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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

Stockholders’ Equity Category Kebler Company was incorporated as a new business on January 1, 2008. The corporate charter approved on that date authorized the issuance of 2,000 shares of $100 par,
Comparing Two Companies in the Same Industry: Kellogg’s and General Mills Refer to the Stockholders’ Equity section of the balance sheets of Kellogg’s as of December 31, 2006, and General Mills
Effect of Stock Dividend Favre Company has a history of paying cash dividends on its common stock. However, the firm did not have a particularly profitable year in 2008. At the end of the year, Favre
Cash and Stock Dividends At December 31, 2008, White Company has the following:Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding Required Indicate whether the following
Sole Proprietorship (Appendix)Furyk Company opened business as a sole proprietorship on January 1, 2008. The owner contributed$500,000 cash on that date. During the year, the company had a net income
Comprehensive Income Assume that you are the accountant for Ellis Corporation, which has issued its 2008 annual report. You have received an inquiry from a stockholder who has questions about several
Bank Reconciliation The following information is available to assist you in preparing a bank reconciliation for Karen’s Catering on March 31, 2008:a. The balance on the March 31, 2008, bank
Current Liabilities The following items represent liabilities on a firm’s balance sheet:a. An amount of money owed to a supplier based on the terms 2/20, net 40, for which no note was executed.b.
Amortization of Intangible, Revision of Rate During 2003, Reynosa Inc.’s research and development department developed a new manufacturing process. Research and development costs were $85,000. The
Amortization of Intangible, Revision of Rate During 2003, Maciel Inc.’s research and development department developed a new manufacturing process. Research and development costs were $350,000. The
Cost of Assets, Subsequent Book Values, and Balance Sheet Presentation The following events took place at Tasty-Toppins Inc., a pizza shop that specializes in home delivery, during 2008:a January 1,
Comparing Companies Assume that you are a financial analyst attempting to compare the financial results of two companies.The 2008 income statement of Straight Company is as follows:Straight Company
Depreciation as a Tax Shield The term tax shield refers to the amount of income tax saved by deducting depreciation for income tax purposes. Assume that Supreme Company is considering the purchase of
Effects of Changes in Receivable Balances on Statement of Cash Flows St. Charles Antique Market reported a net loss of $6,000 for the year ended December 31, 2008.The following items were included on
The Use of Net Income and Cash Flow to Evaluate a Company After you have gained five years of experience with a large CPA firm, one of your clients, Duke Inc., asks you to take over as chief
Inventory Costing Methods—Periodic System Following is an inventory acquisition schedule for Weaver Corp. for 2008:During the year, Weaver sold 12,500 units at $12 each. All expenses except cost of
Warranties Sound Company manufactures and sells high-quality stereos. The most popular line sells for$2,000 each and is accompanied by a three-year warranty to repair, free of charge, any defective
General Mills’s and Kellogg’s Current Liabilities Refer to General Mills’s and Kellogg’s annual reports reprinted at the back of the book. Using the companies’ balance sheets and
Retainer Fees As Sales Bunch o’ Balloons markets balloon arrangements to companies who want to thank clients and employees. Bunch o’ Balloons has a unique style that has put it in high demand.
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are taken from the records of Liquiform Inc.:Required 1. Use the information provided to
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio The following account balances are taken from the records of Veriform Inc.:Required 1. Use the information provided to
Goals for Sales and Return on Assets The president of Blue Skies Corp. is reviewing with his vice presidents the operating results of the year just completed. Sales increased by 15% from the previous
Goals for Sales and Income Growth Sunrise Corp. is a major regional retailer. The chief executive officer (CEO) is concerned with the slow growth both of sales and of net income and the subsequent
Basic Financial Ratios The accounting staff of CCB Enterprises has completed the financial statements for the 2008 calendar year. The statement of income for the current year and the comparative
Projected Results to Meet Corporate Objectives Tablon Inc. is a wholly owned subsidiary of Marbel Co. The philosophy of Marbel’s management is to allow the subsidiaries to operate as independent
Comparison with Industry Averages Heartland Inc. is a medium-size company that has been in business for 20 years. The industry has become very competitive in the last few years, and Heartland has
Effect of Transactions on Debt-to-Equity Ratio The following account balances are taken from the records of Monet’s Garden Inc.:Required 1. Use the information provided to compute Monet’s
Effect of Transactions on Debt-to-Equity RatioThe following account balances are taken from the records of Degas Inc.:Required 1. Use the information provided to compute Degas’ debt-to-equity ratio
Goals for Sales and Return on Assets The president of Blue Moon Corp. is reviewing with her department managers the operating results of the year just completed. Sales increased by 12% from the
Goals for Sales and Income Growth Sunset Corp. is a major regional retailer. The chief executive officer (CEO) is concerned with the slow growth both of sales and of net income and the subsequent
Basic Financial Ratios The accounting staff of SST Enterprises has completed the financial statements for the 2008 calendar year. The statement of income for the current year and the comparative
Projected Results to Meet Corporate Objectives Grout Inc. is a wholly owned subsidiary of Slait Co. The philosophy of Slait’s management is to allow the subsidiaries to operate as independent
Comparison with Industry Averages Midwest Inc. is a medium-size company that has been in business for 20 years. The industry has become very competitive in the last few years, and Midwest has decided
Vertical Analysis for Kellogg’s Refer to the financial statement information of Kellogg’s reprinted at the back of the book.Required 1. Using the format in Exhibit 13-6, prepare common-size
Comparing Two Companies in the Same Industry: Kellogg’s and General Mills This case should be completed after responding to the requirements in Case 13-2. Refer to the financial statement
Ratio Analysis for General Mills Refer to the financial statement information of General Mills reprinted at the back of the book.Required 1. Compute the following ratios and other amounts for each of
Pricing Decision BPO’s management believes the company has been successful at increasing sales because it has not increased the selling price of its products even though its competition has
Provisions in a Loan Agreement As controller of Midwest Construction Company, you are reviewing with your assistant, Dave Jackson, the financial statements for the year just ended. During the review,
Inventory Turnover Garden Fresh Inc. is a wholesaler of fresh fruits and vegetables. Each year it submits a set of financial ratios to a trade association. Even though the association doesn’t
Dividends for Preferred and Common Stock The Stockholders’ Equity category of Greenbaum Company’s balance sheet as of December 31, 2008, appeared as follows:The notes to the financial statements
Dividends and Stock Splits On January 1, 2008, Frederiksen Inc.’s Stockholders’ Equity category appeared as follows:The preferred stock is noncumulative and nonparticipating. During 2008, the
Statement of Stockholders’ Equity Refer to all of the facts in Problem 11-1.Required Develop a statement of stockholders’ equity for Peeler Company for 2008. The statement should start with the
Effects of Stockholders’ Equity Transactions on Statement of Cash Flows Refer to all of the facts in Problem 11-1.Required Indicate how each transaction affects the cash flow of Peeler Company by
Analysis of Stockholders’ Equity The Stockholders’ Equity section of the December 31, 2008, balance sheet of Eldon Company appeared as follows:Required Determine the following items based on
Stockholders’ Equity Section of the Balance Sheet The newly hired accountant at Ives Inc. prepared the following balance sheet:Required 1. Prepare a corrected balance sheet. Write a short
Dividends for Preferred and Common Stock The Stockholders’ Equity category of Rausch Company’s balance sheet as of December 31, 2008, appeared as follows:The notes to the financial statements
Dividends and Stock Splits On January 1, 2008, Svenberg Inc.’s Stockholders’ Equity category appeared as follows:The preferred stock is noncumulative and nonparticipating. During 2008, the
Statement of Stockholders’ Equity Refer to all of the facts in Problem 11-1A.Required Develop a statement of Stockholders’ Equity for Kebler Company for 2008. The statement should start with the
Costco’s Comprehensive Income Following is the consolidated statement of stockholders’ equity of Costco Wholesale Corporation for the year ended September 3, 2006:Required 1. Costco has an item
Effects of Stockholders’ Equity Transactions on the Statement of Cash Flows Refer to all of the facts in Problem 11-1A.Required Indicate how each transaction affects the cash flow of Kebler Company
Analysis of Stockholders’ Equity The Stockholders’ Equity section of the December 31, 2008, balance sheet of Carter Company appeared as follows:Required Determine the following items based on
Stockholders’ Equity Section of the Balance Sheet The newly hired accountant at Grainfield Inc. is considering the following list of accounts as he prepares the balance sheet. All of the accounts
Reading General Mills’s Statement of Cash Flows Refer to General Mills’s statement of cash flows for the year ending May 28, 2006.Required:1. What sources of cash are revealed in the Financing
Debt versus Preferred Stock Assume that you are an analyst attempting to compare the financial structures of two companies.In particular, you must analyze the debt and equity categories of the two
Preferred versus Common Stock Rohnan Inc. needs to raise $500,000. It is considering two options:a. Issue preferred stock, $100 par, 8%, cumulative, nonparticipating, callable at $110. The stock
Inside Information Jim Brock was an accountant with Hubbard Inc., a large corporation with stock that was publicly traded on the New York Stock Exchange. One of Jim’s duties was to manage the
Understand the concept of cash flows and accrual accounting, and explain the purpose of a statement of cash flows.
Explain what cash equivalents are and how they are treated on the statement of cash flows.
Describe operating, investing, and financing activities and give examples of each.
Describe the difference between the direct and the indirect method of computing cash flow from operating activities.
Use T accounts to prepare a statement of cash flows using the direct method to determine cash flow from operating activities.
Use T accounts to prepare a statement of cash flows using the indirect method to determine cash flow from operating activities.
Use cash flow information to help analyze a company.
Use a work sheet to prepare a statement of cash flows using the indirect method to determine cash flow from operating activities (Appendix).
Which of the following is a correct statement about the relationship between net income and cash flow?a. Cash will increase during a year in which a company reports net income.b. Cash will decrease
What are the three categories into which cash flows are classified?a. operating, investing, and producingb. operating, investing, and financingc. operating, nonoperating, and financingd. none of the
Where are cash equivalents reported?a. in the Operating Activities section of the statement of cash flowsb. in the Financing Activities section of the statement of cash flowsc. on neither the balance
Which of the following is a cash equivalent?a. an investment in the common stock of another companyb. an investment in the bonds of another companyc. a money market accountd. none of the above
Which of the following should be classified as an investing activity on the statement of cash flows?a. issuance of capital stockb. payment of dividendsc. payment to suppliers for inventoryd. none of
How should the repurchase of a company’s own stock be reported on the statement of cash flows?a. as an operating activityb. as an investing activityc. as a financing activityd. Repurchase of a
Describe operating, investing, and financing activities and give examples of each.
Does Kellogg’s use the direct or the indirect method in the Operating Activities section of its statement of cash flows?How can you tell?
Describe the difference between the direct and the indirect method of computing cash flow from operating activities.
The first line on a company’s statement of cash flows is net income. Which method does the company use to prepare its statement?a. directb. indirectc. operatingd. not possible to tell from the
Oak began the year with a balance of $5,000 in Accounts Receivable and ended the year with$8,000 in the account. Revenues for the period amounted to $37,000. Under the direct method of preparing the
Use T accounts to prepare a statement of cash flows using the direct method to determine cash flow from operating activities.
Baxter began the year with a balance of $15,000 in Salaries and Wages Payable and ended the year with $10,000 in the account. Salaries and Wages Expense for the period amounted to$98,000. Under the
How is depreciation expense treated under the direct method of preparing the statement of cash flows?a. as an outflow in the Operating Activities section of the statementb. as an outflow in the
Did Best Buy’s Receivables increase or decrease during the most recent year? Why is the change in this account deducted on the statement of cash flows?
According to the supplemental disclosure at the bottom of Best Buy’s statement of cash flows, what amount did the company pay in income taxes in the most recent year? Would this necessarily be the
Use T accounts to prepare a statement of cash flows using the indirect method to determine cash flow from operating activities.
Which of the following is an addition to net income when the indirect method is used to prepare the statement of cash flows?a. increase in inventoryb. decrease in accounts payablec. loss on sale of
How is depreciation expense treated under the indirect method of preparing the statement of cash flows?a. as an outflow in the Operating Activities section of the statementb. as an outflow in the
Use cash flow information to help analyze a company.
Where would a person find the information needed to compute the cash flow adequacy ratio?a. the statement of cash flows onlyb. the income statement onlyc. the statement of cash flows and the notes to
Cash flow per share isa. the same as earnings per share.b. computed by dividing cash on the balance sheet by the number of shares outstanding.c. an acceptable alternative to earnings per share
Use a work sheet to prepare a statement of cash flows using the indirect method to determine cash flow from operating activities.
On the worksheet illustrated in this appendix, what should be the total of the Changes column?a. zerob. the same number as total assetsc. the same number as net incomed. A changes column does not
What if the Changes column on the type of worksheet illustrated in this chapter shows a negative $50,000 for bonds payable. What will the worksheet also show?a. $50,000 inflow in the Operating
Activities concerned with the acquisition and sale of products and services. True/False
For preparing the Operating Activities section of the statement of cash flows, the approach in which net income is reconciled to net cash flow from operations. True/False
The financial statement that summarizes an entity’s cash receipts and cash payments during the period from operating, investing, and financing activities. True/False
An item readily convertible to a known amount of cash with a maturity to the investor of three months or less. True/False
Activities concerned with the acquisition and disposal of long-term assets. True/False
For preparing the Operating Activities section of the statement of cash flows, the approach in which cash receipts and cash payments are reported. True/False
Activities concerned with the raising and repaying of funds in the form of debt and equity. True/False
Purpose of the Statement of Cash Flows Most companies begin the statement of cash flows by indicating the amount of net income and ending it with the beginning and ending cash balances. Why is the
Classification of Activities For each of the following activities, indicate whether it should appear on the statement of cash flows as an operating (O), investing (I), or financing (F) activity.
Adjustments to Net Income with the Indirect Method Assume that a company uses the indirect method to prepare the Operating Activities section of the statement of cash flows. For each of the following
An income statement and comparative balance sheets for Dexter Company follow.Additional Information 1. Land was acquired during the year for $70,000.2. An unimproved parcel of land was sold during

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