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accounting

Questions and Answers of Accounting

Locate the information relating to pensions and other postretirement benefits found in The Walt Disney Company’s annual report (which can be found on the Internet at www.disney.com) and answer the
Northrop Grumman is a leading aerospace/defense company. The company has developed the F-16 fighter, the Apache helicopter, the AWACS early warning airborne radar, and the B-2 Stealth bomber.
Direct your attention to the company with perhaps the largest private pension plan in the world—General Motors. GM’s note relating to its pension plan is included in Exhibit 17-11 on pages
In the United States, accounting for pensions has received a great deal of attention. In other countries, pension accounting is given much less attention. In one page, examine the reasons that would
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
FASB Concepts Statement No. 1 states, “The primary focus of financial reporting is information about an enterprise’s performance provided by measures of earnings and its components.” Why is it
After the necessary definitions and assumptions that support the determination of income have been made, what are the two methods of income measurement that may be used to determine income? How do
What different measurement methods may be applied to net assets in arriving at income under the capital maintenance approach?
Income as determined by income tax regulations is not necessarily the same as income reported to external users. Why might there be differences?
What is the difference between a code law country and a common law country?
How are revenues and expenses different from gains and losses?
What two factors must be considered in deciding the point at which revenues and gains should be recognized? At what point in the revenue cycle are these conditions usually met?
Name three exceptions to the general rule that assumes revenue is recognized at the point of sale. What is the justification for these exceptions?
What guidelines are used to match costs with revenues in determining income?
What are some possible disadvantages of a multiple-step income statement?
Identify the major sections (components of income) that are included in a multiple-step income statement.
What are restructuring charges, and why do they generate controversy?
What is the meaning of “intraperiod” income tax allocation?
Pop-Up Company has decided to sell its lid manufacturing division even though the division is expected to show a small profit this year. The division’s assets will be sold to another company at a
Which of the following would not normally qualify as an extraordinary item?(a) The write-down or write-off of receivables.(b) Major devaluation of foreign currency.(c) Loss on sale of plant and
Explain briefly the difference in accounting treatment of (a) A change in accounting principle and (b) A change in accounting estimate.
Under IASB standards, how is the cumulative effect of a change in accounting principle reported?
What is the general practice in reporting earnings per share?
Define comprehensive income. How does it differ from net income?
What is the starting point for the preparation of forecasted financial statements?
Describe the process one should use in forecasting depreciation expense.
The company had the following total asset and total liability balances at the beginning and the end of the year:During the year, the company received $100,000 in new investment funds contributed by
Refer to Practice 4-1. Assets with the same productive capacity as the assets comprising the $400,000 beginning asset balance had a current cost of $465,000 at the end of the year. Using the physical
The company sells custom-designed engineering equipment. During the most recent year, the company received the following customer orders:For Machine A, selling price = $125,000, production cost =
The following information describes the company’s sales for the year:(a) A sale for $100,000 was made on March 23. As of the end of the year, all work associated with the sale has been completed.
The following information describes the company€™s costs incurred during the year:How much expense should be recognized for theyear?
Using the following information, prepare a multiple-step income statement.Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Using the following information, prepare a multiple-step income statement.Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 8,000Interest expense .
Refer to the IBM information in Exhibit 4-5. Compute the overall gross profit percentage for 2004, 2005, and 2006.
Refer to the IBM information in Exhibit 4-5. Compute income from continuing operations as a percentage of total revenue for 2004, 2005, and 2006.
Use the following information to compute income from continuing operations. Assume that the income tax rate on all items is 40%.Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . . . . .
Fleming Company has two divisions, E and N. Both qualify as business components. In 2011, the firm decides to dispose of the assets and liabilities of Division N; it is probable that the disposal
Refer to the data in Practice 4-11. Repeat the exercise, assuming that Division E is being discontinued. Also assume that instead of a $2,000 pretax loss on the disposal, there was a $1,500 pretax
Use the following information to compute income from continuing operations and net income. Assume that the income tax rate on all items is 40%.Cost of goods sold . . . . . . . . . . . . . . . . . . .
The company started business in 2009. In 2011, the company decided to change its method of computing oil and gas exploration expense. The company has only two expenses: oil and gas exploration
A building was purchased for $100,000 on January 1, 2006. It was estimated to have no salvage value and to have an estimated useful life of 20 years. On January 1, 2011, the estimated useful life was
Use the following information to compute return on sales.Earnings per share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1.67Cost of goods sold . . . . . . . .
For the years 2009€“2011, Robbins Soccer Company had net income and average shares outstanding as follows:What was the percentage of change in earnings per share (EPS) in 2010? In2011?
Refer to Practice 4-16. Use that information to compute the price-earnings ratio.
Use the following information to compute net income and comprehensive income. For simplicity, ignore income taxes.Income from continuing operations . . . . . . . . . . . . . . . . . . . . . . . . . .
The following balance sheet asset information is for 2011:Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 100Accounts receivable . . . . . . . . . . . . . . . .
The following balance sheet information represents actual data for 2011 and forecasted data for 2012:The actual income statement for 2011 is as follows:Sales . . . . . . . . . . . . . . . . . . . .
Changes in the balance sheet account balances for the Bubble Bobble Co. during 2011 follow. Dividends declared during 2011 were $15,000. Calculate the net income for the year assuming that no
For each of the following transactions, events, or circumstances, indicate whether the recognition criteria for revenues and gains are met and provide support for your answer.(a) An order of $25,000
Indicate which of the following transactions or events gives rise to the recognition of revenue in 2011 under the accrual basis of accounting. If revenue is not recognized, what account, if any, is
For each of the following items, indicate whether the expense should be recognized using (1) direct matching, (2) systematic and rational allocation, or (3) immediate recognition. Provide support for
Borgquist Corporation purchased a patent on January 2, 2008, for $400,000. Its original life was estimated to be 10 years. However, in December of 2011, Borgquist’s controller received information
Where in a multiple-step income statement would each of the following items be reported?(a) Purchase discounts(b) Gain on early retirement of debt(c) Interest revenue(d) Loss on sale of equipment(e)
The selling expenses of Caribou Inc. for 2011 are 13% of sales. General expenses, excluding doubtful accounts, are 25% of cost of goods sold but only 15% of sales. Doubtful accounts are 2% of sales.
Nephi Corporation reported the following income items before tax for the year 2011:Income from continuing operations before income taxes . . . . . . . . . . . . . . . $260,000Loss from operations of
On May 31, 2011, top management of Stafford Manufacturing Co. decided to dispose of an unprofitable business component. An operating loss of $210,000 associated with the component was incurred during
Jason Bond Company operates two restaurants, one in Valencia and one in Saugus. The operations and cash flows of each of the two restaurants are clearly distinguishable. During 2011, Jason Bond
In 2011, Compliance Industries changed its method of inventory valuation. The summary effect of those changes is as follows:Net income was $128,000, $119,000, and $98,000 for 2011, 2010, and 2009,
Under what classification would you report each of the following items on the financial statements?(a) Revenue from sale of obsolete inventory.(b) Loss on sale of the fertilizer production division
From the following list of accounts, prepare a multiple-step income statement in good form showing all appropriate items properly classified, including disclosure of earnings-per-share data. (No
Jacksonville Window Co. reports the following for 2011:Retained earnings, January 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $335,200Selling expenses . . . . . . . . . . . . . .
J. Mair has been employed as a bookkeeper at Problems Inc. for a number of years. With the assistance of a clerk, Mair handles all accounting duties, including the preparation of financial
Svedin Incorporated provides the following information relating to 2011:Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $17,650Unrealized
Romney and Associates wishes to forecast its net income for the year 2012. Romney has assembled balance sheet and income statement data for 2011 and has also done a forecast of the balance sheet for
Forecasted Balance Sheet and Income Statement Ryan Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2012. Ryan’s balance sheet and income statement for
McGrath Co. on June 30, 2011, reported a retained earnings balance of $1,475,000 before closing the books. The books of the company showed the following account balances on June 30, 2011:Sales . . .
Manchester Company manufactures and sells robot-type toys for children. Under one type of agreement with the dealers, Manchester is to receive payment upon shipment to the dealers. Under another type
On December 31, 2011, Hadley Company provides the following pre-audit income statement for your review:Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The following information relates to Spiker Manufacturing Inc. for the fiscal year ended July 31, 2011. Assume that there are no tax rate changes, a 30% tax rate applies to all items reported in the
Plush Textiles Inc. shows a retained earnings balance on January 1, 2011, of $580,000. For 2011, the income from continuing operations was $225,000 before income tax. Following is a list of special
In 2011, Laetner Industries decided to discontinue its Laminating Division, a separately identifiable component of Laetner’s business. At December 31, Laetner’s year-end, the division has not
The following financial statement information for Tronics Inc. is available:The following information relates to the firm€™s common stock for the same period:Instructions:1. For each year
Selected account balances of Connell Company for 2011 along with additional information as of December 31 are as follows:Bad Debt Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
A newly hired staff accountant prepared the pre-audit income statement of Be Fit Recreation Incorporated for the year ending December 31, 2011.The following information was obtained by Be
On December 31, 2011, analysis of Sayer Sporting Goods’ operations for 2011 revealed the following.(a) Total cash collections from customers, $105,260.(b) December 31, 2010, inventory balance,
Selected pre-adjustment account balances and adjusting information of Sunset Cosmetics Inc. for the year ended December 31, 2011, are as follows:Retained Earnings, January 1, 2011 . . . . . . . . . .
The following information for the year ending December 31, 2011, has been provided for Calle Company.Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Lorien Company wishes to prepare a forecasted income statement and a forecasted balance sheet for 2012. Lorien’s balance sheet and income statement for 2011 follow.Balance Sheet
During January 2011, Doe Corp. agreed to sell the assets and product line of its Hart division. The sale was completed on January 15, 2012; on that date, Doe recognized a gain on disposal of
Max Stevenson owns a local drug store. During the past few years, the economy has experienced a period of high inflation. Stevenson has had the policy of withdrawing cash from his business equal to
Stan Crowfoot is a renowned sculptor who specializes in Native American sculptures. Typically, a cast is prepared for each work to permit the multiple reproduction of the pieces. A limited number of
Management for Marlowe Manufacturing Company decided in 2010 to discontinue one of its unsuccessful product lines. (The product line does not meet the definition of a business component.) The planned
Flexisoft Company has had excellent success in developing business software for computers. Management has followed the accounting practice of deferring the research costs for the software until
Near the end of the fiscal year, preliminary financial results revealed that Stancomb Wills Company was in danger of not meeting corporate performance goals. According to an article in the business
Shawn O€™Neil owns two businesses, a drug store and a retail department store.Which business earns more income? Which business has the higher gross profit percentage? Return on sales? Which
Pfizer is one of the largest pharmaceutical and consumer healthcare products companies in the world. Familiar products sold by Pfizer include Sudafed®, Zantac®, Benadryl®, Listerine®,
Locate the 2007 financial statements for The Walt Disney Company on the Internet.1. Did Disney have any below-the-line items in 2007? Explain.2. Disney’s net income increased from $3,374 million
The computation of comprehensive income for 2006 for Coca-Cola is presented in Exhibit 4-11 on page 184.1. Which is greater in 2006—Coca-Cola’s net income or comprehensive income?2. With respect
Wells Fargo & Company is the sixth largest bank in the U.S. (based on consolidated assets as of September 30, 2007). Its consolidated statement of income follows.1. How is this income statement
Apple Inc. is one of the country€™s most successful computer technology companies. The company designs, manufactures, and sells computers, digital music devices, communication devices, and
The consolidated statement of income for Ford Motor Company appears below.1. What do you notice about the way revenues and expenses are partitioned?2. For the Automotive division, compute the ratio
One of the five techniques of accounting hocus-pocus identified by former SEC Chairman Arthur Levitt in his famous 1998 speech is the big-bath restructuring charge. Write a 1-page paper identifying
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
Far from being an exact science, accounting involves estimation and judgment. Consider the case of Dwight Nelson, chief financial officer of Pilot Enterprises. Pilot is a relatively young, privately
Earnings per share computations have received increased prominence on the income statement. How would an investor use such information in making investment decisions?
What limitations should be recognized in using EPS data?
Why are EPS figures computed on the basis of common stock transactions that have not yet happened rather than on the basis of strictly historical common stock data?
What distinguishes a simple capital structure from a complex capital structure?
An enterprise split its common stock 3 for 1 on July 1. Its accounting year ends December 31. Prior to the split, there were 10,000 shares of common stock outstanding. What is the weighted-average
Why are EPS figures adjusted retroactively for stock dividends, stock splits, and reverse stock splits?

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