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business
financial accounting 11th

Questions and Answers of Financial Accounting 11th

Appendix 10A: Comprehensive income.Give an example of a gain or loss that would be excluded from the income statement and shown directly on the balance sheet as part of accumulated other
Convey Company had some extra cash and purchased the stock of various companies with the objective of making a profit in the short run. The cost of Convey's portfolio was \(\$ 79,450\) at December
Discontinued operations. (LO 1)Use the following information to construct a partial income statement beginning with income from continuing operations. Income from continuing operations $230,000 Loss
Horizontal analysis. (LO 2)Jones Furniture reported the following amounts for its sales during the past 5 years. Using 2004 as the base year, perform a horizontal analysis. What information does the
Vertical analysis. ( \(L O 2\) )Use the income statement from Color Copy to perform a vertical analysis with sales as the base. Color Copy Inc. Income Statement For the year ended September 30, 2007
Current ratio and working capital. (LO 3)Calculate the current ratio and the amount of working capital for Albert's Hotels for the years given in the following comparative balance sheets. Although 2
Debt-to-equity ratio. ( \(\mathrm{LO} 3\) )Use the balance sheets from Albert's Hotels in E10-5A to compute the debt-to-equity ratio for 2008 and 2007. Suppose you calculated a debt ratio using debt
Ratio analysis. (LO 3)Zap Electronics reported the following for the fiscal years ended January 31, 2007, and January \(31,2006\).Assume all sales are on credit and the firm has no preferred stock
Ratio analysis. (LO 3)Evans Family Grocers reported the following for the two most recent fiscal years.c. Accounts receivable turnover ratiod. Inventory turnover ratioe. Return on assetsf. Return on
Ratio analysis. (LO 3)Furniture Showcase reported the following for its fiscal year ended June 30, 2008.At the beginning of the year, the company had 50,000 shares of common stock outstanding. At the
Horizontal analysis. (LO 2)Use the statement of earnings for Talbots to perform a horizontal analysis for each item reported for the year from January 29,2005 , to January 28,2006 . What does your
Vertical analysis. (LO 2)Use the statement of earnings for Talbots to perform a vertical analysis for each item reported for the last two fiscal years using net sales as the base. What does your
Liquidity ratios. (LO 3)Use the financial statements for Talbots to calculate the following liquidity ratios for FYE January 28,2006 . What information does this provide about the firm's liquidity?a.
Solvency and profitability ratios. (LO 3)Use the financial statements for Talbots to calculate the following solvency and profitability ratios for FYE January 28,2006 . What information does this
Risk and control. (LO 4)Often a firm will contribute its own shares of stock to its pension fund rather than cash. What problem could this cause? How could it be avoided? Have you heard of any firm
Appendix 10B: Investments.During 2007, Nike has invested \(\$ 200,000\) of extra cash in securities. Of the total amount invested, \(\$ 75,000\) was invested in bonds that Nike plans to hold until
How much is net cash from financing activities?a. \(\$ 7,000\)b. \(\$ 25,000\)c. \(\$ 31,600\)d. \(\$ 32,000\)
How much is net cash from investing activities?a. \(\$(20,000)\)b. \(\$(25,000)\)c. \(\$ 25,000\)d. \(\$ 32,000\)
How much is net cash from operating activities?a. \(\$ 26,500\)b. \(\$(3,500)\)c. \(\$ 16,500\)d. \(\$ 16,900\)
Cash from the sale of treasury stocka. Would not be included in the statement of cash flowsb. Would be classified as a contra-equity cash flowc. Would be classified as an investing cash flowd. Would
The cash proceeds fron the sale of a building will bea. The cost of the buildingb. The book value of the buildingc. The book value plus any gain or minus any lossd. Shown on the financing portion of
If a firm has net investing cash inflows of \(\$ 5,000\), net financing cash inflows of \(\$ 24,000\), and a net increase in cash for the year of \(\$ 12,000\), how much is net cash from operating
Depreciation for the year was \(\$ 50,000\) and net income was \(\$ 139,500\). If the company used cash for all transactions except those related to long-term assets, how much was net cash from
How much cash did Frances Company collect from customers during 2006 ?a. \(\$ 400,000\)b. \(\$ 412,000\)c. \(\$ 406,000\)d. \(\$ 388,000\)
How much cash did Frances Company pay its vendors during 2006 ?a. \(\$ 173,000\)b. \(\$ 165,000\)c. \(\$ 167,000\)d. \(\$ 163,000\)
How much cash did Frances Company pay for insurance during the year?a. \(\$ 20,000\)b. \(\$ 24,000\)c. \(\$ 16,000\)d. \(\$ 48,000\)
Identify cash flows. (LO 1)Given the following cash transactions, classify each as a cash flow from: (a) operating activities, (b) investing activities, or (c) financing activities.a. Payment to
Identify cash flows. (LO 1)Given the following cash transactions, classify each as a cash flow from: (a) operating activities, (b) investing activities, or (c) financing activities.a. Principal
Calculate and identify cash flows. (LO 1, 3, 4)College Television Company had supplies on its balance sheet at December 31, 2006, of \(\$ 20,000\). The income statement for 2007 showed supplies
Calculate and identify cash flows. (LO 1, 3, 4)Col Corporation reported credit sales of \(\$ 150,000\) for 2006. Col's accounts receivable from sales were \(\$ 25,000\) at the beginning of 2006 and
Calculate and identify cash flows. (LO 6)A building cost \(\$ 55,000\) and had accumulated depreciation of \(\$ 15,000\) when it was sold for a gain of \(\$ 5,000\). It was a cash sale. How would the
Calculate and identify cash flows. (LO 1, 3, 4)Sales for 2008 were \(\$ 50,000\); cost of goods sold was \(\$ 35,000\). If accounts receivable increased by \(\$ 2,000\), inventory decreased by \(\$
Calculate and identify cash flow. (LO 1, 3, 4)During 2007, Cameron Company had \(\$ 300,000\) in cash sales and \(\$ 3,500,000\) in credit sales. The accounts receivable balances were \(\$ 450,000\)
Evaluate adjustments to net income using the indirect method. (LO 5)The income statement for Lilly's Company for the year ended June 30, 2008, showed sales of \(\$ 50,000\). During the year, the
Evaluate adjustments to net income using the indirect method. (LO 5)The income statement for Sharp Inc. for the month of May showed insurance expense of \(\$ 250\). The beginning and ending balance
Evaluate adjustments to net income using the indirect method. (LO 5)During 2007, Mail Direct Inc. incurred salary expense of \(\$ 67,500\), as shown on the income statement. The January 1, 2007,
Evaluate adjustments to net income using the indirect method. (LO 5)Havelen's Road Paving Company had depreciation expense of \(\$ 43,000\) on the income statement for the year. How would this
Calculate and identify cash flows using the indirect method. (LO 5)Beta Company spent \(\$ 40,000\) for a new delivery truck during the year. Depreciation expense of \(\$ 2,000\) related to the truck
Evaluate adjustments to net income under the indirect method. (LO 5)B\&W Inc. reported net income of \(\$ 1.2\) million in 2006. Depreciation for the year was \(\$ 120,000\), accounts receivable
Evaluate adjustments to net income under the indirect method. ( \(L O \quad 1,5)\)In 2007, Jewels Company had net income of \(\$ 350,000\). The depreciation on plant assets during 2007 was \(\$
Evaluate adjustments to net income under the indirect method. (LO 5)The comparative balance sheets for JayCee Company showed the following changes in current asset accounts: accounts receivable
Calculate and identify cash flows. (LO 5)C\&S Supply Inc. had \(\$ 125,000\) of retained earnings at the beginning of the year and a balance of \(\$ 150,000\) at the end of the year. Net income for
Use a statement of cash flows for decision making. (LO 7, 8)If you were interested in investing in a company, what item(s) on the statement of cash flows would be of most interest to you? Why?
Identify risks and controls. (LO 8)If you were an investor, why would you look at the statement of cash flows? Which amounts would provide information about the risk to an investor?
Identify risks and controls. (LO 8)If you believe there is a risk that a firm is not taking advantage of long-term investment opportunities, how would the statement of cash flows help you confirm or
Identify cash flows. (LO 1)For each of the following items, tell whether it is a cash inflow or cash outflow and the section of the statement of cash flows in which the item would appear. (Assume the
Identify cash flows. (LO 1, 4, 6)For each transaction, indicate the amount of the cash flow, indicate whether each results in an inflow or outflow of cash, and give the section of the statement in
Prepare cash from operating activities section of statement of cash flows using the direct method. (LO 4)Use the income statement for Clark Corporation for past year and the information from the
Prepare cash from operating activities section of statement of cash flows using the indirect method. (LO 5) Use the information from E9-3A to prepare the cash from operating activities section of the
Calculate change in cash. (LO 1, 4, 6) Given the following information, calculate the change in cash for the year. Cash received from sale of equipment Cash paid for salaries Depreciation expense for
Calculate cash from operating activities. (LO 3, 4) Use the information given for Evans Company to calculatea. Cash paid for salariesb. Cash paid for income taxesc. Cash paid for inventory itemsd.
Prepare the cash from operating activities section of the statement of cash flows and determine the method used. ( \(L O 2,4,6\) )Use the information from E9-6A to calculate the cash flow from
Calculate cash flows from investing and financing activities. (LO 1, 6) The following events occurred at Gadgets Inc. during 2006.Compute Gadgets' net cash flow from (1) investing activities and from
Calculate cash from operating activities using the direct method. (LO 1,4 ) The following information applies to Computer Company.1. Accounts receivable started the year with a balance of \(\$
Calculate cash from operating activities using the indirect method. (LO 5, 6)Brass Company reported net income of \(\$ 290,000\) for 2007 . The company also reported depreciation expense of \(\$
Calculate cash from operating activities using the indirect method. (LO 5)The following information was taken from Tram Inc.'s balance sheets at December 31, 2005 and 2006. Prepare the net cash
Calculate cash from operating activities using the direct method. (LO 4)Compton Company completed its first year of operations on December 31, 2006. The firm's income statement for the year showed
Calculate cash from operating activities using the direct method. (LO 1, 4) During the fiscal year ended September 30, 2006, Napster Company engaged in the following transactions. Using the relevant
Prepare the statement of cash flows using the indirect method. (LO 5, 6) Use the following information for Just Nuts Company to prepare a statement of cash flows using the indirect method.Additional
Prepare the statement of cash flows using the direct method. \((L O 4,6)\)Using the information from E9-14A, prepare a statement of cash flows for Just Nuts Company using the direct method.
Analyze a statement of cash flows. (LO 7)The following information has been taken from the most recent statement of cash flows of Expansion Company:Net cash used by operating activities Net cash
Compute free cash flow. ( \(L O 7\) )Use the Pier 1 Imports Inc. consolidated statement of cash flows to compute the company's free cash flow for the 3 years shown. What does the trend in free cash
Identify risks and controls. (LO 8)Using the Pier 1 statement of cash flows shown in E9-17A, determine whether or not the firm appears to be taking advantage of new investment opportunities. Is the
Identify cash flows. ( \(L O\) I)For each of the following items, tell whether it is a cash inflow or cash outflow and the section of the statement of cash flows in which the item would appear.
Identify cash flows. ( \(L O 1,4\) )For each transaction, indicate the amount of the cash flow, indicate whether each results in an inflow or outflow of cash, and give the section of the statement in
Prepare cash from operating activities using the direct method. (LO 4)Use the income statement for Kristen Harrison's Cosmetics Inc. for the past year and the information from the comparative balance
Prepare cash from operating activities using the indirect method. (LO 5)Use the information from E9-3B to prepare the cash from operating activities section of the statement of cash flows using the
Calculate change in cash. (LO 1, 5)Given the following information, calculate the change in cash for the year. Cash received from sale of company van Cash paid for utilities and rent $ 15,000 5.150
Calculate cash from operating activities. ( \(L O 2,5)\)a. Cash paid for utilitiesb. Cash paid for interestc. Cash paid for inventory itemsd. Cash collected from customers From the Financial
Prepare cash from operating activities section of statement of cash flows and determine the method used. ( \(L O 2,4)\)Use the information from E9-6B to calculate the cash flow from operating
Calculate cash flows from investing and financing activities. ( \(L O 1,6)\) The following events occurred at Garden \& Home Store Inc. during 2009.Compute Garden \& Home Store Inc.'s net
Calculate cash from operating activities using the direct method. (LO 1, 4) The following information applies to Electronics Plus Inc.:1. Accounts receivable started the year with a balance of \(\$
Calculate cash from operating activities using the indirect method. (LO 5)St. Augustine Steel Inc. reported net income of \(\$ 320,000\) for 2008 . The company also reported depreciation expense of
Calculate cash from operating activities using the indirect method. (LO 5)The following information was taken from Fix-It Company's balance sheets at June 30, 2007 and 2008. Prepare the net cash
Calculate cash from operating activities using the direct method. (LO 4)Capital Appliances Inc. completed its first year of operations on June 30, 2007. The firm's income statement for the year
Calculate cash from operating activities using the direct method. (LO 1, 4)During the fiscal year ended March 31, 2008, Radio Technology Inc. engaged in the following transactions. Using the relevant
Prepare the statement of cash flows using the indirect method. ( \(L O 2,5)\)Use the following information for LAW Office Products and Supplies Inc. to prepare a statement of cash flows for the year
Prepare the statement of cash flows using the direct method. (LO 4)Using the information from E9-14B, prepare a statement of cash flows for LAW Office Products and Supplies Inc. using the direct
Analyze a statement of cash flows. (LO 7, 8)The following information was taken from the most recent statement of cash flows of Innovative Electronics Company.Net cash provided by operating
Compute free cash flow. ( \(L O 7\) )Use the Best Buy consolidated statement of cash flows to compute the company's free cash flow for 2005 and 2006. What does the free cash flow tell you about Best
Identify risks and controls. (LO 8)Use the Best Buy consolidated statements of cash flows presented in E9-17B to determine whether or not the firm appears to be taking advantage of new investment
Prepare the statement of cash flows (direct or indirect method). ( \(L O 2,3,4,5,6,7)\) The income statement for the year ending December 31, 2007, and the balance sheets at December 31, 2006, and
Calculate cash from operating activities-indirect method. (LO 5)The information shown is from the comparative balance sheets of M\&S Record Company at December 31, 2007 and 2006.Net income for
Calculate cash from operating activities using the indirect method. (LO 5)The information shown comes from the balance sheets of TCB Company at June 30, 2008 and 2007.Net income for the year ended
Calculate cash from operating activities using the indirect method. (LO 5) Rollins Land Corporation had the following information available for 2005.Rollins Land Corporation reported net income of
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2008, Myers Company gathered the following information.\section*{Required}a.
Calculate investing and financing cash flows. (LO 6)To prepare its statement of cash flows for the year ended December 31, 2005, Martin 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, Murray Company gathered the following
Analyze a statement of cash flows. (LO 5, 6, 7)Use the statement of cash flows for the Matlock Company to answer the required questions.\section*{Required}a. How did Matlock Company use the majority
Analyze equity section of balance sheet. (LO 1,5)PetsMart reported the following information on the financial statements included with its 2004 annual report. Were any new shares of common stock
Classify stock and prepare shareholders' equity section of balance sheet. (LO 1,5) Redmon Company's corporate charter allows it to sell 200,000 shares of \(\$ 1\) par value common stock. To date, the
Record stock transactions. (LO 1, 3)Show how each of the following transactions affects the accounting equation.April 1 Issued 50,000 shares of \(\$ 0.01\) par value common stock for cash of \(\$
Analyze effects of stock transactions on financial statements. ( \(L O 1,3)\) Refer to the information in E8-3A. How many shares of common stock will be classified as issued at June 30? How many
Analyze effects of dividends on financial statements. (LO 2)}Glenco Company had a net income of \(\$ 250,000\) for the year ended December 31, 2006. On January 15,2007 , the board of directors met
Distribute dividend between preferred and common shareholders. (LO 2)Framer Company has 4,000 shares of \(9 \%, \$ 100\) par, cumulative preferred stock outstanding and 10,000 shares of \(\$ 1\) par
Analyze equity section of balance sheet. (LO 1, 2)Jazz Company had the following stockholders' equity section on the December 31, 2007, balance sheet.a. How many shares of common stock are classified
Record stock transactions. (LO 1, 2, 3)Quicksilver Corporation is authorized to issue both preferred and common stock. Quicksilver's preferred stock is \(\$ 200\) par, \(5 \%\) preferred stock.
Prepare equity section of the balance sheet. ( \(L O 1,2,3)\)Use the data from E8-8A to prepare the shareholders' equity section of the balance sheet at January 31 . Retained earnings at month-end
Analyze equity accounts. (LO 1, 2, 3, 5)The following balances were shown on the year-end balance sheets for 2006 and 2007 for Columbia Company. For each item, give the most likely reason for the
Analyze equity section of balance sheet. (LO 1, 2, 3)Answer the following questions using the shareholders' equity section of Camp Corporation's balance sheet at December 31 .a. How many shares of

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