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financial accounting 11th
Questions and Answers of
Financial Accounting 11th
Treasury stock isa. A company's own stock that it has repurchased and added to its short-term trading securities (current assets) as an investmentb. A company's own stock that is considered issued
The two major components of shareholders' equity area. Preferred stock and common stockb. Contributed capital and paid-in capitalc. Contributed capital and retained earningsd. Common stock and
The purchase of treasury stock willa. Increase assets and shareholders' equityb. Decrease assets and shareholders' equityc. Have no effect on assets or shareholders' equityd. Decrease assets but have
If a company purchased 50 shares of its own stock for \(\$ 10\) per share and later sold it for \(\$ 12\) per share, the company woulda. Record a gain of \(\$ 2\) per shareb. Record an increase to
The number of shares of stock designated as issued on the year-end balance sheet are those shares thata. Were issued during the yearb. Have been issued during the firm's lifec. Are authorized to be
When treasury stock is reissued for more than the company paid to buy it, the difference isa. A gain that will increase the firm's incomeb. Included in sales revenue for the periodc. Added to an
The payment of dividends isa. Required by corporate lawb. Determined by the firm's board of directorsc. Related in amount to the firm's earnings per shared. Determined by the Securities and Exchange
Return on equity measures how well a firm is usinga. Owners' original contributions to the firmb. Creditors' investment in the firmc. Shareholders' total investment in the firm, both contributed and
Classify stock. (LO 1)Delta Corporation's corporate charter authorizes the company to sell \(450,000,000\) shares of \(\$ 1.50\) par common stock. As of December 31, 2006, the company had issued
Classify stock. (LO 1)Sunshine Corporation began operations on July 1, 2005. When Sunshine's first fiscal year ended on June 30, 2006, the balance sheet showed 200,000 shares of common stock issued
Record issuance of common stock. (LO 1)Vest Corporation sells and issues 100 shares of its \(\$ 10\) par value common stock at \(\$ 11\) per share. Show how this transaction would be recorded in the
Analyze effect of issuance of common stock on financial statements. (LO 1) Ice Video Corporation issued 5,000 shares of \(\$ 0.01\) par value common stock for \(\$ 32.50\) per share. How much cash
Analyze effect of issuance of common stock on financial statements. (LO 1) If a company issues 10,000 shares of \(\$ 1\) par common stock for \(\$ 8.50\) per share, what is the effect on total
Analyze effect of issuance of common stock on financial statements. (LO 1) Stockton Company reported total shareholders' equity of \(\$ 58,000\) on its December 31, 2006, balance sheet. During 2006,
Analyze effect of dividends on financial statements. (LO 2)On December 15, 2008, the board of directors of Seat Corporation declared a cash dividend, payable January 8,2009 , of \(\$ 1.50\) per share
Distribute dividend between preferred and common shareholders. (LO 2)In 2006, the board of directors of Tasty Bakery Corporation declared total dividends of \(\$ 40,000\). The company has 2,000
Calculate number of outstanding shares of preferred stock. (LO 2)Taxi Company paid \(\$ 30,000\) to its preferred shareholders in 2007 . The company has issued \(6 \%, \$ 100\) par, preferred stock
Distribute dividend between preferred and common shareholders. (LO 2)Bates Corporation has 7,000 shares of \(5 \%, \$ 100\) par, cumulative preferred stock outstanding and 50,000 shares of \(\$ 1\)
Analyze effect of treasury stock on financial statements. (LO 3)Fitness and Fashion Corporation decided to buy back some of its own stock to have on hand for end-of-year bonuses. If there were 30,000
Record purchase of treasury stock. (LO 3)If Fitness and Fashion Corporation paid \(\$ 10\) per share for 590 shares of its own stock, how would the transaction be shown in the accounting equation?
Record sale of treasury stock. (LO 3)Suppose Fitness and Fashion Corporation paid \(\$ 10\) per share for 590 shares of its own common stock on August 30, 2007, and then resold these treasury shares
Analyze effect of stock dividend on financial statements. (LO 4)Zorro Company declared and issued a \(10 \%\) stock dividend on June 1, 2006. Before this dividend was declared and issued, there were
Analyze effect of stock split on financial statements. (LO 4)Romax Company announced a 2-for-1 stock split on its common stock. Before the announcement, there were 120,000 shares of \(\$ 1\) par
Calculate retained earnings balance. (LO 5)On January 1, 2007, Harrison Corporation started the year with a \(\$ 422,000\) balance in retained earnings. During 2007, the company earned net income of
Calculate return on equity. (LO 6)Use the following data to calculate the return on equity for Mighty Motors (MM) Inc. At the beginning of 2008 , MM's current assets totaled \(\$ 57,855\) (in
Calculate net income amount using return on equity ratio. (LO 6)Octevo Corporation had a return on shareholders' equity (ROE) of \(12 \%\) in 2006. If total average shareholders' equity for Octevo
Calculate earnings per share. (LO 6)Spikes Inc. started and ended the year with 400,000 shares of common stock issued and outstanding. Net income was \(\$ 35,000\). Calculate earnings per share (EPS)
Identify risks and controls. (LO 7)What is the major risk of stock ownership and what can be done to minimize the risk?
Analyze purchases of merchandise inventory. (LO 1)Guppies \& Mollies Inc. made the following purchases in July of the current year.July 3 Purchased \(\$ 7,500\) of merchandise, terms \(1 / 10, n /
Analyze purchases of merchandise inventory. (LO 1)Carrie \& Runnels Bikes Plus Inc. made the following purchases in December of the current year.December 5 Purchased \(\$ 2,600\) of merchandise,
Record merchandising transactions, prepare financial statements, and calculate gross profit ratio: perpetual inventory system. (LO 1, 2, 4, 6)At the beginning of February, Ace Distribution Company
Record merchandising transactions and prepare multi-step financial statement: perpetual inventory system. (LO 1, 2, 4, 6)The following transactions occurred during March 2007 at the Five Oaks Tennis
Analyze accounting methods and prepare corrected income statement. (LO 1, 2, 4) You are the accountant for Baldwin Company, and your assistant has prepared the following income statement for the year
Analyze results of physical count of inventory and calculate cost of goods sold. (LO 1, 2, 7, 8)Beard Company uses a perpetual inventory system. The company's accounting records showed the following
Calculate cost of goods sold and ending inventory and analyze effect of each method on financial statements. (LO 3, 4)Jefferson Company had the following sales and purchases during 2006, its first
Calculate cost of goods sold and ending inventory; analyze effects of each method on financial statements; apply lower-of-cost-or-market rule; calculate inventory turnover ratio. (LO \(3,4,5,6\) )The
Calculate cost of goods sold, ending inventory, and inventory turnover ratio. (LO 3, 6) The following merchandise inventory transactions occurred during the month of June for the Furlong
Analyze effect of cost flow method on financial statements and inventory turnover ratio. (LO 2, 4, 6)Green Bay Cheese Company is considering changing inventory cost flow methods. Green Bay's primary
Calculate cost of goods sold and ending inventory; analyze effects of each method on financial statements; apply lower-of-cost-or-market rule; calculate inventory turnover ratio. (LO 3, 4, 5, 6)The
Calculate the gross profit ratio and inventory turnover ratio. (LO 6)The following information is from the financial statements of Afua's International Pasta Corporation.\section*{Required}a.
(Appendix B) Estimate inventory. (LO 9)Hines Fruit Corp. sells fresh fruit to tourists on Interstate 75 in Florida. A tornado destroyed the entire inventory in late June. In order to file an
Analyze purchases of merchandise inventory. (LO 1)Deborah Hartranft's Professional Costumers Inc. made the following purchases in November of the current year.November \(7 \quad\) Purchased \(\$
Analyze purchases of merchandise inventory. (LO 1)International Sports Merchandising Inc. made the following purchases in August of the current year.August 5 Purchased \(\$ 12,200\) of athletic
Record merchandising transactions, prepare financial statements, and calculate gross profit ratio: perpetual inventory system. (LO 1, 2, 4, 6)At the beginning of April, Morgan Parts Company Inc.
Record merchandising transactions and prepare single-step and multiple-step income statement: perpetual inventory system. (LO 1, 2, 4, 6)FOXX Supplier Inc. sells plant food to retail landscaping and
Analyze accounting methods and prepare corrected income statement. (LO 1, 2, 4) You are the accountant for Celebration Company, and your assistant has prepared the following income statement for the
Analyze results of physical count of inventory and calculate cost of goods sold. (LO \(1,2,7,8\) )Barney's Flowerpot Company uses a perpetual inventory system, so the cost of goods sold is recorded
Calculate cost of goods sold and ending inventory and analyze effect of each method on the financial statements. (LO 3, 4)Washington Company had the following sales and purchases during 2009, its
Calculate cost of goods sold and ending inventory; analyze effects of each method on financial statements; apply lower-of-cost-or-market rule; calculate inventory turnover ratio. (LO 3, 4, 5,
Calculate cost of goods sold, ending inventory, and inventory turnover ratio. (LO 3,6) The following merchandise inventory transactions occurred during the month of November for Party Heaven
Analyze effect of cost flow method on financial statements and inventory turnover ratio. (LO 2, 4, 6)Castana Company is considering changing inventory cost flow methods. Castana's primary objective
Calculate cost of goods sold and ending inventory; analyze effects of each method on financial statements; apply lower-of-cost-or-market rule; calculate inventory turnover ratio. (LO 3, 4, 5, 6)The
Calculate the gross profit ratio and inventory turnover ratio. (LO 6)The following information is from the financial statements of Toys for Toddlers Company.\section*{Required}a. Calculate the gross
(Appendix B) Estimate inventory. (LO 9)Cynthia's Cotton Candy Company sells cotton candy to visitors at a traveling county fair. During a drought a fire destroyed the entire inventory in late July.
Analyze income statement. (LO 6)The income statements for Williams-Sonoma Inc. for the fiscal years ended January 29, 2006, and January 30,2005 , are shown here. Compare the company's performance for
Analyze inventory management. (LO 6)Use the information from Wet Seal Inc. to analyze the firm's inventory management. Calculate the gross profit ratio and the inventory turnover ratio for each year.
Analyze inventory management. (LO 7)Use the information given to analyze Amazon.com's inventory management.Write a short report for Amazon.com's shareholders with your comments about its inventory
Select a retail firm that you think might be concerned about obsolete inventory and another that you believe would not be very concerned. Then, find the financial statements and calculate the
Click on "Investors," followed by "Financials," and then "Annual Reports and Proxy." Download the latest annual report.a. Which inventory cost flow assumption is used to measure the cost of
Go back to "GAP Inc. homepage" and click on "Social Responsibility."a. Does Gap Inc. do anything to ensure its garment workers are treated fairly? If so, why is this important for Gap Inc. to do?Go
Explain how a company finances its business with equity.
Account for the payment of cash dividends and calculate the allocation of dividends between common and preferred shareholders.
Define treasury stock, explain why a company would purchase treasury stock, and account for its purchase.
Explain stock dividends and stock splits.
Define retained earnings and account for its increases and decreases.
Prepare financial statements that contain equity transactions.
Compute return on equity and earnings per share, and explain what these ratios mean.
Recognize the business risks associated with shareholders' equity and the related controls.
What are the two primary ways for a company to finance its business?
Explain how par value affects the issuance of common stock and preferred stock.
What is the difference between paid-in capital and additional paid-in capital on the balance sheet?
What are the two ways that shareholders can make money on an investment in a corporation's stock?
Are dividends expenses of a corporation? Explain why or why not.
What are the three dates corporations consider when issuing a dividend?
What are dividends in arrears?
What is treasury stock and why might a company acquire it?
What effect does the purchase of treasury stock have on a company's financial statements?
Would treasury stock be considered authorized, issued, or outstanding? Explain your answer.
Explain the difference between stock dividends and cash dividends.
What is the effect of a stock dividend on a company's financial statements?
What is a stock split and what effect does it have on a company's shareholders' equity?
How is return on equity calculated? What does this ratio measure?
Explain how earnings per share (EPS) is calculated. What does this ratio measure?
Of all the financial ratios you have studied, which is the only one that is reported in the financial statements? On which financial statement will it appear?
Suppose that Pia's Pizza engaged in the following transactions in the fiscal year ended December \(28,2007\).a. The company issued 100,000 shares of common stock, par value of \(\$ 0.01\) per share,
Record merchandising transactions: perpetual inventory system. (LO 1, 2)Assume the following transactions for Jennifer's Fix-It-Up Inc. took place during March. Jennifer's uses a perpetual inventory
Record merchandising transactions: perpetual inventory system. (LO 1, 2) Discount Wines Inc. had a beginning inventory balance of \(\$ 85,450\) and engaged in the following transactions during the
Calculate cost of goods sold and ending inventory: periodic weighted average cost. (LO 3, 4)Sandy's Clean Carpet Company sells commercial vacuums. The company's fiscal year begins July 1, 2006, and
Calculate cost of goods sold and ending inventory: perpetual weighted average cost. (LO 3, 4)Cutting Edge Enterprises Inc. sells flat-screen televisions. The company began the last quarter of the
Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4)Radio Tech. Sales \& Service Inc. began the month of April with three top-of-the-line radios in inventory, Model \#
Calculate cost of goods sold and ending inventory: periodic LIFO. (LO 3, 4)Use the data in E5-5B to answer the following questions.Assume Radio Tech. uses a periodic inventory system and the LIFO
Calculate cost of goods sold and ending inventory: perpetual FIFO. (LO 3, 4) Use the data in E5-5B to answer the following questions.Assume Radio Tech. uses a perpetual inventory system and the FIFO
Calculate cost of goods sold and ending inventory: perpetual LIFO. (LO 3, 4) Use the data in E5-5B to answer the following questions.Assume Radio Tech. uses a perpetual inventory system and the LIFO
Apply the lower-of-cost-or-market rule. (LO 5)Use the following data to answer the following question.ASB Hardware Inc. uses a perpetual inventory system and the FIFO cost flow method to account for
Apply the lower-of-cost-or-market rule. (LO 5)In each case, indicate the correct amount to be reported for the inventory on the year-end balance sheet. a. Ending inventory at cost Ending inventory at
Calculate gross profit and gross profit ratio: FIFO and LIFO. (LO 6)Given the following information, calculate the gross profit and gross profit ratio under (a) FIFO periodic and under (b) LIFO
Calculate the inventory turnover ratio. (LO 6)A company calculated its inventory turnover for the past 2 years. This year the inventory turnover is 7.2, and last year the inventory turnover was 8.3.
Identify risk and control. (LO 7)Risks associated with inventory include (1) theft, (2) damage, and (3) obsolescence. For each item, give an example of a company you believe is seriously faced with
(Appendix A) Calculate inventory errors. (LO 8)Tire Pro Company's records reported the following at the end of the fiscal year.A physical inventory count showed that the ending inventory was actually
(Appendix B) Estimate inventory. (LO 9) The records of Florida Tool Shop revealed the following information related to inventory destroyed in Hurricane Frances.The company needs to file a claim for
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