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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.Carlson Corporation accountants assembled the following data for the year ended December 31, 2014:Current
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.To prepare the statement of cash flows, accountants for C. Harrison, Inc., summarized 2014 activity in the Cash
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.Use the Charleston Medical Supply, Inc., data from P11-33A. The cash amounts for Interest Revenue, Salaries Expense,
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.The accounting records for T. Houton Associates, Inc., for the year ended April 30, 2014, contain the following
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.The 2014 comparative balance sheet and income statement of Charleston Medical Supply, Inc., are:Charleston Medical
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.The comparative balance sheets for Concorde Company appear below. Prepare a statement of cash flows for the year
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.Loomis Corporation accountants assembled the following data for the year ended December 31, 2014:Current
Calculate certain information for direct method (Learning Objective 4)20–25 min.Pilgrim Corporation, a nationwide insurance chain, reported the following selected amounts in its financial
Calculate certain information for direct method (Learning Objective 4)10–15 min.Requirements Compute the following items for the statement of cash flows:1. The beginning and ending Accounts
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.The income statement and additional data of Snyder Services, Inc., follow:Snyder Services, Inc.Income Statement Year
Operating activities—direct method (Learning Objective 4) 10–15 min.The accounting records of Caspian, Inc., reveal the following:$ 36,000 9,000 8,000 41,000 90,000 Net Income
Calculate certain investing and financing information from financial statements (Learning Objective 3) 10–15 min.Requirements Compute the following items for the statement of cash flows:1. The
Calculate cash conversion cycle (Learning Objective 5) 5–10 min.Use the data for Snyder Services from E11-24B.Requirements 1. Calculate the cash conversion cycle for Snyder Services. Round all
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.The income statement and additional data of Snyder Services, Inc., follow:Snyder Services, Inc.Income Statement
Operating activities—indirect method (Learning Objective 3) 10–15 min.The March accounting records of Penestrie, Inc., include these accounts:Cash Mar 1 Receipts 8,000 448,000 Payments 451,000
Operating activities—indirect method (Learning Objective 3) 10–15 min.The accounting records of Elite Talent Agency reveal:$40,000 3,000 13,000 24,000 2,000 15,000 39,000 Net Income
Calculate certain information for direct method (Learning Objective 4)20–25 min.Good Life, Inc., a nationwide insurance chain, reported the following selected amounts in its financial statements
Calculate certain information for direct method (Learning Objective 4)10–15 min.Requirements Compute the following items for the statement of cash flows:1. The beginning and ending Accounts
Prepare statement of cash flows—direct method (Learning Objective 4)20–25 min.The income statement and additional data of Sunbelt Services, Inc., follow:Sunbelt Services, Inc.Income Statement
Operating activities—direct method (Learning Objective 4) 10–15 min.The accounting records of The Picket Fence, Inc., reveal:$ 41,000 20,000 6,000 36,000 133,000 Net Income
Calculate certain investing and financing information from financial statements (Learning Objective 3) 10–15 min.Requirements Compute the following items for the statement of cash flows:1. The
Calculate cash conversion cycle (Learning Objective 5) 5–10 min.Use the data for Sunbelt Services from E11-15A.Requirements 1. Calculate the cash conversion cycle for Sunbelt Services. Round all
Prepare statement of cash flows—indirect method (Learning Objective 3)20–25 min.The income statement and additional data of Sunbelt Services, Inc., follow:Sunbelt Services, Inc.Income Statement
Operating activities—indirect method (Learning Objective 3) 10–15 min.The current sections of Al Houla, Inc.’s balance sheets at December 31, 2013 and 2014 are presented here. Al Houla’s net
Issuance of common stock, assuming Inland had only one common stock transaction during the year S11-12. Payment of cash dividends AppendixLO1
Borrowing or payment of long-term notes payable, assuming Inland had only one long-term note payable transaction during the year AppendixLO1
Calculate certain investing and financing information from financial statements (Learning Objective 3) 10–15 min.Use the Inland Medical Supply, Inc., data in S11-10 to compute the following amounts
Calculate certain investing and financing information from financial statements (Learning Objective 3) 10–15 min.Use the Inland Medical Supply, Inc., data in S11-10 to compute the amount of fixed
Calculate certain operating information for direct method (Learning Objective 4) 5–10 min.Inland Medical Supply, Inc., reported the following financial statements for 2014:Inland Medical Supply,
Operating activities—direct method (Learning Objective 4) 5–10 min.The income statement of Al Baba, Inc., for the year ended December 31, 2014, reported the following condensed
Operating activities—direct method (Learning Objective 4) 5–10 min.Nemo’s Spas began 2014 with cash of $32,000. During the year, Nemo’s Spas earned service revenue of $610,000 and collected
Operating activities—indirect method (Learning Objective 3) 10–15 min.Barjawi Company reported a net income of $450,000 for 2014. Depreciation recorded on buildings and equipment amounted to
Operating activities—indirect method (Learning Objective 3) 10–15 min.Lake Norman Company reported a net income of $205,000 for the current year.Depreciation recorded on equipment amounted to
Classification of items as operating, investing, or financing (Learning Objective 2) 10–15 min.Indicate whether each of the following transactions would result in an operating activity, an
Classification of items as operating, investing, or financing (Learning Objective 2) 10–15 min.Identify each of the following transactions as one of the following:• Operating activity (O)•
Purpose of statement of cash flows (Learning Objective 1) 5–10 min.Icemountain, Inc., experienced an unbroken string of 10 years of growth in net income.Nevertheless, the business is facing
Basics of statement of cash flows (Learning Objective 2) 5–10 min.Answer these questions about the statement of cash flows:1. What is the “check figure” for the statement of cash flows? Where
Purpose of the statement of cash flows (Learning Objective 1) 5–10 min.Describe how the statement of cash flows helps investors and creditors perform each of the following functions:1. Predict
According to the Real World Accounting Video, Fishs Eddy uses a(n) ________________ to help finance its operations when there is a temporary need for cash.a. stock saleb. bondc. accounts payabled.
According to the Real World Accounting Video, a ________________ is a business that sells product to other businesses for resale.a. retail businessb. wholesale businessc. mixed businessd.
Elliot Enterprises had operating expenses of $51,000. At the beginning of the year, Elliot Enterprises owed $10,000 on accrued liabilities. At year-end, accrued liabilities were$17,000. How much cash
SRS Systems, Inc., had accounts receivable of $27,000 at the beginning of the year and$56,000 at year-end. Revenue for the year totaled $106,000. How much cash did SRS Systems collect from
Which item appears on a statement of cash flows prepared by the indirect method?a. Payment of income taxb. Payment to suppliersc. Collections from customersd. Net income AppendixLO1
Minot Corporation borrowed $14,000, issued common stock of $11,000, and paid dividends of $16,000. What was Minot Corporation’s net cash provided or used by financing activities?a. $(5,000)b.
The Fixed Assets account of Hamilton, Inc., shows:Fixed Assets, Net Beginning balance Purchase Ending balance 91,000 365,000 376,000 Depreciation expense Sale 30,000?Hamilton, Inc., sold fixed assets
Finlay, Inc., earned net income of $63,000 after deducting depreciation expense of$12,000 and all other expenses. Current assets increased by $11,000, and current liabilities decreased by $13,000.
Which item does not appear on a statement of cash flows prepared by the indirect method?a. Net incomeb. Gain on sale of landc. Collections from customersd. Depreciation expense AppendixLO1
Financing activities are most closely related toa. long-term assets.b. current assets and current liabilities.c. long-term liabilities and stockholders’ equity.d. net income and
Operating activities are most closely related to:a. long-term assets.b. current assets and current liabilities.c. long-term liabilities and stockholders’ equity.d. net income and
The three main categories of cash flows reported on a cash flow statement area. current, long-term, and fixed.b. short-term, long-term, and equity.c. direct, indirect, and hybrid.d. operating,
A company’s cash conversion cycle increased from 55 days in year 1 to 68 days in year 3.What are the implications of this increase? What do you think happens to the cash conversion cycles of
How would the sale of treasury stock that was acquired three years ago appear in the statement of cash flows (if at all)?AppendixLO1
Why would a decrease in accounts payable be shown as a decrease in cash when using the indirect method of calculating the cash flows from operating activities?AppendixLO1
Assuming the indirect method is used, how does an increase in accounts receivable during the year affect the statement of cash flows (if at all)? Why?AppendixLO1
When using the indirect method, why are gains on the sale of fixed assets subtracted from net income in the operating activities section of the statement of cash flows? Why are losses on the sale of
Why is net income a good place to start when attempting to determine the cash flows from operating activities using the indirect method? Why is it not the same as the net cash flow from operating
A company issued bonds during the year. Would this be reported as a source or use of cash on the statement of cash flows? In which section would it be reported?AppendixLO1
A company used cash to pay employees and received cash from performing services. In which section of the statement of cash flows would the cash flows from these activities be reported?AppendixLO1
A company used cash to build a new factory and received cash when it sold off the machines in the old factory. In which section of the statement of cash flows would the cash flows from these
What are some of the reasons why a statement of cash flows may be important to users of financial statements?AppendixLO1
Evaluate a company’s performance with respect to cash AppendixLO1
Prepare the statement of cash flows using the direct method AppendixLO1
Prepare the statement of cash flows using the indirect method AppendixLO1
Differentiate between cash flows from operating, investing, and financing activities AppendixLO1
Identify the purposes and importance of the statement of cash flows AppendixLO1
Common adjusting journal entries (Learning Objective 2) 15–20 min.Journalize the adjusting entries needed at December 31, the end of the current accounting year, for each of the following
Common adjusting journal entries (Learning Objective 2) 15–20 min.Journalize the adjusting entry needed at December 31, the end of the current accounting year, for each of the following independent
Recreating adjusting journal entries (Learning Objective 2) 10–15 min.The adjusted trial balances of XYZ, Inc., at August 31, 2014, and August 31, 2015, include these amounts:Supplies
Statement of retained earnings preparation (Learning Objective 3)10–15 min.Williams Industrial, Inc., began the year with $25,000 of common stock and $19,600 of retained earnings. On September 5,
Common adjusting journal entries (Learning Objective 2) 15–20 min.The accounting records of Activities Unlimited, Inc. include the following unadjusted balances at September 30: Accounts
Common adjusting journal entries (Learning Objective 2) 15–20 min.Journalize the adjusting entry needed at March 31, the fiscal year-end, for each of the following independent situations. No other
Error analysis (Learning Objective 2) 10–15 min.The adjusting entries for the following adjustments were omitted at period-end:a. Prepaid rent expired, $1,400.b. Depreciation, $2,600.c. Employee
Common adjusting journal entries (Learning Objective 2) 10–15 min.Journalize the adjusting entries at July 31, the end of the accounting period. Omit explanations.a. Employee salaries owed for
Adjusting journal entries—unearned revenue and accrued revenue(Learning Objective 2) 10–15 min.Suppose you started up your own landscaping business. A customer paid you $170 in advance to mow his
Recreating adjusting journal entries (Learning Objective 2) 10–15 min.The adjusted trial balances of Rimrock, Inc., at March 31, 2014, and March 31, 2015, include these amounts:Supplies
Statement of retained earnings preparation (Learning Objective 3)10–15 min.Delta Alarm, Inc., began the year with $20,000 of common stock and $32,000 of retained earnings. On May 5, investors
Common adjusting journal entries (Learning Objective 2) 15–20 min.The accounting records of Media Unlimited include the following unadjusted balances at September 30: Accounts Receivable, $1,800;
Common adjusting journal entries (Learning Objective 2) 15–20 min.Prepare year-end adjustments for the following transactions.a. Accrued interest on notes receivable is $120.b. $1,500 of unearned
Error analysis (Learning Objective 2) 10–15 min.The adjusting entries for the following adjustments were omitted at period-end:a. Prepaid rent expired, $3,000.b. Depreciation, $1,300.c. Employee
Common adjusting journal entries (Learning Objective 2) 10–15 min.Prepare the adjusting entries for December 31, 2014 for Rabih & Moe Co. using the following data:a. Salaries and Wages Payable $0:
Adjusting journal entries—unearned revenue and accrued revenue(Learning Objective 2) 10–15 min.Suppose you started up your own landscaping business. A customer paid you $170 in advance to mow his
Financial statements and closing entries (Learning Objectives 3 & 4)10–15 min.The following selected accounts and balances appear on the adjusted trial balance for Waverly, Inc., on July 31,
Closing entries (Learning Objective 4) 5–10 min.From the following list of accounts from the adjusted trial balance, identify each as an asset, liability, stockholders’ equity, revenue, or
Adjusting journal entry—depreciation expense, interest expense(Learning Objective 2) 5–10 min.Byblos Company purchased furniture on June 1 for $60,000, paying $20,000 cash and signing a 6%,
Adjusting journal entry—salaries, accrued revenue, interest expense(Learning Objective 2) 5–10 min.Journalize the following adjusting entries at August 31:1. Services provided but not recorded,
Adjusting journal entry—magazine subscriptions (Learning Objective 2)5–10 min.Backcountry, Inc., an outdoor magazine, collected $2,700 on June 1 for one-year subscriptions from subscribers in
Adjusting journal entry—interest expense (Learning Objective 2)5–10 min.In order to purchase equipment and supplies, Sinclair Bike Shop, Inc., borrowed$28,000 on August 1 by signing a note
Adjusting journal entry—supplies (Learning Objective 2) 5–10 min.On September 1, during its first month of operations, Dagher Company purchased supplies worth $3,500 and debited the supplies
Adjusting journal entry—prepaid rent (Learning Objective 2) 5–10 min.Julie’s Flower Shop’s Prepaid Rent balance is $4,500 on July 1. This prepaid rent represents six months’ rent.
Types of adjusting entries (Learning Objective 2) 5–10 min.The trial balance of Allen & Associates includes the following balance sheet accounts.For each account, identify the type of adjusting
Accounting terminology (Learning Objectives 2 & 3) 5–10 min.Match the accounting term with the corresponding definition.____ 1. Accumulated depreciation ____ 2. Adjusted trial balance ____ 3.
Accounting principles (Learning Objectives 1 & 2) 5–10 min.Match the accounting term with the corresponding definition.____ 1. Accrual-basis accounting ____ 2. Matching principle ____ 3. Revenue
According to the Real World Accounting Video, GAAP is the term used for _______________.a. Government Accredited Accounting Positionsb. Generally Accepted Accounting Principlesc. General and
According to the Real World Accounting Video, the excess of sales revenue over cost of goods sold is called _______________.a. the sales margin or net salesb. the gross margin or gross profitc. net
Which correctly represents the flow of information from one financial statement to another?a. Statement of retained earnings to the balance sheetb. Income statement to the statement of retained
What do closing entries accomplish?a. Bring the Retained Earnings account to its correct ending balanceb. Transfer revenues, expenses, and dividends to retained earningsc. Zero out the revenues,
Which of the following accounts is not closed?a. Salaries Expenseb. Dividendsc. Accumulated Depreciation, Equipmentd. Service Revenue AppendixLO1
The adjusted trial balance showsa. assets, liabilities, and common stock only.b. revenues and expenses only.c. amounts that may be out of balance.d. amounts that are ready for the financial
Unearned Revenue is alwaysa. revenue.b. stockholders’ equity.c. a liability.d. an asset.AppendixLO1
Which of the following terms describe the types of adjusting entries?a. Expenses and revenuesb. Prepaid expenses and prepaid revenuesc. Deferrals and accrualsd. Deferrals and depreciation AppendixLO1

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