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Questions and Answers of Accounting

Bevans Co. makes two products, Product X and Product Y. Bevans has produced Product X for many years without generating any hazardous wastes. Recently, Bevans developed Product Y, which is superior
Refer to Case 7-57, which describes Kwik Clean’s environmental costs.Required(a) Of the costs listed by Pat Polley, identify which are explicit and which are implicit environmental costs.(b) Should
Financial accounting statements are used by many parties. Describe how each of the following parties might use them; Security Analysts and Shareholders, bank loan officers, a company’s customers
The AICPA’s list of red flags, alerting auditors to the possibility of management fraud, includes a “domineering management with a weak board.” Briefly explain the role of the board of
Explain the functions of the audit committee, and describe why it is important that it consist of outside (non-management) directors.
One of the factors contributing to the 2008-2009 recession was the unwillingness of commercial banks to extend loans to customers, some of whom were quite creditworthy. This unwillingness led to what
In its 2008 annual report, Home Depot reported that fiscal 2008 sales decreased to $71.3 billion (from $77.3 billion the previous fiscal year), while profits decreased to $2.26 billion (from $4.395
Continental Airlines signed contracts with its major creditors (mostly banks) that require the company to maintain a minimum cash balance of $600 million, a minimum shareholders’ equity balance of
Fortune magazine ran an article titled “New Ethics or No Ethics? Questionable Behavior Is Silicon Valley’s Next Big Thing,” which recounts stories of Internet companies that aggressively
The following quote was taken directly from the audit report written by Price water house Coopers on the 2009 financial statements of Kroger. In our opinion, the accompanying consolidated balance
In a report to its clients on the implications of the Sarbanes-Oxley Act of 2002, KPMG states that the Act is intended to expand corporate governance, increase public confidence in financial
In a survey conducted by two accounting professors, the Wall Street Journal reported that a number of high-lever corporate managers indicated that they would choose investments that would boost
The FASB and IASB are working on converging U.S GAAP and IFRS into a single reporting system. Currently, the SEC accepts IFRS financial statements from non-U.S companies, while requiring U.S GAAP
The Securities and Exchange Commission has established a road map that will ultimately require U.S companies to use International Financial Reporting Standards (IFRS). Already, the SEC allows foreign
Distinguish managerial accounting from financial accounting, and describe how the information provided by the two systems in used differently. Excerpts taken from the SEC Form 10-K of NIKE, Inc. are
a. Briefly describe the operations of NIKE, and indicate whether it is a manufacturing, retail, or Service Company.b. Which accounting firm audits NIKE? Briefly explain the contents of the audit
Revenues and expenses for PepsiCo during 2008 were $43.3 billion and $38.2 billion, respectively. The December 31, 2007 and 2008 balances in retained earnings were $28.2 billion and $30.6 billion,
A summary of a recent balance sheet for Boeing Co. is an follows (dollars in billions): What amount and what percentage of Boeing's assets were financed by(1) Current liabilities,(2) Long-term
In BE2-2, Boeing’s current assets consisted primarily of cash and short-term investments of $9.3 billion, accounts receivable of $5.7 billion, inventory of $9.6 billion, and miscellaneous current
Excerpts from the annual report of AT&T, Inc., are as follows. Compute the missing values and briefly discuss AT&S sources and uses of cash during the three-year period.
A recent balance sheet of Royal Dutch Shell, a huge oil and gas company that prepares financial statements using IFRS, reported the following dollar amounts (in millions)Non-current assets
Listed below are eight transactions. In each case, identify whether the transaction is an example of financing, investing, or operating activities and which of the financial statements it would
Listed below are eight transactions. In each case, identify whether the transaction is an example of financing, investing, or operating activities and which of the financial statements it would
Listed are accounts that may appear on either the balance sheet or the income statement.a. Equipmentb. Fees Earnedc. Retained Earningsd. Wage Expensee. Patientf. Cost of Goods Soldg. Common Stockh.
Assume a banker is interested in finding answers to the following questions about a company applying for a loan. In each case, indicate which of the four financial statements the banker should
Duke Energy Corporation is one of America's leading diversified energy companies. At the end of 2008 the company had a balance in tis retained earnings account of $1.6 billion. Compute the missing
At the end of 2009 a fast-growing advertising agency had a negative balance of $596 million in its retained earnings accounts. Compute the missing amounts in the following table, and comment on the
La-Z-Boy Incorporated included the following information in its 2009 annual report (dollars in millions). Define solvency and discuss how this information might be useful in assessing the company??s
Suppose that La-Z-Boy in E2-7 signed a debt covenant specifying that current assets must exceed current liabilities by $200 million. Assume further that in early January 2010, the company planned to
The information below was taken from the 2009 annual report of Cisco System, a world-wide leader in networking for the Internet. AS of the end of 2009, Cisco and a cash balance of $5.7 billion.
Southwest Airlines is a major airline. The following information was taken from its 2008 annual report. As of the end of 2008, Southwest had a cash balance of $1.4 billion. Compute the missing
From the following transactions, prepare a statement of cash flows for Lana and Sons in the proper form. The company began the year with a cash balance of $13,000. Describe and evaluate the
From the following transactions, prepare a statement of cash flows for Emory Inc. in the proper form. The company began the year with a cash balance of $25,000. Describe and evaluate the company’s
George began a business, and after collecting $6,000 from an equity investor and borrowing $5,000 from a bank, he purchased a piece of land for $8,000. During the year, he leased the land to Sheila
Mary began a business, and after collecting $30,000 from an equity investor and borrowing $15,000 from a bank, she purchased piece of land for $40,000. During the year, she leased the land to Karl
Presented below are the main section headings of the balance sheet:a. Current assetsb. Long-term investmentsc. Property, plant, and equipmentd. Intangible assetse. Current liabilitiesf. Long-term
The main section headings of the income statement are:a. Salesb. Fees earnedc. Otherd. Cost of goods solde. Operating expensesf. Other expensesREQUIRED:Classify the following descriptions under the
Review figure, and complete the blanks below to show the relationships among the four financial statements for Nimmo BrothersCorporation:
The following information is available relating to the activities of Johnson Co. as of December 31, 2011.Cash balance on 12/31/11 is $8,000.Short-term investments have a fair market value of $40,000
Compute the missing values for the following chart and analyze the financial performance and position of this company. The first year of operations is2005.
Excerpts from the financial statements for Kroger, a major supermarket retailer, are as follows (dollars in million). REQUIRED:Organize these numbers into income statement and balance sheets, and
Because of consistent losses in the past several years, Eat and Run, a fast-food franchise, is in danger of bankruptcy. Its most current balance sheet follows. Additional Information:The fair
The chief executive officer of Romney Heights has included the following information from the financial statements in loan application submitted to Acme Bank. The company intends to acquire
Ted Tooney has operated a small service company for several years. The following information is from the financial statements prepared by Ted's accountant. REQUIRED:Assume that you have some
A summary of the December 31, 2011 balance sheet of Ellington Industries follows:
For over a year, Center Energy Corporation, a utility company in Ohio, had negative cash flow from operating activities, caused primarily by the escalating costs of one of its nuclear plants outside
In early May 2007, Walt Disney Company released its earnings for its fiscal second quarter. In the release, the company discussed its various operations, includingRevenue from a surprising movie hit,
The following excerpt was taken from a financial report of Cummins Engine Company, a manufacturer of heavy-duty truck engines. Loan agreements contain covenants that impose restrictions on the
The following information was taken from the 2008 annual reports-statements of cash flows-of Hewlett-Packard, Southwest Airlines, and The Boeing Co., Inc. (dollars in millions). REQUIRED:Each of
The following information was taken from the 2008 annual report-statements of cash flows-of Goodrich Corporations, a major company in the aerospace and defense industry (dollars in
The following balance sheet (prepared according to IFRS) was taken from the 2008 annual report of GlaxoSmithKline, a British pharmaceutical company (British pounds in millions). REQUIRED: Identify
The Wall Street Journal (April 16, 2004) reports, “For as long as companies have published cash-flow statements, investors have used them to gauge the credibility of earnings. The most closely
In late 2009 General Electric, Vivendi SA, and the cable television company Comcast entered into a complicated transaction to change the ownership of the television and production company NBC
Up until 2007 non-U.S. firms that published IFRS-based financial statements and wished to raise capital on the U.S. stock markets (e.g., New York Stock Exchange) were required to file with the SEC a
Excerpts taken from the SEC form 10-K of NIKE are reproduced in Appendix C.REQUIRED:Review the NIKE Form 10-K, and answer the following questions.a. Compute cost of sales, selling, general &
The following excerpts were taken from the annual reports of a variety of companies:I. The company’s reporting period ends on the Saturday closest to January 31(The Limited).2. The consolidated
Recently Boeing has maintained a cash balance of over $6 billion. At an annual inflation rate of about 2 percent, does cash have more or less purchasing power at the end of a gin year than the
Palomar Paper Products purchased land in 1993 for $15,000 cash. The company has held the land since that time. In 2011 Palomar purchased another tract of land for $l5,000 cash Assume that prices in
Name the valuation bases) that are used for each of the asset and liability accounts shown here. Some assets and liabilities can use more than one valuationbase.
The 2009 annual report for Cisco System contains the following information (dollars in million): 7/25/2009 7/26/2008Inventory $1,074 $1,235 On the income statement Cisco reported that the
Cascades Enterprises ordered 4,000 brackets from McKey and Company on December 1, 2011, for a contracted price of $40,000. McKey complete manufacturing the brackets on January 17 of the next year and
Lahmont Bridge Builders built a bridge for the state of Maryland or a two-year period. The contracted price for the bridge was $600,000. The costs incurred by Lahmont and the payments from the state
RDP and Brothers purchased a panel truck for $25,000 on January 1, 2011. It estimated the life of the truck to be five years, and it planned to depreciate an equal amount in each of the five
All large U.S companies have policies in which all expenditures under a certain dollar amount are-expensed. Many of these expenditures are for assets, items that are useful to the company beyond the
The net income amounts for Hauser and Bradley over the four-year period beginning in 2009 follow. 2009 2010 2011
At the end of every year NIKE and adidas record inventory write-downs for items (footwear and apparel) that have lost value due to a variety of reasons, such as changing styles, defective
On January 1, 2011, you purchased a piece of property for $10,000. On December 31 of that year, you sold the property for $20.000. Assume that the general rate of inflation for 2011 was 10
Assume that on January 1, Bush Enterprises borrowed $4.760 from Banking Corporation, promising to pay $5,000 at the end of o year. The effective rate of interest on the loan is proximately 5 percent
Three years ago Yeagley and Sons purchased the three assets listed in the following table. The chief financial officer, Kathy Dillon, is presently trying to decide what to do with each asset. She has
Sales data for the fiscal years 2006, 2007, and 2008 for Bed Bath & Beyond follows (dollars in billions):200620072008Sales $6.6$7.0$7.2According to the financial statements, sales creased by 9
Selected financial information is provided below for three major pharmaceuticals: GlaxoSmithKline (Britain), Sanofi-Aventis (France), and Pfizer U.S.). GlaxoSmithKline's numbers were taken from the
The December 31, 2008, balance sheet and the income statement for the period ending December 31 for Manpower, Inc., a world leader in staffing and workforce management solutions, follow (dollars in
On January 1, 2011, Barn Smith established a company by contributing $90.000 and using all of the cash to purchase an apartment house. At the time, he estimated that cash inflows due in rentals would
The December 31, 2011, balance sheet of Myers and Myers, prepared under generally accepted accounting principles, follows. (This problem requires knowledge of present value calculations. Refer to
Suppose that Myers and Myers in P3-8 paid no dividends during 2012 and that the December 31, 2012, balance sheet looks like the one below. (This problem requires knowledge of present value
The net income and working capital accounts lot two companies in the same industry, ABC Company and XYZ Company, follow: ABC XYZ 1/1-12/31 Net income$10,000$24,000 12/31 Working capital 16,000
The Maple Construction Company agreed to construct twelve monuments for the city of Elderton. The total contract price was $2.4 million, and total estimated casts were $1,140,000. The construction
Hydra Aire, Inc., sells appliances to Seasons Department Store. A recent order requires Hydra Aire to manufacture and deliver 500 toasters at a price of $100 per unit. Hydra Aire's manufacturing
Joe McGuire is a CPA who has recently completed the audit of Nelson Repairs, Inc. The audited balance sheet and income statement follow: During his examination, Joe learned that a lawsuit is soon
Most airlines offer promotional programs in which passengers accumulate miles over time; when they have earned enough miles, they receive free tickets. In the past, airlines did not make any
Many Internet firms “gross up’ their revenues by reporting the entire sales price a customer pays at their site, when En fact the company keeps only a small percentage of that amount. Take
A report on Blockbuster Video commented that Blockbuster seems to have unusual success in opening new franchises during the Christmas season. It appears that during each of the past few years,
In 2003 Campbell Soup Company booked a special charge (reduction) to earnings totaling $31 million; the expense was a change in the way the company capitalized certain acquisition costs. These
Market Watch and the news organization Reuters posted the following announcement on January 23, 2007: Excluding One-Time Expenses, Johnson & Johnson Beats EstimatesJohnson & Johnson released its
General Electric (GE) depreciates its fixed assets using a method that recognizes a relatively large portion of depreciation in the early years of an asset’s useful life. IBM, on the other hand,
Much has been written about the accounting fraud and subsequent bankruptcy of WorldCom. The Baltimore Sun reported that the “fraud was brazen (and) easy to spot.. The scheme was not complicated:
The Wall Street Journal reported in early 2012 that CitiBank acknowledge a series of errors in accounting for the investment in the firm by the U.S. government. These errors overstated the
The 2008 Form 20-F published by Unilever, which uses IFRS, notes that during 2008 assets were writtendown by 246 million Euros to market value for damaged obsolete, and lost inventories. It also
Whitney Tilson, a noted analyst, warns investors in an article in The Motley Fool that more than any other type of company, financial companies have immense discretion regarding what earnings to
Enron was one of the world’s largest power companies before it went bankrupt in one of the most spectacular financial frauds in history. One aspect of the fraud involved the creation of a separate
The 2006 annual report of KeyCorp, a regional bank holding company headquartered in Cleveland, indicates that marketable securities are listed on the balance sheet at fair value. In addition to its
The FASB required that companies report the fair value of their equity and debt securities on the balance sheet. The FASB describe fair value as a market exit price-an estimate of the price an entity
Excerpts taken from the SEC Form 10-K of NIKE are reproduced in Appendix C. This chapter listed and defined four basic assumptions, four principles of measurement, and two exceptions.REQUIRED: Review
During 2008, Intel entered into the transactions listed below. a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation and
a. One a separate sheet paper, complete the following chart to show the effect of these transactions on the accounting equation and compute the net effect (dollars in millions). b. Compare and
a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation and compute the net effect (dollars in millions). b. Which of these
On a separate piece of paper, complete the following chart to show the effect of each transaction on the accountingequation.
Consider the same transactions as in E4-1, but this time complete the following chart, using a separate sheet ofpaper.
Total each asset liability, and shareholders; equity account in E4-2, and prepare an income statement, a statement of shareholders’ equity, a balance sheet, and a statement of cash flows. Assume
Assume that Cathedral Enterprises, which is in its first year of operations, entered into the following transactions. Show how the five transactions affect the accounting equation, and prepare an

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