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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Interpreting a Proposed Split-Off Disclosure (L03) Viacom Inc. reports the following footnote in its 2005 10-K. Discontinued Operations In 2004, Viacom completed the exchange offer for the split-off
Altria Group, Inc. reports the following footnote to its 2008 10-K. On March 28, 2008, Altria Group, Inc. distributed all of its interest in Philip Morris International Inc. ("PMI") to Altria Group,
JetBlue Airways Corporation reports the following footnote to its 2012 10-K. On June 9, 2009, we completed a public offering of $115 million aggregate principal amount of 6.75% Series A convertible
Lipe Company reports the following transactions relating to its stock accounts in the current year.Feb. 20 Issued 10,000 shares of \(\$ 1\) par value common stock at \(\$ 20\) cash per share.Feb. 21
McNichols Corv. reports the following transactions relating to its stock accounts in the current vear. Jan. 15 Jan. 20 Issued 40,000 shares of $5 par value common stock at $17 cash per share. Issued
Following is the stockholders' equity section from the Campbell Soup Company balance sheet. (Note: Campbell's uses shareowners' equity in lieu of the more common title of stockholders'
Moser Company began business on March 1, 2012. At that time, it issued 25,000 shares of \(\$ 50\) par value, \(7 \%\) cumulative preferred stock and 80,000 shares of \(\$ 5\) par value common stock.
Potter Company has outstanding 20,000 shares of \(\$ 50\) par value, \(8 \%\) preferred stock and 60,000 shares of \(\$ 5\) par value common stock. During its first three years in business, it
Following is the stockholders' equity section from Altria Group, Inc.'s 2012 balance sheet.a. Show the computation to derive the \(\$ 935\) million for common stock.b. At what average price has
Skinner Company began business on June 30, 2012. At that time, it issued 18,000 shares of \(\$ 50\) par value, \(8 \%\) cumulative preferred stock and 100,000 shares of \(\$ 10\) par value common
Chaney Company has outstanding 25,000 shares of \(\$ 10\) par value common stock. It also has \(\$ 405,000\) of retained earnings. Near the current year-end, the company declares and pays a cash
The stockholders' equity of Pagach Company at December 31, 2013, appears below. Common stock, $10 par value, 200,000 shares authorized; 70,000 shares issued and outstanding.... Paid-in capital in
The stockholders' equity of Kinney Company at December 31, 2013, is shown below.The following transactions, among others, occurred during 2014: 5% preferred stock, $100 par value, 10,000 shares
On March 1 of the current year, Zhang Company has 500,000 shares of \$20 par value common stock that are issued and outstanding. Its balance sheet shows the following account balances relating to
Following is the stockholders' equity section of the 2012 Caterpillar Inc., balance sheet.a. How many shares of Caterpillar common stock are outstanding at year-end 2012?b. What does the phrase "at
Xerox Corp. reports the following stockholders' equity information in its \(10-\mathrm{K}\) report.Requireda. At December 31, 2012, Xerox reports \(\$ 349\) million of \(8 \%\) Series A Convertible
Following is the stockholders' equity section of the 2012 Merck \& Co., Inc., balance sheet.a. Show the computation of the \(\$ 1,788\) million in the common stock account.b. At what average
The stockholders' equity section of Gupta Company at December 31, 2013, follows:During 2014, the following transactions occurred:Requireda. Use the financial statement effects template to indicate
The stockholders' equity of Sougiannis Company at December 31, 2013, follows:The following transactions, among others, occurred during the following year:Requireda. Use the financial statement
The stockholders' equity of Verrecchia Company at December 31, 2013, follows:During 2014, the following transactions occurred:Requireda. Use the financial statement effects template to indicate the
Following is the stockholders' equity of Dennis Corporation at December 31, 2013:The following transactions, among others, occurred during 2014:Required Use the financial statement effects template
Following is the shareholders' equity section of the 2013 balance sheet for Procter \& Gamble Company and its statement of shareholders' equity.Requireda. What does the term convertible (in
Following is the stockholders' equity section of Beam Inc. balance sheet and its statement of Beam Inc. (BEAM) stockholders' equity.Requireda. Explain the " \(\$ 2.67\) " component of the convertible
Alloy, Inc., reports the following footnote related to its convertible debentures in its 2007 10-K (\$ thousands).Requireda. How did Alloy initially account for the issuance of the \(5.375 \%\)
The 2008 annual report of Northrop Grumman Corporation includes the following disclosure in its shareholders' equity footnote:Requireda. Explain what is meant by "mandatorily redeemable" and
Weaver Industries implements a new share-based compensation plan in 2011. Under the plan, the company's CEO and CFO each will receive non-qualified stock options to purchase 100,000 , no par shares.
Intel Corporation reported the following in its 2012 10-K report.Requireda. What did Intel expense for share-based compensation for 2012? How many options did Intel grant in 2012? Compute the fair
Intel reported the following information in its 2012 10-K related to its restricted stock plan.Requireda. How do restricted stock and stock options differ? In what respects are they the same?b. Why
Work Cover Queensland offers workers compensation coverage to people in Queensland, Australia. Its 2012 notes (compliant with IFRS) reported the following information on the asset revaluation
Ahold is a major international supermarket operator based in Zaandam, Netherlands. Following is information taken from Ahold's financial statements prepared in accordance with IFRS.Footnotes to
Henkel AG \& Co. is an international, fast-moving consumer goods (FMCG) company headquartered in Düsseldorf, Germany. Following is its shareholders' equity statement, prepared using IFRS, from
Telefónica, S.A. is a Spanish broadband and telecommunications provider with operations in Europe, Latin America, North America and Asia. The company's statement of changes in equity reported the
Research in Motion is a Canadian telecommunication and wireless equipment company best known as the Research in Motion developer of the BlackBerry brand of smartphones and tablets. The company is
Potash Corporation-the worlds lagest potash producer-is a Canadian corporation based in Saskatoon, Saskatchewan. The following is information taken from its financial statements reported in \$US but
Headquartered in Melbourne, Australia, BHP Billiton Group is a leading global resources company that operates in diverse commodity and geographic markets. Its stock is traded on the Australian
Rogers Communications Inc. is a Canadian company headquartered in Toronto, operating primarily in the fields of wireless communication, cable television, telephone, and Internet connectivity.
Many companies use split-offs as a means to unlock shareholder value. The split-off effectively splits the company into two pieces, each of which can then be valued separately by the stock market. If
A firm's planning activities motivate and shape three types of business activities. List the three activities. Describe how financial statements can provide useful information for each activity. How
Does a balance sheet report on a period of time or at a point in time? Explain the information conveyed in the balance sheet.
Does an income statement report on a period of time or at a point in time? Explain the information conveyed in the income statement.
Does a statement of cash flows report on a period of time or at a point in time? Explain the information and activities conveyed in the statement of cash flows.
Explain how a company's four primary financial statements are linked.
Financial statements are used by several interested stakeholders. List three or more potential external users of financial statements. Explain how each constituent on your list might use financial
A Access the 2012 10-K for Procter \& Gamble at the SEC's database of financial reports (www.sec. gov). Who is P\&G's auditor? What specific language does the auditor use in expressing its opinion
Corporate governance has received considerable attention since the collapse of Enron and other accounting-related scandals. What is meant by corporate governance? What are the primary means by which
What is the primary function of the auditor? In your own words, describe what an audit opinion says.
Describe a decision that requires financial statement information, other than a stock investment decision. How is financial statement information useful in making this decision?
Users of financial statement information are vitally concerned with the company's strategic direction. Despite their understanding of this need for information, companies are reluctant to supply it.
One of Warren Buffett's acquisition criteria is to invest in businesses "earning good return on equity." The return on equity (ROE) formula uses both net income and stockholders' equity. Why is it
One of Warren Buffett's acquisition criteria is to invest in businesses "earning good return on equity, while employing little or no debt." Why is Buffett concerned about debt?
In a recent year, the total assets of Dell Inc. equal $ 47,540 million and its equity is $ 10,701 million. What is the amount of its liabilities? Does Dell receive more financing from its owners or
In a recent year, the total assets of Best Buy equal \$16,787 million and its liabilities equal \(\$ 13,072\) million. What is the amount of Best Buy's equity? Does Best Buy receive more financing
Use the accounting equation to compute the missing financial amounts (a), (b), and (c). Which of these companies is more owner-financed? Which of these companies is more nonowner-financed? Discuss
Access the September 30, 2012, 10-K for Starbucks Corporation at the SEC's database for financial reports (www.sec.gov). What did Starbucks report for total assets, liabilities, and equity at
Access the 2012 10-K for DuPont at the SEC's database of financial reports (www.sec.gov). Using its December 31, 2012, consolidated statement of stockholders' equity, prepare a table to reconcile the
Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) we would likely find the item or account: income statement (IS), balance
The Sarbanes-Oxley Act legislation requires companies to report on the effectiveness of their internal controls. The SEC administers the Sarbanes-Oxley Act, and defines internal controls as
Answer the following questions about the Target balance sheet.Target (TGT)a. Briefly describe the types of assets that Target is likely to include in its inventory.b. What kinds of assets would
Financial statements have a wide audience of interested stakeholders. Identify two or more financial statement users that are external to the company. For each user on your list, specify two
Colgate-Palmolive reports the following dollar balances in its retained earnings account.During 2012, Colgate-Palmolive reported net income of ($ 2,472) million. What amount of dividends, if any, did
Following are selected ratios of Colgate-Palmolive for 2012 and 2011.a. Was the company profitable in 2012? What evidence do you have of this?(b). Is the change in productivity (asset turnover) a
Nordstrom, Inc., reports net income of ($ 735) million for its fiscal year ended February 2013. At the beginning of that fiscal year, Nordstrom had $8,491 million in total assets. By fiscal year-end
Financial statement information plays an important role in modern society and business.a. Identify two or more external stakeholders that are interested in a company's financial statements and what
n Starbucks reports net income for 2012 of \(\$ 1,383.8\) million. Its stockholders' equity is \(\$ 4,387.3\) million and \(\$ 5,114.5\) million for 2011 and 2012 , respectively.a. Compute its return
The following table contains financial statement information for Wal-Mart Stores, Inc.Requireda. Compute the return on equity (ROE) for 2012 and 2013. What trend, if any, is evident? How does
Following is selected financial information from General Mills, Inc., for its fiscal year ended May 26, 2013 ($ millions).Requireda. Prepare the income statement, the balance sheet, and the statement
Following is selected financial information from Abercrombie & Fitch for its fiscal year ended February 2, 2013 ($ millions).Requireda. Prepare the income statement, the balance sheet, and the
Formulating Financial Statements from Raw Data (L02, 3) Following is selected financial information from Cisco Systems, Inc., for the year ended July 27, 2013 ($ millions).Requireda. Prepare the
Crocker Corporation began calendar-year 2013 with stockholders' equity of \($ 150,000), consisting of contributed capital of \(\$ 120,000\) and retained earnings of ($ 30,000). During 2013 , it
Gap, Inc., reports the following selected information at February 2, 2013 ($ millions).Required Use this information to prepare the statement of stockholders' equity for Gap, Inc., for fiscal year
Following are summary financial statement data for Kimberly-Clark for 2010 through 2012.Requireda. Compute the return on assets and return on equity for 2011 and 2012 (use average assets and average
Following are summary financial statement data for Nordstrom, Inc., for 2011 through 2013.Requireda. Compute return on assets and return on equity for each year 2012 and 2013 (use average assets
Canadian Tire Corporation, Limited operates retail stores in Canada that sell general merchandise, Canadian Tire clothing, and sporting goods. Total stockholders' equity for Canadian Tire, (in
Following are selected financial statement data from Abercrombie \& Fitch (ANF-upscale clothing retailer) and TJX Companies (TJX—value-priced clothing retailer including TJ Maxx)—both dated
McDonald's Corporation (MCD) reported the following balance sheet and income statement data for 2010 through 2012.Requireda. What is MCD's return on assets for 2011 and 2012? Disaggregate MCD's ROA
Following are selected financial statement data from 3M Company for 2009 through 2012.Requireda. Compute 3M Company's return on assets for 2010 through 2012. Disaggregate 3M's ROA into the profit
Apple Inc.'s 2012 financial statements include the following audit report from Ernst & Young LLP.Requireda. To whom is the report addressed? Why?b. In your own words, briefly describe the audit
Following is the CEO Certification required by the Sarbanes-Oxley Act and signed by Apple CEO Timothy D. Cook. Apple's Chief Financial Officer signed a similar form.Requireda. Summarize the
Review the corporate governance section of General Electric's Website http://www.ge.com. Find and click on: "investor relations"; then, find and click on: "governance" and open the "Governance
The following table contains fiscal 2012 information for three companies that use IFRS. Apply the accounting equation to compute the missing financial amounts (a), (b), and (c). Which of these
The following table contains financial statement information for AstraZeneca, which is a global biopharmaceutical company focused on discovery, development, manufacturing and commercialization of
Tesco PLC, which is one of the world's largest retailers and is headquartered in Cheshunt, U.K., reported the following balance sheet and income statement data for 2011 through 2013.Requireda. What
You and your management team are working to develop the strategic direction of your company for the next three years. One issue you are discussing is how to finance the projected increases in
You are evaluating your company's recent operating performance and are trying to decide on the relative weights you should put on the income statement, the balance sheet, and the statement of cash
Your investor relations department reports to you that stockholders and financial analysts evaluate the quality of a company's financial reports based on their "transparency" namely the clarity and
The Business Insight box quotes Warren Buffett on the use of accounting jargon. Many companies publicly describe their performance using terms such as "EBITDA" or "earnings purged of various
The SEC has been concerned with the "independence" of external auditing firms. It is especially concerned about how large non-audit (such as consulting) fees might impact how aggressively auditing
Explain how we account for a cost that creates an immediate benefit versus a cost that creates a future benefit.
Analysts attempt to identify transitory items in an income statement. Define transitory items. What is the purpose of identifying transitory items?
What is the statement of stockholders' equity? What useful information does it contain?
What is the statement of cash flows? What useful information does it contain?
Define and explain the concept of financial statement articulation. What insight comes from understanding articulation?
Describe the flow of costs for the purchase of a machine. At what point do such costs become expenses? Why is it necessary to record the expenses related to the machine in the same period as the
Identify three intangible assets that are recorded on the balance sheet.
What are accrued liabilities? Provide an example.
What is the difference between company book value and market value? Explain why these two amounts differ
The financial statement effects template includes an arrow line running from net income to earned capital. What does this arrow line denote?
For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (I).a. Net incomed. Accumulated depreciation g. Interest expenseb. Retained
For each of the following items, indicate whether they would be reported in the balance sheet (B) or income statement (I).a. Machinerye. Common stockb. Supplies expensef. Factory buildingsc.
Penno Corporation recorded service revenues of $ 200,000 in 2013 , of which $ 170,000 were on credit and $ 30,000 were for cash. Moreover, of the $ 170,000 credit sales for 2013 , Penno collected $

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