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fundamentals of financial accounting 7th edition

Questions and Answers of Fundamentals Of Financial Accounting 7th Edition

The 2010 financial statements for Thor and Gunnar Companies are summarized here:These two companies are in the same business and state but different cities. One-half of Thor's sales and one-quarter
Lumber Liquidators, Inc., competes with Lowe's in product lines such as hardwood flooring, moldings, and noise-reducing underlay. The two companies reported the following financial results in fiscal
Which of the following is a ratio used to assess the extent to which operating cash flows are sufficient to cover replacement of property, plant, and equipment?a. Free cash flow.c. Current ratio.b.
Capital Corporation reported the following information in its statement of cash flows:Calculate, to one decimal place, the average capital acquisitions ratio for the period covering 2008-2010 and the
Dan's Products, Inc., reported net income of \(\$ 80,000\), depreciation expense of \(\$ 2,000\), and cash flow from operations of \(\$ 60,000\). Compute the quality of income ratio. What does the
Suppose your company sells services of \(\$ 150\) in exchange for \(\$ 100\) cash and \(\$ 50\) on account.Required:1. Show the journal entry to record this transaction.2. Identify the amount that
Suppose your company sells services for \(\$ 300\) cash this month. Your company also pays \(\$ 100\) in wages, which includes \(\$ 20\) that was payable at the end of the previous month and \(\$
Colgate-Palmolive was founded in 1806. Its statement of cash flows reported the following information (in millions) for the year ended December 31, 2008:Required:Based on the information reported in
The statement of cash flows for Apple Inc. contained the following information (in millions) for the year ended September 27, 2008:Required:For each of the four current asset and liability accounts
Consultex, Inc., was founded in 2007 as a small financial consulting business. The company had done reasonably well in 2007-2009, but started noticing its cash dwindle early in 2010. In January 2010
PepsiCo The 2008 annual report for PepsiCo contained the following information for the period (in millions):Required:1. Compute cash flows from operating activities for PepsiCo using the indirect
Gibraltar Industries, Inc., is a manufacturer of steel products for customers such as Home Depot, Lowe's, Chrysler, Ford, and General Motors. In the year ended December 31, 2008, it reported the
Sportsnet Corporation reported the following data for the three most recent years:Required:1. Assuming that all investing activities involved acquisition of new plant and equipment, compute the
The Walt Disney Company reported the following in its 2008 annual report (in millions).Required:1. Calculate, to two decimal places, the average capital acquisitions ratio for the period covering
AMC Entertainment operates 307 movie theaters in the United States, Canada, and Europe. During fiscal 2008, the company sold its Fandango assets for \(\$ 20,360,000\) cash and recorded a gain on
The income statement and selected balance sheet information for Hamburger Heaven for the year ended December 31, 2010, are presented below.TIP: Prepaid Rent decreased in 2010 because the amount taken
During a recent year (ended December 31, 2011), Nicole's Getaway Spa (NGS) reported net income of \(\$ 2,300\). The company reported the following activities:a. Increase in inventories of \(\$
From 2009 to 2010, Colossal Company's current ratio increased and its quick ratio decreased. What does this imply about the level of inventory and prepaids?
From 2009 to 2010, Shamwow reported that its Net Sales increased from \(\$ 300,000\) to \(\$ 400,000\), and its Gross Profit increased from \(\$ 90,000\) to \(\$ 130,000\). Was the Gross Profit
Given the following data, compute the 2010 return on equity ratio (expressed as a percentage with one decimal place). Net income Stockholders' equity Total assets Interest expense 2010 $ 1,850,000
In 2009, Big W Company reported earnings per share of \(\$ 2.50\) when its stock was selling for \(\$ 50.00\). If its 2010 earnings increase by 10 percent and the \(\mathrm{P} / \mathrm{E}\) ratio
The average price of a gallon of gas in 2008 jumped \(\$ 0.45\) (16 percent) from \(\$ 2.81\) in 2007 (to \(\$ 3.26\) in 2008). Let's see whether these changes are reflected in the income statement
Cintas Corporation is the largest uniform supplier in North America, providing products and services to approximately 800,000 businesses of all types. Selected information from its 2008 annual report
Procter & Gamble is a multinational corporation that manufactures and markets many products that you use every day. In 2008, sales for the company were \(\$ 83,503\) (all amounts in millions).
Dollar General Corporation operates approximately 8,400 general merchandise stores that feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed-income families in
Kohl's Corporation is a national retail department store. The company's total revenues for the year ended January 31,2009 , were \(\$ 16\) billion. J.C. Penney is a similar size department store
At December 31, 2010, the records of Nortech Corporation provided the following selected and incomplete data:Required: Common stock (par $10; no changes during 2010). Shares authorized, 200,000.
Activision became a public company with an initial public offering of stock on June 9, 1983, at \(\$ 12\) per share. In June 2002, Activision issued 7.5 million additional shares to the public at
As of February 1, 2009, Krispy Kreme Doughnuts had \(\$ 100,000\) of Notes Receivable due before January 31 , \(2010, \$ 1,268,000\) of Accounts Receivable, and \(\$ 249,000\) in its Allowance for
If a 10 percent note receivable for \(\$ 10,000\) is created on January 1, 2009, and it has a maturity date of December 31, 2013,a. No interest revenue will be recorded in 2009.b. The note receivable
In 2008, Coca-Cola Enterprises had a receivables turnover ratio of 8. 5. Which of the following could Coca-Cola do to cause the ratio to increase?a. Pursue collections more aggressively.b. Increase
JCPenney currently allows customers to purchase merchandise using national credit cards like Visa and Mastercard, yet it had discontinued its own private credit card program in 1999. What pros and
Scotia Corporation hired a new product manager and agreed to provide her a $20,000 relocation loan on a six-month, 7 percent note. Prepare journal entries to record the following transactions for
On January 1, 2009, Loop Raceway issued 600 bonds, each with a face value of \(\$ 1,000\), a stated interest rate of 5% paid annually on December 31, and a maturity date of December 31, 2011. On the
In 2009, Rec Room Sports reported earnings per share of \(\$ 8.50\) when its stock price was \(\$ 212.50\). In 2010, its earnings increased by 20 percent. If the \(\mathrm{P} / \mathrm{E}\) ratio
Incentive Corporation was organized in 2009 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value \(\$ 4\) per share, 12,000 shares.
North Wind Aviation received its charter during January 2010. The charter authorized the following capital stock:During 2010, the following transactions occurred in the order given:a. Issued a total
Superior Corporation has the following capital stock outstanding:On October 1, 2010, the board of directors declared dividends as follows:On December 20, 2010, the market prices were preferred stock,
Winnebago is a familiar name on vehicles traveling U.S. highways. The company manufactures and sells large motor homes for vacation travel. These motor homes can be quickly recognized because of the
Swimtech Pools Inc. (SPI) reported the following in its financial statements for the quarter ended March 31, 2010.During the quarter ended March 31, 2010, SPI reported Net Income of \$5,000 and
Assume for each of the following independent cases that the annual accounting period ends on December 31,2010 , and that the total of all revenue accounts was \(\$ 150,000\) and the total of all
A company that purchases inventory costing \(\$ 10,000\) on terms \(2 / 10, n / 30\), but first returns one-half of those goods, will receive a discount of what amount if it pays on the last day of
Companies will incur substantial costs to implement XBRL. What are some benefits of requiring companies to report interactive data in this format?
If total assets increase but total liabilities remain the same, what is the impact on the debt-to-assets ratio?a. Increases.b. Decreases.c. Remains the same.d. Cannot be determined without additional
Costco and Sam's Club are two companies that offer low prices for items packaged in bulk. This strategy increases total sales volume but generates less profit for each dollar of sales. Which of the
Which of the following would increase the net profit margin ratio in the current year?a. Increase the amount of research and development in the last month of the year.b. Decrease the amount of sales
The asset turnover ratio is directly affected by which of the following categories of business decisions?a. Operating and investing decisions.b. Operating and financing decisions.c. Investing and
Which of the following reports is filed annually with the SEC?a. Form \(10-\mathrm{Q}\)b. Form \(10-\mathrm{K}\)c. Form 8-Kd. Press release
Which of the following describes the order in which assets are reported under IFRS?a. Increasing order of liquidity.b. Increasing time to maturity.c. Decreasing order of liquidity.d. Decreasing time
Which of the following describes a time-series analysis of your academic performance?a. Counting the number of A's on your transcript.b. Comparing the number of A's you received this year to the
Which of the following is always included in an annual report but never in a quarterly report?a. Balance sheet.b. Income statement.c. Management's discussion and analysis.d. Auditor's report.
Which of the following transactions will increase the debt-to-assets ratio?a. The company issues stock to investors.b. The company uses cash to buy land.c. The company issues a note payable to buy
What type of audit report does a company hope to include with its annual report?a. Conservative reportb. Qualified reportc. Comparable reportd. Unqualified report
Explain what the following accounting terms mean:a. Cost principleb. Conservatism
Blockbuster, Inc., is the world's leading provider of rentable DVDs and videogames. Blockbuster estimates that 64 percent of the U.S. population lives within a 10-minute drive of a Blockbuster store.
Jessica Pothier opened FunFlatables on June 1, 2010. The company rents out moon walks and inflatable slides for parties and corporate events. The company also has obtained the use of an abandoned ice
What is a contra-asset? Give an example of one.
The following information was reported in the December 31, 2007, financial statements of Southwest Airlines, Inc. (listed alphabetically, amounts in millions). Accounts Payable $1,731 Accounts
Home Realty, Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in
Refer to the information in E7-2.Required:For each item (a)–(d), prepare the journal entry to correct the balances presently reported. If a journal entry is not required, indicate so.Data From
Which of the following is not a name for a specific type of inventory?a. Finished goods.b. Merchandise inventory.c. Raw materialsd. Goods available for sale.
Which of the following correctly expresses the cost of goods sold equation, as used in a periodic system?a. BI + CGS − P = EIb. BI + P − EI = CGSc. BI + P − CGS = EId. BI + EI − P = CGS
A New York bridal dress designer that makes high-end custom wedding dresses and needs to know the exact cost of each dress most likely uses which inventory costing method?a. FIFOb. LIFOc. Weighted
If costs are rising, which of the following will be true?a. The cost of goods sold will be greater if LIFO is used rather than weighted average.b. The cost of ending inventory will be greater if FIFO
Which inventory method provides a better matching of current costs with sales revenue on the income statement but also results in older values being reported for inventory on the balance sheet?a.
An increasing inventory turnover ratioa. Indicates a longer time span between the ordering and receiving of inventory.b. Indicates a shorter time span between the ordering and receiving of
You plan to retire in 20 years. Use the time value of money tables to calculate whether it is better for you to save $25,000 a year for the last 10 years before retirement or $15,000 for each of the
Define accounting.
1. How much inventory does the company hold on January 29, 2017? Does this represent an increase or decrease in comparison to the prior year?a. $11,809, which is a decreaseb. $11,809, which is an
The inventory costing method selected by a company can affecta. The balance sheet.b. The income statement.c. The statement of retained earnings.d. All of the above.
Refer to the financial information in S6-5Required:Analyze the financial information to identify three observations that lead to concerns that the inventory will need to be written down to comply
During fiscal 2014, BlackBerry Limited wrote down its BB10 smartphone inventory by approximately $1,700,000,000 because its cost exceeded its net realizable value. Show the effects of this adjustment
When a company using the allowance method writes off a specific customer’s account receivable from the accounting system, how many of the following are true?• Total stockholders’ equity remains
A company wishes to report the highest earnings possible according to GAAP. Therefore, when calculating depreciation for financial reporting purposes,a. It will follow the MACRS depreciation rates
Golden Corporation declared and paid $3,000 of cash dividends during the current year ended December 31. Its financial statements also reported the following summarized data:Required:1. Complete the
Which of the following regarding the lower of cost or market/net realizable value rule for inventory are true?i. When the value of inventory increases above the original cost of inventory shown in
In which of the following situations is an LCM/NRV write-down most likely required?a. Increasing inventory turnover ratio, decreasing gross profit percentage.b. Decreasing inventory turnover ratio,
Pinnacle Plus declared and paid a cash dividend of $6,600 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information:Required:1.
Tiger Audio declared and paid a cash dividend of $5,525 in the current year. Its comparative financial statements, prepared at December 31, reported the following summarized information:Required:1.
Which of the following ratios is not used to analyze profitability?a. Net profit margin ratio.b. Gross profit percentage.c. Current ratio.d. Return on equity.
Use the data given in PB13-1 for Tiger Audio.Required:1. Compute the gross profit percentage in the current and previous years. Are the current year results better, or worse, than those for the
Looking back over the last few years, it is clear that Nicole Mackisey has accomplished a lot running her business, Nicole’s Getaway Spa (NGS). Nicole is curious about her company’s performance
How is a year-over-year percentage calculated?
Use the information in E13-3 to complete the following requirement.Required:Compute the times interest earned ratios for 2016 and 2015. In your opinion, does Computer Tycoon generate sufficient net
Given the following ratios for four companies, which company is least likely to experience problems paying its current liabilities promptly? Current Ratlo Recelvables Turnover Ratlo а. 1.2 7.0 b.
A decrease in Selling and Administrative Expenses would directly impact what ratio?a. Fixed asset turnover ratio.b. Times interest earned.c. Current ratio.d. Gross profit percentage.
Which of the following accounting concepts do accountants and auditors assess by using financial analyses?a. Time period.b. Separate entity.c. Full disclosure.d. Going-concern assumption.
Dollar General Corporation operates general merchandise stores that feature quality merchandise at low prices to meet the needs of middle-, low-, and fixed income families in southern, eastern, and
Which of the following would not directly change the receivables turnover ratio for a company?a. Selling your inventory on credit at higher prices.b. A change in your credit policy.c. Increases in
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2016. Let’s see
Electronic Arts is a video game company that competes with Activision Blizzard. A condensed balance sheet for Electronic Arts and a partially completed vertical analysis are presented
A condensed balance sheet for Southwest Airlines and a partially completed vertical analysis are presented below.Required:1. Complete the vertical analysis by computing each line item (a)–(c) as a
Which of the following ratios is used to analyze liquidity?a. Earnings per share.b. Debt-to-assets.c. Current ratio.d. Both b and c.
Use the information in E13-3 to complete the following requirements.Required:1. Compute the gross profit percentage for each year (rounded to one decimal place). Assuming that the change from 2015 to
A condensed income statement for Southwest Airlines and a partially completed vertical analysis follow.Required:1. Complete the vertical analysis by computing each line item (a)–(f) as a percentage
This case is available online in the Connect eBook. To complete this case, you will consider the negative effects of auditors (a) Failing to identify going-concern problems that exist (b)
Analysts use ratios toa. Compare different companies in the same industry.b. Track a company’s performance over time.c. Compare a company’s performance to industry averages.d. All of the above
Which of the following ratios incorporates stock market data?a. Inventory turnover.b. Earnings per share.c. Price/earnings ratio.d. All of the above.
A bank is least likely to use which of the following ratios when analyzing the likelihood that a borrower will pay interest and principal on its loans?a. Current ratio.b. Debt-to-assets ratio.c.

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