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business
financial accounting 11th

Questions and Answers of Financial Accounting 11th

1. The two parts of shareholders'equity are contributed capital and retained earnings(earned capital).2. A fiscal year is a year in the life of a business for financial reporting purposes. It may
1. Gross profit is equal to sales minus cost of goods sold. It is also called gross margin.2. The time period captured by the income statement is an accounting period, often a fiscal year. The
l. The income statement gives the revenues and expenses for the period. The net amount, net income, is added to retained earnings. So the income statement number becomes part of the retained earnings
What type of activities relate to what the firm is in business to do?a. Investingactivitiesb. Operatingactivitiesc. Financing activitiesd. Protectiona ctivities
Which financial statement is similar to the accounting equation?a. The income statementb. The balance sheetc. The statement of changes in shareholders' equityd. The statement of cash flows
The Pets Plus Superstore Inc. acquires 50 doggie beds from a supplier for $500 in cash.What is the give portion of this transaction?a. Pets Plus giving the doggie beds to customers in return for
The two parts of shareholders' equity area. Assets and liabilitiesb. Net income and common stockc. Contributed capital and retained earningsd. Revenues and expenses
Which financial statement is a snapshot of the financial position of a company at a specific point in time?a. Income statementb. Balance sheetc. Statement of changes in shareholders' equityd.
Online Pharmacy Company borrowed $5,000 cash from the National Bank. As a result of this transaction,a. Assetsw ould decreaseb y $5,000b. Liabilities would increaseb y $5,000c. Equity would increaseb
Accounting information isa. Useful in profitable businesseso nlyb. Considered the most important part of a company's information system by all managersc. An integral part of businessd. Used only by
During its first year of business, West Company earned service revenues of $2,000. If the company collected $700 related to those sales, how much revenue would be shown on West's income statement for
Interest is the cost ofa. Purchasing inventoryb. Making a salec. Being in businessd. Using someone else's money
The balance sheet of United Studios at December 31 showed assets of $30,000 and shareholders' equity of $20,000. What were the liabilities at December 3 1?a. $30,000b. $10,000c. $20,000d. s50.000
. Classifu business transactions. For each of the .following cash transactions, identifu whether it is better described as an operating, financing, or investing activity.(LO 2\a. An entrepreneur
. Identify balance sheet items. Classify the items listed (1 to 6) under the balance sheet headings of: (LO 4)a. Assetsb. Liabilitiesc. Shareholderes'q uity 1. Cash 2. Contributions from owners 3.
. Calculate owner's equity.Donkey Doughnut Company shows $125,000 worth of assets on its December 31,, 2009, balance sheet. If the company's total liabilities are$35,750, what is the amount of
. Calculate inventory. Given the following items and amounts on Wedding Supplies Inc.'s December 31,2010, balance sheet, how much inventory did Wedding Supplies have on hand on December 31,2010? (LO
. Calculate liability. Given the following items on Tiffany Restoration Company's June 30, 2}}9,balance sheet, how much did the company owe its creditors on June 30, 2009? (LO 4) Cash Inventory $
. Income statement analysis. For each of the following, calculate the missing amount: (LO 4)a. Revenue$s5 60;E xpense$s3 50;N etI ncome=b. NetI ncome$ 500;E xpense$s4 75;R evenue:sc. Expense$s6 00;R
.C alculateo wners'e quity.J enna&YvonneE nterprisesh as$ 40,000i n cash,$ 20,000 in inventory, $17,000 balance due to creditors, and $18,000 balance due from customers.What is the amount of owners'
. Calculateowner'sequity.GiventheamountsforthebalancesheetonJune30,20ll, how much owner's equity did College Bookstore have on June 30, 20ll? (LO 4)Cash $300 Inventory $450 Other assets $350
. Calculate retained earnings. After one year of business, Holt's Computer Repair Inc. had $6,000i n assets$, 3,500i n liabilities,a nd $1,000i n contributedc apital.W hat is the amounto fretained
Calculater etainede arnlngs.J oe'sR epairS hoph ad a retainede arningsb alanceo f$1,000 on December 31, 2008. For year 2009, sales were $12,000 and expenses were$8,500. Cash dividends of $2,000 were
Identify and classifi financial statement items. Shelby Pet Boutiques Inc. sells products for the pampered pet. These items were shown on Shelby's financial statements presented in the company's
Identfy businessr isks. Give threer isks of being in businessa nd what you might do to minimize those risks. (LO 6)
Describe how liabilities are reported and analyzed.
Following is a list describing various features of the corporate form of organization. Match each feature with an appropriate descriptive term, and note whether this feature is an advantage or
Evaluate the following list, and decide if each described attribute more likely relates to a common stock or preferred stock issue. The stock is described as 6%, cumulative The stock includes voting
Prepare journal entries to record each of the following independent stock issue situations.(a) Sherri Hui Corporation issued 100,000 shares of \($1\) par value common stock. The issue price was
Krull Corporation presented the following selected information. The company has a calendar year end.Before considering the effects of dividends, if any, Krull's net income for 20X7 was
Wiggins Corporation has 10,000,000 shares of \($1\) par value common stock outstanding. This stock was originally issued at \($7\) per share. The company also has 1,000,000 shares of \($50\), 4%,
Kenya Corporation had an equity structure that consisted of $1 par value common stock, $3,500,000; paid-in capital in excess of par, $17,500,000; and retained earnings, $22,700,000.(a) Assuming that
Magic Blade's stock has risen rapidly to $50 per share. The increase is due to excitement about its new knife that uses a light beam to slice fruits and vegetables. This process enhances the final
Pasquali Corporation was incorporated on January 1, 20X4. The following equity-related transactions occurred during 20X4. Evaluate these activities and prepare a statement of stockholders' equity for
Summary information for Branford Corporation's balance sheet follows:Branford's business is growing rapidly, and the company needs to expand its manufacturing facilities. This expansion will require
Buchanan Air Corporation's board of directors is elected by a vote of the common stockholders. As such, the board believes that it owes a fiduciary duty to maximize the returns for common
Evaluate the following types of transactions, and identify the impact (increase (A), decrease (W), or no change (N/C)) on total equity, common or preferred stock, additional paid-in capital, treasury
Dry Dock Container Corporation began operations in early 20X5, when it issued 200,000 shares of \($3\) par value common stock for \($10\) per share. The following additional equity related
Panther Partners is an investment management company and was recently faxed the stockholders’ equity statement for a company in which an investment was contemplated. The fax machine malfunctioned
Form a team of 4 to 6 members. Each team member should go to the website of the Securities and Exchange Commission (www.sec.gov). Follow the links that allow you find the latest filings by corporate
Roll Call manufactures a unique key chain with a built-in radio frequency identification chip. This device is issued to students at State University, and a host computer tracks student attendance at
Work safety regulations require that the side walls of ditches and trenches be supported by various devices to protect workers from collapse. Trench Coat manufactures and sells a spray on concrete
Melanie Mielke Construction Corporation is considering the appropriate accounting for two unrelated events during the year.The first event related to the effects of a labor strike that resulted in a
At the beginning of 20X2, Devin Company changed its method of accounting for certain operating expenses.The change in methods shifted from one acceptable method to another acceptable method. Devin
Three of the following statements are patently false. Find the three false statements. The other statements are true, and may include additional insights beyond those mentioned in the
Trinity Railway began 20X5 with 900,000 shares of common stock outstanding. On March 1, 20X5, Trinity Railway issued 300,000 additional shares of common stock. 50,000 shares of common stock were
Calculate the price earnings ratio, PEG ratio, dividend rate, and dividend payout ratio for each of the following companies. Will each ratio consistently rank the companies from "best" to "worst"
Brazil Corporation has a simple capital structure, and its equity section follows:Chile Corporation has a complex capital structure, and its equity section follows:With the exception of the current
Calculate the return on assets and return on equity for the following companies. What appears to be the average interest rate faced by the companies? As a broad generalization, which companies appear
Match the following accounting qualities to the appropriate explanations that follow:Relevancy Faithful representation Comparability Consistency Verifiability Timeliness Understandability(a)
Provide the correct name of the organization that is being referenced by the following descriptions.This organization is viewed as centric to the coordination of global harmonization of accounting
Match the following accounting assumptions to the appropriate explanations that follow:Entity Assumption Going-concern assumption Periodicity assumption Monetary unit assumption Stable currency
Match the following terms and concepts to the appropriate explanations that follow:International Accounting Standards Board TranslationRemeasurement Convergence Reporting currency Local
Universal Instruments is based in the USA and prepares its financial statements in dollars. The company uses a perpetual inventory system. On December 5, 20X5, Universal had two separate purchase
Global Technology is based in the USA and prepares its financial statements in dollars. On December 5, 20X5, Global had two sales transactions with customers in Europe.The first transaction was for
Stearns Corporation was a diversified company with two separate lines of business - chemicals and financial services. At the beginning of 20X7, Strearns sold its financial services unit, resulting in
Case Corporation has common and preferred stock outstanding at December 31, as follows:3,400,000 shares of \($1\) par value common stock. The company started the year with 3,000,000 shares, issued
Roscovis Corporation's December 31, 20X6, equity section follows:Roscovis Corporation has annually paid all preferred dividends. There were no changes in paid-in capital during all of 20X6. The
This problem requires you to team with one other person. One of you will assume the role of accountant for Company A (based in Miami), and the other for Company B (based in London). You should each
Fairfield Corporation owns three separate subsidiaries. The Board of Directors is developing a strategy to withdraw $1,000,000 in cash from one of the subsidiaries to finance the acquisition of a
Billy Covington is a loan analyst for DotBanc. DotBanc accepts online business loan applications. The data are stored in a spreadsheet ("data set"). Billy imports this data into an analysis
Stanley Corporation has no material problem with uncollectible accounts or obsolete inventory. All sales and purchases are on account. The company provided the following information for the year
Liz Marett is the chief financial officer for Fulton Construction. She delivered the following comments in a recent conference call with analysts that follow the company: "20X5 was another excellent
Jean Neftin was chatting with friends about stock investment ideas. One of his friends suggested that he consider Cabela Corporation. The friend noted that Cabela was coming out with a new product
Examine the listed business activities and decide if each is to be classified as a:Cash flow from operating activity Cash flow from investing activity Cash flow from financing activity Non-cash
Gainesville Corporation's income statement revealed sales of \($700\),000; gross profit of \($300\),000; selling and administrative costs of \($140\),000; and income taxes of \($45\),000. The selling
Gainesville Corporation's income statement revealed sales of \($700\),000; gross profit of \($300\),000; selling and administrative costs of \($140\),000; and income taxes of \($45\),000. The selling
Following is an incorrectly prepared statement of cash flows for Herman Corporation. Review and correct this presentation, using a direct approach. HERMAN CORPORATION Statement of Cash Flows For the
The accountant for Rimmerex Corporation used a spreadsheet to prepare information needed to prepare the statement of cash flows for the year ending December 31, 20X5. However, the data were
Review the following technical comments about the presentation methodology for the statement of cash flows. Identify if the comment pertains to the "direct" or "indirect" approach, or "both."The
Waguespack Corporation and Hedrick Corporation had identical cash positions at the beginning and end of 20X9. Each company also reported a net income of $150,000 for 20X9. Evaluate their cash flow
Ozark Corporation reported net income of $100$100,000 for 20X5. The income statement revealed sales of $1$1,000,000; gross profit of $520$520,000; selling and administrative costs of $340$340,000;
Weaver Corporation's stock is selling for $16 per share. Weaver provided the following financial statements. Use these statements to prepare comprehensive ratio analysis tables. ASSETS WEAVER
Travis Engineering presented the following comparative balance sheet:Additional information about transactions and events occurring in 20X3 is as follows:Dividends of \($105\),700 were declared and
Fred Slezak presented the following comparative balance sheet:Additional information about transactions and events occurring in 20X5 follows:Dividends of \($55\),000 were declared and paid.Accounts
Live Oak presented the following comparative balance sheet:Additional information about transactions and events occurring in 20X5 follows:Dividends of $55,000 were declared and paid.Accounts payable
Each student should obtain the statement of cash flows from the annual report of a favorite company.Annual reports are usually downloadable from the website of a public company, or are otherwise
Tic Toc Clock Shop reported the following merchandising-related transactions during June. Tic Tock Clock Shop records all purchases "gross" and credit terms are precisely followed on both purchases
Ahson Tariq is director of operations for CTC. CTC specializes in global merchandising of the world's finest cotton fibers. It is common practice for CTC to purchase cotton in bulk from regional
Hanna Sports is a retailer that specializes in athletic equipment. The corporate strategy is to focus on towns with a population of less than 25,000 people, thereby avoiding head-to-head competition
Big Swing Sales is a rapidly growing speciality advertising company that distributes golf balls with personalized corporate logos printed on them. Heretofore, the company has used a manual perodic
Synandre Montaque is the CEO of Montaque Corporation. The company recently held a webcast to announce preliminary results for the year ending December 31, 20X5. The webcast began with a opening
Form a team with four other classmates. This problem requires your team to visit a business that is willing to share some information about their control procedures, so try to form teams such that at
Review the following items and decide if each would be more appropriately classified as:(a) Currency in the petty cash box(b) Postage stamps in a file cabinet(c) The balance on deposit in a regular
Arctic Blast has developed a cold treatment process for killing home-invading ants and termites. Their pesticide free process provides a highly attractive alternative to sprays and poisons. The
Dine-Corp International publishes ratings and reviews of the world's finest restaurants. Following are facts you need to prepare Dine-Corp's March bank reconciliation: Balance per company records at
Daniel Scott is an audit manager with the accounting firm of Nelson & Riley, CPAs. As part of the routine audit procedures for one of their clients, Danie! instructed Wanda Mullins, a newly hired
Biscay Bay Boats established a petty cash fund for minor day-to-day expenses. Following are activities related to this fund. Prepare the necessary journal entries for petty cash.(1) Established a
Piven Mining Corporation holds significant limestone deposits. One of its key customers, Kuai Oil, produces crude oil from shale deposits. This production process requires limestone, and Piven is
Various contractual arrangements entered into by Nusbaum Company require it to maintain a minimum balance of cash and cash equivalents of \($1\),000,000. The company's balance is dipping near that
Manahan Corporation received its August 31 bank statement showing total funds on deposit of \($288\),090.09.This amount was \($149\),158.22 in excess of the balance in the general ledger Cash
Following is the September 30, 20X4 bank reconciliation for the Quiet Moose Lodge. You are also provided with the October check register and bank statement. Utilize this information to prepare
This problem provides a tangible, team exercise pertaining to the correct operation of a petty cash fund. Begin by forming a 9 person team consisting of 4 employees, a banker, a petty cash custodian,
Pulaski Mining Corporation occasionally acquires short-term investments for trading purposes. On August 1, 20X7, Pulaski acquired stock investments in four different companies: Aztec Zinc (cost of
This problem requires you to select three stocks for a hypothetical trading securities investment portfolio. Assume you invest $100,000 in each company at beginning of "day 1."Prepare a daily journal
La Piaza Restaurant has always adhered to a strict cash only policy. Management is, for the first time, considering accepting credit cards and/or extending direct credit to customers. The left side
Morrison Mountain Medical Clinic (MMMC) accepts credit card payments from its patients. Following are the batched transactions for June 11.(1) Total charges on MasterMoney and Wisa credit cards were
Flowers and Fluff frequently receives rush orders for floral deliveries. Some of these orders are on account. Occasionally, customers do not pay for their orders. Flowers and Fluff is a small
Pablo's Precision Parts distributes carbon fiber parts for customization of sports cars. The company has a broad customer base, and routinely sells on credit. Annually, the company reviews and
Wiggins Corporation utilizes an accounting software package that is capable of producing a detailed aging of outstanding accounts receivable. Following is the aging schedule as of December 31,

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