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intermediate accounting

Questions and Answers of Intermediate Accounting

The following items are from the financial statements of Tall Oak Company.Compute Tall Oak's debt-to-equity ratio and interest coverage ratio for 2018 and 2019. Comment on Tall Oak's solvency and
Use the following excerpt of Dragonfly Corporation's asset balances to compute Dragonfly's working capital and current ratio for 2019 and 2018. Comment on Dragonfly's liquidity and changes in
Use Johnson & Johnson's 2016 Annual Report, 10-K, to answer the following questions. You can locate Johnson & Johnson's financial statements on its web site, the Securities and Exchange
For each of the following subsequent event financial statement disclosures, determine whether the treatment is proper. The fiscal year-end is December 31 in each scenario. The financial statements
Compute cash flows from operating activities for Edwards Company under the indirect reporting format. Edwards Company provided you with the following information for the current year. Accounts
What information is provided in title Management's Discussion and Analysis section of the financial statements?
Over what period must management assess the entity's ability to continue as a going concern under IFRS?
Over what period must management assess the entity's ability to continue as a going concern under U.S. GAAP?
What are the four major components of stockholders' equity? Explain each component.
Using the information provided in E4-14:Data from E4-14.MPS, Inc, has the following unadjusted account balances as of December 31, 2018, the company's year-end:• Cash: $430,000• Accounts
MPS, Inc, has the following unadjusted account balances as of December 31, 2018, the company's year-end:• Cash: $430,000• Accounts Receivable: $2,000• Prepaid Insurance: $14,000• Prepaid
Fanatical Fashions, a department store, has the following unadjusted account balances as of December 31, 2018, the company's year-end:• Cash: $3,230,000• Accounts Receivable: $1,240,000•
Using the information provided in E4-12, prepare an adjusted trial balance for Fanatical Fashions as of December 31, 2018.Data from E4-12.Fanatical Fashjons, a department store, has the following
Over the course of 2018, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $ 4,340,000; Cost of Goods Sold of $ 1,936,000; Wage Expense of
Mario's Grocery began operations on December 1, 2018. and has a year-end of December 30. On December 1, the owners invested $50,000 (the par value of the stock) in return for 5,000 shares of common
The following information has been extracted from the financial statements and notes thereto of Bass and Dide Ltd, consultants.20172016Services revenueInterest expenseIncome tax
The following information has been extracted from the financial statements and the notes of Porcini Ltd.20172016Cash assetsMarketable securitiesReceivablesInventoriesPrepaid expensesProperty, plant
Comparative figures from the statement of financial position for Border Ltd are shown below:20172016Current assetsCash at bankAccounts receivableInventory$30 00052 000 84
Comparative figures from the statement of profit or loss of Misty Ltd are shown below:20172016Revenue (all sales) Cost of
The asset section of the statement of financial position and notes thereto of Megabus Ltd is shown below:20172016Cash assetsReceivablesInventoriesPrepaid insuranceFurniture and fittingsPlant and
Niagra Ltd reported the following financial data over a 5-year period.20142015201620172018IncomeGross profitOther
Some accountants believe that financial statement analysis is of little benefit as it contradicts the findings of capital markets research. Discuss the findings of capital markets research and its
Discuss the general limitations of financial statement analysis.
Describe the information conveyed by:(a) A cash adequacy ratio(b) An operations index
Explain the association between the profit margin and asset turnover.
Discuss the role(s) that an entity’s cash flow data can play in analysing the entity’s financial performance.
In analysing the financial statements of an entity, the following ratios were calculated:20172016Current ratio 1.1:1 1.3:1Quick ratio 0.5:1
Discuss how, in choosing the accounting methods below, the following ratios can be affected — return on assets, quick ratio, profit margin, asset turnover:(a) A change in accounting
After calculating the current ratio for an entity and finding that the ratio’s value was 5:1, a student analyst decided that the company was in a sound position for paying its liquid liabilities.
Refer to the latest financial report of JB Hi-Fi Limited on its website, www.jbhifi.com.au, and answer the questions below using the consolidated statement of profit or loss and other comprehensive
Two popular theories on why corporations fall the ethics test should be debunked, Jeremy Moon says. The explanation in some quarters, that many senior business leaders are ‘corporate
A. The definitions of assets and liabilities in the conceptual framework refer to generating future cash inflows (assets) and cash outflows (liabilities). Explain how a statement of cash flows is
The management of Locale Ltd is worried because the bank overdraft has increased by a substantial amount over the financial year ended 30 June 2018 despite a large profit and the introduction of
The financial statements of Triathlon Ltd are provided below and overleaf.Triathlon LTDComparative Statements of Financial Positionas at 30 June20172016ChangesCURRENT ASSETSBank bills (due 31
The information overleaf relates to Cascade Ltd.Additional information in relation to the year ended 30 June 2018(a) A loan payable of $45000 was satisfied by conversion into 45 000 ordinary shares,
Tulloch Ltd’s comparative statements of financial position and statement of profit or loss and other comprehensive income for the year ended 30 June 2018 are shown on pages 000–00.Additional
Comparative statements of financial position for Gold Ltd on 30 June 2017 and 2018 are presented below.Examination of the company’s statement of profit or loss and other comprehensive income and
The financial statements for Moon Ltd are shown below.Additional information(a) Office furniture that had originally cost $22 000 and had accumulated depreciation of $4000 was sold during
Comparative information as at 30 June 2017 and 30 June 2018 for Pretentious Ltd is as follows:pretentious LTDComparative Statements of Financial Positionas at 30 June20172018ASSETSCash at
The comparative statements of financial position of Laguna Ltd as at 30 June 2016 and 2017, the statement of profit or loss and other comprehensive income and the statement of changes in equity for
Pippa Highton set up a small business from her home by contributing $8000 cash to the business. The business is registered for GST. For the year ended 30 June 2018, the following transactions
The following data relate to Emporium Ltd:emporium LTDIncome Statementfor the year ended 30 June 2017INCOMESales revenueEXPENSESCost of salesDepreciation – machineryDepreciation – buildingsOther
The simplified financial statements of Titanium Ltd appear below:TITANIUM LTDStatement of Financial Positionas at 30 June20172018ASSETSCashAccounts receivableInventoryPlant and equipmentAccumulated
A & L Mechanics is operated by Adrian and Len in partnership. Financial data for the partnership follow.a & L MechanicsComparative Statements of Financial Positionas at 30
The comparative statement of financial position of the partnership of Murray and Darling as at 30 June 2016 and 30 June 2017 were as follows:MURRAY AND DARLINGComparative Statements of Financial
Financial figures of the business of C. Wilson for the last 2 years are shown below.c. wilsonComparative Statements of Financial Positionas at 30 June20172018ASSETSCash at bankAccounts
The statement of cash flows for Carsales.com Ltd, a company listed on the Australian Securities Exchange, follows.Statement of Cash FlowsFor the year ended 30 June 2013Notes2013$0002012$000Cash flows
Below are the comparative statements of financial position of Lithium Ltd.Lithium ltdComparative Statements of Financial Positionas at 30 June20172018ASSETSPetty cashCash at bankBank billsAccounts
Some of the most recent financial statements for Barium Pty Ltd are shown below:Hyland pty ltdComparative Statements of Financial Positionas at 30 June20172018assetsCash at bankAccounts
Opposite are the comparative statements of financial position of Cresta Ltd as at 30 June 2016 and 2017, and the income statement and statement of changes in equity for the year ended 30 June
Comparative statements of financial position as at 31 December 2017 and 2016 and the income statement for 2017 for W. Yu are set out below.W. YUComparative Statements of Financial Positionas at 31
The financial statements for the business of Jet’s Ski Equipment are shown below:JET’S SKI EQUIPMENTComparative Statements of Financial Positionas at 30 June
The following comparative statements of financial position and income statement are for the business of Bargains Galore Pty Ltd:Bargains galore PTY LTDComparative Statements of Financial Positionas
The financial statements for the business of Trinh’s Nail Supplies for the past two years are presented below.Additional information(a) All purchases and sales of inventories are on credit.
The comparative statements of financial position of Hutt Electrical as at 30 June 2016 and 2017 and the income statement for the year ended 30 June 2017 are shown overleaf.Additional information•
The business owned by Xavier Long made the following cash transactions during the reporting period. GST of 10% was applicable on all transactions.1. Purchased equipment for $22 000
Kim Khan has been in business as a sole trader for the past 5 years. The comparative statements of financial position for the years 2016 and 2017 and a summarised income statement for the year ended
Following are the descriptions of changes in selected accounts and other events for Krimp Café Pty Ltd.1.Decrease in accounts receivable____________2.Increase in inventory____________3.Cash proceeds
The following transactions were undertaken by Porschet Ltd during the financial year ended 30 June 2017. Ignore GST. 1. Issued ordinary shares for cash,
The simple income statement for Jack’s Blinds is shown below:JACK’S BLINDSIncome Statementfor the year ended 30 June 2017SalesLess: Cost of salesBeginning
The information below was taken from the general ledger accounts of Muhria Tran, who uses the accrual basis of accounting.MUHRIA TRAN30 June 2018 2017Accounts
Below is a list of transactions completed by Direct Fashion during 2017. Ignore GST. For each transaction, indicate (a) the section (i.e. operating, investing or financing) of the statement of cash
You have recently been elected to the position of Treasurer for your daughter’s regional netball club. The committee informs you that as they do not aim to make a profit there is no need to prepare
Hua Chang Resort has prepared the following budgeted amounts for its costs for 2017. Hua Chang has 32 luxury rooms available in the resort. It operates 365 days of the year.CostsFixed amountVariable
Avon Technical Institute has used the following budgeted amounts for its controllable costs during 2017:Cost itemsFixed amountVariable cost per student enrolledAdministration
The budgeted monthly service revenues for China Transport Solutions Ltd for January to June are as follows:JanuaryFebruaryMarchAprilMayJune$840000760000820000860000900000960000All of the firm’s
The budgeted monthly service revenues for Causeway Contractors for January to June are presented below. The entity’s experience is that 80% of monthly invoicing for services is on a credit basis.
Ketton Ltd is in the process of preparing direct labour and factory overhead budgets for the year ending 30 June 2017. Relevant data are set out below:Production: 21000, 41000, 41500, 51000 units per
Precision Polishing specializes in cutting and preparing granite panels for customized kitchen cabinetry. This requires highly specialized laser cutting and polishing equipment. Consequently,
Greyt Dog Beds Ltd manufactures dog beds specifically designed for greyhounds and whippets. The company purchases all the required materials from external suppliers and designs and assembles the
Durham Manufacturing Pty Ltd has a policy of maintaining a finished goods inventory balance at the end of a month equal to 50% of the sales requirements of the following month. The ending inventory
Expert Electronics Ltd has a policy of maintaining a finished goods inventory balance at the end of a month equal to 30% of the sales requirements of the following month. The ending inventory balance
The purchasing officer for The Majestic Emporium has prepared a purchases budget for the financial year ending 31 March 2017, based on the following data:Purchases for February 2017Purchases for
Florida Motors Ltd produces two models of cars, Reliable and Luxury. The projected financial data for the month of January are as follows:ReliableLuxuryEstimated beginning inventory (units)Estimated
Gordon’s Gardening World supplies two varieties of citrus trees, Grapefruit and Lime. The projected operating data for the month of September are as follows:GrapefruitLimeEstimated beginning
V. Zarb, the marketing manager for Maltese Treasures Ltd, is preparing a sales budget for the year ended 30 June 2017. In reviewing the actual sales data for the previous year, the sales and
Suzy’s Boutique sells high end fashion accessories for smart phones imported directly from Italy. She is currently selling products to fit four popular devices; iPhone 4, iPhone 5, Galaxy and
Space Cadet Pty Ltd produces three toy space people, which are sold to local retail stores. The marketing department expects the following sales performance for the next year:ToySelling priceAnnual
The following expenses budget has been prepared for Abacus Services for the year ending 30 June 2017:Abacus ServicesExpenses Budgetfor the year ending 30 June 2017QuarterAnnual
Bounce Athletics Ltd, which develops and runs athletics training programs for primary schools, has budgeted revenue for the first 6 months of 2017 as follows:MonthBudgeted
Fly Fast Ltd operates a small charter plane operation in South West Queensland. The airline provides a fly in fly out service to mining operations in this area. Currently Fly Fast operates one plane
Selcombe, Selcombe and Selcombe Media are three generations of the one family involved in providing public relations services for nearly 50 years. The firm is preparing its fees budget for the year
Participation in the budget process is often viewed as way to improve the accuracy of the targets as well as encouraging managers to take responsibility for achieving the targets. Can you see any
‘The problem with budgets is if you achieve the budget targets in one year, top management then increases its expectations of you in the subsequent years.’ In this context it is sometimes argued
‘As I see it, budgeting boils down to taking the results of the last reporting period and adjusting the data for the new reporting period. Budgets based on past performance are of little value.
‘A complete budgetary system can be costly. One solution to this problem is to prepare only a cash budget.’ Would you agree? Explain your answer.
The manager of HighTech Industries Ltd made the following comment: ‘In my business everything is computerised. Everything is on-line and I have at my disposal at all times up-to-date information. I
Because master budgets for service organisations are more straightforward than those for manufacturing entities, it is not as important to budget for service organisations. Discuss.
The manager of a medium-sized business was heard to remark: ‘My business is one which involves too many uncertainties for a budget to be of any use to me.’ Is the stance taken by the manager
The cornerstone of any budgetary system is the sales or income forecast. The level of sales is extremely difficult to forecast with any degree of accuracy, and in that case it could be argued that
Discuss the purposes of the statement of cash flows.
Refer to the latest consolidated financial statements of JB Hi-Fi Ltd on its website, www.jbhifi.com.au, and answer the following questions:A. Provide details of the consolidated entity’s income,
This chapter has focused on Australian financial reporting as legislated by the Corporations Act. However, companies are increasingly prepared to disclose additional information beyond that required
Advise Townsend on the most appropriate treatment in the financial statements for each of the above circumstances.Note particularly the definitions of income, revenue, gains, and expenses and losses
The following unadjusted trial balance is for the year ended 30 June 2019:BILLY GOAT LTDUnadjusted Trial Balanceas at 30 June 2019DebitCreditBank overdraftVehicle rental expensesCash at
The ledger balances of Outback Grande Ltd as at 30 June 2019 are shown below.The following adjustments are yet to be taken into the accounts:1. Inventory on hand at 30 June 2019 valued at
The trial balance of Le Max Ltd at 30 June 2019 was as shown below.LE MAX LTDTrial Balanceas at 30 June 2019DebitCreditShare capital (ordinary shares issued at $2, fully paid)General surplusRetained
Munce and Cassidy, the proprietors of a consulting business, decided to convert their business into a limited company known as Hawkspur Ltd. The following was the balance sheet for internal purposes
Dandino Ltd was formed on 1 March 2018 for the purpose of purchasing the business of Verama Ltd whose assets and liabilities at that date were as shown below.AssetsFreehold
Royal Empire Ltd commenced trading many years ago. Equity at 30 June 2018 comprised:Share capital, 200 000 ordinary shares fully paid at $5General reserveRetained

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