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business
accounting

Questions and Answers of Accounting

Answer the following multiple-choice questions related to state and local governments:Requireda. Proprietary funds are a type of funds used by governments. A reasonable definition of proprietary
Answer the following multiple-choice questions:Requireda. Which of the following is not true?1. SFAS No. 93 requires not-for-profit organizations to recognize depreciation on long-lived tangible
In July 2003, the Medical College of Ohio (MCO) (now part of the University of Toledo) approved its first deficit budget of $3.4 million, but no programs or faculty members were cut.MCO announced a
Toledo Mud Hens Baseball Club, Inc., is a not-for-profit organization that is a separate legal entity and can be sued in its own right.The Toledo Mud Hens are probably the most famous team in all of
Lucas County, Ohio, presented this table in its comprehensive annual financial report for the fiscal year ended December 31, 2008.Requireda. Complete a horizontal common-size analysis. Use the Total
Lucas County, Ohio, presented the following within its management€™s discussion and analysis with its comprehensive annual financial report for the fiscal year ended December 31, 2008. It
Asset valuation and recognition of net income closely relate. Explain, including conditions when they do not.
Some asset valuations using historical costs are highly relevant and very reliable, whereas others may be reliable but lack relevance. Some asset valuations based on fair values are highly relevant
The text states, “Over sufficiently long time periods, net income equals cash inflows minus cash outflows, other than cash flows with owners.” Demonstrate the accuracy of this statement in the
United Van Lines purchased a truck with a list price of $250,000 subject to a 6 percent discount if paid within 30 days. United Van Lines paid within the discount period. It paid $4,000 to obtain
Boeing sold a 767 aircraft to American Airlines on January 1, 2009. The sales agreement required American Airlines to pay $10 million immediately and $10 million on December 31 of each year for 20
The text discusses inputs managers might use to determine fair values of assets and liabilities and identifies different classifications of assets identified in SFAS No. 157. Suppose a major
A firm’s income tax return shows $50,000 of income taxes owed for 2009. For financial reporting, the firm reports deferred tax assets of $42,900 at the beginning of 2009 and $38,700 at the end of
A firm’s income tax return shows income taxes for 2009 of $35,000. The firm reports deferred tax assets before any valuation allowance of $24,600 at the beginning of 2009 and $27,200 at the end of
Walmart (WMT) acquires a tract of land on January 1, 2009, for $100,000 cash. On December 31, 2009, the current market value of the land is $150,000. On December 31, 2010, the current market value of
Refer to Problem 2.9. Assume that Walmart (WMT) has accounted for the value of the land at acquisition cost and sells the land on December 31, 2011, for a two-year note receivable with a present
Southern Copper Corporation (PCU) acquired mining equipment for $100,000 cash on January 1, 2009. The equipment had an expected useful life of four years and zero salvage value. PCU calculates
Alfa Romeo incurs costs of $30,000 in manufacturing a red convertible automobile during 2009. Assume that it incurs all of these costs in cash. Alfa Romeo sells this automobile to you on January 1,
Components of the deferred tax asset of Biosante Pharmaceuticals are shown in Exhibit 2.12. The company had no deferred tax liabilities. Requireda. At the end of 2008, the largest deferred tax asset
The financial statements of ABC Corporation, a retail chain, reveal the information for income taxes shown in Exhibit 2.13.Requireda. Assuming that ABC had no significant permanent differences
Prepaid Legal Services (PPD) is a company that sells insurance for legal expenses. Customers pay premiums in advance for coverage over some specified period. Thus, PPD obtains cash but has unearned
The financial statements of Nike Corporation reveal the information regarding income taxes shown in Exhibit 2.15.Requireda. Assuming that Nike had no significant permanent differences between book
Using the analytical framework illustrated in the chapter, indicate the effect of the following related transactions of a firm.a. January 1: Issued 10,000 shares of common stock for $50,000.b.
Using the analytical framework illustrated in the chapter, indicate the effect of each of the three independent sets of transactions described next.(1) a. January 15, 2009: Purchased marketable
The financial statements of Starbucks Corporation are presented in Exhibits 1.26–1.28. The income tax note to those financial statements reveals the information regarding income taxes shown in
Create a value chain for the timber and timber products industry, beginning with the growing of timber and ending with the retailing of timber and paper products. Briefly describe each link in the
Apply Porter’s five forces to the air courier industry. Industry participants include such firms as FedEx, UPS, and DHL.
Apply the economic attributes framework discussed in the chapter to the specialty retailing apparel industry, which includes such firms as Gap, Limited Brands, and Abercrombie & Fitch.
A recent article in Fortune magazine listed the following firms among the top ten most admired companies in the United States: Dell, Southwest Airlines, Microsoft, and Johnson & Johnson. Access the
Refer to the websites and the Form 10-K reports of Home Depot (www.homedepot.com) and Lowe’s (www.lowes.com). Compare and contrast their business strategies.
Access the investor relations or corporate information section of the websites of American Airlines (www.aa.com), Intel (www.intel.com), and Disney (disney.go.com). Study the business strategies of
Access the investor relations or corporate information section of the websites of Apple Computer (www.apple.com) and Dell (www.dell.com). Study the strategies of each firm. Examine the following
Access the investor relations or corporate information section of the websites of Dollar General (www.dollargeneral.com) and Macy's Inc. (www.macysinc.com). Study the strategies of each firm. Examine
Effective financial statement analysis requires an understanding of a firm’s economic characteristics. The relations between various financial statement items provide evidence of many of these
Effective financial statement analysis requires an understanding of a firm’s economic characteristics. The relations between various financial statement items provide evidence of many of these
Effective financial statement analysis requires an understanding of a firm’s economic characteristics. The relations between various financial statement items provide evidence of many of these
Exhibit 1.25 presents common-size income statements and balance sheets for seven firms that operate at various stages in the value chain for the pharmaceutical industry. These common-size statements
The first case at the end of this chapter and each of the remaining chapters is a series of integrative cases involving Starbucks. The series of cases applies the concepts and analytical tools
The first case at the end of this chapter and each of the remaining chapters is a series of integrative cases involving Starbucks. The series of cases applies the concepts and analytical tools
The first case at the end of this chapter and each of the remaining chapters is a series of integrative cases involving Starbucks. The series of cases applies the concepts and analytical tools
The first case at the end of this chapter and each of the remaining chapters is a series of integrative cases involving Starbucks. The series of cases applies the concepts and analytical tools
The first case at the end of this chapter and each of the remaining chapters is a series of integrative cases involving Starbucks. The series of cases applies the concepts and analytical tools
The first case at the end of this chapter and each of the remaining chapters is a series of integrative cases involving Starbucks. The series of cases applies the concepts and analytical tools
Nike’s principal business activity involves the design, development, and worldwide marketing of high-quality footwear, apparel, equipment, and accessory products for serious and recreational
Nike’s principal business activity involves the design, development, and worldwide marketing of high-quality footwear, apparel, equipment, and accessory products for serious and recreational
Nike’s principal business activity involves the design, development, and worldwide marketing of high-quality footwear, apparel, equipment, and accessory products for serious and recreational
Nike’s principal business activity involves the design, development, and worldwide marketing of high-quality footwear, apparel, equipment, and accessory products for serious and recreational
Nike’s principal business activity involves the design, development, and worldwide marketing of high-quality footwear, apparel, equipment, and accessory products for serious and recreational
The accrual basis of accounting creates the need for a statement of cash flows. Explain.
Describe how the statement of cash flows is linked to each of the other financial statements (income statement and balance sheet). Also review how the other financial statements are linked with
Under U.S. GAAP, the statement of cash flows classifies cash expenditures for interest expense as an operating activity but classifies cash expenditures to redeem debt as a financing activity.
Under U.S. GAAP, the statement of cash flows classifies cash expenditures for interest expense on debt as an operating activity but classifies cash expenditures for dividends to shareholders as a
The statement of cash flows classifies changes in accounts payable as an operating activity but classifies changes in short-term borrowing as a financing activity. Explain this apparent paradox.
The acquisition of equipment by assuming a mortgage is a transaction that firms cannot report in their statement of cash flows but must report in a supplemental schedule or note. Of what value is
Caterpillar manufactures heavy machinery and equipment and provides financing for purchases by its customers. Caterpillar reported sales and interest revenues of $51,324 million for 2008. The balance
Lowe’s Companies, a retailer of home improvement products, reported cost of goods sold of $31,729 million for the fiscal year ended January 30, 2009. It reported merchandise inventories of $7,611
Visa Inc., the credit card company, reported income tax expense of $1,648 million for 2008, comprising $1,346 million of current taxes and $302 million of deferred taxes. The balance sheet showed
Combined data for three years for two firms appear below (in millions).One of these firms is Amazon.com, a rapidly growing internet retailer, and the other is Kroger, a retail grocery store chain
Three years of combined data for two firms appear below (in millions).The two firms experienced similar growth rates in revenues during the three-year period. One of these firms is Accenture Ltd., a
Three years of combined data for two firms appear below (in millions).One of these firms is FedEx, a relatively high-growth firm that provides courier services, and the other is Kellogg Company, a
Three years of combined data for two firms appear below (in millions).One of these firms is eBay, an online retailer with a three-year growth in sales of 337.3 percent, and the other is TJX
Selected data for The Walt Disney Company appear below (in millions).Examine the differences between net income, cash flow from operations, and EBITDA for The Walt Disney Company. Comment on the
The Coca-Cola Company (Coca-Cola), like PepsiCo, manufactures and markets a variety of beverages. Exhibit 3.22 presents a statement of cash flows for Coca-Cola for 2006 to 2008.RequiredDiscuss the
Texas Instruments primarily develops and manufactures semiconductors for use in technology-based products for various industries. The manufacturing process is capital-intensive and subject to
Gap Inc. operates chains of retail clothing stores under the names of Gap Banana Republic, and Old Navy. Exhibit 3.24 presents the statement of cash flows for Gap for Year 0 to Year 4.RequiredDiscuss
Sirius XM Radio Inc. is a satellite radio company, formed from the merger of Sirius and XM in 2008. Exhibit 3.25 presents a statement of cash flows for Sirius XM Radio for 2006, 2007, and 2008.
Sunbeam Corporation manufactures and sells a variety of small household appliances, including toasters, food processors, and waffle grills. Exhibit 3.26 presents a statement of cash flows for Sunbeam
Montgomery Ward operates a retail department store chain. It filed for bankruptcy during the first quarter of Year 12. Exhibit 3.27 presents a statement of cash flows for Montgomery Ward for Year 7
Aer Lingus is an international airline based in Ireland. Exhibit 3.28 provides the statement of cash flows for 2007 and 2008, which includes a footnote from the financial statements. 2008 was
Exhibit 3.29 presents common-size statements of cash flows for eight firms in various industries. All amounts in the common-size statements of cash flows are expressed as a percentage of cash flow
Fuso Pharmaceutical Industries develops, manufactures, and markets pharmaceutical products in Japan. Its main product is a solution used by individuals with artificial kidneys. Most individuals in
Flight Training Corporation is a privately held firm that provides fighter pilot training under contracts with the U.S. Air Force and the U.S. Navy. The firm owns approximately 100 Lear jets that it
GTI, Inc., manufactures parts, components, and processing equipment for electronics and semiconductor applications in the communications, computer, automotive, and appliance industries. Its sales
Exhibit 3.36 presents a statement of cash flows for Starbucks for 2006, 2007, and 2008. This statement is an expanded version of the statement of cash flows for Starbucks shown in Exhibit
Prime Contractors (Prime) is a privately owned company that contracts with the U.S. government to provide various services under multiyear (usually five-year) contracts. Its principal services are as
When it filed for bankruptcy in October 1975, W. T. Grant (Grant) was the seventeenth largest retailer in the United States, with almost 1,200 stores, more than 82,000 employees, and sales of $1.7
In an underwriting, what role does each of the following play?(a) The investment banker(b) The syndicate(c) The red herring(d) The SEC(e) The saver (investor).
Why is it important that in an underwriting the investment banker does not overvalue (that is, overprice) the securities? If the securities are overpriced, who suffers the loss?
What differentiates an underwriting from a best-efforts agreement? Who bears the risk in each of these agreements?
Why do investors buy new issues of securities? Besides the risk associated with fluctuations in the market as a whole and the loss of purchasing power through inflation, what is the source of risk
In May 2006, Vonage (symbol VG) went public at $17. What subsequently happened to the price of the stock one, two, and three months after the IPO? (One means to answer this question is to locate
The text used Ask Jeeves and Ariba (ARBA) as illustrations of stocks that soared after the IPO only to dramatically decline. Investor A bought 100 shares of Ariba at its initial offer price of
What is a financial intermediary? What role does it play? What differentiates a financial intermediary from an investment banker?
What features differentiate savings accounts, certificates of deposit, and negotiable certificates of deposit?
If a saver had $12,540 to invest for a short period of time, what alternatives would be available?
What assets do money market mutual funds acquire? Could an individual saver acquire these assets?
Why are money market mutual funds among the safest investments available to savers?
Ask Jeeves went public for $14 a share and traded for $65 on the first day and for $190 after three months. Suppose that you bought 100 shares at the initial offer price, 100 shares on the first day
1. How safe is each investment and is it insured against loss?2. How liquid is each investment?3. Why did the banks representative suggest alternatives 4 and 5?4. Will closing the savings account and
What is the role of market makers, and how do they earn profits?
What is the difference between listed securities and securities traded through the Nasdaq stock market?
How is the market price of a security determined?
What is the difference between a market order, a good-till-canceled order, and a stop-loss order?
In addition to commission fees, are there any other costs of investing?
What are the advantages of leaving securities registered in the street name?
Why is it riskier to buy stocks on margin?
When should an investor sell short? How can an investor sell something that he or she does not own? How is the short position closed? What is the source of profit in a short position?
Why do U.S. investors purchase ADRs in preference to the actual securities? How do ADRs come into existence?
How is the SIPC similar to the FDIC?
Why are the laws governing the securities industry frequently referred to as “full disclosure laws”?

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