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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Estimating ending inventory (Learning Objective 7) 15–20 min.Pugliese Enterprises lost its entire inventory in a hurricane that occurred on October 31, 2014. Over the past five years, gross profit
Computing average cost and preparing a multi-step income statement(Learning Objectives 2 & 5) 15–20 min.Refer to the data for Top Line Equipment in P5-48B. However, assume Top Line Equipment uses
Lower of cost or market (Learning Objective 4) 10–15 min.Due to a nationwide recession, Freeze It Corp.’s merchandise inventory is gathering dust. It is now July 31, 2014, and the $160,500 that
Estimating ending inventory (Learning Objective 7) 15–20 min.Inland Empire Supply, Inc., lost its entire inventory in a hurricane that occurred on July 31, 2014. Over the past five years, gross
Error analysis and preparation of balance sheet (Learning Objective 6)20–25 min.The IT manager of On Call Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The
Prepare the income statement and balance sheet; identify certain financial information (Learning Objective 6) 25–30 min.Presented here are the amounts of Assets, Liabilities, Stockholders’
Prepare the income statement, statement of retained earnings, and balance sheet (Learning Objective 6) 20–25 min.McKnight, Inc., restores antique automobiles. The retained earnings balance of the
Income statement and balance sheet transactions; prepare the income statement and balance sheet (Learning Objectives 5 & 6) 25–30 min.Jill Schultz started an interior design company called
Transaction analysis and the calculation of net income (Learning Objective 5) 20–25 min.Davin Shore worked as an accountant at a local accounting firm for five years after graduating from college.
Error analysis and preparation of balance sheet (Learning Objective 6)20–25 min.The IT manager of Baldwin Realty, Inc., prepared the balance sheet of the company while the accountant was ill. The
Prepare the income statement and balance sheet; identify certain financial information (Learning Objective 6) 25–30 min.Presented here are the amounts of Assets, Liabilities, Stockholders’
Prepare the income statement, statement of retained earnings, and balance sheet (Learning Objective 6) 20–25 min.The Classy Chassis, Inc., restores antique automobiles. The retained earnings
Income statement and balance sheet transactions; prepare the income statement and balance sheet (Learning Objectives 5 & 6) 25–30 min.Dennise Geary started an interior design company called
Transaction analysis and the calculation of net income (Learning Objective 5) 20–25 min.Jill Stevens worked as an accountant at a local accounting firm for five years after graduating from college.
Using the accounting equation to determine net income (Learning Objectives 5 & 6) 15–20 min.Presented here is information for Hastings, Inc., for the year ended October 31, 2014.Requirements 1.
Types of accounts and income statement preparation (Learning Objectives 5 & 6) 15–20 min.Selected accounts of Alden Consulting, Inc., a financial services business, have the following balances
Types of business organizations and balance sheet preparation(Learning Objectives 5 & 6) 10–15 min.The following are the balances of the assets, liabilities, and equity of Julie’s Coffee Shop at
Transaction analysis (Learning Objective 5 ) 15–20 min.Samantha Luden opened a medical practice titled Samantha Luden M.D., Inc. During March, the first month of operations, the business
Using the accounting equation to determine net income (Learning Objectives 5 & 6 ) 15–20 min.The balance sheet data for Cindy’s Office Supplies, Co., at October 31, 2014, and November 30, 2014,
Basic accounting equation (Learning Objective 5 ) 10–15 min.Candy’s Candies started a business in 2014 with total assets of $50,000 and total liabilities of $40,000. At the end of 2014, Candy’s
Basic accounting equation (Learning Objective 5 ) 10–15 min.Burnt Finger Restaurant had $84,000 of total assets and $56,000 of total stockholders’equity at July 31, 2014. At July 31, 2015, Burnt
Basic accounting equation (Learning Objective 5 ) 10–15 min.Determine the missing amounts in the following accounting equations.AppendixLO1 II Corner Grocery, Corp. Sampson Hardware, Inc. Perfect
Using the accounting equation to determine net income (Learning Objectives 5 & 6 ) 15–20 min.This information relates to Ghandour, Inc. for the year 2014.Retained Earnings, December 31, 2014
Types of accounts and income statement preparation (Learning Objectives 5 & 6 ) 15–20 min.Selected accounts of Cole Consulting, Inc., a financial services business, have the following balances at
Types of business organizations and balance sheet preparation(Learning Objectives 3 & 6) 10–15 min.The following are selected accounts of Inchirah Toys on December 31, 2014:$45,000 7,000 35,000
Transaction analysis (Learning Objective 5) 15–20 min.Rabie Sadek decides to open a cleaning and laundry service titled Rabie Sadek, Inc. in Jnah Beirut. During January, the first month of
Using the accounting equation to determine net income (Learning Objectives 5 & 6) 15–20 min.The balance sheet data for Alan’s Lightworks, Corp., at August 31, 2014, and September 30, 2014,
Basic accounting equation (Learning Objective 5 ) 10–15 min.Lynne’s Designs started business in 2014 with total assets of $37,000 and total liabilities of $16,000. At the end of 2014, Lynne’s
Basic accounting equation (Learning Objective 5 ) 10–15 min.Mountain Drycleaners had $91,000 of total assets and $7,000 of total stockholders’equity at December 31, 2014. At December 31, 2015,
Basic accounting equation (Learning Objective 5 ) 10–15 min.AppendixLO1 Appleway Corp. 1st Choice Inc. Hamilton Inc. Assets Liabilities Stockholders' Equity ? $48,700 + $13,400 $ 82,000 $127,300 ?
Transaction analysis and calculating net income (Learning Objective 5)5–10 min.The analysis of Cunnington, Inc.’s first seven transactions follows. The business only sold stock once and paid no
Transaction analysis (Learning Objective 5 ) 5–10 min.Presented here are nine transactions and the analysis used to account for them. Evaluate each of the suggested accounting treatments, and
Transaction analysis (Learning Objective 5 ) 5–10 min.Selected transactions for Moe Company are listed below. List the number of the transaction and then describe the effect of each transaction on
Transaction Analysis (Learning Objective 5 ) 5–10 min.The following transactions represent part of the activities of Samia Kaakour, Inc. for the first month of its existence. Indicate the effect of
Basic financial statements (Learning Objective 6 ) 5–10 min.Label each of the items listed with the abbreviation of the financial statement on which it appears. Items may appear on more than one
Basic accounting equation (Learning Objective 5) 5–10 min.At the beginning of the year, Shanon Company had total assets of $550,000 and total liabilities of $210,000. Answer the following questions
Entering transactions in the accounting equation (Learning Objective 5 )5–10 min.Sanchez Towing Service, Inc., earns service revenue by towing vehicles for AAA.Sanchez Towing Service’s main
Basic accounting equation (Learning Objective 5 ) 5–10 min.Qwick Care Clinic, Inc., started a business when Dr. Hamm purchased $15,000 of common stock in the business for cash. Before starting
Basic accounting equation (Learning Objective 5 ) 5–10 min.Boehms, Inc., has cash of $36,000, supplies costing $1,500, and stockholders’ equity of $28,000. Determine the liabilities of the
Basic accounting equation (Learning Objective 5 ) 5–10 min.Ellen Beach owns Ellen’s Lawncare Service. The business has cash of $13,000 and equipment that costs $35,000. Debts of the business
Basic accounting equation (Learning Objective 5 ) 5–10 min.Determine the missing amounts in the following accounting equations.a.b.c.= = = +++$106,000 $94,000 ?$24,000 $63,000 ?$28,000 $45,000
Accounting terminology (Learning Objectives 2 & 3) 10–15 min.Place the corresponding letter of the definition next to the term._____ 1. Liabilitiesa. Any event that affects a firm’s financial
Accounting principles (Learning Objective 4) 5–10 min.Jack Sanders owns and operates Jack’s Java Coffee Shop. He proposes to account for the shop’s assets at their current market value in order
Accounting principles (Learning Objective 4) 5–10 min.Place the corresponding letter of the definition next to the term._____ 1. Cost principle _____ 2. Business entity principle _____ 3. Generally
According to the Real World Accounting Video, ________ are important reports business managers use in managing their business.a. balance sheetsb. income statementsc. both balance sheets and income
According to the Real World Accounting Video, the objective of business is to create value. True or False?AppendixLO1
The income statement reportsa. financial position for a specific period.b. results of operations on a specific date.c. financial position on a specific date.d. results of operations for a specific
The balance sheet reportsa. financial position on a specific date.b. results of operations on a specific date.c. results of operations for a specific period.d. financial position for a specific
Consider the overall effects of the transactions in questions 5, 6, and 7 on Wave Rider.What is Wave Rider’s net income or net loss?a. Net loss of $4,000b. Net income of $46,000c. Net income of
Assume that Wave Rider paid expenses totaling $32,000. How does this transaction affect Wave Rider’s accounting equation?a. Increases assets and decreases liabilitiesb. Decreases both assets and
Assume that Wave Rider sold skateboards to another department store for $18,000 on account. Which parts of the accounting equation does a sale on account affect?a. Accounts Payable and Cashb.
Assume that Wave Rider sold skateboards to a department store for $28,000 cash. How would this transaction affect Wave Rider’s accounting equation?a. Increase both assets and stockholders’ equity
Wave Rider is famous for custom skateboards. At the end of a recent year, Wave Rider’s total assets added up to $884 million and stockholders’ equity was $187 million. How much did Wave Rider owe
Which accounting principle specifically states that we should record transactions at amounts that can be verified?a. Business entity principleb. Cost principlec. Reliability principled. Going-concern
The majority of Generally Accepted Accounting Principles (GAAP) are created by thea. Institute of Management Accountants (IMA).b. Securities and Exchange Commission (SEC).c. American Institute of
Which type of business organization is owned by its stockholders?a. Proprietorshipb. Partnershipc. Corporationd. All the above are owned by stockholders.AppendixLO1
Which financial statement would be most useful to answer each of the following questions?a. Does the corporation have enough resources to pay its short-term debts?b. What is the corporation’s
In what order should the financial statements be prepared? Why?AppendixLO1
How is the accounting equation affected by each of these transactions?a. Owners contribute cash to start the business in exchange for common stock.b. The company borrows money from the bank.c. The
What is the fundamental accounting equation? Define each of the components of this equation.AppendixLO1
What is the primary way in which corporations differ from proprietorships and partnerships?What are some of the factors that might affect a person’s decision about the form of organization that
What are some of the uses of financial statements?AppendixLO1
What are some reasons why accounting has adopted “historical” financial statements as the model? What are some disadvantages associated with presenting “historical”financial
Financial statements are defined as “historical reports that communicate financial information about a business to people or organizations outside the company.” Why is the word historical
Would you describe accounting as primarily a technical discipline or primarily an ethical discipline? Why?AppendixLO1
The text states that accounting is the “language of business.” What does this mean?Why is it important to know the language?AppendixLO1
During 2009, Arctic Fans \& Blowers has invested $245,000$245,000 of extra cash in securities. Of the total amount invested, $115,000$115,000 was invested in bonds that Arctic plans to hold until
Determine relevance of information (Learning Objective 1)You are trying to decide whether to trade in your ink-jet printer for a more recent model. Your usage pattern will remain unchanged, but the
Special order decision given revised data (Learning Objective 2)Consider the ACDelco special sales order example on pages 419-421. Suppose ACDelco's variable manufacturing cost is \(\$ 1.35\) per oil
Determine pricing approach and target price (Learning Objective 3)SnowDreams operates a Rocky Mountain ski resort. The company is planning its lift ticket pricing for the coming ski season. Investors
Use target pricing to analyze data (Learning Objective 3)Consider SnowDreams from S8-3 . Assume that SnowDreams' reputation has diminished and other resorts in the vicinity are charging only \(\$
Decide whether to drop a department (Learning Objective 4)}Knight Fashion in New York operates three departments: Men's, Women's, and Accessories. Knight Fashion allocates all fixed expenses
Drop a department: revised information (Learning Objective 4)}Consider Knight Fashion from S8-5 . Assume that the fixed expenses assigned to each department include only direct fixed costs of the
Replace a department (Learning Objective 4)}Consider Knight Fashion from S8-5 . Assume once again that all fixed costs are unavoidable. If Knight Fashion drops one of the current departments, it
Product mix decision: unlimited demand (Learming Objective 5)}StoreAll produces plastic storage bins for household storage needs. The company makes two sizes of bins: large ( 50 gallon) and regular (
Product mix decision: limited demand (Learning Objective 5)Consider StoreAll in S8-8 . Assume that demand for regular bins is limited to 30,000 units and demand for large bins is limited to 25,000
Outsourcing production decision (Learning Objectives 1, 6)}Suppose an Olive Garden restaurant is considering whether to (1) bake bread for its restaurant in-house or (2) buy the bread from a local
Relevant information for outsourcing delivery function (Learming Objectives 1, 6) U.S. Food in Lexington, Kentucky, manufactures and markets snack foods. Betsy Gonzalez manages the company's fleet of
Outsourcing qualitative considerations (Learning Objectives 1, 6)}Refer to U.S. Food in S8-11 . What qualitative factors should Gonzalez consider before making a final decision?
Scrap or process further decision (Learning Objective 7)}Auto Components has an inventory of 500 obsolete remote entry keys that are carried in inventory at a manufacturing cost of \(\$ 80,000\).
Determine most profitable final product (Learning Objective 7)Chocolite processes cocoa beans into cocoa powder at a processing cost of \(\$ 10,000\) per batch. Chocolite can sell the cocoa powder as
Determine relevant and irrelevant information (Learning Objective 1)}Joe Roberts, production manager for Fabricut, invested in computer-controlled production machinery last year. He purchased the
Special order decisions given two scenarios (Learning Objective 2)Suppose the Baseball Hall of Fame in Cooperstown, New York, has approached Sports-Cardz with a special order. The Hall of Fame wants
Special order decision and considerations (Learning Objective 2)}Maui Jane Sunglasses sell for about \(\$ 150\) per pair. Suppose the company incurs the following average costs per pair:Maui Jane has
Pricing decisions given two scenarios (Learning Objective 3)}Bennett Builders builds 1,500-square-foot starter tract homes in the fast-growing suburbs of Atlanta. Land and labor are cheap, and
Decide whether to drop a product line (Learning Objective 4)}Top managers of Video Avenue are alarmed by their operating losses. They are considering dropping the VCR-tape product line. Company
Dropping a product line (Learning Objective 4)}Suppose Kellogg's is considering dropping its Special-K product line. Assume that during the past year, Special-K's product line income statement showed
Identify constraint, then determine product mix (Learning Objective 5)Lifemaster produces two types of exercise treadmills: Regular and Deluxe. The exercise craze is such that Lifemaster could use
Determine product mix for retailer (Learning Objective 5)Vivace sells both designer and moderately priced fashion accessories. Top management is deciding which product line to emphasize. Accountants
Determine product mix for retailer-two stocking scenarios (Learning Objective 5) Each morning, Max Imery stocks the drink case at Max's Beach Hut in Myrtle Beach, South Carolina. Max's Beach Hut has
Make-or-buy product component (Learning Objective 6)Fiber Systems manufactures an optical switch that it uses in its final product. Fiber Systems incurred the following manufacturing costs when it
Make-or-buy with alternative use of facilities (Learning Objective 6)Refer to E8-24. Fiber Systems needs 80,000 optical switches next year (assume same relevant range). By outsourcing them, Fiber
Determine maximum outsourcing price (Learning Objective 6)DefTone's sales have increased; as a result, the company needs 400,000 jewel-case liners rather than 250,000 . DefTone has enough existing
Sell as is or process further (Learning Objective 7)}Dairymaid processes organic milk into plain yogurt. Dairymaid sells plain yogurt to hospitals, nursing homes, and restaurants in bulk, one-gallon
Special order decision and considerations (Learning Objective 2)}Buoy manufactures flotation vests in Tampa, Florida. Buoy's contribution margin income statement for the most recent month contains
Pricing of nursery plants (Learning Objective 3)}GreenThumb operates a commercial plant nursery where it propagates plants for garden centers throughout the region. GreenThumb has \(\$ 5\) million in
Prepare and use contribution margin statements for dropping a line decision (Learning Objective 4) \\ Members of the board of directors of Security Systems have received the following operating
Product mix decision under constraint (Learning Objective 5)Brun, located in St. Cloud, Minnesota, produces two lines of electric toothbrushes: deluxe and standard. Because Brun can sell all of the
Outsourcing decision given alternative use of capacity (Learning Objective 6)}X-Perience manufactures snowboards. Its cost of making 1,800 bindings is:Suppose O'Brien will sell bindings to X-Perience
Sell or process further decisions (Learning Objective 7)}Vision Chemical has spent \(\$ 240,000\) to refine 72,000 gallons of acetone, which can be sold for \$2.16 a gallon. Alternatively, Vision

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