New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
accounting what numbers
Accounting What the Numbers Mean 12th edition David Marshall, Wayne McManus, Daniel Viele - Solutions
From the following data, calculate the retained earnings balance as of December 31, 2019:Retained earnings, December 31, 2018 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $623,600Cost of equipment purchased during 2019 . . . . . . . . . . . . . . . . . . . . . . . . . .
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 model, enter hypothetically “correct” data, and then reflect the effects of the ending inventory
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 basic earnings per share of common stock for the year.
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, at $35 per share.800,000 shares of $100 par value, 7.5% cumulative, preferred stock were
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 information relating to cash dividends on common stock.Required:a. How frequently are cash dividends
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 reported in Spike’s 2020 annual report for comparative purposes.
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 information, prepare the balance sheet for Harris at December 31, 2020. b. Prepare a statement of
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 and 2019: Required: a. Complete the December 31, 2020 and 2019 balance sheets. b. Prepare a
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 year ended December 31, 2020, you determine the following: ? Net income for the year ended December
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 . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 950Retirement of bonds payable at maturity . . . . . . . . . . . . . . . .
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 31, 2020. b. Explain why net income is different from the net cash provided by operations. For the
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 averaged 45% for the past several years and that the inventory at the beginning of the year was
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. Accounting records for 2020, which were available because they were stored in a protected vault,
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2019:Selling, general, and administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . $106,000Accounts payable . . . . . . . . . . . . . . . . . . .
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 account (all are collectible) amounted to $560,000, and accounts receivable decreased by $34,000. How
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 additional 30,000 shares were issued. No other changes in common shares outstanding occurred during
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 issued. On December 1, the company purchased 2,500 shares of its own common stock and held them as
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 a new product is developed and that it will cost $1,625 to manufacture. Calculate the
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 misstated?b. If this error is not corrected, what effect will it have on the subsequent period’s
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 that Campbell’s net sales for the first four months of 2018 totaled $2.7 billion. Calculate an
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 orchestra. The last five events were priced equally; 1,800 season tickets were sold for the 2019
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 to $168,000.Required:a. How much revenue should be reflected in the fiscal year ended June 30, 2019?
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; equipment purchases were $75,000; depreciation and amortization expense was $36,000.Required:Calculate
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 month. You may assume that the change in each balance sheet amount is due to a single event (e.g., 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 provide an overall evaluation of the ?big picture? during the three years presented for Coca-Cola.
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 & Marty Ltd. has been profitable in 2020 and is considering a cash dividend on its common stock that
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 own after the stock split?b. What will probably happen to the market price per share of the
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 paid-in capital increased by $30,000 to $570,000. Dividends declared and paid during the year were
From the following data, calculate the Retained Earnings balance as of December 31, 2020:Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $692,800Cost of buildings purchased during 2020 . . . . . . . . . . . . . . . . . . . .
From the following data, calculate the Retained Earnings balance as of December 31, 2019:Retained earnings, December 31, 2020 ....................................................$367,800Net decrease in total assets during 2020 ..................................................... 56,100Net increase
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 ............................................... $ ?Required:a. Calculate the dollar amount that will be presented opposite this
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 ............................ $38,250,000Required:a. Calculate the average price at which the shares were issued.b. If
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 shares issued. (The treasury stock caption of the stockholders’ equity section of the balance sheet
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 authorized, issued, and outstanding.b. The annual dividend on $5.20 cumulative preferred, 800,000 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 shares of this stock have been outstanding. Rosie Inc. has been profitable in 2020 and is considering a
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 shares of $2 par value common stock outstanding.Required:a. Calculate the annual dividend per share
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, how many shares of common stock would you receive as a dividend?b. Calculate the cash dividend per
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 stock will you own after the stock split?b. What will probably happen to the market price per share of
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 many shares of common stock will you own after the stock split?b. What new cash dividend per share
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, at $38 per share.200,000 shares of $100 par value, 6.5% cumulative, preferred stock were
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 common stock at a price of $37 per share. On August 19, 2019, 1,450 of these treasury shares were sold
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 financial statement category by entering a plus (+) or minus (?) sign and the amount in the
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 financial statement category by entering a plus (+) or minus (?) sign and the amount in the
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 activities was $118,800; income tax expense was $11,400; cost of goods sold was $247,500.Required:a.
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 outstanding ................................................................................................
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 stock at May 31, 2019. b. The only transaction affecting additional paid-in capital during the month
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 attempting to complete this case.) Your conversation with Mr. Gerrard, which took place in February
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 sheet.) DeZurik Corp. had the following stockholders? equity section in its 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 the year ended June 30, 2020, are summarized here:1. 160,000 shares of common stock were issued at
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 more than $75 per unit in order to remain competitive with similar products in the
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 December 31, 2019, financial statements: At December 31, 2018, total assets were $615 and total
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 horizontal model to show the effects on the financial statements of Calco Inc.:a. To record 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 $4,800.Required:Use the horizontal model to show the effects of recording the following:a. The purchase of
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $12,000Cost of goods sold . . . . . . . . . . . . . .
Selected information taken from the financial statements of Verbeke Co. for the year ended December 31, 2019, follows: Gross profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $206,000General and administrative expenses . .
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 amount of the February transactions? c. What account would most likely have been debited 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 Proco’s treasurer called Shirmoo’s treasurer and agreed to sign a note payable for the amount
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 February totaled $65,000, of which $54,000 was paid in cash. Dividends declared and paid during
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 the appropriate columns of your answer sheet. Show the amounts involved and indicate how each
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 suppliers during the month.b. Accounts Receivable had a balance of $10,700 at the beginning of the
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, manufactures, and markets mobile communication and media devices and personal computers; sells a variety of
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 customers. Margin has averaged a relatively high 40% per year for several years, but turnover has
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 current ratio at each balance sheet date. Round your current ratio answers to one decimal place. b.
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 current ratio at each balance sheet date. Round your current ratio answers to one decimal place. b.
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. Round your percentage answer to two decimal places. b. Calculate ROE for 2020. Round your percentage
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 your percentage answer to one decimal place.c. Working capital at July 30, 2017, and July 31, 2016.d.
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. Assume that management paid $27,500 of accounts payable on April 29. Calculate the current ratio and
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 million.Required:a. Calculate Settles Inc.’s margin and net income.b. Calculate Settles Inc.’s return on
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 $16,600.Required:Calculate Shannon Co.’s return on equity (ROE) for the year. Round your percentage answer
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 $2,200,000, and ROI of 9.6%. Calculate the firm’s turnover and average total assets.c. Firm F has ROI 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%, but the minimum investment is $30,000.Required:a. Calculate the amount of return you would earn if
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 a bank savings account at 3% interest or to lend it to Victor. Victor has promised to repay $5,300
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 will be returned, along with $920 income from Simone or $750 income from Riley. You can make only one
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 $18,700, common stock of $300,000, and retained earnings of $50,000.Required:Calculate Firm N’s
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 (ROI), and return on equity (ROE).
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 $94,000.Required:Calculate Firm L’s average stockholders’ equity and return on equity (ROE).
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 millions. Required: a. Calculate the amount of Apple?s gross profit for each year. Has gross profit as a
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 Subsidiaries. All amounts are reported in thousands. Required:Calculate the missing amounts for each
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 year ended December 31, 2019, you determine the following (amounts in thousands of dollars): Net
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 several transactions entered into by the company throughout the month of August. Required: a. Indicate
The following information was obtainedfrom the records of Shae Inc.:Merchandise inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 88,000Notes payable (long-term) . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000Net sales . . . . . . . . . . . . . . . . . . . . . . . .
The information on the following page was obtained from the records of Breanna Inc.:Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 40,000Accumulated depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . 208,000Cost of goods sold . . . . . . . . . . .
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 income statement items reflect activities that occurred during the year then ended.Interest expense
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 capital increased from $15,000 to $96,000. Dividends declared and paid during the year were
From the following data, calculate the retained earningsbalance as of December 31, 2018:Retained earnings, December 31, 2019 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $630,900Decrease in total liabilities during 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 amounts for each firm. Firm B Firm A Firm C $210,000 $270,000 108,000 Total assets, 12/31/19 Total
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 were $66,000.Required:Calculate net sales, gross profit, income before taxes, and net income.
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 par value.Required:Calculate total stockholders’ equity at the end of the year.
Showing 200 - 300
of 291
1
2
3
Step by Step Answers
Get 50% OFF
Claim Now
