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accounting

Questions and Answers of Accounting

Classifying financial statement accounts The balance sheet or income statement classifies various items in one of the 1ollowng ways:CA—Current assetsNA—Noncurrent assetsCL—Current
Balance sheet relations Genting Group, a Malaysian investment management company, reported the following data for four recent years. Genting Group applies Malaysian accounting standards and reports
Balance sheet relations Selected balance sheet amounts for Kajima Corporation, a Japanese construction firm, are show n in the following table for four recent years. Kajima applies Japanese
Balance sheet relations Selected data based on the balance sheet amounts for Metso Corporation, a Finnish paper company for four recent years appear in the following table. Metso applies IFRS and
Asset and liability recognition and measurement After winning America’s Next Top Mode!” in 2006, Danielle Evans signed a contract with Ford Models, was named a spokesmodel for CoverGirl, and
Asset recognition and measurement Duke University, a U.S. university, provides tuition support for up to eight semesters of undergraduate education for up to two children of faculty and stuff of the
Asset measurement Assume that Trader Joe’s, an organic food retailer in the United States, recently purchased a new refrigeration system for its Chapel Hill, North Carolina, store. Trader Joe’s
Recognition of’ a loss contingency Consider the following hypothetical series of events. While shopping in a Nordstrom store on July 5, 2007, a customer slips on the escalator and falls, sustaining
Asset recognition and measurement The following hypothetical transactions relate to Nestlé S.A., the Swiss chocolate manufactured Indicate whether each transaction immediately gives rise to an asset
Asset recognition and measurement The hypothetical transactions listed next relate to Ryanair Holdings. Plc. (Ryanair), an Irish airline. Indicate whether each transaction immediately gives rise to
Liability recognition and measurement The transactions listed next relate to Hana Microelectronic Public company limited (Hana Microelectronic), an electronics and semiconductor firm headquartered in
Liability recognition and measurement The following hypothetical cents relate to the Berlin Philharmonic. Indicate whether each transaction immediately gives rise to a liability under U.S. GAAP and,
Recognition and measurement of a loss contingency Consider the following hypothetical scenario for Beyond Petroleum (BP), a U.K. oil and gas firm. One of BP’s oil rig platforms collapsed, creating
Effect of recording errors on the balance sheet equation Magyar Telekom is a Hungarian telecommunications company. The company applies IFRS and reports its results in millions of Hungarian forints
Effect of recording errors on the balance sheet equation Siderurgica Venezolana €œSivensa,€ S.A., is a Venezuelan steel and metalworking company. Assume that during a recent
Balance sheet format terminology and accounting methods Exhibit 3.3 presents the balance sheet of Cathay Pacific Airways Limited (Cathay Pacific), the Hong Kong airline, for the years ended December
Balance sheet format, terminology, and accounting methods Exhibit 3.4 presents the balance sheet prepared by Infosys Technologies Limited (Infosys. the Indian information technology firm, for the
Balance sheet format, terminology, and accounting methods Exhibit 3.5 presents the balance sheet prepared by Ericsson, the Swedish telecommunications firm, for the years ended December 31, 2007, and
Interpreting balance sheet changes Exhibit 3.6 presents a common-size balance sheet for Texas Steakhouse, a restaurant chain, for the fiscal years ended December 31, 2007, and December 31, 2008.a.
Interpreting balance sheet changes Exhibit 3.7 presents the balance sheet for Cemex S.A., a Mexican construction firm, for two recent years. Cemex applies Mexican reporting standards and reports its
Relating market value to book value of shareholders' equity Firms prepare their balance sheets by applying authoritative guidance for the recognition and measurement of assets and liabilities.
Relating market value to book value of shareholders' equity Firms prepare their balance sheets using authoritative guidance for the recognition and measurement of assets and liabilities. Accountants
Identifying industries using common-size balance sheet percentages Exhibit 3.10 presents common-size balance sheets for five firms. The firms and a description of their activities follow:(1)
The measurement of assets and Liabilities relates closely to the measurement of revenues and expenses. Explain.
Both interest expense on borrowing and dividends on common stock reduce net assets and reduce shareholders’ equity. Accountants treat interest as an expense in measuring net income but do not treat
Why is it important to separate the income from discontinued operations from the income from continuing operations on the income statement?
In an accrual accounting system, firms recognize revenues even if the have not received cash. In a cash basis system, firms recognize revenues when they receive cash from customers. What criteria
In a cash basis system, firms recognize revenues when they receive cash from customers and recognize expenses as they pay cash for goods and services. How does a cash basis system violate the
Why is it important to separate gains from revenues?
A common-size income statement is an analytical tool that facilitates comparisons across firms and for the same firm over time. However, it can be difficult to prepare a common- size statement for
A student says, it is inconceivable to me that a firm could report increasing net income yet run out of cash. Clarify this seeming contradiction.
Revenue recognition Neiman Marcus, a U.S. retailer, uses the accrual basis of accounting and follows U.S. GAAR It recognizes revenue at the time it sells merchandise. Indicate the amount of revenue
Revenue recognition Fonterra Cooperative Group Limited (Fonterra), a New Zealand dairy cooperative, uses the accrual basis of accounting and recognizes revenue at the time it sells products or
Expenses recognition Sun Microsystems uses the accrual basis of accounting and recognizes revenue at the Lime it sells goods or renders services. It applies U.S. GAAP and reports in U.S. dollars.
Expense recognition Tesco Plc. is a British-based grocer and retailer chain. It uses the accrual basis of accounting and recognizes revenue at the time sells goods or renders services. It applies
Relating net income to balance sheet changes Comparative balance sheet data for Born- hardier Corporation (Bombardier), a Canadian airplane manufacturer, as of January 31, 2007, and January 31, 2008,
Relating net income to balance sheet changes Magyar T1ekom (Magyar), a Hungarian telecommunications company, reported the following balance sheet information for the years ended December 31, 2006 and
Income statement relations Selected income statement information for Lenovo Group Limited (Lenovo), a Hong Kong personal computer manufacturer, for two recent years appears in the following display
Income statement relations Selected income statement information for three recent years appears next for ABB. the Swiss engineering firm, based on ABB's financial reports for fiscal 2007. ABB applies
Income and equity relations Selected information based on the comparative balance sheets for James John Corporation (James John), a U.S. clothing designer, manufacturer, and retailer, for the years
Income and equity relations Selected information based on the comparative balance sheets and income statements of Colgate Palmolive Company (Colgate), a U.S. manufacturer of consumer products, for
Accumulated other comprehensive income relations Selected information based on the comparative balance sheets for MosTechi Corporation (MosTechi), a Japanese electronics manufacturer; appear neat for
Accumulated other comprehensive income relations Selected information based on the comparative balance sheets for Solaronx Company (Solaronx), a U.S. defense manufacturer, appears in the following
Discontinued operations Selected information from Bayer Group€™s financial statements for the years ended December 31, 2006 and 2007, appear below. Bayer Group (Bayer) is a German
Discontinued operations Selected financial information for Orascom Telecom Ho1din S.A.E. (Orascom), an Egyptian telecommunications firm, is shown in the following display for the years ended December
Income statement formats Information from Cemex. S.A.B.'s income statements for the years ended December 31, 2006 and 2007, is shown in the following display. Cemex is a Mexican construction firm
Income statement formats Information from GoodLuck Brands's income statements for the years ended December 31, 2008, 2007, and 2006, is shown next. GoodLuck Brands is a U.S.-based manufacturer and
Correcting errors in income statement transactions Broyo Corporation (Brow), a large paper company, reported the following income statement for its year ended December 31, 2008. Broyo applies IFRS
Correcting errors in income statement transactions Dragon Group International Limited Dragon Group), a diversified electronics firm headquartered in Singapore, reported the following income statement
Interpreting common-size income statements Exhibit 4.7 presents common-size income statements for Standard Denim and Blue Label Jeans, two apparel retailing firms, for three recent years. In addition
Interpreting common-size income statements Lyle's Lemonade Company (Lyle's Lemonade) and CitraPop together have a large share of the nonalcoholic beverage market in the United States. Most beverage
Interpreting common-size income statements Ericsson, a Swedish electronics and telecommunications firm, has seen increasing sales in recent years. At the same time, its profit margin has declined.
Interpreting common-size income statements Thales Group (Thales is a French electronics firm that specializes in information systems. aerospace, and defense Thales applies IFRS and reports its
Identifying industries using common-size income statement percentages Exhibit 4.11 presents common-size income statements for six firms. The six firms and a description of operations follow. All of
Classification and interpr4eting income statements SeaBreeze Inc., a Taiwan-based semiconductor manufacturer, reported the following information for 2008. SeaBreeze Inc. applies IFRS and reports in
Classification and interpreting income statements Dyreng Plc. (Dyreng), a Belgian-based construction firms, reported the following information for 2008. Dyreng applies IFRS and reports in thousands
Calculation of tax raft€™s A multinational computer equipment manufacturer reported the following amounts for t recent years 4in millions of U.S. dollars). The firm applies U.S. GAAP.a.
Francisco leased equipment from Julio on December 31, 2011. The lease is a 10-year lease with annual payments of $150,000 due on December 31 of each year. The present value of the lease is
At December 31, 2011, Ethan Company Reports the following results for its calendar-year.Cash Sales $1,803,750Credit Sales 3,534,000In addition, its unadjusted trail balance includes the following
Construct a balance sheet and estimate the annual take-home income of the Williams' family from the information presented below:Would you grant this family a loan of $ 10,000 to fund the purchase of
During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs, completed the following transactions:Oct. 1Began business by making a deposit in a company
Assume Baja Company has the following account balances: Sales $ 545,257, Sales Returns and Allowances $15,164, Cost of Goods Sold $345,653, Selling Expenses $ 69,843, and Administrative Expenses
Majestic Manufacturing sold Jordans Furniture a living room set for an $8,530 list price with 30% trade discount. The $130 freight (FOB shipping point) was not part of the list price. Terms were
Current E&P Computation. Water Corporation reports $500,000 of taxable income for the current year. The following additional information is available:For the current year, Water reports an
Distinguish between an annuity due and an ordinary annuity.
Describe the implicit interest rate for a series of cash flows and a procedure for finding it.
The perpetuity with growth formula invokes several assumptions. Which one seems least plausible?
Mr. Altgeldt has $5,000 to invest. He wants to know how’ much it will amount to if he invests it at the following rates:a. 6% per year for 21 yearsb. 8% per year for 33 yearsRequired:Calculations
Mme Barefield wishes to base $150,000 at the end of 8 years. How much must she invest today to accomplish this purpose if the interest rate is?a. 6% per year?b. 8% per year?Required:Calculations of
Mr. Case plans to set aside $4,000 each year, the unit payment to be made on January 1, 2008, and the last on January 1, 2013. How much will he have accumulated by January 1, 2010. If the interest
Ms. Namura wants to have ¥45 million on her 65th birthday. She asks you to tell her how much she must deposit on each birthday from her 58th to 65th, inclusive, in order to receive this amount.
If Mr. Enmetti invests €90,000 on June 1 of each year from 2008 to 2018 inclusive, how much will he have accumulated on June 1, 2019 (note that one year elapse after the last payment), if the
Ms Fleming has £145,000 with which she purchases an annuity on February 1, 2008. The annuity consists of six annual receipts, the first to be received on February 1, 2009. How much will she receive
In the preceding Exercise 10 through 15, you computed a number. To do so, first you must decide on the appropriate factor from the tables, and then you use that factor in the appropriate calculation.
Effective interest rate. State the rate per period and the number of periods in the following:a. 12% per year, for 5 years, compounded annuallyb. 12% per year, for 5 years, compounded semiannuallyc.
Compute the future value of the following:a. $100 invested for 5 years at 4% compounded annuallyb. $500 invested for 15 periods at 2% compounded once per periodc. $200 invested for 8 years at 3%
Compute the present value of the following:a. $100 due in 30 years at 4% compounded annuallyb. $250 due in 8 years at 8% compounded quarterlyc. $1,000 due in 2 years at 12% compounded
Compute the amount (future value) of an ordinary annuity an annuity in arrears) of the following:a. 13 rental payments of $100 at 1% per periodb. 8 rental payments of $850 at 6% per periodc. 28
Mr. Grady agrees to lease a certain property for 10 years, at the following annual rental, payable in advance:Years 1 and 2—$1,000 per yearYears 3 to 6—$2,000 per yearYears 7 to 10—$2,500 per
To establish a fund that will provide a scholarship of $3,000 per year indefinitely, with the first award to occur now, how much must a donor deposit if the fund earns a. 6% per period? b. 8% per
Consider the scholarship fund in the preceding question. Suppose that the first scholarship award occurs one year from now and the donor wants the scholarship to grow by 2% per year. How much should
An old agreement obliges the state to help a rural county maintain a bridge by paying $60,000 now and every two years thereafter forever The state wants to discharge its obligation by paying a single
Find the interest rate implicit in a loan of $100,000 that the borrower discharges with two annual installments of $55,307 each, paid at the end of each of the next two years.Required:Calculations of
A single-payment note promises $67,280 at maturity. The issuer of the now exchanges it for land with a fair value of $50,000. The exchange occurs two years before the maturity date on the note.a.
Finding implicit interest rates constructing amortization schedules. Herman Company purchased a plot of land for possible future development. The land had fair value of $86,000. Berman Company gave a
Find equivalent annual rate offend for purchase discounts. The terms of sale “2/10, net/30” mean that the buyer can take a discount of 2% from gross invoice price by paying the invoice within 10
An oil-drilling company figures that it must spend $30.000 for an initial supply of drill bits and that it must spend $10,000 every month to replace the worn-out bits. What is the present value of
If you promise to leave $35,000 on deposit at the Dime Savings Bank for 4 years, the bank will give you a new large, flat-screen Sony TV today and your $35,000 back at the end of 4 years. How much
When Mr. Shafer died, his estate after taxes amounted to $300,000. His will provided that Mrs. Shafer would receive $24.000 per year starting immediately from the principal of the estate and that the
Mrs. Heileman occasionally drinks beer. (Guess which brand.) She consumes one case in 20 weeks. She can buy beer in disposable cans for $25.20 per se or for $2400 per case of returnable bottles if
When General Electric Company first introduced the Lucalox ceramic, screw-in light bulb, the bulb cost three and one-half times as much as an ordinary bulb but lasted live times as long. An ordinary
Oberweis Dairy switched from delivery trucks with regular gasoline engines to ones with diesel engines. The diesel trucks cost $2,000 more than the ordinary gasoline trucks but costs $600 per year
Calculating impairment. On January 1, 2008, assume that Levi Strauss opened a new textile plant to produce synthetic fabrics. The plant is on leased land; 20 years remain on the nonrenewable
Finding implicit interest rates (truth-in-lending laws reduce the type of deception suggested by this problem) Friendly Loan Company advertises that it is willing to lend cash for five years at the
Deriving net present value of cash flows for decision to dispose of asset Suppose that yesterday Black & Decker Company purchased and installed a made-to-order machine tool for fabricating parts for
Computation of present value of cash flows; untaxed acquisition, no change in tax basis of assets The balance sheet of Lynch Company shows net assets of $100,000 and shareholders’ equity of
Computation of the present a1uc of cash flows; taxable acquisition, changing tax basis of assets. Refer to the data in the preceding problem. Assume now that the acquisition is taxable, so that the
Valuation of intangibles with perpetuity formulas When the American Basketball Association (ABA) merged with the National Basketball Association (NBA), the owners of the ABA St. Louis Spirits agreed
Adapted from a problem by S. Zeff. Lexie T. Colleton is the chief financial officer of Ragazze, and one of her duties is to give advice on investment projects Today’s date is December 31, 2008.
Adapted from a problem by S. Zeff William Marsh, CEO of Gulf coast manufacturing, wishes to know which of two strategies he has chosen for acquiring an automobile has lower present value of

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