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Questions and Answers of Accounting

A recent annual report for FedEx included the following note:Property and EquipmentExpenditures for major additions, improvements, flight equipment modifications, and certain equipment overhaul costs
At the beginning of the year, Plummer's Sports Center bought three used fitness machines from Advantage, Inc. The machines immediately were overhauled, installed, and started operating. The machines
Best Buy Co., Inc., headquartered in Richfield, Minnesota, is one of the leading consumer electronics retailers, operating more than 1,000 stores in the United States, Europe, Canada, China, and
You are a financial analyst for Ford Motor Company and have been asked to determine the impact of alternative depreciation methods. For your analysis, you have been asked to compare methods based on
During 2012, Jensen Company disposed of three different assets. On January 1, 2012, prior to their disposal, the accounts reflected the following:The machines were disposed of in the following
Singapore Airlines reported the following information in the notes to a recent annual report (in Singapore dollars):Singapore Airlines also reported the following cash flow details:Required:1.
During the 2011 annual accounting period, BSP Company completed the following transactions:(a) On January 1, 2011, purchased a patent for $28,000 cash (estimated useful life, seven years).(b) On
The notes to a recent annual report from Weebok Corporation included the following:Business AcquisitionsDuring the current year, the Company acquired the assets of Sport Shoes, Inc. . . .Assume that
Starn Tool Company has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these
Rungano Corporation is a global publisher of magazines, books, and music and video collections and is a leading direct mail marketer. Many direct mail marketers use high-speed Didde press equipment
On June 1, 2012, the Wallace Corp. bought a machine for use in operations. The machine has an estimated useful life of six years and an estimated residual value of $2,000. The company provided the
A recent annual report for AMERCO, the holding company for U-Haul International, Inc., included the following note:Note 3: Accounting PoliciesProperty, Plant, and EquipmentProperty, plant, and
At the beginning of the year, Ramos Inc. bought three used machines from Santaro Corporation. The machines immediately were overhauled, installed, and started operating. The machines were different;
The Gap, Inc., is a global specialty retailer of casual wear and personal products for women, men, children, and babies under the Gap, Banana Republic, Old Navy, Athleta, and Piperlime brands. As of
During 2011, Rank Company disposed of three different assets. On January 1, 2011, prior to their disposal, the accounts reflected the following:The machines were disposed of in the following ways:a.
During the 2012 annual accounting period, Nguyen Corporation completed the following transactions:(a) On January 1, 2012, purchased a license for $7,200 cash (estimated useful life, four years).(b)
Carey Corporation has five different intangible assets to be accounted for and reported on the financial statements. The management is concerned about the amortization of the cost of each of these
Finding Financial InformationRefer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book.Required:For each question, answer it and indicate where you located
Finding Financial InformationRefer to the financial statements of Urban Outfitters given in Appendix C at the end of this book.Required:For each question, answer it and indicate where you located
Comparing Companies within an IndustryRefer to the financial statements of American Eagle Outfitters (Appendix B) and Urban Outfitters (Appendix C) and the Industry Ratio Report (Appendix D) at the
Broadening Financial Research Skills: Identifying Competitors in an IndustryReuters provides lists of industries and the competitors in each at www.reuters.com . Click on“Sectors and Industries,”
Using Financial Reports: Analyzing the Age of AssetsIn its recent annual report, Sysco Corporation noted it “is the largest North American distributor of food and related products primarily to the
Cain Company operates in both the beverage and entertainment industries. In June 2006, Cain purchased Good Time, Inc., which produces and distributes motion picture, television, and home video
A recent annual report for Eastman Kodak reported that the cost of property, plant, and equipment at the end of the current year was $6,805 million. At the end of the previous year, it had been
Hess Corporation is a global energy company that explores, produces, refines, and markets crude oil and natural gas. The capitalization of interest associated with self-constructed assets was
Assume you work as a staff member in a large accounting department for a multinational public company. Your job requires you to review documents relating to the company's equipment purchases. Upon
You are a financial analyst charged with evaluating the asset efficiency of companies in the hotel industry. Recent financial statements for Marriott include the following note:8. Property and
Complete the requirements for each of the following independent cases:Case A. Dr Pepper Snapple Group, Inc., is a leading integrated brand owner, bottler, and distributor of nonalcoholic beverages in
Explain the difference between a short-term investment and a long-term investment.
Explain the difference in accounting methods used for passive investments, investments in which the investor can exert significant influence, and investments in which the investor has control over
Explain how bonds held to maturity are reported on the balance sheet.
Explain the application of the cost principle to the purchase of capital stock in another company.
Under the fair value method, when and how does the investor company measure revenue?
Under the equity method, why does the investor company measure revenue on a proportionate basis when income is reported by the affiliate company rather than when dividends are declared?
Under the equity method, dividends received from the affiliate company are not recorded as revenue. To record dividends as revenue involves double counting. Explain.
When one company acquires control of another, how are the acquired company’s assets and liabilities recorded?
What is goodwill?
(Multiple choice)1. Company X owns 40 percent of Company Y and exercises significant influence over the management of Company Y. Therefore, Company X uses what method of accounting for reporting its
Match the following. Answers may be used more than once:Measurement MethodA. Amortized costB. Equity methodC. Purchase method and consolidationD. Fair value method___ 1. Less than 20 percent
Ceiling Company purchased $1,300,000, 8 percent bonds issued by Melissa Company on January 1, 2011. The purchase price of the bonds was $1,350,000. Interest is payable semiannually each June 30 and
During 2011, Yale Company acquired some of the 50,000 outstanding shares of the common stock, par $12, of Carol Corporation as available-for-sale investments. The accounting period for both companies
Using the data in M12-3, assume that Yale Company purchased the voting stock of Carol Corporation for the trading securities portfolio instead of the available-for-sale securities portfolio. Give the
Using the following categories, indicate the effects of the transactions listed in M12-3 assuming the securities are available for sale. Use + for increase and ˆ’ for decrease and indicate
Using the following categories, indicate the effects of the transactions listed in M12-3 assuming the securities are trading securities. Use + for increase and ˆ’ for decrease and indicate
On January 1, 2011, PurchaseAgent.com acquired 30 percent (1,200,000 shares) of the common stock of E-Transaction Corporation. The accounting period for both companies ends December 31. Give the
Using the following categories, indicate the effects of the transactions listed in M12-7. Use + for increase and ˆ’ for decrease and indicate theamounts.
England Textile Company acquired Belgium Fabric Company for $660,000 cash when Belgium’s only assets, property and equipment, had a book value of $660,000 and a fair value of $750,000. England also
N.M.S. Company held securities available for sale and reported the following information at the end of each year:Compute the economic return from investing ratio for 2012, 2013, and 2014. What do the
The Walt Disney Company owns theme parks, movie studios, television and radio stations, newspapers, and television networks, including ABC and ESPN. Its balance sheet recently reported goodwill in
Macy’s, Inc., operates over 850 Macy’s and Bloomingdale’s department stores nationwide. The company does more than $24 billion in sales each year.Assume that as part of its cash management
Company A purchased a certain number of Company B's outstanding voting shares at $20 per share as a long-term investment. Company B had outstanding 20,000 shares of $10 par value stock. Complete the
On June 30, 2011, Slick Books, Inc., purchased 9,000 shares of Syntax stock for $20 per share. Management recorded the stock in the securities available for sale portfolio. The following information
Using the data in E12-3, assume that Slick Books management purchased the Syntax stock for the trading securities portfolio instead of the securities available for sale portfolio. Prepare any journal
On March 10, 2011, Patton, Inc., purchased 10,000 shares of Eisenhower stock for $48 per share. Management recorded it in the securities available for sale portfolio. The following information
Using the data in E12-5, assume that Patton management purchased the Eisenhower stock for the trading securities portfolio instead of the available-for-sale securities portfolio. Prepare any journal
Gioia Company acquired some of the 65,000 shares of outstanding common stock (no par) of Tristezza Corporation during 2011 as a long-term investment. The annual accounting period for both companies
Interpreting the Effects of Equity Method Investments on Cash Flow from OperationsUsing the data in E12-7, answer the following questions.Required:1. On the current year cash flow statement, how
The notes to recent financial statements of Colgate-Palmolive contained the following information ( dollar amounts in millions):2. AcquisitionsOn May 1, the Company completed the purchase . . . of
Kukenberger, Inc., reported the following in its portfolio of securities available for sale:Required:1. Determine the economic return from investing ratio for the years 2011, 2012, and 2013.2. What
Starbucks is a global company that provides high-quality coffee products. Assume that as part of its expansion strategy, Starbucks plans to open numerous new stores in Mexico in three years. The
On March 1, 2011, Lightning Technology purchased 8,000 shares of Computing Services Company for $17 per share. The following information applies to the stock price of Computing
Below are selected T-accounts for the RunnerTech Company. Below are selected T-accounts for the RunnerTech Company.Required:Complete the following journal entries and answer the following
During January 2011, Pareto Glass Company purchased the following securities as its long-term securities available for sale investment portfolio:D Corporation Common Stock: 11,000 shares (95,000
On August 4, 2012, Glenn Corporation purchased 3,000 shares of Riley Company for $150,000. The following information applies to the stock price of Riley Company:
Company T had outstanding 25,000 shares of common stock, par value $10 per share. On January 1, 2011, Company P purchased some of these shares as a long-term investment at $25 per share. At the end
Cruise Corporation had outstanding 100,000 shares of no-par common stock. On January 10, 2011, Dock Company purchased a block of these shares in the open market at $20 per share for long-term
Below are selected T-accounts for Gauge Company.Required:Complete the following journal entries and answer the following questions:a. Purchased additional investments in affiliated companies for
During 2011, Bradford Company purchased some of the 90,000 shares of common stock, par $6, of Hall, Inc., as a long-term investment. The annual accounting period for each company ends December 31.
On January 4, 2011, D’Angelo Company acquired all of the net assets (assets and liabilities) of Barato Company for $124,000 cash. The two companies merged, with D’Angelo Company surviving. On the
Verizon Communications Inc. was formed by the merger of Bell Atlantic Corporation and GTE Corporation in 2000. It is the largest provider of wireline and wireless communication services in the United
Sonic Corp. operates and franchises a chain of quick-service drive-in restaurants in most of the United States and in Mexico. Customers drive up to a canopied parking space and order food through an
On September 15, 2011, Hill-Nielson Corporation purchased 7,000 shares of Community Communications Company for $32 per share. The following information applies to the stock price of Community
During January 2011, Pentagon Company purchased 12,000 shares of the 200,000 outstanding common shares (no-par value) of Square Corporation at $25 per share. This block of stock was purchased as a
Cardinal Company purchased, as a long-term investment, some of the 200,000 shares of the outstanding common stock of Arbor Corporation. The annual accounting period for each company ends December
For each of the transactions in AP12-4, indicate how the operating activities and investing activities sections of the cash flow statement (indirect method) will be affected.
On June 1, 2011, Gamma Company acquired all of the net assets of Pi Company for $140,000 cash. The two companies merged, with Gamma Company surviving. On the date of acquisition, Pi Company’s
Selma International, Inc., reported the following information regarding its investment portfolio in the company's 2012 annual report:Required:1. Compute the economic return from investing ratio for
Finding Financial InformationRefer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book.Required:1. What types of securities are included in the short-term
Refer to the financial statements of Urban Outfitters in Appendix C at the end of this book.Required:1. What is the balance in short-term and long-term marketable securities reported by the company
On January 1, 2012, Sheena Company purchased 30 percent of the outstanding common stock of Maryn Corporation at a total cost of $660,000. Management intends to hold the stock for the long term. On
Diageo is a major international company located in London, best known for its Smirnoff, Johnnie Walker, and Bailey’s brands of spirits. Its financial statements are accounted for under IFRS. A
Assume that you are on the board of directors of a company that has decided to buy 80 percent of the outstanding stock of another company within the next three or four months. The discussions have
Assume that you are a financial analyst for a large investment banking firm. You are responsible for analyzing companies in the retail sales industry. You have just learned that a large West Coast
Define liability. Differentiate between a current liability and a long-term liability.
How can external parties be informed about the liabilities of a business?
Liabilities are measured and reported at their current cash equivalent amount. Explain.
A liability is a known obligation of either a definite or an estimated amount. Explain.
Define working capital. How is it computed?
What is the quick ratio? How is it related to the classification of liabilities?
Define accrued liability. What type of entry usually reflects an accrued liability?
Define deferred revenue. Why is it a liability?
Define note payable. Differentiate between a secured and an unsecured note.
What is a contingent liability? How is a contingent liability reported?
Compute 2011 interest expense for the following note: face, $4,000; 12 percent interest; date of note, April 1, 2011.
Explain the concept of the time value of money.
Explain the basic difference between future value and present value.
If you hold a valid contract that will pay you $8,000 cash in 10 years and the going rate of interest is 10 percent, what is its present value? Show your computations.
What is an annuity?
Complete the followingschedule:
You purchased an XIT auto for $18,000 by making a $3,000 cash payment and six semi annual installment payments for the balance at 12 percent interest. Determine the amount of each payment.

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