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Questions and Answers of Accounting

Allyn, Inc., has the following owners’ equity section in its November 30, 2010, balance sheet:Required:a. Calculate the amount of the total annual dividend requirement on preferred stock.b.
Bacon, Inc., has the following owners' equity section in its May 31, 2010, comparative balance sheets:Required:a. Calculate the amount that should be shown on the balance sheet for common stock at
DeZurik Corp. had the following owners€™ equity section in its June 30, 2010, balance sheet (in thousands, except share and per share amounts):Required:a. Calculate the par value per share
The transactions affecting the owners’ equity accounts of DeZurik Corp. for the year ended June 30, 2011, are summarized here:1. 320,000 shares of common stock were issued at $14.25 per share.2.
Your conversation with Mr. Gerrard, which took place in February 2011 (see Case 6.28), continued as follows:Mr. Gerrard: I’ve been talking with my accountant about our capital expansion needs,
Big Blue University has a fiscal year that ends on June 30. The 2010 summer session of the university runs from June 9 through July 28. Total tuition paid by students for the summer session amounted
Kirkland Theater sells season tickets for six events at a price of $180. In pricing the tickets, the planners assigned the leadoff event a value of $45 because the program was an expensive symphony
If the ending inventory of a firm is overstated by $50,000, by how much and in what direction (overstated or understated) will the firm’s operating income be misstated?
Assume that the ending inventory of a merchandising firm is overstated by $40,000.Required:a. By how much and in what direction (overstated or understated) will the firm’s cost of goods sold be
Refer to the consolidated statements of income on page 687 of the Intel Corporation annual report in the appendix.Required:a. Calculate the gross profit ratio for each of the past three years.b.
MBI, Inc., had sales of $141.6 million for fiscal 2010. The company’s gross profit ratio for that year was 31.6%.Required:a. Calculate the gross profit and cost of goods sold for MBI, Inc., for
If you were interested in evaluating the profitability of a company and could have only limited historical data, would you prefer to know operating income or net income for the past five years?
Refer to the selected financial data (five-year financial summary) on page 685 of the Intel Corporation annual report in the appendix.Required:Compare the trend of the operating income data with the
Ringemup, Inc., had net income of $473,400 for its fiscal year ended October 31, 2010. During the year the company had outstanding 38,000 shares of $4.50, $50 par value preferred stock, and 105,000
Thrifty Co. reported net income of $465,000 for its fiscal year ended January 31, 2011. At the beginning of that fiscal year, 200,000 shares of common stock were outstanding. On October 31, 2010, an
For each of the following items, calculate the cash sources or cash uses that should be recognized on the statement of cash flows for Baldin Co. for the year ended December 31, 2010:a. Sales on
For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31, 2010:a. Cash collected
Refer to the consolidated statements of income on page 687 of the Intel Corporation annual report in the appendix.Required:a. Does Intel use the single-step format or the multiple-step format? Which
Refer to the consolidated statements of cash flows on page 689 of the Intel Corporation annual report in the appendix.Required:a. Identify the two most significant sources of cash from operating
The following information is available from the accounting records of Manahan Co. for the year ended December 31, 2010:Net cash provided by financing activities . . . . . . . . . . . . . . . . . . .
The following information is available from the accounting records of Spenser Co. for the year ended December 31, 2010:Selling, general, and administrative expenses . . . . . . . . . . . . . . . . .
Franklin Co. has experienced gross profit ratios for 2010, 2009, and 2008 of 33%, 30%, and 31%, respectively. On April 3, 2011, the firm’s plant and all of its inventory were destroyed by a
On April 8, 2010, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to determine that the firm’s gross profit ratio had
The financial statements of Simon Co. include the following items (amounts in thousands):Income Statement 2011 For the Year Ended December 31,Net income . . . . . . . . . . . .
The financial statements of Pouchie Co. included the following information for the year ended December 31, 2010 (amounts in millions):Depreciation and amortization expense . . . . . . . . . . . . .
The following information is available from Bromfield Co.’s accounting records for the year ended December 31, 2010 (amounts in millions):Cash dividends declared and paid. . . . . . . . . . . . . .
The following information is available from Gray Co.’s accounting records for the year ended December 31, 2010 (amounts in millions):Cash dividends declared and paid. . . . . . . . . . . . . . . .
Following is a partially completed balance sheet for Hoeman, Inc., at December 31, 2011, together with comparative data for the year ended December 31, 2010. From the statement of cash flows for the
Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2011. Also shown is a partially completed comparative balance sheet as of December 31,
Following are a statement of cash flows (indirect method) for Harris, Inc., for the year ended December 31, 2011, and the firm’s balance sheet at December 31, 2010:HARRIS, INC.Statement of Cash
Following are comparative balance sheets for Millco, Inc., at January 31 and February 28, 2011:Required:Prepare a statement of cash flows that explains the change that occurred in cash during the
Following are comparative statements of cash flows, as reported by The Coca-Cola Company in its 2008 annual report:Required:a. Briefly review the consolidated statements of cash flows, and then
On April 15, 2010, Powell, Inc., obtained a six-month working capital loan from its bank. The face amount of the note signed by the treasurer was $300,000. The interest rate charged by the bank was
On August 1, 2010, Colombo Co.’s treasurer signed a note promising to pay $240,000 on December 31, 2010. The proceeds of the note were $232,000.Required:a. Calculate the discount rate used by the
At March 31, 2010, the end of the first year of operations at Jaryd, Inc., the firm’s accountant neglected to accrue payroll taxes of $4,800 that were applicable to payrolls for the year then
Karysa Co. operates in a city in which real estate tax bills for one year are issued in May of the subsequent year. Thus tax bills for 2010 are issued in May 2011 and are payable in July
Kohl Co. provides warranties for many of its products. The January 1, 2010, balance of the Estimated Warranty Liability account was $70,400. Based on an analysis of warranty claims during the past
Prist Co. had not provided a warranty on its products, but competitive pressures forced management to add this feature at the beginning of 2010. Based on an analysis of customer complaints made over
Coolfroth Brewing Company distributes its products in an aluminum keg. Customers are charged a deposit of $50 per keg; deposits are recorded in the Keg Deposits account.Required:a. Where on the
Kirkland Theater sells season tickets for six events at a price of $252. For the 2010 season, 1,200 season tickets were sold.Required:a. Use the horizontal model (or write the journal entry) to show
Kaye Co. issued $1 million face amount of 11%, 20-year bonds on April 1, 2010. The bonds pay interest on an annual basis on March 31 each year.Required:a. Assume that market interest rates were
Coley Co. issued $30 million face amount of 9%, 10-year bonds on June 1, 2010. The bonds pay interest on an annual basis on May 31 each year.Required:a. Assume that the market interest rates were
On August 1, 2002, Bonnie purchased $15,000 of Huber Co.’s 10%, 20-year bonds at face value. Huber Co. has paid the semiannual interest due on the bonds regularly. On August 1, 2010, market rates
On March 1, 2005, Matt purchased $63,000 of Lawson Co.’s 8%, 20-year bonds at face value. Lawson Co. has paid the annual interest due on the bonds regularly. On March 1, 2010, market interest rates
Reynolds Co. issued $40 million face amount of 11% bonds when market interest rates were 11.14% for bonds of similar risk and other characteristics.Required:a. How much interest will be paid annually
Atom Endeavour Co. issued $250 million face amount of 9% bonds when market interest rates were 8.92% for bonds of similar risk and other characteristics.Required:a. How much interest will be paid
The difference between the amounts of book and tax depreciation expense, as well as the desire to report income tax expense that is related to book income before taxes, causes a long-term deferred
A firm issues long-term debt with an effective interest rate of 10%, and the proceeds of this debt issue can be invested to earn an ROI of 12%. What effect will this financial leverage have on the
Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column and show the effect, if any, of each of the transactions/adjustments
Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column, and show the effect, if any, of each of the
Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column and show the effect, if any, of each transaction/adjustment on the
Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column and show the effect, if any, of each transaction/adjustment on the
On November 1, 2010, Gordon Co. collected $25,200 in cash from its tenant as an advance rent payment on its store location. The six-month lease period ends on April 30, 2011, at which time the
Evans Ltd. publishes a monthly newsletter for retail marketing managers and requires its subscribers to pay $50 in advance for a one-year subscription. During the month of September 2010, Evans Ltd.
The following summary data for the payroll period ended on November 14, 2009, are available for Brac Construction Ltd.: Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The following summary data for the payroll period ended December 27, 2009, are available for Cayman Coating Co.:Gross pay . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
O’Kelley Co. has outstanding $2 million face amount of 12% bonds that were issued on January 1, 2002, for $2 million. The 20-year bonds were issued in $1,000 denominations and mature on December
Riley Co. has outstanding $40 million face amount of 15% bonds that were issued on January 1, 1998, for $39,000,000. The 20-year bonds mature on December 31, 2017, and are callable at 102 (that is,
On January 1, 2010, Drennen, Inc., issued $3 million face amount of 10-year, 14% stated rate bonds when market interest rates were 12%. The bonds pay semiannual interest each June 30 and December 31
On January 1, 2010, Learned, Inc., issued $60 million face amount of 20-year, 14% stated rate bonds when market interest rates were 16%. The bonds pay interest semiannually each June 30 and December
A review of the accounting records at Corless Co. revealed the following information concerning the company's liabilities that were outstanding at December 31, 2011, and 2010, respectivelyRequired:a.
Assume that Home and Office City, Inc., provided the following comparative data concerning long-term debt in the notes to its 2011 annual report (amounts in millions):As indicated, Home and Office
Refer to the “Corporate Governance & Ethics” disclosures provided under the “Investor Relations” link on Intel Corporation’s Web site. Identify the principal topics covered in those
It is impossible for an auditor to “guarantee” that a company’s financial statements are free of all error because the cost to the company to achieve absolute accuracy (even if that were
To what extent is the auditors’ opinion an indicator of a company’s future financial success and future cash dividends to stockholders?
Effects of stock split and stock dividend on EPSRequired:a. For the year ended December 31, 2009, Finco, Inc., reported earnings per share of $3.12. During 2010 the company had a 3-for-1 stock split.
During the year ended December 31, 2011, Gluco, Inc., split its stock on a 3-for-1 basis. In its annual report for 2010, the firm reported net income of $3,703,920 for 2010, with an average 268,400
During the fiscal year ended September 30, 2011, Worrell, Inc., had a 2-for-1 stock split and a 5% stock dividend. In its annual report for 2011, the company reported earnings per share for the year
For several years Orbon, Inc., has followed a policy of paying a cash dividend of $1.20 per share and having a 10% stock dividend. In the 2011 annual report, Orbon reported restated earnings per
This problem is based on the 2008 annual report of Intel Corporation in the appendix. Find in the Selected Financial Data (also known as the Five-Year Financial Summary), or calculate, the following
This problem is based on the 2008 annual report of Intel Corporation in the appendix. Find in the Selected Financial Data (also known as the Five-Year Financial Summary), or calculate, the following
McDonald's Corp McDonald's conducts operations worldwide and is managed in three primary geographic segments: America, Europe, and Asia/Pacific, Middle East and Africa (APMEA). A hybrid
Why can free cash flow be regarded as a dividend, that is, as a distribution of value rather than the value created?
A firm has positive free cash flow and a net dividend to shareholders that is less than free cash flow. What must it do with the excess of the free cash flow over the dividend?
How can a firm pay a dividend with zero free cash flow?
Distinguish an operating asset from a financial asset.
Distinguish an operating liability from a financial liability.
If an analyst has reformulated balance sheets and income statements, she does not need a cash flow statement to calculate free cash flow. True or false?
What drives free cash flow?
What drives dividends?
What drives net operating assets?
What drives net financial obligations?
Free cash flow does not affect common shareholders' equity. True or false?
a. A firm generated $143 million in free cash flow and paid a net dividend of $49 million to shareholders. How much was paid to debt holders and debt issuers?b. A firm paid a dividend to
a. A firm generated free cash flow of $2,348 million and paid net interest of $23million after tax. It paid a dividend of $14 million and issued shares for $54 million. There were no share
a. A firm holding $432 million in interest-bearing financial assets and with financing debt of $1,891 million, reported shareholders' equity of $597 million. What were its net financial assets? What
Below are a balance sheet and an income statement that have been reformulated according to the templates laid out in this chapter.Income Statement 2009 Operating revenues .............. 134.5
Below are financial statements that have been reformulated using the templates in this chapter. Some items are missing; they are indicated by capital letters.a. Supply the missing numbers using the
A firm with no financial assets or financial obligations generated free cash flow of $8.4 million in 2009. At the end of 2008 it had a market value of $224 million, or 1.6 times book value. At the
At the end of its June 30, 2008, fiscal year, Microsoft Corporation reported $23.7 billion in short-term interest-bearing investments and cash equivalents. The firm had no debt obligations.
Below are summary numbers from reformulated balance sheets for 2007 and 2006 for Kimberly-Clark Corporation, the paper products company, along with numbers from the reformulated income statement for
What is the difference between fundamental risk and price risk?
What is the difference between an alpha technology and a beta technology?
Critique the following statement: Hold stocks for the long run, for in the long run, the return to stocks is always higher than bond returns.
What is the difference between a passive investor and an active investor?
In the late 1990s, P/E ratios were high by historical standards. The P/E ratio for the S&P 500 stocks was as high as 33 in 1999. In the 1970s it was 8.What do you think would be a "normal" P/E
Should a shareholder be indifferent between selling her shares on the open market and selling them to the firm in a stock repurchase?
Some commentators argue that stock prices “follow a random walk.” By this they mean that changes in stock prices in the future are not predictable, so no one can earn an abnormal return. Would
Consider the case where all investors are passive investors: They buy index finds. What is your prediction about how stock prices will behave overtime? Will they follow a random walk?
Figure plots a price-to-value ratio (P/V) for the Dow Jones Industrial Average (DJIA) from 1979 to 1999. A P/V ratio is a metric that compares the market price (P) to an estimate of intrinsic value

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