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Questions and Answers of Accounting

The JHP Company purchased a building, some office equipment, two cranes, and some land on January 1, 2011, for a total of $1 million cash. JHP has obtained the following appraisals of these
Gidley, Inc. purchased a piece of equipment on January 1, 2011. The following information is available for this purchase:Purchase
Westmiller Construction Company purchased a new truck on December 31, 2009, for $48,000. The truck has an estimated useful life of three years and an estimated salvage value of $12,000. When the
McCartney Manufacturing purchased a dryer for $100,000 on January 1, 2008. The estimated life of the dryer is five years, and the salvage value is estimated to be $10,000. McCartney uses the
Hulteen Hardware purchased a new building on January 1, 2007, for $1.5 million. The company expects the building to last twenty-five years and expects to be able to sell it then for $150,000. During
Burke Copy Center purchased a machine on January 1, 2006, for $180,000 and estimated its useful life and salvage value at ten years and $30,000, respectively. On January 1, 2011, the company added
Effective January 1, 2003, Zimmer Holdings changed the method it used to account for hand held instruments used by orthopedic surgeons. Prior to that date the cost of these instruments was carried as
Kimberly Sisters purchase equipment for $80,000 on January 1, 2011. Kimberly can use the double-declining-balance method for tax purposes but does not understand why it should be preferred over
Bently Poster Company pays income taxes on net income at the rate of 32 percent. The company pays a bonus to its officers of 8 percent of net income after taxes and pays dividends to its shareholders
Garmen Oil Company recently discovered an oil field on one of its properties in Texas. In order to extract the oil, the company purchased drilling equipment on January 1, 2011, for $800,000 cash and
Webb Net manufacturing purchased a new net weaving machine on January 1, 2009, for $500,000. The new machine has an estimated life of five years and an estimated salvage value of $100,000. It is
On January 1, 2011, Diversifies Industries purchased Specialists, Inc. for $1.8 million. The balance sheet of Specialists, Inc. at the time of purchase follows: The total FMV of the individual
When Zimmer Holdings purchased the common stock of Centerplus AG, a Swiss manufacturer of medical devices, for $3.4 billion, the fair market value of the assets acquired and liabilities assumed was
MGM Grand, Inc. purchased two Las Vegas casinos and the adjoining land for a total of $167 million. Soon afterwards, the company agreed to sell one of the casinos and 58.7 acres of adjacent land for
Seattle FilmWorks capitalizes the costs of its direct mailings to prospective customers, expensing them over three years rather than in the year they’re incurred. There’s nothing wrong with this
Steel manufacturer V&M Star announced in early 2010 that it would spend $650 million to expand its Youngstown, Ohio, plant. The company indicated that funding from the federal government’s stimulus
In the footnotes to the IFRS-based 2008 financial statements of European Aeronautical Defense and Space Company (EADS), parent company for Airbus, research and development (R&D) expenses were
The 2008 annual report of Cisco Systems discloses that the company expenses all advertising and research and development costs, while capitalizing all software development costs.REQUIRED:Describe the
The Wall Street Journal once reported that hospitals plan to boots the amount of money spent on new property, plant, and equipment to meet increased demand from the aging demographics of the United
The footnotes to the 2008 financial statements of McDonald’s corporation contain the following statement:In accordance with SFAS No. 144, Accounting for the Impairment or Disposal of Long-lived
After being asked how General Electric has maintained such consistent earnings growth over the past decade, Dennis Dammerman, the company’s chief financial officer, said, “We’re the best
U.S. accounting standards at one time contained a requirement that certain large companies disclose current values for inventories and fixed assets. Such disclosure included dollar amounts for cost
A few years ago Kellogg, a maker of cereals and foods, hit its targeted earnings-per-share growth of 11 percent, and its stock price was up 25 percent. In the fourth quarter of that year, the company
Burlington Northern released first quarter 2007 earnings below those of the same period for 2006. While revenues increased, mainly due to higher prices, earnings were down due to increased expensed,
Until 2007 companies using FIRS with securities traded on the U.S. stock exchanges were required to include a statement that reconciled IFRS-based net income and shareholders’ equity with U.S.
The SEC Form 10-K on NIKE is reproduced in Appendix C. REQUIRED:Review the NIKE SEC Form 10-K, answer the following question:a. What percentage of total assets do property, plant, and equipment and
Merck & Co. declared dividends (dollars in Millions) of $3,250.4 (2008), $3,310.7 (2007), and $3,318.7 (2006). Cash payments for dividends reported on the statement of cash flows for the three
The following information was taken from the 2008 annual report of Target Corporation (dollars in millions): a. Compute the inventory purchases made by Target during 2008. Record a single entry
Monsanto’s 2008 annual report stated that the company’s liabilities for environmental remediation and litigation contingencies are $262 million as of 8/31/09 ($272 million as of 8/31/08).a.
Target Corporation's 2008 financial statements included the following items (dollars in millions): a. Assuming that accounts payable refers only to inventory suppliers, compute the cash payments
Winslow Enterprises reports $40,000 in accounts payable on the balance sheet as of December 31, 2011. These payables, on average, will be paid in ten days.a. Assuming a 12 percent annual discount
Darrington and Darling borrowed $100,000 from Commercial Financing to finance the purchase of fixed assets. The loan contract provides for a 12 percent annual interest rate and states that the
Lily May Electronics recognizes expenses for wages, interest, and rent when cash payments are made. The following related cash payments were made during December 2011.1. December 1 Paid $1,100 for
On December 1, Spencer Department Store borrowed $19,250 from First Bank and Trust. Spencer signed a ninety-day note with a face amount of $20,000. The interest rate stated on the face of the note is
On January 1, 2007, Lacey Treetoppers borrowed $300,000, which is to be paid back in annual installments of $20,000 on December 30 of each year. a. Assuming that Lacey has met all payments on a
Norsums Department Store sells gift certificates that are redeemable in merchandise. During 2011, Norsums sold gift certificates for $88,000. Merchandise with the total price of $52,000 was redeemed
The following information was taken from the 2008 annual report of Bed Bath & Beyond, a leading household retailer (dollars in thousands). a. Assume that accounts payable reflects only
Zeus power has brought suit against Regional Supply in the amount of $825,000 for patent infringement. As of December 31, the suit is in process, and the attorneys have determined that there is a
Jordan Brothers recently instituted a bonus plan to pay its executive. The plan specifies that net income must exceed $200,000 before any bonus payments are made. Cash in the amount of 10 percent of
During 2011, Seagul Outboards sold 200 outboard engines for $250 each. The engines are under a one-year warranty for parts and labor, and from past experience, the company estimates that, on average,
Southwest Airlines is paid in advance for its ticket sales, recognizing a deferred revenue, called air traffic liability, when it receives the cash. The liability is then converted to revenue when
Seasaw Seasons instituted a defined benefit pension plan for its employees three years ago. Each year since the adoption of the plan, Seasaw has contributed $16,000 to the pension fund, which is
Swingley Company used an accelerated method to depreciate its fixed assets for tax purposes and the straight-lime method for financial reporting purposes. In 2011, the accelerated method recognized
The following information was taken from the annual report of Busytown Industries. a. Compute Busytown's conservatism ratio, and comment on how conservative the company's reporting methods are.b.
The following information was taken from the annual report of Sega-Venus Enterprises. a. Compute Sega-Venus's conservatism ratio, and comment on how conservative the company's reporting methods
Beth Morgan, controller of Boulder Corporation, is currently preparing the 2011 financial report. She is trying to decide how to classify the following items.1. Account payable of $170,000 owed to
Linton Industries borrowed $500,000 from Security Bankers to finance the purchase of equipment costing $360,000 and to provide $140,000 in cash. The note states that the loan matures in twenty years,
Before adjustments and closing on December 31, 2011, the current accounts of Seymour and Associates indicated the following balances. The terms of an outstanding long-term note payable stale that
While shopping on October 13, 2011, at the Floor Wax Shop, Tom Jacobs slipped and seriously injured his back. Mr. Jacobs believed that the Floor Wax Shop should have warned him that the floors were
Arden’s Used Cars offers a one-year warranty from the date of sale on all cars. From historical data, Mr. Arden estimates that, on average, each car will require the company to incur warranty costs
To kick off its 201l advertising campaign, Rachel’s Breakfast Cereal is offering a $1 refund in exchange for five cereal box top. The company estimates that the tops of 10 percent of the cereal
Pharmaceutical manufacturer Eli Lilly announced in the third quarter of 2009 that it was taking a $425 million restructuring charge due to the sale of its Tippecanoe Laboratories unit. Of the total
Shelby Company instituted a defined benefit pension plan for its employees at the beginning of 2007. An actuarial method that is acceptable under generally accepted accounting principles indicates
Acme, Inc. purchased machinery at the beginning of 2007 for $50,000. Management used the straight-line method to depreciate the cost for financial reporting purposes and the double-declining-balance
You are a security analyst for Magneto Investments and have chosen to invest in one firm from the semiconductor manufacturing industry. You have narrowed your choice to either Owen-Foley Company or
The following information was taken from the 2008 annual reports of Walgreens and The Limited (dollars in millions). REQUIRED:Compute the conservatism ratios for both companies and comment on the
FedEx Corporation, a world leader in express mail services, reported the following in its May 31, 2009, financial statements (dollars in millions):
Ingersoll-Rand manufactures specialized heavy-duty construction equipment. Included in a set of recent financial statements is the account “customers’ advance payments, “ with a balance of
The 2008 annual report for HCA, Inc., a nationwide chain of hospitals, contains the following statement in the footnotes to the financial statements:We operate in a highly regulated and litigious
Several years ago in its annual report, Philip Morris Companies, a major manufacturer of tobacco and food products, included footnote 16, which was almost five pages long. It consisted of a number of
Lifschultz Industries, a small gas meter company, once reported a book value of less than zero (i.e., reported liabilities exceeded reported assets). Yet, in late March, the company’s share price
The following quote refers to the problems of Campeau Corporation, a Canadian-based retail empire that later declared bankruptcy. At the time, campeau’s department store chains included
Agilent Technologies, Inc., a diversified technology company, sells extended warranties for the products and services provided to customers, deferring the revenue until future recognition. The
When Microsoft Corporation released earnings for its third quarter of fiscal 2007, profits hit a record $4.9 billion, driven in large part by revenue that was 32 percent higher than the previous
Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2009 annual report (dollars in millions). REQUIRED:a. Briefly describe the transaction or
The SEC requires additional information in the proxy statements that describe the compensation packages of a company’s top executives. A Wall Street Journal article published coon after the
A major defense contractor, LTV, faced with huge liabilities, once declared Chapter 11 bankruptcy protection. Under Chapter 11, a company continues to operate but is protected from creditors while it
The following information was taken from the 2009 annual report of Emerson, a leader in process management, technology, network power, and industrial automation (dollars in
General Motors once posted net income of $552 million, compared with a loss of $112.9 million a year earlier. Over $200 million of the profit was due to an accounting adjustment in its North American
The internet phone company Vonage Holdings faced two separate patent infringement lawsuits initiated by Verizon and Sprint Nextel due to the technology used to provide Web-based communication
The 2008 IFRS-based balance sheet published by Volkswagen AG, a well-known German automaker, listed an account called “provisions” (divided into current and non-current categories) with a total
The SEC Form 10-K of NIKE is reproduced in Appendix C.REQUIRED:Review the NIKE SEC Form 10-K, and answer the following questions.a. What is working capital, and what is the trend in NIKE’s working
Presented below are selected transactions at Ingles Company for 2008.Jan. 1 Retired a piece of machinery that was purchased on January 1, 1998. The machine cost $66,794 on that date. It had a useful
Conlin Company acquires a delivery truck at a cost of $54,340. The truck is expected to have a salvage value of $7,500 at the end of its 4-year useful life. Assuming the declining-balance
The chapter describes four activities common to all entities: setting goals and strategies, financing activities, investing activities, and operating activities. How would these four activities
The photographic analogy for a balance sheet is a snapshot, and for the income statement and the statement of cash flows it is a motion picture.” Explain.
What is involved in an audit by an independent external auditor?
In what sense can suppliers of raw materials, merchandise, or labor services (employees) also be sources of financing for firms?
In what sense are a firm’s accounts receivable a source of financing for that firm’s customers?
Investing activities pertain to the acquisition of productive capacity to enable the firm to carry out its activities. Examples of this capacity include (1) Land, buildings, and equipment, and (2)
When will a firm’s fiscal year differ from a calendar year?
Assets and liabilities appear on balance sheets as either current or noncurrent. What is the difference between a current item and a noncurrent item? Why would users of financial statements likely
The measurement basis for reporting items on a firm’s balance sheet can be either historical amounts or current amounts. What is the difference between these two measurement bases?
How does an income statement connect two successive balance sheets? Flow does a statement of cash flows connect two successive balance sheets?
What is the role of the following participants in the financial reporting process: the U.S. Securities and Exchange Commission (SEC); the Financial Accounting Standards Board (FASB the International
This chapter introduces both U.S. GAAP and International Financial Reporting Standards (IFRS). Which of these systems may U.S. firms use, and which may non-US, firms that list and trade their
What is the purpose of the conceptual frameworks deselo1xd by the Financial Accounting Standards Board (FASB) and by the International Accounting Standards Board (IASB)?
What is the advantage of the accrual basis of accounting, relative to the cash basis of accounting, for measuring performance?
The balance sheet as of December 31, 2007, of Colgate Palmolive Company (Colgate), a U.S consumer products manufacturer, appears in Exhibit 1.10. Colgate reports all amounts in millions of U.S
The income statement for the year ended December 31, 2007, for Mayr Melnhof Karton, an Austrian paper and packaging manufacturer, appears in Exhibit 1.11 Mayr Melnhof reports all amounts in thousands
The statement of cash flows for the year ended March 1.2008 (fiscal 2007), of Bed, Bath and Beyond. Inc. (BBB), a U.S. home products retailer, appears in Exhibit 1.12. BBB reports all amounts in
The balance sheet of Alcatel-Lucent, a French communications firm, for the year ended December 31, 2007, showed current assets of €20,000 million, current liabilities of €15,849 million,
The balance sheet of Gold Fields Limited, a South African gold mining company, for the war ended June 30. 2007, showed current assets of R6,085.1, noncurrent assets of R49,329.8, noncurrent
The income statement of Rolls Royce Group Plc., a U.K. automotive manufacturer, for the year ended December 31, 2007, reported revenues of £7,435 and cost of sales of £6,003. In addition, it
The income statement of General Motors Corporation, a U.S. automotive manufacturer, for the year ended December 31, 2007, reported revenues of $207,349, cost of sales of $164,682, other operating
The balance sheet of Gold Fields Limited (see Problem 1.22), for the year ended June 30, 2007, showed a balance in retained earnings of R5,872.4 at the end of 2007 and R4,640.9 at the end of 2006.
The balance sheet of Sterlite Industries, an Indian producer of copper, showed retained earnings of Rs26,575 at March 31, 2006. At March 31, 2007, the balance in retained earnings was Rs70,463.
The statement of cash flows for Target Corporation, a U.S. retailer, for the year ended February 2. 2008 (fiscal 2007), showed a net cash inflow from operations of $4,125, a net cash outflow for
The statement of cash flows for Edenor S.A., a leading electric utility in Argentina, for the year ended December 31, 2007, showed a net cash inflow from operations of Ps427,182 and a net cash
Kenton Limited began retail operations on January 1, 2008. On that date it issued 10,000 shares of common stock for £50,000. On January 31, Kenton used £48,000 of the proceeds to rent a store,

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