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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Review the information recorded earlier. Does Papa John's compare favorably with industry averages? Support your judgment with at least two observations.Please note: Internet Web sites are constantly
Distinguish among service, merchandising, and manufacturing companies
Describe the value chain and its elements
Distinguish between direct and indirect costs
Identify the inventoriable product costs and period costs of merchandising and manufacturing firms
Prepare the financial statements for service, merchandising, and manufacturing companies
Describe costs that are relevant and irrelevant for decision making
Classify costs as fixed or variable and calculate total and average costs at different volumes
What is the cost of the materials that Nissan used (in millions)?a. 99b. 100c. 101d. 106
What is the cost of goods manufactured (in millions)?a. 149b. 150c. 151d. 152
What is the cost of goods sold (in millions)?a. 150b. 152c. 153d. 154
Identify type of company from balance sheets (Learning Objective 1)The current asset sections of the balance sheets of three companies follow. Which company is a service company? Which is a
Identify types of companies and inventories (Learning Objective 1)Fill in the blanks with one of the following terms: manufacturing, service, merchandising, retailer(s), wholesaler(s), raw materials
Give examples of value chain functions (Learning Objective 2)}Give an example of costs that \(\mathrm{E}^{*}\) TRADE (an online brokerage firm) might incur in each of the six business functions in
Label value chain functions (Learning Objective 2)}List the correct value chain element for each of the six business functions described below.a. Delivery of products and servicesb. Detailed
Classify a manufacturer's costs (Learning Objective 4)}Classify each of the following costs as a period cost or an inventoriable product cost. If you classify the cost as an inventoriable product
Classify costs incurred by a dairy processing company (Learning Objective 4)Each of the following costs pertains to DairyPlains, a dairy processing company. Classify each of the company's costs as a
Determine total manufacturing overhead (Learning Objective 4)}Snap's manufactures disposable cameras. Suppose the company's March records include the items described below. What is Snap's total
Compute Cost of Goods Sold for a merchandiser (Learning Objective 5)}Given the following information for Circuits Plus, an electronics e-tailer, compute the cost of goods sold. Web site maintenance..
Prepare a retailer's income statement (Learning Objective 5)Salon Secrets is a retail chain specializing in salon-quality hair care products. During the year, Salon Secrets had sales of \(\$
Calculate direct materials used (Learning Objective 5)You are a new accounting intern at Sunny's Bikes. Your boss gives you the following information and asks you to compute the cost of direct
Compute Cost of Goods Manufactured (Learning Objective 5)Smith Manufacturing found the following information in their accounting records: \(\$ 524,000\) of direct materials used, \(\$ 223,000\) of
Consider relevant information (Learning Objective 6)You've been offered an entry-level marketing position at two highly respectable firms: one in Los Angeles, California, and one in Sioux Falls,
Classify costs as fixed or variable (Learning Objective 7)Classify each of the following personal expenses as either fixed or variable. In some cases, your answer may depend on specific
Identify types of companies and their inventories (Learning Objective 1)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not
Classify costs along the value chain for a retailer (Learning Objective 2)Suppose Radio Shack incurred the following costs at its Charleston, South Carolina, store: Research on whether store should
Classify costs along the value chain for a manufacturer (Learning Objectives 2, 3) Suppose the cell phone manufacturer Samsung Electronics provides the following information for its costs last month
Classify costs as direct or indirect (Learning Objective 3)}Classify each of the following costs as a direct cost or an indirect cost assuming the cost object is the produce department (fruit and
Define cost terms (Learning Objectives 3, 4)}Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all. Prime costs
Classify and calculate a manufacturer's costs (Learning Objectives 3, 4)An airline manufacturer incurred the following costs last month (in thousands of dollars):\section*{Requirements}1. If the cost
Prepare the current assest section of the balance sheet (Learning Objective 5) Consider the following selected amounts and account balances of Lords:Show how Lords reports current assets on the
Prepare a retailer's income statement (Learning Objective 5)}Robbie Roberts is the sole proprietor of Precious Pets, an e-tail business specializing in the sale of high-end pet gifts and accessories.
Compute direct materials used and cost of goods manufactured (Learning Objective 5)Danielle's Die-cuts is preparing its Cost of Goods Manufactured Schedule at year-end. Danielle's accounting records
Compute cost of goods manufactured and cost of goods sold (Learning Objective 5)Compute the 2007 cost of goods manufactured and cost of goods sold for Strike Marine Company using the amounts
Continues E2-28: Prepare income statement (Learning Objective 5)Prepare the 2007 income statement for Strike Marine Company in E2-28. Assume that the company sold 32,000 units of its product at a
Work backwards to find missing amounts (Learning Objective 5)}Smooth Sounds manufactures and sells a new line of MP3 players. Unfortunately, Smooth Sounds suffered serious fire damage at its home
Describe other cost terms (Learning Objectives 6, 7)Complete the following statements with one of the terms listed here. You may use a term more than once, and some terms may not be used at all.
Classify costs as fixed or variable (Learning Objective 7)}Classify each of the following costs as fixed or variable:a. Thread used by a garment manufacturerb. Property tax on a manufacturing
Compute total and average costs (Learning Objective 7)Fizzy-Cola spends \(\$ 1\) on direct materials, direct labor, and variable manufacturing overhead for every unit (12-pack of soda) it produces.
Classify costs along the value chain (Learning Objectives 2, 4)}ShaZam Cola produces a lemon-lime soda. The production process starts with workers mixing the lemon syrup and lime flavors in a secret
Prepare income statements (Learning Objective 5)}Part One: In 2007, Hannah Summit opened Hannah's Pets, a small retail shop selling pet supplies. On December 31, 2007, her accounting records show the
Fill in missing amounts (Learning Objective 5)}Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured below and the income statement of Tretinik
Identify relevant information (Learning Objective 6)}You receive two job offers in the same big city. The first job is close to your parents' house, and they have offered to let you live at home for
Calculate the total and average costs (Learning Objective 7)}The owner of Pizza-House Restaurant is disappointed because the restaurant has been averaging 3,000 pizza sales per month, but the
Classify costs along the value chain (Learning Objectives 2, 4)}Suppose Apple Computer reported the following costs last month (all costs are in millions):\section*{Requirements}1. Use the following
Prepare income statements (Learning Objective 5)Part One: On January 1, 2007, Terri Shaw opened Precious Memories, a small retail store dedicated to selling picture frames, crafts, and art. On
Fill in missing amounts (Learning Objective 5)}Certain item descriptions and amounts are missing from the monthly schedule of cost of goods manufactured and income statement of Pacific Manufacturing
Identify relevant information (Learning Objective 6)}You receive two job offers in the same big city. The first job is close to your parents' house, and they have offered to let you live at home for
Calculate total and average costs (Learning Objective 7)}The owner of New York Deli restaurant is disappointed because the restaurant has been averaging 4,000 sandwich sales per month, but the
Determine ending inventory balances (Learning Objective 5)}PowerBox designs and manufactures switches used in telecommunications. Serious flooding throughout North Carolina affected PowerBox's
Prepare the statement of cash flows (direct or indirect method). (LO 2, 3, 4, 5, 6, 7) Given here are the income statement for Oviedo Oil Company for the year ending December 31, 2007, and the
Calculate cash from operating activities using the indirect method. (LO 5)The information shown is from the comparative balance sheets of Matt's Music Company at December 31, 2008 and 2007.Net income
Calculate cash from operating activities using the indirect method. (LO 5)The information shown comes from the balance sheets of Walker Corporation at September 30,2008 and 2007.Net income for the
Calculate cash from operating activities using the indirect method. (LO 5)Ace Corporation had the following information available for 2008 .Ace Corporation reported net income of \(\$ 130,000\) for
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2007, Wright Company gathered the following
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2008, Bowden Company gathered the following
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2007, Tango Company gathered the following information.\section*{Required}a.
Analyze a statement of cash flows. (LO 5, 6, 7)Use the statement of cash flows for the SS\&P Company to answer the required questions\section*{Required}a. How did SS\&P Company use the
Analyze a statement of cash flows. (LO 7)Use Office Depot's financial statements on the book's website to answer the following questions.a. What were the major sources and uses of cash during the
Analyze a statement of cash flows. (LO 7, 8)The statements of cash flow shown here are from Callaway Golf Company's 2005 annual report.Answer the following questions:a. Did the company use the direct
Analyze a statement of cash flows. (LO 7, 8)The following is the statement of cash flows for Chico's FAS Inc. for the years ended January 28, 2006, January 29, 2005 and January 31, 2004.Answer the
To be successful, a company must anticipate its cash flows. What evidence can you find in the Staples' annual report in the back of the book that this company does adequate cash planning? Is there
After 2 years of business, the Lucky Ladder Company decided to apply for a bank loan to finance a new store. Although the company had been very successful, it had never prepared a cash budget. The
To prepare the class for a debate about the format of the statement of cash flows, assign the direct method to half of the groups in the class and the indirect method to the other half of the groups.
Go to www.carnival.com, select About Us.a. Select World's Leading Cruise Lines and list three of the seven cruise lines operated by the Carnival Corp. Close the World's Leading Cruise Lines window.b.
Go to www.carnival.com, select About Us and find Investor Relations. You will find a link to the annual report (pdf file). Find the annual cash flow statement (page 7 of the 2005 annual report) to
Recognize and explain the components of net income.
Perform and interpret a horizontal analysis and a vertical analysis of financial statement information.
Perform a basic ratio analysis of a set of financial statements and explain what the ratios mean.
Recognize the risks of investing in stock and explain how to control those risks.
Define the items that the Financial Accounting Standards Board requires a firm to report separately on the income statement. Why is this separation useful?
What criteria must be met for an event to be considered extraordinary? Give an examples of events that would be considered to be extraordinary.
What does it mean to show an item net of tax?
What is horizontal analysis? What is the purpose of this method of analysis?
What is vertical analysis? What is the purpose of this method of analysis?
How are financial ratios used to determine how successfully a company is operating?
Suppose a firm had an extraordinary loss of \(\$ 300,000\). If the firm's tax rate is \(35 \%\), how will the loss be shown in the financial statements?a. On the income statement, below income from
Current assets for Kearney Company are \(\$ 120,000\) and total assets are \(\$ 600,000\). Current liabilities are \(\$ 80,000\) and total liabilities are \(\$ 300,000\). What is the current ratio?a.
Ritchie Company sold some fixed assets for a gain of \(\$ 100,000\). The firm's tax rate is \(25 \%\). How would Ritchie Company report this transaction on its financial statements?a. On the income
Gerard Company reported sales of \(\$ 300,000\) for \(2006, \$ 330,000\) for 2007 , and \(\$ 360,000\) for 2008 . If the company uses 2006 as the base year, what were the percentage increases for
On June 30, Star Radio reported total current assets of \(\$ 45,000\), total assets of \(\$ 200,000\), total current liabilities of \(\$ 42,000\), and total liabilities of \(\$ 80,000\). How much
Talking Puppet Company reported a P/E ratio of 50 on the last day of the fiscal year. If the company reported earnings of \(\$ 2.50\) per share, how much was a share of the company's stock trading
Singleton Company had sales of \(\$ 2,000,000\), cost of sales of \(\$ 1,200,000\), and average inventory of \(\$ 400,000\). What was the company's inventory turnover ratio for the period?a. 3.00b.
Suppose a firm had an inventory turnover ratio of 20 . Suppose the firm considers a year to be 360 days. How many days, on average, does an item remain in the inventory?a. 5.56 daysb. 18 daysc. 20
Suppose a new company is trying to decide whether to use LIFO or FIFO in a period of rising inventory costs. The CFO suggests using LIFO because it will give a higher inventory turnover ratio. Is he
If a firm has \(\$ 100,000\) debt and \(\$ 100,000\) equity, thena. The return on equity ratio is 1 .b. The debt-to-equity ratio is 1 .c. The return on assets ratio is 0.5 .d. The firm has too much
Discontinued operations. (LO 1)In 2006, Earthscope Company decided to sell its satellite sales division, even though the division had been profitable during the year. During 2006, the satellite
Discontinued operations. (LO 1)In 2007, Office Products decided to sell its furniture division because it had been losing money for several years. During 2007 , the furniture division lost \(\$
Discontinued operations. (LO 1)After the terrorist attacks on the World Trade Center in 2001, Congress passed a law requiring new security devices in airports. One airport security firm had to get
Extraordinary item. (LO 1)Sew and Save Company suffered an extraordinary loss of \(\$ 30,000\) last year. The related tax savings amounted to \(\$ 5,600\). How would this tax savings be reported on
Horizontal analysis. (LO 2)Olin Copy Corporation reported the following amounts on its 2007 comparative income statement.Perform a horizontal analysis of revenues and cost of sales in both dollar
Horizontal analysis. (LO 2)Use the following information about the capital expenditures of Andes Company to perform a horizontal analysis, with 2004 as the base year. What information does this
Vertical analysis. ( \(L O 2\) )Bessie's Quilting Company reported the following amounts on its balance sheet at December 31,2007 .Perform a vertical analysis of the assets of Bessie's Quilting
Vertical analysis. (LO 2)Perform a vertical analysis on the following income statement, with sales as the base amount. What other information would you need to make this analysis meaningful? Sales
Ratio analysis. (LO 2)Fireworks reported current assets of \(\$ 720,000\) and a current ratio of 1.2. What were current liabilities? What was working capital?
Ratio analysis. (LO 3)A 5-year comparative analysis of Low Light Company's current ratio and quick ratio follows.a. What has been happening to the liquidity of Low Light Company over the 5 years
Ratio analysis. (LO 3)A company's debt-to-equity ratio has been increasing for the past 4 years. Give at least two company actions that might have caused this increase.
Ratio analysis. (LO 3)The following is a 5-year comparative analysis of Accent Company's return on assets and return on equity.a. What does this analysis tell you about the overall profitability of
Ratio analysis. (LO 3)Earnings for Archibold Company have been fairly constant over the past 6 months, but the \(\mathrm{P} / \mathrm{E}\) ratio has been climbing steadily. How do you account for
Risk and control. (LO 4)Suppose you are the financial advisor to AHA Company, a local software development company. The CFO suggests the firm invest all of its extra cash in technology stocks. He

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