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Questions and Answers of Accounting

On November 15 and 26, Brown and Swazey purchased merchandise on account for gross prices of $8,000 and $12,000, respectively. Terms of both purchases were 2/10, n/30. None of these items has been
Stober Corporation made two purchases of inventory on account during the month of March. The first purchase was made on March 5 for $30,000, and the second purchase was made on March 10 for $60,000.
The following information was taken from the records of Eli Lilly, a major pharmaceutical (dollars in millions). Assume that ending inventory was overstated by $500 in 2006, understated by $150 in
The purchase schedule for Lumbermans and Associates is as follows: The inventory balance as of the beginning of the year was $15,000 (15,000 units @ $1), and an inventory count at year-end
The purchase schedule for Laundryman's Corporation is as follow: The inventory balance as of the beginning of the year was $35,000 (500 units @ $70 each). During the year ended December 31, the
The Magic Teddy Bear Toy Company entered into the following transactions during January 2011:January 3:Purchased 7,000 teddy bears at $20 each with the terms 2/10, n/30.3:Sold 2,000 teddy bears at
Financial statements as of December 31, 2008, for Johnson & Johnson are as follows. The company used the FIFO inventory cost flow assumption to prepare these statements (dollars in
Ruhe Auto Supplies began operations in 1998. The company's inventory purchases and sales in the first and subsequent years of operations are as follows: The company's federal income tax rate is 30
You are a financial analyst currently reviewing the financial statements of Danner International and Brady Enterprises, two companies of similar size within the same industry. Net incomes of
IBT has used the LIFO inventory cost flow assumption for five years. As of December 31, 2010, IBT had 700 items in its inventory, and the $9,000 inventory dollar amount reported on the balance sheet
The 2011 inventory activity for Helio Brothers, a discount retailer that prepares financial statements under IFRS using the FIFO cost flow assumption, is provided below. Many of the items in the
A partner from a major accounting firm made the following comment when asked about the accounting methods used by companies in the software industry: “Accounting policies that have adverse
The following information was taken from the inventory footnote contained in the 2009 annual report of Deere & Company, the agricultural equipment manufacturer. Most inventories owned by Deere
In the early 1980s, an oil glut caused Texaco, a LIFO user, to delay drilling, which cut its oil inventory levels by 16 percent. The LIFO cushion (i.e., the difference between LIFO and FIFO inventory
TII Industries makes over-voltage protectors, power systems and electronic products primarily for use in the communications industry. Several years ago, the company reported that it took “a
The Wall Street Journal (April 17, 1998) reported that “Valero Energy Corp. said it will take a first-quarter charge of $37.7 million, or 43 cents per share, related to lower prices for crude oil
The 2008 annual report of Sherwin Williams, a manufacturer of paint products, contained the following footnote (dollars in thousands) Inventories were stated at the lower of cost or marker with cost
When it released its first quarter earning for fiscal 2007, FedEx Corporation also projected that its shipping volume would be lighter and that its profit growth would be the lowest in years. As
The 2008 statement of cash flows for JCPenney reports (dollars in millions) net cash from operating activities of $1,155 (2008), $1, 249(2007), and $1,258 (2006). Included on the statement of cash
JCPenney Company, Inc. discloses its inventory in the following manner on the balance sheet itself (dollars in millions). SUPERVALU, Inc., on the other hand, disclosed information about its LIFO
Target Corp. is a major U.S. retailer that historically has carried inventory balances in excess of 15% of its total assets, and in a typical year the cost of its sold inventory approximates 70% of
The Nike SEC From 10-K is reproduced in Appendix C. Review it and answer the following questions. REQUIRED:a. How large is inventory compared to the other assets on NIKE’s balance sheet? Did
The following table was taken from the 2008 annual report of Merck & Company, a major U.S. pharmaceutical company (dollars in millions). REQUIRED:a. What is comprehensive income and how does
On the statement of comprehensive income within its 2008 annual report, Bristol-Myers Squibb included a ($37) million line item behind “available-for-sale securities.” During 2008 the company
PepsiCo, Inc. reported “bottling equity income” of $374, $560, and $553 on its income statements for 2008, 2007, and 2006, respectively (dollars in millions). The computation of net cash from
Procter & Gamble’s 2008 balance sheet reported a goodwill balance of $56.5 billion. Describe what goodwill is, how it was originally recorded, and what it indicates about Procter & Gamble.
Recently, Johnson & Johnson purchased the outstanding common stock of several businesses for $2.8 billion in cash. The purchase price exceeded the estimated fair market value of the acquired
Monroe Auto Supplies engaged in several transactions involving short-term equity securities during 2011, shown in the following list. The company had never invested in equity securities prior to
The following information was extracted from the December 31, 2011, current asset section of the balance sheets of four different companies: There were no transaction in short-term equity
The following information relates to the activity in the short-term investment account of Lido International, which held no short-term investments as of January 1.1. January 28Purchased ten shares of
On November 11, 2011, Wadsworth Company purchased twenty shares of ZZZ for $8 per share. Wadsworth held the investment for the remainder of 2011, and as of December 31, the per-share market value of
Biomet, Inc. provided the following disclosures in Note 5 of its 2008 annual report. It describes the company's investments in available-for-sale equity securities (dollars in millions). a.
Tom Miller and Larry Rogers each started separate businesses on December 1. 2011. by contributing $6,000 of their own funds. Early in December, both men purchased 120 shares of Diskette common stock,
Hartney Consulting Services is involved in the following investments as of December 31, 2011:1. Owns 40 percent of the common stock issued by Doyle Corporation Doyle Corporations’s stock is
Mystic Lakes Food Company began investing in equity securities for the first time in 2011. During 2011, the company engaged in the following transactions involving equity securities. Assume that the
Refer to the data provided in E8-8.a. Assume that the stock of Thayers International and Bayhe Enterprises is considered marketable, and Mystic Lakes Food Company wishes to hold all investments
On January 1, 2011, Nover Solar Systems purchased 10,000 shares of Reilly Manufacturing for $190,000. The investment represented 25 percent of Reilly’s outstanding common stock. Nover intended to
Duke Energy Corporation accounts for certain investments under the equity method, and as of December 31, 2008, Duke reported equity method investments of $473 million on its balance sheet and $696
Mainmont Industries uses the equity method to account for its long-term equity investments from affiliates. The following information from the financial statements of Mainmont refers to an
Multiplex purchased 100 percent of the outstanding common stock of Lipley Company for $900,000. At the time of the acquisition, the fair market values of Lipley’s individual assets and liabilities
The following chart describes six transactions where 100 percent of a subsidiary's voting stock was purchased for cash: Provide the missing values.
The book value of a share of Camden common stock on December 31 is $12. The balance sheet value and the market value of the company's assets and liabilities as of that date follow: On December 31,
Maxwell Industries paid $18 per share for 80 percent of the 10,000 outstanding shares of Kendall Hall. The balance sheet of Kendall Hall and additional market value information follow. a. Compute
Glover Chemical purchased 100 percent of the outstanding stock of Ward Supply on December 31 for $100,000 cash. As of that date, the FMVs of the inventory and fixed assets of Ward equaled $70,000 and
O'Leary Enterprises began investing in short-term equity securities in 2011. The following information was extracted from its 2011 internal financial records. Houser and Miller were classified as
Anderson Cabinets began operations during 2005. During the initial years of operations, the company invested primarily in fixed assets to promote growth. During 2011, H. Hurst, the company president,
On October 18, 2011, Daley Inc, purchased 100 shares of Orthon at $32 per share. The investment was classified as available-for-sale securities. The shares were held throughout the remainder of 2011
Levy Company and Guyer Books made the same equity investment-200 shares of Watson Manufacturing at a cost of $12 per share-on November 18. On December 31, the market value of Watson had risen to $45
Rochester Enterprises Purchased 500 shares of Newark Corporation for $15 per share on June 15, 2011, when Newark had approximately 10,000 equity shares outstanding. Rochester held the investment
The following information was taken from the 2011 annual report of Orleans Enterprises: Related footnote: The 2011 and 2010 balances in the trading securities account consist of 1, 600 and 1,800
JPMorgan Chase carries portfolios of both trading securities and available-for-sale securities. At the end of 2008 and 2007, the trading securities were valued at $347.4 billion and $414.3 billion,
A summary of the December 31, 2010, balance sheet of Masonite Tires follows: On January 1, 2011, Masonite purchased 2,000 (20% of the outstanding common shares) shares of Bingo Boots for $40,000
A summary of the 2011 balance sheet of Alsop, Ltd., follows: On January 1, 2011, Alsop acquired 100 percent of the outstanding common stock of Martin Monthly for $62,000 cash. At the time of the
Excerpts from the financial statements of Macy Limited are as follows. (Numbers are in thousands.) Footnotes:Short-term investments.As of December 31, 2010, trading securities were valued at
The condensed balance sheets as of December 31 for Rice and Associated and Rachel Excavation are as follows: As of December 31, the market values of Rachel's inventories and fixed assets were
Assume that Rice and Associates in P8-11 purchased 80 percent of the outstanding shares of Rachel for $136,000 cash.REQUIRED:a. Prepare the journal entry recorded by Rice to recognize the
Assume that Rice and Associates in P8-11 purchased 80 percent of the 10,000 shares of outstanding stock of Rachel for $140,000 cash.REQUIRED:a. Prepare the journal entries recorded by Rice to
Assume the same facts as in P8-11, except that the FMVs for the inventory and fixed assets of Rachel are not as precisely specified. That is, appraisers have indicated that the FMV of the inventory
Groomer purchased a controlling interest in three companies during 2011. Financial information concerning the three companies follows: All other assets and liabilities on the balance sheet are at
Mammoth Enterprises purchased 50 percent of the outstanding stock of Atom, Inc. on December 31 for $60,000 cash. On that date, the book value of Atom's net assets was $70,000. The market value of
H&R Block reported the following account on its statement of shareholders' equity (dollars in thousands): REQUIRED:a. Did the market value of H&R Block's marketable securities increase or
The following was taken from the 2009 annual report of H&R Block:Marketable securities-available for sale: proceeds from the sales of available-for-sale securities were $8.3 million, $13.9
The following excerpts, all of which related to the equity investment account, were taken from the 2008 annual report of AT&T (dollars in millions): REQUIRED:a. The statement of cash flows
The 2008 IFRS-based financial statements of EADS N.V., the owner of Airbus, the French-based airline manufacturer, included the following account information (in million euros). REQUIRED:a.
Sony Corporation, the Japanese electronics manufacturer, prepares U.S. GAAP-based financial statements (in million yen). On its 2008 balance sheet it reported investments in affiliate companies of
In 2008, Chevron reported net income of $23.9 billion, $5.4 billion of which was income recognized on investments in affiliate companies accounted for under the equity method. In that same year,
Prior to Financial Accounting Standard 94 in 1988, wholly owned finance subsidiaries of major U.S. companies were accounted for by the parent using the equity method these companies justified the
In its 2009 annual report, Starbucks shows that as of September 27, 2009, it owned $21.5 million in marketable securities designated as available-for-sale. On the same date, Starbucks owned $44.8
The Wall Street Journal recently reported quarterly earnings for the technology company Acer, Inc. and the oil company Royal Dutch Shell. In the opening paragraph of the Acer article, it stated that
Large U.S. corporations, especially banks, tend to hold larger portfolios of securities they classify as available-for-sale than of securities they classify as trading. On its 2008 balance sheet, for
A consolidated statement of comprehensive income for Eli Lilly, a major pharmaceutical, is provided below (dollars in millions). REQUIRED:Define comprehensive income and describe the events that
If a company owns over 50 percent of another company (subsidiary), the financial statements of the two entities are consolidated into one larger entity. For example, the 2008 financial statements
The SEC Form 10-K of NIKE is reproduced in Appendix C.REQUIRED:a. Does NIKE carry investment portfolios in trading and available-for-sale securities?b. Has NIKE exercised the fair market value option
A footnote to the financial statements of Allegheny Teledyne Incorporated stated the following:The straight-line method of depreciation was adopted for all property placed into service after July 1,
The Boeing Company reported in its 2008 annual report $1,325 million in depreciation expense and $117 million in amortization expense for the year ending December 31, 2008.a. Describe how the
The footnote below was taken from the 2008 annual report of Johnson & Johnson (dollars in millions). a. Approximately how much did Johnson & Johnson invest in land during 2008?b. Why did
In the operating section of its 2009 IFRS- based statement of cash flows, Kyocera, a Japanese telecommunications firm, reported the following (in millions of yen): a. Describe the basic form of
Lowery, Inc. purchased new plant equipment on January 1, 2011. The company paid $920,000 for the equipment, $62,000 for transportation of the equipment, and $10,000 for insurance on the equipment
AJB Real Estate purchased a ten-acre tract of land for $320,000. The company divided the land into four lots of two and one-half acres each. Lot 1 had a beautiful view of the mountains and was valued
Firton Brothers purchased for $90,000 a tract of land that included an abandoned warehouse. The warehouse was razed, and the site was prepared for a new building at a cost of $10,000. Scrap materials
The following items represent common postacquisition expenditures incurred on machinery:a. Lubrication serviceb. Painting costsc. Cleaning expendituresd. Rewiring costs to increase operating speede.
The condensed balance sheet as of December 31, 2011, for Van Den Boom Enterprises follows: Revenues and expenses (other than amortization) are predicted to be $65,000 and $20,000, respectively,
Stork Freight Company owns and operates fifteen planes that deliver packages worldwide. The planes were purchased on January 1, 2008, for $1 million each. The company estimates that the planes will
Portland Products purchased a machine on January 1, 2008, for 60,000 and estimated its useful life and salvage value at five years and $12,000, respectively. On January 1, 2011, the company added
The controller of Elton Furniture Store is currently trying to decide what depreciation method to use for a particular fixed asset. The controller has prepared the following list of possible
Benick Industries purchased a new lathe on January 1, 2011, for $300,000. Benick estimates that the lathe will have a useful life of four years and that the company will be able to sell it at the end
Stockton Corporation purchased a new computer system on January 1, 2011, for $300,000 cash. The company also incurred $25,000 in installation costs and $10,000 to train its employees on the new
Apex Trucking purchased a truck for $100,000 on January 1, 2011. The useful life of the truck was estimated to be either five years or 200,000 miles. Salvage value was estimated at $20,000. Over the
Natural Extraction Industries paid $4 million for the right to drill for oil on a tract of land in western Taxes. Engineers estimated that this oil deposit would produce 100,000 barrels of crude
Lewis Real Estate purchased a new photocopy machine on January 1, 2011, for $120,000. The company's bookkeeper made the following entry to record the acquisition: Depreciation Expense (E,
Savory Enterprises reported the following information regarding the company's fixed assets in the footnotes to the company's 2011 financial statements: a. Assume that Savory Enterprises sells all
Paris Company purchased equipment on January 1, 2009, for $25,000. The estimated useful life of the equipment is five years, the salvage value is $5,000, and the company uses the
The following financial information below was taken from the records of White Bones, Inc. a. How much cash was collected on the sale of equipment during 2011?b. Reconstruct the entry that recorded
The information was taken from the 2008 annual report of Intel, a world-leading supplier to the Internet economy (dollars in millions). a. From which of the financial statements was each figure
The following financial information was taken from the records of Frederickson and Peffer. a. Reconstruct the entry that recorded the sale of equipment during 2011.b. How much equipment was
Swift Corporation incorporated on January 1, 2011, and incurred $45,000 in organization costs. a. Should Swift Corporation capitalize or expense these costs? Defend your answer. b. If these costs are
The following information was taken from the internal financial records of Southern Robotics regarding a patent filed in 2011 for a new robotics arm used for manufacturing:1. Legal and filing fees of
When Bristol-Myers Squibb purchased DuPont Pharmaceuticals from E.I. DuPont de Nemours for $7.8 billion in cash, it acquired assets with a fair market value of $5.1 billion and assumed the
In the footnotes to its IFRS-based 2008 financial statements, European Aeronautical Defense and Space Company (EADS), parent company for Airbus, includes a description of a long-lived asset account
Stonebrecker International recently purchased new manufacturing equipment. The equipment cost $1 million. The company also incurred additional costs related to the acquisition of the equipment. The

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