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financial accounting
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Financial Accounting
Stanley Company’s comparative balance sheets included accounts receivable of $80,800 at December 31, 2013, and $101,100 at December 31, 2014. Sales reported by Stanley on its 2014 income statement
In December 2014, Rangers Inc. invested $100,000 of idle cash in U.S. Treasury notes. The notes mature on October 1, 2015, at which time Rangers expects to redeem them at face value of $100,000. The
Refer to all of the facts in Problem 12-6.Required1. Prepare a statement of cash flows for 2014 using the indirect method in the Operating Activities section.2. On the basis of your statement in part
Refer to all of the facts in Problem 12-6A.Required1. Using the format in the chapters appendix, prepare a statement of cash flows work sheet.2. Prepare a statement of cash flows for 2014
Butler Corp. reported the following in the Current Assets section of its comparative balance sheets:The company uses the direct method on its statement of cash flows and reported that it collected
Refer to all of the facts in Problem 12-6.Required1. Using the format in the chapters appendix, prepare a statement of cash flows work sheet.2. Prepare a statement of cash flows for 2014
The balance sheet of Poodle Company at the end of 2013 is presented here, along with certain other information for 2014:
Wolf’s comparative balance sheets included inventory of $45,000 at December 31, 2013, and $63,000 at December 31, 2014. The comparative balance sheets also included accounts payable of $33,000 at
The balance sheet of Terrier Company at the end of 2013 is presented here, along with certain other information for 2014:
Lester Enterprises’ comparative balance sheets included inventory of $90,200 at December 31, 2013, and $70,600 at December 31, 2014. Lester’s comparative balance sheets also included accounts
Refer to all of the facts in Problem 12-9A.Required1. Prepare a balance sheet at December 31, 2014.2. Using the format in the chapter’s appendix, prepare a statement of cash flows work sheet.3.
Refer to all of the facts in Problem 12-9.Required1. Prepare a balance sheet at December 31, 2014.2. Using the format in the chapter’s appendix, prepare a statement of cash flows work sheet.3.
Homeier Heating reported the following amounts on its comparative balance sheets:The company uses the direct method on its statement of cash flows and reported that it spent $44,000 during 2014 to
Bannack Corp. is in the process of preparing its statement of cash flows for the year ended June 30, 2014. An income statement for the year and comparative balance sheets are as follows:
The following account balances for the non-cash current assets and current liabilities of Labrador Company are available:In addition, the income statement for 2014 is as follows:
Refer to all of the facts in Problem 12-11A.Required1. Prepare a statement of cash flows for 2014 using the indirect method in the Operating Activities section.2. Evaluate the following statement:
Refer to all of the facts in Problem 12-11.Required1. Prepare a statement of cash flows for 2014 using the indirect method in the Operating Activities section.2. Evaluate the following statement:
Shepard Company has not yet prepared a formal statement of cash flows for 2014. Comparative balance sheets as of December 31, 2014 and 2013, and a statement of income and retained earnings for the
Lang Company has not yet prepared a formal statement of cash flows for 2014. Following are comparative balance sheets as of December 31, 2014 and 2013, and a statement of income and retained earnings
The following selected account balances are available from the records of Lewis town Company:Other information available for 2014 is as follows:a. Lewis town reported net income of $285,000 for the
Stanton Corp. began operations on January 1, 2014. The statement of cash flows for the first year reported dividends paid of $160,000. The balance sheet at the end of the first year reported $40,000
The following account balances for the non-cash current assets and current liabilities of Suffolk Company are available:Net income for 2014 is $40,000. Depreciation expense is $20,000. Assume that
The following account balances are taken from the records of Martin Corp. for the past two years. (Credit balances are shown in parentheses.)Other information available for 2014 is as follows:a. Net
Cass Corp.’s December 31, 2013, balance sheet reported current assets of $120,000 and current liabilities of $100,000. The current ratio increased by 25% one year later, on December 31, 2014.
Presented here are a statement of income and retained earnings and comparative balance sheets for Gallagher, Inc., which operates a national chain of sporting goods stores.
The following account balances are taken from the records of Monet’s Garden Inc.:Current liabilities ..................................................$150,000Long-term liabilities
The following account balances are taken from the records of the Faraway Travel Agency:Faraway extends credit terms requiring full payment in 60 days, with no discount for early payment.Required1.
(Consider completing this problem after Problem 13-1A to ensure that you obtain a clear understanding of the effect of various transactions on this measure of solvency.) The following account
Adair Corp. is concerned because the average time to collect its accounts receivable was 15 days longer than its normal credit terms of net 30. Adair reported the following in the Current Assets
The following account balances are taken from the records of Lewis Inc., a wholesaler of fresh fruits and vegetables:Required1. Compute Lewiss inventory turnover ratio for 2014 and
Refer to the financial statement information of Columbia Sportswear reprinted at the back of the book.Required1. Compute the following ratios and other amounts for each of the two years, ending
Sunset Corp. is a major regional retailer. The chief executive officer (CEO) is concerned with the slow growth both of sales and of net income and the subsequent effect on the trading price of the
The following information was obtained from the fiscal year 2012 and 2011 financial statements included in Form 10-K of Kellogg Company and Subsidiaries and General Mills, Inc. and Subsidiaries.
Diversified Industries is a large conglomerate that is continually in the market for new acquisitions. The company has grown rapidly over the last ten years through buyouts of medium-size companies.
The accounting staff of SST Enterprises has completed the financial statements for the 2014 calendar year. The statement of income for the current year and the comparative statements of financial
Grout Inc. is a wholly owned subsidiary of Slait Co. The philosophy of Slaits management is to allow the subsidiaries to operate as independent units. Corporate control is exercised
Tablon Inc. is a wholly owned subsidiary of Marbel Co. The philosophy of Marbels management is to allow the subsidiaries to operate as independent units. Corporate control is exercised
Heartland Inc. is a medium-size company that has been in business for 20 years. The industry has become very competitive in the last few years, and Heartland has decided that it must grow if it is
Garden Fresh Inc. is a wholesaler of fresh fruits and vegetables. Each year, it submits a set of financial ratios to a trade association. Even though the association doesnt publish the
The following information is available from the balance sheets at the ends of the two most recent years and the income statement for the most recent year of Impact Company:Other Informationa.
Madison Corp. reported the following in the Current Assets section of its comparative balance sheets:Supplemental information at the bottom of Madisons 2014 statement of cash flows was as
For the year ended September 29, 2012, Apple, Inc., reported net income of $41,733 million. Total shareholders’ equity on this date was $118,210 million, and on September 24, 2011, it was $76,615
Murphy Company’s total liabilities on December 31, 2014, amounted to $1,500,000. The debtto- equity ratio on this date was 1.5 to 1. Net income for 2014 was $250,000, and the profit margin was
Rogers Inc. had 500,000 shares of $2 par common stock outstanding at the end of both 2013 and 2014. Retained earnings at the end of 2013 amounted to $1,800,000. No dividends were paid during 2014,
The accounting staff of CCB Enterprises has completed the financial statements for the 2014 calendar year. The statement of income for the current year and the comparative statements of financial
The Stockholders’ Equity section of the balance sheet for Cooperstown Corp. at the end of 2014 appears as follows:8%, $100 par, cumulative preferred stock, 200,000 sharesauthorized, 50,000 shares
The Stockholders Equity section of the balance sheet for Lahey Construction Company at the end of 2014 is as follows:9%, $10 par, cumulative preferred stock, 500,000 sharesauthorized,
Comparative balance sheets for Farinet Company for the past two years are as follows:Required1. Using the format in Example 13-4, prepare common-size comparative balance sheets for the two years for
Sunrise Corp. is a major regional retailer. The chief executive officer (CEO) is concerned with the slow growth both of sales and of net income and the subsequent effect on the trading price of the
Income statements for Mariners Corp. for the past two years are as follows:Required1. Using the format in Example 13-5, prepare common-size comparative income statements for the two years for
Some people are about to form a company, as a vehicle through which to run a new business.What are the advantages to them of forming a private limited company rather than a public one?
Presented below is a draft set of financial statements for Chips Limited.The following additional information is available:1 Purchase invoices for goods received on 29 June 2010 amounting to
The following information was extracted from the financial statements of I. Ching (Booksellers) plc for the year to 31 December 2009:£mFinance
Chen plcs income statements for the years ended 31 December 2009 and 2010 and the statements of financial position as at 31 December 2009 and 2010 are as follows:Included in
The following are the financial statements for Nailsea plc for the years ended 30 June 2009 and 2010:There were no disposals of non-current assets in either year. Dividends were paid in 2009 and
The following financial statements for Blackstone plc are a slightly simplified set of published accounts. Blackstone plc is an engineering business that developed a new range of products in 2007.
Simplified financial statements for York plc are as follows:Notes:1 Operating expenses include depreciation of £13 million and a surplus of £3.2 million on the sale of non-current
I. Jiang (Western) Ltd has recently produced its financial statements for the current year. The directors are concerned that the return on capital employed (ROCE) had decreased from 14 percent last
In the chapter it was mentioned that ratios help to eliminate some of the problems of comparing businesses of different sizes. Does this mean that size is irrelevant when interpreting and analysing
The financial statements of Freezeqwik Ltd, a distributor of frozen foods, are set out below for the year ended 31 December last year.All purchases and sales are on credit. There has been no change
At the close of share trading on 13 November 2009, the market investor ratios for Next plc, the UK fashion and textiles retailer, and the averages for the ‘general retailers’ section, were as
Telford Industrial Services plc is a medium-sized business. Extracts from the businesss financial statements appear below.Required:Prepare a set of common-sized statements of financial
(a) Calculate the Z-scores for Ali plc and Bhaskar plc (see SAQ 7.1 on pages 250 251), using the Altman model set out on page 280.(b) Comment on the Z-scores for the two businesses and
Diversified Industries plc (DI) is a business that has interests in engineering, caravan manufacturing and a chain of shops selling car accessories. DI has recently been approached by the directors
One of the main suppliers to your business is Green Ltd, a family-owned business. It is the only available supplier and your business buys 60 per cent of Green Ltds output. Recently,
The following is the statement of financial position (in abbreviated form) of Projections Ltd as at the end of this year:The following plans have been made for next year:1 Revenue is expected to
An abridged set of consolidated financial statements for Toggles plc is given below.Required:(a) Answer, briefly, the following questions:1 What is meant by non-controlling
Refer to your answer to Exercise 10.3. Calculate ratios that you believe could be used to interpret the VAS for Buttons Ltd. Explain the purpose of each ratio.Data from Exercise 10.3:The following
Alkrom plc, an oil trader, commenced trading on 1 January and had the following opening statement of financial position.Statement of financial position as at 1 January£mASSETSCash20.0EQUITYOpening
Identify the main ways in which a large listed company may communicate with its shareholders.
Assume that the chairman of the board of directors of a large public listed company has asked you to develop a set of criteria against which the performance of a non-executive director could be
The board of directors of a listed company is likely to place considerable emphasis on maintaining good communications and strong relationships with its institutional shareholders. What are the main
(a) Record the following transactions in a set of double-entry accounts:(b) Balance the relevant accounts and prepare a trial balance (making sure that it agrees).(c) Prepare an income statement for
The following is the statement of financial position of Davids business at 1 January of last year.The following is a summary of the transactions that took place during the year:1
The income statement for Pluto Inc. for 2014 is as follows:
Spencer Corp. reported accounts receivable of $28,000 on its December 31, 2013, balance sheet. On December 31, 2014, accounts receivable had decreased to $22,000. Sales for the year amounted to
Refer to all of the facts in Problem 12-3A.Required1. Using the format in the chapters appendix, prepare a statement of cash flows work sheet.2. Prepare a statement of cash flows for 2014
Refer to all of the facts in Problem 12-3.Required1. Prepare a statement of cash flows for 2014 using the indirect method in the Operating Activities section.2. On the basis of your statement in part
The following balances are available for Chrisman Company:Bonds were retired during 2014 at face value, plant and equipment were acquired for cash, and common stock was issued for cash. Depreciation
Metropolis Industries invested its excess cash in the following instruments during December 2014:Certificate of deposit, due January 31, 2015
The following balances are available for Madison Company:Bonds were issued during 2014 at face value, and plant and equipment were acquired for cash. Depreciation expense for the year was $50,000. A
Terry Woods opened Par Golf as a sole proprietor by investing $50,000 cash on January 1, 2014. Because the business was new, it operated at a net loss of $10,000 for 2014. During the year, Terry
Clifford Company’s comparative balance sheet included dividends payable of $80,000 at December 31, 2013, and $100,000 at December 31, 2014. Dividends declared by Clifford during 2014 amounted to
From the following list, identify each item as operating (O), investing (I), financing (F), or not separately reported on the statement of cash flows (N)._______ Repurchase of common stock as
Divac Company has developed a statement of stockholders equity for the year 2014 as follows:Divacs preferred stock is $100 par, 8% stock. If the stock is liquidated or
Assume that you are the accountant for Ellis Corporation, which has issued its 2014 annual report. You have received an inquiry from a stockholder who has questions about several items in the annual
On May 1, 2013, Ryde Inc. had common stock of $345,000, additional paid-in capital of $1,298,000, and retained earnings of $3,013,000. Ryde did not purchase or sell any common stock during the
Whitacre Company’s Stockholders’ Equity section of the balance sheet on December 31, 2013, was as follows:Common stock, $10 par value, 60,000
The Stockholders’ Equity section of the December 31, 2014, balance sheet of Carter Company appeared as follows:Preferred stock, $50 par value, 10,000 shares authorized, ? shares issued
The Stockholders’ Equity section of the December 31, 2014, balance sheet of Eldon Company appeared as follows:Preferred stock, $30 par value, 5,000 sharesauthorized, ? shares issued
Furyk Company opened business as a sole proprietorship on January 1, 2014. The owner contributed $500,000 cash on that date. During the year, the company had a net income of $10,000. The company
Kay Katz and Doris Kan are partners in a dry-cleaning business. The partnership agreement specifies the manner in which income of the business is to be distributed. Kay is to receive a salary of
Kerry Company has 1,000 shares of $100 par value, 9% preferred stock and 10,000 shares of $10 par value common stock outstanding. The preferred stock is cumulative and nonparticipating. Dividends
Deer Company has the following amounts in the Stockholders’ Equity category of the balance sheet at December 31, 2014:Preferred Stock, $100 par, 8%, noncumulative (liquidationvalue of $110 per
Refer to all of the facts in Problem 11-1A.RequiredIndicate how each transaction affects the cash flow of Kebler Company by preparing the Financing Activities section of the 2014 statement of cash
Nash Company has the following accounts among the items on the balance sheet at January 1, 2014:Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstandingPreferred Stock, $100
Refer to all of the facts in Problem 11-1.RequiredIndicate how each transaction affects the cash flow of Peeler Company by preparing the Financing Activities section of the 2014 statement of cash
Following is the consolidated statement of stockholders equity of Costco Wholesale Corporation for the year ended August 28, 2011:Required1. Costco has an item in the statement of
Following is the consolidated statement of comprehensive income for Southwest Airlines for the year ended December 31, 2012:Required1. Which items were included in comprehensive income? If these
Refer to all of the facts in Problem 11-1A.RequiredDevelop a statement of Stockholders’ Equity for Kebler Company for 2014. The statement should start with the beginning balance of each
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