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financial accounting

Questions and Answers of Financial Accounting

Amazon.com, Inc. (AMZN) is the largest internet retailer in the United States. Best Buy, Inc. (BBY) is a leading retailer of technology and media products in the United States. Amazon and Best Buy
Data (in millions) from recent financial statements of Zynga Inc. (ZNGA), Electronic Arts Inc. (EA), and Take-Two Interactive Software, Inc. (TTWO) are as follows:a. Compute the working capital for
The Foot Locker, Inc. (FL) and The Finish Line, Inc. (FINL) are two retail athletic footwear chains. The current assets and current liabilities from recent balance sheets for both companies are as
The following year-end data were taken from recent balance sheets of Under Armour, Inc. (UA) (in millions):a. Compute the working capital and the current ratio as of December 31, Year 2 and Year 1.
Sears Holdings Corporation (SHLD) is one of the largest mall-based retailers in the United States. The following year-end data were taken from a recent Sears balance sheet (in millions):a. Compute
Alphabet Inc. (GOOG) and Microsoft Corporation (MSFT) design and distribute consumer and enterprise software, including overlaps in search, business productivity, and mobile operating systems.
In teams, access a recent annual report of Zynga (ZNGA) and Wal-Mart (WMT). The Form 10-K is a company’s annually required filing with the Securities and Exchange Commission (SEC). It includes the
Your friend, Daniel Nat, recently began work as the lead accountant for Asheville Company. Dan prepared the following balance sheet for December 31, 20Y5:Asheville Company Balance Sheet December
Assume that you recently accepted a position with Five Star National Bank & Trust as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of
For a recent year, the balance sheet for The Campbell Soup Company (CPB) includes accrued expenses of $604 million. The income before taxes for Campbell for the year was $849 million.a. Assume the
Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States. Amazon€™s income statements through operating income for two recent years are as follows (in millions):a.
Pandora Media, Inc. (P) provides Internet music platform services in North America. Pandora€™s income statements through operating income for two recent years are as follows (in
World Wrestling Entertainment, Inc. (WWE) is a sports media and entertainment company primarily focused on professional wrestling. WWE€™s income statements through operating income for two
Chipotle Mexican Grill, Inc. (CMG) is a quick-service restaurant providing a focused menu of burritos, tacos, and salads. Chipotle€™s income statements through operating income for two
Daryl Kirby opened Squid Realty Co. on January 1, 20Y3. At the end of the first year, the business needed additional capital. On behalf of Squid Realty Co., Daryl applied to Ocean National Bank for a
The following income statement data for AT&T Inc. (T) and Verizon Communications Inc. (VZ) were taken from their recent annual reports (in millions):a. Prepare a vertical analysis of the income
The following data are taken from recent financial statements of Nike, Inc. (NKE) (in millions):a. Determine the amount of change (in millions) and percent of change in operating income from Year 1
The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 20Y6, the accountant for The Signage Company prepared the trial balances shown at the top of
At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney:Net income for
Sears Editing Company is a small editorial services company owned and operated by Deloris Sears. On January 31, 20Y1, the end of the current year, Sears Editing Companyâ€™s accounting clerk
Trident Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:For preparing the adjusting entries, the
For a recent period, the balance sheet for Costco Wholesale Corporation (COST) reported accrued expenses of $3,498 million. For the same period, Costco reported income before income taxes of $3,619
The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the following T accounts:Determine the
The balance in the supplies account, before adjustment at the end of the year, is $9,000. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,575.
When preparing the financial statements for the month ended January 31, accrued salaries owed to employees for January 30 and 31 were overlooked. The accrued salaries were included in the first
The wages payable and wages expense accounts at August 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following T accounts:Determine the
Paradise Realty Co. pays weekly salaries of $25,500 on Friday for a five day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period, assuming that
The financial statements of Samsung are presented in Appendix A at the end of this textbook.The complete annual report, including the notes to the financial statements, is available in the Investor
The financial statements of Tootsie Roll are presented in Appendix D. The company’s complete annual report, including the notes to its financial statements, is available at www.
During the month, Bavarian Auto Co. received $1,245,000 in cash and paid out $974,200 in cash.a. Does this information indicate that Bavarian Auto Co. had net income of $270,800 during the month?
On February 11, 20Y9, Quick Fix Company purchased $2,250 of supplies on account. In Quick Fix’s chart of accounts, the supplies account is No. 15, and the accounts payable account is No. 21.a.
Innovative Consulting Co. has the following accounts in its ledger: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Fees Earned,
The following selected transactions were completed during July of the current year:1. Billed customers for fees earned, $112,700.2. Purchased supplies on account, $4,500.3. Received cash from
Rocky Mountain Tours Co. is a travel agency. The nine transactions recorded by Rocky Mountain Tours during June 20Y2, its first month of operations, are indicated in the following T accounts:Indicate
The accounts in the ledger of Seaside Furniture Company as of August 20Y5 are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been
Amazon.com, Inc. (AMZN) is the largest Internet retailer in the United States. Amazon€™s income statements for two recent years follow:a. Prepare a horizontal analysis of the income
Chipotle Mexican Grill, Inc. (CMG) is a quick-service restaurant providing a focused menu of burritos, tacos, and salads. Chipotle€™s income statements for the end of two recent years are
Vera Bradley, Inc. (VRA) is a leading designer, producer, and retailer of fashion handbags, accessories, and travel items for women. Income statements for two recent years for Vera Bradley are as
The following data (in millions) are taken from the financial statements of Target Corporation (TGT), the owner of Target stores:a. For Target, determine the amount of change in millions and the
The prepaid insurance account had a beginning balance of $11,500 and was debited for $18,000 of premiums paid during the year. Journalize the adjusting entry required at the end of the year, assuming
The following data (in millions) are taken from the financial statements of Wal-Mart Stores, Inc. (WMT):a. For Walmart, determine the amount of change in millions and the percent of change rounded
Based upon MAD 2-4 and MAD 2-5, compare the two-year change in operating results between Target (TGT) and Wal-Mart (WMT).
Prepare a journal entry for the purchase of office supplies on November 2 for $1,600, paying $500 cash and the remainder on account.
The following trial balance was extracted from the books of Marric Ltd. as at 31.05.03The following information has not been accounted for:1. Closing inventory as at 31.05.03 is £497,0002.
The assets and liabilities of Global Travel Agency on December 31, 20Y5, and its revenue and expenses for the year are as follows:Common stock was $525,000 and retained earnings was $1,250,000 as of
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. We will use Amazon as a continuing company exercise to reinforce the various tools and techniques for analyzing
What is the effect of each of the following transactions on the three elements (assets, liabilities, and stockholders’ equity) of the accounting equation?a. Invested cash in business in exchange
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders’ equity:a. Accounts payableb. Accounts receivablec. Fees earned d. Suppliese.
Determine the missing amount for each of the following: Assets Liabilities + Stockholders'Equity $550,000 + a. $1,345,000 b. $776,500 $588,800 х c. $14,750,000 $4,455,000 +
The total assets and total liabilities (in millions) of Dollar Tree Inc. (DLTR) and Target Corporation (TGT) follow:Determine the stockholders€™ equity of each company. Dollar Tree Target
The total assets and total liabilities (in millions) of McDonald€™s Determine the stockholders€™ equity of each company. Starbucks $14,330 8,446 McDonald's McDonald's Assets
Lowe€™s Companies, Inc. (LOW), a major competitor to The Home Depot, Inc. (HD) in the home improvement retail business, operates over 1,800 stores. Lowe€™s recently reported the
Using your answers for The Home Depot, Inc. (HD) in MAD 1-2 and Lowe’s Companies, Inc. (LOW) in MAD 1-3, compare and interpret Home Depot’s ratio of liabilities to stockholders’ equity to that
The following total liabilities and stockholders€™ equity information (in millions) is provided for Papa John€™s International, Inc. (PZZA) and Yum! Brands, Inc. (YUM) at the end
In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and
Presented below are two independent situations.(a) On March 3, Pusan Appliances sells W620,000,000 of its receivables to Universal Factors Inc. Universal Factors assesses a finance charge of 3% of
Natalie has been approached by Ken Thornton, a shareholder of The Beanery Coffee Inc. Ken wants to retire and would like to sell his 1,000 shares in The Beanery Coffee, which represents 30% of all
The comparative statements of financial position for Sergipe Company show these changes in non-cash current asset accounts: accounts receivable increase R$80,000, prepaid expenses decrease R$28,000,
An analysis of comparative statements of financial position, the current year’s income statement, and the general ledger accounts of Solomon Co. uncovered the following items. Assume all items
Cal Consulting follows the practice that prepayments are debited to expense when paid, and unearned revenues are credited to revenue when cash is received. Given this company’s accounting
Presented below are the comparative statements of financial position for Vernet Company at December 31.Vernet CompanyComparative Statements of Financial PositionDecember 31Equity and
Condensed financial data of Keller Minden Company are shown below.Keller Minden CompanyComparative Statements of Financial PositionDecember 31Equity and LiabilitiesKeller Minden Company Income
The comparative statements of financial position for Amaral Reis Company as of December 31 are presented on the next page.Amaral Reis CompanyComparative Statements of Financial PositionDecember
Condensed financial data of Sinjh Ltd. follow.Sinjh Ltd.Comparative Statements of Financial PositionDecember 31Equity and LiabilitiesSinjh Ltd. Income Statement For the Year Ended December 31,
Presented below are the financial statements of Rajesh Company.Rajesh CompanyComparative Statements of Financial PositionDecember 31Rajesh CompanyIncome StatementFor the Year Ended December 31,
Recife Company completed its first year of operations on December 31, 2014. Its initial income statement showed that Recife had revenues of R$195,000 and operating expenses of R$78,000. Accounts
Here are comparative statements of financial position for Syal Company.Syal CompanyComparative Statements of Financial PositionDecember 31Additional information: 1. Net income for 2014 was
Laurent Company had these transactions during 2014.(a) Issued CHF50,000 par value ordinary shares for cash.(b) Purchased a machine for CHF30,000, giving a long-term note in exchange.(c) Issued
Muniz Photography reported net income of R$100,000 for 2014. Included in the income statement were depreciation expense of R$4,000, amortization expense of R$3,000, and a gain on disposal of plant
Each of the items below must be considered in preparing a statement of cash flows for Aksu Co. for the year ended December 31, 2014. For each item, state how it should be shown in the statement of
The financial statements of Tootsie Roll are available in Appendix D. The complete annual report, including the notes to the financial statements, is available at www.tootsie.com.Instructions Using
Nestles financial statements are presented in Appendix B. Financial statements of Zetar are presented in Appendix C. Complete annual reports, including notes to the financial statements, are
Part I Mindy Feldkamp and her two colleagues, Oscar Lopez and Lori Melton, are personal trainers at an upscale health spa/resort in Tampa, Florida. They want to start a health club that
The following data, presented in alphabetical order, are taken from the records of Redlands Corporation.Accounts
Prepare journal entries to record the following.(a) Accumulated depreciation is also CHF44,000 on this delivery equipment. No residual value is received.(b) Assume the same information as (a), except
Kowloon Company purchased land and a building on January 1, 2014. Management’s best estimate of the value of the land was HK$1,000,000 and of the building HK$2,000,000. However, management told the
Often, research and development costs provide companies with benefits that last a number of years. (For example, these costs can lead to the development of a patent that will increase the company’s
Jeremy is studying for the next accounting examination. He asks your help on two questions: (a) What is residual value? (b) Is residual value used in determining periodic depreciation under
The financial statements of Tootsie Roll are presented in Appendix D. The company’s complete annual report, including the notes to its financial statements, is available at
Nestles financial statements are presented in Appendix B. Financial statements of Zetar are presented in Appendix C.Instructions(a) Based on the information in these financial statements, compute
The following represents selected information taken from a company€™s aging schedule to estimate uncollectible accounts receivable at year-end.Instructions(a) Calculate the total estimated
At December 31, 2013, Cafu Co. reported the following information on its statement of financial position. Accounts receivable R$960,000 Less: Allowance for doubtful accounts 70,000 During 2014, the
On May 2, Nanjing Company lends ¥7,600,000 to Cortland, Inc., issuing a 6-month, 8% note. At the maturity date, November 2, Cortland indicates that it cannot pay.Instructions(a) Prepare the entry to
Hong Kong Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.Jan. 15 Made Hong Kong credit card sales totaling HK$18,000.
Presented below are selected transactions of Federer Company. Federer sells in large quantities to other companies and also sells its product in a small retail outlet.March 1 Sold merchandise on
Presented below are selected transactions of Federer Company. Federer sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise on
Amazon Company has been in business several years. At the end of the current year, the ledger shows:Accounts Receivable
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a statement of financial
Compute the missing amounts for each of the following notes. Total Interest Annual Principal Interest Rate (a) (b) €30,000 (c) €60,000 Time 120 days 3 years € 450 9% 10% €3,000 €1,200 5
Borke Company has a credit balance of NT$320,000 in Allowance for Doubtful Accounts. The estimated bad debt expense under the percentage-of-sales basis is NT$370,000. The total estimated
Nestles financial statements are presented in Appendix B. Financial statements of Zetar are presented in Appendix C.Instructions(a) Based on the information contained in these financial statements,
The financial statements of Samsung are presented in Appendix A at the end of this textbook. The complete annual report, including notes to the consolidated financial statements, is available in
The following information pertains to Teresina Video Company.1. Cash balance per bank, July 31, R$7,293.2. July bank service charge not recorded by the depositor R$28.3. Cash balance per books, July
Basel Company is unable to reconcile the bank balance at January 31. Basel’s reconciliation is as follows.Cash balance per bank
Ankara Company uses an imprest petty cash system. The fund was established on March 1 with a balance of ± 100. During March, the following petty cash receipts were found in the petty cash
Identify which control activity is violated in each of the following situations, and explain how the situation creates an opportunity for fraud or inappropriate accounting practices.1. Once a month,
The cash register tape for Leprechaun Industries reported sales of £6,891.50. Record the journal entry that would be necessary for each of the following situations.(a) Cash to be accounted for
The management of Tudor Ltd. asks your help in determining the comparative effects of the FIFO and average-cost inventory cost flow methods. For 2014, the accounting records provide the data shown
Bamburgh Hardware reported cost of goods sold as follows.Bamburgh made two errors: (1) 2013 ending inventory was overstated ‚¬2,000, and (2) 2014 ending inventory was understated
Maggie Stores has 20 toasters on hand at the statement of financial position date. Each cost $28. The net realizable value is $30 per unit. Under the lower of- cost-or-net realizable value basis of

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