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Accounting
The following note to the consolidated financial statements for The Goodyear Tire and Rubber Co. relates to investments in affiliated companies:Goodyear’s investments in 20% to 50% owned companies
Laser Vision Co. sells optical supplies to opticians and ophthalmologists. Prepare the entries to record the following selected transactions of Laser Vision Co.:a. Purchased for cash $450,000 of
Inez Company develops and sells graphics software for use by architects. Prepare the entries to record the following selected transactions of Inez Company:a. Purchased for cash $270,000 of Theisen
The following comparative net income and earnings per share data are provided for Research in Motion Ltd., developer of the BlackBerry® wireless handheld device, for three recent fiscal years:The
Below are some financial statistics for Google, the Web search engine provider, and Burlington Northern Santa Fe, a large North American railroad (all numbers in thousands, except per share
ExxonMobil Corporation is one of the largest companies in the world. The company explores, develops, refines, and markets petroleum products. The basic earnings per share for three comparative years
MotoSport, Inc., produces and sells off-road motorcycles and jeeps. The following data were selected from the records of MotoSport, Inc., for the current fiscal year ended October 31,
The following data were taken from the records of Surf’s Up Corporation for the year ended July31, 2006:Retained earnings and balance sheet data:Accounts payable ...........................$
Theater Arts Company produces and sells theater costumes. The following transactions relate to certain securities acquired by Theater Arts Company, which has a fiscal year ending on December 31:
Danka, Inc., develops and leases databases of publicly available information. The following selected transactions relate to certain securities acquired as a long-term investment by Danka, Inc., whose
The following data were selected from the records of Healthy Pantry, Inc., for the current fiscal year ended June 30, 2006:Advertising expense ...................$ 46,000Cost of merchandise sold
The following data were taken from the records of Skate N’ Ski Corporation for the year endedOctober 31, 2006:Income statement data:Administrative expenses .........................$ 100,000Cost of
Samson Company is a wholesaler of men’s hair products. The following transactions relate to certain securities acquired by Samson Company, which has a fiscal year ending on December 31: 2006Jan. 3
The following selected transactions relate to certain securities acquired by Wildflower Blueprints, Inc., whose fiscal year ends on December 31: 2006Sept. 1 Purchased $400,000 of Churchill Company
Recent year-end market price and financial statement information for Wal-Mart Stores, Inc., the largest retailer in the world, is provided as follows:a. How has the market price of Wal-Mart compared
In the notes to its 2004 annual report, Boeing Co. provided the following information regarding the 717 airplane termination:On January 12, 2005 we decided to conclude production of the 717
The notes to the financial statements for Maytag Corporation provided the following table of special charges.The special charges include both severance-related and asset impairments. The columns of
Citigroup, Inc., one of the largest financial services firms in the world, disclosed the following retained earnings information in its statement of stockholders' equity:The average common shares for
Berkshire Hathaway, Inc., is a public company holding the investments of Warren Buffet, one of the wealthiest people in the world. Recent financial statements revealed the following:Accumulated
Taylor Company made a long-term investment in 100,000 shares of Summit Company at $50 per share. This investment represented less than 1% of the outstanding shares of Summit. By yearend, the share
Dillon Matthews is the president and chief operating officer of Ratchet Corporation, a developer of personal financial planning software. During the past year, Ratchet Corporation was forced to sell
Fuhlmer, Inc., is in the process of preparing its annual financial statements. Fuhlmer, Inc., is a large citrus grower located in central Florida. The following is a discussion between Jason Kirk,
The two-year comparative income statements and a note disclosure for Fleet Shoes, Inc., were as follows:A fixed asset impairment of $102,000 was recognized in 2007 as the result of abandoning an
Deana Moran is the owner of First Delivery Service. Recently, Deana paid interest of $3,600 on a personal loan of $60,000 that she used to begin the business. Should First Delivery Service record the
For the year ending January 31, 2004, The Limited Inc. had revenues of $8,934 million and total expenses of $8,217 million. Did The Limited (a) Incur a net loss or(b) Realize net income?
The total assets and total liabilities of Coca-Cola and PepsiCo are shown below.Determine the stockholders equity of eachcompany.
The total assets and total liabilities of ToysRUs Inc. and Estée Lauder Inc. are shown below.Determine the stockholders equity of eachcompany.
Determine the missing amount for each of thefollowing:
Determine the missing amounts (in millions) for the balance sheets (summarized below) for The Limited Inc., FedEx Corporation, and Ford MotorCo.
The income statement of a corporation for the month of January indicates a net income of $112,750. During the same period, $128,000 in cash dividends were paid. Would it be correct to say that the
Four different proprietorships, M, N, O, and P, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owners equity, are summarized
Staples, Inc., is a leading office products distributor, with retail stores in the United States, Canada, Asia, Europe, and South America. The following financial statement data were taken from
From the following list of selected items taken from the records of Ishmael Appliance Service as of a specific date, identify those that would appear on the balance sheet.1. Supplies 2. Wages Expense
Financial information related to Madras Company for the month ended April 30, 2006, is as follows:Net income for April .............. $ 73,000Dividends during April .............. 12,000Retained
Hercules Services was organized on November 1, 2006. A summary of the revenue and expense transactions for November follows:Fees earned ............... $232,120Wages expense ............
One item is omitted in each of the following summaries of balance sheet and income statement data for four different corporations, A, B, C, and D.Determine the missing amounts, identifying them
Financial information related to Derby Interiors for October and November 2006 is as follows:a. Prepare balance sheets for Derby Interiors as of October 31 and as of November 30, 2006. b. Determine
Hoist Inc. was organized on March 1, 2007. A summary of cash flows for March is shown below.Cash receipts:Cash received from customers ............ $ 37,600Cash received for capital stock
Starbucks Corporation purchases and roasts high-quality whole bean coffees and sells them, along with fresh, rich-brewed coffees and a variety of other complementary items, primarily through
Based on the Starbucks Corporation financial statement data shown in Exercise 1-22, prepare an income statement for the year ending October 3, 2004.
Based on the Starbucks Corporation financial statement data shown in Exercise 1-22, prepare a retained earnings statement for the year ending October 3, 2004. The retained earnings as of October 4,
Americana Realty, organized October 1, 2007, is owned and operated by Marlene Laney. How many errors can you find in the following financial statements for Americana Realty, prepared after its first
Bechler Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Bechler Sports is owned and operated by Lefty Wisman, a well-known sports enthusiast and hunter.
The amounts of the assets and liabilities of Chickadee Travel Service at April 30, 2006, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings
The financial statements at the end of Ameba Realtys first month of operations are shown below.Instructions1. Would you classify a realty business like Ameba Realty as a manufacturing,
The following financial data were adapted from the annual report of Best Buy Inc. for the period ending February 28, 2004:_______________________________________________In millionsAccounts payable
The following cash data were adapted from the annual report of Apple Computer Inc. for the period ended September 25, 2004. The cash balance as of September 26, 2003, was $3,396 (in millions).
Conwell Corporation began operations on January 1, 2007, as an online retailer of computer software and hardware. The following financial statement data were taken from Conwell’s records at the end
Following are the amounts of the assets and liabilities of Greco Travel Agency at December 31, 2006, the end of the current year, and its revenue and expenses for the year. The retained earnings were
The financial statements at the end of Zeppelin Realtys first month of operations are shown below.Instructions1. Would you classify a realty business like Zeppelin Realty as a
The following financial data were adapted from the annual report of Home Depot for the period ended February 1, 2004. In millionsAccounts payable ............. $
The following cash data were adapted from the annual report of Harley-Davidson, Inc., for the period ended December 31, 2004. The cash balance as of January 1, 2004, was $329,329 (in thousands).
Shiver Corporation began operations on September 1, 2006, as an online retailer of camping and outdoor recreational equipment. The following financial statement data were taken from Shiver’s
The financial statements of Hershey Foods Corporation are shown in Exhibits 4 through 7 of this chapter. Based upon these statements, answer the following questions.1. What are Hershey’s sales (in
The following data (in thousands of dollars) were adapted from the December 31, 2004, financial statements of Tootsie Roll Industries Inc.:Sales ...............$420,110Cost of goods sold ...........
The following data (in millions of dollars) were adapted from the January 29, 2005 and 2004 financial statements of The GAP Inc.:1. Prepare a horizontal analysis income statement for GAP that
The telecommunications industry suffered a severe business downturn during the early part of this decade. Lucent Technologies Inc. is one of the major equipment providers to this industry. Below are
Enron Corporation, headquartered in Houston, Texas, provides products and services for natural gas, electricity, and communications to wholesale and retail customers. Enron’s operations are
United Parcel Service provides parcel delivery services around the world. The following table shows the various revenue sources for the comparative years ended December 31, 2004 and 2003:1. Provide a
The management of Hershey Foods has asked union workers in two of their highest cost Pennsylvania plants to accept higher health insurance premiums and take a wage cut. The worker’s portion of the
Sue Alejandro, president of Tobago Enterprises, applied for a $300,000 loan from First National Bank. The bank requested financial statements from Tobago Enterprises as a basis for granting the
Assume that you are the chief executive officer for Gold Kist Inc., a national poultry producer. The company’s operations include hatching chickens through the use of breeder stock and feeding,
Indicate whether the following error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of balance. The payment of wages of $6,750 was recorded as a
For each of the following errors, indicate whether the error would cause the accounting equation to be out of balance, and if so, indicate how it would be out of balance. (a) The purchase of land for
Fathom Consulting Services acquired land three years ago for $25,000. Fathom recently signed an agreement to sell the land for $80,000. In accordance with the sales agreement, the buyer transferred
(a) How does the payment of dividends of $30,000 affect the three elements of the accounting equation? (b) Is net income affected by the payment of dividends? Explain.
Assume that Donahue Consulting erroneously recorded the payment of $11,500 of dividends as salary expense.(a) How would this error affect the equality of the accounting equation? (b) How would this
Assume that Kilgore Realty, Inc., borrowed $80,000 from First City Bank and Trust. In recording the transaction, Kilgore erroneously recorded the receipt of $80,000 as an increase in cash, $80,000,
Assume that as of January 1, 2007, Milliken Consulting has total assets of $562,500 and total liabilities of $350,000. As of December 31, 2007, Milliken has total liabilities of $375,000 and total
Using the January 1 and December 31, 2007, data given in Question 10, answer the following question. If Milliken paid $22,500 of dividends during 2007, what was the amount of net income for 2007?
In Chapter 1, we described and illustrated horizontal analysis. (a) What is the difference between horizontal and vertical analysis? (b) Can horizontal and vertical analysis be used together in
Determine the missing amount for each of thefollowing:
The Walt Disney Company had the following assets and liabilities (in millions) as of September 30, 2003.Assets ........ $49,988Liabilities ...... 26,197a. Determine the stockholders’ equity of
Campbell Soup Co. had the following assets and liabilities (in millions) as of August 3, 2003.Assets ......... $6,205Liabilities ...... 5,818a. Determine the stockholders’ equity of Campbell Soup
One item is omitted in each of the following summaries of balance sheet and income statement data (in millions) for General Motors and Coca-Cola as of December 31, 2004 and 2003.Determine the
Chris Lund is the sole stockholder and operator of Saluki, a motivational consulting business. At the end of its accounting period, December 31, 2005, Saluki has assets of $475,000 and liabilities of
For Kroger Co., indicate whether the following transactions would(1) Increase, (2) Decrease, or(3) Have no effect on stockholders’ equity.a. Purchased store equipment. b. Paid dividends. c. Paid
A vacant lot acquired for $50,000, on which there is a balance owed of $30,000, is sold for $130,000 in cash. The seller pays the $30,000 owed. What is the effect of these transactions on the total
Salvo Delivery Service had the following selected transactions during February:1. Received cash from issuance of capital stock, $35,000.2. Received cash for providing delivery services, $15,000.3.
Mike Renner operates his own catering service. Summary financial data for March are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on
The income statement of a corporation for the month of October indicates a net income of $158,250. During the same period, $180,000 in cash dividends were paid. Would it be correct to say that the
Four different corporations, E, F, G, and H, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders equity, are
One item is omitted from each of the following summaries of balance sheet and income statement data for four different corporations, O, P, Q, and R.Determine the amounts of the missing items,
Use the following data (in millions) for Campbell Soup Co. for the year ending August 1, 2004, to answer the following questions.Retained earnings August 3, 2003 ...... $5,254Retained earnings August
Financial information related to Thorstad Interiors for June and July of 2007 is as follows:a. Prepare balance sheets for Thorstad Interiors as of June 30 and July 31, 2007.b. Determine the amount of
After its first month of operation, the following amounts were taken from the accounting records of Three Rivers Realty, Inc., as of November 30, 2007.Prepare an income statement for the month ending
Using the financial data shown in Exercise 2-17 for Three Rivers Realty, Inc., prepare a retained earnings statement for the month ending November 30, 2007.
Using the financial data shown in Exercise 2-17 for Three Rivers Realty, Inc., prepare a balance sheet as of November 30, 2007.
Using the financial data shown in Exercise 2-17 for Three Rivers Realty, Inc., prepare a statement of cash flows for the month ending November 30, 2007.
Describe how transactions of Lucent Technologies, Inc., would affect the three elements of the accounting equation.a. Received cash from issuing stock.b. Paid off long-term debt.c. Received proceeds
Based upon the financial transactions for Lucent Technologies, Inc., shown in Exercise 2-21, indicate whether the transaction would be reported in the cash flows from operating, investing, or
Debbie Woodall established an insurance agency on July 1, 2007, and completed the following transactions during July:a. Opened a business bank account in the name of Woodall Insurance, Inc., with a
Chris Darby established Top-Gun Computer Services on January 1, 2007. The effect of each transaction and the balances after each transaction for January are shown in the integrated financial
The following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2007. Lisko Services began its operations on January 1, 2007.Capital stock ........... $
After its second year of operations, the following amounts were taken from the accounting records of Lisko Services, Inc., as of December 31, 2008. Lisko Services began its operations on January 1,
The financial statements at the end of Sciatic Realty, Inc.s first month of operation are shown below. By analyzing the interrelationships between the financial statements, fill in the
Crazy Creek Realty, Inc., organized October 1, 2007, is operated by Jane Eckhart. How many errors can you find in the following financial statements for Crazy Creek Realty, Inc., prepared after its
Whitney Tomas established a real estate agency on March 1, 2007, and completed the following transactions during March:a. Opened a business bank account in the name of Tomas Realty, Inc., with a
Kay Larsh established Kodiak Architectural Services on October 1, 2007. The effect of each transaction and the balances after each transaction for October are shown in the integrated financial
The following amounts were taken from the accounting records of Rainbow Consulting Services, Inc., as of July 31, 2007. Rainbow Consulting Services began its operations on August 1, 2006.Capital
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