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Questions and Answers of Financial Accounting

The following information was taken from the annual report of Sega-Venus Enterprises:a. Compute Sega-Venus€™s conservatism ratio, and comment on how conservative the company€™s
The 2014 IFRS-based balance sheet published by Volkswagen AG, the well-known German automaker, listed an account called “provisions” (divided into current and non-current categories) with a
Home Depot and Lowe’s are the leading home improvement retail chains in the United States. In 2012, Home Depot reported $40 billion in total assets and $31 billion in total liabilities, while
Hartney Enterprises issued twenty $1,000 bonds on June 30, 2018, with a stated annual interest rate of 6 percent. The bonds mature in six years. Interest is paid semiannually on December 31 and June
Morrow Enterprises purchased a building on January 1, 2018, in exchange for a three-year, non-interest- bearing note with a face value of $693,000. Independent appraisers valued the building at
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online, and answer the following questions:a. What is working capital, and what is the trend in Disney’s working
On December 31, 2017, East Race Kayak Club decided to borrow $20,000 for two years. The Bend Bank currently is charging a 10 percent effective annual interest rate on similar loans.REQUIRED:a. Assume
The following table was summarized from the 2014 annual report of U.S. Steel:Long-term debt (in millions):a. Briefly explain the transactions entered into by U.S. Steel during 2014. Which financial
The balance sheet as of December 31, 2017, for Melrose Enterprises follows:During 2017 Melrose entered into a loan agreement that required the company to maintain a debt/ equity ratio of less than
Hartl Enterprises issued ten $1,000 bonds on September 30, 2017, with a stated annual interest rate of 8 percent. These bonds will mature on October 1, 2027, and have an effective rate of 10 percent.
Hathaway Manufacturing issued long-term debt on January 1, 2017. The debt has a face value of $300,000 and an annual stated interest rate of 10 percent. The debt matures on January 1, 2022.a. Assume
The balance sheet as of December 31, 2017, for Manheim Corporation follows:REQUIRED:a. Compute Manheim Corporation€™s long-term debt/equity ratio.b. Assume that Manheim Corporation is
During fiscal 2014, the SUPERVALU grocery chain paid approximately $151 million on its lease contracts—$ 26 million on capital leases and $125 million on operating leases.a. How did the operating
Patnon Plastics needs some cash to finance expansion. Patnon issued the following debt to acquire the cash:A. A five-year note with a stated interest rate of zero, a face value of $20,000, and an
The following information was taken from the footnotes to Johnson & Johnson€™s 2014 financial statements (dollars in millions):REQUIRED:a. Which amounts appeared on Johnson &
The balance sheet as of December 31, 2018, for Boyton Sons follows:The company needs capital to finance operations and purchase new equipment. Boyton is not certain how much money it will need and
Earl Rix, president of Rix Driving Range and Health Club, has provided you with the following information:The stated annual interest rate on the notes is 10 percent, and interest is paid annually on
On January 1, 2018, Wilmes Floral Supplies borrowed $2,413 from Bower Financial Services. Wilmes Floral Supplies gave Bower a $2,500 note with a maturity date of December 31, 2019. The note specified
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the Disney 10-K, and answer the following questions:a. What percentage of Disney’s total
The components of 2014 comprehensive income for CVS Health and for Caterpillar Inc. are outlined as follows (dollars in millions):REQUIRED:a. The net incomes for the two firms are shown above.
Lundy Manufacturing produces and sells football equipment. The company was involved in the following transactions or events during 2018:1. The company purchased $250,000 worth of materials to be used
Ratings agencies such as Moody’s and Standard & Poor’s rate securities to give investors an independent grading of the risks involved in financial transactions. During a recent year, both
The managers of Martin House are paid a salary and share in a bonus that is determined at the end of each year. The total bonus is determined by multiplying the company’s income from operations by
Weyerhaeuser Company is engaged principally in the growing and harvesting of timber and the manufacture, distribution, and sale of forest products. When Mount St. Helens, a volcano located in
The December 31, 2018, balance sheet of Smedley Company is as follows:During 2019, the company entered into the following transactions:1. Common stock was issued for $35,000 cash.2. Services were
Raleigh Corporation began operations on February 10, 2018. During 2018, the company entered into the following transactions:1. Issued $110,000 of common stock and $25,000 of preferred stock.2.
In the shareholders’ equity section of its 2013 and 2014 balance sheets, H&R Block reported accumulated other comprehensive income balances of $5.177 million and $1.74 million, respectively.
Morton Manufacturing maintains a credit line with First Bank that allows the company to borrow up to $1 million. A covenant associated with the loan contract limits the company’s dividends in any
Excerpts from Crozier Industries€™ financial records as of December 31, 2018, follow:The amounts shown do not include any tax effects. Crozier€™s tax rate is 35 percent. Assume
In its 2018 financial report, Meeks Company reported $850,000 under the line item “extraordinary losses” on the income statement. The company’s tax rate is 35 percent. The footnote pertaining
LTB Enterprises consists of four separate divisions: building products, chemicals, mining, and plastics. On March 15, 2018, LTB sold the chemicals division for $625,000 cash. Financial information
The following information has been obtained from the internal financial records of MTM Company:Retained earnings, December 31, 2017 .........................................$1,259,000Dividends
In a recent annual report, which included a statement of comprehensive income, Bristol-Myers Squibb reported the following items (dollars in millions):Impairment charge
It is December 2018, and Sharon Sowers, the CEO of Mallory Services, has decided to sell the clerical division. She has received an offer for $105,000 but is undecided about whether she wishes to
The lower portion of an income statement for McDonald’s follows (dollars in millions):Income from continuing operations ...............................................$2,873.0Income from
It is December 2018, and Rob Blandig, the CEO of Carmich Industries, has decided to sell the chemical division. He has received an offer for $350,000, but he is undecided about whether he wishes to
Carrefour, a French retailer, publishes financial statements under IFRS, denominated in euros. Sony, the Japanese electronics giant, publishes financial statements under U.S. GAAP, denominated in
Shelby Company instituted a defined benefit pension plan for its employees at the beginning of 2013. An actuarial method that is acceptable under generally accepted accounting principles indicates
Agilent Technologies Inc., a diversified technology company, sells extended warranties for the products and services provided to customers, deferring the revenue until future recognition. The
The 2014 annual report for HCA Inc., a nationwide chain of hospitals, contains the following statement in the footnotes to the financial statements:Reserves for professional liability risks were
Before adjustments and closing on December 31, 2017, the current accounts of Seymour and Associates indicated the following balances:The terms of an outstanding long-term note payable state that
The following information was taken from the 2014 annual report of Target Corporation (dollars in millions):a. Compute the inventory purchases made by Target during 2014. Record a single entry that
FedEx Corporation, a world leader in express mail services, reported the following in its May 31, 2015, financial statements (dollars in millions):
Beth Morgan, controller of Boulder Corporation, is currently preparing the 2017 financial report. She is trying to decide how to classify the following items:1. Account payable of $170,000 owed to
Merck & Co. declared dividends (dollars in millions) of $5,173 (2012), $5,132 (2013), and $5,156 (2014). Cash payments for dividends reported on the statement of cash flows for the three years
Winslow Enterprises reports $40,000 in accounts payable on the balance sheet as of December 31, 2017.These payables, on average, will be paid in ten days.a. Assuming a .99672 present value factor
In the footnotes to its IFRS-based 2014 financial statements, European Aeronautical Defense and Space Company (EADS), parent company for Airbus, includes a description of a long-lived asset account
The following information was taken from the internal financial records of Southern Robotics regarding a patent filed in 2017 for a new robotics arm used for manufacturing:1. Legal and filing fees of
Swift Corporation incorporated on January 1, 2017, and incurred $45,000 in organization costs.a. Should Swift Corporation capitalize or expense these costs? Defend your answer.b. If these costs are
The following financial information was taken from the records of Frederickson and Peffer.a. Reconstruct the entry that recorded the sale of equipment during 2017.b. How much equipment was purchased
Webb Net Manufacturing purchased a new net weaving machine on January 1, 2015, for $500,000. The new machine has an estimated life of five years and an estimated salvage value of $100,000. It is
Garmen Oil Company recently discovered an oil field on one of its properties in Texas. In order to extract the oil, the company purchased drilling equipment on January 1, 2017, for $800,000 cash and
Hulteen Hardware purchased a new building on January 1, 2013, for $1.5 million. The company expects the building to last 25 years and expects to be able to sell it then for $150,000. During 2018, the
The 2014 annual report of Cisco Systems discloses that the company expenses all advertising and research and development costs, while capitalizing all software development costs.REQUIRED:Describe the
On January 1, 2017, Nover Solar Systems purchased 10,000 shares of Reilly Manufacturing for $190,000. The investment represented 25 percent of Reilly’s outstanding common stock. Nover intended to
Assume that on December 31, 2017, the market values of Thayers International and Bayhe Enterprises are $25 and $32, respectively. Prepare the entry to adjust the company’s short-term equity
A summary of the 2017 balance sheet of Alsop Ltd., follows:On January 1, 2017, Alsop acquired 100 percent of the outstanding common stock of Martin Monthly for $62,000 cash. At the time of the
In its 2015 annual report, Starbucks shows that as of September 30, 2015, it owned $81.3 million in marketable securities. Assume that Starbucks sold no marketable securities during the month of
Mystic Lakes Food Company began investing in equity securities for the first time in 2017. During 2017, the company engaged in the following transactions involving equity securities. Assume that the
A summary of the December 31, 2016, balance sheet of Masonite Tires:On January 1, 2017, Masonite purchased 2,000 (20% of the outstanding common shares) shares of Bingo Boots for $40,000 and held the
Hartney Consulting Services is involved in the following investments as of December 31, 2017:1. Owns 40 percent of the common stock issued by Doyle Corporation. Doyle Corporation’s stock is
On November 11, 2017, Wads worth Company purchased 20 shares of ZZZ for $8 per share. Wads worth held the investment for the remainder of 2017, and as of December 31, the per-share market value of
The 2014 statement of cash flows for Macy’s reports (dollars in millions) net cash from operating activities of $2,709 (2014), $2,549 (2013), and $2,179 (2012). Included on the statement of cash
Tom Brown, controller of Microbiology Labs, informs you that the company has sold a segment of its business. Mr. Brown also provides you with the following information for 2018:The following
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the 2015 Disney SEC Form 10-K, and answer the following questions:a. Describe how
The management of Sting Enterprises shares in a bonus that is determined and paid at the end of each year. The amount of the bonus is defined by multiplying net income from continuing operations
The following income statement was reported by Battery Builders for the year ending December 31, 2018:Show how Battery Builders would report earnings per share on the face of the income statement,
Group Danone, a French-based food processor that publishes IFRS-based financial statements, reported 2014 net income of 1.3 billion euros. Accumulated currency translation adjustments and net holding
The following information was taken from the 2018 financial records of Rothrock Consolidated. All items are pretax.The company€™s income tax rate is 35 percent, and the items above are
Laidig Industries has prepared the following un-adjusted trial balance as of December 31, 2018:ADDITIONAL INFORMATION:1. A physical count of inventory on December 31, 2018, indicated that the company
The following pretax amounts were obtained from the financial records of Watson Company for 2018:The company€™s tax rate is 35 percent.a. Prepare an income statement for the year ended
Kennington Company has outstanding debt that contains restrictive covenants limiting dividends to 15 percent of net income from continuing operations. During 2018, the company reported net operating
Brinkley Leasing purchases farm machinery and leases it to farms. At the beginning of 2017 the company paid $1,000,000 for a fleet of tractors, and estimated their useful lives at five years.
Madigan International is planning a major stock issuance in early 2019. During 2018, the company reported net income from operations of $865,000 before taxes. The following four items describe major
The following events occurred during 2018 for Frames Unlimited:1. Purchased inventory for $60,000 in cash.2. Recorded $40,000 in insurance expense for the portion of an insurance policy acquired in
The 2014 statement of cash flows for technology company Hewlett-Packard reported a net profit of $5.0 billion and net cash provided by operating activities of $12.3 billion. Depreciation and
Classify each of the following transactions as an operating, investing, or financing activity, even those that would not appear explicitly on the statement of cash flows. Some transactions may be
Endnote Enterprises entered into the following transactions during 2018:1. Sold merchandise for $52,000 in cash.2. Purchased a parcel of land. The company paid $12,000 in cash and issued a $30,000
Pier 1 Imports reported retail sales for fiscal 2014 of $1.9 billion. During the year, accounts receivable increased from $24.6 million to $29.4 million.Estimate the cash collected by Pier 1 from
The statement of cash flow for Yahoo! contained the following numbers (dollars in millions):a. Explain how profit could drastically increase while cash from operations fell over the same time
Ruttman Enterprises began operations in early 2016. Summaries of the statement of cash flows for the years 2016, 2017, and 2018 follow:REQUIRED:a. Compute the missing dollar amounts.b. Briefly
The following are several activities that Wallingford Inc. engaged in during 2018:1. Wrote off an open receivable as uncollected.2. Purchased a piece of plant equipment.3. Reacquired 5,000 shares of
MHT Enterprises entered into the following transactions during 2018:1. Sold a piece of equipment with a book value of $8,000 for $1,200.2. Purchased a parcel of land for $13,000.3. Purchased a
Pier 1 Imports reported cost of sales of $1.1 billion for fiscal 2014. Inventory increased during the year from $378 million to $479 million, and accounts payable (related to inventory purchases)
Summaries of the 2018 statements of cash flows for five different companies follow. For each company compute the missing dollar amount, and briefly describe the company€™s cash management
Cash flows from three well-known Internet companies are provided in the following chart (dollars in millions):REQUIRED:Describe the similarities and differences of the cash flow policies across the
The following information was taken from the 2014 statements of cash flow for Agilent Technologies and Advanced Micro Devices (dollars in millions):a. Compute the change in cash for both
SUPERVALU is one of the largest grocery chains in the United States. Its February 28, 2015, statement of cash flows included the following (dollars in millions):REQUIRED:a. Depreciation and
Excerpts of statements of cash flows reported by Kraft Foods, Kellogg€™s, and General Mills, three companies in the food industry, are provided in the following table (dollars in
The following is a list of transactions entered into by Kaitland Manufacturing during 2018:1. Recorded depreciation expense of $170,000.2. Sold 10,000 shares of common stock ($10 par value) for $18
The operating section of the 2014 consolidated statement of cash flows for Imation Corporation, a global technology company, is excerpted in the following table (dollars in millions):REQUIRED:a.
The following information was taken from the 2014 annual report of Hewlett-Packard, a leading technology manufacturer (dollars in millions):REQUIRED:a. Compute the missing dollar amounts.b. Comment
The IFRS-based 2013 and 2014 statements of cash flows published by the Danone Group, a French food processor, are provided in the following table. Briefly describe each of the line items, and comment
Webb Industries reported the following information concerning the company€™s property, plant, and equipment in its 2018 financial report:Listed here are four independent cases involving
The following information was taken from the 2014 annual report and statement of cash flows of Eli Lilly, a major pharmaceutical (dollars in millions):**Change in the cash balance does not always
Tony began a small retailing operation on January 1, 2018. During 2018, the following transactions occurred:1. Tony contributed $20,000 of his own money to the business.2. $60,000 was borrowed from
The shareholdersâ€™ equity section of Mountvale Associates is as follows:The following selected transactions occurred during 2018:1. 1/1/18: A 20 percent stock dividend was issued. The fair
Starbucks is a relatively young, fast-growing company that is a pioneer and leader in its industry. Excerpts from its 2014 statement of cash flows are as follows (dollars in millions):*Change in the
The following year-end totals were taken from the records of Landau€™s Supply House. Compute the cash outflows associated with insurance and salaries and wages during 2018. 2018 2017
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the 10-K, and answer the following questions:a. What are the major sources of cash for the

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