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Questions and Answers of Financial Accounting

Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses.Required:For each transaction, indicate whether the related account would be classified
Below are approximate amounts related to cash flow information reported by five companies in previous years.1. KraftHeinz reports operating cash flows of $3.6 billion, investing cash flows of $0.6
Below are approximate amounts related to retained earnings reported by five companies in previous years.1. Coca-Cola reports an increase in retained earnings of $3.2 billion and net income of $6.9
The transactions in this problem are identical to those in E1–2, but now with a focus on Wildcat.TransactionsWildcat’s Related Account1. Wildcat issues common stock of Falcon.Common stock2.
Falcon Incorporated has the following transactions with Wildcat Corporation.TransactionsFalcon’s Related Account1. Falcon purchases common stock of Wildcat.Investment2. Falcon borrows from Wildcat
For each transaction, indicate whether each account would be classified in the balancesheet as(a) An asset,(b) A liability, (c) Stockholders’ equity; in the income statement as(d) A
For each transaction, indicate whether each account would be classified in the balancesheet as(a) An asset,(b) A liability, (c) Stockholders’ equity; in the income statement as(d) A
What are a few of the typical investing activities for a company like Caesars Entertainment, developer and operator of high end hotels and casinos?
Jillian Michaels and Dee Childress worked for several years as sales representatives for Xerox Corporation. During this time, they became close friends as they acquired expertise with the company’s
Barnhiser Goods needs $100,000 to finance a project. It is negotiating a loan, and the bank has offered several different payment schedules. Compute the effective interest rate on each schedule and
Begley Enterprises is considering investing in a project estimated to produce annual cash flows of approximately $10,000 over the next ten years. The initial cost of the investment is $53,280. Assume
Identify and discuss the determinants of the accounting framework of three countries in Europe and explain why these might present barriers to the harmonisation of accounting across Europe.
The International Organization of Securities Commissions (IOSCO) is a group of top securities administrators from about 50 countries. The Securities and Exchange Commission (SEC) is a member of
Review financial news sources such as Yahoo! Finance (finance.yahoo.com) and Google Finance (google.com/finance). Identify a company that has recently purchased 50% or more of another company’s
Using a financial calculator, provide a solution to each of the following situations.a. Lynn Anglin owes a debt of $42,000 from the purchase of her new sport utility vehicle. The debt bears annual
Using a financial calculator, solve for the unknowns in each of the following situations.a. On June 1, 2019, Holly Golightly purchases lakefront property from her neighbor, George Peppard, and agrees
On July 17, 2020, James Taylor borrowed $66,000 from his grandfather to open a clothing store. Starting July 17, 2021, James has to make 8 equal annual payments of $11,225 each to repay the loan. Use
Carly Simon wishes to invest $18,000 on July 1, 2020, and have it accumulate to $50,000 by July 1, 2030. Use a financial calculator to determine at what exact annual rate of interest Carly must
Frazier Company issues a 10%, 5-year mortgage note on January 1, 2020, to obtain financing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment
Mark Barton owns a garage and is contemplating purchasing a tire retreading machine for $20,000. After estimating costs and revenues, Mark projects a net cash fl ow from the retreading machine of
Gleason Enterprises issued 6%, 8-year, $2,500,000 par value bonds that pay interest semiannually on October 1 and April 1. The bonds are dated April 1, 2020, and are issued on that date. The
Hugh Curtin borrowed $35,000 on July 1, 2020. This amount plus accrued interest at 8% compounded annually is to be repaid on July 1, 2025. How much will Hugh have to repay on July 1, 2025?
Bates Company issued $1,000,000, 12-year bonds and agreed to make annual sinking fund deposits of $60,000. The deposits are made at the end of each year into an account paying 6% annual interest.
Joyce Ltd. signed a lease for an office building for a period of 8 years. Under the lease agreement, a security deposit of £8,400 is made. The deposit will be returned at the expiration of the lease
Randy Owen invested €9,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 15 years. At the end of the 15 years, Randy withdrew the accumulated amount
Purpose: Use the Internet to view U.S. SEC filings.InstructionsSelect a well-known U.S. company, such as McDonald’s or Starbucks. Do an Internet search for “Yahoo-Edgar Online” to access the
Eslite Company, has the following account balances at December 31, 2020 (amounts in thousands).Notes payable (NT$60,000 due after 12/31/21) .......... NT$100,000Unearned service revenue
Haskins Supply, Inc., supplies industrial tools to local businesses. Haskins Supply?s November 30, 2018, balance sheet follows: During the month of December 2018, Haskins Supply, Inc., had the
Prepare a comparative common-size income statement for P. Donnelly, Inc., using the 2018 and 2017 data of E12-22B. Round percentages to the nearest tenth of a percent. P. Donnelly, Ino. Comparative
Prepare a comparative common-size income statement for Variline, Inc., using the 2018 and 2017 data from E12-12A. Round percentages to the nearest tenth of a percent. Variline, Inc. Comparative
The accounting records for Best Way Lumber, Inc., for the year ended November 30, 2018, contain the following information:a. Purchase of fixed assets, $88,400b. Proceeds from issuance of common
Use the Inland Medical Supply, Inc., data in S11-10 to compute the following amounts for 2018: 1. Borrowing or payment of long-term notes payable, assuming Inland had only one long-term note payable
Use the Inland Medical Supply, Inc., data in S11-10 to compute the amount of fixed assets acquired by Inland Medical Supply, Inc., assuming Inland sold no fixed assets in 2018. Inland Medical
Inland Medical Supply, Inc., reported the following financial statements for 2018:RequirementUse the information in Inland Medical Supply, Inc.’s financial statements to compute the following:a.
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Financial Statements
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Financial Statements
Comparative financial statement data of Shabby Chic Furniture Company follow: Other information follows: 1. Market price of a share of common stock was $31.00 at December 31, 2018, and $48.50 at
Chelsey?s Auto Sales asked for your help in comparing the company?s profit performance and financial position with the average for the auto sales industry. The owner has given you the company?s
Net sales, net income, and total assets for Versacheki Construction, Inc., for a four-year period are: Requirements 1. Compute trend percentages for each item for 2015 through 2018. Use 2015 as the
You have been hired as an investment analyst at McNeice Securities, Inc. It is your job to recommend investments for your client. You have the following information for two different
Comparative financial statement data of Lodgepole Furniture Company follow: Other information follows: a. Market price of a share of common stock was $50.00 at December 31, 2018, and $33.00 at
Financial statement data of Helgeson Enterprises, Inc., include the following items: Requirements 1. Compute Helgeson Enterprises? current ratio, debt ratio, and earnings per share. Assume that the
Otto?s Auto Sales asked for your help in comparing the company?s profit performance and financial position with the average for the auto sales industry. The owner has given you the company?s income
Net sales, net income, and total assets for Schmitz Construction, Inc., for a four-year period follow: Requirements 1. Compute trend percentages for each item for 2015 through 2018. Use 2015 as the
Evaluate the common stock of Build Right Incorporated as an investment. Utilize the four ratios that help determine whether a business is generating enough net income to reward the stockholders for
Consider the following comparative income statement and additional balance sheet data for Classic Fashions, Inc. Additional data follow: Requirements 1. For 2017 and 2018, compute the five
Green Bluff Winery requested that you determine whether the company?s ability to pay its current liabilities and long-term debts improved or deteriorated during 2018. To answer this question, compute
Simpson Painting, Inc., requested that you perform a vertical analysis of its balance sheet to determine the component percentages of its assets, liabilities, and stockholders? equity. Round to the
Below is the comparative income statement of P. Donnelly, Inc. Requirements 1. Prepare a horizontal analysis of the comparative income statement of P. Donnelly, Inc. Round percentage changes to the
Based on the data below, what were the dollar and percentage changes in Fessler?s Fine Furnishings, Inc.?s net working capital during 2017 and 2018? Is this trend favorable or unfavorable? 2018 2016
Evaluate the common stock of Pittsford Incorporated as an investment. Utilize the four ratios that help determine whether a business is generating enough net income to reward the stockholders for the
Consider the following comparative income statement and additional balance sheet data for Caitlin Richardson Fashions, Inc. Requirements 1. For 2017 and 2018, compute the five ratios that measure
Walla Walla Winery requested that you determine whether the company?s ability to pay its current liabilities and long-term debts improved or deteriorated during 2018. To answer this question, compute
Natalie?s Cleaning, Inc., requested that you perform a vertical analysis of its balance sheet to determine the component percentages of its assets, liabilities, and stockholders? equity. Round to the
Below is the comparative income statement of Variline, Inc. Requirements 1. Prepare a horizontal analysis of the comparative income statement of Variline, Inc. Round percentage changes to the
What were the dollar and percentage changes in Rozzi?s Gift Shop?s net working capital during 2017 and 2018? Is this trend favorable or unfavorable? 2017 2016 2018 Total Current Assets Total Current
In 2018, common stockholders received $6 per share in annual dividends. The market price per share for common stock was $24. Compute the dividend yield for common stock.
Using the information from S12-8, a market price of $34 per share, and 50,000 and 60,000 shares of common stock outstanding in 2017 and 2018, respectively, compute the following for 2018. Round
The 2018 financial statements for Inland Supply, Inc., show total assets of $572,000, total liabilities of $322,500, net sales of $1,276,000, net income of $191,400, income from operations of
In addition to the information from S12-6, assume that cash on the 2018 balance sheet was $14,000 and current liabilities totaled $25,000. Compute the following ratios for 2018:1. Current ratio2.
The 2017 and 2018 balance sheets for Flores, Inc., showed net accounts receivable of $13,000 and $17,000, respectively; inventory of $12,000 and $9,000, respectively; and accounts payable of $6,000
Following are selected financial data for your client for the current year and corresponding data for the client?s industry: Requirement Write a memo to your client comparing his or her business to
To help you understand the importance of cash flows in the operation of a small business. You own a business like the Bold City Brewery. You just returned from a meeting with your bank loan officer,
The 2018 accounting records of Sullivan, Inc., showed the following: Cash, $14,400; Accounts Receivable, Net, $5,600; Inventory, $23,200; Prepaid Expenses, $2,400; Plant and Equipment, Net,
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Selected Financial Data
Wolfe, Inc., had net sales of $212,000 and cost of goods sold of $128,000 in 2016; net sales of $263,000 and cost of goods sold of $161,000 in 2017; and net sales of $325,000 and cost of goods sold
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material.This case focuses on the financial statement analysis of Columbia
Let’s look at Dick’s Sporting Goods (Dick’s) one last time. Think about Dick’s and how everything you’ve learned comes together. Think about accountants reporting what Dick’s has, where
In Chapter 11, we prepared a cash flow statement for Fitness Equipment Doctor, Inc. Now, we will analyze Fitness Equipment Doctor, Inc.?s financial statements using the tools we learned in this
To prepare the statement of cash flows, accountants for Kim & Associates, Inc., summarized 2018 activity in the Cash account as: Requirement Prepare the statement of cash flows of Kim &
Use the Linderman Garden Supply, Inc., data from P11-39B. The cash amounts for Interest Revenue, Salaries Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for
The 2018 comparative balance sheet and income statement of Linderman Garden Supply, Inc., follow: Linderman Garden Supply, Inc., had no noncash investing and financing transactions during 2018.
Data from the comparative balance sheet of Gibson?s Greenhouse, Inc., at May 31, 2018, follow: Gibson?s Greenhouse, Inc.?s transactions during the year ended May 31, 2018,
Data from the comparative balance sheet of Stevenson Building Materials, Inc., at July 31, 2018, follow: Stevenson Building Materials, Inc.?s transactions during the year ended July 31, 2018,
Fred?s Appliance, Inc.?s accountants assembled the following data for the year ended December 31, 2018: Requirement Prepare Fred?s Appliance Inc.?s statement of cash flows using the indirect method
To prepare the statement of cash flows, accountants for Houton & Associates, Inc., summarized 2018 activity in the Cash account as: Requirement Prepare the statement of cash flows of Houton
Use the Bone Appetit Pet Supply, Inc., data from P11-33A. The cash amounts for Interest Revenue, Salaries Expense, Interest Expense, and Income Tax Expense are the same as the accrual amounts for
The accounting records for Haskins Steel, Inc., for the year ended June 30, 2018, contain the following information:a. Purchase of fixed assets for cash, $97,400b. Proceeds from issuance of common
The 2018 comparative balance sheet and income statement of Bone Appetit Pet Supply, Inc., are: Bone Appetit Pet Supply, Inc., had no noncash investing and financing transactions during 2018.
Bannen Office Machines, Inc.?s accountants assembled the following selected data for the year ended December 31, 2018: Requirement Prepare Bannen Office Machines, Inc.?s statement of cash flows
Trudeau?s Marine, Inc., reported the following selected amounts in its financial statements for the year ended December 31, 2018: Requirement Determine the following for Trudeau?s Marine, Inc.,
The income statement and additional data of Amalgamated Services, Inc., follow: Additional data: a. Collections from customers are $9,000 more than sales. b. Payments to suppliers are $3,000 more
Use the data for Amalgamated Services from E11-24B. Requirements 1. Calculate the cash conversion cycle for Amalgamated Services. Round all calculations to two decimal places. Assume all sales are
The income statement and additional data of Amalgamated Services, Inc., follow: Additional data: a. Acquisition of fixed assets totaled $115,000. Of this amount, $85,000 was paid in cash; a $30,000
Pilgrim Canopies, Inc., reported the following selected amounts in its financial statements for the year ended December 31, 2018: Requirement 1. Determine the following for Pilgrim Canopies, Inc.,
The income statement and additional data of Consolidated Services, Inc., follow: Additional data: a. Collections from customers are $5,000 more than sales. b. Payments to suppliers are $3,000 more
Compute the following items for the statement of cash flows:1. The beginning and ending Retained Earnings balances are $52,000 and $73,000, respectively. Net income for the period is $97,000. How
Use the data for Consolidated Services from E11-15A. Requirements 1. Calculate the cash conversion cycle for Consolidated Services. Round all calculations to two decimal places. Assume all sales are
The income statement and additional data of Consolidated Services, Inc., follow: Additional data: a. Acquisition of fixed assets totaled $117,000. Of this amount, $103,000 was paid in cash; a
Juarez Equipment, Inc., assembled the following data related to its cash transactions for the year ended June 30, 2018:Payment of
Nemo’s Spas began 2018 with cash of $32,000. During the year, Nemo’s Spas earned service revenue of $610,000 and collected $572,000 from customers. Expenses for the year totaled $449,000, of
Trident Equipment?s accountants assembled the following data for the year ended April 30, 2018. Prepare Trident Equipment?s statement of cash flows for the year ended April 30, 2018, using the
Matrix, Inc., reported the following data for 2018: Compute Matrix, Inc.?s net cash provided by operating activities according to the indirect method. Income statement: Net Income Depreciation
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Consolidated Statements
In this problem, we continue our accounting for Fitness Equipment Doctor, Inc., from Chapter 10. Fitness Equipment Doctor, Inc., is now in its second year of operations. Assume the comparative
This exercise continues the accounting for Sensations Salon, Inc., from the Continuing Exercise in Chapter 10. Assume Sensations Salon, Inc., had the following comparative balance sheet at the end of
Popovich Computers, Inc., reported the following statement of stockholders? equity for the year ended September 30, 2018: Requirements 1. What is the par value of the company?s common stock? 2. At
The balance sheet of Avery Hardware, Inc., at December 31, 2017, reported 700,000 shares of $3 par common stock authorized, with 95,000 shares issued and outstanding. Paid-in Capital in Excess of
Ralston Sports Corporation completed the following selected transactions during 2018:Jan 6 Declared a cash dividend on the 10,000 shares of $3.00, no-par preferred stock outstanding. Declared a $0.45
Zeranski Consulting, Inc., has 12,000 shares of $5.00, no-par preferred stock and 60,000 shares of no-par common stock outstanding for 2016–2018. Zeranski declared and paid the following dividends

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