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Accounting
Data for Martinez, Inc., and Rosado, Corp., follow:Requirements1. Prepare common-size income statements.2. Which company earns more net income?3. Which companys net income is a higher
Wins Companies, a home improvement store chain, reported the following summarized figures:Requirements1. Compute Wins Companies current ratio at May 31, 2012 and
Use the Win’s Companies data in Short Exercise 15-5 to complete the following requirements.Requirements1. Compute the rate of inventory turnover, days in inventory, and gross profit percentage for
Use the financial statements of Win’s Companies in Short Exercise 15-5.Requirements1. Compute the debt ratio and the debt to equity ratio at May 31, 2012.2. Is Win’s ability to pay its
Use the financial statements of Win’s Companies in Short Exercise 15-5 to complete the following profitability measures for 2012.Requirements1. Compute the rate of return on net sales.2. Compute
Use the financial statements of Wins Companies in Short Exercise 15-5. Wins has 500,000 common shares outstanding during 2012.Requirements1. Compute earnings per share (EPS)
A skeleton of Landmark Mills’ income statement appears as follows (amounts in thousands):Income StatementNet sales . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,200Cost of goods sold . .
A skeleton of Vintage Mills' balance sheet appears as follows (amounts in thousands):Requirement1. Use the following ratio data to complete Vintage Mills' balance sheet.a. Current ratio is 0.80.b.
Data for Beverage Enterprises follows:Requirement1. Compute the dollar amount of change and the percentage of change in Beverage Enterprises' working capital each year during 2011 and 2012. What do
Data for Mariner Designs, Inc., follow:Requirements1. Prepare a horizontal analysis of the comparative income statement of Mariner Designs, Inc. Round percentage changes to one decimal place.2. Why
Magic Oaks Realty's net revenue and net income for the following five-year period, using 2010 as the base year, follow:Requirements1. Compute trend analysis for net revenue and net income. Round to
Beta Graphics, Inc., has the following data:Requirement1. Perform a vertical analysis of Betas balance sheet for eachyear.
Consider the data presented in Exercise 15-13.Requirements1. Prepare a comparative common-size income statement for Mariner Designs, Inc., using the 2012 and 2011 data. Round percentages to one-tenth
The financial statements of Victor’s Natural Foods include the following items:.:.Requirement1. Compute the following ratios for the current year:a. Current ratiob. Acid-test ratioc. Inventory
Large Land Photo Shop has asked you to determine whether the company's ability to pay current liabilities and total liabilities improved or deteriorated during 2012. To answer this question, you
The CJ, Inc., comparative income statement follows. The 2010 data are given as needed.Requirements1. Calculate the rate of return on net sales.2. Calculate the rate of return on total assets.3.
Data for Shamrock State Bank follows:Requirement1. Evaluate the common stock of Shamrock State Bank as an investment. Specifically, use the four stock ratios to determine whether the common stock has
The following data are adapted from the financial statements of Bettys Shops, Inc.:Total current assets . . . . . . . . . . . . $ 1,200,000Accumulated depreciation . . . . . . . $
Net sales revenue, net income, and common stockholders equity for Azbel Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements1. Compute trend
The McConnell Department Stores, Inc., chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has
Consider the data for McConnell Department Stores presented in P15-23A.Requirements1. Prepare a common-size income statement and balance sheet for McConnell. The first column of each statement
Financial statement data of American Traveler Magazine include the following items:Cash . . . . . . . . . . . . . . . . . . . . . . $ 23,000Accounts receivable, net . . . . . . . 79,000Inventories .
Comparative financial statement data of Danfield, Inc., follow:1. Market price of Danfield's common stock: $86.58 at December 31, 2012, and $46.54 at December 31, 2011.2. Common shares outstanding:
Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to Digitalized, Corp., and Zone Network, Inc., and
Net sales revenue, net income, and common stockholders equity for Shawnee Mission Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements1. Compute trend
The Specialty Department Stores, Inc., chief executive officer (CEO) has asked you to compare the company's profit performance and financial position with the average for the industry. The CEO has
Consider the data for Specialty Department Stores presented in P15-29B.Requirements1. Prepare a common-size income statement and balance sheet for Specialty. The first column of each statement
Financial statement data of Road Trip Magazine include the following items:Cash . . . . . . . . . . . . . . . . . . . . . . $ 24,000Accounts receivable, net . . . . . . . 82,000Inventories
Comparative financial statement data of Tanfield, Inc., follow:1. Market price of Tanfields common stock: $59.36 at December 31, 2012, and $46.65 at December 31, 2011.2. Common shares
Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to Best Digital, Corp., and Every Zone, Inc., and have
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 14-32 of Chapter 14. Requirement1. Prepare a vertical analysis from the income statement you prepared in Chapter 4.
This problem continues the Draper Consulting, Inc., situation from Problem 14-33 of Chapter 14.Requirement1. Using the results from Chapter 4, and knowing that the current market price of Draper’s
ABC and XYZ companies both had a bad year in 2010; the companies’ suffered net losses. Due to the losses, some of the measures of return deteriorated for both companies. Assume top management of
Lance Berkman is the controller of Saturn, a dance club whose year-end is December 31. Berkman prepares checks for suppliers in December makes the proper journal entries, and posts them to the
Ross’s Ripstick Company’s long-term debt agreements make certain demands on the business. For example, Ross may not purchase treasury stock in excess of the balance of retained earnings. Also,
Allen Software was a relatively new tech company led by aggressive founder Benjamin Allen. His strategy relied not so much on producing new products as using new equity capital to buy up other
Amazon.com’s financial statements in Appendix A at the end of this book reveal some interesting relationships. Answer these questions about Amazon:Requirements1. Compute trend analyses for net
In its annual report, WRS Athletic Supply, Inc., includes the following five-year financial summary.Requirement1. Analyze the companys financial summary for the fiscal years
Supreme Water Sports has 12,000 shares of $2 par common stock outstanding. Supreme distributes a 5% stock dividend when the market value of its stock is $22 per share.Requirements1. Journalize
Compare and contrast the accounting for cash dividends and stock dividends.Requirement1. In the space provided, insert either “Cash dividends,” “Stock dividends,” or “Both cash dividends
Yummy, Inc., had 310,000 shares of $1 par common stock issued and outstanding as of December 1, 2012. The company is authorized to issue 1,400,000 common shares. On December 15, 2012, Yummy declared
Return to the Yummy, Inc., data in Short Exercise 13-3. Assume instead that the December 15, 2012 stock dividend was 45%.Requirements1. Journalize the stock dividend.2. How many shares of common
Decorator Plus Imports recently reported the following stockholders equity (adapted except par value per share):Suppose Decorator Plus split its common stock 2 for 1 in order to decrease
Discount Center Furniture, Inc., completed the following treasury stock transactions:(a) Purchased 1,400 shares of the company’s $1 par common stock as treasury stock, paying cash of $5 per
JP Corporation reported the following stockholders' equity:Requirements1. JP Corporation's agreement with its bank lender restricts JP's dividend payments for the cost of treasury stock the company
RAR Corporations accounting records include the following items, listed in no particular order, at December 31, 2012:Income tax of 30% applies to all items.Requirement1. Prepare
Return to the RAR data in Short Exercise 13-8. RAR had 13,500 shares of common stock outstanding during 2012. RAR declared and paid preferred dividends of $3,000 during 2012.Requirement1. Show how
Use the RAR data in Short Exercise 13-8. In addition, RAR had unrealized gains of $4,500 on investments during 2012.Requirements1. Start with RAR’s net income from Short Exercise 13-8 and show how
Wells Research Service, Inc., (WRSI) ended 2011 with retained earnings of $73,000. During 2012, WRSI earned net income of $93,000 and declared dividends of $26,000. Also during 2012, WRSI got a
The stockholders equity of Pondside Occupational Therapy, Inc., on December 31, 2011, follows:On April 30, 2012, the market price of Pondsides common stock was $11 per share
Painting Schools, Inc., is authorized to issue 200,000 shares of $1 par common stock. The company issued 77,000 shares at $3 per share. When the market price of common stock was $5 per share,
Many types of transactions may affect stockholders’ equity.Requirement1. Identify the effects of the following transactions on total stockholders’ equity. Each transaction is independent.(a) A
Snake Golf Club, Corp., had the following stockholders equity at December 31, 2011:On June 30, 2012, Snake split its common stock 2 for 1.Requirements1. Make the memorandum entry to
Stock transactions for Careful Driving School, Inc., follow:Mar 4 Issued 22,000 shares of $1 par common stock at $18 per share.May 22 Purchased 1,400 shares of treasury stock—common at $11 per
Southern Amusements Corporation had the following stockholders' equity on November 30:On December 30, Southern purchased 275 shares of treasury stock at $14 per share.Requirements1. Journalize the
The agreement under which Rapid Copy issued its long-term debt requires the restriction of $150,000 of the company’s retained earnings balance. Total retained earnings is $550,000 and common stock,
Click Photographic Supplies, Inc.s accounting records include the following for 2012:Requirement1. Prepare Clicks multi-step income statement for 2012. Omit earnings pershare.
Altar, Corp., earned net income of $118,000 for 2012. Altar’s books include the following figures: Preferred stock, 3%, $50 par, 1,000 shares issuedand outstanding . . . . . . . . . . . . . . . .
Franco Academy Surplus had 10,000 shares of common stock and 7,000 shares of 5%, $10 par preferred stock outstanding through December 31, 2012. Income from continuing operations for 2012 was
Annie May Bakery, Inc., reported a prior-period adjustment in 2012. An accounting error caused net income of prior years to be overstated by $10,000. Retained earnings at December 31, 2011, as
During 2012, St. Bernard, Corp., earned income from continuing operations of $139,000. The company also sold a segment of the business (discontinued operations) at a loss of $37,000 and had an
Summerborn Manufacturing, Co., completed the following transactions during 2012:Jan 16 Declared a cash dividend on the 5%, $100 par preferred stock (900 shares outstanding). Declared a $0.30 per
The balance sheet of Lennox Health Foods, at December 31, 2011, reported 120,000 shares of no-par common stock authorized, with 25,000 shares issued and a Common stock balance of $190,000. Retained
The balance sheet of Goldstein Management Consulting, Inc., at December 31, 2011, reported the following stockholders equity:During 2012, Goldstein completed the following selected
The capital structure of Blacksmith, Inc., at December 31, 2011, included 18,000 shares of $1 preferred stock and 38,000 shares of common stock. Common stock outstanding during 2012 totaled 38,000
The following information was taken from the records of Clarkson Motorsports, Inc., at November 30, 2012:Requirement1. Prepare a multi-step income statement for Clarkson Motorsports for the fiscal
Jim Heller, accountant for Complete Home Finance, was injured in a boating accident. Another employee prepared the accompanying income statement for the year ended December 31, 2012.The individual
Dearborn Manufacturing, Co., completed the following transactions during 2012:Jan 16 Declared a cash dividend on the 6%, $95 par preferred stock (1,000 shares outstanding). Declared a $0.55 per share
The balance sheet of Franklin Foods, at December 31, 2011, reported 110,000 shares of no-par common stock authorized, with 30,000 shares issued and a Common stock balance of $180,000. Retained
The balance sheet of MacMillan Management Consulting, Inc., at December 31, 2011, reported the following stockholders' equity:During 2012, MacMillan completed the following selected transactions:Feb
The capital structure of Hillstride, Inc., at December 31, 2011, included 26,000 shares of $2 preferred stock and 42,000 shares of common stock. Common stock outstanding during 2012 totaled 42,000
The following information was taken from the records of Daughtry Motorsports, Inc., at November 30, 2012:Requirement1. Prepare a multi-step income statement for Daughtry Motorsports for the fiscal
Jeff Halstrom, accountant for Home Bank Finance, was injured in a boating accident. Another employee prepared the following income statement for the year ended December 31, 2012:The individual
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 12-44 of Chapter 12. On October 15, Lawlor Lawn Service declares and distributes a 10% stock dividend to all common
This problem continues the Draper Consulting, Inc., situation from Problem 12-45 of Chapter 12. In October, Draper has the following transactions related to its common shares:Oct 1 Draper repurchased
Valley Mills Construction, Inc., had the following stockholders’ equity on June 30, 2013:Common stock, no-par, 100,000 shares issued ......... $250,000Retained
The following accounting issues have arisen at T-Shirts Plus, Inc.:Requirements1. Corporations sometimes purchase their own stock. When asked why they do so, T-Shirts Plus management responds that
Bobby’s Bagels just landed a contract to open 100 new stores in shopping malls across the country. The new business should triple the company’s profits. Prior to disclosing the new contract to
The following is a true case. General Electric (GE), like many other large corporations, is scrutinized by financial analysts who develop quarterly forecast EPS figures for the company. The companies
Use the Amazon.com financial statements in Appendix A at the end of this book to answer the following questions.Requirements1. Show how Amazon computed basic earnings per share of $2.08 for 2009.
On January 1, 2014, LeMay-Finn, Co., signed a $200,000, five-year, 6% note. The loan required LeMay-Finn to make payments on December 31 of $40,000 principal plus interest.Requirements1. Journalize
Ethan, Co., purchased a building valued at $250,000 and land valued at $50,000 on January 1, 2013. Ethan paid $20,000 cash and signed a 20-year, 6% mortgage payable for the balance. The amortization
Bond prices depend on the market rate of interest, stated rate of interest, and time.Requirement1. Determine whether the following bonds payable will be issued at maturity value, at a premium, or at
Bond prices depend on the market rate of interest, stated rate of interest, and time.Requirements1. Compute the price of the following 7% bonds of United Telecom.(a) $500,000 issued at 76.75.(b)
Vernon Corporation issued a $110,000, 6.5%, 15-year bond payable.Requirement1. Journalize the following transactions for Vernon and include an explanation for each entry:(a) Issuance of the bond
Superb Drive-Ins borrowed money by issuing $6,000,000 of 4% bonds payable at 97.5.Requirements1. How much cash did Superb receive when it issued the bonds payable?2. How much must Superb pay back at
Origin, Inc., issued a $40,000, 5%, 10-year bond payable at a price of 90 on January 1, 2012.Requirements1. Journalize the issuance of the bond payable on January 1, 2012.2. Journalize the payment of
Worthington Mutual Insurance Company issued a $50,000, 5%, 10-year bond payable at a price of 108 on January 1, 2012.Requirements1. Journalize the issuance of the bond payable on January 1, 2012.2.
Clarity Communication issued $42,000 of 8%, 10-year bonds payable on October 1, 2012, at par value. Clarity’s accounting year ends on December 31.Requirements1. Journalize the issuance of the bonds
Silk Realty issued $300,000 of 8%, 10-year bonds payable at par value on May 1, 2012, four months after the bond’s original issue date of January 1, 2012.Requirements1. Journalize the issuance of
Luxury Suites Hotels includes the following selected accounts in its general ledger at December 31, 2012:Requirement1. Prepare the liabilities section of Luxury Suites' balance sheet at December
Blue Socks' account balances at June 30, 2014, include the following:Requirement1. Prepare the liabilities section of Blue Socks' balance sheet at June 30,2014.
Consider the following note payable transactions of Tube Video Productions.2014Mar 1 Purchased equipment costing $80,000 by issuing an eight-year, 12% note payable.The note requires annual principal
Kaiser Company's partial amortization schedule follows:Requirements1. Journalize the note issuance and the reclassification of the current portion on January 1, 2013 (explanations are not
Adams, Corp., is planning to issue $520,000 of 6%, five-year bonds payable to borrow for a major expansion. The chief executive, Shane Adams, asks your advice on some related matters.Requirements1.
On June 30, Dogwood Limited issues 8%, 20-year bonds payable with a maturity value of $130,000. The bonds sell at 94 and pay interest on June 30 and December 31. Dogwood amortizes bond discount by
On May 1, 2012, Noah Unlimited issues 9%, 20-year bonds payable with a maturity value of $200,000. The bonds sell at 103 and pay interest on May 1 and November 1. Noah Unlimited amortizes bond
Clark, Inc., issued $50,000 of 10-year, 9% bonds payable on January 1, 2012. Clark pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line method. The company
Filmore Homebuilders issued $250,000 of 8%, 10-year bonds at par on September 30, 2012. Filmore pays semiannual interest on March 31 and September 30.Requirements1. Journalize the issuance of the
Review your responses to Exercise 11-19. On March 31, 2013, Filmore’s accountant states that the company owes $15,000 in employee salaries and $17,000 in Accounts payable. Further, the company has
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