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Questions and Answers of Financial Accounting

Data for Virtual Gaming Systems are provided in P11–4B.Required:Prepare the statement of cash flows for Virtual Gaming Systems using the direct method. Disclose any noncash transactions in an
Refer to the information provided in P11–3B for Software Associates.Required:Prepare the operating activities section of the statement of cash flows for Software Associates using the direct
The income statement, balance sheets, and additional information for Virtual Gaming Systems are provided.Additional Information for 2021:1. Purchase additional investment in stocks for $95,000.2.
Portions of the financial statements for Software Associates are provided below. SOFTWARE ASSOCIATES
Natalie King has completed the basic format to be used in preparing the statement of cash flows (indirect method) for CPU Hardware Designers. All amounts are in thousands (000s).
Cash flows from operating activities for both the indirect and direct methods are presented for Reverse Logic. All amounts are in thousands (000s).Required:Complete the following income statement for
Data for Video Phones, Inc., are provided in P11–4A.Required:Prepare the statement of cash flows for Video Phones, Inc., using the direct method. Disclose any noncash transactions in an
Refer to the information provided in P11–3A for Alliance Technologies.Required:Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the direct
The income statement, balance sheets, and additional information for Video Phones, Inc., are provided.Additional Information for 2021:1. Purchase investment in bonds for $115,000.2. Sell land costing
Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Selected
Seth Erkenbeck, a recent college graduate, has just completed the basic format to be used in preparing the statement of cash flows (indirect method) for ATM Software Developers. All amounts are in
Consider the four independent situations below.Required:1. Calculate cash paid for operating expenses.2. Prepare the summary journal entry for each situation. Operating Prepaid Insurance Salarles
Consider the four independent situations below.Required:1. Calculate cash paid to suppliers.2. Prepare the summary journal entry for each situation. Cost of Inventory Increase (Decrease) Accounts
Consider the three independent situations below (amounts are $ in millions):Required:1. Calculate cash received from customers.2. Prepare the summary journal entry for each situation. Sales Accounts
Mega Screens, Inc., reports net sales of $3,200,000, cost of goods sold of $2,000,000, and income tax expense of $150,000 for the year ended December 31, 2021. Selected balance sheet accounts are as
Refer to the information provided for Peach Computer in E11–11.Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method.E11-11
Refer to the information in E11–12.Required:Calculate net cash flows from financing activities.E11–12Dristell Inc. had the following activities during the year (all transactions are for cash
Dristell Inc. had the following activities during the year (all transactions are for cash unless stated otherwise):a. A building with a book value of $400,000 was sold for $500,000.b. Additional
Portions of the financial statements for Peach Computer are provided below.Required:Prepare the operating activities section of the statement of cash flows for Peach Computer using the indirect
The balance sheets for Plasma Screens Corporation, along with additional information, are provided below:Additional Information for 2021:1. Net income is $79,000.2. The company purchases $110,000 in
Software Distributors reports net income of $65,000. Included in that number is depreciation expense of $15,000 and a loss on the sale of land of $6,000. A comparison of this year’s and last
Technology Solutions’ format for the statement of cash flows was corrupted by a computer virus, as follows:
Wifi Around reports net income for the year of $220,000. Retained earnings at the beginning and end of the year are $810,000 and $930,000, respectively. What is the cash paid for dividends during the
A-2-Z Design Services engaged in the following significant activities during the year:a. The company issued common stock for $250,000. Management expects to use the proceeds to purchase land next
Refer to the situation described in BE11–9. Determine the financing cash flows to be reported by IT Industries in 2021.BE11-9On April 1, 2020, Teleworks Company lent $100,000 to IT Industries. IT
Technologies Worldwide purchased land for $850,000 in 2020 with the intent to expand operations. In 2021, the company decides the land is no longer needed, and the land is sold for $900,000.
On April 1, 2020, Teleworks Company lent $100,000 to IT Industries. IT Industries pays back in full the note plus 10% interest on April 1, 2021. Determine the investing cash flows to be reported by
Classify each of the following items as an operating, investing, or financing activity.1. Dividends paid.2. Repayment of notes payable.3. Payment for inventory.4. Purchase of equipment.5. Interest
Describe the two primary strategies firms use to increase cash return on assets.
Indicate whether each of the following items would be added or subtracted from net income in preparing the statement of cash flows using the indirect method:(a) An increase in current assets,(b) A
Renegade Clothing is struggling to meet analysts’ forecasts. It’s early December 2021, and the year-end projections are in. Listed below are the projections for the year ended 2021 and the
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, is a giant database of documents the U.S. Securities and Exchange Commission (SEC) requires that companies submit. All publicly
Brooke Remming is the Chief Executive Officer of Dundem Corp. The board of directors has agreed to pay Brooke a salary of $400,000 plus a 15% bonus if the company’s pretax income increases by at
Financial information for American Eagle is presented in Appendix A at the end of the book, and financial information for Buckle is presented in Appendix B at the end of the book. The stock prices as
Tony and Suzie have purchased land for a new camp. Now they need money to build the cabins, dining facility, a ropes course, and an outdoor swimming pool. Tony and Suzie first checked with Summit
Selected financial data for DC Menswear is provided as follows:($ in millions)Sales ................................................................................... $ 14,549Net income
National League Gear has two classes of stock authorized: 4%, $20 par preferred,and $5 par value common. The following transactions affect stockholders’ equity during 2021, National League’s
Refer to the information provided in P10–2B.Required:Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021, respond to the following for
Nautical has two classes of stock authorized: $10 par preferred, and $1 par value common. As of the beginning of 2021, 125 shares of preferred stock and 3,000 shares of common stock have been
Khaki Republic sells clothing and accessories through premium outlet locations and online. Selected financial data for Khaki Republic is provided as follows:($ in millions)Sales
Major League Apparel has two classes of stock authorized: 6%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of
Refer to the information provided in P10–2A.Required:Taking into consideration the beginning balances on January 1, 2021 and all the transactions during 2021, respond to the following for Donnie
Donnie Hilfiger has two classes of stock authorized: $1 par preferred and $0.01 par value common. As of the beginning of 2021, 300 shares of preferred stock and 4,000 shares of common stock have
On January 1, 2021, the general ledger of Grand Finale Fireworks includes the following account balances:During January 2021, the following transactions occur:January 2 Issue an additional 2,000
Financial information for Forever 18 includes the following selected data:Required:1. Calculate earnings per share in 2020 and 2021. Did earnings per share increase in 2021?2. Calculate the
The financial statements of Friendly Fashions include the following selected data (in millions):Required:1. Calculate the return on equity in 2021.2. Calculate the dividend yield in 2021.3. Calculate
United Apparel has the following balances in its stockholders’ equity accounts on December 31, 2021: Treasury Stock, $850,000; Common Stock, $600,000; Preferred Stock, $3,600,000; Retained
Refer to the information in E10–9. Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in
Refer to the information in E10–9. Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in
Refer to the information in E10–9. Power Drive Corporation has the following beginning balances in its stockholders’ equity accounts on January 1, 2021: Common Stock, $100,000; Additional Paid-in
Power Drive Corporation designs and produces a line of golf equipment and golf apparel. Power Drive has 100,000 shares of common stock outstanding as of the beginning of 2021. Power Drive has the
Refer to the information in E10–6. In its first year of operations, Finishing Touches has net income of $160,000 and pays dividends at the end of the year of $94,500 ($1 per share) on all common
Finishing Touches has two classes of stock authorized: 8%, $10 par preferred, and $1 par value common. The following transactions affect stockholders’ equity during 2021, its first year of
Nathan’s Athletic Apparel has 2,000 shares of 5%, $100 par value preferred stock the company issued at the beginning of 2020. All remaining shares are common stock. The company was not able to pay
Indicate whether each of the following transactions increases (+), decreases (−), or has no effect (NE) on total assets, total liabilities, and total stockholders’ equity. The first transaction
Rachel’s Designs has 2,000 shares of 7%, $50 par value cumulative preferred stock issued at the beginning of 2019. All remaining shares are common stock. Due to cash flow difficulties, the company
What are the basic ownership rights of common stockholders?
Surf’s Up, a manufacturer of surfing supplies and training equipment, has the following selected data ($ in millions):Based on these amounts, calculate the following ratios for 2021:1. Debt to
Adrenaline Entertainment is struggling financially and its CFO, David Plesko, is starting to feel the heat. Back on January 1, 2017, Adrenaline Entertainment issued $100 million of 6% bonds, due in
Standard & Poor’s is a global leader in credit ratings and credit risk analysis. Go to its website at standardandpoors.com.Required:1. Click on “ABOUT US” then “Key Statistics” under
The Tony Hawk Skate Park was built in early 2021. The construction was financed by a $3,000,000, 7% note due in 6 years, with payments of $51,147 required each month. The first year has not been as
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. Calculate the debt to equity ratio for the past two years. Did the ratio increase or decrease in the
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. Calculate the debt to equity ratio for the past two years. Did the ratio increase or decrease
Tony’s favorite memories of his childhood were the times he spent with his dad at camp. Tony was daydreaming of those days a bit as he and Suzie jogged along a nature trail and came across a
Selected financial data for Surf City and Paradise Falls are as follows:Required:1. Calculate the debt to equity ratio for Surf City and Paradise Falls for the most recent year. Which company has the
Super Splash issues $1,000,000, 7% bonds on January 1, 2021, that mature in 15 years. The market interest rate for bonds of similar risk and maturity is 6%, and the bonds issue for $1,098,002.
Temptation Vacations issues $60 million in bonds on January 1, 2021, that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:Required:1.
Viking Voyager specializes in the design and production of replica Viking boats. On January 1, 2021, the company issues $3,000,000 of 9% bonds, due in 10 years, with interest payable semiannually on
Chunky Cheese Pizza has $61 million in bonds payable. The bond agreement states that the debt to equity ratio cannot exceed 3.25. Chunky’s total assets are $201 million, and its liabilities other
On January 1, 2021, Monster Corporation borrowed $9 million from a local bank to construct a new highway over the next four years. The loan will be paid back in four equal installments of $2,657,053
On January 1, 2021, Stoops Entertainment purchases a building for $610,000, paying $110,000 down and borrowing the remaining $500,000, signing a 9%, 15-year mortgage. Installment payments of
Selected financial data for Bahama Bay and Caribbean Key are as follows:Required:1. Calculate the debt to equity ratio for Bahama Bay and Caribbean Key for the most recent year. Which company has the
On January 1, 2021, Universe of Fun issues $900,000, 8% bonds that mature in 10 years. The market interest rate for bonds of similar risk and maturity is 9%, and the bonds issue for $841,464.
On January 1, 2021, Vacation Destinations issues $40 million of bonds that pay interest semiannually on June 30 and December 31. Portions of the bond amortization schedule appear below:Required:1.
On January 1, 2021, Twister Enterprises, a manufacturer of a variety of transportable spin rides, issues $600,000 of 8% bonds, due in 20 years, with interest payable semiannually on June 30 and
Thrillville has $41 million in bonds payable. One of the contractual agreements in the bond is that the debt to equity ratio cannot exceed 2.0. Thrillville’s total assets are $81 million, and its
Thrillville has $41 million in bonds payable. One of the contractual agreements in the bond is that the debt to equity ratio cannot exceed 2.0. Thrillville’s total assets are $81 million, and its
On January 1, 2021, Strato Corporation borrowed $2 million from a local bank to construct a new building over the next three years. The loan will be paid back in three equal installments of $776,067
On January 1, 2021, Gundy Enterprises purchases an office for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are
On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:During January 2021, the following transactions occur:January 1 Borrow $100,000 from Captive Credit
On January 1, 2021, Water World issues $26 million of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. Water World intends to use the funds to build
On January 1, 2021, Frontier World issues $41 million of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The proceeds will be used to build a new
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is 6%
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year. The market interest rate on the issue date is
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.Required:Assuming the market interest rate on the issue date is
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.Required:Assuming the market interest rate on the issue date is
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable annually on December 31 each year.Required:Assuming the market interest rate on the issue date is
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, White Water issues $600,000 of 7% bonds, due in 10 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On January 1, 2021, Splash City issues $500,000 of 9% bonds, due in 20 years, with interest payable semiannually on June 30 and December 31 each year.Required:Assuming the market interest rate on the
On June 30, 2021, Exploration Inc. signs a lease requiring quarterly payments each year for the next five years. Each of the 20 quarterly payments is $29,122.87, with the first lease payment
On June 1, 2021, Florida National leased a building. The lease agreement calls for Florida National to make lease payments of $3,618.18 each month for the next two years, with the first lease payment
On January 1, 2021, Jalen Company purchased land costing $800,000. Instead of paying cash at the time of purchase, Jalen plans to make four installment payments of $215,221.64 on June 30 and December
On January 1, 2021, Tropical Paradise borrows $50,000 by agreeing to a 6%, six-year note with the bank. The funds will be used to purchase a new BMW convertible for use in promoting resort properties
Presented below is a partial amortization schedule for Premium Pizza.1. Record the bond issue assuming the face amount of bonds payable is $70,000.2. Record the first interest payment.3. Explain why
Presented below is a partial amortization schedule for Discount Pizza.1. Record the bond issue assuming the face amount of bonds payable is $70,000.2. Record the first interest payment.3. Explain why
On January 1, 2021, Lyle’s Limeade issues 4%, 10-year bonds with a face amount of $90,000 for $82,985, priced to yield 5%. Interest is paid semiannually. What amount of interest expense will be

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