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financial accounting 11th
Questions and Answers of
Financial Accounting 11th
Examine the listed business activities and decide if each is to be classified as a:Cash flow from operating activity Cash flow from investing activity Cash flow from financing activity Non-cash
Gainesville Corporation's income statement revealed sales of \($700\),000; gross profit of \($300\),000; selling and administrative costs of \($140\),000; and income taxes of \($45\),000. The selling
Gainesville Corporation's income statement revealed sales of \($700\),000; gross profit of \($300\),000; selling and administrative costs of \($140\),000; and income taxes of \($45\),000. The selling
Following is an incorrectly prepared statement of cash flows for Herman Corporation. Review and correct this presentation, using a direct approach. HERMAN CORPORATION Statement of Cash Flows For the
The accountant for Rimmerex Corporation used a spreadsheet to prepare information needed to prepare the statement of cash flows for the year ending December 31, 20X5. However, the data were
Review the following technical comments about the presentation methodology for the statement of cash flows. Identify if the comment pertains to the "direct" or "indirect" approach, or "both."The
Waguespack Corporation and Hedrick Corporation had identical cash positions at the beginning and end of 20X9. Each company also reported a net income of $150,000 for 20X9. Evaluate their cash flow
Ozark Corporation reported net income of $100$100,000 for 20X5. The income statement revealed sales of $1$1,000,000; gross profit of $520$520,000; selling and administrative costs of $340$340,000;
Weaver Corporation's stock is selling for $16 per share. Weaver provided the following financial statements. Use these statements to prepare comprehensive ratio analysis tables. ASSETS WEAVER
Travis Engineering presented the following comparative balance sheet:Additional information about transactions and events occurring in 20X3 is as follows:Dividends of \($105\),700 were declared and
Fred Slezak presented the following comparative balance sheet:Additional information about transactions and events occurring in 20X5 follows:Dividends of \($55\),000 were declared and paid.Accounts
Live Oak presented the following comparative balance sheet:Additional information about transactions and events occurring in 20X5 follows:Dividends of $55,000 were declared and paid.Accounts payable
Each student should obtain the statement of cash flows from the annual report of a favorite company.Annual reports are usually downloadable from the website of a public company, or are otherwise
Tic Toc Clock Shop reported the following merchandising-related transactions during June. Tic Tock Clock Shop records all purchases "gross" and credit terms are precisely followed on both purchases
Ahson Tariq is director of operations for CTC. CTC specializes in global merchandising of the world's finest cotton fibers. It is common practice for CTC to purchase cotton in bulk from regional
Hanna Sports is a retailer that specializes in athletic equipment. The corporate strategy is to focus on towns with a population of less than 25,000 people, thereby avoiding head-to-head competition
Big Swing Sales is a rapidly growing speciality advertising company that distributes golf balls with personalized corporate logos printed on them. Heretofore, the company has used a manual perodic
Synandre Montaque is the CEO of Montaque Corporation. The company recently held a webcast to announce preliminary results for the year ending December 31, 20X5. The webcast began with a opening
Form a team with four other classmates. This problem requires your team to visit a business that is willing to share some information about their control procedures, so try to form teams such that at
Review the following items and decide if each would be more appropriately classified as:(a) Currency in the petty cash box(b) Postage stamps in a file cabinet(c) The balance on deposit in a regular
Arctic Blast has developed a cold treatment process for killing home-invading ants and termites. Their pesticide free process provides a highly attractive alternative to sprays and poisons. The
Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts you need to prepare Dine-Corp's March bank reconciliation: Balance per company records at
Daniel Scott is an audit manager with the accounting firm of Nelson & Riley, CPAs. As part of the routine audit procedures for one of their clients, Danie! instructed Wanda Mullins, a newly hired
Biscay Bay Boats established a petty cash fund for minor day-to-day expenses. Following are activities related to this fund. Prepare the necessary journal entries for petty cash.(1) Established a
Piven Mining Corporation holds significant limestone deposits. One of its key customers, Kuai Oil, produces crude oil from shale deposits. This production process requires limestone, and Piven is
Various contractual arrangements entered into by Nusbaum Company require it to maintain a minimum balance of cash and cash equivalents of \($1\),000,000. The company's balance is dipping near that
Manahan Corporation received its August 31 bank statement showing total funds on deposit of \($288\),090.09.This amount was \($149\),158.22 in excess of the balance in the general ledger Cash
Following is the September 30, 20X4 bank reconciliation for the Quiet Moose Lodge. You are also provided with the October check register and bank statement. Utilize this information to prepare
This problem provides a tangible, team exercise pertaining to the correct operation of a petty cash fund. Begin by forming a 9 person team consisting of 4 employees, a banker, a petty cash custodian,
Pulaski Mining Corporation occasionally acquires short-term investments for trading purposes. On August 1, 20X7, Pulaski acquired stock investments in four different companies: Aztec Zinc (cost of
This problem requires you to select three stocks for a hypothetical trading securities investment portfolio. Assume you invest $100,000 in each company at beginning of "day 1."Prepare a daily journal
La Piaza Restaurant has always adhered to a strict cash only policy. Management is, for the first time, considering accepting credit cards and/or extending direct credit to customers. The left side
Morrison Mountain Medical Clinic (MMMC) accepts credit card payments from its patients. Following are the batched transactions for June 11.(1) Total charges on MasterMoney and Wisa credit cards were
Flowers and Fluff frequently receives rush orders for floral deliveries. Some of these orders are on account. Occasionally, customers do not pay for their orders. Flowers and Fluff is a small
Pablo's Precision Parts distributes carbon fiber parts for customization of sports cars. The company has a broad customer base, and routinely sells on credit. Annually, the company reviews and
Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging of outstanding accounts receivable. Following is the aging schedule as of December 31,
Morrison Supply sells pressured air devices that assist patients with breathing disorders during sleep. These devices are delivered to patients immediately upon completion of a diagnostics exam, and
Wang Corporation follows generally accepted accounting principles in accounting for uncollectibles. Wang received notification from a bankruptcy court that its customer, Timber Creek, had been
Supreme Vacuum uses television advertising blitzes to generate consumer interest in their highly-touted floor cleaners. Customers are directed to a website for more information. Once on the website,
A "Note" is a written promise to pay a definite amount of money on a specific future date. Specific terminology is used to describe various attributes of a note.Match the following terms to their
Vinay Sanja was interviewing for a job at the State Bank of India. The bank requires all job applicants to take a competency test on basic money mathematics. Vinay has completed the interest
Prepare journal entries for each of the following transactions:On December 1, 20X5, Musaka received a 10%, 1-year, note receivable from Lambert. This note was issued in payment for a $24,000
Rocks Shoes is a three-year old company that started out producing specialty shoes for rock climbing and mountaineering. However, their unique styling has made them a hit with the general public and
Myssie Cardenas was recently hired as the chief financial officer for Barajas Corporation. At the time Myssie was hired, the company had just completed the accounting cycle for the year ending
Wangming Lu Energy Company builds specially designed blades for generators used in wind energy farming operations. The company started the year with the following accounts receivable position:During
Walt's manufactures and sells customized work clothes and uniforms. Following is a list of accounts receivable as of December 31, 2010.(a) Sort the receivables list by age category and determine the
Many "publicly held" companies are required to prepare and file financial statements with the USA Securities and Exchange Commission. The annual report filed with the SEC is known as the 10-K. Such
Your introductory course in accounting is exposing you to basic principles and practices. However, some circumstances require research into more specific accounting rules. These rules come from a
Zhejiang Corporation sells customized stage lighting equipment for use in the entrainment industry.Zhejiang has a broad dealer network. One dealer, Min Chen, obtained a large contract with a ship
C&L Coach buys luxury cars from manufacturers and then "saws them in half" and adds a number of components to upgrade and stretch them into exotic limousines. Examine the following items and
Sid Breman Art Gallery operates a retail store in Florida. All art displayed in the gallery is available for purchase. Much of the art is owned by the gallery. However, there are also works on
Elizabeth Egbert owns a galvanizing plant. Customers bring in their fabricated steel products (like light poles, towers, trailers, etc.), and Egbert dips them into a vat of molten zinc. The zinc
Patti Devine owns Devine Decorating. One of her most popular items is the Remind-a- Chime digital clock.This programmable clock issues "voice-based" reminders of important events like birthdays,
Tom Pryor is conducting an audit of the computerized inventory system used by Zix Corporation. Tom has inserted hypothetical data into the computer program that tracks inventory on a perpetual basis.
B. J. Stewart Furniture Company had the following transactions relating to the purchase and sale of leather sofas. There was no beginning inventory.Purchased 100 units on account at \($1\),000 per
Park Place Luxury Autos uses the specific identification method to value its inventory. Below is a listing of automobiles that were either in beginning inventory or acquired during the year:Park
Carson's Camera Store has a number of video recording cameras in stock. All units are priced to provide a normal profit margin of \($150\). Some of these units are quite old. Carson's has concluded
Aurora Wedding Gowns was burglarized in May of 20X5. It is unclear how many dresses were stolen. Aurora and its insurance company are currently working to estimate the dollar value of the stolen
The Quilting Pad is a retail store that sells materials for custom quilts. The store has a quilting room where quilters gather to sew and visit.The store's inventory consists of bolts of fabrics,
Bell Computers assembles and sells notebook styled computers. The company is attempting to better manage cash flow and reduce inventory. The most recent strategy has been to require major vendors to
Citrin Corporation reported the following information related to 20X7 and 20X8:The 20X7 ending inventory value used in the above presentation erroneously failed to include $200,000 of goods purchased
Track Rack is a software development company that specializes in developing information systems to account for inventory. The company maintains an attractive website, which is one of its primary
Adriaan Taylor Corporation is a newly formed entity that engages in the purchase and resale of amphibious tour vehicles. Purchases for the first year of operation were as follows:Sales for this first
Ali Naeem was recently placed in charge ofi nventory accounting for Sialkot Surgical Supply. This company is located in Pakistan and deals in surgical supplies for global export. The company has been
Form a six-member team, evaluate the following fact situation, and complete the indicated requirements.Lynne Pastor is chief financial officer for Lots of AdvertisingT.h e company has received an
Joyce Cathey owns Southwest Golf Shop. She has reviewed the following preliminary financial data prepared for the year ending December 31, 20X8:Joyce has determined that the above data were based on
Determine the "type" and "basic accounting" approach for each of the following categories of investments. Investment level generally over 20% but not giving control Investment level usually over
This problem requires you to carefully reread and think about the book's brief discussion on emerging trends in fair value reporting. As you do so, edit the following incorrect comments to make them
Micro Detect Corporation was sued for securities fraud. It was alleged that the company deliberately overstated net income by failing to appropriately recognize losses on its trading securities.
Winsloe Corporation obtained an investment in the stock of Southern Rail. The intent of the investment was not to obtain control or to exert significant influence. Winsloe has no plans to trade the
Beckwith Boots invested $100,000 in 5-year bonds issued by Ace Brick Company. The bonds were purchased at par on January 1, 20X1, and bear interest at a rate of 8% per annum, payable semiannually.(a)
Devol Computing invested in $100,000 of face amount of 6-year bonds issued by Horton Micro Chip Company on January 1, 20X1. The bonds were purchased at 103, and bear interest at a stated rate of 8%
Petersen Stores invested in $100,000 of face amount of 4-year bonds issued by Erik Food Supply Company on January 1, 20X1. The bonds were purchased at 98, and bear interest at a stated rate of 8% per
Davis Steel Company acquired 30% of the stock of Reginald Metals Company. Davis acquired this investment for purposes of being able to exert significant influence over the strategic plans and
Packed Powder Corporation bought all of the stock of Snowfall Corporation from its existing shareholders on June 30, 20X4. Packed Powder paid Snowfall's shareholders a total of $2,000,000, which
Parrot Corporation bought all of the stock of Sparrow Corporation from its existing shareholders on January 1, 20X6. Parrot paid Sparrow's shareholders a total of $5,000,000, which was $2,000,000 in
Bitnec Corporation acquired three separate investments at the beginning of the year. Information about each acquisition, the dividends declared and paid during the year, income, and year end stock
Season Corporation had excess cash on hand on January 1, 20X1, and invested in three separate bond issues on that date. Each bond investment had a maturity date of December 31, 20X6, and a maturity
Season Corporation had excess cash on hand on January 1, 20X1, and invested in three separate bond issues on that date. Each bond investment had a maturity date of December 31, 20X6, and a maturity
Coastal Pine Corporation acquired 40% of the stock of Delta Shipping. Coastal Pine's investment is a long-term strategic investment. Coastal Pine anticipates that its investment will permit it to
Princeton Corporation purchased all of the stock of Stanford Corporation on July 1. Princeton paid 93,000,000 for this investment. Stanford's buildings had a fair value of $1,550,000. All other
Beginning and end ofy ear balance sheets for Jensen Corporation follow. Also shown is the income statement for 20X6. No investments were sold during the year, however, stock in Delta Corporation was
The following selected account balances were taken from the general ledger of Vance Corporation as of December 31, 20X7. Examine this information and prepare the property, plant, and equipment
Sonjay Motors recently purchased a new sign to be erected in front of its dealership. The sign company that produced the sign had a standard price for this item at \($25\),000, but Sonjay was able to
Evaluate the following costs and decide if each is a "capital expenditure" or not. Then, if a capital expenditure, decide which account the cost should be recorded in: Land, Land Improvement,
CityBank recently held an auction to dispose of various assets it had obtained through foreclosures and other loan settlements. Representatives of Advantage Metals attended the auction to bid on an
Evaluate the following features or comments and decide if the description would pertain to a capital lease or an operating lease. The lessee reports the leased asset on its balance sheet Payments are
On January 1, 20X3, Perkins Printing Corporation purchased a digital press for $1$1,450,000. It cost an additional $50$50,000 to deliver, install, and calibrate the press. This machine has a service
On January 1, 20X6, Outback Air purchased a new engine for one of its airplanes used to transport adventurers to remote regions of western Australia. The engine cost $750,000 and has a service life
On January 1, 20X1, Pagoda Pond Construction acquired a small excavator for \($85\),000. This device had a 4-year service life to Pagoda, at which time it is expected that the equipment will be sold
On January 1, 20X1, Floral Features purchased a delivery truck for \($65\),000. At the time of purchase, Floral Features anticipated that it would use the truck for 4 years, even though its physical
Examine the following list of items, and match each to the best corresponding description from the choices list. Each choice should be used only once.(1) Cost minus salvage value(2) Cost minus
The accounting firm of Haynes and Haynes was asked by one of its clients to help them properly account for various transactions related to plant and equipment. The client prepared the following list
On January 1, 20X2, The GenKota Winery purchased a new bottling system. The system has an expected life of 5 years. The system cost \($325\),000. Shipping, installation, and set up was an additional
Grant Price is conducting an audit of the property, plant, and equipment records of Wellron Corporation.Grant selected two specific assets for closer inspection. Grant has examined documentation
Dr. Matt Brown purchased a new X-ray machine for his dental practice. The machine cost \($275\),000, and has a \($10\),000 salvage value after 7 years.As shown in the text, spreadsheet software
Form a five-person team. Each team member should identify a public company and obtain its financial reports (available at www.sec.gov, or from the company website). If looking on the SEC website,
Scott Drilling Company owns an oil and gas drilling rig. The company is continually spending money to repair, maintain, refurbish, and upgrade this unit. Below is a listing of various costs incurred.
Robinson Corporation recently requested a contractor to prepare a proposal to refurbish the exterior of its office building. Robinson wanted to give its building a "face lift." The contractor
Ng's Shrimp Company owns a fishing vessel that originally cost $250,000, with a 20- year life, and no anticipated salvage value. Ng uses the straight-line depreciation method. Review the following
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