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business
introductory financial accounting
Questions and Answers of
Introductory Financial Accounting
What is the difference between a credit period and a discount period? What is a cash discount?
Spink Company purchased merchandise with a list price of \(\$ 4,000\) from the Thompson Company. Thompson offers a 2 percent cash discount if payment is received within 10 days. What is the payment
Carole Company purchased \(\$ 6,000\) of merchandise and paid \(\$ 300\) in transportation costs to deliver the merchandise. Carole then returned \(\$ 1,000\) of the merchandise before paying the
What is the primary difference between a merchandise return and a merchandise allowance?
Define the return on sales ratio. What does this ratio measure?
Define gross profit on sales.
Define gross profit percentage. How is this percentage used by analysts and investors?
When merchandisers and manufacturers prepare income statements for their annual reports to shareholders, they usually begin the statement with net sales. For internal reporting purposes, however, the
The following financial data for Kravis Distributors was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31 for Kravis
The following financial data for the Revel Corporation was L01 collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31. Furniture
The adjusted trial balance of Molly Distributors on December 31 is shown below.Required Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into
Listed below are items reported on the financial statements of the Irvine Company as of June 30, 2019:Required Prepare a classified balance sheet as of June 30, 2019, and statement of cash flows for
Presented below is financial data for the Outback Company as of year-end 2018 and 2019:Required Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on
Presented below is income statement data for Short \& Company as of year-end 2019:Required Prepare a multi-step income statement for 2019 and calculate the company's return on sales ratio. If
Presented below is financial data for Jason \& Co. as of year-end 2019 :Required Prepare a statement of stockholders' equity for Jason \& Co. as of December 31, 2019. Cash... $ 8,500
Presented below are financial data for two retail companies:Required Consider the financial ratio data for the two companies. Which company represents the better investment opportunity in your view
The following balances were reported in the financial statements for Nadir Company.Required 1. Compute the following ratios for 2019 and 2018 for Nadir Company.a. Return on sales ratiob. Current
The New England Trading Company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31:During the year, the accounting department prepared
Which of the following items will not be reported on a classified balance sheet?a. Current assetsb. Net incomec. Total liabilitiesd. Common stock
Which of the following would not be considered a current asset?a. Inventoryb. Accounts receivablec. Property, plant, and equipmentd. Cash
For the balance sheet to be in balance, the following must exist:a. Total assets must be greater than total liabilities.b. Total assets must be less than total liabilities.c. Total assets must equal
Which of the following would be considered an intangible asset?a. Cashb. Landc. Accounts payabled. Patents
Which of the following would most likely be classified as a long-term liability?a. Accounts payableb. Notes payablec. Accounts receivabled. Common stock
Ratio analysis always involves which type of arithmetic operation?a. Additionb. Subtractionc. Multiplicationd. Division
Which of the following is not a true statement?a. Benchmarking analysis involves comparing a company to its industry's averages.b. Benchmarking analysis involves comparing a company to its
A company reported net income of \(\$ 200\) on net sales of \(\$ 2,000\). The company's return on sales is:a. \(\$ 1,800\).b. 10 percent.c. 0.1 percent.d. None of the above.
The return on sales ratio does not provide insight on which of the following?a. A company's net income per dollar of salesb. A measure of a company's financial performancec. A measure of a company's
Which of the following is not shown on the statement of stockholders' equity?a. Contributed capitalb. Retained earningsc. Common stockd. Total liabilities
The following data appear in the financial statements of a company. Calculate its current ratio.a. \(2: 1\)b. \(1: 2\)c. \(\$ 5,000\)d. \(\quad(\$ 5,000)\) Current assets Current liabilities. $10,000
The following data pertains to Smith Consulting, Inc. for 2018. Compute its ending retained earnings.a. \(\$ 157,500\)b. \(\$ 152,500\)c. \(\$ 162,500\)d. \(\$ 115,000\) Beginning-of-year retained
A merchandising company's multi-step income statement differs from that of a service company in what way?a. There is no difference.b. A service company does not include a line for cost of goods
List three subgroups of assets that may be found in the asset section of a classified balance sheet.
Define current asset and normal operating cycle.
Which of the following are current assets: land, cash, prepaid expense, building, accounts receivable, inventory, equipment?
Define the following ratios: current ratio, debt-to-total-assets ratio, and return on sales ratio.
What is meant by socially responsible investing?
Which of the following measures are best computed using a classified balance sheet?a. Liquidityb. Solvencyc. Free cash flowd. Botha. and b.
Which of the following is a correct statement?a. The current ratio is a measure of firm solvency.b. The current ratio is a measure of firm liquidity.c. The debt-to-total-assets ratio is a measure of
Free cash flow is measured using information from which financial statement?a. Balance sheetb. Income statementc. Statement of cash flowsd. Statement of retained earnings
Socially Responsible Investinga. Means making as much money on your investments as you can as your only goal.b. Means investing in companies that adhere to environmental and social policies in their
Desi Company, a merchandising firm, reports the following data as of January 31,2019Prepare a classified balance sheet for Desi Company as of January 31, 2019. Stockholders' equity.... Property,
The following financial information is taken from the annual reports of the Billy Company and the Ball Company:Calculate the return on sales ratio for each company and determine which firm is more
The following financial information is taken from the balance sheets of the Peter Company and the Paul Company:Calculate the current ratio for each company and determine which firm has the higher
The following financial information is taken from the balance sheets of the Benny Company and the Walter Company:Calculate the debt-to-total-assets ratio and determine which firm has the higher level
The following financial information is taken from the annual reports of the Ira Company and the Paul Company:Calculate the free cash flow for each company and determine which firm has better cash
Which of the following would not appear on a company's statement of cash flows?a. Cash flow from operating activitiesb. Net change in cashc. Total assetsd. Cash flow for investing activities
Red Company's balance sheet reports the following totals: Assets = \(\$ 80,000\); Liabilities \(=\$ 50,000\); Stockholders' Equity \(=\$ 30,000\). Determine the company's debt-tototal-assets ratio.a.
Debra Linens reports the following items on its statement of cash flows:Cash flow provided by operating activities \(=\$ 100,000\)Cash flow used by investing activities \(=\$ 50,000\)Cash flow used
The following data are from the financial statements of Pluto Wines, Inc. Compute Pluto's return on sales ratio for 2019.Total revenues for \(2019: \$ 3,500,000\)Total expenses for \(2019: \$
Robert Company, a merchandising firm, reports the following data for the month ended January 31 :Prepare a multi-step income statement for Robert Company for the month of January. Operating expenses.
Identify whether the following statements are true or false.a. The statement of cash flows provides information about whether a firm is "rich" or not.b. The statement of cash flows provides
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Oakland Wholesalers as of December 31. All accounts have normal balances. Accounts payable. Accounts
From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Carl Distributors for the year ended December 31. All accounts have normal balances. Selling,
Identify whether the following statements are true or false.a. The current ratio is a measure of a firm's liquidity.b. Free cash flow is a measure of a firm's solvency.c. The return on sales ratio is
The George Company collected the following information for the preparation of its December 31 classified balance sheet:Prepare a classified balance sheet for the George Company. Accounts receivable.
Alex Corporation gathered the following information LO3, 4, 6 LO3, 4, 6 from its financial statements:Using the above data, calculate the following: (1) return on sales ratio, (2) current ratio, (3)
The following information was taken from Apple Inc.'s 2017 financial statements. Numbers are in millions.Requireda. What was Apple's return on assets for 2017 and 2016 ?b. Based on your answer from
You have been asked to assist with the preparation of a statement of stockholders' equity for Minimus Company for the year ended December 31, 2019. You determine the following
Peyton Co.'s sales rose 12 percent over prior year sales of \(\$ 100,000\); however, net income increased by only 5 percent over the prior year's net income. If Peyton's prior year return on sales
Katty Co. reports the following financial data for the current year:Compute Katty's free cash flow. Cash flow from operating activities.. Cash flow from investing activities. Cash flow from financing
Jay Co. reported the following financial data for its most current year:Compute Jay's end-of-year total stockholders' equity. Beginning-of-year common stock.. Beginning-of-year retained earning Net
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers as of December 31. All accounts have normal balances. Accounts payable.. Accounts
From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Moto Wholesale for the year ended December 31. All accounts have normal balances. Sellling,
Identify whether the following statements are true or false.a. The current ratio is a measure of a firm's solvency,b. Free cash flow is a measure of a firm's liquidity.c. The return on sales ratio is
The Oxford Company collected the following information for the preparation of its December 31 classified balance sheet:Prepare a classified balance sheet for Oxford Company. Accounts receivable.
O'Reilly Corporation gathered the following information from its financial statements:Using the above data, calculate the following: (1) return on sales ratio, (2) current ratio, (3)
Sue Company reports the following information in its financial statements. Numbers are in thousands.There were 5,000 outstanding shares at December 31, 2019.Requireda. What was Sue's return on assets
You have been asked to assist with the preparation of a statement of stockholders' equity for Pal Company for the year ended December 31, 2019. You determine the following balances:Required Prepare
Trevor Co.'s sales rose 10 percent over prior year sales of \(\$ 300,000\); however net income increased by 6 percent over the prior year's net income. If Trevor's prior year return on sales ratio
Madison Co. reports the following financial data for the current year:Compute Madison's free cash flow. Cash flow from operating activities... Cash flow from investing activities.. Cash flow from
Wally Co. reported the following financial data for its most current year:Compute Wally's end-of-year total stockholders' equity. Beginning-of-year common stock.. Beginning-of-year retained earnings
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Answer the following questions using Columbia's Consolidated Financial
The financial statements for the Columbia Sportswear Company can be found in Appendix A, and Under Armour, Inc.'s financial statements can be found in Appendix B at the end of this book.Requireda.
Gilbert Consulting Services, a firm started three years ago by Bruce Gilbert, offers consulting services for material handling and plant layout. The balance sheet prepared by the firm's accountant at
Problem Purpose: To learn more about the Financial Accounting Standards Board (FASB)Address: http://www.fasb.org Required Use the information on the FASB site to answer the following questions:a.
Refer to the annual report of General Mills, Inc, for the year ending May 28, 2017 (fiscal year 2017), available on this book's Website. Review the consolidated balance sheets.Requireda. Identify two
Many people do not understand the concept of accrual accounting and how it differs from accounting on a cash basis. In particular, they are confused as to why a company's results in any one
Unlike financial reporting that requires all reported amounts to be expressed in monetary terms, Corporate Social Responsibility (CSR) reporting is often more qualitative than quantitative. This has
Most employees that choose to commit fraud against their employers feel justified in doing so. For example, a demotion with a corresponding pay cut can provide motivation to produce what is called
The 2017 financial statements of LVMH Moet Hennessey Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world's largest and
The Vail Company has the following items that require adjustments as of December 31.a. Service revenue of \(\$ 600\) had been received prior to work being performed. This amount was properly recorded
Zhou Karate School began business on June 1. Transactions for June were as follows:1 Po Zhou contributed \(\$ 10,000\) of his personal funds in exchange for common stock to begin the business.2
Market-Tech, a market research firm, had the following transactions in June, its first month of operations.1 \( \mathrm{~J}\). Witson invested \(\$ 28,000\) of personal funds in the firm in exchange
Sendall, a mailing service, has just completed its first full year of operations on December 31, 2018. The firm's general ledger account balances before year-end adjustments are given below. No
The Spoke Place, Inc., began operations on March 1 to provide automotive wheel alignment and balancing services. On March 31, the unadjusted balances of the firm's accounts are as follows:The
The following information relates to the December 31 adjustments for Liquid Barrier, a firm providing waterproofing services for commercial and residential customers. The firm's fiscal year ends
The following selected accounts appear in the Gloria Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances):Required Make the necessary
The following selected accounts appear in the Hawkes Company's unadjusted trial balance as of December 31, the end of the fiscal year (all accounts have normal balances):Required Make the necessary
Outside, Inc., publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31:Requireda. Prepare an income statement for the year and a balance sheet as
The adjusted trial balance for Barry Moving Service as of December 31 is as follows:Requireda. Prepare the closing entries at December 31 directly to Retained Earnings in general journal form.b.
At the beginning of the year, Acme Parking Services had the following balance sheet:a. At the end of the year, Acme Parking Services had the following assets and liabilities: Cash, \$9, 200; Accounts
The following information appears in the records of the Aukland Corporation at year-end:a. Calculate the amount of retained earnings at the end of the year.\(b\). Using your answer to part \(a\), if
Kate Smith operates the Smith Dance Studio. On June 1, the studio's general ledger contained the following information:The following transactions occurred during the month of June:1 Paid June rent
On December 1, a group of individuals formed a corporation to establish the Humbolt News, a neighborhood newspaper featuring "Help wanted" ads by individuals and advertising by local firms. The free
The following balance sheet data are given for Harvard Catering Service, a corporation, at May 31:Assume that on June 1 , the following transactions occurred: June 1 Purchased additional equipment
The following selected income statement and balance sheet information is available for Xin Land Appraisers at the end of the current month:a. Calculate the net income or net loss for the month.b. If
The following account balances were prepared (out of order) from the general ledger of The Cat Whisperer, Inc. as of January 31. The company trains cats having behavioral problems. The firm's
The following account balances, in alphabetical order, are from the general ledger of The Nina Service Company at January 31. The firm's business began on January 1 . All accounts have normal
Use the information provided in P3-8B.Requireda. Prepare an income statement, a statement of stockholders' equity, and a balance sheet as of December 31 .b. Prepare closing entries in general journal
Use the information provided in P3-9B.Requireda. Prepare closing entries at December 31 in general journal form using the Income Summary account.b. After the closing entries are posted, calculate the
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