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accounting what numbers

Questions and Answers of Accounting What Numbers

From the following data, calculate the retained earnings balance as of December 31, 2019:Retained earnings, December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $623,600Cost of
If the ending inventory of a firm is overstated by $60,000, by how much and in what direction (overstated or understated) will the firm’s operating income be misstated? Use the cost of goods sold
Net income was $659,250 for the year. Throughout the year the company had outstanding 18,000 shares of $2.50, $50 par value preferred stock and 105,000 shares of common stock.Required:Calculate
Permabilt Corp. was incorporated on January 1, 2019, and issued the following stock for cash:2,000,000 shares of no-par common stock were authorized; 750,000 shares were issued on January 1, 2019,
Refer to the Campbell Soup Company annual report in the appendix. From the table of Quarterly Data (unaudited) and the (Selected Financial Data)(sometimes called the Five-Year Review) find the
For the year ended December 31, 2019, Spike Inc. reported earnings per share of $5.80. During 2020, the company had a 4-for-1 stock split.Required:Calculate the 2019 earnings per share that will be
Following are a statement of cash flows (indirect method) for Harris Inc. for the year ended December 31, 2020, and the firm?s balance sheet at December 31, 2019: Required: a. Using the preceding
Following is a statement of cash flows (indirect method) for Hartford Inc. for the year ended December 31, 2020. Also shown is a partially completed comparative balance sheet as of December 31, 2020
Following is a partially completed balance sheet for Hoeman Inc. at December 31, 2020, together with comparative data for the year ended December 31, 2019. From the statement of cash flows for the
The following information is available from Gray Co.’s accounting records for the year ended December 31, 2019 (amounts in millions):Cash dividends declared and paid . . . . . . . . . . . . . . . .
The financial statements of Simon Co. include the following items (amounts in thousands): Required: a. Calculate the net cash flow provided by operations for Simon Co. for the year ended December
On April 8, 2019, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to determine that the firm’s gross profit ratio had
Franklin Co. has experienced gross profit ratios for 2019, 2018, and 2017 of 33%, 30%, and 31%, respectively. On April 3, 2020, the firm’s plant and all its inventory were destroyed by a tornado.
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019:Selling, general, and administrative expenses . . . . . . . . . . . . . . . . .
For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flows for Baldin Co. for the year ended December 31, 2019:a. Sales on
Thrifty Co. reported net income of $573,650 for its fiscal year ended January 31, 2020. At the beginning of that fiscal year, 100,000 shares of common stock were outstanding. On October 31, 2019, an
Ringmeup Inc. had net income of $223,925 for the year ended December 31, 2019. At the beginning of the year, 20,000 shares of common stock were outstanding. On May 1, an additional 5,000 shares were
Inc. had sales of $900 million for fiscal 2019. The company’s gross profit ratio for that year was 37.5%.Required:a. Calculate the gross profit and cost of goods sold for MBI for fiscal 2019.b.
Assume that the ending inventory of a merchandising firm is overstated by $30,000.Required:a. By how much and in what direction (overstated or understated) will the firm’s cost of goods sold be
Refer to the Consolidated Statements of Earnings in the Campbell Soup Company annual report in the appendix.Required:a. Calculate the gross profit ratio for each of the past three years.b. Assume
Kirkland Theater sells season tickets for six events at a price of $240. In pricing the tickets, the planners assigned the leadoff event a value of $60 because the program was an expensive symphony
Big Blue University has a fiscal year that ends on June 30. The 2019 summer session of the university runs from June 9 through July 28. Total tuition paid by students for the summer session amounted
Net income was $67,100; accounts receivable decreased by $19,500; inventory increased by $10,800; proceeds from the issuance of long-term debt were $22,500; accounts payable decreased by $6,200;
Following are comparative balance sheets for Millco Inc. at January 31 and February 28, 2020: Required:Prepare a statement of cash flows that explains the change that occurred in cash during the
Following are comparative statements of cash flows, as reported by The Coca-Cola Company in its 2017 annual report: Required: a. Briefly review the consolidated statements of cash flows, and then
Laura & Marty Ltd. did not pay dividends on its 6.5%, $100 par value cumulative preferred stock during 2018 or 2019. Since 2012, 275,000 shares of this stock have been outstanding. Laura &
Assume that you own 3,600 shares of $10 par value common stock and the company has a 4-for-1 stock split when the market price per share is $68.Required:a. How many shares of common stock will you
At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $657,000. During the year, liabilities decreased by $108,000, assets increased by $231,000, and
From the following data, calculate the Retained Earnings balance as of December 31, 2020:Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
From the following data, calculate the Retained Earnings balance as of December 31, 2019:Retained earnings, December 31, 2020 ....................................................$367,800Net decrease
The balance sheet caption for common stock is the following:Common stock, $5 par value, 4,000,000 shares authorized,2,800,000 shares issued, 2,500,000 shares outstanding
The balance sheet caption for common stock is the following:Common stock without par value, 7,500,000 shares authorized,3,000,000 shares issued, and 2,700,000 shares outstanding
Calculate the annual cash dividends required to be paid for each of the following preferred stock issues:Required:a. $4.75 cumulative preferred, no par value; 400,000 shares authorized, 325,000
Calculate the cash dividends required to be paid for each of the following preferred stock issues:Required:a. The semiannual dividend on 7% cumulative preferred, $60 par value, 40,000 shares
Rosie Inc. did not pay dividends on its $4.50, $50 par value, cumulative preferred stock during 2018 or 2019, but had met its preferred dividend requirement in all prior years. Since 2014, 42,000
Dedrick Inc. did not pay dividends in 2018 or 2019, even though 60,000 shares of its 7.5%, $50 par value cumulative preferred stock were outstanding during those years. The company has 900,000
Assume that you own 14,000 shares of Briant Inc.’s common stock and that you currently receive cash dividends of $1.68 per share per year.Required:a. If Briant Inc. declared a 5% stock dividend,
Assume that you own 400 shares of $10 par value common stock of a company and the company has a 2-for-1 stock split when the market price per share is $60.Required:a. How many shares of common
Assume that you own 900 shares of common stock of a company, that you have been receiving cash dividends of $3.15 per share per year, and that the company has a 3-for-2 stock split.Required:a. How
Homestead Oil Corp. was incorporated on January 1, 2019, and issued the following stock for cash:800,000 shares of no-par common stock were authorized; 150,000 shares were issued on January 1, 2019,
On January 1, 2019, Metco Inc. reported 411,050 shares of $5 par value common stock as being issued and outstanding. On March 24, 2019, Metco Inc. purchased for its treasury 3,600 shares of its
Enter the following column headings across the top of a sheet of paper: Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
Enter the following column headings across the top of a sheet of paper: Enter the transaction letter in the first column and show the effect (if any) of each of the following transactions on each
Selling, general, and administrative expenses were $99,000; net sales were $460,000; interest expense was $10,500; research and development expenses were $47,200; net cash provided by operating
Francis Inc. has the following stockholders’ equity section in its November 30, 2019, balance sheet:Paid-in capital:12% preferred stock, $60 par value, 1,000 sharesauthorized, issued, and
Bacon Inc. has the following stockholders? equity section in its May 31, 2019, comparative balance sheets: Required: a. Calculate the amount that should be shown on the balance sheet for common
Please refer to Case 4.30 in Chapter 4 for the financial statement data needed for the analysis of this case. You should also review the solution to Case 4.30, provided by your instructor, before
The information presented in this case is also used for Case 8.35. For now you can ignore the 2020 column in the balance sheet; all disclosures presented here relate to the June 30, 2019, balance
You should review the solution to Case 8.34, provided by your instructor, before attempting to complete this case.) The transactions affecting the stockholders’ equity accounts of DeZurik Corp. for
Net sales for the year were $450,000 and cost of goods sold was $297,000 for the company’s existing products. A new product is presently under development and has an expected selling price of not
DeBauge Realtors Inc. is a realty firm owned by Jeff and Kristi DeBauge. The DeBauge family owns 100% of the corporation?s stock. The following summarized data (in thousands) are taken from the
Calco Inc. rents its store location. Rent is $9,000 per month, payable quarterly in advance. On July 1, a check for $27,000 was issued to the landlord for the July September quarter.Required:Use the
On January 10, 2019, the first day of the spring semester, the cafeteria of The Defiance College purchased for cash enough paper napkins to last the entire 16-week semester. The total cost was
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations . . . . . . . . . . . . . . . . . . . . . . .
Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Answer these questions that are related to the following Interest Payable T-account: a. What is the amount of the February 28 adjustment? b. What account would most likely have been credited for the
Proco had an account payable of $63,000 due to Shirmoo Inc., one of its suppliers. The amount was due to be paid on January 31. Proco did not have enough cash on hand then to pay the amount due, so
On February 1, 2019, the balance of the retained earnings account of Blue Power Corporation was $315,000. Revenues for February totaled $61,000, of which $57,500 was collected in cash. Expenses for
The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. Prepare an answer sheet with the columns shown. Record each transaction in
a. Accounts Payable had a balance of $9,000 at the beginning of the month and $10,200 at the end of the month. During the month, purchases on account amounted to $18,300. Calculate the payments to
The following summarized data (amounts in millions) are taken from the September 30, 2017, and September 24, 2016, comparative financial statements of Apple Inc., a company that designs,
Charlie’s Furniture Store has been in business for several years. The firm’s owners have described the store as a “highprice, high-service” operation that provides lots of assistance to its
Following are the current asset and current liability sections of the balance sheets for Aroundsquare Inc. at August 31, 2020 and 2019 (in millions): Required: a. Calculate the working capital and
Following are the current asset and current liability sections of the balance sheets for Freedom Inc. at January 31, 2020 and 2019 (in millions): Required: a. Calculate the working capital and
Presented here are the comparative balance sheets of Hames Inc. at December 31, 2020 and 2019. Sales for the year ended December 31, 2020, totaled $1,700,000. Required: a. Calculate ROI for 2020.
Using data from the financial statements of Campbell Soup Company in the appendix, calculate the following:a. ROI for 2017. Round your percentage answer to one decimal place.b. ROE for 2017. Round
Evans Inc. had mcurrent liabilities at April 30 of $275,000. The firm’s current ratio at that date was 2.1.Required:a. Calculate the firm’s current assets and working capital at April 30.b.
For the year ended December 31, 2019, Settles Inc. earned an ROI of 12.6%. Sales for the year were $120 million, and average asset turnover was 2.8. Average stockholders’ equity was $25
At the beginning of the year, the net assets of Shannon Co. were $617,900. The only transactions affecting stockholders’ equity during the year were net income of $60,800 and dividends of
a. Firm D has net income of $54,000, sales of $1,200,000, and average total assets of $750,000. Calculate the firm’s margin, turnover, and ROI.b. Firm E has net income of $132,000, sales of
You have accumulated $25,000 and are looking for the best rate of return that can be earned over the next year. A bank savings account will pay 3%. A one-year bank certificate of deposit will pay 6%,
A friend has $5,000 that he has saved from his part-time job. He will need his money, plus any interest earned on it, in six months and has asked for your help in deciding whether to put the money in
Two acquaintances have approached you about investing in business activities in which each is involved. Simone is seeking $8,000, and Riley needs $6,000. One year from now, your original investment
Firm O has accounts receivable of $20,100, cash of $18,400, property, plant, and equipment of $340,000, merchandise inventory of $21,500, accounts payable of $31,300, other accrued liabilities of
Firm N has a current ratio of 1.7 and current assets of $141,100.Required:Calculate Firm N’s current liabilities and working capital.
Firm M has a margin of 11%, turnover of 1.4, sales of $840,000, and average stockholders’ equity of $400,000.Required:Calculate Firm M’s average total assets, net income, return on investment
Firm L had net assets at the end of the year of $730,000. The only transactions affecting stockholders’ equity during the year were net income of $154,000 and dividends of
Firm K has a margin of 9%, turnover of 1.6, and sales of $4,000,000.Required:Calculate Firm K’s net income, average total assets, and return on investment (ROI).
Firm J has net income of $76,800, sales of $480,000, and average total assets of $400,000.Required:Calculate Firm J’s margin, turnover, and return on investment (ROI).
Selected data from the September 30, 2017, and September 24, 2016, consolidated balance sheets and income statements for the years then ended for Apple Inc. follow. All amounts are reported in
The following selected data are adapted from the November 26, 2017, and November 27, 2016, consolidated balance sheets and income statements for the years then ended for Levi Strauss & Co. and
Following is a partially completed balance sheet for Epsico Inc. at December 31, 2019, together with comparative data for the year ended December 31, 2018. From the statement of cash flows for the
Rudy Gandolfi owns and operates Rudy?s Furniture Emporium Inc. The balance sheet totals for assets, liabilities, and stockholders? equity at August 1, 2019, are as indicated. Described here are
The following information was obtainedfrom the records of Shae Inc.:Merchandise inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88,000Notes payable (long-term) . . . . . . . . .
The information on the following page was obtained from the records of Breanna Inc.:Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000Accumulated depreciation
Gary’s TV had the following accounts and amounts in its financial statements on December 31, 2019. Assume that all balance sheet items reflect account balances at December 31, 2019, and that all
At the beginning of the current fiscal year, the balance sheet for Davis Co. showed liabilities of $160,000. During the year, liabilities decreased by $9,000, assets increased by $33,000, and paidin
From the following data, calculate the retained earningsbalance as of December 31, 2018:Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The information presented here represents selected data from the December 31, 2019, balance sheets and income statements for the year then ended for three firms: Required: Calculate the missing
During the year, cost of goods sold was $120,000; income from operations was $114,000; income tax expense was $24,000; interest expense was $18,000; and selling, general, and administrative expenses
Stockholders’ equity totaled $246,000 at the beginning of the year. During the year, net income was $36,000, dividends of $9,000 were declared and paid, and $30,000 of common stock was issued at

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