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business
financial accounting

Questions and Answers of Financial Accounting

Best Buy Co., Inc., headquartered in Richfield, Minnesota, is one of the leading consumer electronics retailers, operating more than 1,200 stores across the globe. The following was reported in a
Shahia Company bought a building for $382,000 cash and the land on which it was located for $107,000 cash. The company paid transfer costs of $9,000 ($3,000 for the building and $6,000 for the land).
Maks, Inc., uses straight-line depreciation for all of its depreciable assets. Maks sold a used piece of machinery on December 31, 2020, that it purchased on January 1, 2019, for $10,000. The asset
The following data were included in a recent Apple Inc. annual report ($ in millions): Required: 1. Compute Apple?s fixed asset turnover ratio for 2015, 2016, and 2017. Round your answers to two
The following information was reported by Young’s Air Cargo Service for 2017:Net fixed assets (beginning of year) .............................. $1,500,000Net fixed assets (end of year)
Leslie, Inc., followed the practice of depreciating its building on a straight-line basis. A building was purchased in 2019 and had an estimated useful life of 25 years and a residual value of
The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Hasbro, Inc., a leading manufacturer of games, toys, and interactive entertainment software
The income statement for Pruitt Company summarized for a four-year period shows the following: An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by
An annual report for International Paper Company included the following note:The last-in, first-out inventory method is used to value most of International Paper’s U.S. inventories . . . If the
Givoly Inc. uses a periodic inventory system. At the end of the annual accounting period, December 31 of the current year, the accounting records provided the following information for product
The income statements for four consecutive years for Colca Company reflected the following summarized amounts: Subsequent to development of these amounts, it has been determined that the physical
Refer to the financial statements of Express, Inc., given in Appendix C at the end of this book.Required:1. The company uses lower of cost or net realizable value to account for its inventory. At
Easley-O?Hara Office Equipment sells furniture and technology solutions to consumers and to businesses. Most consumers pay for their purchases with credit cards and business customers make purchases
Assume that on June 30, Dell sells a laptop computer with a one-year warranty for $1,000. Its fiscal year ends September 30 of the current year. Dell estimates that the value of the hardware sold is
Assume that Verizon normally sells a Samsung S9 phone for $480 and charges $60 per month for a one-year cell service contract. Assume further that on January 1, Verizon offered a special package
Which of the following is not a step toward effective internal control over cash?a. Require signatures from a manager and one financial officer on all checks.b. Require that cash be deposited daily
Dunkin Brands is a specialty coffee roaster and marketer of branded freshroasted whole bean coffee and a wide variety of donuts and pastries. It recently disclosed the following information
Explain what a material amount is.
Indicate how the adjustments below affect the operating, investing, and financing activities on the statement of cash flows for a company with a December 31 year-end. Use O for operating, I for
Explain why the income statement accounts are closed but the balance sheet accounts are not.
If a company is successful in acquiring several large buildings at the end of the year, what is the effect on the total asset turnover ratio?a. The ratio will increase.b. The ratio will not
You are the regional sales manager for Lauren Delia News Company. Lauren is making adjusting entries for the year ended March 31, 2021. On September 1, 2020, customers in your region paid $36,000
Aubrae and Tylor Williamson began operations of their furniture repair shop (Furniture Refinishers, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on
Brothers Mike and Tim Hargenrater began operations of their tool and die shop (H & H Tool, Inc.) on January 1, 2019. The annual reporting period ends December 31. The trial balance on January 1,
State the equation for the net profit margin ratio and explain how it is interpreted.
The following data are from annual reports of Jen?s Jewelry Company: Compute Jen?s net profit margin ratio for each year. What do these results suggest to you about Jen?s Jewelry Company? 2021 2019
Cash payments for salaries are reported in what section of the statement of cash flows?a. Operating.b. Investing.c. Financing.d. None of the above.
During 2019, CliffCo Inc. incurred operating expenses of $250,000, of which $150,000 was paid in cash; the balance will be paid in January 2020. Transaction analysis of operating expenses for 2019
Alpine Stables, Inc., is established in Denver, Colorado, on April 1, 2020, to provide stables, animal care, and grounds for riding and showing horses. You have been hired as the new assistant
Refer to the financial statements of Express, Inc. in Appendix C at the end of the book. The dollars are in thousands in the requirements; show your answers in thousands of dollars.Required:1. What
In April 2019, Sarah Jones created a new business, IthacaDeep, Inc., offering therapeutic deep massage for stress reduction, pain management, injury recovery, and relief from muscle strains and
Bailey Delivery Company, Inc., was organized in 2018 in Wisconsin. The following transactions occurred during the year:Received cash from investors in exchange for 10,000 shares of stock (par value
Calculate the current ratio for Sal?s Taco Company at the end of 2016 and 2017, based on the following data: What does the result suggest about the company over time? What can you say about the
What is a T-account? What is its purpose?
Which of the following is not a financing activity on the statement of cash flows?a. When the company lends money.b. When the company borrows money.c. When the company pays dividends.d. When the
At the end of a recent year, The Gap, Inc., reported total assets of $7,610 million, current assets of $4,315 million, total liabilities of $4,706 million, current liabilities of $2,453 million, and
In March 2008, the Securities and Exchange Commission (SEC) sued Canadian pharmaceutical company Biovail Corporation and some of its former officers for accounting fraud. The SEC alleged that
Which of the following statements are true regarding the balance sheet?1. One cannot determine the true fair market value of a company by reviewing its balance sheet.2. Certain internally generated
The Cash T-account has a beginning balance of $21,000. During the year, $100,000 was debited and $110,000 was credited to the account. What is the ending balance of Cash?a. $11,000 debit balanceb.
Which of the following describes how assets are listed on the balance sheet?a. In alphabetical order.b. In order of magnitude, lowest value to highest value.c. From most liquid to least liquid.d.
Total liabilities on a balance sheet at the end of the year are $150,000, retained earnings at the end of the year are $80,000, net income for the year is $60,000, common stock is $40,000, and
Which of the following is not an asset?a. Investmentsb. Landc. Prepaid Expensed. Additional Paid-in Capital
Complete the following: Name of Statement Alternative Title a. Income statement b. Balance sheet c. Cash Flow Statement a. b. C.
Precision Corporation was organized on January 1, 2018. At the end of 2018, the company had not yet employed an accountant; however, an employee who was ?good with numbers? prepared the following
HERE COME THE CLOWNS! is the name of a traveling circus. The ledger accounts of the business at June 30, 2015, are listed here in alphabetical order:Instructionsa. Prepare a balance sheet by using
Holiday Greeting Cards is a local company organized late in July of 2014. The company’s net income for each of its first six calendar quarters of operations is summarized below. (Amounts are stated
The following information was developed from the financial statements of Free Time, Inc. At the beginning of 2015, the company’s former supplier went bankrupt, and the company began buying
The following information was developed from the financial statements of Donelson, Inc. At the beginning of 2015, the company’s former supplier went bankrupt, and the company began buying
Assume that you will soon graduate from college and that you have job offers with two pharmaceutical firms. The first offer is with Alpha Research, a relatively new and aggressive company. The second
Shown below are selected data from a recent annual report of Kimberly-Clark Corporation , a large consumer products provider. (Dollar amounts are in millions.)a. Compute for the year Kimberly-Clark
Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share).a. Prepare an income
Compute trend percentages for the following items taken from the financial statements of Lopez Plumbing over a five-year period. Treat 2011 as the base year. State whether the trends are favorable
Multi-Star, Inc., had sales of $890,000, cost of sales and operating expenses of $450,000 and $225,000, respectively, and 10,000 shares of common stock outstanding. Calculate the amount of earnings
Star, Inc., had depreciation expenses on its plant assets as follows for 2013, 2014, and 2015, respectively: $267,000, $289,000, and $368,000. Compute the trend percentages for these years, assuming
You are the controller for Foxboro Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in the
The following income statement and selected balance sheet account data are available for Royce Interiors, Inc., at December 31, 2015:Additional Information1. Dividend revenue is recognized on the
An analysis of the income statement and the balance sheet accounts of Mary’s Fashions at December 31, 2015, provides the following information:Income statement items:Gain on Sales of Marketable
Miracle Tool, Inc., sells a single product (a combination screwdriver, pliers, hammer, and crescent wrench) exclusively through television advertising. The comparative income statements andbalance
You are the controller for 21st Century Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in
The following income statement and selected balance sheet account data are available for Treece, Inc., at December 31, 2015:Additional Information1. Dividend revenue is recognized on the cash basis.
An analysis of the income statement and the balance sheet accounts of Holmes Export Co. at December 31, 2015 provides the following information:Income statement items:Gain on Sale of Plant Assets .
An analysis of the income statement and the balance sheet accounts of Hampton, Inc., at December 31, 2015, provides the following information:Income statement items:Gain on Sale of Marketable
The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc.:Using this information, prepare a partial statement of cash flows for the year ended December 31,
The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the year ended December 31, 2015:Cash and cash equivalents, Jan. 1 . . . . . . . . . . . . . . . . . . .
Jackson Publishing, Inc. (JPI), publishes two newspapers and, until recently, owned a professional baseball team. The baseball team had been losing money for several years and was sold at the end of
The income statement below was prepared by a new and inexperienced employee in the accounting department of Dexter, Inc., a business organized as a corporation:Instructionsa. Prepare a corrected
Shown below are data relating to the operations of Beach, Inc., during 2015.Continuing operations:Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The income statement below was prepared by a new and inexperienced employee in the accounting department of Phoenix, Inc., a business organized as a corporation.Instructionsa. Prepare a corrected
The following data relate to the operations of Slick Software, Inc., during 2015.Continuing operations:Net sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Use the financial statements of Home Depot, Inc. , in Appendix A of this text to answer these questions:a. Study the income statements of Home Depot, Inc. , for the three years ending on or about
Mega, Inc., has common and 6 percent preferred stock outstanding as follows:Preferred stock: 10,000 shares, $100 par value, cumulativeCommon stock: 50,000 shares, $50 par valueThe company declares a
Airlines AMR (American Airlines) leases most of its commercial aircraft and is currently committed to pay almost $10 billion in future lease obligations. However, the company’s 2012 financial
The following are selected items from the accounting records of Georgia Peach for the year ended December 31, 2015:Note payable to SmithField Bank . . . . . . . . . . . . . . . . . . . . . . . . . .
The following are selected items from the accounting records of Denver Chocolates for the year ended December 31, 2015:Note payable to Northwest Bank . . . . . . . . . . . . . . . . . . . . . . . . .
Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2015, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June
DuPont reports in a recent balance sheet $1,383 million of 6.00 percent notes payable due in 2018. The company’s income tax rate is approximately 20 percent.a. Compute the company’s after-tax
Six events relating to liabilities follow:a. Paid the liability for interest payable accrued at the end of the last accounting period.b. Made the current monthly payment on a 12-month installment
The Home Depot financial statements and related material appear in Appendix A at t he end of this textbook. Use this to answer the following questions and indicate where in the financial statements
Shoppers’ Market purchased for $265,000 a site on which it planned to build a new store. The site consisted of three acres of land and included an old house and two barns. County property tax
JC Penney Company uses LIFO in applying the lower-of-cost-or-market. Recent financial statements were used to compile the following information (dollar figures in millions):Average inventory
The owners of City Software are offering the business for sale. The income statements of the business for the three years of its existence are summarized below.In negotiations with prospective buyers
Ryan Sound uses a periodic inventory system. One of the store’s products is a wireless headphone. The inventory quantities, purchases, and sales of this product for the most recent year are as
The owners of Health Foods are offering the business for sale. The partial income statements of the business for the three years of its existence are summarized below.In negotiations with prospective
On January 15, 2015, Sports World sold 1,000 Ace-5 fishing reels to Angler’s Warehouse. Immediately prior to this sale, Sports World perpetual inventory records for Ace-5 reels included the
A recent income statement of Walmart reports net sales of $466,114 million and cost of goods sold of $352,488 million for the year ended January 31, 2013. The comparable sales and cost of goods sold
Jensen Tire had two large shipments in transit at December 31. One was a $130,000 inbou n d shipment of merchandise (shipped December 28, F.O.B. shipping point), which arrived at Jensen’s receiving
Rouse Incorporated reported sales, cost of sales, and inventory figures for 2014 and 2015 as follows (all dollars in thousands):What is the amount of inventory turnover for each year, and in which
The Cash account in the general ledger of Hendry Corporation shows a balance of $96,990 at December 31, 2015 (prior to performing a bank reconciliation). The company’s bank statementshows a balance
Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of 2014, accounts receivable were presented in thecompany’s
The following information was taken from recent annual reports of Goodyear Tire & Rubber and PPL Corp., a public utility:a. Compute for each company the accounts receivable turnover rate for the
The following percentages were computed using figures from recent annual reports of Weis Markets, a large grocery store chain, and Sprint Nextel Corporation, a provider of telecommunication
Following are the average accounts receivable and net sales reported recently by two large beverage companies (dollar amounts are stated in millions):a. Compute the accounts receivable turnover
The following footnote appeared in a recent financial statement of Oakwood Corporation: The Corporation considers all investment securities with a maturity of three months or less when acquired
Harry’s Haberdashery is a retail clothing store for men. The store operates out of a rented building in Albertsville, Virginia. Shown below is the store’s adjusted year-end trial balance dated
Shown below is information from the financial reports of Knauss Supermarkets for the past few years.Instructionsa. Calculate the following statistics for Knauss Supermarkets (round your answers to
Hendry’s Boutique is a retail clothing store for women. The store operates out of a rented building in Storm Lake, Iowa. Shown below is the store’s adjusted year-end trial balance dated December
This selected information is from recent annual reports of the two largest r etail pharmaceutical companies in the United States. (Dollar amounts are stated in billions.)a. Fill in the missing
These selected statistics are from recent annual reports of two well-known retailers:a. Explain the significance of each of these three measures.b. Evaluate briefly the performance of each company on
Garden Wizards provides gardening services to both commercial and residential customers. The company performs adjusting entries on a monthly basis, whereas closing entries are prepared annually at
Silver Lining, Inc., provides investment advisory services. The company adjusts its accounts monthly, but performs closing entries annually on December 31. The firm’s unadjusted trial balance dated

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