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financial accounting

Financial Accounting in an Economic Context 10th edition Jamie Pratt - Solutions

Obtain a copy of the business review for two separate companies within the same industry. Compare the usefulness of each. In answering this question, consider the extent to which each of the two
Arrange an interview (in person or by phone) with the manager of a retail shop in a mall or in the downtown area of your community. Explain to the manager that you are a student studying
The following information was taken from the statement of shareholders’ equity of Zielow Siding as of December 31, 2018. The par value of the Zielow stock is $5, and as of the beginning of 2018,
Technology Solutions’ format for the statement of cash flows was corrupted by a computer virus, as follows:Required:Prepare a correct format for Technology Solutions to use in preparing the
Income statement and balance sheet data for The Athletic Attic are provided below.Required:1. Calculate the following risk ratios for 2021 and 2022:a. Receivables turnover ratio. c. Current ratio.b.
Data for The Athletic Attic are provided in P12–4B. Earnings per share for the year ended December 31, 2021, are $1.36. The closing stock price on December 31, 2021, is $22.42.The following income
Income statement and balance sheet data for Virtual Gaming Systems are provided below.
The balance sheets for Plasma Screens Corporation and additional information are provided below.Additional Information for 2021: 1. Net income is $184,000. 2. Sales on account are $1,890,000. 3.
The 2021 income statement of Adrian Express reports sales of $19,310,000, cost of goods sold of $12,250,000, and net income of $1,700,000. Balance sheet information is provided in the following
Refer to the information provided in E12–2.The income statements for Federer Sports Apparel for 2022 and 2021 are presented below.Required: Prepare a horizontal analysis for 2022 using 2021 as the
Cash flows from operating activities for both the indirect and direct methods are presented for Electronic Transformations.Required:Complete the following income statement for Electronic
The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided.Required:Prepare the statement of cash flows for Virtual Gaming Systems using the direct
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s).Required:Complete the following income statement for
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.Required :Prepare the statement of cash flows for Video Phones, Inc., using the direct method.
Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows (indirect method) for ATM Software Developers.All amounts are in
Airline Temporary Services (ATS) pays employees monthly. Payroll information is listed below for January, the first month of ATS’s fiscal year. Assume that none of the employees exceeds the federal
OS Environmental provides cost-effective solutions for managing regulatory requirements and environmental needs specific to the airline industry. Assume that on July 1 the company issues a one-year
Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2%
The ink-jet printing division of Environmental Printing has grown tremendously in recent years. Assume the following transactions related to the ink-jet division occur during the year ended December
Dinoco Petroleum faces three potential contingency situations, described below.Dinoco’s fiscal year ends December 31, 2021, and it issues its 2021 financial statements on March 15,
Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021.Required:Record any amounts as a result of
Authors Academic Press faces three potential contingency situations, described below.Authors’ fiscal year ends December 31, 2021.Required:Determine the appropriate means of reporting each situation
A very helpful site to learn about individual publicly traded companies is finance.yahoo.com. Go to this website and look up a well-known publicly traded company. Once you find the company page,
What is a lease and how does a lease affect a company’s balance sheet?
On January 1, 2021, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to a 5%, five-year loan with the bank. Payments of $566.14 are due at the end of each month, with the
On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing$600,000 from the bank using a 30-year, 6% note payable. Payments of $3,597.30 are due at theend of each month,
On April 1, 2021, Primer Corp. signs a five-year lease to use office space. The presentvalue of the monthly lease payments is $100,000. Record the lease.
Suppose a company signs a three-year lease agreement. The lease payments have apresent value of $40,000. Prior to signing the lease, the company had total assets of $600,000,total liabilities of
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%.Interest is paid
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,799 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid
On January 1, 2021, Lizzy’s Lemonade issues 5%, 20-year bonds with a face amount of $100,000 for $88,443, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be
On January 1, 2021, Lyle’s Limeade issues 4%, 10-year bonds with a face amount of $90,000 for $82,985, priced to yield 5%. Interest is paid semiannually. What amount of interest expense will be
On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties
On January 1, 2021, Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase, Jalen plans to make four installment payments of $215,221.64 on June 30 and December
On June 1, 2021, Florida National leased a building. The lease agreement calls for Florida National to make lease payments of $3,618.18 each month for the next two years, with the first lease payment
On June 30, 2021, Exploration Inc. signs a lease requiring quarterly payments each year for the next five years. Each of the 20 quarterly payments is $29,122.87, with the first lease payment
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.Required:Assuming the market interest rate on the issue date is
Super Splash issues $1,000,000, 7% bonds on January 1, 2021, that mature in 15 years. The market interest rate for bonds of similar risk and maturity is 6%, and the bonds issue for $1,098,002.
Nathan’s Athletic Apparel has 2,000 shares of 5%, $100 par value preferred stock the company issued at the beginning of 2020. All remaining shares are common stock. The company was not able to pay
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of
Refer to the information in E10–6. In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common
United Apparel has the following balances in its stockholders’ equity accounts on December 31, 2021: Treasury Stock, $850,000; Common Stock, $600,000; Preferred Stock, $3,600,000; Retained
National League Gear has two classes of stock authorized: 4%, $20 par preferred, and $5 par value common. The following transactions affect stockholders’ equity during 2021, National League’s
LeBron’s Bookstores has two divisions: books and electronics. The electronics division had another great year in 2021 with net sales of $11 million, cost of goods sold of $6.5 million, operating
Shaquille Corporation has operating income of $1.7 million, a loss on write-down of inventory of $200,000, and income tax expense of $425,000 for the year ended December 31, 2021, before considering
Data for Virtual Gaming Systems are provided in P12–4A. Earnings per share for the year ended December 31, 2021, are $1.40. The closing stock price on December 31, 2021, is
On January 12, Ferrell Incorporated obtains a permit to start a comedy club, which will operate only on Saturday nights. To prepare the club for the grand opening, Ferrell purchases tables and chairs
Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund
Togo’s Sandwiches acquired equipment on April 1, 2021, for $18,000. The company estimates a residual value of $2,000 and a five-year service life.Required:Calculate depreciation expense using the
On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January
On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January
On May 31, Marty’s Ice Cream Shop sells gift cards for $5,000. Customers redeem $1,200 in June, $2,100 in July, and $1,400 in August. Marty’s experience is that any unredeemed gift cards as of
On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity.
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit
Rachel’s Designs has 2,000 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company
Aspen Ski Resorts has 100 employees, each working 40 hours per week and earning $20 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen
Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2021, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2021 of a circuit flaw in an amplifier that poses a potential fire
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 6%
On January 1, 2021, Frontier World issues $41 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be used to build a new
On January 1, 2021, Strato Corporation borrowed $2 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $776,067
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $600,000 of 8% bonds, due in 20 years, with interest payable semiannually on June 30 and
On January 1, 2021, Universe of Fun issues $900,000, 8% bonds that mature in 10 years. The market interest rate for bonds of similar risk and maturity is 9%, and the bonds issue for $841,464.
On January 1, 2021, Monster Corporation borrowed $9 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $2,657,053
Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021, the company issues $3,000,000 of 9% bonds, due in 10 years, with interest payable semiannually on
As an auditor for Bernard and Thomas, you are responsible for determining the proper classification of income statement items in the audit of California Sports Grill.a. One of the company’s
Bell Corporation purchases land by issuing its own common stock to the seller. No cash is exchanged. How do we report this transaction in the statement of cash flows, if at all?
Refer to the information provided in P10–2B.Required:Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021, respond to the following for
Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of
Refer to the information provided in P10–2A.Required:Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021, respond to the following for Donnie
Requirement 1January 2, 2021DebitCreditCash (110,000 x $70)7,700,000Common Stock (110,000 x $1) 110,000Additional Paid-in Capital (difference)7,590,000(Issue common stock above par)February 14,
Refer to the information in E10–9. Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the
On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500,000, signing a 9%, 15-year mortgage. Installment payments of
On January 1, 2021, Gundy Enterprises purchases an office for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.Required:Assuming the market interest rate on the issue date is
On January 1, 2021, Water World issues $26 million of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use the funds to build
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.Required:Assuming the market interest rate on the issue date is
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $64,008 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid
Eskimo Joe’s, designer of the world’s second best-selling T-shirt (just behind Hard Rock Cafe), borrows $21 million cash on November 1, 2021. Eskimo Joe’s signs a six-month, 7% promissory note
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 million cash on October 1, 2021, to provide working capital for anticipated
For each of the transactions below, determine the effect on (a) the current ratio and (b) the acid-test ratio.1. Provide services to customers on account.2. Borrow cash from the bank by signing a
BE8–9 On September 1, 2021, Southwest Airlines borrows $41 million, of which $10 million is due next year. Show how Southwest Airlines would record the $41 million debt on its December 31, 2021,
The general ledger of Pop’s Fireworks includes the following account balances in 2021: Complete the accounting cycle using receivableCash $ 21,200Accounts Receivable 41,500Allowance for
During 2021, LeBron Corporation accepts the following notes receivable.1. On April 1, LeBron provides services to a customer on account. The customer signs a four month, 9% note for $7,000.2. On June
Refer to the information in BE3–12. (1) Record the lending for Falcon on July 1, 2021. (2) Record the adjusting entry for Falcon on December 31, 2021. (3) Calculate the 2021 year-end adjusted
Wayne Kurt has been offered the opportunity of investing $31,681 now. The investment will earn 9% per year and at the end of that time will return Wayne $75,000. How many years must Wayne wait to
Tony’s Business is a small retailer that began operations on January 1, 2017. During 2017, the following transactions occurred:1. Tony contributed $20,000 of his own money to the business.2.

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