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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Distinguish between known, estimated, and contingent liabilities AppendixLO1
Error correction (Learning Objective 4) 15–20 min.The following errors occurred in the accounting records of Coral Cove, Inc.:a. The company accountant recorded the receipt of cash for service
Error correction (Learning Objective 4) 15–20 min.The following errors occurred in the accounting records of Allied Security, Inc.:a. The company accountant recorded the receipt of cash for service
Journalizing transactions (Learning Objective 3) 15–20 min.Opportunity Advertising, Inc., engaged in the following business transactions during July 2014:Jul 1 369 13 15 17 18 22 26 31 Borrowed
Error correction (Learning Objective 4) 20–25 min.Allison Meehan has trouble keeping her debits and credits equal. During a recent month, Allison made the following errors:a. Allison recorded a
Journalize transactions, prepare a trial balance and balance sheet(Learning Objectives 3 & 4) 20–25 min.The transactions for Grinko, Inc., for the month of June 2014 have been posted to the
Record transactions and prepare a trial balance (Learning Objectives 3 & 4)15–20 min.Going Green, Inc., had the following transactions for the month of December 2014.Dec 2 48 11 15 19 27 28 Paid
Journalizing, posting, trial balance, income statement, and balance sheet (Learning Objectives 3 & 4) 25–30 min.Munro Consulting, Inc., completed the following transactions during November 2014,
Journalize transactions, prepare a trial balance and balance sheet(Learning Objectives 3 & 4) 20–25 min.The transactions for Rawlins Equipment, Inc., for the month of September 2014 have been
Balance accounts and prepare trial balance (Learning Objectives 3 & 4)10–15 min.The transactions for Tiny Tykes Daycare, Inc., for the month of October 2014 are posted in the following
Journalizing transactions (Learning Objective 3) 15–20 min.Journalize the following business transactions in general journal form.1. Stockholders invest $80,000 in exchange for common stock of the
Journalizing transactions (Learning Objective 3) 15–20 min.These transactions relate to Auberge Agency.Oct. 1 236 10 27 30 Stockholders invested $45,000 in exchange for common stock of the
Journalizing transactions (Learning Objectives 2 & 3) 10–15 min.The following are six transactions for Wissam Printing, Inc., during the month of May.1. Stockholders invest $190,000 cash to start
Accounting terminology (Learning Objectives 1, 2, 3, & 4) 5–10 min.Accounting has its own vocabulary and basic relationships. Match the accounting terms at the left with the corresponding phrase at
Preparation of financial statements from a trial balance (Learning Objectives 3 & 4) 5–10 min.Selected transactions from the journal of Wael, Inc. during its first month of operations are presented
Journalizing transactions (Learning Objective 3) 10–15 min.After operating for a month, Rosa Anderson’s dental practice completed the following transactions during September:Sep 3 916 22 30 30
Journalizing transactions (Learning Objective 3) 10–15 min.Cindy Anderson opened a dental practice in Spokane, Washington as a corporation.The following transactions took place in August:Aug 1 57
Recreating journal entries from T-account postings (Learning Objective 2)15–20 min.Eight transactions are recorded in the following T-accounts:Cash(1)(7)(2)(3)(4)(6)( 8)45,000 22,500 3,500 1,700
Types of accounts and effects of debits and credits (Learning Objective 2)5–10 min.For each item below, indicate whether a debit or credit applies.1. Decrease in Prepaid Insurance ________ 2.
Balancing accounts and normal balances (Learning Objective 2) 5–10 min.Calculate each account balance.Supplies 3/8 3/17 132 250 800 2 Note Payable 221 3/20 3/5 9,500 3/31 1,250 4,500.AppendixLO1
Effects of debits and credits on accounts (Learning Objective 2) 5–10 min.For each of the following accounts, indicate if the account’s normal balance is a debit balance (DR) or a credit balance
Accounting terminology (Learning Objectives 2, 3, & 4) 5–10 min.Demonstrate your knowledge of accounting terminology by filling in the blanks to review some key definitions.Dillon Baker is
Account types (Learning Objective 1) 5–10 min.For each of the following accounts, indicate the account type by labeling it as an asset(A), liability (L), stockholders’ equity (SE), revenue (R),
Accounting cycle steps (Learning Objectives 2, 3, & 4) 5–10 min.The following list names the activities involved in the accounting process of recording and summarizing business transactions. Place
Account types (Learning Objective 1) 5–10 min.For each of the following accounts, place the corresponding letter(s) of its account type in the space provided. Use the most detailed account type
Accounting terms (Learning Objective 1) 5–10 min.Match the accounting terms at the left with the corresponding definitions at the right.1. Accounta. Any economic event that has a financial impact
According to the Real World Accounting Video, ________ is a profitability measure that shows how much net income is earned on every dollar of sales.a. sales ratiob. expense ratioc. asset financing
According to the Real World Accounting Video, businesses take risks to earn a profit.True or False?AppendixLO1
Christopher Foley, an attorney, has a law corporation, Christopher Foley, Attorney, Inc., that began the year with total assets of $145,000, total liabilities of $70,000, and stockholders’equity of
The Blue Ox Restaurant recorded a cash collection on account by debiting Cash and crediting Accounts Payable. What will the trial balance show for this error?a. Too much for liabilitiesb. Too much
RV Wholesale, Inc., paid $1,200 for supplies and purchased additional supplies on account for $1,000. RV Wholesale, Inc., also paid $200 of the accounts payable. What is the balance in the Supplies
Suppose Green Products, Inc., has cash of $41,000, receivables of $37,000, and furniture and fixtures totaling $174,000. Green Products, Inc., owes $64,000 on account and has a $125,000 note payable.
The left side of an account is used to recorda. debits.b. increases.c. credits.d. debits or credits, depending on the type of account.AppendixLO1
Which sequence of actions correctly summarizes the accounting process?a. Prepare a trial balance, journalize transactions, post to the accountsb. Journalize transactions, post to the accounts,
When it is time to prepare the financial statements, from where do the financial statement numbers come?AppendixLO1
True or false: If the trial balance is in balance, the financial statements will be accurate.Why or why not?AppendixLO1
Distinguish between journalizing and posting.AppendixLO1
What would be the implications of a credit balance in the Cash account?AppendixLO1
You learned in this chapter that Cash is increased with a debit. When you deposit your paycheck in your account, however, the teller might say that he or she is going to credit your account.
What is a “normal balance”? What are normal balances for the following accounts?a. Accounts Receivableb. Prepaid Expensesc. Notes Payabled. Retained Earningse. Salaries Expense AppendixLO1
Distinguish between an event and a transaction. Are all transactions events? Are all events transactions? Why or why not? What are the implications of your answers with respect to journal
How is revenue related to retained earnings?AppendixLO1
What type of transaction would result in the recording of a prepaid asset? What do you think will happen to that prepaid asset eventually?AppendixLO1
The order in which assets were listed and described in the text is the order in which you will see them listed on the balance sheet. What is the organizing principle behind the order in which assets
Demonstrate the use of the general journal and the general ledger to record business transactions AppendixLO1
Explain debits, credits, and the double-entry system of accounting AppendixLO1
Define accounts and understand how they are used in accounting AppendixLO1
Financial statement analysis (Learning Objective 2) 15–20 min.Evaluate the common stock of Sharp Systems Incorporated as an investment. Utilize the four ratios that help determine if the business
Current ratio, quick ratio, debt ratio, times-interest-earned ratio(Learning Objective 2) 15–20 min.White Stone Winery requested that you determine whether the company’s ability to pay its
Current ratio, quick ratio, inventory turnover, accounts receivable turnover, and days’ sales in accounts receivable (Learning Objective 2)15–20 min.The financial statements of Oxford, Inc.,
Common-size income statement (Learning Objective 2) 15–20 min.Prepare a comparative common-size income statement for Horton, Inc., using the 2014 and 2013 data of E12-22B. Round percentages to the
Horizontal analysis (Learning Objective 2) 15–20 min.Below are net sales and net income data for a five-year period.Net Sales.................Net Income .............$2,714 660 Year 5$2,530 630
Horizontal analysis (Learning Objective 2) 15–20 min.What were the dollar and percentage changes in Paw’s Pet Shop’s net working capital during 2013 and 2014? Is this trend favorable or
Complete financial statement given certain information (Learning Objective 2) 15–20 min.The following data (dollar amounts in millions) are adapted from the financial statements of Mountain West,
Financial statement analysis (Learning Objective 2) 15–20 min.Evaluate the common stock of Shamrock Incorporated as an investment. Utilize the four ratios that help determine if the business is
Financial statement analysis (Learning Objective 2) 15–20 min.Consider the following comparative income statement and additional balance sheet data for Fessler Fashions, Inc.Fessler Fashions,
Current ratio, quick ratio, debt ratio, times-interest-earned ratio(Learning Objective 2) 15–20 min.Selected information from the comparative financial statements of Barcelona Company for the year
Current ratio, quick ratio, inventory turnover, accounts receivable turnover, and days’ sales in accounts receivable (Learning Objective 2)15–20 min.The following information pertains to Al
Common-size income statement (Learning Objective 2) 15–20 min.Prepare a comparative common-size income statement for Wellington Supply, Inc., using the 2014 and 2013 data of E12-12A. Round
Horizontal analysis (Learning Objective 2) 15–20 min.Below are net sales and net income data for a five-year period.Net Sales.................Net Income .............$2,650 767 Year 5$2,625 728
Horizontal analysis (Learning Objective 2) 15–20 min.Below is the comparative income statement of Wellington Supply, Inc.Wellington Supply, Inc.Comparative Income Statement Years Ended December 31,
Horizontal analysis (Learning Objective 2) 15–20 min.What were the dollar and percentage changes in Meghan’s Design Services’ net working capital during 2013 and 2014? Is this trend favorable
Dividend yield (Learning Objective 3) 10–15 min.In 2014, common stockholders received $6 per share in annual dividends. The market price per share for common stock was $24. Compute the dividend
EPS and price-earnings ratio (Learning Objectives 2 & 3) 10–15 min.In addition to the information from S12-8, assume that Joudi has 50,000 shares of common stock outstanding in 2014 and had 40,000
Return on sales, return on assets, return on common equity, times interest-earned ratio, and debt ratio (Learning Objective 2) 10–15 min.The following information pertains to Joudi Company. The
Current ratio and quick ratio (Learning Objective 2) 10–15 min.In addition to the information from S12-6, assume that at the end of the year the cash balance on the balance sheet was $50,000 and
Accounts receivable turnover, Days’ sales in inventory, and Inventory turnover (Learning Objective 2) 10–15 min.Darazi Company had net credit sales of $4,290,000 and cost of goods sold
Purpose of select ratios (Learning Objective 2) 10–15 min.Identify which question each of the following ratios helps answer.1. Is the business a going concern?2. How is the business earning a net
Ratio definitions (Learning Objectives 2 & 3) 10–15 min.Match the following terms to their definitions:1. Tells whether a company can pay all its current liabilities if they become due
Vertical analysis (Learning Objective 2) 10–15 min.The 2014 accounting records of Sullivan, Inc., showed the following: Cash, $14,400;Net Accounts Receivable, $5,600; Inventory, $23,200; Prepaid
Horizontal analysis (Learning Objective 2) 10–15 min.Wolfe, Inc., had net sales of $212,000 and cost of goods sold of $128,000 in 2012, net sales of $263,000 and cost of goods sold of $161,000 in
Corporate financial statements (Learning Objective 2) 5–10 min.Identify whether each of the following items would be classified as:• Income from continuing operations (C)• Income from
According to the Real World Accounting Video, what is the most important thing investors look at when deciding to invest in a company?a. Salesb. Managementc. Competitorsd. Assets AppendixLO1
According to the Real World Accounting Video, a VC is a _________________.a. veteran communicatorb. victorious commercializationc. venture capitalistd. vendor conduit AppendixLO1
How are financial ratios used in decision making?a. They can be used as a substitute for consulting financial statements.b. They eliminate uncertainty regarding cash flows.c. They are only used in
Which statement is most likely to be true?a. An increase in inventory turnover indicates that inventory is not selling as quickly as it was.b. A decrease in inventory turnover indicates that
Which of the following statements is true of financial statement analysis?a. Ratio analysis is more important than either horizontal or vertical analysis.b. Vertical analysis involves comparing
Rockport Company is experiencing a severe cash shortage due to its inability to collect accounts receivable. Which of the following would most likely identify this problem?a. Return on assetsb.
A business’s economic environment isa. how a business competes for customers, suppliers, and other critical resources.b. how a business is affected by the overall economy.c. how a business uses its
Cash is $12,000, net accounts receivable amounts to $18,000, inventory is $21,000, prepaid expenses total $3,000, and current liabilities are $37,500. What is the quick ratio?a. 1.44b. 1.36c. 0.80d.
Net working capital isa. a measure of the ability to meet short-term obligations with current assets.b. defined as current assets minus current liabilities.c. defined as current assets divided by
A statement that reports only percentages is calleda. a comparative statement.b. a cumulative statement.c. a condensed statement.d. a common-size statement.AppendixLO1
Horizontal analysis of a financial statement showsa. the relationship of each statement item to a specified base.b. percentage changes in comparative balance sheets.c. percentage changes in
Net income was $175,000 in 2012, $190,000 in 2013, and $209,000 in 2014. The change from 2013 to 2014 is ana. increase of 10%.b. increase of 9%.c. increase of 8%.d. increase of 19%.AppendixLO1
A company has experienced increases in accounts receivable and inventory turnover ratios and has net cash flow from operations that exceeds net income. All other things constant, what could you
What is a “red flag” with respect to financial statement analysis?AppendixLO1
How would you expect a recession to affect asset management ratios?AppendixLO1
What are the major goals of each of the following types of ratios?a. Liquidity ratiosb. Asset management ratiosc. Solvency ratiosd. Profitability ratiose. Market analysis ratios AppendixLO1
What is benchmarking? What should a company that wishes to use benchmarking look for in establishing benchmarks?AppendixLO1
The Financial Accounting Standards Board and the International Accounting Standards Board have identified the goal of comparability of financial statements as one toward which all companies should
What is the purpose of the common-size financial statement?AppendixLO1
Which amount is the base amount for vertical analysis on the balance sheet?AppendixLO1
Which amount is the base amount for vertical analysis on the income statement?AppendixLO1
How is percentage change calculated?AppendixLO1
Operating activities—indirect method (Learning Objective 3) 10–15 min.Use the following information to calculate the amount of cash flows from operating activities using the indirect
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.To prepare the statement of cash flows, accountants for Nelson Industrial, Inc., summarized 2014 activity in the Cash
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.Use the Kahl Medical Supplies data from P11-39B. The cash amounts for Interest Revenue, Salaries Expense, Interest
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.The accounting records for Inez, Inc., for the year ended September 30, 2014, contain the following information:a.
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.The 2014 comparative balance sheet and income statement of Kahl Medical Supplies follow:Kahl Medical Supplies
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.Data from the comparative balance sheet of Marsing Company at March 31, 2014, follow:Current Assets:Cash and Cash

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