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financial and managerial accounting 16th
Questions and Answers of
Financial And Managerial Accounting 16th
Discontinued operations are typically viewed as a nonoperating activity in the analysis of the balance sheet and the income statement. What is the rationale for this treatment?
Describe what is meant by the "tax shield."
Why is it important to disaggregate RNOA into operating profit margin (NOPM) and net operating assets turnover (NOAT)?
Explain the concept of liquidity and why it is crucial to company survival.
Define (1) net nonoperating obligations and (2) net nonoperating expense. Q4-5. Following is the balance sheet for Home Depot, Inc. Identify and compute fiscal year-end 2013 net operating
Following is the income statement for Home Depot, Inc. (1) Compute NOPBT, which is net operating profit before tax. (Hint: Treat Home Depot's "other" income as nonoperating since the company
Selected balance sheet and income statement information for Nordstrom, Inc, a department store retailer, follows.a. Compute its 2013 return on net operating assets (RNOA).b. Disaggregate RNOA into
Following is the income statement for Lowe's Companies, Inc. Compute its 2013 net operating profit after tax (NOPAT) assuming a 37\% total statutory tax rate. For Twelve Months Ended (In millions)
Selected balance sheet and income statement information for Macy's, Inc., a retailer, follows. Company ($ millions) Ticker Macy's ....... M 2013 2012 Stockholders' Sales Net Income Assets Assets
Selected balance sheet and income statement information from Abercrombie \& Fitch Co. and TJX Companies, Inc., clothing retailers in the high-end and value-priced segments, respectively,
Selected balance sheet and income statement information from Verizon Communications, Inc. follows.a. Compute the current ratio for each year and discuss any trend in liquidity. What additional
Selected income statement information for 2013 is presented below for Home Depot, Inc. and Lowe's Companies, Inc. Company ($ millions) Home Depot....... Lowe's .... Ticker HD LOW Net Operating Profit
Refer to the 2012 fiscal year financial data of 3M Company from Problem 4-36 to answer the following requirements (perform these computations from the perspective of a \(3 \mathrm{M}\)
Selected balance sheet and income statement information for drug store retailers CVS Caremark Corp. and Walgreen Co. follows. Company ($ millions) CVS Caremark....... Walgreen Co...... Ticker CVS WAG
Selected balance sheet and income statement information for the clothing retailers, Abercrombie \& Fitch Co. and The GAP, Inc., follows.a. Compute the 2013 return on net operating assets (RNOA)
Selected balance sheet and income statement information for the clothing retailers Nordstrom Inc. and Limited Brands Inc. follows.a. Compute the 2013 return on net operating assets (RNOA) for each
Selected fiscal year balance sheet and income statement information for the computer chip maker, Intel Intel Corp. (INTC) Corp., follows (\$ millions). 2012 2012 Net Company Ticker Sales Income
Selected balance sheet and income statement information from Macy's Inc. follows (\$ millions). 2013 2013 Net Company Ticker Sales Income Macy's.... M $27,686 $1,335 2013 Net Operating Profit After
Selected balance sheet and income statement information from the software company, Cisco Systems, Inc., follows (\$ millions).a. Compute the 2013 return on equity (ROE) and 2013 return on net
Selected balance sheet and income statement information from Comcast Corporation for 2012 and 2011 follows (\$ millions).a. Compute the current ratio for each year and discuss any trend in liquidity.
Selected balance sheet and income statement information from Verizon Communications, Inc, for 2012 and 2011 follows (\$ millions).a. Compute the current ratio for each year and discuss any trend in
Selected balance sheet and income statement information from General Electric Company and its two principal business segments (Industrial and Financial) for 2012 follows.a. Compute times interest
Refer to the income statement for TJX Companies from E4-35, and balance sheet.a. Compute the return on equity (ROE), FLEV and Spread for 2013.b. Use RNOA from the Mid-Module Review, and the FLEV and
The income statement for TJX Companies follows.TJX provides the following footnote disclosure relating to its effective tax rate:Compute TJX's NOPAT for 2013 using its income tax footnote disclosure.
Balance sheets and income statements for 3M Company follow.Requireda. Compute net operating profit after tax (NOPAT) for 2012. Assume that the combined federal and state statutory tax rate is \(37
Refer to the financial information of 3M Company in P4-36 to answer the following requirements.Requireda. Compute its financial leverage (FLEV), Spread, and noncontrolling interest (NCI) ratio for
Balance sheets and income statements for Costco Wholesale Corporation follow.Requireda. Compute net operating profit after tax (NOPAT) for 2013. Assume that the combined federal and state statutory
Refer to the financial information of Costco Wholesale Corporation (COST) in P4-39 to answer the following requirements.Requireda. Compute Costco's current ratio and quick ratio for 2013 and 2012.
Refer to the financial information of Costco Wholesale Corporation (COST) in P4-39 to answer the following requirements.Requireda. Compute Costco's financial leverage (FLEV), Spread and
Balance sheets and income statements for Intel Corporation follow. Refer to these financial statements to answer the requirements.Requireda. Compute net operating profit after tax (NOPAT) for 2012.
Balance sheets and income statements for Nordstrom, Inc., follow. Refer to these financial statements to answer the requirements.Requireda. Compute net operating profit after tax (NOPAT) for 2013.
Balance sheets and income statements for Kraft Foods Group, Inc, follow. Refer to these financial statements to answer the following requirements.Requireda. Compute net operating profit after tax
Refer to the financial information of Kraft Foods Group, Inc, in P4-44 to answer the following requirements.Requireda. Assume that 2012 net nonoperating expenses (NNE) are \(\$ 137\) million and that
Net operating profit margin (NOPM) and net operating asset turnover (NOAT) for several selected companies for the most recent year follow.Requireda. Graph NOPM and NOAT for each of these companies.
Refer to the fiscal 2013 financial data of Costco Wholesale Corporation (COST) in P4-39 to answer the following requirements.Requireda. Apply the basic DuPont model and compute the component measures
Refer to the fiscal 2012 financial data of Kraft Foods Group, Inc. in P4-44 to answer the following requirements.Requireda. Apply the basic DuPont model and compute its component measures for profit
Shell Oil Company is the U.S.-based subsidiary of Royal Dutch Shell, a multinational oil company headquartered in The Hague, The Netherlands. BP Limited is a multinational oil company headquartered
Headquartered in Calgary, Alberta, Husky Energy Inc. is a publicly traded, integrated energy company, with extensive conventional oil and natural gas assets, substantial heavy oil production and a
Headquartered in Melbourne, Australia, BHPBilliton, is a leading global resources company that operates in diverse commodity and geographic markets. The company is among the world's top producers of
BT Group is one of the largest telecommunications services companies in the world, headquartered in London, United Kingdom. Balance sheets and income statements for BT Group follow.Requireda. Compute
BT Group is one of the largest telecommunications services companies in the world, headquartered in London, United Kingdom. Refer to the financial information for BT Group in 14-53 to answer the
Companies are aware that analysts focus on profitability in evaluating financial performance. Managers have historically utilized a number of methods to improve reported profitability that are
What are the criteria that guide firms in recognition of revenue? What does each of the criteria mean? How are the criteria met for a company like Abercrombie \& Fitch, a clothing retailer? How are
Why are extraordinary items reported separately from continuing operations in the income statement?
What are the criteria for categorizing an event as an extraordinary item? Provide an example of an event that would properly be categorized as an extraordinary item and one that would not. How does
What is the difference between basic earnings per share and diluted earnings per share? Are potentially dilutive securities always included in the EPS computation?
What effect, if any, does a weakening \$US have on reported sales and net income for companies operating outside the United States?
Identify the three typical categories of restructuring costs and their effects on the balance sheet and the income statement. Explain the concept of a big bath and why restructuring costs are often
What is the current U.S. GAAP accounting treatment for research and development costs? How does this accounting treatment differ for IFRS? Why are R\&D costs normally not capitalized under U.S. GAAP?
Under what circumstances will deferred taxes likely result in a cash outflow?
What is the concept of pro forma income and why has this income measure been criticized?
What is unearned revenue? Provide three examples of unearned revenue.
Bartov Corporation agreed to build a warehouse for a client at an agreed contract price of \(\$ 300,500\). Expected (and actual) costs for the warehouse follow: 2013, \(\$ 80,000 ; 2014, \$
Refer to the information for Bartov Corporation in M5-11.a. Use the financial statement effects template to record contract revenues and expenses for each year 2013 through 2015 using the
Identify and explain when each of the following companies should recognize revenue.a. The GAP: The GAP is a retailer of clothing items for all ages.b. Merck \& Company: Merck engages in developing,
BannerAD Corporation manages a Website that sells products on consignment from sellers. It pays these sellers a portion of the sales price, and charges a commission. Identify two potential revenue
ModCloth, Inc. offers an unconditional return policy. It normally expects \(2 \%\) of sales at retail selling prices to be returned before the return period expires. Assuming that ModCloth records
Abbott Laboratories reports the following (summary) income statement.a. Compute the percent of net sales that Abbott Laboratories spends on research and development (R\&D). Compare this level of
Bristol-Myers Squibb (BMY) reports the following table in its 10-K report relating to the change in sales from 2011 to 2012.a. Did U.S. net sales increase or decrease during the year? By what
Dell Inc. reports the following footnote disclosure to its 2013 10-K report (\$ millions).a. What amount of income tax expense does Dell report in its income statement for 2013?b. How much of Dell's
Cleantech Solutions International reports the following information in footnotes to its 2012 Form \(10-\mathrm{K}\).a. Explain the concepts of basic and diluted earnings per share.b. Compute basic
Koonce Company operates a performing arts center. The company sells tickets for its upcoming season of six Broadway musicals and receives \(\$ 540,000\) cash. The performances occur monthly over the
Target Corporation sells gift cards that can be used at any of the company's Target or Greatland stores. Target encodes information on the card's magnetic strip about the card's value, and the store
Explain when each of the following businesses should recognize revenues:a. A clothing retailer like American Eagle Outfitters, Inc.b. A contractor like Boeing Company that performs work under
Explain when each of the following businesses should recognize revenue and identify any income measurement issues that could arise.a. RealMoney.Com, a division of TheStreet, Inc, provides investment
Constructing and Assessing Income Statements Using Percentage-of-Completion (LO1) Assume that General Electric Company agreed in May 2013 to construct a nuclear generator for NSTAR, a utility company
On March 15, 2014, Frankel Construction contracted to build a shopping center at a contract price of \(\$ 125\) million. The schedule of expected (which equals actual) cash collections and contract
The income tax footnote to the financial statements of FedEx Corporation follows.a. What is the amount of income tax expense reported in FedEx's 2013, 2012, and 2011 income statements?b. What
Following is the income statement information from Apollo Medical Devices. Identify the components that we would consider operating. ($ in thousands) Net sales... Cost of sales before special
Following is the Deere \& Company income statement for 2012. ($ millions) Net sales and revenues Net sales...... Finance and interest income Other income.. Total 2012 $33,500.9 1,981.3 674.9
Colgate-Palmolive reports the following income tax footnote disclosure in its \(10-\mathrm{K}\) report.a. Colgate reports \(\$ 365\) million of deferred tax liabilities in 2012 relating to
Analyzing and Assessing Research and Development Expenses (LO2) Advanced Micro Devices, Inc. (AMD) and Intel Corp. (INTC) are competitors in the computer processor industry. Following is a table (\$
Analyzing and Interpreting Foreign Currency Translation Effects Kellogg Co. reports the following table and discussion in its 2012 10-K.Before the effects of foreign currency rates, total
Below are the footnotes to Barnes \& Noble Inc.'s 2012 annual report and membership information obtained from its Website:a. Explain in layman's terms how Barnes \& Noble accounts for the
Eli Lilly \& Co. reports \$22,603 million in revenue for 2012 and includes the following risk factor in Eli Lilly \& Co. (LLY) its MD\&A:Requireda. How is this disclosure important to our
Amazon.com, Inc., provides the following explanation of its revenue recognition policies in its 2010 \(10-\mathrm{K}\) report.Requireda. What is a multiple-element contract? What product did Amazon
The 2012 income statement for Pfizer Inc. is reproduced in this module. Pfizer also reports the following footnote relating to its income taxes in its 2012 10-K report.Requireda. Describe the terms
The income statement for Xerox Corporation follows.Requireda. Xerox reports several sources of income. How should revenue be recognized for each of these business activities? Explain.b. Compute the
Ahold, a grocery and retail company located in The Netherlands, reports the following footnote for income taxes in its 2012 annual report.c. Ahold reports a deferred tax asset relating to provisions.
Under Armour, Inc., reports total tax expense of \$74,661 (in thousands) on its income statement for year ended December 31, 2012, and paid cash of \(\$ 57,739\) (in thousands) for taxes. The tax
Hewlett-Packard, Inc., reports the following footnote disclosure (excerpted) in its 2012 10-K relating to its 2012 restructuring program.Requireda. Briefly describe the company's 2012 restructuring
Consider the following income tax footnote information for the E. I. du Pont de Nemours and Company.Requireda. What is the total amount of income tax expense that DuPont reports in its 2012 income
Following are footnotes (excerpted) from the 10-K of Intuit, Inc.Requireda. Describe the differences in revenue recognition between product sales and after-sale services. How does the company
The following disclosures (excerpted) are from the September 1, 2013, annual report of Costco Wholesale Corporation.Requireda. Explain in layman's terms how Costco accounts for the cash received for
Headquartered in Montreal, Quebec, Canada, Bombardier, Inc, is a multinational aerospace and transportation company, founded in 1941. The company manufactures regional aircraft, business jets, mass
Headquartered in London in the United Kingdom, BAE Systems is a global defense, aerospace and security company employing around 88,200 people worldwide. The company's wide-ranging products and
Headquartered in Rome, Italy Finmeccanica S.p.A. is a multinational conglomerate operating in the defense and aerospace sectors. The company uses IFRS for its financial reports and disclosed the
Telstra Corporation Limited is an Australian telecommunications and media company that builds and provides land-based and mobile telecom services along with internet and pay television products. The
Telstra Corporation Limited is an Australian telecommunications and media company that builds and provides land-based and mobile telecom services along with internet and pay television products. The
Refer to the income statement information for Bombardier in I5-43 above. Identify the components that we would consider operating.Q5-43Headquartered in Montreal, Quebec, Canada, Bombardier, Inc, is a
Headquartered in Ottawa, Ontario, Canada, Mitel Networks Corporation is a high-tech company that provides unified communications solutions for business. The company focuses almost entirely on
Fluctuations in foreign currency exchange rates can result in increased volatility of revenues, expenses, and profits. Companies generally attempt to reduce this volatility.a. Identify two possible
GAAP offers latitude in determining when revenue is earned. Assume that a company that normally required acceptance by its customers prior to recording revenue as earned, delivers a product to a
Assume that you are CEO of a company. Your company has reported a loss for the current year. Since it cannot carry back the entire loss to recoup taxes paid in prior years, it records a loss
Explain why using the FIFO inventory costing method will increase gross profit during periods of rising inventory costs.
Why is depreciation expense necessary to properly match revenues and expenses?
How might a company revise its depreciation expense computation due to a change in an asset's estimated useful life or salvage value?
When is a PPE asset considered to be impaired? How is an impairment loss computed?
What is the benefit of accelerated depreciation for income tax purposes when the total depreciation taken over the asset's life is identical under any method of depreciation?
What factors determine the gain or loss on the sale of a PPE asset?
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