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financial accounting an introduction
Questions and Answers of
Financial Accounting An Introduction
Which amount is the base amount for vertical analysis on the balance sheet?
What is the purpose for common-size financial statements?
Net income was \($245,000\) in 2008, \($240,000\) in 2009, and \($276,000\) in 2010. The change from 2009 to 2010 is a (an)a. increase of 5%.C. increase of 15%.b. increase of 10%.d. increase of 20%.
Horizontal analysis of a financial statement showsa. the relationship of each statement item to a specified base.b. percentage changes in comparative balance sheets.C. percentage changes in
A statement that reports only percentages is calleda. a comparative statement.b. a common-size statement.C. a condensed statement.d. a cumulative statement.
Working capital isa. a measure of the ability to meet short-term obligations with current assets.b. defined as current assets minus current liabilities.C. defined as current assets divided by current
Cash is \($15,000,\) net accounts receivable amount to \($6,000,\) inventory is \($10,000,\) prepaid expenses total \($4,000,\) and current liabilities are \($20,000.\) What is the quick ratio?a.
Days’ sales in receivables is computed bya. dividing net sales by 365.b. dividing 365 by accounts receivable turnover.C. dividing sales by average net accounts receivable,d. dividing accounts
Rubble Company is experiencing a severe cash shortage due to its inability to collect accounts receivable. Which of the following would most likely identify this problem?a. Current ratiob. Working
Which of the following statements is true of financial statement analysis?a. Horizontal analysis expresses all items on a financial statement as percentages of a common base.b. Vertical analysis
Which statement is most likely to be true?a. An increase in inventory turnover indicates that inventory is not selling as quickly as it was.b. A decrease in inventory turnover indicates that
How are financial ratios used in decision making?a. They eliminate uncertainty regarding cash flows.b. They can be used as a substitute for consulting financial statements.C. They are only used in
Intermountain, Inc., experienced an unbroken string of 10 years of growth in net income. Nevertheless, the business is facing bankruptcy. Creditors are calling all of Intermountain’s outstanding
Identify each of the following transactions as one of the following:■ Operating activity (O)■ Investing activity (I)■ Financing activity (F)■ Noncash investing and financing activity (NIF)For
C. Kirk Corporation reported the following data for 2010:Compute C. Kirk Corporation’s net cash provided by operating activities according to the indirect method. Income statement: Net Income
Inland Equipment’s accountants assembled the following data for the year ended June 30, 2010.Prepare Inland Equipment’s statement of cash flows for the year ended June 30, 2010 using the indirect
Uhura Health Spas began 2010 with cash of \($104,000.\) During the year, Uhura earned service revenue of \($600,000\) and collected \($590,000\) from customers. Expenses for the year totaled
Inland Equipment, Inc., assembled the following data related to its cash transactions for the year ended June 30, 2010:Prepare Inland Equipment’s statement of cash flows for the year ended June 30,
McCoy Medical Company reported the following financial statements for 2010:Use the information in McCoy Medical Company’s financial statements to compute the following:1. Collections from customers
Use the McCoy Medical Company data in S11-10 to compute the amount of plant assets acquired by McCoy Medical Company, assuming McCoy sold no plant assets in 2010.11-10McCoy Medical Company reported
Use the McCoy Medical Company data in S11-10 to compute the following amounts for 2010: N 1. Borrowing or payment of long-term notes payable, assuming McCoy had only one long-term note payable
The accounting records of Rising Star Talent Agency reveal the following:Requirements1. Compute cash flows from operating activities by the indirect method. Use the format of the operating activities
The income statement and additional data of Specialized Services, Inc., follow:Additional data follows:a. Acquisition of plant assets totaled \($116,000.\) Of this amount, \($101,000\) was paid in
The accounting records of The Fenceman, Inc., reveal the following:Requirements 1. Compute cash flows from operating activities by the direct method.2. Evaluate the operating cash flow of The
The income statement and additional data of Specialized Services, Inc., follow:Additional data follows:a. Collections from customers are \($15,000\) more than sales.b. Payments to suppliers are the
Compute the following items for the statement of cash flows:1. The beginning and ending Accounts Receivable balances are \($22,000\) and \($18,000,\) respectively. Credit sales for the period total
Top Ten Corporation, a nationwide insurance chain, reported the following selected amounts in its financial statements for the year ended August 31, 2010 (adapted, in millions):Requirement 1.
The accounting records of Rodeo Talent Agency reveal the following:Requirements1. Compute cash flows from operating activities by the indirect method. Use the format of the operating activities
The income statement and additional data of Rayborn Services, Inc., follow:Additional data follows:a. Acquisition of plant assets totaled \($116,000.\) Of this amount, \($101,000\) was paid in cash
Compute the following items for the statement of cash flows:1. The beginning and ending Retained Earnings balances are \($47,000\) and \($71,000,\) respectively. Net income for the period is
The accounting records of Fence Up, Inc., reveal the following:Requirements 1. Compute cash flows from operating activities by the direct method.2. Evaluate the operating cash flow of Fence Up, Inc.
The income statement and additional data of Rayborn Services, Inc., follow: Additional data follows:a. Collections from customers are \($15,000\) more than sales.b. Payments to suppliers are the sum
Compute the following items for the statement of cash flows:1. The beginning and ending Accounts Receivable balances are \($18,000\) and \($22,000,\) respectively. Credit sales for the period total
A-One Corporation, a nationwide insurance chain, reported the following selected amounts in its financial statements for the year ended March 31, 2010 (adapted, in millions):Requirement1. Determine
O’Malley Corporation accountants assembled the following data for the year ended December 31,2010:Requirement 1. Prepare O’Malley Corporation’s statement of cash flows using the indirect method
Data from the comparative balance sheet of Izzie Company at March 31,2010, follow:Izzie Company’s transactions during the year ended March 31, 2010, included the following:Requirements 1. Prepare
The 2010 comparative balance sheet and income statement of A. Karev Medical Supplies follow:A. Karev Medical Supplies had no noncash investing and financing transactions during 2010. During the year,
The accounting records for R. Webber Associates, Inc., for the year ended April 30, 2010, contain the following information:a. Purchase of plant assets for cash, \($59,400b.\) Proceeds from issuance
Use the A. Karev Medical Supplies data from P11-31 A. The cash amounts for Interest Revenue, Salary Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for these
To prepare the statement of cash flows, accountants for C. Yang, Inc., summarized 2010 activity in the Cash account as follows:Requirement 1. Prepare the statement of cash flows of C. Yang, Inc., for
Morgensen Corporation accountants assembled the following data for the year ended December 31, 2010:Requirement 1. Prepare Morgensen Corporation’s statement of cash flows using the indirect method
Data from the comparative balance sheet of Johnson Company, at March 31, 2010, follow:Requirements 1. Prepare Johnson Company’s statement of cash flows for the year ended March 31,2010, using the
The 2010 comparative balance sheet and income statement of Goldman Medical Supplies, follow:Goldman Medical Supplies had no noncash investing and financing transactions during 2010. During the year,
The accounting records for L. Lee Associates, Inc., for the year ended April 30, 2010, contain the following information:a. Purchase of plant assets, \($55,400b. Proceeds from issuance of common
Use the Goldman Medical Supplies data from P11-37B. The cash amounts for Interest Revenue, Salary Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for these
To prepare the statement of cash flows, accountants for H. Laurie, Inc., summarized 2010 activity in the Cash account as follows:Requirement1. Prepare the statement of cash flows of H. Laurie, Inc.,
How would the sale of treasury stock that was acquired three years ago appear in the statement of cash flows (if at all)?
The three main categories of cash flows area. direct, indirect, and hybrid.b. current, long-term, and fixed.C. operating, investing, and financing.d. short-term, long-term, and equity.
The purpose of the cash flow statement is toa. predict future cash flows.b. evaluate management decisions.C. predict ability to make payments to lenders,d. All of the above
Financing activities are most closely related toa. current assets and current liabilities.b. long-term assets.C. long-term liabilities and stockholder’s equity,d. net income and dividends.
Advanced Robotics earned net income of \($60,000\) after deducting depreciation of \($4,000\) and all other expenses. Current assets increased by \($3,000\) and current liabilities decreased by
The Plant Assets account of Betterbuilt, Inc., shows the following:Better built, Inc., sold plant assets at a \($10,000\) gain. Flow much should Better built, Inc., report for the sale?a. Cash flows
Widget Corporation borrowed \($15,000,\) issued common stock of \($10,000,\) and paid dividends of \($25,000.\) What was Widget Corporation’s net cash provided or used by financing activities?a.
Which item appears on a statement of cash flows prepared by the indirect method?a. Net incomeb. Payment to suppliers C. Collections from customersd. Payment of income tax.
Structural Systems, Inc., had accounts receivable of \($20,000\) at the beginning of the year and \($50,000\) at year-end. Revenue for the year totaled \($100,000.\) How much cash did Structural
Allied Enterprises had operating expenses of \($40,000.\) At the beginning of the year, Allied Enterprises owed \($5,000\) on accrued liabilities. At year-end, accrued liabilities were \($8,000.\)
Match the following terms with the correct definition. a. Common stock b. Paid-in capital c. Dividends d. Legal capital e. Outstanding stock f. Par value g. Preferred stock h. Retained earnings I.
Tricor, Corp., issued stock above par on July 31. Answer the following questions about Tricor, Corp.1. Tricor, Corp., received \($30\) million for the issuance of its stock. The par value of the
The Kingston Company reported the following on its balance sheet at December 31, 2010:1. Assume Kingston Company issued all of its stock during 2010. Journalize the company’s issuance of the stock
At December 31,2010, Kingston Company reported the following on its comparative balance sheet, which included 2009 amounts for comparison (adapted, with all amounts in millions except par value per
Bruner Corporation has two classes of stock, \($1\) par common and \($10\) par preferred. Journalize Bruner’s issuance 6f the following:a. 1,000 shares of common stock for \($50\) per shareb. 1,000
Midas Company earned net income of \($85,000\) during the year ended December 31,2010. On December 15, 2010, Midas Company declared the annual cash dividend on its 6% preferred stock (total par
Holiday.com prepared the following stockholders’ equity section as of December 31, 2010.Answer the following questions about Holiday.com’s dividends:1. How much in dividends must Holiday.com
Transtech, Inc., has 200,000 shares of \($2.50\) par common stock outstanding, Transtech, Inc., declares and distributes a 5% stock dividend when the market value of its stock is \($10\) per share.1.
Suppose Pier 1 Imports has common stock, \($1\) par, 500,000 shares authorized, 100,000 shares issued and outstanding. The company decided to split its common stock 2-for-1 in order to decrease the
Classic Corporation began operations in 2010. After issuing its common stock to the public, Classic Corporation completed the following treasury stock transactions:a. Purchased 2,000 shares of the
The financial statements of Nason Corporation reported the following accounts (in thousands except for par value):Prepare the stockholders’ equity section of Nason Corporation’s balance sheet.
Use the statement of stockholders’ equity in Exhibit 10-8, to answer the following questions:1. Make journal entries to record the declaration and payment of cash dividends during 2010.2. How much
Stanley Systems completed the following stock issuance transactions:Requirements 1. Journalize the transactions. Explanations are not required.2. How much paid-in capital did these transactions
The charter for Zycor, Inc., authorizes the company to issue 100,000 shares of \($3,\) no-par preferred stock and 500,000 shares of common stock with \($1\) par value. During its start-up phase,
Yates, Corp., issued 5,000 shares of no-par common stock for $10 per share.Requirements 1. Record issuance of the stock if the stocka. is a no-par stock andb. actually has a stated value of $2 per
Victor, Co., recently organized. The company issued common stock to an attorney in exchange for his patent with a market value of \($40,000.\) In addition, Victor, Co., received cash for 2,000 shares
Horizon Communications has the following stockholders’ equity:Requirement1. Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and common shareholders for 2010
The following elements of stockholders’ equity are adapted from the balance sheet of Scribner Corporation.Scribner Corporation paid no preferred dividends in 2010 but paid the designated amount of
The stockholders’ equity for Blade, Inc., on December 31, 2009, follows:On April 30, 2010, the market price of Blade’s common stock was $16 per share and the company distributed a 10% stock
Roily Racing Motors is authorized to issue 500,000 shares of \($1\) par common stock. The company issued 80,000 shares at \($4\) per share, and all 80,000 shares are outstanding. When the market
Lipton Travel, Inc., had the following stockholders’ equity at May 31:On June 30, Lipton Travel, Inc., split its common stock 2-for-1.Requirements1. Make any necessary entry to record the stock
Consider each of the following transactions separately from every other transaction:a. Issuance of 50,000 shares of \($10\) par common at \($15.b.\) Purchase of 1,000 shares of treasury stock (par
Journalize the following transactions of Goddard Sports, Inc., a chain of sports stores: Feb 4 Issued 20,000 shares of no-par common stock at $15 per share. Apr 22 Purchased 1,000 shares of treasury
Franklin, Inc., had the following stockholders’ equity on November 30:On December 30, Franklin, Inc., purchased 5,000 shares of treasury stock at $10 per share.Requirements 1. Journalize the
Casey Manufacturing, Co., has the following selected account balances at June 30, 2010.Requirement 1. Prepare the stockholders' equity section of the company's balance sheet. Common Stock, no par
At December 31, 2009, Eaton, Corp., reported the following stockholders’ equity:During 2010, Eaton, Corp., completed these transactions and events in this order:a. Sold 1,000 shares of treasury
Olson Communications, Inc., began 2010 with 2.9 million shares of \($1\) par common stock issued and outstanding. Beginning paid-in capital in excess of par was \($6\) million, and retained earnings
Assume that Apex, Inc., has the following data:Requirements 1. Calculate Apex’s return on equity for 2010.2. Calculate Apex’s return on common equity for 2010.3. Comment on Apex’s performance
Sierra Systems completed the following stock issuance transactions:Requirements 1. Journalize the transactions. Explanations are not required.2. How much paid-in capital did these transactions
The charter for Zerron, Inc., authorizes the company to issue 500,000 shares of \($4,\) no-par preferred stock and 700,000 shares of common stock with \($1\) par value. During its start-up phase,
Youken, Corp., issued 6,000 shares of no-par common stock for $15 per share.Requirements 1. Record issuance of the stock if the stocka. is no-par stock andb. actually has a stated value of $4 per
Arilla, Co., recently organized. The company issued common stock to an attorney in exchange for his patent with a market value of \($52,000.\) In addition, Arilla, Co., received cash for 1,000 shares
Eastern Communications has the following stockholders’ equity:Requirement 1. Assume the preferred stock is cumulative. Compute the amount of dividends to preferred and common shareholders for 2010
The following elements of stockholders’ equity are adapted from the balance sheet of Sacchetti Corporation.Sacchetti Corporation paid no preferred dividends in 2010 but paid the designated amount
The stockholders’ equity for Pondwood, Inc., on December 31, 2009, follows:On September 30, 2010, the market price of Pondwood’s common stock was $11 per share and the company distributed a 30%
Clubhouse Landing, Inc., had the following stockholders’ equity at May 31:On June 30, Clubhouse Landing, Inc., split its common stock 5-for-1.Requirements 1. Make any necessary entry to record the
Consider each of the following transactions separately from every other transaction:a. Issuance of 57,000 shares of \($1\) par common at \($13.b.\) Purchase of 1,800 shares of treasury stock (par
Journalize the following transactions of Discount Sports, Inc., a chain of sports stores: Apr 22 Aug 22 Feb 4 Issued 23,000 shares of no-par common stock at $14 per share. Purchased 1,700 shares of
Southern, Inc., had the following stockholders’ equity on November 30:On December 10, Southern purchased 3,000 shares of treasury stock at $9 per share.Requirements 1. Journalize the purchase of
Bretton Manufacturing, Co., has the following selected account balances at April 30, 2010.Requirement 1. Prepare the stockholders’ equity section of the company’s balance sheet. Common Stock, no
At December 31, 2009, Maloney, Corp., reported the following stockholders’ equity.During 2010 Maloney completed these transactions and events in this order:a. Sold 1,000 shares of treasury stock
O’Grady Communications, Inc., began 2010 with 3.2 million shares of \($1\) par com¬ mon stock issued and outstanding. Beginning paid-in capital in excess of par was \($5.5\) million, and retained
Assume that Skippito, Inc., has the following data:Requirements 1. Calculate Skippito’s return on equity for 2010.2. Calculate Skippito’s return on common equity for 2010.3. Comment on
Partners Dempsey and Perry wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the company as D & P Services, Inc. The charter from the
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