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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Mohan Company estimates its uncollectible accounts by aging its accounts receivable and applying percentages to various aged categories of accounts. Mohan computes a total of \$2,100 in estimated
Following is the current asset section from the Kraft Foods Group, Inc., balance sheet.a. Compute the gross amount of accounts receivable for both 2012 and 2011. Compute the percentage of the
Assume that Gode Company reports the following initial balance and subsequent purchase of inventory.Assume that 1,700 units are sold during the year. Compute the cost of goods sold for the year and
Computing Cost of Goods Sold and Ending Inventory Under FIFO, LIFO, and Average Cost (LO2) Bartov Corporation reports the following beginning inventory and inventory purchases.Bartov sells 600 of its
Abercrombie \& Fitch Co. (ANF) and TJX Companies Inc. (TJX) report the following information in their respective February 2013 10-K reports relating to their 2012 and 2011 fiscal years.a. Compute
A delivery van costing \(\$ 21,000\) is expected to have a \(\$ 1,800\) salvage value at the end of its useful life of five years. Assume that the truck was purchased on January 1. Compute the
A company with a calendar year-end, purchases a machine costing \(\$ 144,000\) on July 1, 2013. The machine is expected to be obsolete after three years (36 months) and, thereafter, no longer useful
Computing and Comparing PPE Turnover for Two Companies (LO3)Texas Instruments Inc. (TXN) and Intel Corporation (INTC) report the following information.a. Compute the 2012 PPE turnover for both
LaFond Company analyzes its accounts receivable at December 31, and arrives at the aged categories below along with the percentages that are estimated as uncollectible.The unused balance of the
At the beginning of the year, Penman Company had the following account balances.During the year, Penman's credit sales were \(\$ 1,241,000\) and collections on accounts receivable were \(\$
Hewlett-Packard Company (HPQ) reports the following in its 2012 10-K report.HPQ footnotes to its 10-K provide the following additional information relating to its allowance for doubtful accounts.a.
At December 31, Sunil Company had a balance of \(\$ 522,000\) in its accounts receivable and an unused balance of \(\$ 3,700\) in its allowance for uncollectible accounts. The company then aged its
Barth Company, which has been in business for three years, makes all of its sales on credit and does not offer cash discounts. Its credit sales, customer collections, and write-offs of uncollectible
At the beginning of the current period, Chen carried 1,000 units of its product with a unit cost of \(\$ 21\). A summary of purchases during the current period follows:During the current period, Chen
General Electric Company reports the following footnote in its 10-K report.The company reports its inventories using the LIFO inventory costing method.a. What is the balance in inventories reported
The inventory footnote from Deere \& Company's 2012 10-K follows.This footnote reveals that not all of Deere's inventories are reported using the same inventory costing method (companies can use
On January 2, Haskins Company purchases a laser cutting machine for use in fabrication of a part for one of its key products. The machine cost \(\$ 75,000\), and its estimated useful life is five
Sloan Company owns an executive plane that originally cost \(\$ 920,000\). It has recorded straight-line depreciation on the plane for seven full years, calculated assuming an \(\$ 80,000\) expected
On January 2, 2013, Dechow Company purchases a machine that manufactures a part for one of its key products. The machine cost \(\$ 220,500\) and is estimated to have a useful life of six years, with
Palepu Company owns and operates a delivery van that originally cost \(\$ 28,200\). Palepu has recorded straight-line depreciation on the van for four years, calculated assuming a \(\$ 3,000\)
The property and equipment footnote from the Deere \& Company balance sheet follows.a. Compute the estimated useful life of Deere's depreciable assets at year-end 2012. (Hint: Exclude land and
Intel Corporation reports the following financial statement amounts in its 2012 10-K report.a. Compute the receivables, inventory, and PPE turnover ratios for both 2011 and 2012.b. What changes are
On July 1, Zeibart Company purchases equipment for \(\$ 220,000\). The equipment has an estimated useful life of 10 years and expected salvage value of \(\$ 25,000\). The company uses straight-line
Following are asset turnover rates for accounts receivable; inventory; and property, plant, and equipment (PPE) for Best Buy Co., Inc. (BBY) (retailer), Caterpillar Inc. (CAT) (manufacturer of heavy
Following is the current asset section from the W.W. Grainger, Inc., balance sheet.Requireda. What amount do customers owe Grainger at each of the year-ends 2010 through 2012 ?b. What percentage of
Following is the current asset section from Intuit Inc.'s balance sheet.Total revenues were \(\$ 4,171\) million ( \(\$ 1,515\) million in product sales and \(\$ 2,656\) million in service revenues
The Dow Chemical inventory footnote follows.Requireda. What inventory costing method does Dow Chemical use? As of 2012, what is the effect on cumulative pretax income and cash flow of using this
The property and equipment section of the Abbott Laboratories 2012 balance sheet follows.The company also provides the following disclosure relating to the useful lives of its depreciable
Interpreting and Applying Disclosures on Property and Equipment (LO3)Following are selected disclosures from the Rohm and Haas Company (a specialty chemical company) 2007 10-K.Requireda. Compute the
European car makers, Volkswagen Group (headquartered in Wolfsburg, Germany) and Daimler AG (headquartered in Stuttgart, Germany) report the following information. (Euros in millions) 2011. 2012 Sales
Husky Energy is one of Canada's latgest integrated energy companies. Based in Calgary, Alberta, Husky is publicly traded on the Toronto Stock Exchange. The Company operates in Western and Atlantic
Computing and Evaluating Receivables, Inventory and PPE Turnovers (L01, 2, 3)Schneider Electric is a multinational enegy company headquartered in Rueil-Malmaison, France. Selected balance sheet and
Unilever is a dual-listed company consisting of Unilever N.V. in Rotterdam, Netherlands and Unilever PLC in London, UK. Both Unilever companies have the same directors and effectively operate as a
Canadian Tire Corporation, Limited operates retail stores in Canada that sell general merchandise, clothing, and sporting goods. The company offers everyday products and services to Canadians through
Headquartered in Bella Vista, NSW, Woolworths Limited is the largest retail company in Australia andWoolworths Limited New Zealand by market capitalization and sales. The company is the largest food
Return on net operating assets ( \(\mathrm{RNOA}=\) NOPAT/Average NOA, see Module 4\()\) is commonly used to evaluate financial performance. If managers cannot increase NOPAT, they can still increase
Assume that you are the CEO of a publicly traded company. Your chief financial officer (CFO) informs you that your company will not be able to meet earnings per share targets for the current quarter.
Why do companies report a gain or loss when they repurchase their bonds? Is this a real economic gain or loss?
How do credit (debt) ratings affect the cost of borrowing for a company?
NCI Building Systems reports the following footnote to one of its recent 10-Ks related to its manufacturing of metal coil coatings and metal building components.a. How has NCI reported this potential
Smithe Inc. signed a 90-day, 6\% note payable for \(\$ 6,900\) on December 16 . Use the financial statement effects template to illustrate the year-end December 31 accounting adjustment Smithe must
For each of the following situations, indicate the liability amount, if any, that is reported on the balance sheet of Heller, Inc., at December 31, 2014.a. Heller owes \(\$ 110,000\) at year-end 2014
The following appeared in Yahoo! Finance (reports.finance.yahoo.com) regarding outstanding bonds by Citigroup Inc.a. Discuss the relation among the coupon rate, price, and yield for the bond maturing
On April 30, one year before maturity, Nissim Company retired \(\$ 100,000\) of its \(9 \%\) bonds payable at the current market price of \(101(101 \%\) of the bond face amount, or \(\$ 100,000
Bristol-Myers Squibb Co. reports the following long-term debt as part of its MD\&A in its 2012 10-K (\$ millions).a. What does this information indicate about Bristol-Myers Squibb's future
Comcast Corporation reports the following information from the Management Discussion and Analysis section of its 2012 10-K.a. The financial ratio to which Comcast refers is similar to those discussed
Holthausen Corporation issued \(\$ 300,000\) of \(11 \%\), 20-year bonds at 106 on January 1, 2009. Interest is payable semiannually on June 30 and December 31. Through January 1, 2014, Holthausen
Dechow, Inc., issued \(\$ 225,000\) of \(8 \%\), 15 -year bonds at 96 on July 1,2009 . Interest is payable semiannually on December 31 and June 30. Through June 30, 2014, Dechow amortized \$3,000 of
Compute any interest accrued for each of the following notes payable owed by Penman, Inc., as of December 31, 2014 (assume a 365-day year). Lender Issuance Date Nissim. .... 11/21/2014 Klein.....
Cummins Inc. reports the following information in the Management Discussion \& Analysis section of its 2012 10-K report.a. Cummins has reduced the level of its financial leverage over the past
Bushman, Inc., issues \(\$ 600,000\) of \(9 \%\) bonds that pay interest semiannually and mature in 10 years.Compute the bond issue price assuming that the prevailing market rate of interest is:a.
Abarbanell, Inc., issues \(\$ 450,000\) of zero coupon bonds that mature in 10 years. Compute the bond issue price assuming that the bonds' market rate is:a. \(8 \%\) per year compounded
Petroni Company had the following transactions relating to its accounts payable.a. Purchases \(\$ 420\) of inventory on credit.b. Sells inventory for \(\$ 550\) on credit.c. Records \(\$ 420\) cost
On January 1, 2014, Bushman, Inc., issues \(\$ 400,000\) of \(8 \%\) bonds that pay interest semiannually and mature in 10 years (December 31, 2023).a. Using the Excel PRICE function, compute the
Waymire Company sells a motor that carries a 60-day unconditional warranty against product failure. From prior years' experience, Waymire estimates that \(2 \%\) of units sold each period will
Refer to the discussion of and excerpt from the Harley-Davidson, Inc. warranty reserve on page 7-9 to answer the following questions.a. Using the financial statement effects template, record
Demski Company pays its employees on the 1st and 15th of each month. It is March 31 and Demski is preparing financial statements for this quarter. Its employees have earned \(\$ 32,000\) since the 15
On January 1, Hutton Corp. issued \(\$ 250,000\) of 15 -year, \(10 \%\) bonds payable for \(\$ 293,230\) yielding an effective interest rate of \(8 \%\). Interest is payable semiannually on June 30
On January 1, Piotroski, Inc., borrowed \(\$ 800,000\) on a \(12 \%\), 15-year mortgage note payable. The note is to be repaid in equal semiannual installments of \(\$ 58,119\) (payable on June 30
Ford Motor Co. reports the following information from the Risk Factors and the Management Ford Motor Co. (F) Discussion and Analysis sections of its 2010 10-K report.a. What financial ratios do
Lundholm, Inc., reports financial statements each December 31 and issues \(\$ 600,000\) of \(9 \%\), 15-year bonds dated May 1, 2014, with interest payments on October 31 and April 30. Assuming the
On January 1, 2014, McKeown, Inc., issued \$275,000 of 8\%, 9-year bonds for \(\$ 242,854\), which implies a market (yield) rate of 10\%. Semiannual interest is payable on June 30 and December 31 of
On January 1, 2014, Shields, Inc., issued \(\$ 900,000\) of \(9 \%, 20\)-year bonds for \(\$ 989,067\), yielding a market (yield) rate of 8\%. Semiannual interest is payable on June 30 and December
Deere \& Company's 2012 10-K reports the following footnote relating to long-term debt for its equipment operations subsidiary. Deere's borrowings include \(\$ 300\) million, \(7.125 \%\) notes,
Refer to Tables 1 and 2 in Appendix A near the end of the book to compute the present value for each of the following amounts:a. \(\$ 80,000\) received 10 years hence if the annual interest rate
On January 1, 2014, Trueman Corporation issued \(\$ 700,000\) of 20 -year, \(11 \%\) bonds for \(\$ 647,338\), yielding a market (yield) rate of \(12 \%\). Interest is payable semiannually on June 30
On January 1, 2014, Verrecchia Company issued \(\$ 450,000\) of 5-year, \(13 \%\) bonds for \(\$ 502,121\), yielding a market (yield) rate of \(10 \%\). Interest is payable semiannually on June 30
PepsiCo, Inc. reports \(\$ 26,445\) million of long-term debt outstanding as of December 2012 in the following schedule to its \(10-\mathrm{K}\) report.Requireda. PepsiCo reports current maturities
CVS Caremark Corporation discloses the following as part of its long-term debt footnote in its 2012 10-KRequireda. What is the average coupon rate (interest paid) and the average effective rate
Reproduced below is the debt footnote from the 2013 10-K report of Dell Inc.Reproduced below is a summary of the market values as of November 2013 of the Dell bonds maturing from 2021 to 2040 (from
Comcast Corporation reports long-term senior notes totaling over \(\$ 40\) billion in its 2012 10-K. Following are selected ratios from Exhibit 7.6 computed for Comcast Corp. utilizing its 2012
BP operates off-shore drilling rigs including rigs in the Gulf of Mexico. On April 20, 2010, explosions and fire on the Deepwater Horizon rig led to the death of 11 crew members and a
In October 2012, French real estate company Foncière des Régions issued bonds with a total face value of \(€ 500\) million. The bond proceeds were \(€ 504.087\) million. The 2012 annual report
Deutsche Telekom AG, headquartered in Bonn, Germany, is the largest telecommunications company in Europe. The company uses IFRS to prepare its financial statements. The company's 2012 financial
Statoil ASA, headquartered in Stavanger Norway is a fully integrated petroleum company The company uses IFRS to prepare its financial statements. Reproduced below is the long-term debt note from its
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 Brampton Ontario, Canada, Loblaw Companies is a supermarket chain with numerous stores across Ontario and Quebec. In western Canada, Loblaw operates as Real Canadian
Headquartered in Montreal, Canada, Valeant Pharmaceuticals International, Inc. is a multinational specialty pharmaceutical company that develops and markets prescription and non-prescription
Potash Corporation of Saskatchewan - the world's largest potash producer - is a Canadian corporation based in Saskatoon, Saskatchewan. The company produces nitrogen and phosphate used to produce
Rio Tinto Group, a British-Australian multinational corporation, is among the world leaders in the production of many commodities, including aluminum, iron ore, copper, uranium, coal, and diamonds.
Assume that you are the CFO of a company that intends to issue bonds to finance a new manufacturing facility. A subordinate suggests lowering the coupon rate on the bond to lower interest expense and
Because lenders do not have voting rights like shareholders do, they often reduce their risk by invoking various bond covenants that restrict the company's operating, financing and investing
What is meant by preferred dividends in arrears? If dividends are two years in arrears on \(\$ 500,000\) of \(6 \%\) preferred stock, and dividends are declared at the end of this year, what amount
How does the account "additional paid-in capital" (APIC) arise? Does the amount of APIC reported on the balance sheet relative to the common stock amount provide any information about the financial
A corporation has total stockholders' equity of \(\$ 4,628,000\) and one class of \(\$ 2\) par value common stock. The corporation has 500,000 shares authorized; 300,000 shares issued; and 40,000
Employee stock options potentially dilute earnings per share (EPS). What can companies do to offset these dilutive effects and how might this action affect the balance sheet?
What is the difference between a spin-off and a split-off? Under what circumstances can either result in the recognition of a gain in the income statement?
Describe the accounting for a convertible bond. Can the conversion ever result in the recognition of a gain in the income statement?
During the current year, Beatty Company, (a) issues 9,000 shares of \(\$ 50\) par value preferred stock at \(\$ 72\) cash per share and \((b)\) issues 14,000 shares of \(\$ 1\) par value common stock
During the current year, Magliolo, Inc.,(a) issues 17,000 shares of \(\$ 10\) par value preferred stock at \(\$ 39\) cash per share and \(b) issues 120,000 shares of \(\$ 2\) par value common stock
Following is the 2012 stockholders' equity section from the Cisco Systems, Inc., balance sheet. Shareholders' Equity (in millions, except par value) Preferred stock, no par value: 5 shares
On January 1, Bartov Company issues 7,000 shares of \(\$ 100\) par value preferred stock at \(\$ 250\) cash per share. On March 1, the company repurchases 7,000 shares of previously issued \(\$ 1\)
The following is taken from a press release dated December 20, 2013:What adjustments will Andersons make to its balance sheet as a result of the stock split? The Board of The Andersons, Inc. has
Following is the stockholders' equity section from the Abercrombie \& Fitch Co. balance sheet.a. Show the computation to yield the \(\$ 1,033\) balance reported for common stock.b. How many
Freid Company has outstanding 7,000 shares of \(\$ 50\) par value, \(6 \%\) preferred stock, and 30,000 shares of \(\$ 1\) par value common stock. The company has \(\$ 328,000\) of retained earnings.
Dutta Corp. has outstanding 60,000 shares of \(\$ 5\) par value common stock. At yearend, the company declares and issues a \(4 \%\) common stock dividend when the market price of the stock is \(\$
On September 1, Weiss Company has 200,000 shares of \(\$ 15\) par value ( \(\$ 159\) market value) common stock that are issued and outstanding. Its balance sheet on that date shows the following
Dechow Company has outstanding 20,000 shares of \(\$ 50\) par value, \(6 \%\) cumulative preferred stock and 50,000 shares of \(\$ 10\) par value common stock. The company declares and pays cash
Use the following data to reconcile the 2014 retained earnings for Bamber Company (that is, explain the change in retained earnings during the year). Total retained earnings, December 31, 2013...
NCR Corporation discloses the following in notes to its 2007 10-K report.a. Describe the difference between a spin-off and a split-off.b. What effects did NCR's spin-off of Teradata have on NCR's

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