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financial accounting

Questions and Answers of Financial Accounting

Hagadorn Company has the following adjusted accounts and balances at year-end (June 30, 2017): Prepare an adjusted trial balance in good form for the Hagadorn Company at June 30, 2017. Accounts
Supply the missing dollar amounts for the 2017 statement of earnings of Ultimate Style Company for each of the following independent cases: Case A Case B Case D Case E Case C $ ? $ ? Sales revenue
You were recently offered a position as an intern in the accounting firm Faitou and Dowal LLP. On yow?first day at work, yow?supervisor wanted to test your knowledge of accounting. She gave you the
On October 31, 2021, the bank statement for the checking account of Blockwood Video shows a balance of $12,751, while the company’s records show a balance of $12,381.Information that might be
The following account balances appear in the 2021 adjusted trial balance of Spiders Corporation: Common Stock, $30,000; Retained Earnings, $8,000; Dividends, $1,000; Service Revenue, $28,000;
The following account balances appear in the 2021 adjusted trial balance of Beavers Corporation: Service Revenue, $275,000; Salaries Expense, $110,000; Supplies Expense, $20,000; Rent Expense,
Orange Designs provides consulting services related to home decoration. Orange Designs provides customers with recommendations for a full range of home d?cor, including window treatments, carpet and
Grasshopper Lawn Service provides general lawn maintenance to customers. The company’s fiscal year-end is December 31. Information necessary to prepare the year-end adjusting entries appears
Buzzard Bicycle specializes in custom painting and design of bicycles. December 31 is the company’s fiscal year-end. Information necessary to prepare the year-end adjusting entries appears below.1.
The information necessary for preparing the 2021 year-end adjusting entries for BearcatPersonal Training Academy appears below. Bearcat’s fiscal year-end is December 31.1. Depreciation on the
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions.1. January 1 Issue 10,000 shares of common stock
Thunder Cat Services specializes in training and veterinary services to household pets, such as dogs, birds, lizards, fish, horses, and of course, cats. After the first 11 months of operations in
Pirates Incorporated had the following balances at the beginning of September. The following transactions occur in September.September 1 Provide services to customers for cash, $4,700.September 2
Squirrel Tree Services reports the following amounts on December 31, 2021. In addition, the company reported the following cash flows. Required:1. Prepare a balance sheet.2. Prepare a statement of
At the beginning of 2021, Artichoke Academy reported a balance in common stock of $150,000 and a balance in retained earnings of $50,000. During the year, the company issued additional shares of
On December 31, 2021, Fighting Okra Cooking Services reports the following revenues and expenses. In addition, the balance of common stock at the beginning of the year was $200,000, and the balance
Suppose an auditor has been paid $1,000,000 each year for the past several years by a company to perform the audit of its annual financial statements. This company is the auditor’s largest client.
Tar Heel Corporation provides the following information at the end of 2021 Required:Prepare the income statement, statement of stockholders? equity, and balance sheet for Tar Heel Corporation on
Cornhusker Company provides the following information at the end of 2021. Required:Prepare the income statement, statement of stockholders? equity, and balance sheet for Cornhusker Company on
Below are incomplete financial statements for Cyclone, Inc. Required:Calculate the missing amounts. CYCLONE, INC. CYCLONE, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income
Below are incomplete financial statements for Bulldog, Inc. Required:Calculate the missing amounts. BULLDOG, INC. BULLDOG, INC. Statement of Stockholders' Equity Year ended Dec. 31, 2021 Income
Longhorn Corporation provides low-cost food delivery services to senior citizens. At the end of the year on December 31, 2021, the company reports the following amounts: In addition, the company had
Tony Matheson plans to graduate from college in May 2021 after spending four years earning a degree in sports and recreation management. Since beginning T-ball at age five, he’s been actively
On October 1, 2019, Hill-Nielsen purchased at par $170,000, 4%, bonds of Community Communications Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31.
On January 1, 2019, Rain Technology purchased at par $80,000, 5%, bonds of Lightyear Services Company. The bonds pay interest quarterly on March 31, June 30, September 30, and December 31. Rain
What do market ratios focus on? What is an example of a market ratio and how is it computed?
What do solvency ratios focus on? What is an example of a solvency ratio and how is it computed?
What do turnover ratios focus on? What is an example of a turnover ratio and how is it computed?
What do profitability ratios focus on? What is an example of a profitability ratio and how is it computed?
How is the dividend yield ratio calculated? Explain what the dividend yield ratio tells you about a company.
How is the earnings per share (EPS) ratio calculated? On what financial statement will an investor find EPS for a given company?
Which of the following will increase a company’s current liabilities?1. A company purchases a new truck with cash.2. A company receives cash from taking out a long-term loan.3. A company collects
Jordan Sales Company (organized as a corporation on April 1, 2017) has completed the accounting cycle for the second year, ended March 31, 2019. Jordan also has completed a correct trial balance as
Dynamite Sales (organized as a corporation on September 1, 2016) has completed the accounting cycle for the second year, ended August 31, 2018. Dynamite also has completed a correct trial balance as
What is a contra-asset? Give an example of one.
On August 4, 2019, Bennett Corporation purchased 2,000 shares of Plummer Company for $180,000. The following information applies to the stock price of Plummer Company: Plummer Company declares cash
Using the data in MA-3, assume that Brian Company purchased the bond investment to be actively traded instead of the available-for-sale portfolio. Record (1) the adjustment of the bond investment on
During January 2020, Optimum Glass Company purchased the following securities for its long-term investment portfolio: D-Light Corporation common stock: 14,250 shares (95,000 outstanding) at $11 per
On March 10, 2019, Dearden, Inc., purchased 15,000 shares of Jaffa stock for $35 per share. Management intends to hold the securities long term. Dearden?s year ends on December 31. The following
On January 1, 2018, 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, 2018, the bonds had a fair value of
During January 2019, Pentagon Company purchased the following securities for its long-term investment portfolio: Square Company common stock: 12,000 shares (200,000 outstanding) at $25 per
On July 1, 2019, 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
Macy’s, Inc., operates nearly 829 Macy’s and Bloomingdale’s department stores globally. The company does more than $25 billion in sales each year. Assume that as part of its cash management
Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices. All stores are located in the United States, predominantly in small towns in midwestern
In the current year, Pringle 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 Pringle’s times interest earned
Compute the return on asset ratio for Year 2 given the following data: Year 2 2.10 Year 1 Total asset tumover 12.00% Net profit margin 1.90 10.00%
The two components of the return on asset ratio area. Gross profit margin and return on equity.b. Net profit margin and earnings per share.c. Net profit margin and total asset turnover.d. Return on
Compute the return on equity ratio for Year 2 given the following data: Year 2 $ 183,000 1,100,000 2,460,000 42,000 Year 1 159,000 1,250,000 2,630,000 32,000 Net income Stockholders' equity Total
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
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
When considering an investment in stock, investors should evaluate the company’s future income and growth potential on the basis of what three factors?
Matsumoto Training Academies is a sole proprietorship. To start the business, the owner, Mr. Tanaka, contributed $500,000 cash. During the year the owner withdrew $30,000 cash. Net income for the
A recent annual report for Nordstrom Inc. disclosed that the company declared and paid dividends on common stock in the amount of $1.20 per share. During the year, Nordstrom had 1,000,000,000
A recent annual report for Apple Inc. contained the following information (dollars in millions): In 2017, Apple declared and paid dividends equal to $2.40 per share. Approximately how much cash in
When market interest rates increase, do bond prices increase or decrease?
How is the debt-to-equity ratio computed? What does the debt-to-equity ratio tell you?
Park Corporation is planning to issue bonds with a face value of $600,000 and a coupon rate of 7.5 percent. The bonds mature in four years and pay interest semiannually every June 30 and December
Park Corporation is planning to issue bonds with a face value of $600,000 and a coupon rate of 7.5 percent. The bonds mature in four years and pay interest semiannually every June 30 and December
When calculating the present value of a bond’s future cash flows, do investors use the coupon rate or market interest rate as the discount rate?
Explain what determines whether a bond is issued at a discount or a premium.
On January 1 of this year, Thomas Insurance Corporation issued bonds with a face value of $4,000,000 and a coupon rate of 9 percent. The bonds mature in five years and pay interest annually every
Differentiate between a bond coupon rate and the market rate of interest.
Trew Company plans to issue bonds with a face value of $900,000 and a coupon rate of 6 percent. The bonds will mature in 10 years and pay interest semiannually every June 30 and December 31. All of
What is a bond covenant?
French energy giant GDF Suez recently issued a zero coupon bond. This bond issuance garnered attention because it was the first time in 14 years that a zero coupon bond had been issued in euros. The
James Corporation is planning to issue bonds with a face value of $500,000 and a coupon rate of 6 percent. The bonds mature in 10 years and pay interest semiannually every June 30 and December 31.
You are a personal financial planner working with a married couple in their early 40s who have decided to invest $100,000 in corporate bonds. You have found two bonds that you think will interest
On January 1 of this year, Trucks R Us Corporation issued bonds with a face value of $2,000,000 and a coupon rate of 10 percent. The bonds mature in five years and pay interest semiannually every
You are a financial adviser working with a client who wants to retire in eight years. The client has a savings account with a local bank that pays 9% annual interest. The client wants to deposit an
You have just won the state lottery and have two choices for collecting your winnings. You can collect $100,000 today or receive $20,000 at the end of each year for the next seven years. A financial
You purchased a new car and promised to pay the dealership five payments of $8,000 at the end of each of the next five years. The applicable annual interest rate is 8%. What is the present value of
Using Table E.1 in Appendix E, fill in the present value factors for the following interest rates and periods: Present Value Factors i = 10% i = 5% i = 14% n = 4 n = 7 n = 10 PV of $1 PV of annuity
An investment will pay $15,000 at the end of each year for eight years and a one-time payment of $150,000 at the end of the eighth year. Determine the present value of this investment using a 7%
When a company signs a finance lease, does it record an asset and a liability on its balance sheet?
Saks Fifth Avenue’s balance sheet for a recent year revealed the following information:Current assets ...................................... $750,000Noncurrent assets
Define contingent liability. What conditions must be met in order for a contingent liability to be reported on a company’s balance sheet?
On April 1 of the current year, a company borrowed $4,000 from a bank. The annual interest rate was 12%. When the company prepares its yearend financial statements on December 31, how much will it
Skullcandy designs, markets, and distributes audio and gaming headphones, earbuds, and speakers. Assume that last year, Skullcandy reported cost of goods sold of $158 million. Assume that this year,
Define note payable. When must a company reclassify a long-term note payable as a current liability?
Buzz Coffee Shops is famous for its large servings of hot coffee. Last year a customer spilled a cup of hot coffee on himself and decided to file a lawsuit against Buzz for $1,000,000. Buzz’s
What does the accounts payable turnover ratio tell you about a company? How is the ratio computed?
Tootsie Roll Industries, Inc., is engaged in the manufacture and sale of confectionery products. Assume that last year, Tootsie Roll reported cost of goods sold of $352 million. This year, cost of
In their balance sheets, what do companies call obligations to pay suppliers in the near future?
Ford Motor Company is one of the world’s largest companies, with annual sales of cars and trucks in excess of $144 billion. A recent annual report for Ford contained the following note: Warranties
Kieso Company borrowed $600,000 for three months. The annual interest rate on the loan was 11%. Kieso’s fiscal year ends on December 31. Kieso borrowed the $600,000 one month prior to the end of
Refer to E8-7. Required: Give the adjusting entry that should be made by Hulme Company at the end of 2020 for depreciation of the manufacturing equipment, assuming no change in the original
Springer Company had three intangible assets at the end of 2020 (end of the accounting year):A copyright purchased on January 1, 2020, for a cash cost of $14,500. The copyright is expected to have a
Trotman Company had three intangible assets at the end of 2019 (end of the accounting year):Computer software and website development technology purchased on January 1, 2018, for $70,000. The
Marriott International is a worldwide operator, franchisor, and licensor of hotels, residential, and timeshare properties totaling nearly $1.8 billion in net property and equipment. Assume that
FedEx is the world’s largest express transportation company. In addition to the world’s largest fleet of all-cargo aircraft, the company has more than 650 aircraft and 58,000 vehicles and
Kindred Healthcare, Inc. operates a home health, hospice and community care business, rehabilitation services, nursing centers, and assisted living facilities across the United States. Its recent
Starn Tool & Manufacturing Company, located in Meadville, PA, provides component machining for robotics, drones, vision systems, and special machines and assemblies for the aerospace, military,
Assume Purity Ice Cream Company, Inc., in Ithaca, NY, bought a new ice cream production kit (pasteurizer/homogenizer, cooler, aging vat, freezer, and filling machine) at the beginning of the year at
Refer to the information in E8-7. Required:Indicate the effects (accounts, amounts, and + or ?) of the items below on the accounting equation. Use the following schedule: 1. The adjustment for
As part of a major renovation at the beginning of the year, Bonham’s Bakery sold shelving units (store fixtures) that were 10 years old for $1,800 cash. The original cost of the shelves was $6,500
The following information is summarized from Note 20 of a recent annual report of Singapore Airlines. Numbers are in millions of Singapore dollars: Singapore Airlines also reported the following
Hulme Company operates a small manufacturing facility as a supplement to its regular service activities. At the beginning of 2020, an asset account for the company showed the following
Eastman Kodak is “a global commercial printing and imaging company with proprietary technologies in materials science, digital imaging science and software, and deposition processes.” In a recent
Manrow Growers, Inc., owns equipment for sowing and harvesting its organic fruit, vegetables, and tree nuts that are sold to local restaurants and grocery stores. At the beginning of 2019, an asset
The Gap, Inc., is a global specialty retailer of casual wear, accessories, and personal products for women, men, children, and babies under the Gap, Banana Republic, Old Navy, Athleta, and Intermix

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