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accounting

Questions and Answers of Accounting

Consecutive five-year balance sheets and income statements of Donna Szabo Corporation are shown below and on the following page.Requireda. Compute or determine the following for the years
Answer the following multiple-choice questions:a. In 2007 and 2008, Zoret Company reported earnings per share of $0.80 and $1.00, respectively. In 2009, Zoret Company declared a 4-for-1 stock split.
a. 1. How many shares of common stock had been issued as of August 1, 2008?2. How many shares of common stock were outstanding as of August 1, 2008?3. What share number is used to compute earnings
On November 14, 2007, a special meeting of stockholders was held authorizing a two-for-one stock split effected in the form of a 100 percent stock dividend to holders of record on November 26, 2007,
Selected data from the 2007 annual report of Frisch’s Restaurants, Inc., follow:FRISCH’S RESTAURANTS, INC., AND SUBSIDIARIES* CONSOLIDATED BALANCE SHEET May 29, 2007 and May 30,
Apple Inc.* presented this selected financial data with its 2008 annual report.Requireda. 1. For consolidated statements of operations, prepare a horizontal common-size analysis for 2006–2008. Use
1. Abercrombie & Fitch Co.(January 31, 2009—52-week; February 2, 2008—52-week; February 3, 2007—53-week) ‘‘Abercrombie & Fitch Co. .is a specialty retailer that operates stores and
With this case, we review the profitability of several restaurant companies. The restaurant companies reviewed and the year-end dates are as follows:1. Yum Brands, Inc.(December 30, 2008; December
Which two financial ratios do commercial loan officers regard as the most significant? Which two financial ratios appear most frequently in loan agreements?
The commercial loan officers did not list the dividend payout ratio as a highly significant ratio, but they did indicate that the dividend payout ratio appeared frequently in loan agreements.
List the top five financial ratios included in corporate objectives according to the study reviewed in this book. Indicate what each of these ratios primarily measures.
CPAs regard which two financial ratios as the most significant? The highest rated profitability ratio? The highest debt ratio?
Financial ratios are used extensively in annual reports to interpret and explain financial statements. Comment.
List the sections of annual reports where ratios are most frequently located, in order of use.
According to a study of annual reports reviewed in this chapter, what type or types of financial ratios are most likely to be included in annual reports? Speculate on the probable reason for these
The study of annual reports reviewed in this chapter indicated that wide differences of opinion exist on how many ratios should be computed. Comment.
Indicate which of the following accounting policies are conservative by placing an X under Yes or No. Assume inflationary conditionsexist.
All firms are required to expense R&D costs incurred each period. Some firms spend very large sums on R&D, while others spend little or nothing on this area. Why is it important to observe whether a
Indicate some possible uses of a reliable model that can be used to forecast financial failure.
Describe what is meant by a firm’s financial failure.
According to the Beaver study, which ratios should be watched most closely, in order of their predictive power?
According to the Beaver study, three current asset accounts should be given particular attention in order to forecast financial failure. List each of these accounts and indicate whether they should
You are the auditor of Piedmore Corporation. You determine that the accounts receivable turnover has been much slower this period than in prior periods and that it is also materially lower than the
You are in charge of preparing a comprehensive budget for your firm. Indicate how financial ratios can help determine an acceptable comprehensive budget.
List four popular forms of graphs used by accountants.
List two things that can make a line graph misleading.
Describe a proper management of earnings. Describe an improper management of earnings.
In valuation of stock equity, fundamental analysis makes extensive use of multi-period discounted cash flow. Comment.
We are interested in the future when valuing the stock equity of a company. Therefore, traditional financial statements are of little use in this endeavor. Comment.
It appears that most restatements are symptomatic of financial reporting fraud. Comment.
Answer the following multiple-choice questions:Requireda. Notes to financial statements are beneficial in meeting the disclosure requirements of financial reporting. The notes should not be used
Answer the following multiple-choice questions:Requireda. If business conditions are stable, a decline in the number of days’ sales outstanding from one year to the next (based on a company’s
Answer the following multiple-choice questions:Requireda. Which of the following would not be an example of the use of a multiple when valuing common equity?1. Multi-period discounted earnings
Thorpe Company is a wholesale distributor of professional equipment and supplies. The company€™s sales have averaged about $900,000 annually for the three-year period 2007€“2009.
Konrath Company is considering extending credit to D. Hawk Company. L. Konrath Company estimated that sales to D. Hawk Company would amount to $2 million each year. L. Konrath Company, a wholesaler,
Your company is considering the possible acquisition of Growth, Inc. The financial statements of Growth, Inc., follow:Partial notes: Under the LIFO method, inventories have been reduced by
For each of the following numbered items, you are to select the lettered item(s) that indicate(s) its effect(s) on the corporation€™s statements. If more than one effect is applicable to a
Argo Sales Corporation has in recent years maintained the following relationships among the data on its financial statements:Gross profit rate on net sales .................40%Net profit rate on net
Warford Corporation was formed five years ago through a public subscription of common stock. Lucinda Street, who owns 15% of the common stock, was one of the organizers of Warford and is its current
The following data apply to items (a) through (g):Required Answer the following multiple-choice questions:a. The acid-test ratio for 2009 is1. 1.1-to-1.2. 0.9-to-1.3. 1.8-to-1.4. 0.2-to-1.5.
The statement of financial position for Paragon Corporation at November 30, 2009, the end of its current fiscal year, follows. The market price of the company€™s common stock was $4 per
Calcor Company has been a wholesale distributor of automobile parts for domestic automakers for 20 years. Calcor has suffered through the recent slump in the domestic auto industry, and its
The following data are for the A, B, and C Companies:Requireda. Compute the Z score for each company.b. According to the Altman model, which of these firms is most likely to experience
General Company€™s financial statements for 2009 follow here and on the following pages:Requireda. Compute the Z score of General Company at the end of 2009.b. According to the Altman
LIFO reserves: Rhodes Company Reported year for analysis, 20092009 Net income as reported .......$ 90,200,0002009 Inventory reserve ..........50,000,0002008 Inventory reserve ..........46,000,0002009
LIFO reserves: Lion Company Reported year for analysis, 20082008 Net income as reported .......$45,000,0002008 Inventory reserve ............20,000,0002007 Inventory reserve
Inventories valued under the LIFO method were $765 million and $889 million at December 31, 2008 and 2007, respectively, net of the LIFO allowance. The LIFO allowance reflects the excess of the
This case is an excerpt from a presentation given by former Chairman Arthur Levitt, Securities and Exchange Commission, the ‘‘Numbers Game,’’ to New York University Center for Law and
Borders Group, Inc., presented this information in its 10-K’s:Requireda. Compute the following liquidity ratios for 2009 and 2008:1. Days’ sales in inventory2. Inventory turnover (use ending
Selected data from Nike’s financial statements for the period 2005–2009 follow:Requireda. Liquidity1. Review the summary analysis for Nike, Inc., from 2007–2009. Give your opinion of the
To what agencies and other users of financial statements must banks report?
Give an example of why a review of bank assets may indicate risk or opportunity of which you were not aware.
Why review the disclosure of nonperforming assets for banks?
Utilities are usually very highly leveraged. How is it that they are able to carry such high levels of debt?
For regulated utilities, why are plant and equipment usually listed first for utilities?
For regulated utilities, why review the account Construction Work in Progress?
For regulated utilities, describe the income statement accounts, allowance for equity funds used during construction, and allowance for borrowed funds used during construction.
When reviewing the financial statements of oil and gas companies, why is it important to note the method of costing (expensing) exploration and production costs?
Oil and gas companies must disclose quantity estimates for proved oil and gas reserves and the major factors causing changes in these resource estimates. Briefly indicate why this disclosure can be
For oil and gas companies, there is the potential for a significant difference between the reported income and cash flows from operations. Comment.
In a transportation firm, what types of things will change operating revenues? Operating expenses?
Why could an insurance company with substantial investments in real estate represent a risk?
For an insurance company, describe the difference between GAAP reporting and SAP reporting of deferred policy acquisition costs.
Briefly describe the unique aspects of revenue recognition for an insurance company.
Insurance industry-specific financial ratios are usually prepared from financial statements prepared under what standards?
Insurance companies tend to have a stock market price at a discount to the average market price (price/ earnings ratio). Indicate some perceived reasons for this relatively low price/earnings ratio.
Real estate companies contend that conventional accounting does not recognize the underlying value of the property and that this misleads investors. Discuss.
The following are statistics from the annual report of McEttrick National Bank:Requireda. Calculate the total deposits times capital for each year.b. Calculate the loans to total deposits for each
The following are statistics from the annual report of Dover Bank:Requireda. Calculate the following for 2009, 2008, and 2007:1. Earning assets to total assets2. Interest margin to average earning
Super Power Company reported the following statistics in its statements of income:*Includes taxes of $3,200,000 in 2009 and $3,000,000 in 2008.Requireda. Calculate the operating ratio and comment on
The following statistics relate to Michgate, an electric utility:Requireda. Calculate the following for 2009, 2008, and 2007:1. Operating ratio2. Funded debt to operating property3. Percent earned on
Local Airways had the following results in the past two years:Required Calculate the following for 2009 and 2008:a. The operating ratio and comment on the trend.b. The long-term debt to operating
Chihi Airways had the following results for the past three years:Requireda. Calculate the following for 2009, 2008, and 2007:1. Operating ratio2. Long-term debt to operating property3. Operating
Answer the following multiple-choice questions related to insurance financial reporting:Requireda. Which of the following does not represent a basic type of insurance organization?1. Stock
Answer the following multiple-choice questions related to bank financial reporting:Requireda. All but which of the following would be a representative asset of a bank?1. Investment securities2.
Answer the following multiple-choice questions:Requireda. A ratio that indicates how funds are supplied to a utility is1. Return on assets.2. Percent earned on operating property.3. Operating
AFUDC represents a method used to compensate the Utility for the estimated cost of debt and equity used to finance regulated plant additions and is recorded as part of the cost of construction
Hess Corporation* included the information in this case as part of the supplementary oil and gas data. This case only represents a small portion of the supplementary oil and gas data.Results of
Camden National Corporation* included the following in its 2008 annual report: The following is a summary of activity in the allowance for loan losses:RequiredGive your opinion of trends in the
a. Prepare a horizontal common-size analysis for 2008, 2007, and 2006 for the following items from the Consolidated Statements of Operations (use 2006 as the base).1. Total interest income2. Total
Exhibit 12-20 includes the consolidated statement of income for the Chubb Corporation.Requireda. Prepare a horizontal common-size analysis of this statement. Use 2006 as the base.b. Comment on trends
List some sources of information that may be available when preparing personal financial statements.
List some objectives that could be incorporated into the financial reporting of a professional accounting organization.
The accounting for governments is centered on the entity concept and the efficiency of the entity. Comment.
For governmental accounting, define the following types of funds:1. General fund2. Proprietary fund3. Fiduciary fund
The budget for a state or local government is not as binding as a budget for a commercial business. Comment.
Could a profit-oriented enterprise use fund accounting practices? Comment.
Why are the financial data of a component unit included with the government entities reporting entity?
For each of these situations, indicate the amount to be placed on a statement of financial condition at December 31, 2010.a. Bill and Pat Konner purchased their home at 2829 Willow Road in Stow,
For each of these situations, indicate the amount to be placed on a statement of financial condition at December 31, 2010.a. Raj Reel owns the following securities:1,000 shares of Ree’s2,000 shares
For Barb and Carl, the assets and liabilities and the effective income tax rates at December 31, 2010, follow:Requireda. Compute the estimated tax liability on the differences between the estimated
For Mary Lou and Ernie, the assets and liabilities and the effective income tax rates at December 31, 2010, follow:Requireda. Compute the estimated tax liability on the differences between the
For Mike Szabo, the changes in net worth for the year ended December 31, 2010, follow:Realized increases in net worth:Salary ..................$ 60,000Dividend income
For Jim and Carrie, the changes in net worth for the year ended December 31, 2010, are as follows.Realized increases in net worth:Salary .....................$ 50,000Interest income
Use Exhibit 13-2, City of Toledo, Ohio, Expenses, Governmental Activities.Requireda. Prepare a horizontal common-size statement for 2002€“2008. Use 2002 as the base.b. Comment on
Use Exhibit 13-2, City of Toledo, Ohio, Expenses, Governmental Activities.Requireda. Prepare a vertical common-size statement. Use total governmental activities as the base.b. Comment on significant
Use Exhibit 13-3, City of Toledo, Ohio, Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt per Capita, Last 10 Fiscal Years.Requireda. Prepare a vertical common-size statement.
Use Exhibit 13-4, the Ohio Society of Certified Public Accountants’ financial report.Requireda. Prepare a vertical common-size analysis for the consolidated statement of financial position. For
The Ohio Society of Certified Public Accountants’ financial report for the year ended April 30, 2009, included this note.Note 1. OrganizationThe Ohio Society of Certified Public Accountants was
Answer the following multiple-choice questions related to personal financial statements:Requireda. For the personal financial statement, statement of changes in net worth, which of the following

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