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financial accounting

Questions and Answers of Financial Accounting

C-Mobile Wireless needed additional capital to expand, so the business incorporated. The charter from the state of Georgia authorizes C-Mobile to issue 120,000 shares of 9%, $150 par value
Halborn Manufacturing Co. completed the following transactions during 2018: Jan. 16 Declared a cash dividend on the 6%, $97 par noncumulative preferred stock (1,150 shares outstanding). Declared a
Cedar Corporation issued 36,000 shares of $1 par value common stock in exchange for a building with a market value of $160,000. Record the stock issuance.
The following information was taken from the records of Arizona Motorsports, Inc. at November 30, 2018:Prepare a multi-step income statement for Arizona Motorsports for the fiscal year ended November
The balance sheet of Cullins Management Consulting, Inc. at December 31, 2017, reported the following stockholders' equity:During 2018, Cullins completed the following selected transactions: Feb. 6
Gullo Company reported these figures for 2018 and 2017:Requirements 1. Compute Gullo Company's earnings per share for 2018. Assume the company paid the minimum preferred dividend during 2018. Round
After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise additional capital for the planned business expansion. The company will be able to
Discount Furniture, Inc. completed the following treasury stock transactions in 2018: Dec. 1 Purchased 1,900 shares of the company's $1 par value common stock as treasury stock, paying cash of $5
Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par value, $120,000) and a $0.25
Copperhead Trust has the following classes of stock: Preferred Stock-6%, $12 par value; 8,500 shares authorized, 7,000 shares issued and outstanding Common Stock-$0.10 par value; 2,100,000 shares
Element Water Sports has 13,000 shares of $1 par value common stock outstanding. Element distributes a 5% stock dividend when the market value of its stock is $15 per share. Requirements 1.
Facebook, Inc. is a mobile application and Web site that enables people to connect, share, discover, and communicate with each other. The company also owns Instagram, messenger, WhatsApp, and
Use Target Corporation's financial statements to answer the following questions. Visit www.pearsonhighered.com/Horngren to view a link to Target Corporation's Fiscal 2015 Annual
Julie Lopez Company expects the following for 2018: • Net cash provided by operating activities of $148,000. • Net cash provided by financing activities of $56,000. • Net cash used for
Jelly Bean, Inc. began 2018 with cash of $58,000. During the year, Jelly Bean earned revenue of $595,000 and collected $614,000 from customers. Expenses for the year totaled $427,000, of which Jelly
Amy's Learning Center has assembled the following data for the year ended June 30, 2018: Payments to suppliers.............................................$115,000 Cash payment for purchase of
Use the data in Short Exercise S14A-12 and your results. Prepare the business's complete statement of cash flows for the year ended June 30, 2018, using the direct method for operating activities.
Red Toy Company reported the following comparative balance sheet:Requirements 1. Compute the collections from customers during 2018 for Red Toy Company. Sales Revenue totaled $134,000. 2. Compute the
The records of Vintage Color Engraving reveal the following:Compute cash flows from operating activities by the indirect method for year ended December 31, 2018.
The accounting records of CD Sales, Inc. include the following accounts:Compute CD's net cash provided by (used for) operating activities during July 2018. Use the indirect method.
The income statement of Boost Plus, Inc. follows:Additional data follow: a. Acquisition of plant assets is $124,000. Of this amount, $108,000 is paid in cash and $16,000 by signing a note payable. b.
Consider the following facts for Java Jolt: a. Beginning and ending Retained Earnings are $45,000 and $70,000, respectively. Net income for the period is $60,000. b. Beginning and ending Plant Assets
Rouse Exercise Equipment, Inc. reported the following financial statements for 2018:Requirements 1. Compute the amount of Rouse Exercise's acquisition of plant assets. Assume the acquisition was for
Use the Rouse Exercise Equipment data in Exercise E14-23. Prepare the company's statement of cash flows-indirect method-for the year ended December 31, 2018. Assume investments are purchased with
Dirtbikes, Inc. identified the following selected transactions that occurred during the year ended December 31, 2018: a. Issued 750 shares of $3 par common stock for cash of $17,000. b. Issued 5,100
Use the Rouse Exercise Equipment data in Exercises E14-23 and E14-24. Rouse plans to purchase a truck for $23,000 and a forklift for $125,000 next year. In addition, it plans to pay cash dividends of
The accounting records of Four Seasons Parts reveal the following:Compute cash flows from operating activities using the direct method for the year ended December 31, 2018.
The income statement and additional data of Value Corporation follow:a. Collections from customers are $13,000 more than sales. b. Dividend revenue, interest expense, and income tax expense equal
Consider the following facts: a. Beginning and ending Accounts Receivable are $24,000 and $20,000, respectively. Credit sales for the period total $68,000. b. Cost of goods sold is $77,000. c.
A-One Mobile Homes reported the following in its financial statements for the year ended December 31, 2018:Requirements 1. Compute the collections from customers. 2. Compute payments for merchandise
Use the Boost Plus, Inc. data in Exercise E14-21 to prepare the spreadsheet for the 2018 statement of cash flows. Format cash flows from operating activities by the indirect method.In Exercise
American Rare Coins (ARC) was formed on January 1, 2018. Additional data for the year follow: a. On January 1, 2018, ARC issued no par common stock for $450,000. b. Early in January, ARC made the
Accountants for Morganson, Inc. have assembled the following data for the year ended December 31, 2018:Prepare Morganson's statement of cash flows using the indirect method. Include an accompanying
The 2018 income statement and comparative balance sheet of Rolling Hills, Inc. follow:Additionally, Rolling Hills purchased land of $21,100 by financing it 100% with long-term notes payable during
The comparative balance sheet of Jackson Educational Supply at December 31, 2018, reported the following:Jackson's transactions during 2018 included the following: Requirements 1. Prepare the
Boundary Rare Coins (BRC) was formed on January 1, 2018. Additional data for the year follow: a. On January 1, 2018, BRC issued no par common stock for $475,000. b. Early in January, BRC made the
Use the Rolling Hills, Inc. data from Problem P14-34A.Requirements1. Prepare the 2018 statement of cash flows by the direct method.2. How will what you learned in this problem help you evaluate an
The 2018 comparative balance sheet and income statement of Appleton Group, Inc. follow. Appleton disposed of a plant asset at book value during 2018.Prepare the spreadsheet for the 2018 statement of
Classic Rare Coins (CRC) was formed on January 1, 2018. Additional data for the year follow: a. On January 1, 2018, CRC issued no par common stock for $525,000. b. Early in January, CRC made the
DVR Equipment, Inc. reported the following data for 2018: Income Statement: Net Income.....................................$ 43,000 Depreciation Expense ........................ 6,000 Balance
Accountants for Benson, Inc. have assembled the following data for the year ended December 31, 2018:Prepare Benson's statement of cash flows using the indirect method. Include an accompanying
The 2018 income statement and comparative balance sheet of Sweet Valley, Inc. follow:SWEET VALLEY, INC.Income StatementYear Ended December 31, 2018SWEET VALLEY, INC. Comparative Balance
The comparative balance sheet of Robeson Educational Supply at December 31, 2018, reported the following:Robeson's transactions during 2018 included the following: Requirements 1. Prepare the
Diversion Rare Coins (DRC) was formed on January 1, 2018. Additional data for the year follow: a. On January 1, 2018, DRC issued no par common stock for $450,000. b. Early in January, DRC made the
Use the Sweet Valley data from Problem P14-41B.In Problem P14-41bThe 2018 income statement and comparative balance sheet of Sweet Valley, Inc. follow:SWEET VALLEY, INC.Income StatementYear Ended
The 2018 comparative balance sheet and income statement of Attleboro Group, Inc. follow. Attleboro disposed of a plant asset at book value in 2018.Prepare the spreadsheet for the 2018 statement of
Canyon Canoe Company's comparative balance sheet is shown below. 2019 amounts are assumed, but include several transactions from prior chapters.Additional data follow: 1. The income statement for
Winding Road Cellular accountants have assembled the following data for the year ended April 30, 2018:Prepare the operating activities section using the indirect method for Winding Road Cellular's
Use the data in Short Exercise S14-5 to complete this exercise. Prepare Winding Road Cellular's statement of cash flows using the indirect method for the year ended April 30, 2018. Assume beginning
Preston Media Corporation had the following income statement and balance sheet for 2018:Requirements 1. Compute the acquisition of plant assets for Preston Media Corporation during 2018. The business
Use the Preston Media Corporation data in Short Exercise S14-7 and the results you calculated from the requirements. Prepare Preston Media's statement of cash flows-indirect method-for the year ended
Jennifer's Wedding Shops earned net income of $27,000, which included depreciation of $16,000. Jennifer's acquired a $119,000 building by borrowing $119,000 on a long-term note
Amazon.com, Inc. serves its customers through its retail Web sites, selling millions of unique products. In addition, the company manufactures and sells electronic devices including Kindle e-readers
Details about a company's cash flows appear in a number of places in the annual report. Use Target Corporation's Fiscal 2015 Annual Report to answer the following questions. Visit
1. Compute earnings per share (EPS) for 2018 for Accel's. Round to the nearest cent.2. Compute Accel's Companies' price/earnings ratio for 2018. The market price per share of Accel's stock is
Old Mills's income statement appears as follows (amounts in thousands):Use the following ratio data to complete Old Mills's income statement: 1. Inventory turnover is 3.70 (beginning Merchandise
Traditional Mills's balance sheet appears as follows (amounts in thousands):Use the following ratio data to complete Traditional Mills's balance sheet. 1. Current ratio is 0.72. 2. Acid-test ratio is
Data for Mulberry Designs, Inc. follow:Requirements 1. Prepare a horizontal analysis of the comparative income statement of Mulberry Designs, Inc. Round percentage changes to one decimal place. 2.
Grand Oaks Realty's net revenue and net income for the following five-year period, using 2015 as the base year, follow:Requirements 1. Compute a trend analysis for net revenue and net income. Round
Theta Designs, Inc. has the following data:Perform a vertical analysis of Theta Designs's balance sheet for each year.
Refer to the data presented for Mulberry Designs, Inc. in Exercise E15-13.Theta Designs, Inc. has the following data:Requirements 1. Prepare a comparative common-size income statement for Mulberry
Data for Research Enterprises follows:Compute the dollar amount of change and the percentage of change in Research Enterprises's working capital each year during 2019 and 2018. What do the calculated
The financial statements of Valerie's Natural Foods include the following items:Compute the following ratios for the current year: a. Current ratio b. Cash ratio c. Acid-test ratio d. Inventory
Big Beautiful Photo Shop has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2018. To answer this question, you
Verifine Corp. reported the following on its comparative income statement:Prepare a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2019 and 2018.
Micatin, Inc.'s comparative income statement follows. The 2017 data are given as needed.Requirements 1. Calculate the profit margin ratio for 2019 and 2018. 2. Calculate the rate of return on total
Data for Oxford State Bank follow:Evaluate the common stock of Oxford State Bank as an investment. Specifically, use the three stock ratios to determine whether the common stock has increased or
The following data are adapted from the financial statements of Bridget's Shops, Inc.: Total Current Assets ................................. $ 1,216,000 Accumulated Depreciation
Net sales revenue, net income, and common stockholders' equity for Eyesight Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend analyses
The Klein Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has given
Consider the data for Klein Department Stores presented in Problem P15-24A.The Klein Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance
Financial statement data of Style Traveler Magazine include the following items: Cash ......................................................... $ 23,000 Accounts Receivable,
Comparative financial statement data of Sanfield, Inc. follow:1. Market price of Sanfield's common stock: $51.48 at December 31, 2018, and $37.08 at December 31, 2017. 2. Common shares outstanding:
Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to Digitalized Corp. and Every Zone, Inc. and have
In its annual report, ABC Athletic Supply, Inc. includes the following five-year financial summary:Requirements Analyze the company's financial summary for the fiscal years 2014-2018 to decide
Muscateer Corp. reported the following revenues and net income amountsRequirements 1. Calculate Muscateer's trend analysis for revenues and net income. Use 2016 as the base year, and round to the
Net sales revenue, net income, and common stockholders' equity for Azbel Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend analyses
The Randall Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the averages for the industry. The CEO has
Consider the data for Randall Department Stores presented in Problem P15-31B.The Randall Department Stores, Inc. chief executive officer (CEO) has asked you to compare the company's profit
Financial statement data of Modern Traveler's Magazine include the following items: Cash .................................................... $ 19,000 Accounts Receivable, Net
Comparative financial statement data of Garfield, Inc. follow:1. Market price of Garfield's common stock: $69.36 at December 31, 2018, and $38.04 at December 31, 2017. 2. Common shares outstanding:
Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to All Digital Corp. and Green Zone, Inc. and have
In its annual report, XYZ Athletic Supply, Inc. includes the following five-year financial summary:Requirements Analyze the company's financial summary for the fiscal years 2014-2018 to decide
This problem continues the Canyon Canoe Company situation from Chapter 14. The company wants to invest some of its excess cash in trading securities and is considering two investments, The Paddle
Great Value Optical Company reported the following amounts on its balance sheet at December 31, 2018 and 2017:Great Value Optical Company reported the following amounts on its balance sheet at
Data for Connor, Inc. and Alto Corp. follow:Requirements 1. Prepare common-size income statements. 2. Which company earns more net income? 3. Which company's net income is a higher percentage of its
1. Compute Accel's Companies' current ratio at May 31, 2018 and 2017.2. Did Accel's Companies' current ratio improve, deteriorate, or hold steady during 2018?Accel's Companies, a home improvement
1. Compute the inventory turnover, days' sales in inventory, and gross profit percentage for Accel's Companies for 2018.2. Compute days' sales in receivables during 2018. Round intermediate
1. Compute the debt ratio and the debt to equity ratio at May 31, 2018, for Accel's Companies.2. Is Accel's ability to pay its liabilities strong or weak? Explain your reasoning.Accel's Companies, a
1. Compute the profit margin ratio for Accel's Companies for 2018.2. Compute the rate of return on total assets for 2018.3. Compute the asset turnover ratio for 2018.4. Compute the rate of return on
Lance Berkman is the controller of Saturn, a dance club whose year-end is December 31. Berkman prepares checks for suppliers in December, makes the proper journal entries, and posts them to the
Ross's Lipstick Company's long-term debt agreements make certain demands on the business. For example, Ross may not purchase treasury stock in excess of the balance of retained earnings. Also,
Use Target Corporation's Fiscal 2015 Annual Report to answer the following questions. Visit www.pearsonhighered.com/Horngren to view a link to the Target Corporation Annual Report. Requirements 1.
How is QuickBooks organized?
Amherst Networking Systems adjusts and closes its books and then prepares financial statements monthly. Amherst uses the perpetual inventory system and all sales on credit have terms of n/30. The
Jan. 5 Issued check no. 430 to purchase equipment for cash, $1,700.7 Purchased merchandise inventory for cash, $450, issuing check no. 431.18 Paid Kat Co. amount owed, $775, less $100 discount.
Review your results from Short Exercise SB-10.Requirements1. Total each column of the cash payments journal.2. Open the following four-column accounts in the accounts payable subsidiary
Mar. 2 Sold merchandise inventory on account, terms n/30, to B. Kelp, issuing invoice no. 501 for $1,000 (cost, $680). 6 Issued credit memo to B. Kelp for $1,000 for merchandise returned to the
Feb. 1 Sold merchandise inventory on account, terms n/30, to Cole Co., $1,050. Cost of goods, $860. Invoice no. 401. 6 Sold merchandise inventory for cash, $950 (cost, $750). 12 Collected interest
Refer to information in Exercise EB-14.in Exercise EB-14Feb. 1 Sold merchandise inventory on account, terms n/30, to Cole Co., $1,050.Cost of goods, $860. Invoice no. 401.6 Sold merchandise inventory

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