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business
principles financial accounting
Questions and Answers of
Principles Financial Accounting
Evaluate a company comprehensively using ratio analysis. LO15
In reporting discontinued operations, the income statement should show in a special section: LO15(a) gains on the disposal of the discontinued component.(b) losses on the disposal of the discontinued
Which of the following would be considered an“Other comprehensive income” item?(a) Gain on disposal of discontinued operations. LO15(b) Unrealized loss on available-for-sale securities.(c) Loss
Adams Corporation reported net sales of $300,000, LO15$330,000, and $360,000 in the years 2015, 2016, and 2017, respectively. If 2015 is the base year, what percentage do 2017 sales represent of the
Which measure is an evaluation of a company’s ability LO15 to pay current liabilities?(a) Accounts receivable turnover.(b) Current ratio.(c) Both (a) and (b).(d) None of the above.
Which measure is useful in evaluating the effi ciency in managing inventories?(a) Inventory turnover. LO15(b) Days in inventory.(c) Both (a) and (b).(d) None of the above.
Which of these is not a liquidity ratio?(a) Current ratio.(b) Asset turnover. LO15(c) Inventory turnover.(d) Accounts receivable turnover.
Compute the days in inventory for 2017.(a) 64.4 days. (c) 6 days.(b) 60.8 days. (d) 24 days. LO15
Compute the times interest earned for 2017.(a) 11.2 times. (c) 14.0 times. LO15(b) 65.3 times. (d) 13.0 times.
The comparative condensed balance sheets of Roadway Corporation are presented LO15 below.ROADWAY CORPORATION Condensed Balance Sheets December 31 2017 2016 Assets Current assets $ 76,000 $ 80,000
Identify and explain factors that affect quality of LO15 earnings.
Two popular methods of fi nancial statement analysis are horizontal analysis and vertical analysis. Explain the difference between these two methods. LO15
Name the major ratios useful in assessing (a) liquidity and (b) solvency. LO15
Handi Mart, a retail store, has an accounts receivable turnover of 4.5 times. The industry average is LO15 12.5 times. Does Handi Mart have a collection problem with its receivables?
At year-end, the price-earnings ratio of General Motors was 11.3, and the price-earnings ratio of Microsoft was LO15 28.14. Which company did the stock market favor?Explain.
The return on assets for Ayala Corporation is 7.6%.During the same year, Ayala’s return on common stockholders’ equity is 12.8%. What is the explanation LO15 for the difference in the two rates?
Which two ratios do you think should be of greatest interest in each of the following cases?(a) A pension fund considering the purchase of 20-year LO15 bonds.(b) A bank contemplating a short-term
If Coho Company had net income of $382,800 in 2017 and it experienced a 16%increase in net income over 2016, what was its 2016 net income? LO15
Vertical analysis (common-size) percentages for Palau Company’s sales revenue, cost of goods sold, and expenses are listed here.Vertical Analysis 2017 2016 2015 LO15 Sales revenue 100.0% 100.0%
Horizontal analysis (trend analysis) percentages for Phoenix Company’s sales revenue, cost of goods sold, and expenses are listed here. LO15 Horizontal Analysis 2017 2016 2015 Sales revenue 96.2%
Summary fi nancial information for Gandaulf Company is as follows.Dec. 31, 2017 Dec. 31, 2016 LO15 Current assets $ 200,000 $ 220,000 Plant assets 1,040,000 780,000 Total assets $1,240,000 $1,000,000
Here is fi nancial information for Glitter Inc.December 31, 2017 December 31, 2016 Current assets $106,000 $ 90,000 Plant assets (net) 400,000 350,000 LO15 Current liabilities 99,000 65,000 Long-term
Operating data for Joshua Corporation are presented below.2017 2016 Sales revenue $800,000 $600,000 Cost of goods sold 520,000 408,000 Selling expenses 120,000 72,000 LO15 Income tax expense 30,000
Suppose the comparative balance sheets of Nike, Inc. are presented here.NIKE, INC. LO15 Comparative Balance Sheets May 31($ in millions)Assets 2017 2016 Current assets $ 9,734 $ 8,839 Property,
Here are the comparative income statements of Delaney Corporation.DELANEY CORPORATION Comparative Income Statements For the Years Ended December 31 2017 2016 Net sales $598,000 $500,000 Cost of goods
Nordstrom, Inc. operates department stores in numerous states. Suppose selected fi nancial statement data (in millions) for 2017 are presented below.End of Year Beginning of Year Cash and cash
Condensed balance sheet and income statement data for Jergan Corporation are presented here.JERGAN CORPORATION Balance Sheets December 31 2017 2016 2015 Cash $ 30,000 $ 20,000 $ 18,000 Accounts
Suppose selected fi nancial data of Target and Wal-Mart for 2017 are presented here (in millions).Target Wal-Mart LO15 Corporation Stores, Inc.Income Statement Data for Year Net sales $65,357
Natalie and Curtis have comparative balance sheets and income statements for Cookie & Coffee Creations Inc. They have been told that they can use these fi nancial statements to prepare horizontal and
Your parents are considering investing in Apple Inc. common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Financial statements of Apple are presented in
The Coca-Cola Company and PepsiCo, Inc. provide refreshments to every corner of the world. Suppose selected data from recent consolidated fi nancial statements for The Coca-Cola Company and for
Purpose: To employ comparative data and industry data to evaluate a company’s performance and fi nancial position.Address: http://www.msn.com/en-us/money, or go to www.wiley.com/college/kimmel
The April 25, 2012, edition of the Wall Street Journal contains an article by Spencer Jakab entitled “Amazon’s Valuation Is Hard to Justify.”Instructions Read the article and answer the
Larry Dundee is the chief executive offi cer of Palmer Electronics. Dundee is an expert engineer but a novice in accounting. Dundee asks you, as an accounting student, to explain (a) the bases for
Presentation of comprehensive income must be reported under IFRS in:(a) the statement of stockholders’ equity.(b) the income statement ending with net income. LO15(c) the notes to the financial
In preparing its income statement for 2017, Parmalane assembles the following information.Sales revenue $500,000 Cost of goods sold 300,000 LO15 Operating expenses 40,000 Loss on discontinued
Prepare a statement of cash fl ows using the direct method. LO11
Distinguish among the three activities reported in the statement of cash flows. LO11
Contrast the advantages and disadvantages of the direct and indirect methods of preparing the statement of cash fl ows. Are both methods acceptable? Which method is preferred by the FASB? Which
Why is it necessary to convert accrual-basis net income to cash-basis net income when preparing a statement of cash fl ows? LO11
Why is the statement of cash fl ows useful? LO11
Based on its statement of cash fl ows, in what stage of the product life cycle is Apple? LO11
Describe the direct method for determining net cash provided by operating activities. LO11
Give the formulas under the direct method for computing(a) cash receipts from customers and (b) cash payments to suppliers. LO11
In the direct method, why is depreciation expense not reported in the cash fl ows from operating activities section? LO11
The following T-account is a summary of the Cash account of Alixon Company. LO11 Cash (Summary Form)Balance, Jan. 1 8,000 Receipts from customers 364,000 Payments for goods 200,000 Dividends on stock
Moss Corporation had the following transactions. LO11 1. Issued $160,000 of bonds payable.2. Paid utilities expense.3. Issued 500 shares of preferred stock for $45,000.4. Sold land and a building for
PK Photography reported net income of $100,000 for 2017. Included in the income statement were depreciation expense of $6,300, patent amortization expense of$4,000, and a gain on disposal of plant
The current sections of Sunn Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Sunn’s net income for 2017 was $153,000. Depreciation expense was$27,000. LO11 2017 2016
The following three accounts appear in the general ledger of Beiber Corp. during 2017. LO11 Equipment Date Debit Credit Balance Jan. 1 Balance 160,000 July 31 Purchase of equipment 70,000 230,000
The 2017 accounting records of Megan Transport reveal these transactions and events. LO11 Payment of interest $ 10,000 Payment of salaries and wages $ 53,000 Cash sales 48,000 Depreciation expense
The following information is taken from the 2017 general ledger of Preminger Company. LO11 Rent Rent expense $ 30,000 Prepaid rent, January 1 5,900 Prepaid rent, December 31 7,400 Salaries Salaries
The following account balances relate to the stockholders’ equity accounts of Molder Corp. at year-end. LO11 2017 2016 Common stock, 10,500 and 10,000 shares, respectively, for 2017 and 2016
The income statement of Munsun Company is presented here. LO11 MUNSUN COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,600,000 Cost of goods sold Beginning inventory
Data for Munsun Company are presented in P12-3A. LO11 Instructions Prepare the operating activities section of the statement of cash flows using the direct method.
Presented below are the fi nancial statements of Warner Company. LO11 WARNER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 35,000 $ 20,000 Accounts receivable 20,000 14,000
Data for Warner Company are presented in P12-7A. Further analysis reveals the following. LO11 1. Accounts payable pertain to merchandise suppliers.2. All operating expenses except for depreciation
Condensed fi nancial data of Granger Inc. follow. LO11 GRANGER INC.Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 80,800 $ 48,400 Accounts receivable 87,800 38,000 Inventory 112,500
Data for Granger Inc. are presented in P12-9A. Further analysis reveals that accounts payable pertain to merchandise creditors. LO11 Instructions Prepare a statement of cash flows for Granger Inc.
The comparative balance sheets for Spicer Company as of December 31 are presented below. LO11 SPICER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 68,000 $ 45,000 Accounts
Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the statement of cash fl ows.Go to the book’s companion website, at
The fi nancial statements of Apple Inc. are presented in Appendix A. LO11 Instructions Answer the following questions.(a) What was the amount of net cash provided by operating activities for the year
Purpose: Use the Internet to view SEC fi lings. LO11 Address: biz.yahoo.com/i Steps 1. Enter a company’s name.2. Choose Quote. Answer questions (a) and (b).3. Choose Profile; then choose SEC.
The November 23, 2011, edition of the Wall Street Journal Online contains an article by John Jannarone entitled “Backlash from Netfl ix Buybacks.” LO11 Instructions Read the article and answer
Identify the major characteristics of a sole proprietorship. LO5
Identify the major characteristics of a partnership. LO5
Explain the accounting entries for the formation of a partnership. LO5
Identify the bases for dividing net income or net loss. LO5
Identify the major characteristics of a corporation. LO5
Record the issuance of common stock. LO5
Explain the accounting for treasury stock. LO5
Differentiate preferred stock from common stock. LO5
Prepare the entries for cash dividends and stock dividends. LO5
Identify the items that are reported in a retained earnings statement. LO5
Jane Moreno and Javier Sanchez combine their resources and open a Latin American tapas restaurant. Moreno puts in $15,000 cash and kitchen equipment with a book value of$6,000, accumulated
Sarah and Allison have been partners for more than 10 years in their bakery. They invested equal amounts to open up the business. After all these years, they would like to close the books. If the
Todd and Carlo became partners on January 1, 2005, in their joint venture ToLo Sports Bar. Todd put in $50,000, while Carlo’s share was $75,000. The net income for the year is $12,000.If the income
Referring back to 13-3, prepare the partner’s capital statement for the year ended December 2005 for ToLo Sports Bar if both Todd and Carlo withdraw $1,000 from their partnership. LO5
During its first year of operations, Evanston Motel Corporation had the following transactions pertaining to its common stock. LO5 Jan. 10 Issued 80,000 shares for cash at $5 per share.July 1 Issued
Phoenix Hotels and Clubs had the following transactions during the current period. LO5 Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $27,000 for
On January 1, 2004, the stockholders’ equity section of Parge Hotels Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value$1,000,000; and retained
On January 1, Moyer Hotel Corporation had 75,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. LO5 Apr.
On January 1, 2004, Yorkville Hotels Corporation had Retained Earnings of $580,000.During the year, Yorkville had the following selected transactions. LO5 1. Declared cash dividends $120,000.2.
A June 1999 issue of Money magazine includes an article by David Futrelle entitled“Stock Splits: How the Dumb Get Rich.” LO5 Instructions Read the article and answer the following questions.(a)
SEC filings of publicly traded companies are available to view online. LO5 Address: http//biz.yahoo.com/i Steps 1. Pick a company and type in the company’s name.2. Choose Quote.Instructions Answer
How aix’ Iranporary invx’simenis in markelabk' seeurilies reporleil on the bal ante slux'l?AppendixLO1
Describe the source of the data for debiting Work in Process for (a) direct ma¬ terials, (b) direct labor, and (c) factory overhead.AppendixLO1
What is the difference between a product cost and a period cost?AppendixLO1
Define and give examples of current liabilities.AppendixLO1
Prepare journal entries for short-term notes payable and the disclosure for the current portion of long-term debt.AppendixLO1
Describe the accounting treatment for contingent liabilities and journalize entries for product warranties.AppendixLO1
Determine employer liabilities for pay¬ roll, including liabilities arising from employee earnings and deductions from earnings.AppendixLO1
Describe payroll accounting systems ^ that use a payroll register, employee earnings records, and a general journal.AppendixLO1
Journalize entries for employee fringe benefits, including vacation pay and pensions.AppendixLO1
Use the quick ratio to analyze the ability of a business to pay its current liabilities.AppendixLO1
A business issued a $5,000, 60-day, 12% note to the bank. The amount due at maturity is:A. $4,900 C. $5,100 B. $5,000 D. $5,600 AppendixLO1
A business issued a $5,000, 60-day note to a sup¬ plier, which discounted the note at 12%. The pro¬ ceeds are:A. $4,400 C. $5,000 B. $4,900 D. $5,100 AppendixLO1
Which of the following taxes are employers usu¬ ally not required to withhold from employees?A. Federal income tax B. Federal unemployment compensation tax C. Medicare tax D. State and local income
An employee’s rate of pay is $40 per hour, with time and a half for all hours worked in excess of 40 during a week. The social security rate is 6.0%on the first $100,000 of annual earnings, and the
when should the liability associated with a product warranty be recorded? Discuss.AppendixLO1
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