Horngrens Financial And Managerial Accounting The Financial Chapters Global Edition 6th Edition Brenda L. Mattison, Ella Mae Matsumura, Tracie Miller Nobles - Solutions

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What are some common red flags in financial statement analysis?
Briefly describe the ratios that can be used to evaluate a company’s stock as an investment.
Briefly describe the ratios that can be used to evaluate a company’s profitability.
Briefly describe the ratios that can be used to evaluate a company’s ability to pay longterm debt.
Briefly describe the ratios that can be used to evaluate a company’s ability to sell merchandise inventory and collect receivables.
Briefly describe the ratios that can be used to evaluate a company’s ability to pay current liabilities.
What is benchmarking, and what are the two main types of benchmarks in financial statement analysis?
Describe a common-size statement and how it might be helpful in evaluating a company.
What is vertical analysis? What item is used as the base for the income statement? What item is used as the base for the balance sheet?
What is trend analysis, and how does it differ from horizontal analysis?
What is horizontal analysis, and how is a percentage change computed?
What is an annual report? Briefly describe the key parts of the annual report.
What are the three main ways to analyze financial statements?
The company has 2,500 shares of common stock outstanding and the market price is$20 per share. What is Liberty’s price/earnings ratio?a. 0.08b. $0.08c. 12.35d. 12.35 times
The company has 2,500 shares of common stock outstanding. What is Liberty’s earnings per share?a. $1.62b. $1.75c. $2.73d. 2.63 times
Liberty’s rate of return on common stockholders’ equity can be described asa. weak.b. normal.c. strong.d. average.
Which measure expresses Liberty’s times-interest-earned ratio? (amounts rounded)a. 54.7%b. 19 timesc. 34.5%d. 32 times
Assume all sales are on credit. During 2019, Liberty’s days’ sales in receivables ratio was (amounts rounded)a. 34 days.b. 30 days.c. 32 days.d. 28 days.
Liberty’s inventory turnover during 2019 was (amounts rounded)a. 6 times.b. 7 times.c. 8 times.d. not determinable from the data given.
Which statement best describes Liberty’s acid-test ratio for 2019?a. Greater than 1b. Equal to 1c. Less than 1d. None of the above
Vertical analysis of Liberty’s balance sheet for 2019 would reporta. Cash as 9.50% of total assets.b. inventory turnover of 6 times.c. a current ratio of 1.01.d. a 17% increase in Cash.
Horizontal analysis of Liberty’s balance sheet for 2019 would reporta. Cash as 9.50% of total assets.b. a 17% increase in Cash and Cash Equivalents.c. a current ratio of 1.01.d. inventory turnover
What part of the Liberty’s annual report is written by the company and could present a biased view of financial conditions and results?a. Balance Sheetb. Management’s Discussion and Analysis of
Classifying items on the indirect statement of cash flows Trendy Manufacturer is preparing its statement of cash flows by the indirect method.Trendy has the following items for you to consider in
Classifying items on the statement of cash flows Cash flow items must be categorized into one of four categories. Identify each item as operating (O), investing (I), financing (F), or non-cash (N).a.
Describing the purposes of the statement of cash flows During the board of directors’ meeting, one of the directors made the following comment:“We can know whether our cash balance increases or
Why might a spreadsheet be helpful when completing the statement of cash flows?
How does the direct method differ from the indirect method when preparing the operating activities section of the statement of cash flows?
What is free cash flow, and how is it calculated?
What should the net change in cash section of the statement of cash flows always reconcile with?
What accounts on the balance sheet must be evaluated when completing the financing activities section of the statement of cash flows?
What accounts on the balance sheet must be evaluated when completing the investing activities section of the statement of cash flows?
If current liabilities increase, what is the effect on cash? What about a decrease in current liabilities?
If current assets other than cash increase, what is the effect on cash? What about a decrease in current assets other than cash?
If a company experienced a loss on disposal of long-term assets, how would this be reported in the operating activities section of the statement of cash flows when using the indirect method? Why?
Explain why depreciation expense, depletion expense, and amortization expense are added to net income in the operating activities section of the statement of cash flows when using the indirect method.
Describe the five steps used to prepare the statement of cash flows by the indirect method.
Describe the two formats for reporting operating activities on the statement of cash flows.
What types of transactions are reported in the non-cash investing and financing activities section of the statement of cash flows?
Describe the three basic types of cash flow activities.
How does the statement of cash flows help users of financial statements?
What does the statement of cash flows report?
Maxwell Furniture Center had accounts receivable of $20,000 at the beginning of the year and $54,000 at year-end. Revenue for the year totaled $116,000. How much cash did the business collect from
Holmes, Inc. expects net cash flow from operating activities to be $150,000, and the company plans purchases of equipment of $86,000 and repurchases of stock of$15,000. What is Holmes’s free cash
Mountain Water Corp. issued common stock of $28,000 to pay off long-term notes payable of $28,000. In what section(s) would these transactions be recorded?a. Financing activities payment of note,
The Plant Assets account and Accumulated Depreciation—Plant Assets account of Jupiter Entertainment show the following:Jupiter Entertainment sold plant assets at a $23,000 gain. Where on the
Leather Shop earned net income of $57,000 after deducting depreciation of $5,000 and all other expenses. Current assets decreased by $4,000, and current liabilities increased by $8,000. How much was
Which item does not appear on a statement of cash flows prepared by the indirect method?a. Collections from customersb. Depreciation expensec. Net incomed. Gain on sale of land
Operating activities are most closely related toa. long-term assets.b. current assets and current liabilities.c. long-term liabilities and stockholders’ equity.d. dividends and treasury stock.
The main categories of cash flow activities on the statement of cash flows area. direct and indirect.b. current and long-term.c. non-cash investing and financing.d. operating, investing, and
The purposes of the statement of cash flows are toa. evaluate management decisions.b. determine ability to pay debts and dividends.c. predict future cash flows.d. All of the above
Computing dividends on preferred and common stock and journalizing The following elements of stockholders’ equity are from the balance sheet of Sneed Marketing Corp. at December 31, 2017:Sneed paid
Computing dividends on preferred and common stock and journalizing Northern Communications has the following stockholders’ equity on December 31, 2018:Requirements 1. Assuming the preferred stock
Journalizing issuance of stock and treasury stock transactions Stock transactions for Careful Driving School, Inc. follow:Mar. 4 Issued 27,000 shares of $1 par value common stock at $10 per share.May
Journalizing treasury stock transactions and reporting stockholders’ equity Frozen Brewery Corporation had the following stockholders’ equity on September 30:On October 31, Frozen purchased 300
Journalizing issuance of stock and preparing the stockholders’ equity section of the balance sheet The charter of Evergreen Corporation authorizes the issuance of 900 shares of preferred stock and
Journalizing issuance of stock and preparing the stockholders’ equity section of the balance sheet The charter for KXAS-TV, Inc. authorizes the company to issue 100,000 shares of $2, no-par
Journalizing issuance of no-par stock Eates Corp. issued 8,000 shares of no-par common stock for $13 per share.Requirements 1. Record issuance of the stock if the stock:a. is true no-par stock.b. has
Journalizing issuance of stock Stanley Systems completed the following stock issuance transactions:May 19 Issued 1,700 shares of $3 par value common stock for cash of $11.50 per share.Jun. 3 Issued
Determining paid-in capital for a corporation Aruba Corporation recently organized. The company issued common stock to an inventor in exchange for a patent with a market value of $57,000. In
Identifying advantages and disadvantages of a corporation Following is a list of advantages and disadvantages of the corporate form of business.Identify each quality as either an advantage or a
Computing rate of return on common stockholders’ equity Wyler, Inc.’s 2018 balance sheet reported the following items—with 2017 figures given for comparison:Net income for 2018 was $3,690.
Computing price/earnings ratio Refer to the HEB data in Short Exercise S13-17. Assume the market price of HEB’s common stock is $19.50 per share. Compute HEB’s price/earnings ratio.
Computing earnings per share HEB Corporation had net income for 2018 of $60,450. HEB had 15,500 shares of common stock outstanding at the beginning of the year and 20,100 shares of common stock
Analyzing the effect of prior-period adjustments Taylor Corporation discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $70,000 for utilities expense. The correct amount of
Preparing a statement of retained earnings Kingston, Inc. had beginning retained earnings of $135,000 on January 1, 2018.During the year, Kingston declared and paid $85,000 of cash dividends and
Reporting earnings per share Return to the ABC data in Short Exercise S13-12. ABC had 8,000 shares of common stock outstanding during 2018. ABC declared and paid preferred dividends of $4,000 during
Preparing a corporate income statement ABC Corporation’s accounting records include the following items, listed in no particular order, at December 31, 2018:Other Income and (Expenses) $ (7,200)
Journalizing a large stock dividend Nelly, Inc. had 320,000 shares of $2 par value common stock issued and outstanding as of December 15, 2018. The company is authorized to issue 1,300,000 common
Journalizing a small stock dividend Element Water Sports has 13,000 shares of $1 par value common stock outstanding.Element distributes a 5% stock dividend when the market value of its stock is $15
Dividing cash dividends between preferred and common stock Manchester Finance has the following classes of stock:Preferred Stock—5%, $20 par value; 9,000 shares authorized, 6,000 shares issued and
Accounting for cash dividends Java Company earned net income of $85,000 during the year ended December 31, 2018. On December 15, Java declared the annual cash dividend on its 4% preferred stock (par
Accounting for the purchase and sale of treasury stock Precise Electronics completed the following treasury stock transactions in 2018:Mar. 1 Purchased 2,000 shares of the company’s $1 par value
Journalizing issuance of stock for assets other than cash Cedar Corporation issued 36,000 shares of $1 par value common stock in exchange for a building with a market value of $160,000. Record the
Journalizing issuance of stock—stated value Nelson Corporation issued 9,000 shares of $3 stated value common stock for $11 per share on July 7. Record the stock issuance.
Journalizing issuance of stock—no-par Wolcott Corporation issued 5,000 shares of no-par common stock for $2 per share on January 13. Record the stock issuance.
Journalizing issuance of stock—at par and at a premium Krista Corporation has two classes of stock: common, $5 par value; and preferred,$45 par value.Requirements 1. Journalize Krista’s issuance
Describing corporation characteristics Due to recent beef recalls, Southwest Steakhouse is considering incorporating.Bob, the owner, wants to protect his personal assets in the event the restaurant
What does the rate of return on common stock show, and how is it calculated?
What is the price/earnings ratio, and how is it calculated?
What does earnings per share report, and how is it calculated?
What does the statement of stockholders’ equity report? How does the statement of stockholders’ equity differ from the statement of retained earnings?
What is a prior-period adjustment?
What does the statement of retained earnings report?
What is reported in the discontinued operations section of the income statement?
What is a stock split?
What are some reasons corporations issue stock dividends?
What is the effect on the accounting equation when a stock dividend is declared?What is the effect on the accounting equation when a stock dividend is distributed?
What is a stock dividend?
How does cumulative preferred stock differ from noncumulative preferred stock?
What are the three relevant dates involving cash dividends? Describe each.
What is the effect on the accounting equation when cash dividends are declared?What is the effect on the accounting equation when cash dividends are paid?
Where and how is treasury stock reported on the balance sheet?
What is treasury stock? What type of account is Treasury Stock, and what is the account’s normal balance?
If stock is issued for assets other than cash, describe the recording of this transaction.
What account is used to record the premium when issuing common stock? What type of account is this?
What are the two basic sources of stockholders’ equity? Describe each source.
What is par value?
How does preferred stock differ from common stock?
What are the four basic rights of stockholders?

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Horngrens Financial And Managerial Accounting The Financial Chapters Global Edition 6th Edition Brenda L. Mattison, Ella Mae Matsumura, Tracie Miller Nobles - Solutions

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