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financial reporting and analysis

Financial Reporting And Analysis 8th Edition Lawrence Revsine, Daniel Collins, Bruce Johnson, Fred Mittelstaedt, Leonard Soffer - Solutions

The following information is from the 20X1 annual report of Weber Corporation, a company that supplies manufactured parts to the household appliance industry.Average total assets$24,500,000Average interest-bearing debt10,000,000Average other liabilities2,250,000Average shareholders’
Nagy Corporation reported the following income statement in 20X1, along with a comparable income statement for 20X0, its first year of operations:In its Form 10-K, Nagy also provided a non-GAAP metric, earnings before depreciation and one-time charges, which was a pre-tax earnings measure that
Trubisky Corporation acquired a machine on January 1, 20X1, for $3 million and decided to depreciate it over eight years using the double-declining method. The depreciation rate each year, as a percentage of the original cost, was as follows:On January 1, 20X3, it became clear that the machine
First Solar, Inc., adopted the new revenue recognition standard, ASC Topic 606, in 2017. The following are condensed versions of First Solar’s balance sheet, income statement, and cash flow statement, as they were presented in the company’s 2017 annual report, alongside the same financial
In 20X2, the new CEO of Watsontown Electric Supply became concerned about the company’s apparently deteriorating financial position. Wishing to make certain that the grim monthly reports he was receiving from the company’s bookkeeper were accurate, the CEO engaged a CPA firm to examine the
The preliminary draft of the balance sheet at the end of the current fiscal year for Eagle Industries follows. The statement will be incorporated into the annual report to stockholders and will present the dollar amounts at the end of both the current and prior years on a comparative basis. The
KEW Enterprises began operations in January 20X1 to manufacture a hand sanitizer that promised to be more effective and gentler on the skin than existing products. Family members, one of whom was delegated to be the office manager and bookkeeper, staffed the company. Although conscientious, the
Krafty Kris, Inc., discovered the following errors after the 20X1 financial statements were issued:a. A major supplier shipped inventory valued at $8,550 to Krafty Kris on consignment. This merchandise was mistakenly included in the inventory taken by Krafty Kris on December 31, 20X0. (Goods
The following events and transactions related to David Company occurred after the balance sheet date of December 31, 20X1, and before the financial statements were issued in 20X2. None of the items is reflected in the financial statements as of December 31, 20X1.1. In order to secure a bank loan of
Tack, Inc., reported a Retained earnings balance of $150,000 at December 31, 20X0. In June 20X1, Tack’s internal audit staff discovered two errors that were made in preparing the 20X0 financial statements that are considered material:a. Merchandise costing $40,000 was mistakenly omitted from the
Refer to the information about ClearOne Communications in Case C2-2 from Chapter 2.Required:Obtain the Form 10-K ClearOne filed with the SEC on August 18, 2005. (Go to www.sec.gov and select “Filings” and then “Search for Company Filings.” Search for ClearOne and then select ClearOne, Inc.
In 20X2, ABBA Fabrics, Inc., elected to change its method of valuing inventory to the weightedaverage cost (“WAC”) method, whereas in all prior years inventory was valued using the last-in, firstout(LIFO) method. The company determined that the WAC method of accounting for inventory
Bettner, Inc., is a calendar-year corporation whose financial statements for 20X0 and 20X1 included errors as follows:Assume that inventory purchases were recorded correctly and that no correcting entries were made at December 31, 20X0, or December 31, 20X1. The errors were discovered in 20X2,
Neville Company decides at the beginning of 20X3 to adopt the FIFO method of inventory valuation. It had used the LIFO method for financial reporting since its inception on January 1, 20X1, and had maintained records that are sufficient to retrospectively apply the FIFO method. Neville concluded
Barden, Inc., operates a retail chain that specializes in baby clothes and accessories that are made to its specifications by a number of overseas manufacturers. Barden began operations 20 years ago and has always employed the FIFO method to value its inventory. Since Barden’s inception, prices
Jones Corporation switched from the LIFO method of costing inventories to the FIFO method at the beginning of 20X1. The LIFO inventory at the end of 20X0 would have been $80,000 higher using FIFO. Reported retained earnings at the end of 20X0 were $1,750,000. Jones’s tax rate is 21%. Tax law
Brower Corporation owns a manufacturing plant in the country of Oust. On December 31, 20X1, the plant had a book value of $5,000,000 and an estimated fair value of $8,000,000. Oust’s government has clearly indicated that it will expropriate the plant during the coming year and will reimburse
Holmes Company reported the following balance sheets at December 31, 20X2 and 20X1: Its income statement for 20X2 was as follows:$ 1,000(670)(30)(100)200(42)$ 158Additional information:During 20X2, Holmes had the following transactions:a. Declared and paid a common dividend of $78 million.b.
The following information was taken from the 20X1 financial statements of Zurich Corporation, a maker of fine Swiss watches:Net income$ (200,000)Depreciation50,000Increase (decrease) inAccounts receivable(140,000)Inventories25,000Other current assets10,000Accounts payable120,000Accrued
The statement of cash flows for the year ended December 31, 20X1, and other data for Bradley Corporation are shown below:Additional data:a. Bradley’s Dividends receivable account decreased by $2,000 during the year.b. The Machinery account, net of accumulated depreciation, increased by $100,000
The following information was taken from the 20X1 financial statements of Eiger Corporation, a maker of equipment for mountain and rock climbers:Net income$ 100,000Depreciation30,000Increase (decrease) inAccounts receivable110,000Inventories(50,000)Prepaid expenses15,000Accounts
The following is the operating section of the statement of cash flows (direct method) of Battery Builders, Inc.:Collections from customers$ 28,000Payments to suppliers for inventory purchases(13,000)Payments for operating expenses(9,000)Payments for income taxes(2,260)Cash provided by operating
The following information was taken from the 20X1 financial statements of Planet Corporation:Accounts receivable, January 1, 20X1 .................. $ 21,600Accounts receivable, December 31, 20X1 .............. 30,400Sales on accounts and cash sales .........................
The following cash flow information pertains to the 20X1 operations of Fishmaster, Inc., a maker of fishing equipment.Cash collections from customers$ 79,533Cash payments to suppliers of inventory64,097Cash payments for selling and administrative expenses12,536Cash payments for interest1,548Cash
Serven Corporation has estimated its accrual-basis revenue and expenses for June 20X1 and would like your help in estimating cash disbursements. Selected data from these estimated amounts are as follows:Sales ........................................................................................ $
Dunnsmore Company reported cost of goods sold of $318,450 on its 20X1 income statement. Other information for Dunnsmore is as follows:Required:Prepare a schedule showing the amount of cash Dunnsmore paid to suppliers in 20X1. 1/1/20X1 12/31/20X1 Inventories $37,200 23,100 $43,400 Accounts payable
The following cash flow information pertains to the 20X1 operations of Matterhorn, Inc., a maker of ski equipment:Cash collections from customers$ 16,670Cash payments to suppliers of inventory19,428Cash payments for various operating expenses7,148Cash payments for current income taxes200Cash
The following information is available from Sand Corporation’s accounting records for the year ended December 31, 20X1:Cash received from customers ............................. $870,000Rent received ............................................................... 10,000Cash paid to suppliers and
Following is a list of items taken from the December 31, 20X1, balance sheet of Reagan Company (amounts omitted):Accounts payableGoodwillAccrued expensesIncome taxes payableAccumulated depreciation—buildingsLandAccumulated depreciation—machinery and equipmentMachinery and equipmentBonds
Following are Crash Zone Corporation’s balance sheet at the end of 20X0 and its cash flow statement for 20X1. Crash Zone manufactures safety equipment for race cars.Balance Sheet as of December 31, 20X0AssetsCurrent assetsCash
A December 31, 20X1, postclosing trial balance for Short Erin Company follows.Additional information about Short Erin’s account balances:1. Cash includes $12,000 in U.S. treasury bills purchased on December 21, 20X1, that mature in January 20X2. The account also includes $8,500 in stock purchased
The following balance sheet, which has some weaknesses in terminology and classification, has been prepared by an inexperienced accountant and submitted to you for review:Required:Prepare a classified balance sheet in proper form. Make any necessary corrections. Mikeska Company Balance Sheet as of
The balance sheet and income statement for Bertha’s Bridal Boutique are presented along with some additional information about the accounts. You are to answer the questions that follow concerning cash flows for the period.a. All accounts receivable and accounts payable are related to trade
Kay Wing, Inc., prepared the following balance sheet at December 31, 20X0.Kay Wing, Inc.Balance Sheet as of December 31, 20X0Cash$ 65,000Accounts receivable37,000Inventory70,000Long-term investments20,000Land39,000Plant and equipment (net)109,000Total assets$ 340,000Accounts payable$ 33,000Taxes
Ricky Corporation had the following alphabetical account balance listing at December 31, 20X1 (in thousands of dollars).Required:Prepare a balance sheet for Ricky Corporation at December 31, 20X1. Debit Credit Accounts payable $ 9,224 Accounts receivable $ 3,248 Accrued liabilities 12,226
Dale Golf Course, Inc., operates golf courses in South Carolina. A round of golf at one of Dale’s courses costs $75. Dale also sells one-year season passes, good for unlimited rounds of golf for a single golfer, for $3,000. In 20X1, Dale’s first year of operations, it sold 300 passes in the
Smith, Inc., produces and sells clothing to department stores. Its supply arrangement with Leftwich Department Stores calls for Smith to purchase from Leftwich each month in store advertising at a cost equal to 5% of the month’s sales to Leftwich. The in-store advertising has no readily
Ball Data Corporation provides stock market data to investors. On January 1, 20X1, it sells a customer access to its real-time database for two years at a price of $600,000. The customer has the right to access Ball’s database any time, 24 hours per day, to obtain real-time data about stock
Ashley Stores, Inc., sells gift cards for use at its stores. The following data pertain to 20X1, 20X2, and 20X3, the company’s first three years of operation:As of December 31, 20X1, Ashley estimates that 1.0% of its gift cards will never be redeemed.As of December 31, 20X2, Ashley has revised
On January 1, 20X1, Skinner Equipment Company leased equipment used in mineral extraction operations to Erickson Corporation. The monthly base rental fee was $250,000. In addition, at the end of the year, Erickson must pay Skinner a bonus of one month’s rent ($250,000) if there were no equipment
On July 1, 20X1, Grams Construction, Inc., agreed to construct a factory for a customer. The contract called for payments to Grams totaling $2 million.Grams has correctly determined that it is appropriate to recognize revenue over time, and it uses its costs as a measure of completion. The same
On October 1, 20X1, Bullseye Company sold 250,000 gallons of diesel fuel to Schmidt Co. at $3 per gallon. On November 8, 20X1, 150,000 gallons were delivered; on December 27, 20X1. another 50,000 gallons were delivered; and on January 15, 20X2, the remaining 50,000 gallons were delivered. Payment
In 20X1, its first year of operations, Regal Department Store sells $250,000 of gift certificates redeemable for store merchandise that expire one year after their issuance. With a high degree of certainty, Regal believes 10% of the gift certificates will not be redeemed. By the end of 20X1,
Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free nights redeemed is 70% of the maximum possible number of free nights available one obtains by dividing
Jerry’s Jellies sells one-and two-year mail-order subscriptions for its jelly-of-the-month business. Subscriptions are collected in advance. An analysis of the recorded sales activity revealed the following:Required:What amount of liability for unperformed obligations should Jerry’s Jellies
Barrios Communications is a provider of satellite television services. It will install a satellite dish free of charge for any customer that agrees to a one-year service contract at a price of $50 per month. Installation costs Barrios $150. Customers typically remain with Barrios for much longer
In 20X1, Ginzel Corporation agreed to provide a client with 20 detailed marketing analyses of its client’s key products for a total fee of $110,000. The fee was computed as $5,000 per report × 20 reports = $100,000, plus $10,000 to extract the necessary data from the client’s system and
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells technical support for $30,000. It does not sell the software separately. Gerakos uses the residual method to allocate the transaction price.Required:What amount
Maffett Ticket Brokers is a reseller of tickets to sporting events and concerts. During 20X1, Maffett sold gift cards totaling $250,000. Based on past experience, Maffett expects that 1% of the gift card purchases will not be redeemed by the time they expire, five years after issuance. During 20X1,
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It does not sell technical support separately. Gerakos uses the residual method to allocate the
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It sells technical support for $30,000. Gerakos allocates the transaction price based on relative
Under a single contract, Sapra Corporation sold two machines to Gao Company in 20X1. One of the machines typically sells for $300,000 and the other for $150,000. Because Gao purchased the machines together, Sapra agreed to a price of $425,000 for both machines. The machines are used independently
Berger Company had sales in 20X1 of $200,000. The goods sold cost Berger $125,000. The goods were sold with the right of return. By the end of 20X1, goods having a total selling price of $10,000 had been returned. As of December 31, 20X1, Berger expected returns of another $2,000 (based on selling
Glick Corporation offers a 10% volume discount to customers who purchase more than 10,000 units of its yoga mats in a calendar year. The volume discount applies to all units purchased in the year, not just the units above 10,000. Once a customer exceeds 10,000 units, it receives a credit for 10% of
Online Auction Company (OAC) provides a platform for its users to buy and sell goods. Sellers post goods for sale and other users bid on them. The high bidder wins the auction and purchases the goods.After each auction, the seller pays OAC a 10% fee and the buyer pays OAC a 5% fee. For example, if
Zahava Corporation sells equipment to Ari Company for $700,000. Ari does not need the equipment until December 31, 20X3, but agrees to pay $600,000 immediately on December 31, 20X1, in order to assist Zahava with its finances. The remaining $100,000 is due upon delivery on December 31, 20X3. Zahava
Zahava Corporation sells equipment to Ari Company for $700,000 on December 31, 20X1. The two companies agree that Ari will pay $100,000 upon delivery (December 31, 20X1), with the remaining $600,000 due on December 31, 20X3. Zahava is confident that Ari will make the promised payment. Ari typically
Ladd Corporation sells construction equipment to a customer for $200,000 on January 1, 20X1. The equipment comes with a standard 10-year warranty covering all maintenance and repairs during that time. Initially, Ladd estimates that it will incur $10,000 in costs over the life of the warranty
1. Lyft has identified the drivers, not the riders, as its customers.a. What arguments support the company’s assessment?b. What arguments suggest Lyft’s customer is actually the rider?2. What is/are the performance obligation(s) Lyft fulfills when a typical ride is completed?3. If the rider
Pogrund Vacation Properties sells real estate in Florida. Pogrund requires potential buyers who are interested in a property to remit a $10,000 deposit to show good faith before receiving detailed information about a property. The deposit is fully refundable until a contract is signed. When a
On January 1, 20X1, Quenneville Corporation sold equipment to Wirtz, Inc., for $500,000. The equipment had cost $300,000 to manufacture. The contract with Wirtz requires Quenneville to provide complete maintenance and repair services on the equipment for five years. Quenneville’s cost to provide
1. Discuss trends in First Solar’s revenue streams. For more information about First Solar’s results, you may want to consult the Management Discussion and Analysis in its Form 10-K for 2017, available at the SEC’s website at www.sec.gov.2. Explain why First Solar recognizes revenue over time
MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract follows: Required:1. Record the preceding transactions in MSK’s books assuming it recognizes revenue over time
Cornwell Construction Company has been operating in Pennsylvania for a number of years. During 20X1, the firm contracted with the Borough of Lewisburg to build a domed sports complex. Cornwell estimated that it would take three years to complete the facility at a total cost of $25 million. The
On January 1, 20X1, LeMoyne Construction Company signs a contract to build an office building for Franklin Corporation for $10 million. Franklin remits $1 million to LeMoyne upon signing the contract, $5 million when the foundation and all outside components are complete, and $4 million upon full
Foremost Company owns a royalty interest in an oil well. The contract stipulates that Foremost will receive royalty payments semiannually on January 31 and July 31. The January 31 payment will be for 30% of the oil sold to jobbers between the previous June 1 and November 30, and the July 31 payment
Amiel Company reported sales revenue of $20.3 million and expenses of $11.1 million in 20X1, excluding the results of its 80%-owned subsidiary, Talia Company. Talia had $7.0 million of sales revenue and $3.0 million of expenses in 20X1. Ignore income taxes. Required:Prepare Amiel’s
JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; unrealized holding loss on availablefor- sale securities (considered other comprehensive income) $22,000; a positive foreign currency translation
Hentzel Landscaping commenced its business on January 1, 20X1.1. During its first year of operations, Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 20X1.2. On March 1, 20X1, Hentzel received $18,000 for
Holman Electronics manufactures audio equipment, selling it through various distributors. Holman’s days sales outstanding (Accounts receivable/Average daily credit sales) figures increased steadily in 20X1 and then spiked dramatically in 20X2, peaking at 120 days in the second quarter. In the
For 20X1, Silvertip Construction, Inc., reported income from continuing operations (after tax) of $1,650,000. On November 15, 20X1, the company adopted a plan to dispose of a component of the business. This component qualifies for discontinued operations treatment. During 20X1, the component had
On September 1, 20X1, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 20X2, at an estimated pre tax gain of $375,000. The segment had actual and estimated pre-tax operating profits (losses) as follows:Realized loss from
The following condensed statement of income of Helen Corporation, a diversified company, is presented for the two years ended December 31, 20X1 and 20X0:On January 1, 20X1, Helen entered into an agreement to sell for $3,200,000 the assets and product line of one of its separate operating
Munnster Corporation’s income statements for the years ended December 31, 20X2 and 20X1, included the following information before adjustments:On January 1, 20X2, Munnster Corporation agreed to sell the assets and product line of one of its operating divisions for $2,000,000. The sale was
Bob’s Chocolate Chips and More, a bakery specializing in gourmet pizza and chocolate chip cookies, started business October 1, 20X1. The following transactions occurred during the month of October.a. Common stock of $90,000 was sold at par to start the business.b. Equipment consisting of mixers
Krewatch, Inc., is a vertically integrated manufacturer and retailer of golf clubs and accessories (gloves, shoes, bags, etc.). Krewatch maintains separate financial reporting systems for each of its facilities. The company experienced the following events in 20X1:1. After several years of
During August 20X1, Packer Manufacturing had the following cash receipts and disbursements:Cash received from customers ................................................ $319,000Cash received from selling equipment ....................................... 11,200Cash paid for salaries
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1.Statement of Income and Retained Earnings for the Year Ended December 31, 20X1($ in 000)Net sales$5,281,954Costs and expensesCost of products sold4,765,505Marketing, administrative, and
The following is selected information from Bob Touret, Inc.’s financial statements. Solve for the missing amounts for each of the five years. You may have to use some numbers from the year before or the year after to solve for certain current year numbers. (NA = not available.) Year 20X1 20X2
The following information is provided for Kelly Plumbing Supply.Cash received from customers during December 20X1 .............. $387,000Cash paid to suppliers for inventory during December 20X1 ....... 131,000Cash received from customers includes all $139,000 of the accounts receivable that were
Following is selected information from the balance sheet for Flaps Inc. Solve for the missing amounts for each of the five years. Year 20X1 20X2 20X3 20X4 20X5 Total liabilities and stockholders' equity Current liabilities $13,765 A F K U $3,420 $3,467 $3,517 Common stock 138 139 L 142 $ 144
Under Hart Company’s accounting system, all insurance premiums paid are debited to Prepaid insurance. Hart then makes monthly charges to Insurance expense with credits to Prepaid insurance as the insurance coverage period is used up. Additional information follows:Prepaid insurance at December
The following is the preclosing trial balance of Ralph Retailers, Inc.:The following additional information is provided:a. The company paid a salary advance of $5,000 to one of its employees, a total that was debited to the Salaries expense account. This was an advance against the employee’s
Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 20X1, he collected $200,000 in fees from his patients. At December 31, 20X0, Dr. Hamilton had accounts receivable of $18,000 and no liability for deferred fee revenue. At December 31, 20X1, he had accounts receivable of
a. On January 1, 20X1, Frances Corporation started doing business and the owners contributed $200,000 capital in cash.b. The company paid $24,000 to cover the rent for the office space for the 24-month period from January 1, 20X1, to December 31, 20X2.c. On March 1, 20X1, MSK Inc. entered into a
In November and December 20X1, Gee Company, a newly organized magazine publisher, received $36,000 for 1,000 three-year subscriptions at $12 per year, starting with the January 20X2 issue of the magazine.Required:How much should Gee report in its 20X1 income statement for subscriptions revenue on
Locate the Form 10-K for the year ended December 31, 2018, for Southwest Airlines Co. Youcan find it at http://investors.southwest.com/financials/sec-filings.1. What is Southwest Airlines’s main business?2. List some of the nonfinancial metrics that Southwest Airlines provides.3. Explain how the
In recent years, investors, creditors, governments, and the public have demanded more information from companies about climate change.Required:1. Why have investors and creditors become interested in business activities related to climate change?2. Which organizations have issued the primary
Locate the 2018 Sustainability Information report for Siemens AG, the German manufacturing conglomerate, at https://www.siemens.com/investor/pool/en/investor_relations/siemens_sustainability_ information2018.pdf.Required:1. What are the main areas for which Siemens reports information?2. What
Locate the December 31, 2018, consolidated financial statements for Carrefour Group, theFrench retail company and the second largest retailer in the world, at www.carrefour.com/ financial-information/releases?plink=4472&link=1785.Required:1. What types of financial information is contained
Locate the March 31, 2018, Annual Report-Financial Review for Toshiba Corporation, the large Japanese electronics company, on the company’s website: www.toshiba.co.jp/about/ir/en/ finance/ar/index.htm. Note that the site also contains an Annual Report-Financial Review.Required:1. Besides the
Raytheon Company’s 2018 Form 10-K states that sales to the U.S. government comprise 68% of its 2018 total net sales and sales to foreign governments through the U.S. government comprise 13% of its 2018 total net sales.Required:1. Why does the SEC require companies like Raytheon Company to alert

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