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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Record stock transactions. (LO 1, 2, 3, 4)On the first day of the fiscal year, Zenith Corporation had 190,000 shares of \(\$ 1\) par common stock issued and outstanding, and the retained earnings
Prepare equity section of the balance sheet. (LO 1, 2, 3, 4)Use the data from E8-12A to prepare the shareholders' equity section of the balance sheet at year-end.
Prepare equity section of the balance sheet. ( \(L O 1,3,5)\)The following account balances can be found in the general ledger of Abco Corporation at year-end. Prepare the shareholders' equity
Calculate return on equity and earnings per share. (LO 6)The following financial information is available for Cable Corporation at the end of its two most recent fiscal years. The company has no
Analyze effects of equity transactions on financial statements. (LO \(1,2,3,4,5)\) Analyze the following transactions and indicate the dollar increase \((+\) ) or decrease \((-)\) each has on the
Identify risks and controls. (LO 8)Explain what it means to diversify stock ownership. Why would an investor diversify?
Analyze equity section of balance sheet. (LO 1, 5)Outback Steakhouse reported the following information on the financial statements included with its 2005 annual report. Were any new shares of common
Classify stock and prepare shareholders' equity section of balance sheet. (LO 1, 5) Womack Grove Entertainment Inc.'s corporate charter allows it to sell 300,000 shares of \(\$ 2\) par value common
Record stock transactions. (LO 1, 3)Show how each of the following transactions would be recorded in the accounting equation.October 1 Issued 75,000 shares of \(\$ 0.10\) par value common stock for
Analyze effects of stock transactions on financial statements. (LO 1, 3)Refer to the information in E8-3B. How many shares of common stock will be classified as issued at December 31? How many shares
Analyze effects of dividends on financial statements. (LO 2)Rich Land Inc. had a net income of \(\$ 315,000\) for the year ended June 30, 2008. On July 15,2008 , the board of directors met and
Distribute dividend between preferred and common shareholders. (LO 2)Lawver Electronics Inc. has 8,000 shares of \(\$ 150\) par, \(12 \%\) cumulative preferred stock outstanding and 15,000 shares of
Analyze equity section of balance sheet. (LO 1, 2)Market Street Music Corporation had the following stockholders' equity section on the December 31, 2007, balance sheet.a. How many shares of common
Record stock transactions. ( \(L O 1,2,3\) )Dark Knight Comics Inc. is authorized to issue both preferred and common stock. Dark Knight's preferred stock is \(\$ 175\) par, \(8 \%\) preferred stock.
Prepare equity section of the balance sheet. (LO 1, 2, 3)Use the data from E8-8B to prepare the shareholders' equity section of the balance sheet at July 31. Retained earnings at month-end are \(\$
Analyze equity accounts. (LO 1, 2, 3, 5)The following balances were shown on the year-end balance sheets for 2007 and 2008 for High Note Publishing Company. For each item, give the most likely reason
Analyze equity section of balance sheet. (LO 1, 2, 3)Answer the following questions using the shareholders' equity section of Fantasy Films Corporation's balance sheet at June 30 .a. How many shares
Record stock transactions. (LO 1, 2, 3, 4)On the first day of the fiscal year, JKB Construction Inc. had 185,000 shares of \(\$ .50\) par common stock issued and outstanding, and the retained
Prepare equity section of the balance sheet. (LO 1, 2, 3, 4)Use the data from \(\mathrm{E} 8-12 \mathrm{~B}\) to prepare the shareholders' equity section of the balance sheet at year-end.
Prepare equity section of the balance sheet. (LO 1, 3, 5)The following account balances can be found in the general ledger of Athletics Supply Corporation at year-end. Prepare the shareholders'
Calculate return on equity and earnings per share. (LO 6)The following financial information is available for Sugar Treats Corporation at the end of its two most recent fiscal years. The company has
Analyze effects of equity transactions on financial statements. (LO 1, 2, 3, 4, 5) Analyze the following transactions and indicate the dollar increase \((+)\) or decrease \((-)\) each has on the
Identify risks and controls. (LO 8)Explain the risks associated with the separation of ownership and management. Can you think of a way to minimize those risks?
Account for stock transactions. (LO 1)Restoration Corporation was started on January 1, 2007. The company is authorized to issue 30,000 shares of \(6 \%, \$ 100\) par value preferred stock and
Analyze and record stock dividend transactions. (LO 4)As of December 31, 2007, Chips Company had 100,000 shares of \(\$ 10\) par value common stock issued and outstanding. The retained earnings
Analyze and record stock transactions and prepare equity section of balance sheet. (LO 1, 2, 3, 4, 5)The following information pertains to the equity accounts of Fragrant Soap Company Inc.1.
Record stock transactions, prepare equity section of balance sheet, and calculate ratios. (LO 1, 2, 3, 5, 6)On January 1, 2007, the Expedite Corporation's shareholders' equity account balances were
Prepare equity section of balance sheet. (LO 1, 2, 5)On October 1, 2006, Marble Company had 400,000 shares of \(\$ 2\) par common stock issued and outstanding. The shareholders' equity accounts at
Analyze equity section of balance sheet. (LO 1, 2, 3, 5)The following information is from the equity sections of the comparative balance sheets for Wildwood Company.Net income for the year ended
Analyze equity section of balance sheet. (LO 1, 2, 5)At December 31, 2006, Plasma Company reported the following on its comparative balance sheet (amounts in thousands).\section*{Required}a. What is
Analyze equity section of balance sheet. (LO 1, 2, 3, 4)The following information is from the equity section of the comparative balance sheets of Aloha Cruises Inc.\section*{Required}a. What was the
Account for stock transactions. (LO 1)Simba Corporation was started on July 1, 2006. The company is authorized to issue 100,000 shares of \(5 \%, \$ 100\) par value preferred stock and \(1,800,000\)
Analyze and record stock dividend transactions. (LO 4)At December 31, 2007, Robby's Shoe Company had 200,000 shares of \(\$ 5\) par common stock issued and outstanding. The retained earnings balance
Analyze and record stock transactions and prepare equity section of balance sheet. (LO 1, 2, 3, 4, 5)The following information pertains to All Batteries Company Inc.1. Contributed capital on October
Record stock transactions, prepare equity section of balance sheet, and calculate ratios. (LO 1, 2, 3, 5, 6)On January 1, 2008, the Premier Corporation shareholders' equity account balances were as
Prepare equity section of balance sheet. (LO 1, 2, 5)On July 1, 2006, Philbrick Company had 500,000 shares of \$1 par common stock issued and outstanding. The shareholders' equity accounts at July 1,
Analyze equity section of balance sheet. (LO 1, 2, 3, 5)The following information was shown on the recent comparative balance sheets for Paul's Dot-Com Company.Net income for the year ended December
Analyze equity section of balance sheet. (LO 1, 2, 5)At June 30, 2007, High Quality Mining Company reported the following on its comparative balance sheet, which included 2006 amounts for comparison
Analyze equity section of balance sheet. ( \(L O 1,2,3,4)\)This information is from the equity section of the comparative balance sheets of Tick Tock Inc.\section*{Required}a. What was the average
Explain the importance of the statement of cash flows and the three classifications of cash on the statement of cash flows.
Convert accrual amounts to cash amounts.
Prepare the cash flows from operating activities section of the statement of cash flows using the direct method.
Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.
Prepare the cash flows from investing activities section and the cash flows from financing activities section of the statement of cash flows.
Perform general analysis of the statement of cash flows and calculate free cash flow.
Use the statement of cash flows and the related controls to evaluate the risk of investing in a firm.
What is the purpose of the statement of cash flows? (appendix)
Which two financial statements are required to prepare the statement of cash flows? (appendix)
Describe the three categories of cash flows that explain the total change in cash for the year. (appendix)
Why is the statement of cash flows so important? (appendix)
What are the two traditional approaches for preparing and presenting the statement of cash flows? What is the difference between these two approaches? (appendix)
Which types of business transactions would result in cash from operating activities? Give three examples of transactions that would be classified as cash flows from operating activities. (appendix)
Which types of business transactions would result in cash flows from investing activities? Give three examples of transactions that would be classified as cash flows from investing activities.
Which types of business transactions would result in cash flows from financing activities? Give three examples of transactions that would be classified as cash flows from financing activities.
How is depreciation expense treated when using the direct method of preparing the statement of cash flows? When using the indirect method? (appendix)
Which account(s) must be analyzed to determine the cash collected from customers? How is this cash flow classified? (appendix)
Which account(s) must be analyzed to determine the proceeds from the sale of a building? How is this cash flow classified? (appendix)
Which account(s) must be analyzed to determine the cash paid to vendors? How is this cash flow classified? (appendix)
Which account(s) must be analyzed to determine the cash paid for dividends? How is this cash flow classified? (appendix)
How is interest collected or interest paid classified on the statement of cash flows? (appendix)
Define free cash flow and explain what this amount indicates about a firm. (appendix)
How might a firm misuse the statement of cash flows to give investors a better impression of the firm's operations? (appendix)
Which of the following does not affect retained earnings?a. Net income for the periodb. Dividends declared for common shareholdersc. Repayment of the principal of a loand. All of the above affect
Preferred stock is stock that isa. Trading above the price of common stockb. Issued and later repurchasedc. Bought and sold to smooth a company's earningsd. Given priority over common stock for
Treasury stock isa. A company's own stock that it has repurchased and added to its short-term trading securities (current assets) as an investmentb. A company's own stock that is considered issued
The two major components of shareholders' equity area. Preferred stock and common stockb. Contributed capital and paid-in capitalc. Contributed capital and retained earningsd. Common stock and
The purchase of treasury stock willa. Increase assets and shareholders' equityb. Decrease assets and shareholders' equityc. Have no effect on assets or shareholders' equityd. Decrease assets but have
If a company purchased 50 shares of its own stock for \(\$ 10\) per share and later sold it for \(\$ 12\) per share, the company woulda. Record a gain of \(\$ 2\) per shareb. Record an increase to
The number of shares of stock designated as issued on the year-end balance sheet are those shares thata. Were issued during the yearb. Have been issued during the firm's lifec. Are authorized to be
When treasury stock is reissued for more than the company paid to buy it, the difference isa. A gain that will increase the firm's incomeb. Included in sales revenue for the periodc. Added to an
The payment of dividends isa. Required by corporate lawb. Determined by the firm's board of directorsc. Related in amount to the firm's earnings per shared. Determined by the Securities and Exchange
Return on equity measures how well a firm is usinga. Owners' original contributions to the firmb. Creditors' investment in the firmc. Shareholders' total investment in the firm, both contributed and
Classify stock. (LO 1)Delta Corporation's corporate charter authorizes the company to sell \(450,000,000\) shares of \(\$ 1.50\) par common stock. As of December 31, 2006, the company had issued
Classify stock. (LO 1)Sunshine Corporation began operations on July 1, 2005. When Sunshine's first fiscal year ended on June 30, 2006, the balance sheet showed 200,000 shares of common stock issued
Record issuance of common stock. (LO 1)Vest Corporation sells and issues 100 shares of its \(\$ 10\) par value common stock at \(\$ 11\) per share. Show how this transaction would be recorded in the
Analyze effect of issuance of common stock on financial statements. (LO 1) Ice Video Corporation issued 5,000 shares of \(\$ 0.01\) par value common stock for \(\$ 32.50\) per share. How much cash
Analyze effect of issuance of common stock on financial statements. (LO 1) If a company issues 10,000 shares of \(\$ 1\) par common stock for \(\$ 8.50\) per share, what is the effect on total
Analyze effect of issuance of common stock on financial statements. (LO 1) Stockton Company reported total shareholders' equity of \(\$ 58,000\) on its December 31, 2006, balance sheet. During 2006,
Analyze effect of dividends on financial statements. (LO 2)On December 15, 2008, the board of directors of Seat Corporation declared a cash dividend, payable January 8,2009 , of \(\$ 1.50\) per share
Distribute dividend between preferred and common shareholders. (LO 2)In 2006, the board of directors of Tasty Bakery Corporation declared total dividends of \(\$ 40,000\). The company has 2,000
Calculate number of outstanding shares of preferred stock. (LO 2)Taxi Company paid \(\$ 30,000\) to its preferred shareholders in 2007 . The company has issued \(6 \%, \$ 100\) par, preferred stock
Distribute dividend between preferred and common shareholders. (LO 2)Bates Corporation has 7,000 shares of \(5 \%, \$ 100\) par, cumulative preferred stock outstanding and 50,000 shares of \(\$ 1\)
Analyze effect of treasury stock on financial statements. (LO 3)Fitness and Fashion Corporation decided to buy back some of its own stock to have on hand for end-of-year bonuses. If there were 30,000
Record purchase of treasury stock. (LO 3)If Fitness and Fashion Corporation paid \(\$ 10\) per share for 590 shares of its own stock, how would the transaction be shown in the accounting equation?
Record sale of treasury stock. (LO 3)Suppose Fitness and Fashion Corporation paid \(\$ 10\) per share for 590 shares of its own common stock on August 30, 2007, and then resold these treasury shares
Analyze effect of stock dividend on financial statements. (LO 4)Zorro Company declared and issued a \(10 \%\) stock dividend on June 1, 2006. Before this dividend was declared and issued, there were
Analyze effect of stock split on financial statements. (LO 4)Romax Company announced a 2-for-1 stock split on its common stock. Before the announcement, there were 120,000 shares of \(\$ 1\) par
Calculate retained earnings balance. (LO 5)On January 1, 2007, Harrison Corporation started the year with a \(\$ 422,000\) balance in retained earnings. During 2007, the company earned net income of
Calculate return on equity. (LO 6)Use the following data to calculate the return on equity for Mighty Motors (MM) Inc. At the beginning of 2008 , MM's current assets totaled \(\$ 57,855\) (in
Calculate net income amount using return on equity ratio. (LO 6)Octevo Corporation had a return on shareholders' equity (ROE) of \(12 \%\) in 2006. If total average shareholders' equity for Octevo
Calculate earnings per share. (LO 6)Spikes Inc. started and ended the year with 400,000 shares of common stock issued and outstanding. Net income was \(\$ 35,000\). Calculate earnings per share (EPS)
Identify risks and controls. (LO 7)What is the major risk of stock ownership and what can be done to minimize the risk?
Analyze purchases of merchandise inventory. (LO 1)Guppies \& Mollies Inc. made the following purchases in July of the current year.July 3 Purchased \(\$ 7,500\) of merchandise, terms \(1 / 10, n /
Analyze purchases of merchandise inventory. (LO 1)Carrie \& Runnels Bikes Plus Inc. made the following purchases in December of the current year.December 5 Purchased \(\$ 2,600\) of merchandise,
Record merchandising transactions, prepare financial statements, and calculate gross profit ratio: perpetual inventory system. (LO 1, 2, 4, 6)At the beginning of February, Ace Distribution Company
Record merchandising transactions and prepare multi-step financial statement: perpetual inventory system. (LO 1, 2, 4, 6)The following transactions occurred during March 2007 at the Five Oaks Tennis
Analyze accounting methods and prepare corrected income statement. (LO 1, 2, 4) You are the accountant for Baldwin Company, and your assistant has prepared the following income statement for the year
Analyze results of physical count of inventory and calculate cost of goods sold. (LO 1, 2, 7, 8)Beard Company uses a perpetual inventory system. The company's accounting records showed the following
Calculate cost of goods sold and ending inventory and analyze effect of each method on financial statements. (LO 3, 4)Jefferson Company had the following sales and purchases during 2006, its first
Calculate cost of goods sold and ending inventory; analyze effects of each method on financial statements; apply lower-of-cost-or-market rule; calculate inventory turnover ratio. (LO \(3,4,5,6\) )The

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