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financial accounting tool

Questions and Answers of Financial Accounting Tool

Your examination of the records of a company that follows the cash basis of accounting tells you that the company’s reported cash-basis earnings in 2022 are $33,640. If this firm had followed
These accounting concepts were discussed in this and previous chapters. 1. Economic entity assumption. 2. Expense recognition principle. 3. Monetary unit assumption. 4.
The following independent situations require professional judgment for determining when to recognize revenue from the transactions. a. Southwest Airlines sells you an advance-purchase airline
This information is for Williams Corporation for the year ended December 31, 2022. Instructions a. Prepare the 2022 statement of cash flows for Williams Corporation. b. Suppose you are
AP Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffl es and cereal bars. Suppose the following
Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following fi nancial information as of December 31, 2022. Instructions a. Determine
The following items and amounts were taken from Lonyear Inc.’s 2022 income statement and balance sheet. Instructions a. In each, case, identify on the blank line whether the item is an
The following information is available for Randall Inc. Instructions Using the information above, prepare a balance sheet as of December 31, 2022. (Hint: Solve for the missing retained
Presented here is information for Zheng Inc. for 2022. Instructions Prepare the 2022 retained earnings statement for Zheng Inc. Retained earnings, January 1 Service revenue Total expenses
Suppose the following information was taken from the 2022 financial statements of pharmaceutical giant Merck and Co. (All dollar amounts are in millions.) Instructions a. After analyzing
This information relates to Benser Co. for the year 2022. Instructions. Prepare an income statement and a retained earnings statement for the year ending December 31, 2022 Retained
The following list of terms or phrases are discussed in this chapter. 1. Certifi ed public accountant (CPA) 2. Management discussion and analysis (MD&A) 3. Revenue4.
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2022. Instructions a. Prepare a trial balance with the accounts arranged as illustrated in
Beyers Corporation provides security services. Selected transactions for Beyers are presented below. Oct. 1 Issued common stock in exchange for $66,000 cash from investors.
Here is the ledger for Kriscoe Co. Instructions a. Reproduce the journal entries for only the transactions that occurred on October 1, 10, and 20, and provide explanations for each. b.
Selected transactions from the journal of Baylee Inc. during its first month of operations are presented here. Instructions a. Post the transactions to T-accounts. b. Prepare a trial
The T-accounts below summarize the ledger of Salvador’s Gardening Company, Inc. at the end of the first month of operations. a. Prepare the journal entries (including explanations) that
Transaction data and journal entries for McCall Real Estate Agency are presented in E3.8 and E3.9. Instructions a. Post the transactions to T-accounts. b. Prepare a trial balance at October
Suppose the following information was reported by Gap, Inc. a. Determine the overall percentage decrease in Gap’s total assets from 2018 to 2022. What was the average decrease per
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. a. For each company, calculate the following
The financial statements of Apple Inc. are presented in Appendix A. Instructions Answer the following questions using the financial statements and the notes to the financial
Selected financial data of two competitors, Target and Wal-Mart, are presented here. (All dollars are in millions.) Suppose the data were taken from the 2022 financial statements of each
Condensed balance sheet and income statement data for Danke Corporation are presented as follows. Compute these values and ratios for 2021 and 2022. a. Earnings per share. b. Working
The following are financial statements of Ohara Company.Additional information: The net cash provided by operating activities for 2022 was $190,800. The cash used for capital expenditures was
Comparative financial statement data for Loeb Corporation and Bowsh Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2022. Instructions a. Comment
You are provided with the following information for Lazuris Enterprises, effective as of its April 30, 2022, year-end. Instructions a. Prepare an income statement and a retained earnings
These items are taken from the financial statements of Martin Corporation for 2022. Instructions Prepare an income statement, a retained earnings statement, and a classifi ed balance sheet
Suppose the following items are taken from the 2022 balance sheet of Yahoo! Inc. (All dollars are in millions.) Instructions Prepare a classified balance sheet for Yahoo! Inc. as of
Lopez Co. had three major business transactions during 2022. a. Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000. b. The president of Lopez Co., Victor
Suppose the following data were taken from the 2022 and 2021 financial statements of American Eagle Outfitters. (All numbers, including share data, are in thousands.) Instructions Perform each
The chief financial officer (CFO) of Myeneke Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2022, so that the CFO could get an idea of how
operates department stores in numerous states. Selected financial statement data (in millions of dollars) for a recent year follow. Instructions a. Compute working capital and the current
These financial statement items are for Fairview Corporation at year-end, July 31, 2022. Instructions a. Prepare an income statement and a retained earnings statement for the year. Fairview
Suppose the following information is available for Callaway Golf Company for the years 2022 and 2021. (Dollars are in thousands, except share information.) There were 73,139,000 shares of common
Suppose the following items were taken from the 2022 fi nancial statements of Texas Instruments, Inc. (All dollars are in millions.) Instructions Prepare a classified balance sheet in good
The following items are taken from the financial statements of Carmen Co. at December 31, 2022. Instructions Prepare a classified balance sheet. Assume that $9,100 of the mortgage payable
These items are taken from the financial statements of Longhorn Co. at December 31, 2022. Instructions Prepare a classified balance sheet. Assume that $13,600 of the note payable will be
The following information is available for Nguoi Corporation. a. Compute earnings per share for 2022 and 2021 for Nguoi, and comment on the change. Nguoi’s primary competitor, Matisse
a. Mylar Corporation has collected the following information related to its December 31, 2022, balance sheet. Prepare the assets section of Mylar Corporation’s balance sheet.b. The following
Indicate whether each statement is true or false. If false, indicate how to correct the statement. a. GAAP is a set of rules and practices established by accounting standard-setting bodies to
Presented below is selected financial information for Rojo Corporation for December 31, 2022. Instructions a. Prepare the statement of cash fl ows for Rojo Corporation. b. Comment on
Reese Inc., a provider of consulting services, was founded on October 1, 2022. At the end of the first month of operations, the company decided to prepare an income statement, retained earnings
The annual report provides fi nancial information in a variety of formats, including the following. Management discussion and analysis (MD&A) Financial statements Notes to the
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented as follows for
Suppose the following data are derived from the 2022 fi nancial statements of Southwest Airlines. (All dollars are in millions.) Southwest has a December 31 year-end. Instructions a. After
Here are incomplete financial statements for Oway Corporation. Instructions Calculate the missing amounts. Oway Corporation. Balance Sheet Liabilities and Stockholders' Equity Assets $
Here are incomplete financial statements for Donavan, Inc. Instructions Calculate the missing amounts. Donavan, Inc. Balance Sheet Liabilities and Stockholders' Equity Assets $ 7,000 Cash
The following items and amounts were taken from Familia Inc.’s 2022 income statement and balance sheet, the end of its first year of operations. Instructions a. In each case, identify on
Suppose the following information (in thousands of dollars) is available for H. J. Heinz Company famous for ketchup and other fine food products at April 30, 2022. Instructions Prepare the
Suppose the following items were taken from the December 31, 2022, assets section of the Boeing Company balance sheet. (All dollars are in millions.) Instructions Prepare the assets section
The following information (in millions of dollars) is available for Limited Brands for a recent year: sales revenue $9,043, net income $220, preferred dividend $0, and weighted-average common shares
Place a number, 1 through 7, in front of each of the following balance sheet categories to designate the order in which they are to be presented in a classified balance sheet. Long-term
What was Apple’s largest current asset, largest current liability, and largest item under “Assets” at September 30, 2017?
Your roommate believes that accounting standards are uniform throughout the world. Is your roommate correct? Explain.
Merle Hawkins, the president of Pathway Company, is pleased. Pathway substantially increased its net income in 2022 while keeping its unit inventory relatively the same. Jon Dietz, chief accountant,
Although Clif Bar & Company is not a public company, it does share its financial information with its employees as part of its open-book management approach. Further, although it does not
The June 1, 2017, issue of the Wall Street Journal includes an article by Michael Rapoport entitled “Coming Soon: What Auditors Really Think About Company Numbers.” It provides a discussion about
You can easily search the Internet to find summary information about companies. This information includes basic descriptions of the company’s location, activities, industry, financial health, and
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions a. Based on the information
Columbia Sportswear Company’s financial statements are presented in Appendix B. Financial statements of VF Corporation are presented in Appendix C. Instructions a. Based on the information
The financial statements of Apple Inc. are presented in Appendix A. Instructions Refer to Apple’s financial statements and answer the following questions. a. What were Apple’s

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