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financial accounting

Questions and Answers of Financial Accounting

The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records:
Based on the data in Exercise 6-15 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.Data From Exercise 6-15:On the basis
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 9.
The units of an item available for sale during the year were as follows:
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the last-in,
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in,
The following units of a particular item were available for sale during the calendar year:
The following units of a particular item were available for sale during the calendar year:
Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory
If inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing— FIFO, LIFO, or weighted average cost—will yield the lowest annual income tax
Which of the three methods of inventory costing— FIFO, LIFO, or weighted average cost—will in general yield an inventory cost most nearly approximating current replacement cost?
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing—FIFO, LIFO, or weighted average cost—will yield (a) the highest inventory
For (a) through (d), identify the items designated by X and Y. a. Purchases - (X + Y) = Net purchases. b. Net purchases + X = Cost of merchandise purchased. c. Merchandise inventory
Based on the data presented in Exercise 5-23, journalize the closing entries.Data From Exercise 5-23:On February 28, 2014, the balances of the accounts appearing in the ledger of Foldaway Furnishings
Based on the data presented in Exercise 5-23, journalize the closing entries.Data From Exercise 5-23:From the following list, identify the accounts that should be closed to Income Summary at the end
What is the meaning of (a) 1/15, n/60; (b) n/30; (c) n/eom?
Which of the following accounts will usually appear in the post-closing trial balance? a. Accounts Payable b. Accumulated Depreciation c. Capital Stock d. Cash e.
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $560 million. The income before taxes for The Campbell Soup Company for the year was $1,242
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense. a. Cash received for services not yet rendered b. Insurance paid
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry. a. Accumulated Depreciation b. Dividends c. Land d. Salaries
Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net
Based upon the T accounts in Exercise 2-13, prepare the nine journal entries from which the postings were made. Journal entry explanations may be omitted.Data From Exercise 2-13:Grand Canyon Tours
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or a credit.
As a newly enrolled accounting major, you are anxious to better understand accounting institutions and sources of accounting literature. As a first step, you decide to explore the FASB Conceptual
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. 1. Accounts
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance. 1. Accounts
Indicate whether each of the following types of transactions will either (a) increase stockholders’ equity or (b) decrease stockholders’ equity: 1. expenses 2. issuing capital stock
BGP Electrical Supply is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance
MolsonCoors Beverage Company is the world’s fifth largest brewer. In the United States, its tie to the magical appeal of the Rocky Mountains is one of its most powerful trademarks. Some of the
Use the information concerning Sharp Screen Films, Inc., provided in Problem 12-1 to fulfill the following requirements.Data from in Problem 12-1Sharp Screen Films, Inc., is developing its annual
Adidas AG is a global company that designs and markets sports and fitness products, including footwear, apparel, and accessories. Some of the items included in its recent annual consolidated
Dell Technologies Inc. is a global technology provider that brings together hardware, software, and services. Some of the items included in its recent annual consolidated statement of cash flows
Use the information concerning Ingersol Construction Supply Company provided in Alternate Problem 12-1 to fulfill the following requirements.Data from in Problem 12-1Ingersol Construction Supply
Telstra, Australia’s largest telecommunications and media company, has net revenue of more than $26 billion (Australian). Some of the items included in its recent annual consolidated statement of
Omega Company’s accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands):Other Data:The company issued
Athena Company’s accountants have just completed the income statement and balance sheet for the year and have provided the following information (dollars in thousands):Other Data:The company issued
Woolworths Group is one of the largest retailers in Australia and New Zealand. Some of the items included in its recent annual consolidated statement of cash flows presented using the direct method
Golden Deer Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance
Hanks Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets
To compare statement of cash flows reporting under the direct and indirect methods, enter check marks to indicate which items are used with each method. Cash Flows (and Related Changes) 1. Accounts
Consider the following: Net income = $10,000, depreciation expense = $2,000, accounts receivable increased by $800, inventory decreased by $100, and accounts payable increased by $500. Based on this
Murray Company is developing its annual financial statements at December 31, current year. The statements are complete except for the statement of cash flows. The completed comparative balance sheets
Caterpillar is the world’s leading manufacturer of construction and mining equipment. For each of the following transactions, indicate whether net cash inflows (outflows) from operating activities
Harley-Davidson is a leading manufacturer of heavy-weight motorcycles. For each of the following recent transactions, indicate whether net cash inflows (outflows) from operating activities (NCFO),
Oering’s Furniture Corporation is a Virginia-based manufacturer of furniture. In a recent year, it reported the following activities:Required:Based on this information, present the investing and
Which of the following is not added to net income when computing cash flows from operations under the indirect method?a. The net increase in accounts payable.b. The net decrease in accounts
A number of years ago, a leading media company’s annual report contained the following information (dollars in millions):Required:1. Based on this information, compute cash flow from operating
In your web browser, search for the investor relations page of a public company you are interested in (e.g., Papa John’s investor relations). Select SEC Filings or Annual Report or Financials to
Consider the following: Issued common stock for $18,000, sold office equipment for $1,200, paid cash dividends of $4,000, purchased investments for $2,000, and paid accounts payable of $4,000. What
Gibraltar Industries is a Buffalo, New York–based manufacturer and distributor of building products for residential, industrial, infrastructure, renewable energy, and conservation markets. In a
Consider the following: Issued common stock for $18,000, sold office equipment for $1,200, paid cash dividends of $4,000, purchased investments for $2,000, and purchased new equipment for $4,000.
Refer to the information for Peak Heights Company in Exercise 12-7.Data from In Exercise 12-7The following information pertains to Peak Heights Company:Required:Present the operating activities
Refer to the information for Rodriguez Company in Exercise 12-8.Data from in Exercise 12-8Rodriguez Company completed its income statement and comparative balance sheet for the current year and
Who are the primary users of a company’s financial statements?
You have the opportunity to invest $10,000 in one of two companies from a single industry. The only information you have is below. Which company would you select? Justify your choice. Ratios for
Pool Corporation, Inc., sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool’s customers are small, family-owned
You have the opportunity to invest $10,000 in one of two companies from a single industry. The only information you have is below. Which company would you select? Justify your choice. Ratios for
Tabor Company has just prepared the following comparative annual financial statements for the current year:Required:1. Using average balances for balance sheet accounts and year-end balances for all
Compute the return on asset ratio for Year 2 given the following data: Total asset turnover ratio Net profit margin ratio Year 2 2.10 12.00% Year 1 1.90 10.00%
Compute the component percentages for Trixy Magic’s income statement below. Discuss any trends you observe. Net sales Cost of sales Gross margin Expenses: Selling, general, and
Use the data given in AP13-5 for Summer Corporation.Data from in AP13-5The comparative financial statements for Summer Corporation are below:Required:1. Compute component percentages for Year 2.2.
The comparative financial statements for Chinook Company are below:Required:1. Complete the following columns for each line item in the preceding comparative financial statements:2. By what amount
What are component percentages? Why are they useful?
Use the data given in P13-5 for Chinook Company.Data from in P13-5The comparative financial statements for Chinook Company are below:Required:1. Compute component percentages for Year 2.2. Compute
Which of the following ratios is required by GAAP?a. Earnings per share ratio.b. Price/earnings ratio.c. Dividend yield ratio.d. All of the above are required by GAAP.
Use the data in AP13-5 for Summer Corporation. Assume that the stock price per share is $22 and that dividends in the amount of $5.00 per share were paid during Year 2. Compute the following
Match each ratio or percentage with its formula. Ratio or Percentage 1. Net profit margin ratio 2. Inventory turnover ratio 3. Average days to collect receivables 4. Dividend yield ratio 5. Return on
What is ratio analysis? Why is it useful?
Use the data in P13-5 for Chinook Company. Assume that the stock price per share is $28 and that dividends in the amount of $3.50 per share were paid during Year 2. Compute the following ratios:•
Kamrath Company reported total assets of $1,400,000 and noncurrent assets of $480,000. The company also reported a current ratio of 3.5. What amount of current liabilities did the company report?
The inventory turnover ratio for Natural Foods Stores is 14.6. The company reported cost of goods sold in the amount of $1,500,000 and total sales of $2,500,000. What is the average amount of
Wolf Company uses the LIFO method to account for inventory and Tiger Company uses the FIFO method. The two companies are exactly alike except for the difference in inventory cost flow assumptions.
In the current year, Salmon Company reported sales of $1,420,000, interest expense of $12,000, income tax expense of $13,000, and net income of $52,000. What is Salmon’s times interest earned ratio?
Company A uses the FIFO method to account for inventory and Company B uses the LIFO method. The two companies are exactly alike except for the difference in inventory cost flow assumptions. Costs of
Zion Company earned $6.50 per share and paid dividends of $3.50 per share. The company reported a dividend yield of 5 percent. What was the price of the stock?
The price/earnings ratio provides important information concerning the stock market’s assessment of the growth potential of a business. The following are price/earnings ratios for selected
What do liquidity ratios focus on? What is an example of a liquidity ratio and how is it computed?
The price/earnings ratio provides important information concerning the stock market’s assessment of the growth potential of a business. The following are price/earnings ratios for selected
Assume current assets totaled $120,000 and the current ratio was 1.5 before the following independent transactions:(1) Purchased merchandise for $40,000 on short-term credit.(2) Purchased a delivery
Refer to the financial statements of Target Corporation in Appendix B at the end of this book. All dollar amounts are in millions.Data from in Appendix BRequirement 1. Target does not report
A creditor is least likely to use what ratio when analyzing a company that has borrowed funds on a long-term basis?a. Cash coverage ratio.b. Debt-to-equity ratio.c. Times interest earned ratio.d.
Match the following. Answers may be used more than once: Measurement Method A. Amortized cost B. Equity method C. Acquisition method and consolidation D. Fair value method Reporting Method 1. Less
Seattle Corporation is considering changing its inventory method from FIFO to LIFO. Assume that inventory prices have been increasing. All else equal, what impact would you expect the change to have
Using the data in EA-2, assume that Slick Rocks’ management purchased the Sandstone bonds for the trading securities portfolio instead of the available-for-sale securities portfolio. Prepare any
On July 1, 2024, Slick Rocks, Inc., purchased at par $350,000, 6 percent bonds of Sandstone Company as an investment that the management intends to hold for a few years but not to maturity. The bonds
On March 31, 20x1, Robert Electronics Company purchased 4,000 shares of Pat Company for $250,000. The following information applies to the stock of Pat Company:Pat Company declares cash dividends of
Electronic Arts Inc. “is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be played and watched on game consoles,
Below are selected T-accounts for the RunnerTech Company, which reported its investments as noncurrent assets.Required:For the current year:a. Prepare the entry for the purchase of the
On January 1, 2024, Brian Company purchased at par $800,000, 6 percent bonds issued by Laura Company to be held as available-for-sale securities. At December 31, 2024, the bonds had a fair value of
Arbor Company had 200,000 outstanding shares of common stock, par value $1 per share. On January10 of the current year, Cardinal Corporation purchased some of Arbor’s shares as a long-term
Gioia Company acquired some of the 65,000 shares of outstanding common stock (no par) of Tristezza Corporation during the current year as a long-term investment. The annual accounting period for both
Using the data in EA-5, answer the following questions:Data from in EA-5Gioia Company acquired some of the 65,000 shares of outstanding common stock (no par) of Tristezza Corporation during the
Below are selected T-accounts related to equity investments for Lois Corporation.Required:a. Prepare the journal entry for the purchase of additional investments in affiliated companies for cash.b.
Using the following categories, indicate the effects of the transactions listed in MA-3, assuming the securities are available-for-sale. Use + for increase and − for decrease and indicate the
The notes to recent financial statements of the Colgate-Palmolive Company contained the following information (dollar amounts in millions):Colgate-Palmolive acquired 100 percent of the fair value of
During December of the current year, James Company acquired some of the 50,000 outstanding shares of the common stock, par $12, of Andrew Corporation as a long-term passive investment. The accounting
Using the following categories, indicate the effects of the transactions listed in MA-4, assuming the securities are traded actively. Use + for increase and − for decrease and indicate the

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