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financial and managerial accounting
Questions and Answers of
Financial And Managerial Accounting
Details about a company’s cash flows appear in a number of places in the annual report. Use Target Corporation’s Fiscal 2018 Annual Report to answer the following questions. Visit
Kimball Corporation makes cell phone covers and has the following comparative income statement for the years ended December 31, 2025 and 2024Requirement Perform a horizontal analysis and a vertical
Requirements Using the financial data presented above, compute the following ratios and evaluate Java’s results for 2025–2023.1. Profit margin ratio.2. Earnings per share.3. Inventory
Liberty’s inventory turnover during 2025 was (amounts rounded)a. 6 times.b. 7 times.c. 8 times.d. not determinable from the data given.
Which measure expresses Liberty’s times-interest-earned ratio? (amounts rounded)a. 54. 7%b. 19 timesc. 34. 5%d. 32 times
Use Target Corporation’s Fiscal 2018 Annual Report to answer the following questions.Visit https://www.pearsonglobaleditions/Horngren to view a link to the Target Corporation Annual
1. Compute Accel’s Companies’ current ratio at May 31, 2024 and 2023.2. Did Accel’s Companies’ current ratio improve, deteriorate, or hold steady during 2024?Accel’s Companies, a home
1. Compute the inventory turnover, days’ sales in inventory, and gross profit percentage for Accel’s Companies for 2024.2. Compute days’ sales in receivables during 2024. Round intermediate
1. Compute the debt ratio and the debt to equity ratio at May 31, 2024, for Accel’s Companies.2. Is Accel’s ability to pay its liabilities strong or weak? Explain your reasoning.Accel’s
1. Compute the profit margin ratio for Accel’s Companies for 2024.2. Compute the rate of return on total assets for 2024.3. Compute the asset turnover ratio for 2024.4. Compute the rate of return
1. Compute earnings per share (EPS) for 2024 for Accel’s. Round to the nearest cent.2. Compute Accel’s Companies’ price/earnings ratio for 2024. The market price pershare of Accel’s stock is
1. Prepare a comparative common-size income statement for Mulberry Designs, Inc. using the 2024 and 2023 data. Round percentages to one-tenth percent (three decimal places).2. To an investor, how
Net sales revenue, net income, and common stockholders’ equity for Eyesight Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements 1. Compute trend
In its annual report, ABC Athletic Supply, Inc. includes the following five-year financial summary:Requirements Analyze the company’s financial summary for the fiscal years 2020–2024 to decide
Comparative financial statement data of Garfield, Inc. follow1. Market price of Garfield’s common stock: $69.36 at December 31, 2024, and $38.04 at December 31, 2023.2. Common shares outstanding:
Misler Corporation established a $300 petty cash fund on January 12, 2024. Karen Misler (KM) is the fund custodian. At the end of the month, the petty cash fund contains the following:a. Cash: $163b.
The Cash account of Baylor Associates at February 28, 2025, follows:Additional data:Baylor deposits all cash receipts in the bank and makes all payments by check.Requirements 1. Prepare the bank
The December cash records of Davidson Insurance followDavidson’s Cash account shows a balance of $17,450 at December 31. On December 31, Davidson Insurance received the following bank
The August 31 bank statement of Well Healthcare has just arrived from United Bank.To prepare the bank reconciliation, you gather the following data:a. The August 31 bank balance is $4,540.b. The
The May cash records of Donald Insurance followDonald’s Cash account shows a balance of $17,750 at May 31. On May 31, Donald Insurance received the following bank statementAdditional data for the
The October 31 bank statement of Wyndham’s Healthcare has just arrived from State Bank. To prepare the bank reconciliation, you gather the following data:a. The October 31 bank balance is
This problem continues the Canyon Canoe Company situation from Chapter F:6.Canyon Canoe Company has decided to open a new checking account at River Nations Bank during March 2025. Canyon Canoe
This problem continues the Crystal Clear Cleaning problem begun in Chapter F:2 and continued through Chapter F:6.In March 2025, Crystal Clear Cleaning opened a new checking account at First Regional
Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s 2018 Fiscal Year Annual Report. Study the audit opinion (labeled Report of Independent Registered Public
Monarch Map Company’s balance sheet at December 31, 2023, reported the following:Requirements 1. How much of the receivables did Monarch expect to collect? Stated differently, what was the net
Suppose First Fidelity Bank engaged in the following transactions:Journalize the 2024 and 2025 transactions on First Fidelity’s books. Explanations are not needed. Use a 365-day year to compute
A table of notes receivable for 2024 followsFor each of the notes receivable, compute the amount of interest revenue earned during 2024. Round to the nearest dollar. Note 1 Note 2 Note 3 Note 4
Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2025 transactions for Crystal Clear CleaningRequirements 1. Prepare all required journal entries
Pauline’s Pottery has always used the direct write-off method to account for uncollectibles. The company’s revenues, bad debt write-offs, and year-end receivables for the most recent year
Use Target Corporation’s Fiscal 2018 Annual Report and Note 5 “Consideration Received from Vendors” and Note 10 “Other Current Assets” to answer the following questions. Visit
Latté On Demand purchased a coffee drink machine on January 1, 2024, for $44,000.Expected useful life is 10 years or 100,000 drinks. In 2024, 3,000 drinks were sold, and in 2025, 14,000 drinks were
Which method is used to compute depletion?a. Double-declining-balance methodb. Straight-line methodc. Depletion methodd. Units-of-production method
Consider the following expendituresClassify each of the expenditures as a capital expenditure or a revenue expenditure related to machinery a. Purchase price. b. Ordinary recurring repairs to keep
Crispy Fried Chicken bought equipment on January 2, 2024, for $33,000. The equipment was expected to remain in service for four years and to operate for 6,750 hours. At the end of the equipment’s
This problem continues the Canyon Canoe Company situation from Chapter F:8.Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company’s property,
Top Quality Appliance—Long Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review McDonald’s Corporation 2018 annual report
View a link to Target Corporation’s Fiscal 2018 annual report at https://www .pearsonglobaleditions.com/Horngren. Refer to the Target Corporation financial statements, including Notes 11, 12, and
1. Identify the appropriate accounting method for each of the following situationsa. Investment in 25% of the investee company’s stock of which the investor has significant influenceb.
This problem continues the Canyon Canoe Company situation from Chapter F:9. Amber and Zack Wilson are pleased with the growth of their business and have decided to invest its temporary excess cash in
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Berkshire Hathaway, Inc.’s 2018 annual report
Details about a company’s investments appear in a number of places in the annual report. Use Target Corporation’s Fiscal 2018 annual report to answer the following questions. Visit
Answer each question independently.Requirements1. A restaurant made cash sales of $4,000 subject to a 5% sales tax. Record the sales and the related sales tax. Also record the payment of the tax to
Rags-to-Riches, a clothing resale store, employs one salesperson, Dee Hunter. Hunter’s straight-time wage is $10 per hour, with time-and-a-half pay for hours above 40. Rags-to Riches withholds
Watson Publishing completed the following transactions during 2024:Journalize the transactions (explanations are not required). Round to the nearest dollar. Oct. 1 Nov. 15 Dec. 31 Sold a six-month
Details about a company’s liabilities appear in a number of places in the annual report.Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s Annual Report.
West Virginia Power Company has 8%, 10-year bonds payable that mature on June 30, 2034. The bonds are issued on June 30, 2024, and West Virginia Power pays interest each June 30 and December
Sleep Well, Inc. is authorized to issue 9%, 10-year bonds payable. On January 1, 2024, when the market interest rate is 10%, the company issues $500,000 of the bonds. The bonds pay interest
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review The Walt Disney Company’s 2018 annual report
Use the Target Corporation financial statements to answer the following questions.Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s Fiscal 2018 Annual
Delphian Corporation’s balance sheet as of December 31, 2024, follows:Requirements 1. Journalize Delphian’s transactions for 2025. 2. Prepare the stockholders’ equity section of the balance
What is a prior-period adjustment?
Return to the ABC data in Short Exercise S-F:13-12. ABC had 8,000 shares of common stock outstanding during 2024. ABC declared and paid preferred dividends of $4,000 during 2024.Show how ABC reports
The charter for ASAP-TV, Inc. authorizes the company to issue 100,000 shares of $5, no-par preferred stock and 500,000 shares of common stock with $1 par value.During its start-up phase, ASAP-TV
The charter of Evergreen Corporation authorizes the issuance of 900 shares of preferred stock and 1,400 shares of common stock. During a two-month period, Evergreen completed these stock-issuance
Southern Amusements Corporation had the following stockholders’ equity on November 30:On December 30, Southern purchased 200 shares of treasury stock at $15 per share.Requirements 1. Journalize
D-Mobile Wireless needed additional capital to expand, so the business incorporated.The charter from the state of Georgia authorizes D-Mobile to issue 50,000 shares of 8%, $50 par value cumulative
This problem continues the Canyon Canoe Company situation from Chapter F:12.After looking into debt financing through notes, mortgage, and bonds payable, Canyon Canoe Company decides to raise
The Tusquittee Company is a retail company that began operations on October 1, 2024, when it incorporated in the state of North Carolina. The Tusquittee Company is authorized to issue 100,000 shares
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Facebook’s 2018 annual report
Use Target Corporation’s financial statements to answer the following questions.Visit https://www.pearsonglobaleditions.com/Horngren to view a link to Target Corporation’s Fiscal 2018 Annual
The Adams Corporation reported the following income statement for 2024 and comparative balance sheet for 2024 and 2023, along with transaction data for 2024:Prepare Adams Corporation’s statement of
Use the data in Short Exercise S-F:14-5 to complete this exercise. Prepare Winding Road Cellular’s statement of cash flows using the indirect method for the year ended April 30, 2024. Assume
Use the Preston Media Corporation data in Short Exercise S-F:14-7 and the resultsyou calculated from the requirements. Prepare Preston Media’s statement of cashflows—indirect method—for the
Use the data in Short Exercise S-F:14A-12 and your results. Prepare the business’s complete statement of cash flows for the year ended June 30, 2024, using the direct method for operating
Red Toy Company reported the following comparative balance sheetRequirements1. Compute the collections from customers during 2024 for Red Toy Company. Sales Revenue totaled $134,000.2. Compute the
The accounting records of CD Sales, Inc. include the following accountsCompute CD’s net cash provided by (used for) operating activities during July 2024.Use the indirect method. Account Cash
The income statement of Boost Plus, Inc. follows:Additional data follow:a. Acquisition of plant assets is $124,000. Of this amount, $108,000 is paid in cash and $16,000 by signing a note
Use the Rouse Exercise Equipment data in Exercise E-F:14-23. Prepare the company’sstatement of cash flows—indirect method—for the year ended December 31, 2024.Assume investments are purchased
Use the Rouse Exercise Equipment data in Exercises E-F:14-23 and E-F:14-24. Rouse plans to purchase a truck for $23,000 and a forklift for $125,000 next year. In addition, it plans to pay cash
The accounting records of Four Seasons Parts reveal the followingCompute cash flows from operating activities using the direct method for the year ended December 31, 2024 Payment of salaries and
The income statement and additional data of Value Corporation follow:a. Collections from customers are $13,000 more than sales.b. Dividend revenue, interest expense, and income tax expense equal
Use the Boost Plus, Inc. data in Exercise E-F:14-21 to prepare the spreadsheet for the 2024 statement of cash flows. Format cash flows from operating activities by the indirect method.Data from
The 2024 comparative balance sheet and income statement of Sunshine Group, Inc. follow. Sunshine disposed of a plant asset at book value during 2024Prepare the spreadsheet for the 2024 statement of
The unadjusted trial balance as of December 31, 2024, the end of the annual accounting period for Super Employment Services, followsData needed for the adjusting entries include the following:a.
Seth’s Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances.Prepare the adjusted trial balance for Seth’s Tax Services as
The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as followsDuring the 12 months ended December 31, 2024, All Mopped Up:a. Used office supplies of $1,700.b. Used
Refer to the data in Exercise E-F:3-25, and prepare an adjusted trial balance.Data from E-F 3-25 The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as followsDuring the 12
The worksheet of Best Jobs Employment Service follows but is incomplete.The following data at April 30, 2024, are given for Best Jobs Employment Service:a. Service revenue accrued, $700.b. Office
The adjusted trial balance of Martinez Advertising Services, at December 31, 2024, follows. This is the first year of operationsRequirements 1. Prepare the income statement for the year ended
The adjusted trial balance for Green Advertising Services is presented belowRequirements1. Prepare the income statement for the year ending December 31, 2024.2. Prepare the statement of retained
The adjusted trial balance of Melanie O’Mallie Dance Studio Company followsRequirements 1. Prepare the classified balance sheet of Melanie O’Mallie Dance Studio Company at August 31, 2024. Use
Selected accounts for Kebby Photography at December 31, 2024, followRequirements1. Journalize Kebby Photography’s closing entries at December 31, 2024.2. Determine Kebby Photography’s ending
On December 1, Curt Wilson began an auto repair shop, Wilson’s Quality Automotive.The following transactions occurred during DecemberThe business uses the following accounts: Cash; Accounts
Before you begin this assignment, review the Tying It All Together feature in the chapter. It will also be helpful if you review Hyatt Hotels Corporation’s 2018 annual report
Kathy Wintz formed a lawn service business as a summer job. To start the corporation on May 1, 2024, she deposited $1,000 in a new bank account in the name of the business.The $1,000 consisted of a
King Cornelius Company uses a perpetual inventory system. The adjusted trial balance of King Cornelius Company follows:Requirements1. Prepare the company’s multi-step income statement, statement of
Describe the multi-step income statement.
Consider the following transactions for Toys and MoreRequirements1. Journalize the purchase transactions. Explanations are not required.2. In the final analysis, how much did the inventory cost Toys
Journalize the following sales transactions for Henry’s Craft Shop. Explanations are not required: Feb. 3 23 Henry sold $4,000 of craft supplies on account, credit terms are 2/10, n/30, to Quick
Suppose Piranha.com sells 3,500 books on account for $17 each (cost of these books is $35,700) on October 10 to The Textbook Store. Several books were slightly damaged in shipment, so Piranha.com
On December 31, John Photography Supplies estimated that $4,400 merchandise soldwill be returned with a cost of $2,720. Journalize the adjusting entries needed toaccount for the estimated returns.
Rocky RV Center’s accounting records include the following accounts at December 31, 2024.Requirements 1. Journalize the required closing entries for Rocky.2. Determine the ending balance in the
Journalize the following sales transactions for King Company. Explanations are notrequired King Company sold merchandise inventory for $150. The cost of the inventory was $90. The customer paid cash.
D & T Printing Supplies’ accounting records include the following accounts at December 31, 2024Requirements 1. Journalize the required closing entries for D & T Printing Supplies assuming
Kingston Tires received the following invoice from a supplier (Fields Distribution, Inc.):Requirements 1. Journalize the transaction required by Kingston Tires on September 23, 2024. Do not round
1. Journalize the required closing entries at March 31, 2024.2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Postthe closing entries to the T-accounts and calculate their
Journalize the following transactions that occurred in November for May’s AdventurePark. No explanations are needed. Identify each accounts payable and accountsreceivablewith the vendor or customer
The records of Farm Quality Steak Company list the following selected accounts for the quarter ended April 30, 2024Requirements 1. Prepare a single-step income statement.2. Prepare a multi-step
Journalize the following transactions that occurred in February for Sea Green. Noexplanations are needed. Identify each accounts payable and accounts receivable withthe vendor or customer name. Sea
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