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business
financial accounting 11th
Questions and Answers of
Financial Accounting 11th
Changes in net income. For each of the following transactions, determine if there is an increase, decrease, or no change on net income for Wisteria Lane Productions Inc. (LO 4)a. Wisteria Lane earned
Relationship between income statement and balance sheet. Fill in the amounts for \(\mathrm{X}, \mathrm{Y}\), and \(\mathrm{Z}\) in the table. The company started business on July 1, 2008. (LO 4) June
Revenues and the statement of cash flows. Lynda Watson started a consulting business on the first day of April. She provided consulting services for 30 hours in April and earned \(\$ 140\) per hour.
Expenses and the statement of cash flows. Naida owns a candle shop. During her third month of business, she paid \(\$ 50\) to principal and \(\$ 5\) to interest on a loan from the bank. On the income
Retained earnings and cash. Cookies \& Pastries Inc. started business on July 1, 2010 , with \(\$ 16,000\) cash contribution from its owners in exchange for common stock. The company used \(\$
Classify cash flows. For E1-14B , what amounts would Cookies \& Pastries Inc. show on its statement of cash flows for the month of July 2010? Classify each as an operating, investing, or financing
Analyze income statement and balance sheet. A set of financial statements for Seminole Company follows. (LO 4)\section*{Required}Fill in the missing amounts (indicated with question marks). Seminole
Analyze business transactions using the accounting equation. The following transactions apply to Jenna \& Frith's Maid Service during April 2008. (LO 3, 4)1. Jenna started the business by depositing
Analyze business transactions and the effect on the financial statements. The following business transactions occurred during Gator's Antiques Inc.'s first month of business. (LO 2, 4)1. Philip Gator
Analyze business transactions and the effect on the financial statements. Using transactions 1-10 in P1-3A, answer the following questions: (LO 4)\section*{Required}a. What is the cash balance at the
Analyze effect of transactions on accounting equation. What will be the effects (increase, decrease, or no effect) on total assets, total liabilities, and total stockholder's equity in each of the
Analyze business transactions and prepare the financial statements. The following cash transactions took place during April 2009, the first month of business for Fast Food Supplies Inc. (LO 4)1.
Retained earnings portion of the statement of changes in shareholder's equity. The following information is for Pete's Pet Shop. (LO 4)1. Retained earnings on January 1,2010 , were \(\$ 100,000\).2.
Analyze income statement and balance sheet. A set of financial statements for Shelby's Music Inc. follows. (LO 4)\section*{Required}Fill in the missing amounts. Sales Shelby's Music Inc. Income
Analyze business transactions using the accounting equation. The following transactions apply to Xavier Bostic's Auto Detail Service during November 2008. (LO 3, 4)1. Xavier started the business by
Analyze business transactions and the effect on the financial statements. The following business transactions occurred during Dolphin's Dinghies Inc.'s first month of business. (LO 2, 4)1. Douglas
Analyze business transactions and the effect on the financial statements. Using transactions 1-10 in P1-3B, answer.the following questions. (LO 4)\section*{Required}a. What is the cash balance at the
Analyze effect of transactions on accounting equation. What will be the effects (increase, decrease, or no effect) on total assets, total liabilities, and total shareholder's equity in each of the
Analyze business transactions and prepare the financial statements. The following cash transactions took place during January 2007, the first month of business for Auto De- tail Unlimited, a
Retained earnings portion of the statement of changes in shareholder's equity. The following information is for Pete's Pet Shop. (LO 4)1. Retained earnings on April 1,2008 were \(\$ 127,000\).2. In
Describe what a business does and the various ways a business can be organized.
Classify business transactions as operating, investing, or financing activities,
Describe who uses accounting information and why accounting informaiion is important to them.
Identify the elements and explain the purpose of the four basic financial statements and be able use basic transaction analysis to prepare each statement-the income statement, the statement of
Identify the elements of a real company's financial statements.
Describe the risks associated with being in business and the part that ethics plays in business.
What is the purpose of a business?
Name the three types of activities that make up most business transactions.
What are the possible ownership structures for a business?
What are the advantages of the corporate form of ownership?
What are the disadvantages of the corporate form of ownership?
What is the relationship between the information available to a business and the information provided in financial statements?
1. The main purpose of a business is to make a profit, increasing the value of the company for the owners.2. The four generalt ypeso fbusinessesa re:a. Service company: provides a service-it does
1. The three general forms of business ownership are: 1- sole proprietorships (single owner); 2- partnerships (multiple owners); 3- corporations (potential for widespread ownership often with
1. The two sources of financing for a business are investments by owners (contributed capital) and loans from outsiders (liabilities).2. Interest is the cost of using someone else's money.
1. Revenues are the amounts a company earns from providing goods or services to its customers.Expenses are the costs to earn those revenues.2. The four statements are: income statement, balance
1. The two parts of shareholders'equity are contributed capital and retained earnings(earned capital).2. A fiscal year is a year in the life of a business for financial reporting purposes. It may
1. Gross profit is equal to sales minus cost of goods sold. It is also called gross margin.2. The time period captured by the income statement is an accounting period, often a fiscal year. The
l. The income statement gives the revenues and expenses for the period. The net amount, net income, is added to retained earnings. So the income statement number becomes part of the retained earnings
What type of activities relate to what the firm is in business to do?a. Investingactivitiesb. Operatingactivitiesc. Financing activitiesd. Protectiona ctivities
Which financial statement is similar to the accounting equation?a. The income statementb. The balance sheetc. The statement of changes in shareholders' equityd. The statement of cash flows
The Pets Plus Superstore Inc. acquires 50 doggie beds from a supplier for $500 in cash.What is the give portion of this transaction?a. Pets Plus giving the doggie beds to customers in return for
The two parts of shareholders' equity area. Assets and liabilitiesb. Net income and common stockc. Contributed capital and retained earningsd. Revenues and expenses
Which financial statement is a snapshot of the financial position of a company at a specific point in time?a. Income statementb. Balance sheetc. Statement of changes in shareholders' equityd.
Online Pharmacy Company borrowed $5,000 cash from the National Bank. As a result of this transaction,a. Assetsw ould decreaseb y $5,000b. Liabilities would increaseb y $5,000c. Equity would increaseb
Accounting information isa. Useful in profitable businesseso nlyb. Considered the most important part of a company's information system by all managersc. An integral part of businessd. Used only by
During its first year of business, West Company earned service revenues of $2,000. If the company collected $700 related to those sales, how much revenue would be shown on West's income statement for
Interest is the cost ofa. Purchasing inventoryb. Making a salec. Being in businessd. Using someone else's money
The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders' equity of $20,000. What were the liabilities at December 3 1?a. $30,000b. $10,000c. $20,000d. s50.000
. Classifu business transactions. For each of the .following cash transactions, identifu whether it is better described as an operating, financing, or investing activity.(LO 2\a. An entrepreneur
. Identify balance sheet items. Classify the items listed (1 to 6) under the balance sheet headings of: (LO 4)a. Assetsb. Liabilitiesc. Shareholderes'q uity 1. Cash 2. Contributions from owners 3.
. Calculate owner's equity.Donkey Doughnut Company shows $125,000 worth of assets on its December 31,, 2009, balance sheet. If the company's total liabilities are$35,750, what is the amount of
. Calculate inventory. Given the following items and amounts on Wedding Supplies Inc.'s December 31,2010, balance sheet, how much inventory did Wedding Supplies have on hand on December 31,2010? (LO
. Calculate liability. Given the following items on Tiffany Restoration Company's June 30, 2}}9,balance sheet, how much did the company owe its creditors on June 30, 2009? (LO 4) Cash Inventory $
. Income statement analysis. For each of the following, calculate the missing amount: (LO 4)a. Revenue$s5 60;E xpense$s3 50;N etI ncome=b. NetI ncome$ 500;E xpense$s4 75;R evenue:sc. Expense$s6 00;R
.C alculateo wners'e quity.J enna&YvonneE nterprisesh as$ 40,000i n cash,$ 20,000 in inventory, $17,000 balance due to creditors, and $18,000 balance due from customers.What is the amount of owners'
. Calculateowner'sequity.GiventheamountsforthebalancesheetonJune30,20ll, how much owner's equity did College Bookstore have on June 30, 20ll? (LO 4)Cash $300 Inventory $450 Other assets $350
. Calculate retained earnings. After one year of business, Holt's Computer Repair Inc. had $6,000i n assets$, 3,500i n liabilities,a nd $1,000i n contributedc apital.W hat is the amounto fretained
Calculater etainede arnlngs.J oe'sR epairS hoph ad a retainede arningsb alanceo f$1,000 on December 31, 2008. For year 2009, sales were $12,000 and expenses were$8,500. Cash dividends of $2,000 were
Identify and classifi financial statement items. Shelby Pet Boutiques Inc. sells products for the pampered pet. These items were shown on Shelby's financial statements presented in the company's
Identfy businessr isks. Give threer isks of being in businessa nd what you might do to minimize those risks. (LO 6)
Describe how liabilities are reported and analyzed.
Following is a list describing various features of the corporate form of organization. Match each feature with an appropriate descriptive term, and note whether this feature is an advantage or
Evaluate the following list, and decide if each described attribute more likely relates to a common stock or preferred stock issue. The stock is described as 6%, cumulative The stock includes voting
Prepare journal entries to record each of the following independent stock issue situations.(a) Sherri Hui Corporation issued 100,000 shares of \($1\) par value common stock. The issue price was
Krull Corporation presented the following selected information. The company has a calendar year end.Before considering the effects of dividends, if any, Krull's net income for 20X7 was
Wiggins Corporation has 10,000,000 shares of \($1\) par value common stock outstanding. This stock was originally issued at \($7\) per share. The company also has 1,000,000 shares of \($50\), 4%,
Kenya Corporation had an equity structure that consisted of $1 par value common stock, $3,500,000; paid-in capital in excess of par, $17,500,000; and retained earnings, $22,700,000.(a) Assuming that
Magic Blade's stock has risen rapidly to $50 per share. The increase is due to excitement about its new knife that uses a light beam to slice fruits and vegetables. This process enhances the final
Pasquali Corporation was incorporated on January 1, 20X4. The following equity-related transactions occurred during 20X4. Evaluate these activities and prepare a statement of stockholders' equity for
Summary information for Branford Corporation's balance sheet follows:Branford's business is growing rapidly, and the company needs to expand its manufacturing facilities. This expansion will require
Buchanan Air Corporation's board of directors is elected by a vote of the common stockholders. As such, the board believes that it owes a fiduciary duty to maximize the returns for common
Evaluate the following types of transactions, and identify the impact (increase (A), decrease (W), or no change (N/C)) on total equity, common or preferred stock, additional paid-in capital, treasury
Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000 shares of \($3\) par value common stock for \($10\) per share. The following additional equity related
Panther Partners is an investment management company and was recently faxed the stockholders’ equity statement for a company in which an investment was contemplated. The fax machine malfunctioned
Form a team of 4 to 6 members. Each team member should go to the website of the Securities and Exchange Commission (www.sec.gov). Follow the links that allow you find the latest filings by corporate
Roll Call manufactures a unique key chain with a built-in radio frequency identification chip. This device is issued to students at State University, and a host computer tracks student attendance at
Work safety regulations require that the side walls of ditches and trenches be supported by various devices to protect workers from collapse. Trench Coat manufactures and sells a spray on concrete
Melanie Mielke Construction Corporation is considering the appropriate accounting for two unrelated events during the year.The first event related to the effects of a labor strike that resulted in a
At the beginning of 20X2, Devin Company changed its method of accounting for certain operating expenses.The change in methods shifted from one acceptable method to another acceptable method. Devin
Three of the following statements are patently false. Find the three false statements. The other statements are true, and may include additional insights beyond those mentioned in the
Trinity Railway began 20X5 with 900,000 shares of common stock outstanding. On March 1, 20X5, Trinity Railway issued 300,000 additional shares of common stock. 50,000 shares of common stock were
Calculate the price earnings ratio, PEG ratio, dividend rate, and dividend payout ratio for each of the following companies. Will each ratio consistently rank the companies from "best" to "worst"
Brazil Corporation has a simple capital structure, and its equity section follows:Chile Corporation has a complex capital structure, and its equity section follows:With the exception of the current
Calculate the return on assets and return on equity for the following companies. What appears to be the average interest rate faced by the companies? As a broad generalization, which companies appear
Match the following accounting qualities to the appropriate explanations that follow:Relevancy Faithful representation Comparability Consistency Verifiability Timeliness Understandability(a)
Provide the correct name of the organization that is being referenced by the following descriptions.This organization is viewed as centric to the coordination of global harmonization of accounting
Match the following accounting assumptions to the appropriate explanations that follow:Entity Assumption Going-concern assumption Periodicity assumption Monetary unit assumption Stable currency
Match the following terms and concepts to the appropriate explanations that follow:International Accounting Standards Board TranslationRemeasurement Convergence Reporting currency Local
Universal Instruments is based in the USA and prepares its financial statements in dollars. The company uses a perpetual inventory system. On December 5, 20X5, Universal had two separate purchase
Global Technology is based in the USA and prepares its financial statements in dollars. On December 5, 20X5, Global had two sales transactions with customers in Europe.The first transaction was for
Stearns Corporation was a diversified company with two separate lines of business - chemicals and financial services. At the beginning of 20X7, Strearns sold its financial services unit, resulting in
Case Corporation has common and preferred stock outstanding at December 31, as follows:3,400,000 shares of \($1\) par value common stock. The company started the year with 3,000,000 shares, issued
Roscovis Corporation's December 31, 20X6, equity section follows:Roscovis Corporation has annually paid all preferred dividends. There were no changes in paid-in capital during all of 20X6. The
This problem requires you to team with one other person. One of you will assume the role of accountant for Company A (based in Miami), and the other for Company B (based in London). You should each
Fairfield Corporation owns three separate subsidiaries. The Board of Directors is developing a strategy to withdraw $1,000,000 in cash from one of the subsidiaries to finance the acquisition of a
Billy Covington is a loan analyst for DotBanc. DotBanc accepts online business loan applications. The data are stored in a spreadsheet ("data set"). Billy imports this data into an analysis
Stanley Corporation has no material problem with uncollectible accounts or obsolete inventory. All sales and purchases are on account. The company provided the following information for the year
Liz Marett is the chief financial officer for Fulton Construction. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5 was another excellent
Jean Neftin was chatting with friends about stock investment ideas. One of his friends suggested that he consider Cabela Corporation. The friend noted that Cabela was coming out with a new product
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