to inventory costing?
Which party, the seller or the buyer, bears the freight cost when the terms are F.O.B. shipping point? When the terms are F.O.B. destination?
What is a LIFO inventory reserve and how can it be useful to an analyst?
Moyer Company has an inventory turnover of 4.51 . What is Moyer's days' sales in inventory?
In an annual report, Craftmade International, Inc., describes its inventory accounting policies as follows:Also in an annual report, Kaiser Aluminum Corporation made the following statement in
What are the three steps that make up the year-end physical count of inventory?
For each of the situations below, determine if the investment should be reported as a passive investment-ment (P), an investment reflecting significant influence (SI), or a controlling interest (C).
Use the following year-end footnote information from Cisco Systems, Inc.’s 10-K report to anfied swer parts a and b. ($ millions) Cost of available-for-sale investments securities. Gross unrealized
On its July 26, 2014 balance sheet, Cisco Systems, Inc. reports available-for-sale investments with a value of $45,348 million. As available-for-sale securities, these investments are reported at
Hartgraves Company had the following transactions and adjustments related to a bond investment that is a trading security. 2015 Oct. 1 Purchased $500,000 face value of Skyline, Inc.'s 7% bonds at 97
Blouin Company had the following transactions and adjustment related to a stock investment that is a trading security. 2015 Nov. 15 Purchased 10,000 shares of Lane, Inc.'s common stock at $17 per
Refer to the data for Blouin Company in Mini Exercise 12-21. Assume that when the shares were purchased, management did not intend to sell the stock shortly. Record the transactions and adjustments
Four transactions involving investments in marketable securities are classified as trading follows. (1) Purchased 6,000 common shares of Liu, Inc., for $12 cash per share. (2) Received a cash
YUM! Brands, Inc., reports the following information related to non-cancelable leases in Note 11 of its 2014 10-K.On December 27, 2014, we operated nearly 8,700 restaurants, leasing the underlying
Suppose Pfizer issues 100,000 shares of its common stock, \($0.05\) par value, to obtain a warehouse and the accompanying land when the price of the stock is \($22.00.\) Which one of the following
Assume Pfizer resells 10,000 shares of its stock that were purchased when the market price of the stock was \($25.\) If the shares are resold for \($22,\) which one of the following statements
Suppose Pfizer declares a 200,000 common stock dividend (par \($0.05)\) when the market value of a share is \($20.00.\) Which one of the following statements is true?a. The common stock account
Which of the following statements is true?a. When a large stock dividend is paid, retained earnings are reduced by the market value of the shares distributed.b. Neither stock dividends nor stock
Which of the following statements is not true about diluted EPS (DEPS)?a. Stock options that are in the money will always cause DEPS to be less than basic EPS.b. Convertible bonds, if dilutive, will
Corporation A owns 50% of Corporation B. This is a case where:a. Corporation A controls Corporation B.b. Corporation A does not control Corporation B.c. Corporation A has a significant influence on
In accounting for available-for-sale-securities, the:a. Securities are reported at their fair value, along with their fair value adjustment from cost.b. Securities are reported at cost.c. Increases
Which of the following statements is true of investments accounted for under the equity method?a. Investor reports its percentage share of the investee’s income in its operating income.b. Investor
Which of the following statements is true about goodwill?a. Current reporting standards require that goodwill be amortized over its economic life.b. Goodwill is written down when the fair value of
For each of the following items, indicate whether the cost should be capitalized or expensed immediately: a. Paid $1,200 for routine maintenance of machinery b. Paid $5,400 to rent equipment for two
Texas Instruments Incorporated and Intel Corporation report the following information ($ millions) 2014 2013. Texas Instruments Intel Corp Sales PPE, net Sales PPE, net $13,045 12,205 $2,840 3,399
Abbott Laboratories reports the following income statement (in partial form): Year Ended December 31 ($ millions) Net sales.... Cost of products sold.. Amortization of intangible assets.. Research
3M Company reports the following financial statement amounts in its 10-K report: ($ millions) Sales Cost of Sales Receivables Inventories PPE, net 2014. $31,821 $16,447 $4,238 $3,706 $8,489 2013
U.S. GAAP requires that certain leases be accounted for as capital leases. The reason for this treatment is that this type of leasea. conveys the benefits and risks of ownership of the asset.b. is an
For a lease that is accounted for as an operating lease by the lessee, the monthly rental payments should bea. allocated between interest expense and depreciation expense.b. allocated between a
The balance sheet liability for a capital lease would be reduced each period by thea. lease payment.b. lease payment plus the amortization of the related asset.c. lease payment less the amortization
Which of the following statements characterizes defined benefit pension plans?a. The employer’s obligation is satisfied by making the necessary periodic contribution.b. Retirement benefits are
When the value of pension plan assets is greater than the projected benefit obligation,a. the difference is added to pension expense.b. the difference is reported as deferred pension cost.c. the
Which of the following is not a component of net pension expense?a. Interest costb. Expected return on plan assetsc. Benefits paid to retireesd. Amortization of actuarial gains or losses
Burgstahler Corporation bought a lot to construct a new corporate office building. An older building on the lot was razed immediately so that the office building could be constructed. The cost of
.The purpose of recording periodic depreciation of long-term PPE assets is toa. report declining asset values on the balance sheet.b. allocate asset costs over the periods benefited by the use of the
When the estimate of an asset’s useful life is changed,a. depreciation expense for all past periods must be recalculated.b. there is no change in the amount of depreciation expense recorded for
If the sale of a depreciable asset results in a loss, the proceeds from the sale a. less than the current fair value.b. greater than cost.c. greater than book value.d. less than book value.
Which of the following principles best describes the current method of accounting for research and development costs?a. Revenue recognition methodb. Systematic and rational allocationc. Immediate
Goodwill should be recorded in the balance sheet as an intangible asset only whena. it is sold to another company.b. it is acquired through the purchase of another business.c. a company reports
Which of the following is not normally reported as part of the total manufacturing inventory cost?a. work-in-processb. finished goodsc. property, plant, and equipmentd. raw materials
When the current year’s ending inventory amount is overstated, then thea. current year’s cost of goods sold is overstated.b. current year’s total assets are understated.c. current year’s net
In a period of rising prices, the inventory cost allocation method tends to result in the lowesta. LIfO.b. FIFO.c. average cost.d. specific identification.
Sletten Industries uses the last-in, first-out (LIFO) method of accounting for the inventories of its single product. For fiscal year 2017, the company reported sales revenue of \($200\) million and
Following is the current asset section from the Ralph Lauren Corporation balance sheet: At March 29, 30 ($ millions) Cash and cash equivalents Short-term investments. Accounts receivable, net of
For fiscal year 2015, Beyer GMBH had the following summary information available concerning its operating activities. The company had no investing or financing activities this year. 1234567000 1. 2.
For fiscal year 2016, Riffe Enterprises had the following summary information available concerning its operating activities. The company had no investing or financing activities this year. 1. 2.
The following table presents selected items from a recent cash flow statement of Nordstrom, Inc. a. For each item, determine whether the amount would be disclosed in the cash flow statement under
Chakravarthy Company’s current year income statement reports the following: Sales...... Cost of goods sold.. Gross profit..... $825,000 550,000 $275,000 Chakravarthy's comparative balance sheets
Consider the following 2013 data for several pharmaceutical firms ($ millions): Merck & Co., Inc. Pfizer Inc....... Abbott Laboratories. Johnson & Johnson. Average current Cash from Expenditures
Consider the following data for several firms from 2013 ($ millions): Wal-Mart Stores, Inc........ The Coca-Cola Company. Exxon Mobil Corporation... Average current Cash from Expenditures Proceeds
In which of the three activity categories of a statement of cash flows would each of the following items appear? Indicate for each item whether it represents a cash inflow or a cash outflow:Cash
When multiple products or services are bundled and sold for one price, the revenue should bea. Recognized when the bundle of products is soldb. Allocated among the different elements and recognized
The percentage-of-completion method is preferable to the completed contract method and should be used unless:a. There is a lack of dependable estimates or inherent hazards cause forecasts to be
When management selectively excludes some revenues, expenses, gains, and losses from earnings calculated using generally accepted accounting principles, it is an example ofa. income smoothing.b. big
Which of the following is not disclosed in a statement of cash flows?a. A transfer of cash to a cash equivalent investmentb. The amount of cash at year-endc. Cash outflows from investing activities
Which of the following events appears in the cash flows from the investing activities section of the statement of cash flows?a. Cash received from customersb. Cash received from the issuance of
Which of the following events appears in the cash flows from the financing activities section of the statement of cash flows?a. Cash purchase of equipmentb. Cash purchase of bonds issued by another
Tyler Company has a net income of $49,000 and the following related items:Using the indirect method, what is Tyler’s net cash flow from operations? Depreciation expense. Accounts receivable
An end-of-period journal entry made to reflect accrual accounting is called a. b. C. d. a posted journal entry. an adjusting journal entry. an erroneous journal entry. a compound journal entry.
Posting refers to the process whereby journal entry information is transferred from journal to general ledger accounts. b. general ledger accounts to a journal. C. d. source documents to a journal. a
Which of the following is an example of an adjusting entry? a. Recording the purchase of supplies on account b. Recording depreciation expense on a truck Recording cash received from customers for
A piece of equipment was placed in service on January |, 2013. The cost of the equipment was Rey $20,000, and it is expected to have no value at the end of its eight-year life. Using straight-line
When a customer places an order, Custom Cakes requires a deposit equal to the full purchase price. SEO, However, Custom Cakes does not recognize revenue until the completed cake is delivered. During
Which of the following is a potential cost of the public disclosure of accounting information? a. Loss of competitive advantage caused by revealing information to competitors. b. Potential increased
Banks that lend money to corporations are considered a. creditors. b. stockholders. c. both a and b above. d. neither a nor b above.
Which of the following financial statements reports the financial condition of a company at a point in time? a. the balance sheet b. the income statement C. the statement of cash flows d. the
Which of the following conditions must exist for an item to be recorded as an asset? a. Item is not owned or controlled by the company. b. Future benefits from the item cannot be reliably measured.
Company assets that are excluded from the company financial statements a. are presumably reflected in the company's stock price. b. include all of the company's intangible assets. C. are known as
If an asset declines in value, which of the following must be true? a. A liability also declines. b. Equity also declines. c. Either a liability or equity also declines or another asset increases in
Which of the following is true about accrual accounting? a. Accrual accounting requires that expenses always be recognized when cash is paid out. b. Accrual accounting is required under GAAP. C.
Which of the following options accurately identifies the effects a cash sale of an iPhone has on Apple’s accounts? a. Accounts receivable increases, sales revenue increases, cost of goods sold
The following information is reported for Kinney Corporation at the end of 2015. Accounts receivable. $ 23,000 11,000 8,000 Retained earnings Supplies inventory Equipment. Accounts payable...
Determine the following for each separate company case: a. The stockholders' equity of Jensen Corporation, which has assets of $450,000 and liabilities of $326,000. b. The liabilities of Sloan &
Following example a below, indicate the effects of transactions b through i on assets, Habilities, and equity, including identifying the individual accounts affected. a. Paid cash to acquire a
Ryan Distributing Company had the following transactions with Arlington, Inc., during the month of November:Nov. 10 Ryan sold and shipped \(\$ 8,000\) worth of merchandise ( \(\$ 4,500\) cost) to
Webb Company was established on July 1. Its sales terms are \(3 / 10, n / 30\). Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are
Rand Wholesale Company purchases merchandise from a variety of manufacturers and sells the merchandise to a variety of retailers. All sales are subject to a cash discount \((2 / 10, \mathrm{n} /
Jane Distributing Company uses the perpetual inventory system. Jane had the following transactions related to merchandise during the month of August:Aug. 10 Purchased on account merchandise for
Emily Enterprises reports the following information on its income statement:Required Compute Emily's gross profit percentage and return on sales ratio. Explain what each ratio tells us about Emily's
Fame Distributing Company had the following transactions with Arlington, Inc., during November:Nov. 10 Fame sold and shipped \(\$ 8,000\) worth of merchandise to Arlington, terms \(2 / 10, \mathrm{n}
Drake Company was established on July 1. Its sales terms are \(2 / 10, n / 30\). Credit terms for its purchases vary with the supplier. Selected transactions for the first month of operations are
The financial statements for the Columbia Sportswear Company are in Appendix A at the end of this book.Required Using the company's Consolidated Statement of Operations. which is another name for
The financial statements for the Columbia Sportswear Company and Under Armour, Inc. are in Appendix A and B, respectively, at the end of this book.Requireda. Based on the information you find in
Northern Corporation started a retail clothing business on July 1, 2018. During 2018, Northern Corporation had the following summary transactions related to merchandise inventory:On average,
Johnson \& Johnson is a worldwide manufacturer of health care products, including Band-Aid bandages and Mylanta antacid. It reported the following results for three recent years:Assume that
Geary Company produces custom machinery that has few competitors. As such, Geary is able to charge a large markup that is reflected in its large gross profit percentage. Recently the marketing
During the last week of 2017, George Green, controller of We 'R' Appliances, received a memorandum from the firm's president, Jane Anderson. The memorandum stated that Anderson had negotiated a very
Target is one of a large growing number of companies that publish an annual corporate social responsibility report. Go to the Target Website and navigate to the section on corporate responsibility to
The 2017 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world's largest and

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