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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

Issue 4. Sunnyvale Loan Company is in the consumer loan business. Sunnyvale borrows from banks and loans out the money at higher interest rates. Sunnyvale’s bank requires Sunnyvale to submit
Case 3. (Learning Objective 3: Determining allowance for doubtful receivables using the aging method, with and without additional information about loss events) Two accounting interns, Serene and
Case 1. (Learning Objectives 1, 2, 3: Learning about fraud; using a bank reconciliation to detect a theft) Environmental Concerns, Inc., has poor internal control. Recently, Oscar Benz, the manager,
P5-78B. (Learning Objective 5: Using ratio data to evaluate a company’s financial position)The comparative financial statements of Gold Pools, Inc., for 20X7, 20X6, and 20X5 included the following
P5-77B. (Learning Objective 4: Accounting for notes receivable and accrued interest revenue)Organic Meals completed the following selected transactions:Requirements 1. Record the transactions in
P5-76B. (Learning Objective 4: Using the aging approach for uncollectibles) The September 30, 20X7, records of Image Communications include these accounts:At year-end, the company ages its
P5-75B. (Learning Objective 4: Accounting for revenue, collections, and uncollectibles)This problem takes you through the accounting for sales, receivables, and uncollectibles for On-time Delivery
P5-74B. (Learning Objective 3: Preparing a cash budget and using cash-flow information)Don Beecher, chief financial officer of Carlisle Wireless, is responsible for the company’s budgeting process.
P5-73B. (Learning Objective 3: Preparing a bank reconciliation and the related journal entries)The October 31 bank statement of Drake Engineering Associates has just arrived from Carolina First Bank.
P5-71B. (Learning Objective 3: Using the bank reconciliation as a control device) The cash data of Dudley Automotive for January 20X6 follow:Dudley received the following bank statement on January
P5-69A. (Learning Objective 5: Using ratio data to evaluate a company’s financial position)The comparative financial statements of Highland Pools, Inc., for 20X7, 20X6, and 20X5 included the
P5-68A. (Learning Objective 4: Accounting for notes receivable and accrued interest revenue)Healthy Meal completed the following selected transactions.Requirements 1. Record the transactions in
P5-67A. (Learning Objective 4: Using the aging approach for uncollectibles) The September 30, 20X7, records of Effective Communications include these accounts:At year-end (December 31), the company
P5-66A. (Learning Objective 4: Accounting for revenue, collections, and uncollectibles)This problem takes you through the accounting for sales, receivables, and uncollectibles for Mail Time Corp.,
P5-65A. (Learning Objective 3: Preparing a cash budget and using cash-flow information)John Watson, chief financial officer of Scott Wireless, is responsible for the company’s budgeting process.
P5-64A. (Learning Objective 3: Preparing a bank reconciliation and the related journal entries)The August 31 bank statement of Grayson Engineering Associates has just arrived from Carolina First
P5-62A. (Learning Objective 3: Using the bank reconciliation as a control device) The cash data of Dursley Automotive for July 20X6 follow:Dursley received the following bank statement on July 31,
Q5-58. Van Gogh Company uses the aging method to adjust the allowance for uncollectible accounts at the end of the period. At December 31, the balance of accounts receivable is $240,000 and the
E5-49. (Learning Objective 3: Preparing and using a cash budget) Dexter Dunne, the chief financial officer, is responsible for The Furniture Mart’s cash budget for 20X6. The budget will help Dunne
E5-47B. (Learning Objective 5: Analyzing a company’s financial statements) Contemporary Limited, the electronics and appliance chain, reported these figures in millions of dollars:Requirements 1.
E5-46B. (Learning Objective 5: Using the current ratio and days’ sales in receivables to evaluate a company) Navajo, Inc., reported the following items at December 31, 20X8 and 20X7:Requirement 1.
E5-45B. (Learning Objective 4: Recording notes receivable and accruing interest revenue)Record the following note receivable transactions in the journal of Celtic Realty. How much interest revenue
E5-44B. (Learning Objective 4: Using the aging approach to estimate bad debts) At December 31, before any year-end adjustments, the accounts receivable balance of Delta Electronics Company is
E5-38B. (Learning Objective 3: Preparing a bank reconciliation) D.J. Hilton’s checkbook and March bank statement show the following:Requirement 1. Prepare Hilton’s bank reconciliation at March
E5-31A. (Learning Objective 5: Analyzing a company’s financial statements) Modern Limited, the electronics and appliance chain, reported these figures in millions of dollars:Requirements 1. Compute
E5-30A. (Learning Objective 5: Using the current ratio and days’ sales in receivables to evaluate a company) Champi, Inc., reported the following items at December 31, 20X8 and 20X7:Requirement 1.
E5-29A. (Learning Objective 4: Recording notes receivable and accruing interest revenue)Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue
E5-28A. (Learning Objective 4: Using the aging approach to estimate bad debts) On December 31, before any year-end adjustments, the Accounts Receivable balance of Athens Company is $260,000. The
E5-22A. (Learning Objective 3: Preparing a bank reconciliation) D.J. Holt’s checkbook lists the following:The August bank statement showsRequirement 1. Prepare Holt’s bank reconciliation at
S5-15. (Learning Objective 5: Evaluating the current ratio and days’ sales in receivables)West Highland Clothiers reported the following amounts in its 20X7 financial statements. The 20X6 amounts
S5-10. (Learning Objective 4: Applying the allowance method to account for uncollectibles)Use the information from the following journal entries of Green Leaves Furniture Restoration to answer the
S5-8. (Learning Objective 3: Using a bank reconciliation as a control device) Jessica Smith manages Jones Advertising. Smith fears that a trusted employee has been stealing from the company. This
Case 1. (Learning Objectives 3, 4, 5: Preparing financial statements) You are the accountant of Majestic Limited, headquartered in Zurich, Switzerland, and have just completed the accounting cycle
P4-48B. (Learning Objectives 2, 4: Aggregating information for presentation on the Income Statement) Rupert’s Home Repair Services had the following balances at the end of 20X4 and
P4-47B. (Learning Objective 3: Preparing a classified Balance Sheet) The accounts of Sunny Laundry Services Ltd. as of March 31, 20X5, are listed below in alphabetical order.Requirements Prepare the
P4-41A. (Learning Objectives 2, 4: Aggregating information for presentation on the Income Statement) Robert’s Home Repair Services had the following balances at the end of 20X4 and
P4-40A. (Learning Objective 3: Preparing a classified Balance Sheet) The accounts of Bay View Services Ltd. as of June 30, 20X5, are listed below in alphabetical order. Accounts payable... $ 14,400
E4-28B. (Learning Objective 4: Reporting expenses function and nature) Maryland’s accountant has just prepared an analysis of its expenses for the year, by nature and by functions.The company
E4-27B. (Learning Objective 4: Preparing Statement of Comprehensive Income) Victor Limited reported the following balances.Prepare Victor’s Statement of Comprehensive Income in a single statement
E4-22B. (Learning Objective 2: Identifying financial statements) Hoffman Enterprises Ltd.is a large multinational company with many subsidiaries and associated companies. It is headquartered in
E4-20A. (Learning Objective 4: Reporting expenses by function and nature) Potomac’s accountant has just prepared an analysis of its expenses for the year, by nature and by functions.The company
E4-19A. (Learning Objective 4: Preparing Statement of Comprehensive Income) Logan Enterprise reported the following balances.Prepare Logan’s Statement of Comprehensive Income in a single statement
E4-14A. (Learning Objective 2: Identifying financial statements) Gant Corp. is a large multinational company with many subsidiaries and associated companies. It is headquartered in Manchester, United
S4-6. (Learning Objectives 2, 3: Aggregating information for presentation on the Balance Sheet) Trivago has the following account balances:What amount of total receivables and total payables should
P11-68A. (Learning Objectives 3, 4, 5, 6: Preparing the statement of cash flows—indirect and direct methods) The comparative Balance Sheets of Ibrahim Design Studio, Inc., at June 30, 20X6 and
P11-71B. (Learning Objectives 2, 3, 4, 5: Preparing the statement of cash flows—indirect method) Newton Software Corp. has assembled the following data for the year ended December 31, 20X6 and
P11-72B. (Learning Objectives 2, 3, 4, 5, 7: Preparing and analyzing the statement of cash flows—indirect method) The comparative Balance Sheets of Marmaduke Movie Theater Company at June 30, 20X6
P11-73B. (Learning Objectives 2, 3, 4, 5: Preparing the statement of cash flows—indirect method) The 20X6 and 20X5 comparative Balance Sheets and 20X6 Income Statement of King Supply Corp.
P11-67A. (Learning Objectives 3, 4, 5, 6: Preparing the statement of cash flows—direct and indirect methods) To prepare the statement of cash flows, accountants for Daisy Electric Company have
P11-77B. (Learning Objectives 3, 4, 5, 6: Preparing the statement of cash flows—indirect and direct methods) The comparative Balance Sheets of Salim Design Studio, Inc., at June 30, 20X6 and 20X5,
Case 1. (Learning Objectives 3, 4, 5: Preparing and using the statement of cash flows to evaluate operations) The 20X7 Income Statement and the 20X7 comparative Balance Sheet of T-Bar-M Camp, Inc.,
Case 2. (Learning Objectives 1, 2: Using cash-flow data to evaluate an investment)Applied Technology, Inc., and Four-Star Catering are asking you to recommend their shares to your clients. Because
S12-1. (Learning Objective 1: Performing horizontal analysis of revenues and net income)Fitzgerald Corporation reported the following amounts on its 20X6 comparative Income Statement:Perform a
S12-3. (Learning Objective 2: Performing vertical analysis to correct a cash shortage) Craft Software reported the following amounts on its Balance Sheets at December 31, 20X6, 20X5, and 20X4:Sales
S12-4. (Learning Objective 3: Comparing common-size Income Statements of two companies)Hartigan, Inc., and Pintal Corporation are competitors. Compare the two companies by converting their condensed
S12-5. (Learning Objective 4: Evaluating the trend in a company’s current ratio) Examine the financial data of Jacob Corporation.Show how to compute Jacob’s current ratio for each year 20X4
S12-6. (Learning Objective 4: Evaluating a company’s acid-test ratio) Use the Gargantua, Inc., Balance Sheet data below.Requirements 1. Compute Gargantua, Inc.’s acid-test ratios at December 31,
S12-7. (Learning Objective 4: Computing and evaluating cash collection cycle) Use the Gargantua 20X6 Income Statement shown here and the Balance Sheet from Short Exercise 12-6 to compute its cash
S12-10. (Learning Objective 4: Computing EPS and the price/earnings ratio) The annual report of Tri-State Cars, Inc., for the year ended December 31, 20X6, included the following items (in
S12-11. (Learning Objective 4: Using ratio data to reconstruct an Income Statement) A skeleton of Athol Country Florist’s Income Statement appears as follows (amounts in thousands):Use the
S12-12. (Learning Objective 4: Using ratio data to reconstruct a Balance Sheet) A skeleton of Athol Country Florist’s Balance Sheet appears as follows (amounts in thousands):Use the following ratio
S12-13. (Learning Objective 4: Analyzing a company based on its ratios) Take the role of an investment analyst at Standard Chartered. It is your job to recommend investments for your client. The only
E12-15A. (Learning Objective 1: Computing year-to-year changes in working capital) What were the dollar amount of change and the percentage of each change in Wilderness Lodge’s working capital
E12-16A. (Learning Objective 1: Performing horizontal analysis of an Income Statement)Prepare a horizontal analysis of the comparative Income Statements of Sensible Music Co.Round percentage changes
E12-17A. (Learning Objective 1: Computing trend percentages) Compute trend percentages for Palm Valley Sales & Service’s total revenue and net income for the following five-year period, using year
E12-18A. (Learning Objective 2: Performing vertical analysis of a Balance Sheet) Fore Golf Company has requested that you perform a vertical analysis of its Balance Sheet to determine the component
E12-21A. (Learning Objective 4: Computing five ratios) The financial statements of Smith News, Inc., include the following items:Requirement 1. Compute the following ratios for the current year:a.
E12-22A. (Learning Objective 4: Analyzing the ability to pay current liabilities) Barney Furniture Company has requested that you determine whether the company’s ability to pay its current
E12-23A. (Learning Objective 4: Analyzing profitability) Compute four ratios that measure the ability to earn profits for Harper Decor, Inc., whose comparative Income Statements follow:Additional
E12-24A. (Learning Objective 4: Evaluating a share as an investment) Evaluate the ordinary share of Regal Distributing Company as an investment. Specifically, use the three ordinary share ratios to
E12-25A. (Learning Objective 5: Using economic value added to measure corporate performance) Two companies with different economic-value-added (EVA®) profiles are Barton Oil Pipeline Incorporated
E12-26B. (Learning Objective 1: Computing year-to-year changes in working capital)What were the euro amount of change and the percentage of each change in Ricardo Lodge’s working capital during
E12-27B. (Learning Objective 1: Performing horizontal analysis of an Income Statement)Prepare a horizontal analysis of the comparative Income Statements of Fashion Music Co.Round percentage changes
E12-28B. (Learning Objective 1: Computing trend percentages) Compute trend percentages for Andover Valley Sales & Service’s total revenue and net income for the following five-year period, using
E12-29B. (Learning Objective 2: Performing vertical analysis of a Balance Sheet) Epsilon Golf Company has requested that you perform a vertical analysis of its Balance Sheet to determine the
E12-32B. (Learning Objective 4: Computing five ratios) The financial statements of Advent News, Inc., include the following items:Requirement 1. Compute the following ratios for the current year:a.
E12-33B. (Learning Objective 4: Analyzing the ability to pay current liabilities) Fred Furniture Company has requested that you determine whether the company’s ability to pay its current
E12-34B. (Learning Objective 4: Analyzing profitability) Compute four ratios that measure the ability to earn profits for Collins Decor, Inc., whose comparative Income Statements follow:Additional
E12-35B. (Learning Objectives 4: Evaluating a share as an investment) Evaluate the ordinary share of Basic Distributing Company as an investment. Specifically, use the three ordinary share ratios to
E12-36B. (Learning Objective 5: Using economic value added to measure corporate performance) Two companies with different economic-value-added (EVA®) profiles are Houle Oil Pipeline, Inc., and
E12-37. (Learning Objectives 2, 3, 4: Using ratio data to reconstruct a company’s Balance Sheet) The following data (dollar amounts in millions) are taken from the financial statements of Floor 1
E12-38. (Learning Objectives 2, 3, 4: Using ratio data to reconstruct a company’s Income Statement) The following data (dollar amounts in millions) are from the financial statements of County
P12-51A. (Learning Objectives 1, 4: Computing trend percentages, return on sales, and comparison with the industry) Net sales, net income, and total assets for Canberra Shipping Company for a
P12-52A. (Learning Objectives 3, 4: Preparing common-size statements; analyzing profitability;making comparisons with the industry) Top managers of McDonough Products, Inc., have asked for your help
P12-53A. (Learning Objective 4: Calculating cash conversion cycle). You are analyzing the effectiveness of the trading operations of AVN Limited. Extracts of its financial statements are provided
P12-54A. (Learning Objective 4: Computing effects of business transactions on selected ratios) Financial statement data of Greenland Engineering include the following items:Requirements 1. Compute
P12-55A. (Learning Objective 4: Using ratios to evaluate a share investment) Comparative financial statement data of Bloomfield Optical Mart follow:Other information:1. Market price of Bloomfield
P12-57B. (Learning Objectives 1, 4: Computing trend percentages, return on sales equity, and comparison with the industry) Net sales, net income, and total assets for Salvador Shipping Limited for a
P12-58B. (Learning Objectives 3, 4: Preparing common-size statements; analyzing portability;making comparisons with the industry) Top managers of Walsh Products, Inc., have asked for your help in
P12-59B. (Learning Objective 4: Calculating cash conversion cycle) You are analyzing the effectiveness of the trading operations of CMI Limited. Extracts of its financial statements are provided
P12-60B. (Learning Objective 4: Computing effects of business transactions on selected ratios) Financial statement data of Tunisia Engineering include the following items:Requirements 1. Compute
P12-61B. (Learning Objective 4: Using ratios to evaluate a share investment) Comparative financial statement data of Schmid Optical Mart follow:Other information:1. Market price of Schmid ordinary
P12-62B. (Learning Objectives 4, 5: Using ratios to decide between two share investments;measuring economic value added) Assume that you are considering purchasing shares as an investment. You have
Case 3. (Learning Objectives 2, 4: Identifying action to cut losses and establish profitability)Suppose you manage Europe Vacations, a travel agency specializing in European tour destinations that
P11-76B. (Learning Objectives 3, 4, 5, 6: Preparing the statement of cash flows—direct and indirect methods) To prepare the statement of cash flows, accountants for Spencer Electric Company have
P11-75B. (Learning Objectives 2, 4, 5, 6: Preparing the statement of cash flows—direct method) Dunleavy Furniture Gallery, Inc., provided the following data from the company’s records for the
P11-74B. (Learning Objectives 2, 4, 5, 6: Preparing the statement of cash flows—direct method) Use the King Supply Corp. data from Problem P11-73B.Requirements 1. Prepare the 20X6 statement of cash
P11-70B. (Learning Objectives 2, 4, 5, 6: Preparing an Income Statement, Balance Sheet, and statement of cash flows—direct method) Use the Slick Automobiles of Dubai, Inc., data from Problem
P11-69B. (Learning Objectives 2, 3, 4, 5: Preparing an Income Statement, Balance Sheet, and statement of cash flows—indirect method) Slick Automobiles of Dubai, Inc., was formed on January 1, 20X6.
P11-66A. (Learning Objectives 2, 4, 5, 6, 7: Preparing and analyzing the statement of cash flows—direct method) Ramirez Furniture Gallery, Inc., provided the following data from the company’s

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