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financial accounting 11th
Questions and Answers of
Financial Accounting 11th
Vertical analysis. (LO 2)Use the income statement from Designers Discount Inc. to perform a vertical analysis with sales as the base. Sales revenue Cost of goods sold Designers Discount Inc. Income
Current ratio and working capital. (LO 3)Calculate the current ratio and the amount of working capital for Mike \& Kat Racing Company for the years given in the following comparative balance
Debt-to-equity ratio. (LO 3)Use the balance sheets from Mike \& Kat Racing Company in E10-5B to compute a debtto-equity ratio for 2008 and 2007. Suppose you calculated a debt ratio using debt plus
Ratio analysis. (LO 3)Crystal Cromartie's Frozen Foods reported the following for the fiscal years ended September 30, 2008, and September 30, 2007.Assume there is no outstanding preferred stock and
Ratio analysis. ( \(L O\) 3)Hutson Coffee Shops reported the following for the two most recent fiscal years. December 31 Cash Receivables (net) Merchandise inventory Fixed assets Total assets 2010 $
Ratio analysis. (LO 3)International Imports Corporation reported the following for its fiscal year ended June 30, 2007.At the beginning of the year, the company had 40,000 shares of common stock
Horizontal analysis. (LO 2)Use the statement of income for Wendy's to perform a horizontal analysis for each item reported for the year from January 2, 2005, to January 1, 2006. What does your
Vertical analysis. (LO 2)Use the statement of income for Wendy's to perform a vertical analysis for each item reported for 2005 and 2004 using sales and other operating revenues as the base. What
Liquidity ratios. (LO 3)Use the financial statements for Wendy's to calculate the following liquidity ratios for 2005. What do these ratios tell about the firm?a. Current ratiob. Acid-test ratioc.
Solvency and profitability ratios. (LO 3)Use the financial statements for Wendy's to calculate the following solvency ratios and profitability for 2005 and provide an interpretation for each ratio.a.
Risk and control. (LO 4)Describe the risks of investing your money in the stock market. How can you reduce those risks? Why are you willing to take risks like these?
Appendix 10B: Investments.Kinsey Scales invested \(\$ 164,000\) of its extra cash in securities. Under each of the following independent scenarios,(a) calculate the amount at which the investments
Discontinued operations and extraordinary item. (LO 1)Each of the following items was found on the financial statements for Hartsfield Company for the year ended December 31,
Prepare an income statement. (LO 1)The Pops Corporation had the following for the year ended December 31, 2008.\section*{Required}Assume the corporation is subject to a \(30 \%\) tax rate. Prepare an
Prepare an income statement. (LO I)The following balances appeared in the general ledger for Hacky Sak Corporation at fiscal year end September 30, 2008:In addition, the following occurred throughout
Prepare horizontal and vertical analysis. (LO 2)Given the following income statements:\section*{Required}a. For each of the years shown, prepare a vertical analysis, using sales as the base. Write a
Calculate and analyze financial ratios. (LO 3)Given the information below from a firm's financial statement:\section*{Required}a. Calculate the following ratios for 2009 and 2008:1. Current ratio 2.
Calculate and analyze financial ratios. (LO 3)The following information was taken from the 2008 annual report of Presentations.\section*{Required}a. Calculate the following ratios for 2008 and 2007
Calculate and analyze financial ratios. (LO 3)The financial statements of For the Kitchen include the following items.\section*{Required}a. Compute the following ratios for the years ended June 30,
Calculate and analyze financial ratios. (LO 3)You are interested in investing in Reese Company, and you have obtained the balance sheets for the company for the past 2 years.The following amounts
Discontinued operations and extraordinary item. (LO 1)Each of the following items was found on the financial statements for Logan Company for the year ended December 31, 2008.\section*{Required}a.
Prepare an income statement. (LO 1)The Blues Corporation had the following for the year ended December 31, 2007.\section*{Required}Assume the corporation is subject to a \(40 \%\) tax rate. Prepare
Prepare an income statement. (LO 1)The following balances appeared in the general ledger for Ski Daddle Corporation at fiscal year-end December 31, 2007.In addition, the following occurred throughout
Perform horizontal and vertical analysis. (LO 2)Here are the income statements from a firm's recent annual report.\section*{Required}a. For each of the years shown, perform a vertical analysis, using
Calculate and analyze financial ratios. (LO 3)The information given in P10-4B was taken from Radio Shack's financial statements. Even though you did not study all of the items on the statements, you
Calculate and analyze financial ratios. (LO 3)The following information was taken from the annual report of ROM.\section*{Required}a. Calculate the following ratios for 2008:1. Debt-to-equity ratio
Calculate and analyze financial ratios. (LO 3)The financial statements of Builder Bob's include the following items.\section*{Required}a. Compute the following ratios for the year ended September 30,
Calculate and analyze financial ratios. (LO 5)You are interested in investing in Apples and Nuts Company, and you have obtained the balance sheets for the company for the past 2
Think about the risks of investing in a company and about the information provided by the financial ratios you studied in this chapter. Which financial ratios do you believe might give you
In groups, try to identify the type of company that is most likely indicated by the ratios shown below. The four types of companies represented are: retail grocery, heavy machinery, restaurant, and
Go to www.papajohns.com and explore "Papa John's Story" and "Our Pizza Story." What differentiates Papa John's from its competition?
Go to http://moneycentral.msn.com and get the stock quote for PZZA, Papa John's stock symbol. Identify the current price-to-earnings ratio and dividend yield ratio. What do these market indicators
Select "Financial Results" and then "Key Ratios."a. Select "Financial Condition." Calculate the current ratio and quick (acid-test) ratio for Papa John's and the industry. Who would find these ratios
Review the information recorded earlier. Does Papa John's compare favorably with industry averages? Support your judgment with at least two observations.Please note: Internet Web sites are constantly
Distinguish among service, merchandising, and manufacturing companies
Describe the value chain and its elements
Distinguish between direct and indirect costs
Identify the inventoriable product costs and period costs of merchandising and manufacturing firms
Prepare the financial statements for service, merchandising, and manufacturing companies
Describe costs that are relevant and irrelevant for decision making
Classify costs as fixed or variable and calculate total and average costs at different volumes
What is the cost of the materials that Nissan used (in millions)?a. 99b. 100c. 101d. 106
What is the cost of goods manufactured (in millions)?a. 149b. 150c. 151d. 152
What is the cost of goods sold (in millions)?a. 150b. 152c. 153d. 154
Identify type of company from balance sheets (Learning Objective 1)The current asset sections of the balance sheets of three companies follow. Which company is a service company? Which is a
Identify types of companies and inventories (Learning Objective 1)Fill in the blanks with one of the following terms: manufacturing, service, merchandising, retailer(s), wholesaler(s), raw materials
Give examples of value chain functions (Learning Objective 2)}Give an example of costs that \(\mathrm{E}^{*}\) TRADE (an online brokerage firm) might incur in each of the six business functions in
Label value chain functions (Learning Objective 2)}List the correct value chain element for each of the six business functions described below.a. Delivery of products and servicesb. Detailed
Classify a manufacturer's costs (Learning Objective 4)}Classify each of the following costs as a period cost or an inventoriable product cost. If you classify the cost as an inventoriable product
Classify costs incurred by a dairy processing company (Learning Objective 4)Each of the following costs pertains to DairyPlains, a dairy processing company. Classify each of the company's costs as a
Determine total manufacturing overhead (Learning Objective 4)}Snap's manufactures disposable cameras. Suppose the company's March records include the items described below. What is Snap's total
Compute Cost of Goods Sold for a merchandiser (Learning Objective 5)}Given the following information for Circuits Plus, an electronics e-tailer, compute the cost of goods sold. Web site maintenance..
Prepare a retailer's income statement (Learning Objective 5)Salon Secrets is a retail chain specializing in salon-quality hair care products. During the year, Salon Secrets had sales of \(\$
Calculate direct materials used (Learning Objective 5)You are a new accounting intern at Sunny's Bikes. Your boss gives you the following information and asks you to compute the cost of direct
Compute Cost of Goods Manufactured (Learning Objective 5)Smith Manufacturing found the following information in their accounting records: \(\$ 524,000\) of direct materials used, \(\$ 223,000\) of
Consider relevant information (Learning Objective 6)You've been offered an entry-level marketing position at two highly respectable firms: one in Los Angeles, California, and one in Sioux Falls,
Classify costs as fixed or variable (Learning Objective 7)Classify each of the following personal expenses as either fixed or variable. In some cases, your answer may depend on specific
Identify types of companies and their inventories (Learning Objective 1)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not
Classify costs along the value chain for a retailer (Learning Objective 2)Suppose Radio Shack incurred the following costs at its Charleston, South Carolina, store: Research on whether store should
Classify costs along the value chain for a manufacturer (Learning Objectives 2, 3) Suppose the cell phone manufacturer Samsung Electronics provides the following information for its costs last month
Classify costs as direct or indirect (Learning Objective 3)}Classify each of the following costs as a direct cost or an indirect cost assuming the cost object is the produce department (fruit and
Define cost terms (Learning Objectives 3, 4)}Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all. Prime costs
Classify and calculate a manufacturer's costs (Learning Objectives 3, 4)An airline manufacturer incurred the following costs last month (in thousands of dollars):\section*{Requirements}1. If the cost
Prepare the current assest section of the balance sheet (Learning Objective 5) Consider the following selected amounts and account balances of Lords:Show how Lords reports current assets on the
Prepare a retailer's income statement (Learning Objective 5)}Robbie Roberts is the sole proprietor of Precious Pets, an e-tail business specializing in the sale of high-end pet gifts and accessories.
Compute direct materials used and cost of goods manufactured (Learning Objective 5)Danielle's Die-cuts is preparing its Cost of Goods Manufactured Schedule at year-end. Danielle's accounting records
Compute cost of goods manufactured and cost of goods sold (Learning Objective 5)Compute the 2007 cost of goods manufactured and cost of goods sold for Strike Marine Company using the amounts
Continues E2-28: Prepare income statement (Learning Objective 5)Prepare the 2007 income statement for Strike Marine Company in E2-28. Assume that the company sold 32,000 units of its product at a
Work backwards to find missing amounts (Learning Objective 5)}Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home
Describe other cost terms (Learning Objectives 6, 7)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.
Classify costs as fixed or variable (Learning Objective 7)}Classify each of the following costs as fixed or variable:a. Thread used by a garment manufacturerb. Property tax on a manufacturing
Compute total and average costs (Learning Objective 7)Fizzy-Cola spends \(\$ 1\) on direct materials, direct labor, and variable manufacturing overhead for every unit (12-pack of soda) it produces.
Classify costs along the value chain (Learning Objectives 2, 4)}ShaZam Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret
Prepare income statements (Learning Objective 5)}Part One: In 2007, Hannah Summit opened Hannah's Pets, a small retail shop selling pet supplies. On December 31, 2007, her accounting records show the
Fill in missing amounts (Learning Objective 5)}Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured below and the income statement of Tretinik
Identify relevant information (Learning Objective 6)}You receive two job offers in the same big city. The first job is close to your parents' house, and they have offered to let you live at home for
Calculate the total and average costs (Learning Objective 7)}The owner of Pizza-House Restaurant is disappointed because the restaurant has been averaging 3,000 pizza sales per month, but the
Classify costs along the value chain (Learning Objectives 2, 4)}Suppose Apple Computer reported the following costs last month (all costs are in millions):\section*{Requirements}1. Use the following
Prepare income statements (Learning Objective 5)Part One: On January 1, 2007, Terri Shaw opened Precious Memories, a small retail store dedicated to selling picture frames, crafts, and art. On
Fill in missing amounts (Learning Objective 5)}Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Pacific Manufacturing
Identify relevant information (Learning Objective 6)}You receive two job offers in the same big city. The first job is close to your parents' house, and they have offered to let you live at home for
Calculate total and average costs (Learning Objective 7)}The owner of New York Deli restaurant is disappointed because the restaurant has been averaging 4,000 sandwich sales per month, but the
Determine ending inventory balances (Learning Objective 5)}PowerBox designs and manufactures switches used in telecommunications. Serious flooding throughout North Carolina affected PowerBox's
Prepare the statement of cash flows (direct or indirect method). (LO 2, 3, 4, 5, 6, 7) Given here are the income statement for Oviedo Oil Company for the year ending December 31, 2007, and the
Calculate cash from operating activities using the indirect method. (LO 5)The information shown is from the comparative balance sheets of Matt's Music Company at December 31, 2008 and 2007.Net income
Calculate cash from operating activities using the indirect method. (LO 5)The information shown comes from the balance sheets of Walker Corporation at September 30,2008 and 2007.Net income for the
Calculate cash from operating activities using the indirect method. (LO 5)Ace Corporation had the following information available for 2008 .Ace Corporation reported net income of \(\$ 130,000\) for
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2007, Wright Company gathered the following
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2008, Bowden Company gathered the following
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2007, Tango Company gathered the following information.\section*{Required}a.
Analyze a statement of cash flows. (LO 5, 6, 7)Use the statement of cash flows for the SS\&P Company to answer the required questions\section*{Required}a. How did SS\&P Company use the
Analyze a statement of cash flows. (LO 7)Use Office Depot's financial statements on the book's website to answer the following questions.a. What were the major sources and uses of cash during the
Analyze a statement of cash flows. (LO 7, 8)The statements of cash flow shown here are from Callaway Golf Company's 2005 annual report.Answer the following questions:a. Did the company use the direct
Analyze a statement of cash flows. (LO 7, 8)The following is the statement of cash flows for Chico's FAS Inc. for the years ended January 28, 2006, January 29, 2005 and January 31, 2004.Answer the
To be successful, a company must anticipate its cash flows. What evidence can you find in the Staples' annual report in the back of the book that this company does adequate cash planning? Is there
After 2 years of business, the Lucky Ladder Company decided to apply for a bank loan to finance a new store. Although the company had been very successful, it had never prepared a cash budget. The
To prepare the class for a debate about the format of the statement of cash flows, assign the direct method to half of the groups in the class and the indirect method to the other half of the groups.
Go to www.carnival.com, select About Us.a. Select World's Leading Cruise Lines and list three of the seven cruise lines operated by the Carnival Corp. Close the World's Leading Cruise Lines window.b.
Go to www.carnival.com, select About Us and find Investor Relations. You will find a link to the annual report (pdf file). Find the annual cash flow statement (page 7 of the 2005 annual report) to
Recognize and explain the components of net income.
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