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Questions and Answers of Financial Accounting

The following data were selected from the records of Sykes Company for the year ended December 31, current year.In the following order, except for cash sales, the company sold merchandise and made
V.F. Corporation is a global leader in the design, production, procurement, marketing and distribution of branded lifestyle apparel, footwear and related products. Their largest brands are Vans®,
The following transactions were selected from among those completed by Bennett Retailers in November and December:Required:Assume that Sales Returns and Allowances, Sales Discounts, and Credit Card
Assume that Witz and Steenhoven, Inc. uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/45. The balance of each account
General Mills, Inc., is a leading global manufacturer and marketer of branded consumer foods sold through retail stores. It recently disclosed the following information concerning the Allowance for
Blue Skies Equipment Company uses the aging approach to estimate bad debt expense at the end of each accounting year. Credit sales occur frequently on terms n/60. The balance of each account
Gross sales total $300,000, one-half of which were credit sales. Sales returns and allowances of $15,000 apply to the credit sales, sales discounts of 2 percent were taken on all of the net credit
A company has been successful in reducing the amount of sales returns and allowances. At the same time, a credit card company reduced the credit card discount from 3 percent to 2 percent. What effect
Bentley Company’s June 30 bank statement and June ledger account for cash are summarized below:Required:1. Reconcile the bank account. A comparison of the checks written with the checks that have
A recent annual report for FedEx contained the following data:Required:1. Determine the receivables turnover ratio and average days sales in receivables for the current year.2. Explain the meaning of
A recent annual report for CVS contained the following information (dollars in thousands) at the end of its fiscal year:A footnote to the financial statements disclosed that uncollectible accounts
Brown Cow Dairy uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $14,000;
Microsoft develops, produces, and markets a wide range of computer software, including the Windows operating system. On its recent financial statements, Microsoft reported the following information
Wolverine World Wide designs and markets Merrell, Sperry, Wolverine, and Keds shoes. Its products are sold through department stores and specialty and Internet retailers. In a recent annual report,
SAP is a global company headquartered in Germany. SAP is a market leader in enterprise application software and also a leading experience management, analytics, and business intelligence company. In
Use the data presented in AP6-1, which were selected from the records of Sharkim Company for the year ended December 31, current year.Data from in AP6-1The following data were selected from the
During the current year, Witz Electric, Inc., recorded credit sales of $1,300,000. Based on prior experience, it estimates a 1 percent bad debt rate on credit sales.Required:Prepare journal entries
Use the data presented in P6-1, which were selected from the records of Sykes Company for the year ended December 31, current year.Data From in P6-1The following data were selected from the records
Differentiate accounts receivable from notes receivable.
The bookkeeper at Washington Company has not reconciled the bank statement with the Cash account, saying, “I don’t have time.” You have been asked to prepare a reconciliation and review the
Clark’s Landscaping bills customers subject to terms 3/10, n/50.Required:1. Compute the annual interest rate implicit in the sales discount. (Round to two decimal places.)2. If his bank charges 15
What is a sales discount? Use 1/10, n/30 in your explanation.
Symbol Technologies, Inc., was a fast-growing maker of bar-code scanners. According to the federal charges, Tomo Razmilovic, the CEO at Symbol, was obsessed with meeting the stock market’s
Casilda Company uses the aging approach to estimate bad debt expense. The ending balance of each account receivable is aged on the basis of three time periods as follows: (1) not yet due, $50,000;
A recent annual report for Adobe Inc. contained the following data:Required:1. Determine the receivables turnover ratio and average days sales in receivables for the current year.2. Explain the
Tupperware Brands Corporation is engaged in the marketing, manufacture, and sale of design-centric preparation, storage and serving solutions for the kitchen and home and beauty products through
On December 29, 2021, Adams Apples purchased 1,000 shares of General Electric common stock for $19 per share. On December 31, the market value of the stock increased to $20 per share. On January 24,
First National Bank buys and sells securities. The company’s fiscal year ends on December 31. The following selected transactions relating to First National’s trading account occurred during the
Gator Shoes, Inc., manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2021.March 1 Purchases 3,000 shares (10%) of Power Drive
Gator Shoes, Inc., manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2021.March 1 Purchases 3,000 shares (10%) of Power Drive
On January 1, Ralston Corp. issues $800,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Price Investment Company purchases all of the bonds
Honda Motor Corporation of Japan is a leading international manufacturer of automobiles, motorcycles, all-terrain vehicles, and personal watercraft. As a Japanese company, it follows Japanese GAAP
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com. (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com. (Click on an industry and then select Company Rankings for a list of
Refer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.Required:1. How many shares of common stock are authorized at the end of the current year? How many
Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of thisbook.Required:1. Does the company have any treasury stock? If so, how much?2. Does the company pay
As a team, select an industry to analyze. Reuters provides lists of industries and their makeup at www.reuters.com . Each team member should acquire the annual report or 10-K for one publicly
As a team, select an industry to analyze. Reuters provides lists of industries and their makeup at www.reuters.com . Each team member should acquire the annual report or 10-K for one publicly
As a team, select an industry to analyze. Reuters provides lists of industries and their makeup at www.reuters.com . Each team member should acquire the annual report or 10-K for one publicly
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com. (Click on an industry and then select Company Rankings for a list of
As a team, select an industry to analyze. Reuters provides lists of industries under Sectors and Industries at www.reuters.com . (Click on an industry and then select Company Rankings for a list of
Tsunami Sushi purchases $130,000 of 5-year, 7% bonds from Deep Sea Explorers on January 1. Management intends to hold the debt securities to maturity. For bonds of similar risk and maturity, the
On January 1, Ralston Corp. issues $800,000 of 8% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Price Investment Company purchases all of the bonds
Refer to the transactions in ED–4, but now assume the 1,000 shares are sold on February 1, 2022, for $80 per share.Required:1. Record each of these transactions in 2021, including an adjustment on
Gator Shoes, Inc., manufactures a line of stylish waterproof footwear. The following transactions relate to investments in common stock during 2021. March 1 Purchases 3,000 shares (10%) of Power
On December 29, 2021, Adams Apples purchased 1,000 shares of General Electric common stock for $19 per share. On December 31, the market value of the stock increased to $20 per share. On January 24,
On December 29, 2021, Adams Apples purchased 1,000 shares of General Electric common stock for $19 per share. On December 31, the market value of the stock increased to $20 per share. On January 24,
On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $487,000. Record the initial investment by Summit and, if appropriate, an
When interest rates go down, what happens to the value of an investment in bonds that pay a fixed interest rate?
On December 28, Summit purchased Microsoft common shares for $485,000. On December 31, the shares had a fair value of $483,000. Record the initial investment by Summit and, if appropriate, an
When using the fair value method, we adjust the reported amount of the investment for changes in fair value after its acquisition. How is the change in fair value reflected in the balance sheet?
When using the fair value method, we adjust the reported amount of the investment for changes in fair value after its acquisition. How is the change in fair value reflected in the income statement?
Roseburg Corporation manufactures cardboard containers. In 2017, the company purchased several large tracts of timber for $20 million with the intention of harvesting its own timber rather than
Did you know that you can get lots of financial information free of charge? Go to finance.yahoo.com. Use the quote lookup located on the left side to get financial information about any publicly
After years of steady growth in net income, Performance Drug Company reported a preliminary net loss in 2021. The CEO, Joe Mammoth, notices the following estimates are included in reported
Financial information for American Eagle is presented in Appendix A at the end of the book, and financial information for Buckle is presented in Appendix B at the end of the book.Required:1.
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. Calculate the following risk ratios for the year ended February 3, 2018:a. Receivables turnover ratio.b.
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. Calculate the following risk ratios for the year ended February 3, 2018:a. Receivables turnover
Income statement and balance sheet data for Great Adventures, Inc., are provided below.As you can tell from the financial statements, 2022 was an especially busy year. Tony and Suzie were able to
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.b. Inventory
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.Required:Calculate
The following income statement and balance sheets for The Athletic Attic are provided.Required:Assuming that all sales were on account, calculate the following risk ratios for 2021:1. Receivables
The balance sheets for Fantasy Football for 2021 and 2020 are provided below.Required:1. Prepare a vertical analysis of Fantasy Football’s 2021 and 2020 balance sheets. Express each amount as a
The income statements for Galaxy Tennis for the years ending December 31, 2021 and 2020, are provided below.Required:1. Complete the “Amount” and “%” columns to be used in a horizontal
Game-On Sports operates in two distinct segments: athletic equipment and accessories. The income statement for each operating segment is presented below.Required:1. Complete the “%” columns to be
Income statement and balance sheet data for Virtual Gaming Systems are provided below.Required:1. Calculate the following risk ratios for 2021 and 2022:a. Receivables turnover ratio. c. Current
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
The following income statement and balance sheets for Virtual Gaming Systems are provided.Required:Assuming that all sales were on account, calculate the following risk ratios for 2021.1. Receivables
The balance sheets for Sports Unlimited for 2021 and 2020 are provided below.Required:1. Prepare a vertical analysis of Sports Unlimited’s 2021 and 2020 balance sheets. Express each amount as a
The income statements for Anything Tennis for the years ending December 31, 2021 and 2020, are provided below.Required:1. Complete the “Amount” and “%” columns to be used in a horizontal
Sports Emporium has two operating segments: sporting goods and sports apparel. The income statement for each operating segment is presented below.Required:1. Complete the “%” columns to be used
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
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
The following condensed information is reported by Sporting Collectibles.Required:1. Calculate the following profitability ratios for 2021:a. Gross profit ratio.b. Return on assets.c. Profit
Refer to the information provided for Plasma Screens Corporation in E12–7.Required:1. Calculate the following profitability ratios for 2021:a. Gross profit ratio.b. Return on assets.c. Profit
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. Cost of
Refer to the information for Adrian Express in E12–5. Industry averages for the following profitability ratios are as follows:Gross profit ratio ............................ 45%Return on assets
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
The balance sheets for Federer Sports Apparel for 2022 and 2021 are presented below.Required:1. Prepare a vertical analysis of the balance sheet data for 2022 and 2021. Express each amount as a
Refer to the information provided in E12–2.Required:Prepare a horizontal analysis for 2022 using 2021 as the base year.E12–2The income statements for Federer Sports Apparel for 2022 and 2021 are
The income statements for Federer Sports Apparel for 2022 and 2021 are presented below.Required:Prepare a vertical analysis of the data for 2022 and 2021. FEDERER SPORTS APPAREL Income Statements For
Match (by letter) the following items with the description or example that best fits. Each letter is used only once.Terms_____ 1. Vertical analysis._____ 2. Horizontal analysis._____ 3.
If sales are $1,150,000 in 2022 and this represents a 15% increase over sales in 2021, what were sales in 2021?
Sales are $2.6 million in 2020, $2.7 million in 2021, and $2.5 million in 2022. What is the percentage change from 2020 to 2021? What is the percentage change from 2021 to 2022? Be sure to indicate
Athletic World reports the following vertical analysis percentages.Did Athletic World’s income before tax as a percentage of sales increase, decrease, or stay the same? If net income as a
Using the information presented in BE12–1, perform a horizontal analysis providing both the amount and percentage change.BE12–1Perform a vertical analysis on the following information. 2021 2020
Perform a vertical analysis on the following information. 2021 2020 Cash $ 420,000 $1,050,000 Accounts receivable 660,000 300,000 925,000 Inventory Long-term assets 1,020,000 3,900,000 $6,000,000
Define earnings persistence. How does earnings persistence relate to the reporting of discontinued operations?
Bryan Eubank began his accounting career as an auditor for a Big 4 CPA firm. He focused on clients in the high-technology sector, becoming an expert on topics such as inventory write-downs, stock
“Why can’t we pay our shareholders a dividend?” shouts your new boss at Polar Opposites. “This income statement you prepared for me says we earned $5 million in our first year!” You
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, is a giant database of documents required to be submitted to the U.S. Securities and Exchange Commission (SEC). All publicly
Aggressive Corporation approaches Matt Taylor, a loan officer for Oklahoma State Bank, seeking to increase the company’s borrowings with the bank from $100,000 to $200,000. Matt has an uneasy
The income statement, balance sheets, and additional information for Great Adventures, Inc., are provided below.Additional Information for 2022:1. Land of $500,000 was obtained by issuing a note
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

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