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financial accounting information

Questions and Answers of Financial Accounting Information

On April 1, 2017, Cyclone’s Backhoe Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense for both 2017
On April 1, 2017, Cyclone’s Backhoe Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense for both 2017
Samsung’s statement of cash flows in Appendix A reports the change in cash and equivalents for the year ended December 31, 2016. Identify the cash generated (or used) by operating activities, by
Refer to Samsung’s balance sheet in Appendix A. How does its cash (titled “Cash and cash equivalents”) compare with its other current assets (in both amount and percent) as of December 31,
Refer to Google’s financial statements in Appendix A. Identify Google’s net earnings (income) for the year ended December 31, 2016. Is its net earnings equal to the change in cash and cash
Review the opening feature of this chapter that highlights Sheila Marcelo and her company Care.com. Her company plans to open a kiosk in the Ferry Building in San Francisco to sell Care.com shirts,
Key figures for Samsung follow. Required 1. Compute cash and cash equivalents as a percent (rounded to one decimal) of total current assets, total assets, total current liabilities, and total
Key comparative figures for Apple and Google follow. Required 1. Compute days? sales uncollected (rounded to two decimals) for (a) Apple and (b) Google for the current and prior years. 2. Which
Use Apple’s financial statements in Appendix A to answer the following.1. Identify the total amount of cash and cash equivalents for fiscal years ended (a) September 24, 2016, and (b) September
Santana Rey receives the March bank statement for Business Solutions on April 11, 2019. The March 31 bank statement shows an ending cash balance of $67,566. A comparison of the bank statement with
Tree Seedlings has the following current-year purchases and sales for its only product. Required The company uses a periodic inventory system. Determine the costs assigned to ending inventory and
Samsung Electronics reports the following regarding its accounting for inventories.Inventories are stated at the lower of cost or net realizable value. Cost is determined using the average cost
Vibrant Company had $850,000 of sales in each of three consecutive years 2017–2019, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical
Refer to Samsung’s financial statements in Appendix A. What percent of its current assets is inventory as of December 31, 2016 and 2015?
Refer to Samsung’s financial statements in Appendix A. Compute its cost of goods available for sale for the year ended December 31, 2016.
Refer to Apple’s financial statements in Appendix A and compute its cost of goods available for sale for the year ended September 24, 2016.
Refer to Apple’s financial statements in Appendix A. On September 24, 2016, what percent of current assets is represented by inventory?
Hallam Company?s financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31,
Navajo Company?s financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31,
Key figures for Samsung follow. Required 1. Compute Samsung?s (a) inventory turnover and (b) days? sales in inventory for the most recent two years. 2. Is Samsung?s inventory turnover on a
Use Apple’s financial statements in Appendix A to answer the following.Required1. What amount of inventories did Apple report as a current asset (a) on September 24, 2016? (b) On September 26,
Part A Santana Rey of Business Solutions is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Business Solutions has three different types of
Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method.Oct. 1 Sold fair trade merchandise
Chico Company allows its customers to return merchandise within 30 days of purchase.• At December 31, 2018, the end of its first year of operations, Chico estimates future-period merchandise
Refer to QS 4-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.In QS
Med Labs has the following December 31, 2018, year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $5,000. Of the $5,000 of receivables, $1,000 are within a 2%
ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30, 2017. It makes fiscal-year-end adjusting entries for estimated
ProBuilder has the following June 30, 2017, fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,000. Of the $10,000 of receivables, $2,000 are within
L?Or?al reports the following income statement accounts for the year ended December 31, 2016 (in millions). Prepare the income statement for this company for the year ended December 31, 2016. Net
Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2016, follows (in millions). Prepare its calendar-year
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2018, unadjusted trial balance of Emiko Co. Use these account balances along with the
The following supplementary records summarize Tesla Company?s merchandising activities for year 2018 (it uses a perpetual inventory system). Set up T-accounts for Merchandise Inventory and Cost of
Refer to the opening feature about Build-ABear Workshop and its founder Maxine Clark. Assume the business reports current annual sales at approximately $1 million and prepares the following income
The following unadjusted trial balance is prepared at fiscal year-end for Foster Products Company. Rent expense and salaries expense are equally divided between selling activities and general and
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. Rent expense and salaries expense are equally divided between selling activities and general and
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Purchased 600 units of product at
Use the data for Barkley Company in Problem 4-3B to complete the following requirements.Required1. Prepare closing entries as of March 31, 2018 (the perpetual inventory system is used).2. In prior
Use the data for Valley Company in Problem 4-3A to complete the following requirements.Required1. Prepare closing entries as of August 31, 2018 (the perpetual inventory system is used).2. In prior
Barkley Company?s adjusted trial balance on March 31, 2018, its fiscal year-end, follows. On March 31, 2017, merchandise inventory was $37,500. Supplementary records of merchandising activities for
Valley Company?s adjusted trial balance on August 31, 2018, its fiscal year-end, follows. On August 31, 2017, merchandise inventory was $25,400. Supplementary records of merchandising activities
Refer to Apple’s financial statements in Appendix A to answer the following.Required1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready
Refer to Samsung’s financial statements in Appendix A. What journal entry was likely recorded as of December 31, 2016, to close its Income Summary account?
Adidas Group reported the following balance sheet accounts in a recent year (euros in millions). Prepare the balance sheet for this company, following usual IFRS practices. Assume the balance sheet
Following are Nintendo?s revenue and expense accounts for a recent March 31 fiscal year-end (yen in millions). Prepare the company?s closing entries for its revenues and its expenses. Net sales...
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Step 1: Determine what the current account balance equals. Step 2:
Use the information in the adjusted trial balance reported in Exercise 3-8 to prepare Wilson Trucking Company?s classified balance sheet as of December 31, 2018. Account Title Debit Credit $ 8,000
Use Samsung’s December 31, 2016, financial statements in Appendix A near the end of the book to answer the following.a. Identify the amounts (in millions of Korean won) of Samsung’s 2016 (1)
The adjusted trial balance for Anara Co. as of December 31, 2018, follows. Anara Company is required to make an $8,400 payment on its long-term notes payable during 2019. Required 1. Prepare the
The adjusted trial balance for Tybalt Construction as of December 31, 2018, follows. Tybalt Construction is required to make a $7,000 payment on its long-term notes payable during 2019. Required 1.
Use the following adjusted year-end trial balance at December 31, 2018, of Wilson Trucking Company to prepare the (1) income statement for the year ended December 31, 2018, and (2) statement of
On July 1, 2018, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company?s first month. July 1 Plume invested $30,000 cash and
On April 1, 2018, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company?s first month.Apr. 1 Nozomi invested $30,000 cash and computer
Review this chapter’s opening feature involving Cathy Hughes and Urban One.Required1. Explain how a classified balance sheet can help Cathy know which accounts and amounts are due within the next
The adjusted trial balance for Speedy Courier as of December 31, 2018, follows. Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended
The adjusted trial balance for Chiara Company as of December 31, 2018, follows. Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended
A six-column table for Yan Consulting Company follows. The first two columns contain the unadjusted trial balance for the company as of December 31, 2018, and the last two columns contain the
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2018. The last two columns contain the adjusted trial balance as
During the year, a company recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company
Key comparative figures for Samsung, Apple, and Google follow. Required 1. Compute profit margin for Samsung, Apple, and Google. 2. Which company has the highest profit margin? In millions Google
Following is the unadjusted trial balance for Alonzo Institute as of December 31, 2018. The Institute provides one-on-one training to individuals who pay tuition directly to the business and offers
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations.
Natsu Company?s annual accounting period ends on October 31, 2018. The following information concerns the adjusting entries that need to be recorded as of that date. (Entries can draw from the
Arnez Company?s annual accounting period ends on December 31, 2018. The following information concerns the adjusting entries to be recorded as of that date. (Entries can draw from the following
On January 20, 2018, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date
Use Apple’s financial statements in Appendix A to answer the following.1. Compute Apple’s profit margin for fiscal years ended (a) September 24, 2016, and (b) September 26, 2015.2. Is Apple’s
After the success of the company?s first two months, Santana Rey continues to operate Business Solutions. (Transactions for the first two months are described in the Chapter 2 serial problem.) The
Heineken N.V., a global brewer based in the Netherlands, reports the following balance sheet accounts for the year ended December 31, 2016 (euros in millions). Prepare the balance sheet for this
Prepare general journal entries for the following transactions of Green Energy Company. Use the following (partial) chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable;
After recording the transactions of Exercise 2-9 in T-accounts and calculating the balance of each account, prepare a trial balance. Use May 31, 2018, as its report date.
Angel Martin is a young entrepreneur who operates Martin Music Services, offering singing lessons and instruction on musical instruments. Martin wishes to expand but needs a $30,000 loan. The bank
Assume that James Park and Eric Friedman of Fitbit plan on expanding their business to accommodate more product lines. They are considering financing expansion in one of two ways: (1)contributing
The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2017 and 2018. Required 1. Prepare balance sheets for the business as of December 31, 2017 and 2018.
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2017 and 2018. Required 1. Prepare balance sheets for the business as of December 31, 2017
Key comparative figures for Apple, Google, and Samsung follow. Required 1. Compute Samsung?s debt ratio for the current year and prior year. 2. Is Samsung on a trend toward increased or decreased
Key comparative figures for Apple and Google follow. 1. What is the debt ratio for Apple in the current year and for the prior year? 2. What is the debt ratio for Google in the current year and for
Refer to Apple’s financial statements in Appendix A forRequired1. What amount of total liabilities does Apple report for each of the fiscal years ended (a) September 24, 2016, and (b) September
On October 1, 2018, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey
Access the SEC EDGAR database (SEC.gov) and retrieve Apple’s 2016 10-K (filed October 26, 2016). Identify its auditor. What responsibility does its independent auditor claim regarding Apple’s
BMW Group, one of Europe?s largest manufacturers, reports the following income statement accounts for the year ended December 31, 2016 (euros in millions). Use this information to prepare BMW?s
Swiss Group reports net income of $40,000 for 2018. At the beginning of 2018, Swiss Group had $200,000 in assets. By the end of 2018, assets had grown to $300,000. What is Swiss Group’s 2018 return
Classify each of the following items as revenues (R), expenses (EX), or dividends (D).1. Cost of sales2. Service revenue3. Wages expense4. Cash dividends5. Rent expense6. Rental revenue7. Insurance
Use Google’s December 31, 2016, financial statements, in Appendix A near the end of the book, to answer the following.a. Identify the amounts (in $ millions) of its 2016 (1) assets, (2)
Selected financial information of Banji Company for the year ended December 31, 2018, follows. Required Prepare the 2018 year-end statement of cash flows for Banji Company. Cash from investing
Following is selected financial information of Kia Company for the year ended December 31, 2018. Required Prepare the 2018 year-end statement of cash flows for Kia Company. Cash used by investing
Use the information in Problem 1-3B to prepare a year-end balance sheet for Audi Company. Cash.... $2,000 Accounts receivable .. 1,800 Supplies... 1,200 Equipment.. 1,000 Accounts payable... Common
Use the information in Problem 1-3A to prepare a year-end balance sheet for Armani Company. $10,000 9,000 $ 6,000 13,000 33,000 22,000 20,000 Retained earnings, Dec. 31,2018. Dividends Consulting
Identify each of the following terms or phrases as either an accounting (a) principle, (b) assumption, or (c) constraint.1. Full disclosure2. Time period3. Going-concern4. Revenue recognition
Visit the EDGAR database at SEC.gov. Access the Form 10-K report of Rocky Mountain Chocolate Factory (ticker: RMCF) filed on May 23, 2016, covering its 2016 fiscal year.Required1. Item 6 of the 10-K
Samsung is a leading global manufacturer that competes with Apple and Google. Key financial figures for Samsung follow. Required 1. What is the return on assets for Samsung in the (a) current year
Use the information in Problem 1-3A to prepare a year-end statement of retained earnings for Armani Company. $10,000 9,000 $ 6,000 13,000 33,000 22,000 20,000 Retained earnings, Dec. 31,2018.
Use the information in Problem 1-3B to prepare a year-end statement of retained earnings for Audi Company. Cash.... $2,000 Accounts receivable .. 1,800 Supplies... 1,200 Equipment.. 1,000 Accounts
As of December 31, 2018, Audi Company?s financial records show the following items and amounts. Required Prepare the 2018 year-end income statement for Audi Company. $2,000 Cash.. Accounts
As of December 31, 2018, Armani Company?s financial records show the following items and amounts. Required Prepare the 2018 year-end income statement for Armani Company. $10,000 9,000 $ 6,000
The following financial statement information is from five separate companies. Required 1. Answer the following questions about Company V. a. What is the amount of equity on December 31, 2017? b.
The following financial statement information is from five separate companies. Required 1. Answer the following questions about Company A. a. What is the amount of equity on December 31, 2017? b.
Key financial figures for Apple?s two most recent fiscal years follow. Required 1. What is the total amount of assets invested in Apple in the current year? 2. What is Apple?s return on assets for
On October 1, 2018, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and

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