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accounting

Questions and Answers of Accounting

An American investor buys 100 shares of EuroCorp. The stock sells for 10 euros and the euro is worth $1.09. The investor sells the stock for 13 euros when the euro is worth $0.97.a) What is the
You purchase 100 ADRs of British Oil for $12 per ADR. What is the value of the shares in dollars, given the following information?Compare the percentage returns for each quarter and for the year
The futures price of British pounds is $2.00. Futures contracts are for 10,000 pounds, so a contract is worth $20,000. The margin requirement is $2,000 a contract, and the maintenance market
You anticipate buying a Volvo in six months for $30,000. Currently the spot price of the Swedish krona is $0.50 and the six-month futures price is $0.505. You anticipate that the value of the dollar
A portfolio manager owns a bond worth £2,000,000 that will mature in one year. The pound is currently worth $1.65, and the one-year future price is $1.61. If the value of the pound were to fall, the
1. What happens to the portfolio standard deviation as the investor substitutes the foreign securities for the U.S. securities? What combination of U.S. and Japanese stocks and U.S. and Brazilian
What are the sources of return from investing in collectibles and other real assets? What are the special expenses associated with investing in collectibles and tangible assets?
What are the tax implications of investing in nonfinancial assets?
What are the risks associated with investing in nonfinancial assets? What role does specialized knowledge perform in the management of these risks?
How do the secondary markets for nonfinancial, tangible assets differ from the secondary markets for financial assets?
Why are investments in timber more like operating a business than managing a portfolio of financial assets?
What are the different sources of mortgage money for financing the purchase of a home? What are features that differentiate mortgage loans? What advantage does an ARM offer over a fixed-rate
How is cash flow or funds from operations determined for an investment in rental properties?
What impact does each of the following have on a real estate investment’s cash flow?a) An increase in depreciation expenseb) A decrease in rental incomec) An increase in principal repaymentd) A
What differentiates a real estate investment trust from a firm involved in building and developing properties? What differentiates a mortgage trust from an equity trust?
What are the risks associated with investing in real estate and how are they similar and dissimilar to those of investments in stock and bonds? What advantages do REITs offer over direct investments
Using the information in the Point of Interest on the taxation of REIT distributions, what was the tax status of the 2006 and 2007 distributions made by the following REITs?Plum Creek Timber
In 1982, Marc Chagall’s Orphee sold for $120,000. In 2001, approximately 20 years later, it sold for $500,000. If the commission on the sale was 10 percent, what was the annual rate of growth in
You acquire land for $100,000 and sell it after five years for $150,000.a) What was the annual rate of appreciation in the value of the land?b) Each year you paid $2,000 in property tax, $300 for
In 1990 the average and median prices of a new single-family home were approximately $95,200 and $118,200, respectively. Ten years later, these prices had risen to $139,000 and $177,000. During the
What is the expected cash flow and tax liability (or savings) for the first two years for an investment in an apartment building given the following information?Cost of the building
You purchase a REIT for $50. It distributes $3 consisting of $1 in income, $0.50 in long-term capital gains, $0.30 in short-term capital gains, and $1.20 in return of capital. After a year, you sell
Colonial Properties Trust's (CLP) earnings per share (EPS), funds from operations (FFO), and dividends are as follows:a) Compute the ratio of dividends to earnings and the ratio of dividends to funds
The portfolio manager of a hedge fund believes that stock A is undervalued and stock B is overvalued. Currently their prices are $30 and $30, respectively. The portfolio manager of the fund buys 100
1. What will be the building’s annual net profit and cash flow if Mohebbi uses the 8 percent mortgage?2. What will be the building’s annual net profit and cash flow if Mohebbi uses the 9 percent
1. The differences between collecting and investing in baseball cards and investing in commodities.2. The tax implications (if any) of redeeming the mutual fund shares, closing the bank account, or
What are the steps for constructing a financial plan? What is a pro forma balance sheet or cash budget? How do they differ, and what role do they play in the construction of financial plans?
Which of the following should be part of a balance sheet and which should be part of a cash budget?a) Mortgage owedb) Principal payment to be madec) Dividend paymentsd) Social Security paymentse)
You are given the following information concerning a 52-year-old male:Car and consumer loans ..............$ 14,000Cash and savings accounts ..............3,000Cash value of life insurance
1. How much is allocated to each class of assets?2. Based on the historical returns in Exhibit 10.2, how much will be in each account when the girls approach college age ten years from now?3. Since
Vanessa Avoletta is a very successful self-employed freelance writer of romantic novels. She has a reputation for writing rapidly and is able to complete at least four books a year, which net after
The concept of earnings quality has several dimensions, but two characteristics often dominate: the accounting information should be a fair representation of performance for the reporting period, and
Rock of Ages, Inc., is the largest integrated granite quarrier, manufacturer, and retailer of finished granite memorials and granite blocks for memorial use in North America. The firm reported a net
The concept of earnings management connotes different things to different users of the term. Define earnings management. Discuss why it is difficult to discern whether a firm does in fact practice
The chapter discusses eight accounting and disclosure topics that typically occur infrequently but can have a large impact on financial statements. What criteria should an analyst employ to assess
Nestlé Group, a multinational food products firm based in Switzerland, recently issued its financial statements. The auditor’s opinion attached to the financial statements stated the following:
Checkpoint Systems is a global leader in shrink management, merchandising visibility, and apparel labeling solutions. The firm is a leading provider of source tagging, handheld labeling systems,
Firms often enter into transactions that are peripheral to their core operations but generate gains and losses that must be reported on the income statement. A gain labeled “peripheral” by one
H. J. Heinz is one of the world’s leading marketers of branded foods to retail and foodservice channels. According to the firm, Heinz holds the number company’s well-known brands are Heinz®,
Vulcan Materials Company, a member of the S&P 500 Index, is the nation€™s largest producer of construction aggregates, a major producer of asphalt mix and concrete, and a leading producer
Northrop Grumman Corporation is a leading global security company that provides innovative systems products and solutions in aerospace, electronics, information systems, shipbuilding, and technical
Intel Corporation€™s Consolidated Income Statement from its 2008 Annual Report appears below.Note 15, which follows, explains the source of the restructuring charges, the breakdown of the
Prior to Year 8, General Dynamics Corporation engaged in a wide variety of industries, including weapons manufacturing under government contracts, information technologies, commercial aircraft
Exhibits 1.26–1.28 of Integrative Case 1.1 (Chapter 1) present the financial statements for Starbucks for 2005–2008. Starbucks explains several components of its income during those years in the
Citigroup Inc. (Citi) is a leading global financial services company with over 200 million customer accounts and operations in more than 140 countries. Its operating units Citicorp and Citi Holdings
Rebecca Olson is the owner of Aquarius Delivery Service. Recently, Rebecca paid interest of $1,850 on a personal loan of $30,000 that she used to begin the business. Should Aquarius Delivery Service
On February 3, Dependable Repair Service extended an offer of $80,000 for land that had been priced for sale at $90,000. On March 6, Dependable Repair Service accepted the seller's counteroffer of
a. Land with an assessed value of $250,000 for property tax purposes is acquired by a business for $375,000. Seven years later, the plot of land has an assessed value of $400,000 and the business
A business had revenues of $420,000 and operating expenses of $565,000. Did the business (a) Incur a net loss (b) Realize net income?
A business had revenues of $919,500 and operating expenses of $738,600. Did the business (a) Incur a net loss or (b) Realize net income?
On November 15, Johnson Repair Service extended an offer of $35,000 for land that had been priced for sale at $43,000. On December 8, Johnson Repair Service accepted the seller's counteroffer of
On February 2, Duck Repair Service extended an offer of $90,000 for land that had been priced for sale at $115,000. On February 16, Duck Repair Service accepted the seller's counteroffer of $100,000.
Daryl Wallin is the owner and operator of Pima LLC, a motivational consulting business.At the end of its accounting period, December 31, 2007, Pima has assets of $617,000 and liabilities of $382,000.
Kristen Hagan is the owner and operator of You're Cool, a motivational consulting business. At the end of its accounting period, December 31, 2007, You're Cool has assets of $336,000 and liabilities
Mime Delivery Service is owned and operated by Pamela Kolp. The following selected transactions were completed by Mime Delivery Service during October:1. Received cash from owner as additional
Quicken Delivery Service is owned and operated by Zoey Tucker. The following selected transactions were completed by Quicken Delivery Service during July:1. Received cash from owner as additional
The assets and liabilities of Herat Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Lola Stahn, was
The assets and liabilities of Leotard Travel Service at February 28, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of the owner, Harry
Using the data for Herat Travel Service shown in Practice Exercise 1-4A, prepare a statement of owner’s equity for the current year ended June 30, 2008. Lola Stahn invested an additional $20,000 in
Using the data for Leotard Travel Service shown in Practice Exercise 1-4B, prepare a statement of owner’s equity for the current year ended February 28, 2008. Harry Thompson invested an additional
Using the data for Herat Travel Service shown in Practice Exercise 1-4A and 1-5A, prepare the balance sheet as of June 30, 2008.
Using the data for Leotard Travel Service shown in Practice Exercise 1-4B and 1-5B, prepare the balance sheet as of February 28, 2008.
A summary of cash flows for Herat Travel Service for the year ended June 30, 2008, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . .
A summary of cash flows for Leotard Travel Service for the year ended February 28, 2008, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . .
Frontier Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Frontier Sports is owned and operated by Wally Schnee, a well-known sports enthusiast and hunter.
The total assets and total liabilities of Coca-Cola and PepsiCo are shown below.Determine the owners€™ equity of eachcompany.
The total assets and total liabilities of eBay and Google are shown below.Determine the owners€™ equity of eachcompany.
Determine the missing amount for each of thefollowing:
Hector Lopez is the owner and operator of Centillion, a motivational consulting business.At the end of its accounting period, December 31, 2007, Centillion has assets of $950,000 and liabilities of
a. A vacant lot acquired for $75,000 is sold for $145,000 in cash. What is the effect of the sale on the total amount of the seller’s? (1) Assets(2) Liabilities(3) Owner's equity?b. Assume that the
The following selected transactions were completed by Pilgrim Delivery Service during July:1. Received cash from owner as additional investment, $115,000.2. Received cash for providing delivery
Otto Egan operates his own catering service. Summary financial data for August are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the
The income statement of a proprietorship for the month of July indicates a net income of $117,800. During the same period, the owner withdrew $150,000 in cash from the business for personal use.
Four different proprietorships, Alpha, Bravo, Charlie and Delta, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner's equity, are
From the following list of selected items taken from the records of Maya Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Payable 2. Cash 3.
Financial information related to Pickerel Company, a proprietorship, for the month endedJune 30, 2008, is as follows:Net income for June ............. $196,350Lynn Jepsen’s withdrawals during June
Giblet Services was organized on February 1, 2008. A summary of the revenue and expense transactions for February follows:Fees earned ............. $479,280Wages expense ............. 310,600Rent
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships:Determine the missing amounts, identifying them
Financial information related to the proprietorship of Burst Interiors for March and April 2008 is as follows:a. Prepare balance sheets for Burst Interiors as of March 31 and as of April 30, 2008.b.
A summary of cash flows for Webster Consulting Group for the year ended July 31, 2008, is shown below.Cash receipts:Cash received from customers . . . . . . . . . . . . . . . . . . . . . . . . . . .
Galaxy Realty, organized October 1, 2008, is owned and operated by Ora Tasker. How many errors can you find in the following financial statements for Galaxy Realty, prepared after its second month
On June 1 of the current year, Doni Gilmore established a business to manage rental property.She completed the following transactions during June:a. Opened a business bank account with a deposit of
Following are the amounts of the assets and liabilities of Pedigree Travel Agency at December 31, 2008, the end of the current year, and its revenue and expenses for the year. The capital of Shiann
Barry Kimm established Mariner Financial Services on January 1, 2008. Mariner Financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after
On March 1, 2008, Ginny Tyler established Seltzer Realty. Ginny completed the following transactions during the month of March:a. Opened a business bank account with a deposit of $30,000 from
Argon Dry Cleaners is owned and operated by Kerry Ulman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The financial statements at the end of Cayenne Realty€™s first month of operations are shown below.InstructionsBy analyzing the interrelationships among the four financial statements,
Ana Urbin established an insurance agency on March 1 of the current year and completed the following transactions during March:a. Opened a business bank account with a deposit of $40,000 from
The amounts of the assets and liabilities of Abyss Travel Service at June 30, 2008, the end of the current year, and its revenue and expenses for the year are listed below. The capital of Megan Koch,
Kelly Cassidy established Firefly Computer Services on May 1, 2008. The effect of each transaction and the balances after each transaction for May are shown at the top of the following.Instructions1.
On April 1, 2008, Britt Quinn established Uptown Realty. Britt completed the following transactions during the month of April:a. Opened a business bank account with a deposit of $30,000 from personal
Skivvy Dry Cleaners is owned and operated by Jean Potts. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another
The financial statements at the end of Harp Realty's first month of operations are shown below.InstructionsBy analyzing the interrelationships among the four financial statements, determine the
Kris Payne enjoys listening to all types of music and owns countless CDs and tapes. Over the years, Kris has gained a local reputation for knowledge of music from classical to rap and the ability to
Chester Hunter, president of Jackrabbit Enterprises, applied for a $250,000 loan from Belgrade National Bank. The bank requested financial statements from Jackrabbit Enterprises as a basis for
On July 7, 2007, Dr. Jennifer Dejong established Second Opinion, a medical practice organized as a proprietorship. The following conversation occurred the following January between Dr. Dejong and a
Kathy Hoss, a junior in college, has been seeking ways to earn extra spending money. As an active sports enthusiast, Kathy plays tennis regularly at the Racquet Club, where her family has a
During the current month, the following errors occurred in recording transactions in the purchases journal or in posting from it.a. An invoice for $900 of supplies from Collins Co. was recorded as
The Accounts Payable and Cash columns in the cash payments journal were unknowingly overstated by $100 at the end of the month. (a) Assuming no other errors in recording or posting, will the error
The following revenue transactions occurred during March:Mar. 3. Issued Invoice No. 78 to Langley Co. for services provided on account, $450.12. Issued Invoice No. 79 to Hitchcock Inc. for services

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