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financial accounting 6th edition

Questions and Answers of Financial Accounting 6th Edition

What is the statement of stockholders' equity? What information is conveyed in that statement?
GAAP is based on the concept of accrual accounting. Define and describe accrual accounting.
Two important concepts that guide income statement reporting are the revenue recognition principle and the expense recognition principle. Define and explain each of these two guiding principles.
The balance sheet consists of assets, liabilities, and equity. Define each category and provide two examples of accounts reported within each category.
What are the three major business activities of a company that are motivated and shaped by planning activities? Explain each activity.
The accounting equation (Assets= Liabilities+ Equity) is a fundamental business concept. Explain what this equation reveals about a company's sources and uses of funds and the claims on company
Companies prepare four primary financial statements. What are those financial statements and what information is typically conveyed in each?
Does a balance sheet report on a period of time or at a point in time? Also, explain the information conveyed in that report. Does an income statement report on a period of time or at a point in
Warren Buffett, CEO of Berkshire Hathaway. and known as the "Sage of Omaha" for hi???? investment success. has stated that his firm is not interested in investing in a company whose business model he
Does a statement of cash flows report on a period of time or at a point in time? Also, explain the information and activities conveyed in that report.
Explain what is meant by the articulation of financial statements.
The trade-off between risk and return is a fundamental business concept. Briefly describe both risk and return and their trade-off. Provide some examples that demonstrate investments of varying risk
Why might a company voluntarily disclose more information than is required by GAAP?
Financial statements are used by several interested stakeholders. Develop a listing of three or more potential external users of financial statements and their applications.
What ethical issues might managers face in dealing with confidential information?
Return on equity (ROE) is an important summary measure of financial performance. How is it computed? Describe what this metric reveals about company performance.
Business decision makers external to the company increasingly demand more financial information on business activities of companies. Discuss the reasons why companies have traditionally opposed the
What are generally accepted accounting principles and what organization presently establishes them?
What are International Financial Reporting Standards (IFRS)? Why are IFRS needed? What potential issues can you see with requiring all public companies to prepare financial statements using IFRS?
What is the primary function of the auditor? To what does the auditor attest in its opinion'!
What are the objectives of financial accounting? Which of the financial statements satisfies each of these objectives?
What are the two fundamental qualitative characteristics and the six enhancing qualitative characteristics of accounting information? Explain how each characteristic improves the quality of
Total assets of Macy's, Inc. equals $19,381 million and its equity is $5,661 million. What is the amount of its liabilities? Does Macy's receive more financing from its owners or nonowners, and what
Use the accounting equation to compute the missing financial amounts (a), (b), and (c). Which of these companies is more owner-financed? Which of these companies is more nonowner-financed? (S
Total assets of The Coca-Cola Company equals $87,896 million and its liabilities equal $68,919 million. What is the amount of its equity? Does Coke receive more financing from its owners or
Access the most recent 10-K for Apple Inc .. at the SEC's EDGAR database for financial reports (www.sec.gov). What are Apple's dollar amounts for assets, liabilities, and equity at September 29,
Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) you would likely find the item or account: income statement (IS). balance
Assume that you are a technology services provider and you must decide whether to record revenue from the installation of computer software for one of your clients. Your contract calls for acceptance
The Sarbanes-Oxley legislation requires companies to report on the effectiveness of their internal controls. What are internal controls and their purpose? Why do you think Congress felt it to be such
Determine the missing amount from each of the separate situations (a), (b), and (c) below. Which of these companies is more owner-financed? Which of these companies is more creditor-financed? (S
Financial statements have a wide audience of interested stakeholders. Identify two or more financial statement users that are external to the company. Specify two questions for each user identified
Answer the following questions.a. Intel Corporation had assets equal to $123,249 million and liabilities equal to $54,230 million for a recent year-end. What was the total equity for Inters business
Colgate-Palmolive Company reports the following balances in its retained earnings.During 2017. Colgate-Palmolive reported net income of $2,024 million.a. Assume that the only changes affecting
At the end of 2017. Daimler AG, reported stockholders' equity of €64,023 million and total assets of €255.605 million. Its stockholders' equity at the end of 2016 was €57,950 million. Net
At the end of 2017. Alphabet, Inc .. reported stockholders' equity of $152.502 million and total assets of $ 197.295 million. Its balance in stockholders' equity at the end of 2016 was $139,036
Financial accounting plays an important role in modern society and business.a. What role does financial accounting play in the allocation of society's financial resources?b. What are three aspects of
Match each item in the left column with the correct description in the right column. a. Refers to whether or not a particular amount is large enough to affect a decision. 1. Relevance 2.
The following table contains financial statement information for The Procter & Gamble Company ($ millions) for the fiscal years ended in June of each year:REQUIREDa. Compute the missing amounts
Following is selected financial information from General Mills, Inc., for its fiscal year ended May 27, 2018 ($ millions)REQUIREDa. Prepare an income statement, balance sheet. and statement of cash
Following is selected financial information from Abercrombie & Fitch for its fiscal year ended February 3,2018 ($ millions):REQUIRED:a. Prepare an income statement. balance sheet. and statement
Following is selected financial information for Tilly's, Inc. REQUIRED:Prepare balance sheets, income statements and cash flow statements for the years ended February 3,2018 and January 28, 2017
Crocker Corporation began calendar-year 2019 with stockholders' equity of $ I00,000, consisting of contributed capital of $70,000 and retained earnings of $30,000. During 20I9, it issued additional
DP Systems, Inc., reports the following selected information at December 31,2019 ($ millions):lREQUIRED:Use this information to prepare its statement of stockholders' equity for 2019. Contributed
Data from the financial statements of The Gap, Inc., and Nordstrom, Inc., are presented below.REQUIRED:a. Compute the return on equity ratio for The Gap and Nordstrom for 2017. Which company earned
Nokia Corp. manufactures, markets, and sells phones and other electronics. Stockholders' equity for Nokia are €16,218 million in 20 17 and €20,975 million in 2016. In 2017, Nokia reported a loss
Facebook, Inc. reported the following amounts in its 2017 and 2016 financial statements.REQUIRED:a. Prepare income statements for Facebook for 2017 and 2016. Use the format illustrated in Exhibit
Data from the financial statements of JetBlue Airways and Southwest Airlines are presented below.REQUIRED:a. Compute the return on equity ratio for JetBlue and Southwest for 2017. Which company
Paula Seale is negotiating the purchase of an extermination firm called Total Pest Control. Seale has been employed by a national pest control service and knows the technical side of the business.
Jackie Hardy, CPA, has a brother, Ted. in the retail clothing business. Ted ran the business as its sole owner for 1O years. During this 10-year period. Jackie helped Ted with various accounting
For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statement([).a. Machinery ____________b. Supplies expense ____________c.
On December 31,2018, Miller Company had $700,000 in total assets and owed $220,000 to creditors. If this corporation's common stock totaled $300,000, what amount of retained earnings is reported on

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