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Questions and Answers of Financial Accounting

Compute the following cash flows for High Seas Nautical Company for the past year, assuming the company uses the direct method: 1. The beginning balance of Retained Earning was $137,000, while the
Thompson Corporation has the following activities for the past year:Requirement Prepare the operating activities section of Thompson Corporation's statement of cash flows for the year ended December
Using the data given in E13-25B, prepare the statement of cash flows for Thompson Corporation for the year. The company uses the indirect method for operating activities.
The Dragon Corporation is preparing its statement of cash flows for the past year just ended on December 31. The controller has gathered the following information about the past
Comfort Spas provides the following data for the year just ended December 31.Requirement Prepare the operating activities section of Comfort Spas' statement of cash flows for the year ended December
Using the data for E13-28B, prepare the statement of cash flows using the direct method.
Shabnam Interiors began the year with cash of $55,000. During the year, Shabnam Interiors earned service revenue of $406,000. Cash collections for the year were $405,000. Expenses for the year were
Prepare a statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Harding Industries, Inc.Additional information
The 2017 and 2016 balance sheets of Rabb Corporation follow. The 2017 income statement is also provided. Rabb had no noncash investing and financing transactions during 2017. During the year, the
Williams Digital Services, Inc., has provided the following data from the company's records for the year just ended December 31: a. Collection of interest
Marshall Sign Company, Inc., has the following comparative balance sheet as of March 31, 2017.Selected transaction data for the year ended March 31, 2017, include the following: a. Net income
Prepare the statement of cash flows using the indirect method. The income statement for 2017 and the balance sheets for 2017 and 2016 are presented for Hall Industries.Additional information
The 2017 and 2016 balance sheets of Gibson Corporation follow. The 2017 income statement is also provided. Gibson had no noncash investing and financing transactions during 2017. During the year, the
Huggins Digital Services, Inc., has provided the following data from the company's records for the year just ended December 31: a. Collection of interest
Graphic Company, Inc., has the following comparative balance sheet as of March 31, 2017.Selected transaction data for the year ended March 31, 2017, include the following: a. Net income, $76,800 b.
For each of the following situations, identify whether the activity is an operating, investing, or financing activity and compute the cash provided or used by the activity. The indirect method is
This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The
Sears Holding Corporation (SHLD) announced in April 2016 that it would be closing 68 Kmart and 10 Sears stores during the second half of 2016. The stores it is closing have not been profitable for
McCabe Company reported the following financial statements for 2016 and 2017:Compute the following investing cash flows: a. Purchases of plant assets (all were for cash). There were no sales of
Use the data given in S13-5 for the McCabe Company to compute the following financing cash flows:a. New borrowing or payment of long-term notes payable. McCabe Company had only one long-term note
Daniel Corporation uses the indirect method to prepare its statement of cash flows. Data related to cash activities for last year are as follows: Net income
A recent statement of cash flows for Oleg Company reported the following information:Based on the information presented in the statement of cash flows for Oleg Company, determine whether the
Parkins Corporation reported the following on its comparative income statement:Perform a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for 2017 and 2016.
Use the Cartwright's Data Set when making the following calculations:Cartwright's, a home-improvement store chain, reported these summarized figures:a. Compute earnings per share (EPS) for
Compute the dollar amount of change and the percentage of change in Gambol News Group's working capital each year during 2016 and 2017. Is this trend favorable or unfavorable?
Prepare a horizontal analysis of the following comparative income statement of The Ruby Group.
Compute trend percentages for Elsie Snyder Realtors' net revenue and net income for the following five-year period, using 2013 as the base year.Which grew faster during the period, net revenue or net
Riley Designs has requested that you perform a vertical analysis of its balance sheet.
Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning.
Kelleher Crafts has provided the following data:Requirement Compute the following ratios for the current year for Kelleher Crafts: a. Current ratio b. Acid-test ratio c. Inventory turnover d. Days'
McKay Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2017. To answer that question, compute these
Compute six ratios that measure Spenser Corporation's ability to earn profits. The company's comparative income statement follows. The data for 2015 are given as needed.Did the company's operating
Bradley Group reported the following revenues and net income amounts:a. Show Bradley Group's trend percentages for revenues and net income. Use 2014 as the base year and round to the nearest
Evaluate the common stock of McKnight State Bank as an investment. Specifically, use the three stock ratios to determine whether the common stock has increased or decreased in attractiveness during
Freedom Corporation reported these figures:Freedom Corporation has 2,500,000 shares of common stock outstanding. Its stock has traded recently at $32.90 per share. You would like to gain a better
In its 2014/2015 Sustainable Business Report and its annual report, NIKE, Inc., describes several sustainability goals and commitments it has made. In the following list, categorize each goal (or
Compute the dollar amount of change and the percentage of change in Crocker News Group's working capital each year during 2016 and 2017. Is this trend favorable or unfavorable?
Prepare a horizontal analysis of the following comparative income statement of The Slate Group.Why did net income increase by a higher percentage than net sales revenue during 2017?
Compute trend percentages for Barb Sayre Realtors' net revenue and net income for the following five-year period, using 2013 as the base year.Which grew faster during the period, net revenue or net
Carolina Designs has requested that you perform a vertical analysis of its balance sheet.
Prepare a comparative common-size income statement for Wolf Corporation. To an investor, how does 2017 compare with 2016? Explain your reasoning.
Ponderosa Crafts has provided the following data:Requirement Compute the following ratios for the current year for Ponderosa Crafts: a. Current ratio b. Acid-test ratio c. Inventory turnover d. Days'
Bricker Frames has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2017. To answer this question, compute these
McCormick Optical Company reported the following amounts on its balance sheet at December 31: Cash and receivables ...................................................................................
Compute six ratios that measure Tomloff Corporation's ability to earn profits. The company's comparative income statement follows. The data for 2015 are given as needed.Did the company's operating
Evaluate the common stock of Mumford State Bank as an investment. Specifically, use the three stock ratios to determine whether the common stock has increased or decreased in attractiveness during
Thornton Corporation reported these figures:Thornton Corporation has 3,125,000 shares of common stock outstanding. Its stock has traded recently at $31.20 per share. You would like to gain a better
In its 2014/2015 Sustainable Business Report and its annual report, NIKE, Inc., describes several sustainability goals and commitments it has made. In the following list, categorize each goal (or
Net sales revenue, net income, and common stockholders' equity for Vallen Optical Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend
Block Department Stores' chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the
Financial statement data of Pacific Traveler magazine include the following items (dollars in thousands): Cash
Comparative financial statement data of Tennyson, Inc., follow:1. Market price of Tennyson's common stock: $43.51 at December 31, 2017, and $31.36 at December 31, 2016 2. Common shares outstanding:
Assume that you are purchasing an investment and have decided to invest in a company in the smartphone business. You have narrowed the choice to Best Digital Electronics or Zone Network Electronics
Net sales revenue, net income, and common stockholders' equity for Connor Vision Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend percentages
Compare Martinez and Rojo by converting their income statements to common size.Which company earns more net income? Which company's net income is a higher percentage of its net sales?
Ambrose Department Stores' chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has given you the
Financial statement data of Backroad Travel magazine include the following information (dollars in thousands): Cash
Comparative financial statement data of Hollingsworth, Inc., follow:1. Market price of Hollingsworth's common stock: $50.60 at December 31, 2017, and $33.49 at December 31, 2016 2. Common shares
Assume that you are purchasing an investment and have decided to invest in a company in the smartphone business. You have narrowed the choice to Digital Plus Electronics or Speed Network Electronics
This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The
The Coca-Cola Company and PepsiCo, Inc., are fierce competitors in the beverage and snack markets. A perennial question among consumers is "Coke or Pepsi"? In this case, we will be looking at the
Pandora Internet Radio by Pandora Media is a streaming music service. Its free advertising-supported radio service was first launched in 2005. Pandora users streamed 20.03 billion hours of Internet
Refer to the Cartwright's Data Set.Cartwright's, a home-improvement store chain, reported these summarized figures:a. Compute Cartwright's current ratio at December 31, 2017 and 2016. b. Did
Use the Cartwright's Data Set to compute the following:Cartwright's, a home-improvement store chain, reported these summarized figures:a. The rate of inventory turnover for 2017. b. Days' sales in
Refer to the Cartwright's Data Set.Cartwright's, a home-improvement store chain, reported these summarized figures:a. Compute the debt ratio at December 31, 2017. b. Is Cartwright's ability to pay
Use the Cartwright's Data Set to compute these profitability measures for 2017:Cartwright's, a home-improvement store chain, reported these summarized figures:a. Gross profit percentage b. Operating
Lowell Plastics manufactures custom park furniture and signage from recycled plastics (primarily shredded milk jugs). Many of the company's customers are municipalities that are required by law to
Shaffer Industries manufactures a variety of custom widgets. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to
Sorrento Industries manufactures plastic bottles for the food industry. On average, Sorrento pays $71 per ton for its plastics. Sorrento's waste-disposal company has increased its waste-disposal
Lunar Entertainment is a provider of cable, Internet, and on-demand video services. Lunar currently sends monthly bills to its customers via the postal service. Because of a concern for the
Krugman Garage Doors manufactures a premium garage door. Currently, the price and cost data associated with the premium garage door are as follows: Average selling price per premium garage door
Over the past several years, decommissioned U.S. warships have been turned into artificial reefs in the ocean by towing them out to sea and sinking them. The thinking was that sinking the ship would
Liller Beverages manufactures its own soda pop bottles. The bottles are made from polyethylene terephthalate (PET), a lightweight yet strong plastic. The company uses as much PET recycled resin
Wolfe Containers currently uses a recycled plastic to make bottles for the food industry. Current bottle production information: The cost and time standards per batch of 10,000 bottles are as
Mercado Industries is evaluating investing in solar panels to provide some of the electrical needs of its main office building in Boulder, Colorado. The solar panel project would cost $650,000 and
Webber Plastics is a manufacturer that takes in post-consumer plastics (e.g., empty milk jugs) and recycles those plastics into a variety of building materials. Because the company has a strong focus
In its 2015 Corporate Social Responsibility Report, the Hershey Company details the results from the steps it has taken to embed a sustainable culture throughout its business operations. In the
Each of the following scenarios describes a sustainability-related cost item for organizations. For each scenario, identify which function of the value chain that cost would represent (R&D, design,
Shaker Plastics manufactures custom park furniture and signage from recycled plastics (primarily shredded milk jugs). Many of the company's customers are municipalities that are required by law to
Santana Industries manufactures a variety of custom products. The company has traditionally used a plantwide manufacturing overhead rate based on machine hours to allocate manufacturing overhead to
Smigel Industries manufactures plastic bottles for the food industry. On average, Smigel pays $73 per ton for its plastics. Smigel's waste-disposal company has increased its wastedisposal charge to
Grant Entertainment is a provider of cable, Internet, and on-demand video services. Grant currently sends monthly bills to its customers via the postal service. Because of a concern for the
Killian Garage Doors manufactures a premium garage door. Currently, the price and cost data associated with the premium garage door are as follows: Average selling price per premium garage door
Over the past several years, decommissioned U.S. warships have been turned into artificial reefs in the ocean by towing them out to sea and sinking them. The thinking was that sinking the ship would
Danico Beverages manufactures its own soda pop bottles. The bottles are made from polyethylene terephthalate (PET), a lightweight yet strong plastic. The company uses as much PET recycled resin
Westerville Containers currently uses a recycled plastic to make bottles for the food industry. Current bottle production information: The cost and time standards per batch of 10,000 bottles are as
Jaren Industries is evaluating investing in solar panels to provide some of the electrical needs of its main office building in Phoenix, Arizona. The solar panel project would cost $500,000 and would
Whitman Plastics is a manufacturer that takes in post-consumer plastics (e.g., empty milk jugs) and recycles those plastics into a "plastic lumber" that can be used to build furniture, decking, and a
In its 2015 Citizenship (CSR) Report, Microsoft Corporation details the results from the steps it has taken to embed a sustainable culture throughout its business operations. In the following list
Miracle Meadow Luxury Resorts has been evaluating how it might expand its sustainability efforts in its hotels. In any given month, an average of 109,500 room days are available in total (this total
A living roof is a roof of a building that is completely covered with grass or other vegetation planted over a waterproof layer (to protect the building interior). The Ford Motor Company's Rouge
Relaxation Valley Luxury Resorts has been evaluating how it might expand its sustainability efforts in its hotels. In any given month, an average of 109,500 room days are available in total (this
A living roof is a roof of a building that is completely covered with grass or other vegetation planted over a waterproof layer (to protect the building interior). The Ford Motor Company's Rouge
This case is a continuation of the Caesars Entertainment Corporation serial case that began in Chapter 1. Refer to the introductory story in Chapter 1 (see page 43) for additional background. (The
1. Pressure to become more sustainable can usually be categorized into several reasons, including cost reduction and regulatory compliance. Think of an organization you're familiar with. Which
Veronica is an intern in the Accounting Department at Kessler Industries, a manufacturer of precision medical instruments. She is anxious to make a good impression because she wants to be offered a
FirstEnergy is an electric utility serving markets in the Midwest and Mid-Atlantic regions. It operates an infrastructure of nearly 269,000 miles of distribution lines stretching from the
Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018.Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the
Prepare the income statement of Centerpiece Arrangements for the year ended December 31, 2018.Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the
Ashley Stamper opened a medical practice. During July, the first month of operation, the business, titled Ashley Stamper, MD, experienced the following events:Jul. 6 Received a contribution of

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