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Questions and Answers of Accounting

You recently joined the auditing staff of Best, Best, and Krug, CPAs. You have been assigned to the audit of Clearview, Inc., and have been asked by the audit senior to examine the balance sheet
The balance sheet and disclosure of significant accounting policies taken from the 2009 annual report of Walmart Stores, Inc., appear below. Use this information to answer the following questions:1.
The fiscal year-end for the Northwest Distribution Corporation is December 31. The company's 2011 financial statements were issued on March 15, 2012. The following events occurred between December
Enron Corporation was a darling in the energy-provider arena, and in January 2001 its stock price rose above $100 per share. A collapse of investor confidence in 2001 and revelations of accounting
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submissions by companies and others who are required by
A common problem facing any business entity is the debt versus equity decision. When funds are required to obtain assets, should debt or equity financing be used? This decision also is faced when a
Financial reports are the primary means by which corporations report their performance and financial condition. Financial statements are one component of the annual report mailed to their
Insight concerning the performance and financial condition of a company often comes from evaluating its financial data in comparison with other firms in the same industry.Required:Obtain annual
Refer to the financial statements and related disclosure notes of Dell Inc. in Appendix B located at the back of the text.Required:1. What categories does the company use to classify its assets? Its
Levens Co. operates in several distinct business segments. The company does not have any reportable foreign operations or major customers.Required:1. What is the purpose of operating segment
You are in your third year as an accountant with McCarver-Lynn Industries, a multidivisional company involved in the manufacturing, marketing, and sales of surgical prosthetic devices. After the
British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which
What transactions are included in income from continuing operations? Briefly explain why it is important to segregate income from continuing operations from other transactions affecting net income.
Briefly explain the difference between the single-step and multiple-step income statement formats.
Explain what is meant by the term earnings quality.
Define intraperiod tax allocation. Why is the process necessary?
How are discontinued operations reported in the income statement?
What is meant by a change in accounting principle? Describe the accounting treatment for a voluntary change in accounting principle.
Accountants very often are required to make estimates, and very often those estimates prove incorrect. In what period(s) is the effect of a change in an accounting estimate reported?
The correction of a material error discovered in a year subsequent to the year the error was made is considered a prior period adjustment. Briefly describe the accounting treatment for prior period
Define earnings per share (EPS). For which income statement items must EPS be disclosed?
Define comprehensive income. What are the three ways companies can present the reconciliation between net income and comprehensive income?
Describe the purpose of the statement of cash flows.
Identify and briefly describe the three categories of cash flows reported in the statement of cash flows.
Explain what is meant by noncash investing and financing activities pertaining to the statement of cash flows. Give an example of one of these activities.
Distinguish between the direct method and the indirect method for reporting the results of operating activities in the statement of cash flows.
Describe the difference between U.S. GAAP and IFRS in the allowable options for presenting the components of other comprehensive income.
Describe the potential statement of cash flows classification differences between U.S. GAAP and IFRS.
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2011, the end of the company's fiscal year, contained the following income statement items ($ in millions): sales revenue,
Refer to the situation described in BE 4-1. If the company's accountant prepared a multiple-step income statement, what amount would appear in that statement for(a) Operating income and(b)
Refer to the situation described in BE 4-1. Prepare a multiple-step income statement for 2011. Ignore EPS disclosures.In BE 4-1, The adjusted trial balance of Pacific Scientific Corporation on
The following is a partial year-end adjusted trial balance.Income tax expense has not yet been accrued. The income tax rate is 40%. Determine the following:(a) Operating income (loss), (b) Income
Memorax Company earned before-tax income of $790,000 for its 2011 fiscal year. During the year, the company experienced a $520,000 loss from earthquake damage that it considered to be an
The following are partial income statement account balances taken from the December 31, 2011, year-end trial balance of White and Sons, Inc.: restructuring costs, $300,000; interest revenue, $40,000;
On December 31, 2011, the end of the fiscal year, California Microtech Corporation completed the sale of its semiconductor business for $10 million. The business segment qualifies as a component of
Refer to the situation described in BE 4-7. Assume that the semiconductor segment was not sold during 2011 but was held for sale at year-end. The estimated fair value of the segment's assets, less
Refer to the situation described in BE 4-8. Assume instead that the estimated fair value of the segment's assets, less costs to sell, on December 31 was $7 million rather than $10 million. Prepare
The Korver Company decided to change its inventory costing method from average to FIFO. The depreciation method also was changed from double-declining balance to straight line. Identify the type of
Powell Manufacturing purchased machinery for $300,000 at the beginning of 2009. A six-year life was estimated and no residual value was anticipated. Straight-line depreciation is used. At the
O'Reilly Beverage Company reported net income of $650,000 for 2011. In addition, the company deferred a $60,000 pretax loss on derivatives and had pretax net unrealized holding gains on investment
The following are summary cash transactions that occurred during the year for Hilliard Healthcare Co. (HHC):Cash Received from:Customers ........ $660,000Interest on note receivables ..
Statement of cash flows; investing and financing activitiesRefer to the situation described in BE 4-13. Prepare the cash flows from investing and financing activities sections of HHC's statement
Net income of Mansfield Company was $45,000. The accounting records reveal depreciation expense of $80,000 as well as increases in prepaid rent, salaries payable, and income taxes payable of $60,000,
Refer to the situation described in BE 4-13 and BE 4-14. How might your solution to those brief exercises differ if Hilliard Healthcare Co. prepares its statement of cash flows
The following is a partial trial balance for the Green Star Corporation as of December 31, 2011:100,000 shares of common stock were outstanding throughout 2011.Required:1. Prepare a single-step
The following is a partial trial balance for General Lighting Corporation as of December 31, 2011:300,000 shares of common stock were outstanding throughout 2011. Income tax expense has not yet been
The trial balance for Lindor Corporation, a manufacturing company, for the year ended December 31, 2011, included the following income accounts:The trial balance does not include the accrual for
The following incorrect income statement was prepared by the accountant of the Axel Corporation:Required:Prepare a multiple-step income statement for 2011 applying generally accepted accounting
Chance Company had two operating divisions, one manufacturing farm equipment and the other office supplies. Both divisions are considered separate components as defined by generally accepted
Esquire Comic Book Company had income before tax of $1,000,000 in 2011 before considering the following material items:1. Esquire sold one of its operating divisions, which qualified as a separate
Kandon Enterprises, Inc. has two operating divisions; one manufactures machinery and the other breeds and sells horses. Both divisions are considered separate components as defined by generally
On September 17, 2011, Ziltech, Inc. entered into an agreement to sell one of its divisions that qualifies as a component of the entity according to generally accepted accounting principles. By
Canliss Milling Company purchased machinery on January 2, 2009, for $800,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the double-declining balance
Canliss Milling Company purchased machinery on January 2, 2009, for $800,000. A five-year life was estimated and no residual value was anticipated. Canliss decided to use the straight-line
On July 1, 2009, Horrocks Engineering purchased a patent for $2,400,000. A 10-year useful life was estimated with no residual value. The straight-line amortization method is used. Early in 2012, the
The Esposito Import Company had 1 million shares of common stock outstanding during 2011. Its income statement reported the following items: income from continuing operations, $5 million; loss from
The Massoud Consulting Group reported net income of $1,354,000 for its fiscal year ended December 31, 2011. In addition, during the year the company experienced a foreign currency translation
Exercise 4-13 requires the presentation of other comprehensive income items in (1) a combined statement of income and comprehensive income and (2) in a separate statement of comprehensive
The statement of cash flows classifies all cash inflows and outflows into one of the three categories shown below and lettered from a through c. In addition, certain transactions that do not involve
The following summary transactions occurred during 2011 for Bluebonnet Bakers:The balance of cash and cash equivalents at the beginning of 2011 was $17,000.Required:Prepare a statement of cash flows
Refer to the situation described in Exercise 4-16.Required:How might your solution differ if Bluebonnet Bakers prepares the statement of cash flows according to International Financial Reporting
The accounting records of Hampton Company provided the data below ($ in 000s).Required:Prepare a reconciliation of net income to net cash flows from operatingactivities.
The following transactions occurred during March 2011 for the Wainwright Corporation. The company owns and operates a wholesale warehouse. [These are the same transactions analyzed in Exercise 2-1,
Cemptex Corporation prepares its statement of cash flows using the indirect method to report operating activities. Net income for the 2011 fiscal year was $624,000. Depreciation and amortization
The statement of cash flows for the year ended December 31, 2011, for Bronco Metals is presented below.Required:Prepare the statement of cash flows assuming that Bronco prepares its financial
Presented below is the 2011 income statement and comparative balance sheet information for Tiger Enterprises.Required:Prepare Tiger's statement of cash flows, using the indirect method to present
Refer to the situation described in Exercise 4-22.Required:Prepare the cash flows from operating activities section of Tiger's 2011 statement of cash flows using the direct method. Assume that all
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on
Access the FASB's Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. The criteria for determining if a gain or loss
Listed below are several terms and phrases associated with income statement presentation and the statement of cash flows. Pair each item from List A (by letter) with the item from List B that is most
The following questions are used in the Kaplan CPA Review Course to study the income statement and statement of cash flows while preparing for the CPA examination. Determine the response that best
The following questions dealing with the income statement are adapted from questions that previously appeared on Certified Management Accountant (CMA) examinations. The CMA designation sponsored by
Selected information about income statement accounts for the Reed Company are presented below (the company's fiscal year ends on December 31):On July 1, 2011, the company adopted a plan to
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2011 and 2010:On October 15, 2011, Jackson entered into a tentative
For the year ending December 31, 2011, Micron Corporation had income from continuing operations before taxes of $1,200,000 before considering the following transactions and events. All of the items
The preliminary 2011 income statement of Alexian Systems, Inc. is presented below:Additional information:1. Selling and administrative expenses include $26 million in restructuring costs.2. Included
This is a variation of the previous problem focusing on income statement presentation.Required:Refer to the information presented in Problem 4-4. Prepare a revised income statement for 2011
Rembrandt Paint Company had the following income statement items for the year ended December 31, 2011 ($ in 000s):In addition, during the year the company completed the disposal of its plastics
The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2011 ($ in 000s): sales revenue, $15,300; cost of
Duke Company's records show the following account balances at December 31, 2011:Sales................................................................................. $15,000,000Cost of goods
The Diversified Portfolio Corporation provides investment advice to customers. A condensed income statement for the year ended December 31, 2011, appears below:The following balance sheet
The chief accountant for Grandview Corporation provides you with the company's 2011 statement of cash flows and income statement. The accountant has asked for your help with some missing figures in
Presented below are the 2011 income statement and comparative balance sheets for Santana Industries.Additional information for the 2011 fiscal year ($ in thousands):1. Cash dividends of $1,000 were
The financial community in the United States has become increasingly concerned with the quality of reported company earnings.Required:1. Define the term earnings quality.2. Explain the distinction
The appearance of restructuring costs in corporate income statements increased significantly in the 1980s and 1990s.Required:1. What types of costs are included in restructuring costs?2. When are
Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Some resort to earnings
Cisco Systems, Inc., the world's largest networking products company, announced on May 8, 2001, that itspro forma earnings for the quarter ended April 28, 2001, were $230 million. The company
McMinville Corporation manufactures paper products. In 2007, the company purchased several large tracts of timber for $22 million with the intention of harvesting the timber rather than buying this
Carter Hawley Hale Stores (CHHS), Inc. was one of the largest department store retailers in the United States. At the end of fiscal 1989, the company operated 113 stores in the sunbelt regions of the
After a decade of consistent income growth, the Cranor Corporation sustained a before-tax loss of $8.4 million in 2011. The loss was primarily due to $10 million in expenses related to a product
The accrual of restructuring costs creates obligations (liabilities) referred to as exit or disposal cost obligations.Required:1. Obtain the relevant authoritative literature on exit or disposal cost
Each of the following situations occurred during 2011 for one of your audit clients:1. The write-off of inventory due to obsolescence.2. Discovery that depreciation expenses were omitted by accident
The following events occurred during 2011 for various audit clients of your firm. Consider each event to be independent and the effect of each event to be material.1. A manufacturing company
GlaxoSmithKline Plc. (GSK) is a global pharmaceutical and consumer health-related products company located in the United Kingdom. The company prepares its financial statements in accordance with
Norse Manufacturing, Inc., prepares an annual combined statement of income and comprehensive income. The following situations occurred during the company's 2011 fiscal year:1. Restructuring costs
It has been suggested that not all accounting choices are made by management in the best interest of fair and consistent financial reporting.Required:What motivations can you think of for
Companies often voluntarily provide a pro forma earnings number when they announce annual or quarterly earnings. These pro forma earnings numbers are controversial as they represent management's view
Rice Corporation is negotiating a loan for expansion purposes and the bank requires financial statements. Before closing the accounting records for the year ended December 31, 2011, Rice's controller
Refer to the income statements of Dell Inc. included in the company's financial statements in Appendix B at the back of the text.Required:1. What was the percentage increase or decrease in the
British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which

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