Accounting 9th edition Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett - Solutions

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Determine the bond issue proceeds for each of the following bonds payable. All bonds are issued on January 1, 2019.a. Belmark Corporation issued bonds in the amount of $1,250,000 that will be paid in 10 years. Interest of $18,750 is payable semiannually each June 30 and December 31 with the first
Determine the bond issue proceeds for each of the following bonds payable. All bonds are issued on January 1, 2019.a. Solntark Corporation issued bonds in the amount of $150,000 that will b e paid in five years. Interest of $15,000 is payable annually each December 31 with the first interest
Dave the Lying King Inc., a mattress manufacturer, decides to participate in a pension plan commencing on January 1, 2018. The plan requires a pension payment each year following retirement. An actuary provides the following information: On average, employees will retire in 12 years, their expected
On March 4, 2014, the FASB issued an exposure draft on Conceptual Framework for Financial Reporting - Chapter 8: Notes to Financial Statements. The purpose of this project is to identify a broad range of possibilities for the board to consider when it makes disclosure rules related to particular
Use Foot Locker, Inc.'s balance sheet and other information provided on the next page to answer title following questions.a. Compute Foot Locker's working capital in 2015 and 2014.b. Compute Foot Locker's current ratio in 2015 and 2014.c. Comment on what the working capital and current ratio
The CFO of First Things Computing. Inc. (FTC) prepared the following balance sheet as of December 31, 2019.For the sake of simplicity, assume that FTC docs not incur income tax expense. Thus, the impact on equity can be computed as the combination of the impact on assets and the impact on the
Use the 2015 Annual Report, 10-K, of Foot Locker’s, Inc., to answer the following questions. You can locate Foot Locker's financial statements on its web site or the Securities and Exchange Commission's Web site of company reports.a. What sections are included in the 10-K?b. From Item 1,
Use the Foot Locker, Inc.'s 2015 financial statements found in its 2015 annual report to complete the following financial statement articulation worksheets. You can locate Foot Locker's financial statements on its Web site or the Securities and Exchange Commission's Web site of company reports.
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 changes in solvency from 2018 to 2019. 2018 2019 Item Total I abilities $450,000 $4 14,000 Total
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 liquidity from 2018 to 2019. Dragonfly's current liabilities are $89,754 million and $82,271 million 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 Commission's Web site of company reports, or the accompanying textbook Web sire.a. From Item 1,
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 are issued on February 7, 2019.a. On January 21, 2019, the Company settled a product liability
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 Payable relate to Selling. General and Administrative Expenses.Compute net cash flow from operating
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 Receivable: $2,000• Prepaid Insurance: $14,000• Prepaid Rent: $22,000• Equipment: $60,000•
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 Rent: $22,000• Equipment: $60,000• Accumulated Depreciation-Equipment: $0• Accounts Payable:
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• Prepaid Insurance: $252,000• Prepaid Rent: $480,000• Buildings: $3,540,300• Accumulated Depreciation
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 unadjusted account balances as of December 31, 2018, the company's year-end:• Cash: $3,230,000•
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 $876,000; Insurance Expense of $324.000; Administrative Expense of $414,000: Utilities 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 stock. On December 7, the company took out a loan from the bank in the amount of $150,000. and on
The following information has been extracted from the financial statements and notes thereto of Bass and Dide Ltd, consultants.20172016Services revenueInterest expenseIncome tax expenseProfitPreference dividendsTotal assetsTotal liabilitiesPreference share capitalOrdinary share capitalRetained
The following information has been extracted from the financial statements and the notes of Porcini Ltd.20172016Cash assetsMarketable securitiesReceivablesInventoriesPrepaid expensesProperty, plant and equipmentCurrent liabilitiesRevenue (sales on credit)Cost of
Comparative figures from the statement of financial position for Border Ltd are shown below:20172016Current assetsCash at bankAccounts receivableInventory$30 00052 000 84 000$25 00054 000 86 000166 000165 000Non-current assetsTerm depositPlant and equipment
Comparative figures from the statement of profit or loss of Misty Ltd are shown below:20172016Revenue (all sales) Cost of sales$450 000292 300$390 000287 000Gross profitExpenses (including tax)157 70089 200103 00068 500Profit$ 68
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 implications for financial statement analysis.
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 0.7:1Receivables turnover 30 days 45 daysInventory turnover 3
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 method for depreciation from straight line to diminishing balance(b) Revaluation of a
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. Discuss the shortcomings of making such a conclusion.
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 income (income statement), statement of financial position (balance sheet), statement of changes in
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 psychopaths’, overstates the problem; while former US president George W. Bush’s argument in the wake of the
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 useful in projecting cash flows.B. Transforming accounting to forecounting calls for more integration
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 additional capital. The internal comparative statements of financial position at 30 June 2017 and 2018
The financial statements of Triathlon Ltd are provided below and overleaf.Triathlon LTDComparative Statements of Financial Positionas at 30 June20172016ChangesCURRENT ASSETSBank bills (due 31 July)Deposits at callAccounts receivableAllowance for doubtful debtsTrade bills receivableInventoryPrepaid
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, valued at $1 each.(b) The sold equipment cost $41000 and had a carrying value of $34 000 when sold.
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 information(a) New equipment was purchased at a cost of $33 700, paid in
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 general ledger accounts disclosed the following: 1. Profit (after tax) for the year
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 the year for $19 000 cash.(b) Plant and machinery costing $100 000 was paid for by
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 bankAccounts receivableInventoryLandBuildingsAccumulated depreciation – buildingsPlant and
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 the year ended 30 June 2017 are shown on pages 000–00.Additional information(a) Other expenses
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 occurred. 1. Pippa contributed $8000 cash to the business. 2. Inventory was
The following data relate to Emporium Ltd:emporium LTDIncome Statementfor the year ended 30 June 2017INCOMESales revenueEXPENSESCost of salesDepreciation – machineryDepreciation – buildingsOther
The simplified financial statements of Titanium Ltd appear below:TITANIUM LTDStatement of Financial Positionas at 30 June20172018ASSETSCashAccounts receivableInventoryPlant and equipmentAccumulated depreciation – plant and equipment$ 37 20033 60030 00072 000(26 400)$
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 June20162017ASSETSCashInventoryAccounts receivablePrepaid insuranceLong-term investmentsMotor vehiclesAccumulated
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 Positionas at 30 June20162017CURRENT ASSETSCash at bankAccounts receivable (net)Bills
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 receivableInventoryPlant and equipmentAccumulated depreciation – plant and equipment$9 000 4 200$
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 from operating activitiesReceipts from customers (incl GST)234 760196 870Payments to
Below are the comparative statements of financial position of Lithium Ltd.Lithium ltdComparative Statements of Financial Positionas at 30 June20172018ASSETSPetty cashCash at bankBank billsAccounts receivableAllowance for doubtful debts$102 960 (6 960)$
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 receivableInventorySales equipmentAccumulated depreciation – sales equipmentLandBuildingsAccumulated
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 2017.Additional information(a) Other expenses include $66000 depreciation expense on machinery and
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 December20172016assetsCash on hand and at bankAccounts receivableInventoryPlant and
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 20162017ASSETSCash at bankAccounts receivableInventoryStore equipmentAccumulated depreciation –
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 at 30 June2016 2017ASSETSCash at bankAccounts receivableInventoryPrepaid
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. All purchases of office supplies are for cash.(b) The bank overdraft is considered to be part of
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• Other expenses include $55 500 depreciation expense.• All sales and
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 (including GST).2. Purchased inventory for $44 000 (including GST).3. Sold
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 30 June 2017 are shown below:Kim KhanComparative Statements of Financial Positionas at 30
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 from sale of shares____________4.Depreciation expense____________5.Increase in accounts
The following transactions were undertaken by Porschet Ltd during the financial year ended 30 June 2017. Ignore GST. 1. Issued ordinary shares for cash, $1 000 000. 2. Purchased land to be held for future expansion for $900 000
The simple income statement for Jack’s Blinds is shown below:JACK’S BLINDSIncome Statementfor the year ended 30 June 2017SalesLess: Cost of salesBeginning inventoryPurchases$68 500160 000$435 000Goods available for saleEnding Inventory228 50058 500Cost of
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 receivableInventoryPrepaid insuranceAccounts payableWages payableSalesCost of salesExpenses (including $47 000
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 flows (SCF) in which the cash effect is reported (if the effect is not reported in any of the
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 a budget for the forthcoming year. The committee is currently trying to decide what fund raising
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 cost per room per
Avon Technical Institute has used the following budgeted amounts for its controllable costs during 2017:Cost itemsFixed amountVariable cost per student enrolledAdministration salariesElectricityMaintenanceSuppliesCopyingGovernment charges$1200004220040000366001200052000$
The budgeted monthly service revenues for China Transport Solutions Ltd for January to June are as follows:JanuaryFebruaryMarchAprilMayJune$840000760000820000860000900000960000All of the firm’s invoicing for services is on a credit basis. All payments received from clients on time receive a 5%
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. All cash sales receive an 8% discount. Of the credit sales, 40% are collected in the month following
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 quarterDirect labour: Hourly rate is $18 per hour. Each unit requires 2.5 hours of labourFactory
Precision Polishing specializes in cutting and preparing granite panels for customized kitchen cabinetry. This requires highly specialized laser cutting and polishing equipment. Consequently, Precision Polishing allocates variable factory overhead to inventory on the basis of machine hours at a
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 product in house. The greyhound bed is much larger than the whippet bed and requires 4 metres of canvas
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 balance on 31 July included 2700 units, and the projected sales for August, September and October
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 on 31 August was 840 units, and the projected unit sales for September, October and November were
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 March 2017Ending inventory — 31 March 2017Budgeted sales:
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 June sales (units)Desired ending inventory (units)2300855025005104320550RequiredPrepare a production
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 inventory (trees)Estimated September sales (trees)Desired ending inventory (trees)20 70054 60022 80023
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 marketing managers involved agree that the number of units of Valletta pictures sold in the year ended 30
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 Xperia. For each device Suzy offers a choice of two cases; costume or jewel-encrusted. It is Suzy’s
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 sales (units)Space BoySpace LadyElectric Space Man$506090800006000040000The budgeted annual sales are
The following expenses budget has been prepared for Abacus Services for the year ending 30 June 2017:Abacus ServicesExpenses Budgetfor the year ending 30 June 2017QuarterAnnual totalSept.Dec.Mar.JuneProfessional salariesSecretarial wagesTrainingOffice suppliesElectricityInsuranceRentTravel$
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 revenueJanuaryFebruaryMarchAprilMayJune$10000 50000 80000 25000 80000 60000All revenue is provided on
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 which provides a return service once per day to a large coal mine about two hours flying time away.
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 ending 30 June 2017. It budgets on a quarterly basis in a manner similar to figure 12.5 (p. 000).
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 potential negative effects that may accrue from this process?
‘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 that budgets can act as a motivator or demotivator of management. Discuss the above comment.
‘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. Therefore I cannot justify the setting up of a budgetary system because costs would appear to exceed
‘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 know how we are going at any one time, therefore there is no need for a budgetary system.’
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 reasonable? Discuss.
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 the master budget which is based on this forecast is fundamentally flawed. Discuss.
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, major expense and profit after tax for the current year. In percentage terms, how much have these

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Accounting 9th edition Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett - Solutions

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