New Semester
Started
Get
50% OFF
Study Help!
--h --m --s
Claim Now
Question Answers
Textbooks
Find textbooks, questions and answers
Oops, something went wrong!
Change your search query and then try again
S
Books
FREE
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Tutors
Online Tutors
Find a Tutor
Hire a Tutor
Become a Tutor
AI Tutor
AI Study Planner
NEW
Sell Books
Search
Search
Sign In
Register
study help
business
financial accounting
Financial Accounting IFRS 2nd edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions
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, determine each of the following for each company.(1) Gross profit for the most recent fiscal year
In January 2014, the management of Izmir Company concludes that it has sufficient cash to purchase some short-term investments in debt and share securities. During the year, the following transactions occurred.Feb. 1 Purchased 500 ordinary shares of Joy for 30,800.Mar. 1 Purchased 600 ordinary
In January 2014, the management of Stefan Company concludes that it has sufficient cash to permit some short-term investments in debt and share securities. During the year, the following transactions occurred.Feb. 1 Purchased 600 ordinary shares of Superior for $32,400.Mar. 1 Purchased 800 ordinary
Yuen Long Carecenters Inc. provides financing and capital to the health-care industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds acquired as an investment by Yuen Long, whose fiscal year ends on December 31.2014Jan. 1 Purchased at
On February 1, Minitori Company purchased 500 ordinary shares (2% ownership) of Becker Company for $30.80 per share. On March 20, Minitori Company sold 100 shares of Becker for $2,850. Minitori received a dividend of $1.00 per share on April 25. On June 15, Minitori sold 200 shares of Becker for
Spring Inc. had the following transactions pertaining to investments in ordinary shares.Jan.1 Purchased 2,500 ordinary shares of Angeltide Corporation (5%) for €142,100.July.1 Received a cash dividend of €3 per share.Dec.1 Sold 500 ordinary shares of Angeltide Corporation for €31,200.Dec.31
Diann Company had the following transactions pertaining to share investments.Feb.1 Purchased 600 ordinary shares of Ronn (2%) for $6,200.July.1 Received cash dividends of $1 per share on Ronn ordinary shares.Sept.1 Sold 300 ordinary shares of Ronn for $4,300.Dec.1 Received cash dividends of $1 per
Brook Company purchased 70 Meissner Company 12%, 10-year, €1,000 bonds on January 1, 2014, for €70,000. The bonds pay interest semiannually on July 1 and January 1. On January 1, 2015, after receipt of interest, Brook Company sold 40 of the bonds for €40,100.InstructionsPrepare the journal
Floyd Corporation had the following transactions pertaining to debt investments.Jan. 1 Purchased 50 8%, $1,000 Petal Co. bonds for $50,000 cash. Interest is payable semiannually on July 1 and January 1.July 1 Received semiannual interest on Petal Co. bonds.July 1 Sold 30 Petal Co. bonds for
Identify where each of the following items would be reported in the financial statements.1. Loss on sale of investments in shares.2. Unrealized gain on non-trading securities.3. Fair value adjustment—trading.4. Interest earned on investments in bonds.5. Unrealized loss on trading securities.Use
Kurtyka Ltd. had the following transactions relating to debt investments:Jan. 1 Purchased 50, £1,000, 12% Nordica Company bonds for £50,000. Interest is payable semiannually on January 1 and July 1.July 1 Received semiannual interest from Nordica Company bonds.July 1 Sold 30 Nordica Company bonds
The cost of the trading securities of Hardy Company at December 31, 2014, is $62,000. At December 31, 2014, the fair value of the securities is $59,000. Prepare the adjusting entry to record the securities at fair value.
Kayser Company owns 25% of Plano Company. For the current year, Plano reports net income of €180,000 and declares and pays a €50,000 cash dividend. Record Kayser’s equity in Plano’s net income and the receipt of dividends from Plano.
Yinhu Company pays HK$318,000,000 to purchase all the outstanding ordinary shares of Lia Corporation. At the date of purchase, the net assets of Lia have a book value of HK$290,000,000. Yinhu’s management allocates HK$20,000,000 of the excess cost to undervalued land on the books of Lia. What
What is the cost of an investment in shares?
Kimmel Corporation purchased debt investments for CHF52,000 on January 1, 2014. On July 1, 2014, Kimmel received cash interest of CHF2,340. Journalize the purchase and the receipt of interest. Assume that no interest has been accrued.
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.tootsie.com.InstructionsUse the company’s financial statements and notes to the financial statements to answer the
The shareholders’ meeting for Kissinger Corporation has been in progress for some time. The chief financial officer for Kissinger is presently reviewing the company’s financial statements and is explaining the items that comprise the equity section of the statement of financial position for
The equity section for Samsung is shown in Appendix A. The complete annual report, including the notes to the financial statements (use Note 18), is available in the Investor Relations section of the company’s website at www.samsung.com.Instructions(a) What is the par or stated value per share
Voltaire Corporation’s statement of financial position at December 31, 2013, is presented below. Voltaire CorporationStatement of Financial Position December 31, 2013During 2014, the following transactions occurred.1. On January 1, 2014,
The following equity accounts are in the ledger of Crivello Corporation at December 31, 2014.Share Capital—Ordinary ($3 stated value)
The ledger of Fortaleza Corporation at December 31, 2014, after the books have been closed, contains the following equity accounts.Share Capital—Preference (8,000 shares issued) R$ 800,000Share
On December 31, 2013, Andes Company had 1,500,000 $10 par ordinary shares issued and outstanding. The equity accounts at December 31, 2013, had the following balances.Share Capital—Ordinary
Copacabana Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2014, at a cost of R$145,000. Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Residual value is expected to be R$15,000.Instructions(a) Compute the
Refer to the financial statements of Samsung presented in Appendix A, and answer the following questions. The complete annual report, including notes to the financial statements, is available in the Investor Relations section of the company’s website at www.samsung.com.(a) What was the amount
Nestlé’s 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, compute free cash flow for each company for the most recent fiscal year shown.(b) What
(a) If Nimoy Company had net income of €350,000 in 2013 and it experienced a 22.4% increase in net income for 2014, what is its net income for 2014?(b) If five cents of every euro of Nimoy revenue is net income in 2013, what is the euro amount of 2013 revenue?
Summary financial information for Rapture Company is as follows.Compute the amount and percentage changes in 2014 using horizontal analysis, assuming 2013 is the base year. December 31, 2013 December 31, 2014 $ 821,000 Plant assets Current assets $750,000 225,000 199,000 Total assets $1,020,000
The condensed financial statements of Soule Company for the years 2013 and 2014 are presented on the next page.Soule CompanyStatements of Financial PositionDecember 31Soule Company Income Statements For the Years Ended December 31Compute the following ratios for 2014 and 2013.(a) Current.(b)
In its proposed 2014 income statement, Grinders Corporation reports income before income taxes $500,000, income taxes $175,000 (not including irregular items), loss on operation of discontinued music division $60,000, and gain on disposal of discontinued music division $40,000. The income tax rate
Financial information for Gallup Inc. is presented below.InstructionsPrepare a schedule showing a horizontal analysis for 2014 using 2013 as the base year. December 31, 2014 December 31, 2013 Plant assets (net) Current assets Share capital-ordinary, $1 par Retained earnings Non-current liabilities
The comparative condensed statements of financial position of Garcia Corporation are presented below.Garcia CorporationComparative Condensed Statements of Financial PositionDecember 31Instructions(a) Prepare a horizontal analysis of the statement of financial position data for Garcia Corporation
Nordstrom, Inc. (USA), operates department stores in numerous states. Selected financial statement data for the year ending January 30, 2010, are shown below.For the year, net sales were $8,258 and cost of goods sold was $5,328 (in millions).Instructions(a) Compute the four liquidity ratios at the
Willingham Company has the following comparative statements of financial position data.Willingham CompanyStatements of Financial PositionDecember 31Additional information for 2014: 1. Net income was $25,000.2. Sales on account were $410,000. Sales returns and allowances were $20,000.3. Cost of
Rees Corporation experienced a fire on December 31, 2014, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances.Additional information:1. The inventory turnover is 3.4 times.2. The return on ordinary
Yadier Corporation€™s comparative statements of financial position are presented below.Yadier CorporationStatements of Financial PositionDecember 31Yadier€™s 2014 income statement included net sales of $100,000, cost of goods sold of $60,350, and net income of
For its fiscal year ending October 31, 2014, Douglas Corporation reports the following partial data shown below.Income before income taxes
Comparative statement data for Lionel Company and Barrymore Company, two competitors, appear below. All statement of financial position data are as of December 31, 2014, and December 31, 2013.Instructions(a) Prepare a vertical analysis of the 2014 income statement data for Lionel Company and
The comparative statements of Larker Tool Company are presented below.Larker Tool CompanyIncome StatementFor the Years Ended December 31Larker Tool Company Statements of Financial Position December 31All sales were on account.InstructionsCompute the following ratios for 2014. (Weighted-average
Condensed statement of financial position and income statement data for Clarence Corporation appear below.Clarence CorporationStatements of Financial PositionDecember 31Clarence Corporation Income Statement For the Years Ended December 31Additional information: 1. The market price of
Selected financial data of Target (USA) and Wal-Mart Stores, Inc. (USA) for a recent year are presented below (in millions).Instructions(a) For each company, compute the following ratios.(1) Current.(2) Accounts receivable turnover.(3) Average collection period.(4) Inventory turnover.(5) Days in
The comparative statements of Beulah Company are presented below.Beulah CompanyIncome StatementFor the Years Ended December 31Beulah CompanyStatements of Financial PositionDecember 31Additional data: The ordinary shares recently sold at £19.50 per share.Instructions Compute the
Violet Bick Corporation owns a number of cruise ships and a chain of hotels. The hotels, which have not been profitable, were discontinued on September 1, 2014. The 2014 operating results for the company were as follows.Operating revenues .................€12,900,000Operating expenses
The ledger of Gower Corporation at December 31, 2014, contains the following summary data.Your analysis reveals the following additional information that is not included in the above data.1. The entire puzzles division was discontinued on August 31. The income from operations for this division
Your parents are considering investing in Samsung ordinary shares. They ask you, as an accounting expert, to make an analysis of the company for them. Samsung’s financial statements are presented in Appendix A. The complete annual report, including the notes to the financial statements, is
Nestlé’s financial statements are presented in Appendix B. Financial statements for Zetar are presented in Appendix C.Instructions(a) Based on the information contained in these financial statements, determine each of the following for each company for the most recent fiscal year shown.(1)
Your parents are considering investing in Tootsie Roll common stock. They ask you, as an accounting expert, to make an analysis of the company for them. The financial statements and the notes to the financial statements from a recent annual report of Tootsie Roll are presented at
On January 1, 2014, Belgium Corporation had the following equity accounts.Share Capital—Ordinary (€4 par value, 250,000 sharesissued and outstanding)
On January 1, 2014, Chamblin Inc. had the following equity balances.Share Capital—Ordinary (400,000 shares issued) CHF800,000Share Premium—Ordinary
Elston Corporation had the following equity accounts on January 1, 2014: Share Capital—Ordinary ($5 par) $400,000, Share Premium—Ordinary $200,000, and Retained Earnings $100,000. In 2014, the company had the following treasury share transactions. Mar. 1 Purchased 5,000 shares at $9 per
Gão Corporation was organized on January 1, 2014. It is authorized to issue 10,000 8%, HK$1,000 par value preference shares, and 500,000 no-par ordinary shares with a stated value of HK$20 per share. The following share transactions were completed during the first year.Jan. 10 Issued 100,000
The equity section of Atrio Inc. showed the following: share premium €6,101, share capital—ordinary €925, share capital—preference €56, retained earnings €7,428, and treasury shares 2,828. (All amounts are in millions.) The preference shares have 557,740 shares authorized, with a par
In 2014, Orasco Corporation had net sales of R$600,000 and cost of goods sold of R$360,000. Operating expenses were R$153,000, and interest expense was R$7,500. The corporation’s tax rate is 25%. The corporation declared preference dividends of R$12,000 in 2014, and its average ordinary
The ledger of Summit Corporation contains the following accounts: Share Capital€”Ordinary, Share Capital€”Preference, Treasury Shares, Share Premium€” Preference, Share Premium€”Ordinary, Share Premium€”Treasury, and Retained
On October 31, the equity section of Lucerne Company consists of share capital— ordinary CHF300,000 and retained earnings CHF900,000. Lucerne is considering the following two courses of action: (1) Declaring a 5% share dividend on the 50,000, CHF6 par value shares outstanding, or (2)
Sorocaba Co. had the following transactions during the current period. Mar. 2 Issued 5,000 R$1 par value ordinary shares to attorneys in payment of a bill for R$38,000 for services provided in helping the company to incorporate. June 12 Issued 60,000 R$1 par value ordinary shares for
Nanjing Corporation purchased from its shareholders 5,000 shares of its own previously issued shares for ¥250,000. It later resold 1,500 shares for ¥54 per share, then 2,000 more shares for ¥49 per share, and finally 1,500 shares for ¥40 per share.InstructionsPrepare journal entries for the
Barton Enterprises purchased equipment on January 1, 2014, at a cost of $350,000. Barton uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the end of 2014, independent appraisers determined that the assets have a fair value of
Presented below are selected transactions at Ingles Company for 2014. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost £58,000 on that date. It had a useful life of 10 years with no residual value. June 30 Sold a computer that was purchased on
On July 1, 2014, Ticino Inc. invested CHF720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2014, 120,000 tons of ore were mined and sold.Instructions(a) Prepare the journal entry to record depletion expense.(b) Assume that the 120,000 tons of ore
Nelson Company, organized in 2014, has the following transactions related to intangible assets.InstructionsPrepare the necessary entries to record these intangibles. All costs incurred were for cash. Make the adjusting entries as of December 31, 2014, recording any necessary amortization and
On January 1, 2014, Pele Company purchased the following two machines for use n its production process.Machine A: The cash price of this machine was R$35,000. Related expenditures included: sales tax R$1,700, shipping costs R$150, insurance during shipping R$80, installation and testing costs R$70,
Diaz Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.
At December 31, 2013, Jimenez Company reported the following as plant assets.During 2014, the following selected cash transactions occurred.April 1 Purchased land for ‚¬2,200,000.May 1 Sold equipment that cost ‚¬750,000 when purchased on January 1, 2010. The equipment was sold for
Luo Company and Zhao Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following
Vermeer’s has equipment that cost €40,000 and that has been depreciated €29,000.InstructionsRecord the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for €24,000.(c) It was sold for €10,000.
The financial statements of Samsung are presented in Appendix A. The notes to the financial statements appear in the 2010 annual report, which can be found in the Investor Relations section of the company’s website, www.samsung,com.InstructionsRefer to Samsung’s financial statements and
Nestles financial statements are presented in Appendix B. Financial statements of Zetar are presented in Appendix C.Instructions(a) Compute the asset turnover ratio for each company for the most recent fiscal year presented.(b) What conclusions concerning the efficiency of assets can be drawn
What is revaluation of plant assets? Should revaluation be applied under GAAP?
Some product development expenditures are recorded as development expenses and others as development costs. Explain the difference between these accounts and how development costs are reported under GAAP.
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.1. Kemer Company enters sales and sales taxes separately on its cash register. On April 10, the register totals are sales 30,000 and sales taxes 1,650.2. Bodrum Company does not
During its first year of operations, Punjab Corporation had the following transactions pertaining to its ordinary shares.Jan. 10 Issued 70,000 shares for cash at Rs4 per share.July 1 Issued 30,000 shares for cash at Rs7 per share.Instructions(a) Journalize the transactions, assuming that the
The statement of financial position for Lauren Inc. shows the following: total equity $817,000, ordinary shares issued 44,000 shares, and ordinary shares outstanding 38,000 shares. Compute the book value per share. (No preference shares are outstanding.)
Newell Industries spent $300,000 on research and $600,000 on development of a new product. Of the $600,000 in development costs, $400,000 was incurred prior to technological feasibility and $200,000 after technological feasibility had been demonstrated. (a) Prepare the journal entry to record
Jeon Corporation issues W300,000,000 of bonds for W308,000,000. (a) Prepare the journal entry to record the issuance of the bonds, and (b) show how the bonds would be reported on the statement of financial position at the date of issuance.
The financial statements of Tootsie Roll are presented in Appendix D. InstructionsUse the company’s financial statements and notes to the financial statements, available at www. tootsie.com, to answer the following questions.(a) What were the total cost and book value of property, plant,
In general, what are the requirements for the financial statement presentation of non-current liabilities?
The statement of financial position for Prism Consulting reports the following information on July 1, 2014. Non-current liabilities Bonds payable £960,000Prism decides to redeem these bonds
(a) What is the present value of $10,000 due 8 periods from now, discounted at 8%?(b) What is the present value of $20,000 to be received at the end of each of 6 periods, discounted at 10%?
You and several classmates are studying for the next accounting examination. They ask you to answer the following questions:1. If cash is borrowed on a $70,000, 9-month, 9% note on August 1, how much interest expense would be incurred by December 31?2. The cash register total including sales taxes
The following section is taken from Barton Corp.’s statement of financial position at December 31, 2013.Non-current liabilitiesBonds payable, 7%, due January 1, 2018 $1,600,000Current liabilitiesInterest payable
The following financial data were reported by 3M Company (USA) for 2009 and 2010 (dollars in millions).Instructions(a) Calculate the current ratio and working capital for 3M for 2009 and 2010.(b) Suppose that at the end of 2010, 3M management used $200 million cash to pay off $200 million of
The adjusted trial balance for Zhang Corporation at the end of the current year contained the following accounts.Interest Payable HK$ 9,000Lease Liability
West Bengal Company sold Rs3,000,000, 8%, 10-year bonds on July 1, 2014. The bonds were dated July 1, 2014, and pay interest July 1 and January 1. West Bengal Company uses the straight-line method to amortize bond premium or discount. Assume no interest is accrued on June 30.Instructions(a) Prepare
Wu Company sold ¥5,000,000, 8%, 20-year bonds on January 1, 2014. The bonds were dated January 1, 2014, and pay interest on January 1 and July 1. Wu Company uses the straight-line method to amortize bond premium or discount. The bonds were sold at 97. Assume no interest is accrued on June
The following is taken from the Plankton Corporation statement of financial position. Plankton
James Corporation€™s statement of financial position at December 31, 2013, is presented below.James CorporationStatement of Financial PositionDecember 31, 2013During 2014, the following transactions occurred.1. James paid $2,500 interest on the bonds on January 1, 2014.2. James purchased
East land Company and West side Company are competing businesses. Both began operations 6 years ago and are quite similar in most respects. The current statements of financial position data for the two companies are shown on the next page.You have been engaged as a consultant to conduct a review of
On July 1, Pearl River Corporation purchases 500 of its HK$20 par value ordinary shares for the treasury at a cash price of HK$80 per share. On September 1, it sells 300 treasury shares for cash at HK$90 per share. Journalize the two treasury share transactions.
The financial statements of Samsung appear in Appendix A. The notes to consolidated financial statements appear in the 2010 annual report, which can be found in the Investor Relations section of the company’s website, www.samsung.com.InstructionsRefer to Samsung’s financial statements and
Nestles financial statements are presented in Appendix B. Financial statements of Zetar are presented in Appendix C.Instructions(a) At the end of the most recent fiscal year reported, what was Nestles largest current liability account? What were its total current liabilities? What was Zetar’s
For what reasons might a company like IBM (USA) repurchase some of its shares (treasury shares)?
Bihar Inc’s ordinary shares have a par value of Rs10, a book value of Rs240, and a current market price of Rs180. Explain why these amounts are all different.
Starz Department Store is located near the Towne Shopping Mall. At the end of the company€™s calendar year on December 31, 2014, the following accounts appeared in two of its trial balances.Instructions(a) Prepare an income statement, a retained earnings statement, and a classified
a.Apr. 2 Purchased merchandise on account from Walker Supply Co. €6,200, terms 1/10, n/30.4 Sold merchandise on account €5,500, FOB destination, terms 1/10, n/30. The cost of the merchandise sold was €3,400.5 Paid €240 freight on April 4 sale.6 Received credit from Walker Supply Co. for
The trial balance columns of the worksheet for Barbosa Company at June 30, 2014, are as follows.Barbosa CompanyWorksheetFor the Month Ended June 30, 2014Other data:Operating expenses incurred on account, but not yet recorded, total R$1,500.Instructions Enter the trial balance on a worksheet
In 2014, Endeaver Company had net sales of $860,000 and cost of goods sold of $533,200. Operating expenses were $221,000, and interest expense was $7,000. Instructions(a) Compute Endeaver’s gross profit.(b) Compute the gross profit rate. Why is this rate computed by financial statement
Hezir Company had the following account balances at year-end: Cost of Goods Sold Ⱡ60,000; Inventory Ⱡ15,000; Operating Expenses Ⱡ29,000; Sales Revenue Ⱡ115,000; Sales Discounts Ⱡ1,300; and Sales Returns and Allowances Ⱡ1,700. A physical count of inventory determines that merchandise
Presented below are transactions related to Li Company.1. On December 3, Li Company sold HK$570,000 of merchandise to South China Co., terms 1/10, n/30, FOB shipping point. The cost of the merchandise sold was HK$364,800.2. On December 8, South China Co. was granted an allowance of HK$20,000 for
The trial balance of Alagoas’s Boutique at December 31 shows Inventory R$21,000, Sales Revenue R$156,000, Sales Returns and Allowances R$4,000, Sales Discounts R$3,000, Cost of Goods Sold R$92,400, Interest Revenue R$3,000, Freight-Out R$1,900, Utilities Expense R$7,400, and Salaries and Wages
Showing 6800 - 6900
of 7094
First
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
Step by Step Answers
Get 50% OFF
Claim Now
