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Financial Accounting Tools for Business Decision Making 5th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

A partial adjusted trial balance for Orlando Company is given in E4-13. InstructionsPrepare the closing entries at January 31, 2010.
Selected accounts of Callahan Company are shown here.InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31.
The trial balances shown on below are before and after adjustment for Ivy Company at the end of its fiscal year.InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Ivy Company is given in E4-16.InstructionsPrepare the income and retained earnings statements for the year and the classified balance sheet at August 31.
The adjusted trial balance for Ivy Company is given in E4-16.InstructionsPrepare the closing entries for the temporary accounts at August 31.
The following selected data are taken from the comparative financial statements of Ottawa Curling Club. The Club prepares its financial statements using the accrual basis of accounting.Dues are billed to members based upon their use of the Club's facilities. Unearned ticket revenues arise from
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for Waegelein also contains the following accounts: Accumulated Depreciation'Office
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.Other data:1. Insurance expires at the rate of $300 per month.2. A count of supplies shows $1,050 of unused supplies on May 31.3. Annual depreciation is $3,600 on the lodge and $3,000 on
Four Oaks Golf Inc. was organized on July 1, 2010. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here.Instructions(a) Journalize the adjusting entries that were made.(b) Prepare an income statement and a retained earnings
A review of the ledger of Napier Company at December 31, 2010, produces these data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $15,200. The company has separate insurance policies on its buildings and its motor vehicles. Policy B4564 on the building was purchased
Happy Camper Travel Court was organized on July 1, 2009, by Kristen Silas. Kristen is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Kristen prepared the following income statement (shown below) for her fourth quarter, which ended June 30,
On November 1, 2010, the following were the account balances of Montana Equipment Repair.During November the following summary transactions were completed.Nov. 8 Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable.10 Received $1,500 cash
Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.July 1 Issued 11,000 shares of common stock for $11,000 cash.1 Purchased used truck for $9,000, paying $2,000 cash and the balance on account.3 Purchased cleaning supplies for $900
The following data are taken from the comparative balance sheets of Pinebluff Club, which prepares its financial statements using the accrual basis of accounting.Fees are billed to members based upon their use of the club€™s facilities. Unearned fees arise from the sale of gift
Tiffany Goren started her own consulting firm, Goren Consulting, on May 1, 2010. The trial balance at May 31 is as shown below.In addition to those accounts listed on the trial balance, the chart of accounts for Goren Consulting also contains the following accounts: Accumulated Depreciation'Office
Flint Hills Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here.Other data:1. Insurance expires at the rate of $450 per month.2. A count of supplies on August 31 shows $700 of supplies on hand.3. Annual
Longly Advertising Agency was founded by Jeff Longly in January 2005. Presented here are both the adjusted and unadjusted trial balances as of December 31, 2010.Instructions(a) Journalize the annual adjusting entries that were made.(b) Prepare an income statement and a retained earnings statement
A review of the ledger of Quayle Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries Payable $0: There are eight salaried employees. Salaries are paid every Friday for the current week. Six employees receive a salary of
The Wyandotte Travel Agency was organized on January 1, 2008, by Ron Dexter. Ron is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Ron prepared the following income statement for the quarter that ended March 31, 2010.Ron knew that something was
On September 1, 2010, the following were the account balances of Pittsburg Equipment Repair.During September the following summary transactions were completed.Sept. 8 Paid $1,100 for salaries due employees, of which $400 is for September and $700 is for August salaries payable.10 Received $1,500
Kathy Herman opened Kwick Cleaners on March 1, 2010. During March, the following transactions were completed.Mar. 1 Issued 10,000 shares of common stock for $15,000 cash.1 Purchased used truck for $8,000, paying $3,000 cash and the balance on account.3 Purchased cleaning supplies for $1,200 on
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Identify two accounts on Hershey Foods’ balance sheet that provide evidence that Hershey uses accrual accounting. In each case, identify the
The August 16, 2007, issue of the Wall Street Journal includes an article by Michael Corkery and David Reilly titled “Beazer’s Accounting Woes Extend Roller-Coaster Ride.”InstructionsRead the article and answer the following.(a) Explain what is meant by cookie-jar accounting? Why might a
Grand Valley Park was organized on April 1, 2009, by Janet Elston. Janet is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Janet prepared the following income statement for the quarter that ended March 31, 2010.Janet knew that something was wrong
Diamond Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Diamond’s chemical pesticides. During the coming year, Diamond will have environmentally safe and competitive replacement chemicals to replace these
In alphabetical order below are balance sheet items for Mantle Company at December 31, 2010. Prepare a balance sheet following the format of Illustration 1-8.Accounts payable ......... $75,000Accounts receivable ........ 81,000Cash ............... 22,000Common stock .......... 28,000
At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000.(a) If total assets increased $150,000 during the year and total liabilities decreased $80,000, what is the amount of stockholders’ equity at the end of the year?(b) During the year, total
Cougar Corporation began operations on January 1, 2010. The following information is available for Cougar Corporation on December 31, 2010.Prepare an income statement, a retained earnings statement, and a balance sheet for CougarCorporation.
The Long Run Golf & Country Club details the following accounts in its financial statements. (a) (b)Accounts payable and accrued liabilities _____ _____Accounts receivable _____ _____Property, plant, and equipment _____ _____Food and beverage operations revenue _____ _____Golf
This information relates to Denson Co. for the year 2010.Retained earnings, January 1, 2010 ......... $64,000Advertising expense ............... 1,800Dividends paid during 2010 ........... 6,000Rent expense ................. 10,400Service revenue ................ 53,000Utilities expense
The following information was taken from the 2006 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions.Retained earnings, January 1, 2006 ......... $37,980.0Materials and production expense ......... 6,001.1Marketing and administrative expense ........
Presented here is information for Willingham Inc. for 2010.Retained earnings, January 1 ......... $130,000Revenue from legal services ......... 400,000Total expenses ............. 170,000Dividends ............... 82,000InstructionsPrepare the 2010 retained earnings statement for Willingham
Consider each of the following independent situations.(a) The retained earnings statement of Hollis Corporation shows dividends of $68,000, while net income for the year was $75,000.(b) The statement of cash flows for Zhiang Corporation shows that cash provided by operating activities was $10,000,
The following items and amounts were taken from Wayside Inc.'s 2010 income statement and balance sheet.Instructions(a) In each, case, identify on the blank line whether the item is an asset (A), liability (L), stockholder's equity (SE), revenue (R), or expense (E) item.(b) Prepare an income
Here are incomplete financial statements for Garrett, Inc.InstructionsCalculate the missingamounts.
Forest Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2010.Instructions(a) Determine Forest Park€™s net income for 2010.(b) Prepare a retained earnings statement and a balance sheet for Forest
Kellogg Company is the world€™s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. The following items were taken from its 2006 income statement and balance sheet. All dollars are in
This information is for Damon Corporation for the year ended December 31, 2010.Cash received from lenders ........ $20,000Cash received from customers ....... 60,000Cash paid for new equipment ........ 35,000Cash dividends paid .......... 8,000Cash paid to suppliers .......... 18,000Cash
The following data are derived from the 2006 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end.Cash balance, January 1, 2006 ........... $2,280Cash paid for repayment of debt .......... 607Cash received from issuance of common
Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now he€™s not sure it is correct.InstructionsPrepare a correct balancesheet.
The following items were taken from the balance sheet of Nike, Inc.InstructionsPerform each of the following.(a) Classify each of these items as an asset, liability, or stockholders' equity and determine the total dollar amount for each classification. (All dollars are in millions.)(b) Determine
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Elder Corporation and Holden Enterprises, are presented below for 2010.InstructionsDetermine the missing amounts. Assume all changes in stockholders' equity are due to changes in
Presented below are five independent situations.(a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange transactions. Each has contributed an equal amount of cash and knowledge to the venture. Although their
On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for the month of June, its first month of operations:In June, the company issued no additional stock,
Presented below is selected financial information for Maris Corporation for December 31, 2010.Instructions(a) Determine which items should be included in a statement of cash flows and then prepare the statement for Maris Corporation.(b) Comment on the adequacy of net cash provided by operating
Penington Corporation was formed on January 1, 2010. At December 31, 2010, Trent Radinsky, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows.Trent willingly admits that he is not an accountant by training. He is concerned that his balance sheet might
Presented below are five independent situations. (a) Sally Quayle, a college student looking for summer employment, opened a vegetable stand along a busy local highway. Each morning she buys produce from local farmers then sells it in the afternoon as people return home from work.(b) Jack Nabb and
Labette Delivery was started on May 1 with an investment of $45,000 cash. To €œjump start€ its sales, the company spent significant money on advertising. Following are the assets and liabilities of the company on May 31, 2010, and the revenues and expenses for the month of May,
Presented below are selected financial statement items for Eaton Corporation for December 31, 2010.Instructions(a) Determine which items should be included in a statement of cash flows, and then prepare the statement for Eaton Corporation.(b) Comment on the adequacy of net cash provided by
Houston Corporation was formed during 2009 by Glenda Lee. Glenda is the president and sole stockholder. At December 31, 2010, Glenda prepared an income statement for Houston Corporation. Glenda is not an accountant, but she thinks she did a reasonable job preparing the income statement by looking
Financial statements of Hershey Foods Corporation are presented in Appendix B, and Tootsie Roll’s simplified financial statements are presented in Illustrations 1-11 through 1-14.Instructions(a) Based on the information in these financial statements, determine the following for each
Diane Wynne is the bookkeeper for Bates Company, Inc. Diane has been trying to get the company's balance sheet to balance. She finally got it to balance, but she still isn't sure that it is correct.InstructionsExplain to Diane Wynne in a memo (a) The purpose of a balance sheet, and (b) Why this
(a) Glenda Rosen believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Glenda correct? Explain.(b) Are short-term creditors, long-term creditors, and stockholders primarily interested in the same characteristics of a
Simplified 2007 financial statements of Tootsie Roll Industries, Inc. are given in Illustrations 1-11 through 1-14.InstructionsRefer to Tootsie Roll’s financial statements to answer the following questions.(a) What were Tootsie Roll’s total assets at December 31, 2007? At December 31,
Jack Pine, the founder of Water-boots Inc., needs to raise $500,000 to expand his company’s operations. He has been told that raising the money through debt will increase the riskiness of his company much more than issuing stock. He doesn’t understand why this is true. Explain it to him.
Jan Leonard, the president of King Company, is pleased. King substantially increased its net income in 2010 while keeping its unit inventory relatively the same. Joe Morton, chief accountant, cautions Jan, however. Morton says that since King changed its method of inventory valuation, there is a
A list of financial statement items for Rondelli Company includes the following: accounts receivable $14,000; prepaid insurance $3,300; cash $10,400; supplies $3,800 and short-term investments $8,200. Prepare the current assets section of the balance sheet listing the items in the proper sequence.
The following information (in millions of dollars) is available for Limited Brands for 2007: Sales revenue $10,671; net income $676; preferred stock dividend $0; average shares outstanding 402 million. Compute the earnings per share for Limited Brands for 2007.
Danny’s Books & Music Inc. reported the following selected information at March 31.2010Total current assets ............$262,787Total assets ............... 439,832Total current liabilities .......... 293,625Total liabilities .............. 376,002Cash provided by operating activities .....
Gantner Company uses these accounting practices:(a) Inventory is reported at cost when market value is lower.(b) Small tools are recorded as plant assets and depreciated.(c) The income statement shows paper clips expense of $10.Indicate the accounting constraint, if any, that each practice has
Theremin Corporation has collected the following information related to its December 31, 2010, balance sheet.Prepare the assets section of Theremin Corporation€™s balancesheet.
The following financial statement items were taken from the financial statements of de Vries Corp.____ Trademarks ____ Inventories____ Current maturities of long-term debt ____ Accumulated depreciation____ Interest revenue ____ Land improvements____ Taxes payable ____ Common stock____
The following information is available for Allotrope Corporation.(a) Compute earnings per share for 2010 and 2009 for Allotrope, and comment on the change. Allotrope's primary competitor, Triatomic Corporation, had earnings per share of $1 per share in 2010. Comment on the difference in the ratios
The following items were taken from the December 31, 2006, assets section of the Boeing Company balance sheet. (All dollars are in millions.)InstructionsPrepare the assets section of a classified balance sheet, listing the current assets in order of theirliquidity.
The following information (in thousands of dollars) is available for H.J. Heinz Company€”famous for ketchup and other fine food products€”for the year ended May 2, 2007.InstructionsPrepare the assets section of a classified balance sheet, listing the items in proper sequence and
These items are taken from the financial statements of Cleland Co. at December 31, 2010.Building ................ $105,800Accounts receivable .......... 12,600Prepaid insurance ........... 4,680Cash ................ 11,840Equipment ................ 82,400Land ................
The following items were taken from the 2006 financial statements of Texas Instruments, Inc. (All dollars are in millions.)InstructionsPrepare a classified balance sheet in good form as of December 31,2006.
The following information is available for Callaway Golf Company for the years 2006 and 2005. (Dollars are in thousands, except share information.)There were 69,111,349 shares outstanding at the end of 2004.Instructions(a) What was the company's earnings per share for each year?(b) Based on your
These financial statement items are for Barone Corporation at year-end, July 31, 2010.Salaries payable ............ $ 2,080Salaries expense ............ 51,700Utilities expense ............ 22,600Equipment ............... 18,500Accounts payable ............. 4,100Commission revenue
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for the year ended February 3, 2007, follow.Instructions(a) Compute working capital and the current ratio at the beginning of the year and at the end of the current year.(b) Did
The chief financial officer (CFO) of Greenstem Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2010, so that the CFO could get an idea of how the company stood. He knows that certain debt agreements with its creditors require the company to
The following data were taken from the 2007 and 2006 financial statements of American Eagle Outfitters. (All dollars are in thousands.)InstructionsPerform each of the following.(a) Calculate the debt to total assets ratio for each year.(b) Calculate the free cash flow for each year.(c) Discuss
Ghosh Co. had three major business transactions during 2010.(a) Reported at its market value of $260,000 merchandise inventory with a cost of $208,000.(b) The president of Ghosh Co., Dipak Ghosh, purchased a truck for personal use and charged it to his expense account.(c) Ghosh Co. wanted to make
The following items are taken from the 2006 balance sheet of Yahoo! Inc. (All dollars are in thousands.)Intangible assets ................... $3,374,379Common stock .................... 5,292,545Property and equipment, net .............. 1,101,379Accounts payable ...................
These items are taken from the financial statements of Finn Corporation for 2010.Retained earnings (beginning of year) ....... $31,000Utilities expense ................. 2,000Equipment .................. 66,000Accounts payable ............... 18,300Cash ....................
You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year-end.Accounts payable ................ $ 834Accounts receivable ............... 810Building, net of accumulated depreciation ....... 1,537Cash ...................... 1,270Common stock
Comparative financial statement data for Bedene Corporation and Groneman Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2010.Instructions(a) Comment on the relative profitability of the companies by computing the net income and earnings per share for each
Here and on page 88 are financial statements of Edmiston Company.EDMISTON COMPANYIncome StatementFor the Year Ended December 31, 2010Net sales .............$2,218,500Cost of goods sold ......... 1,012,400Selling and administrative expenses ... 906,000Interest expense .......... 98,000Income tax
Condensed balance sheet and income statement data for Lark Corporation are presented here.InstructionsCompute these values and ratios for 2009 and 2010.(a) Earnings per share.(b) Working capital.(c) Current ratio.(d) Debt to total assets ratio.(e) Free cash flow.(f) Based on the ratios calculated,
Selected financial data of two competitors, Target and Wal-Mart, are presented here. (All dollars are in millions.)InstructionsFor each company, compute these values and ratios.(a) Working capital.(b) Current ratio.(c) Debt to total assets ratio.(d) Free cash flow.(e) Earnings per share.(f) Compare
A friend of yours, Cindy Estes, recently completed an undergraduate degree in science and has just started working with a biotechnology company. Cindy tells you that the owners of the business are trying to secure new sources of financing which are needed in order for the company to proceed with
The following items are from the 2006 balance sheet of Kellogg Company. (All dollars are in millions.)Common stock ............$ 396.9Other assets ............5,471.4Notes payable—current ........1,268.0Other current assets ......... 247.7Current maturities of long-term debt ... 723.3Cash and
These items are taken from the financial statements of Pinson, Inc.Prepaid insurance ........ $ 1,800Equipment .......... 31,000Salaries expense ....... 36,000Utilities expense ....... 2,100Accumulated depreciation ... 8,600Accounts payable ....... 10,200Cash ............ 5,300Accounts
You are provided with the following information for Milner Corporation, effective as of its April 30, 2010, year-end.Accounts payable ......... $ 2,400Accounts receivable ........ 9,150Accumulated depreciation ........ 6,600Depreciation expense ......... 2,200Cash ..............
Comparative statement data for Smyth Company and James Company, two competitors, are presented below. All balance sheet data are as of December 31, 2010.Instructions(a) Comment on the relative profitability of the companies by computing the net income and earnings per share for each company for
The financial statements of Windsor Company are presented here.WINDSOR COMPANYIncome StatementFor the Year Ended December 31, 2010Net sales .............$700,000Cost of goods sold ......... 400,000Selling and administrative expenses ... 150,000Interest expense ........... 7,800Income tax expense
Condensed balance sheet and income statement data for Pratt Corporation are presented below.InstructionsCompute the following values and ratios for 2009 and 2010.(a) Earnings per share.(b) Working capital.(c) Current ratio.(d) Debt to total assets ratio.(e) Free cash flow.(f) Based on the ratios
Net Nanny Software International Inc., headquartered in Vancouver, specializes in Internet safety and computer security products for both the home and commercial markets. In a recent balance sheet, it reported a deficit (negative retained earnings) of US $5,678,288. It has reported only net losses
The financial statements of Tootsie Roll Industries, Inc., appear in Appendix A at the end of this book.InstructionsAnswer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated Financial Statements section.(a) What were Tootsie Roll’s total current assets
The financial statements of Hershey Foods appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Assume Hershey’s average number of shares outstanding was 228,652,000, and Tootsie Roll’s was 54,980,000.Instructions(a) For each company calculate the following
The January 2008 edition of Strategic Finance includes an article by Curtis C. Verschoor titled “ERC Says Ethics Risk Landscape Still Treacherous.”InstructionsRead the article and answer the following questions.(a) In 2007 what percentage of employees in the survey said that they had personally
The following information was reported by Gap, Inc. in its 2006 annual report.(a) Determine the overall percentage decrease in Gap's total assets from 2002 to 2006. What was the average decrease per year?(b) Comment on the change in Gap's liquidity. Does working capital or the current ratio appear
T. J. Rains is the chief executive officer of Tomorrow’s Products. T. J. is an expert engineer but a novice in accounting.InstructionsWrite a letter to T. J. Rains that explains(a) The three main types of ratios;(b) Examples of each, how they are calculated, and what they measure; and(c) The
A May 20, 2002, Business Week story by Stanley Holmes and Mike France entitled “Boeing’s Secret” discusses issues surrounding the timing of the disclosure of information at the giant airplane manufacturer. To summarize, on December 11, 1996, Boeing closed a giant deal to acquire another
(a) “The steps in the accounting cycle for a merchandising company differ from the steps in the accounting cycle for a service enterprise.” Do you agree or disagree? (b) Is the measurement of net income in a merchandising company conceptually the same as in a service enterprise? Explain.
Denise Fritz, CEO of Save-A-Lot Discount Stores, is considering a recommendation made by both the company’s purchasing manager and director of finance that the company should invest in a sophisticated new perpetual inventory system to replace its periodic system. Explain the primary difference
Keisler Co. has sales revenue of $100,000, cost of goods sold of $65,000, and operating expenses of $20,000. What is its gross profit?
Janet Kent believes revenues from credit sales may be earned before they are collected in cash. Do you agree? Explain.
A credit sale is made on July 10 for $900, terms 2/10, n/30. On July 12, the purchaser returns $100 of goods for credit. Give the journal entry on July 19 to record the receipt of the balance due within the discount period.
As the end of Ray Company’s fiscal year-end approached, it became clear that the company had considerable excess inventory. Jefferson Bunker, the head of marketing and sales, ordered salespeople to “add 20% more units to each order that you ship. The customers can always ship the extra back

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