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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Recognize the business risks associated with shareholders' equity and the related controls.
What are the two primary ways for a company to finance its business?
Explain how par value affects the issuance of common stock and preferred stock.
What is the difference between paid-in capital and additional paid-in capital on the balance sheet?
What are the two ways that shareholders can make money on an investment in a corporation's stock?
Are dividends expenses of a corporation? Explain why or why not.
What are the three dates corporations consider when issuing a dividend?
What are dividends in arrears?
What is treasury stock and why might a company acquire it?
What effect does the purchase of treasury stock have on a company's financial statements?
Would treasury stock be considered authorized, issued, or outstanding? Explain your answer.
Explain the difference between stock dividends and cash dividends.
What is the effect of a stock dividend on a company's financial statements?
What is a stock split and what effect does it have on a company's shareholders' equity?
How is return on equity calculated? What does this ratio measure?
Explain how earnings per share (EPS) is calculated. What does this ratio measure?
Of all the financial ratios you have studied, which is the only one that is reported in the financial statements? On which financial statement will it appear?
Suppose that Pia's Pizza engaged in the following transactions in the fiscal year ended December \(28,2007\).a. The company issued 100,000 shares of common stock, par value of \(\$ 0.01\) per share,
Record merchandising transactions: perpetual inventory system. (LO 1, 2)Assume the following transactions for Jennifer's Fix-It-Up Inc. took place during March. Jennifer's uses a perpetual inventory
Record merchandising transactions: perpetual inventory system. (LO 1, 2) Discount Wines Inc. had a beginning inventory balance of \(\$ 85,450\) and engaged in the following transactions during the
Calculate cost of goods sold and ending inventory: periodic weighted average cost. (LO 3, 4)Sandy's Clean Carpet Company sells commercial vacuums. The company's fiscal year begins July 1, 2006, and
Calculate cost of goods sold and ending inventory: perpetual weighted average cost. (LO 3, 4)Cutting Edge Enterprises Inc. sells flat-screen televisions. The company began the last quarter of the
Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4)Radio Tech. Sales \& Service Inc. began the month of April with three top-of-the-line radios in inventory, Model \#
Calculate cost of goods sold and ending inventory: periodic LIFO. (LO 3, 4)Use the data in E5-5B to answer the following questions.Assume Radio Tech. uses a periodic inventory system and the LIFO
Calculate cost of goods sold and ending inventory: perpetual FIFO. (LO 3, 4) Use the data in E5-5B to answer the following questions.Assume Radio Tech. uses a perpetual inventory system and the FIFO
Calculate cost of goods sold and ending inventory: perpetual LIFO. (LO 3, 4) Use the data in E5-5B to answer the following questions.Assume Radio Tech. uses a perpetual inventory system and the LIFO
Apply the lower-of-cost-or-market rule. (LO 5)Use the following data to answer the following question.ASB Hardware Inc. uses a perpetual inventory system and the FIFO cost flow method to account for
Apply the lower-of-cost-or-market rule. (LO 5)In each case, indicate the correct amount to be reported for the inventory on the year-end balance sheet. a. Ending inventory at cost Ending inventory at
Calculate gross profit and gross profit ratio: FIFO and LIFO. (LO 6)Given the following information, calculate the gross profit and gross profit ratio under (a) FIFO periodic and under (b) LIFO
Calculate the inventory turnover ratio. (LO 6)A company calculated its inventory turnover for the past 2 years. This year the inventory turnover is 7.2, and last year the inventory turnover was 8.3.
Identify risk and control. (LO 7)Risks associated with inventory include (1) theft, (2) damage, and (3) obsolescence. For each item, give an example of a company you believe is seriously faced with
(Appendix A) Calculate inventory errors. (LO 8)Tire Pro Company's records reported the following at the end of the fiscal year.A physical inventory count showed that the ending inventory was actually
(Appendix B) Estimate inventory. (LO 9) The records of Florida Tool Shop revealed the following information related to inventory destroyed in Hurricane Frances.The company needs to file a claim for
Account for basket purchase. (LO 1, 2)Premium Bottling Company purchases a building and land for a total cash price of \(\$ 200,000\). An independent appraiser provides the following market values:
Calculate the cost of an asset and depreciation expense. (LO 1, 2)Wilson, Smith \& Knight Beer Brewers purchased a building for \(\$ 125,000\) cash and the land for \(\$ 275,000\) cash. The company
Calculate depreciation expense: straight-line and activity methods. (LO 2)Walt's Water Pressure Company purchased a van for \(\$ 45,000\) on July 1, 2008. The van had an estimated useful life of 6
Calculate depreciation expense: straight-line and double-declining balance methods. (LO 2)On January 1, 2008, Hsieh \& Wen's Gourmet Taste of Asia purchased kitchen equipment for \(\$ 51,500\). Hsieh
Calculate depreciation under alternative methods. (LO 2)Designer Jeans bought a new piece of equipment at the beginning of the year at a cost of \(\$ 24,500\). The estimated useful life of the
Calculate depreciation under alternative methods. (LO 2)Using the information from E4-5B, suppose the production in Year 4 was actually 8,500 rather than 6,375 units. How would this change the amount
Calculate depreciation under alternative methods. (LO 2)Brother's Helper Manufacturing bought a machine for \(\$ 172,000\) cash at the beginning of 2007. The estimated useful life is 8 years and the
Calculate depletion. (LO 2)On January 1, 2007, West Mountain Mining Company purchased the rights to a coal mine for \(\$ 15,000,000\). The company expects the coal mine to produce \(10,000,000\)
Amortize intangible assets. (LO 3)Microtech registered a trademark with the U.S. Patent and Trademark Office. The total cost of obtaining the trademark was \(\$ 55,000\). Although the trademark has a
Calculate goodwill. (LO 3)Evans has decided to acquire a competitor firm. The competitor firm has assets with a market value of \(\$ 430,000\) and liabilities with a market value of \(\$ 210,000\),
Evaluate asset impairment. (LO 4)During its fiscal year ended June 30, Super Shippers Delivery Service had to decommission 1,500 delivery trucks due to a potential problem with the fuel tank.
Distinguish between capital and revenue expenditures (expenses). (LO 1, 4) Classify the following items as either a capital expenditure or a revenue expenditure (expense).a. Changed the filter in the
Account for capital and revenue expenditures (expenses) and calculate depreciation expense. (LO 2, 4)Shiny \& New Auto Mechanic Shop has had a piece of equipment for five years. At the beginning of
Account for capital and revenue expenditures (expenses) and calculate depreciation expense. (LO 2, 4)Global Electronics operates a manufacturing plant for production of its products. At the beginning
Account for disposal of an asset. (LO 5)Chesney Flower Shop purchased a delivery van for \(\$ 51,000\). The company expects the van to have an 8 -year useful life and a salvage value of \(\$
Account for disposal of an asset. (LO 5)Brenda Sue's Stitch \& Sew purchased a sewing machine 4 years ago for \(\$ 29,000\). The company expects the machine to have a salvage value of \(\$ 4,000\)
Account for disposal of an asset. (LO 5)Kat \& Jen's Solar Tan disposed of a high-pressure tanning bed that had been used in the business for 3 years. The records of the company provide the
Account for disposal of an asset. (LO 5)Crystal Clean Steamers disposed of an industrial wet/dry vacuum that had been used in the business for 5 years. The vacuum originally cost \(\$ 51,000\) and
Calculate gain or loss and cash flow. (LO 5, 6)Safin Incorporated sold assets with an original cost of \(\$ 37,000\) and accumulated depreciation of \(\$ 30,000\). If the cash proceeds from the sale
Prepare financial statements. (LO 6)For each of the following, give the financial statement on which it would appear.a. Book value of fixed assets of \(\$ 56,900\)b. Proceeds from sale of fixed
Calculate return on assets and asset turnover ratios. (LO 7)Using the Office Depot annual report from the website that accompanies this text, calculate the following ratios for the most recent fiscal
Identify risks and controls. (LO 8)Firms with large fixed assets such as land and factories often think that their assets are safe because they are too large to be stolen. What risks do you think
Calculate capitalized cost and depreciation expense. (LO 1, 2)Acme Print Shop purchased a new printing press in 2007 . The invoice price was \(\$ 158,500\), but the manufacturer of the press gave
Calculate and analyze depreciation under alternative methods. (LO 2)On January 1, 2007, the Oviedo Manufacturing Company purchased equipment for \(\$ 170,000\). The estimated useful life of the
Calculate and analyze depreciation under alternative methods. (LO 2)Federal Express purchased a new truck on January 1, 2007, at a cost of \(\$ 100,000\). The estimated useful life is 5 years with a
Calculate and analyze depreciation under alternative methods. (LO 2)Peps Co. purchased a new machine at the beginning of 2006 for \(\$ 6,400\). The company expects the machine to last for 5 years and
Account for intangible assets. (LO 3)LB Company had the following balances in its intangible assets accounts at the beginning of the year. The patents have a remaining useful life of 10 years, and
Account for change in estimates for depreciation. (LO 4)In January 2004, Harvey's Hoola Hoop Company purchased a computer system that cost \(\$ 37,000\). Harvey's estimated that the system would last
Account for disposal of an asset. (LO 5)Analyze each of the following independent scenarios.a. A truck that cost \(\$ 25,000\) had an estimated useful life of 5 years and no salvage value. After 4
Calculate depreciation under alternative methods and account for disposal of an asset. (LO 2,5)Bella Interiors purchased a new sewing machine on January 2, 2007, for \(\$ 48,000\). The company
Calculate depreciation under alternative methods and account for disposal of an asset. (LO 2, 5)Perfect Heating and Air purchased a truck 3 years ago for \(\$ 50,000\). The company expects the truck
(Appendix) Analyze and correct accounting errors related to long-term assets. (LO 9)Due to an umpire strike early in 2006, Umpire's Empire had some trouble with its information processing and some
Calculate capitalized cost and depreciation expense. (LO 1,2)The executives for Sea World bought a piece of property adjacent to the park with an old, run-down motel. The cost of the land with the
Calculate and analyze depreciation under alternative methods. (LO 2) WTA Tennis Academy purchased a new ball machine at a cost of \(\$ 18,000\) at the beginning of January 2005. The machine was
Calculate and analyze depreciation under alternative methods. (LO 2)Sugar's Candy Company purchased an automated display rack on January 1, 2008, at a cost of \(\$ 35,000\). The company estimates the
Calculate and analyze depreciation under alternative methods. (LO 2)Clean Water Co. purchased a new water filter at the beginning of 2010 for \(\$ 200,000\). It is expected to last for 8 years and
Account for intangible assets. (LO 3)Larkin Company had the following balances in its intangible asset accounts at the beginning of the year. The trademarks have a remaining useful life of 5 years,
Account for change in estimates for depreciation. (LO 4)In July 2006, Hallmark Company purchased a computer system that cost \(\$ 7,000\). The company estimates that the system will last for 5 years
Account for disposal of an asset. (LO 5)Analyze each of the following independent scenarios.a. A company van that cost \(\$ 32,000\) had an estimated useful life of 8 years and no salvage value.
Calculate depreciation under alternative methods and account for disposal of an asset. (LO 2, 5)A\&W Root Beer Company bought new brewery equipment on January 1, 2008, for \(\$ 64,000\). The company
Calculate depreciation under alternative methods and account for disposal of an asset. (LO 2, 5)The Queen Grande View Hotel purchased a van 3 years ago for \(\$ 62,000\). The company expects the van
(Appendix) Analyze and correct accounting errors related to long-term assets. (LO 9)During 2007, Jule's Gym had some trouble with its information processing due to several hurricanes, and some errors
Calculate and record the purchase and sale of inventory.
Explain the two methods of inventory record keeping.
Define and calculate inventory using the four major inventory cost flow assumptions and explain how these methods affect the financial statements.
Analyze transactions and prepare financial statements with the purchase and sale of inventory.
Explain the lower-of-cost-or-market rule for valuing inventory.
Define and calculate the gross profit ratio and the inventory turnover ratio.
Describe the risks associated with inventory and the controls that minimize those risks.
(Appendix 5A) Describe and calculate the effect of inventory errors on the financial statements.
(Appendix 5B) Estimate inventory using the gross profit method.
What is the difference between freight-in and freight-out?
What is a purchase discount? What is the effect of a purchase discount on the overall cost of inventory to the buyer?
What is a contra-revenue account? Give two examples of contra-revenue accounts.
What is a sales discount? What is the effect of a sales discount on the total sales revenue of the seller?
What is inventory shrinkage?
If inventory costs are rising, which method (FIFO, LIFO, or weighted average cost) results in the highest net income? Explain your answer.
If inventory costs are rising, which method (FIFO, LIFO, or weighted average cost) results in the lowest net income? Explain your answer.
Does the periodic or perpetual choice affect the choice of a cost flow (LIFO versus FIFO) method? Explain.
What is the lower-of-cost-or-market rule and why is it necessary?
What does the gross profit percentage measure? How is it calculated?
What are some of the risks associated with inventory? How do managers minimize these risks?
When inventory is purchased, it is recorded as \(a(n)\) \(\qquad\) and when sold it becomes \(\mathrm{a}(\mathrm{n})\) \(\qquad\)a. liability, withdrawalb. asset, expensec. liability, assetd. asset,
Determine the ending inventory assuming the company uses the FIFO cost flow method.a. \(\$ 3,400\)b. \(\$ 2,400\)c. \(\$ 9,200\)d. \(\$ 10,000\) Inventory data for Newman & Frith Merchandisers Inc.
Determine the cost of goods sold assuming the company uses the FIFO cost flow method.a. \(\$ 3,400\)b. \(\$ 10,000\)c. \(\$ 10,200\)d. \(\$ 2,400\) Inventory data for Newman & Frith Merchandisers
Determine the ending inventory assuming the company uses the weighted average cost flow method.a. \(\$ 2,300\)b. \(\$ 3,300\)c. \(\$ 9,800\)d. \(\$ 2,976\) Inventory data for Newman & Frith
Determine the gross profit assuming the company uses the LIFO cost flow method.a. \(\$ 11,400\)b. \(\$ 14,400\)c. \(\$ 22,400\)d. \(\$ 19,700\) Inventory data for Newman & Frith Merchandisers Inc. is

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