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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

P11-65A. (Learning Objectives 2, 4, 5, 6: Preparing the statement of cash flows—direct method) Use the Affordable Supply Corp. data from Problem 11-64A.Requirements 1. Prepare the 20X6 statement of
P11-64A. (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 Affordable Supply Corp.
P11-63A. (Learning Objectives 2, 3, 4, 5, 7: Preparing and analyzing the statement of cash flows—indirect method) The comparative Balance Sheets of Memphis Movie Theater Company at June 30, 20X6
P11-62A. (Learning Objectives 2, 3, 4, 5: Preparing the statement of cash flows—indirect method) Morgan Software Corp. has assembled the following data for the years ending December 31, 20X6 and
P11-61A. (Learning Objectives 2, 4, 5, 6: Preparing an Income Statement, Balance Sheet, and statement of cash flows—direct method) Use the Antique Automobiles of Dubai, Inc., data from Problem
P11-60A. (Learning Objectives 2, 3, 4, 5: Preparing an Income Statement, Balance Sheet, and statement of cash flows—indirect method) Vintage Automobiles of Dubai, Inc., was formed on January 1,
Q11-59. Income Tax Payable was $5,500 at the end of the year and $4,000 at the beginning.Income tax expense for the year totaled $60,500. What amount of cash did the company pay for income tax during
Q11-58. Sales totaled $830,000, accounts receivable increased by $60,000, and accounts payable decreased by $40,000. How much cash did the company collect from customers?a. $730,000c. $890,000b.
Q11-57. Sheehan’s net cash flow from financing activities for 20X6 wasa. net cash used of $50,000.c. net cash provided of $9,000.b. net cash used of $20,000.d. net cash used of
Q11-56. Sheehan’s largest financing cash flow for 20X6 resulted froma. payment of dividends.c. sale of equipment.b. purchase of equipment.d. issuance of
Q11-55. Which of the following items would not be found in Sheehan’s cash flow from financing activities section of the cash flow statement?a. Proceeds from disposal of PPE.c. Payment of
Q11-54. The book value of equipment sold during 20X6 was $22,000. Sheehan’s net cash flow from investing activities for 20X6 wasa. net cash used of $23,500.c. net cash used of $50,000.b. net cash
Q11-53. Which of the following items would not be found in Sheehan’s cash flow from investing activities section of the cash flow statement?a. Profit from the sale of PPEc. Purchase of other
Q11-52. Sheehan’s net cash provided by operating activities during 20X6 wasa. $30,000.c. $35,000.b. $55,000.d. $46,000.________________________________________
Q11-51. How do accounts receivable affect Sheehan’s cash flows from operating activities for 20X6?a. Increase in cash provided by operating activitiesb. Decrease in cash provided by operating
Q11-50. How do Sheehan’s accrued liabilities affect the company’s statement of cash flows for 20X6?a. They don’t, because the accrued liabilities are not yet paidb. Increase in cash provided by
Q11-49. Which of the following items would not be found in Sheehan’s cash flow from operating activities section of the cash flow statement?a. Gain on sale of equipmentc. Increase in inventoryb.
Q11-48. Click Camera Co. sold equipment with a cost of $22,000 and accumulated depreciation of $10,000 for an amount that resulted in a gain of $2,000. What amount should Click report on the
Q11-47. Select an activity for each of the following transactions:1. Receiving cash dividends is a/an _________________ activity.2. Paying cash dividends is a/an _________________
Q11-46. On an indirect method statement of cash flows, a gain on the sale of PPE would bea. reported in the investing activities section.b. ignored, since the gain did not generate any cash.c. added
Q11-45. On an indirect method statement of cash flows, an increase in accounts payable would bea. added to net income in the operating activities section.b. deducted from net income in the operating
Q11-44. On an indirect method statement of cash flows, an increase in a prepaid insurance would bea. added to increases in current assets.c. added from net income.b. included in payments to
Q11-43. Which of the following terms appears on a statement of cash flows—indirect method?a. Collections from customersc. Payments to suppliersb. Cash receipt of interest revenued. Depreciation
Q11-42. Selling equipment is reported on the statement of cash flows undera. operating activities.b. investing activities.c. financing activities.d. noncash investing and financing
Q11-41. The sale of inventory for cash is reported on the statement of cash flows undera. noncash investing and financing activities.b. financing activities.c. investing activities.d. operating
Q11-40. Paying off bonds payable is reported on the statement of cash flows undera. investing activities.b. operating activities.c. financing activities.d. noncash investing and financing
E11-39. (Learning Objective 3: Using the Balance Sheet and the statement of cash flows together) Delorme Specialties reported the following at December 31, 20X6 (in thousands):Requirement 1.
E11-38. (Learning Objectives 3, 6: Computing cash-flow amounts) Tip Top, Inc., reported the following in its financial statements for the year ended May 30, 20X6 (in thousands):Requirement 1.
E11-37B. (Learning Objectives 4, 5, 6: Computing amounts for the statement of cash flows—direct method) Compute the following items for the statement of cash flows:a. Beginning and ending Accounts
E11-36B. (Learning Objectives 4, 5, 6, 7: Preparing and analyzing the statement of cash flows—direct method) The Income Statement and additional data of Happy Life, Inc., follow:Additional data:a.
E11-35B. (Learning Objectives 4, 5, 6: Identifying items for the statement of cash flows—direct method) Selected accounts of Ezra Antiques show the following:Requirement 1. For each account,
E11-34B. (Learning Objective 6: Computing cash flows from operating activities—direct method) The accounting records of One Stop Pharmaceuticals, Inc., reveal the following:Requirement 1. Compute
E11-33B. (Learning Objectives 4, 5: Computing investing and financing amounts for the statement of cash flows) Compute the following items for the statement of cash flows:a. Beginning and ending PPE,
E11-32B. (Learning Objectives 3, 4, 5: Interpreting a statement of cash flows—indirect method) Daisy is reviewing her nieces’ cash flows. April, May, and June all report the same income number
E11-31B. (Learning Objectives 3, 4, 5, 7: Preparing and analyzing the statement of cash flows—indirect method) The Income Statement and additional data of Norton Travel Products, Inc.,
E11-30B. (Learning Objective 3: Computing cash flows from operating activities—indirect method) The accounting records of Finest Fruit Traders include these accounts:Requirement 1. Compute
E11-29B. (Learning Objective 3: Computing cash flows from operating activities—indirect method) The accounting records of Central Distributors, Inc., reveal the following:Requirement 1. Compute
E11-28B. (Learning Objectives 2, 3: Classifying transactions for the statement of cash flows—indirect method) Indicate whether each of the following transactions records an operating activity, an
E11-27B. (Learning Objectives 2, 3: Identifying activities for the statement of cash flows—indirect method) Rogers-Carter Investments specializes in low-risk government bonds.Identify each of
E11-26A. (Learning Objectives 4, 5, 6: Computing amounts for the statement of cash flows—direct method) Compute the following items for the statement of cash flows:a. Beginning and ending Accounts
E11-25A. (Learning Objectives 4, 5, 6, 7: Preparing and analyzing the statement of cash flows—direct method) The Income Statement and additional data of Cobbs Hill, Inc., follow:Additional data:a.
E11-24A. (Learning Objectives 4, 5, 6: Identifying items for the statement of cash flows—direct method) Selected accounts of Avril Antiques show the following:Requirement 1. For each account,
E11-23A. (Learning Objective 6: Computing cash flows from operating activities—direct method) The accounting records of Princeton Pharmaceuticals, Inc., reveal the following:Requirement 1. Compute
E11-22A. (Learning Objectives 4, 5: Computing investing and financing amounts for the statement of cash flows) Compute the following items for the statement of cash flows:a. Beginning and ending PPE,
E11-21A. (Learning Objectives 3, 4, 5: Interpreting a statement of cash flows—indirect method) Donald is reviewing his nephews’ cash flows. Huey, Dewey, and Louie all report the same income
E11-20A. (Learning Objectives 3, 4, 5, 7: Preparing and analyzing the statement of cash flows—indirect method) The Income Statement and additional data of Newbury Travel Products, Inc.,
E11-19A. (Learning Objective 3: Computing cash flows from operating activities—indirect method) The accounting records of Abundant Fruit Traders include these accounts:Requirement 1. Compute
E11-18A. (Learning Objective 3: Computing cash flows from operating activities—indirect method) The accounting records of North East Distributors, Inc., reveal the following:Requirement 1. Compute
E11-17A. (Learning Objectives 2, 3: Classifying transactions for the statement of cash flows—indirect method) Indicate whether each of the following transactions records an operating activity, an
E11-16A. (Learning Objectives 2, 3: Identifying activities for the statement of cash flows—indirect method) Cooper-Fowler Investments specializes in low-risk government bonds.Identify each of
S11-15. (Learning Objectives 4, 5, 6, 7: Preparing and analyzing a statement of cash flows—direct method) Use the data in Short Exercise 11-14 to prepare Middleton Golf Club’s statement of cash
S11-14. (Learning Objective 6: Computing operating cash flows—direct method) Middleton Golf Club has assembled the following data for the year ended September 30, 20X6:Prepare the operating
S11-13. (Learning Objectives 4, 5, 6, 7: Preparing and analyzing a statement of cash flows—direct method) Horse Heaven Farm began 20X6 with cash of $180,000. During the year, Horse Heaven earned
S11-12. (Learning Objective 6: Computing operating cash flows—direct method) Use the Motorsports of Madrid data in Short Exercise 11-9 to compute the following (enter all amounts in thousands):a.
S11-11. (Learning Objective 6: Computing operating cash flows—direct method) Use the Motorsports of Madrid data in Short Exercise 11-9 to compute the following (enter all amounts in thousands):a.
S11-10. (Learning Objective 5: Computing financing cash flows) Use the Motorsports of Madrid data in Short Exercise 11-9 to compute the following (enter all amounts in thousands):a. New borrowing or
S11-9. (Learning Objective 4: Computing investing cash flows) Motorsports of Madrid, Inc., reported the following financial statements for 20X6:Compute the following investing cash flows (enter all
S11-8. (Learning Objectives 3, 4, 5: Preparing a statement of cash flows—indirect method)Use the data in Short Exercise 11-7 to prepare Ether Corporation’s statement of cash flows for the year
S11-7. (Learning Objective 3: Computing operating cash flows—indirect method) Ether Corporation accountants have assembled the following data for the year ended June 30, 20X6.Prepare the operating
S11-6. (Learning Objectives 2, 3: Identifying items for reporting cash flows from operations—indirect method) Cocoa Clinic, Inc., is preparing its statement of cash flows (indirect method)for the
S11-5. (Learning Objective 3: Reporting cash flows from operating activities—indirect method) Beautiful Atlantic Transportation (BAT) began 20X6 with accounts receivable, inventory, and prepaid
S11-4. (Learning Objectives 1, 2: Using cash-flow data to evaluate performance) Top managers of Tranquility Inns are reviewing company performance for 20X6. The Income Statement reports a 25%
Project 2. Select a company in the retail industry and obtain its financial statements. Convert the Income Statement and the Balance Sheet to common size and compare the company you selected to the
Project 1. Select an industry you are interested in, and use the leading company in that industry as the benchmark. Then select two other companies in the same industry. For each category of ratios
Refer to Nestlé’s consolidated financial statements in Appendix A (available on www.pearsonglobaleditions.com/Harrison).Requirements Use the consolidated financial statements and the data in
Turnberry Golf Corporation’s long-term debt agreements make certain demands on the business. For example, Turnberry may not purchase treasury shares in excess of the balance of retained earnings.
Case 2. (Learning Objective 4: Analyzing the effects of an accounting difference on the ratios) Assume that you are a financial analyst. You are trying to compare the financial statements of CNH
Case 1. (Learning Objective 5: Assessing the effects of transactions on a company) Suppose Nestlé is having a bad year in 20X4, as the company has incurred a $4.9 billion net loss.The loss has
Q12-50. The book value per share of Fatima Bell’s ordinary share outstanding at December 31, 20X6, wasa. $5,649.b. $1.84.c. $1.96.d. $2.08.
Q12-49. How many ordinary shares did Fatima Bell have outstanding, on average, during 20X6? Hint: Compute earnings per share.a. 2,946 millionb. 5,258 millionc. 5,244 milliond. 2,965 million
Q12-48. Fatima Bell’s trend of net profit margin isa. declining.b. worrisome.c. stuck at 20.8%.d. improving.
Q12-47. Fatima Bell’s long-term debt bears interest at 11%. During the year ended December 31, 20X6, Bell’s times-interest-earned ratio wasa. 137 times.b. 144 times.c. 148 times.d. 150 times.
Q12-46. Fatima Bell’s receivable collection period during 20X6 wasa. 29 days.b. 25 days.c. 21 days.d. 117 days.
Q12-45. Fatima Bell’s cash conversion cycle during 20X6 wasa. 102.7 daysb. –44.3 daysc. 91.7 daysd. 100.9 days
Q12-44. Fatima Bell’s common-size Income Statement for 20X6 would report cost of goods sold asa. 130.5%.b. up by 16.8%.c. 79.5%.d. $34,010 million.
Q12-43. Using the earliest year available as the base year, the trend percentage for Fatima Bell’s net revenue during 20X6 wasa. 121%.b. up by 21.3%.c. up by $11,842 million.d. 138%.
Q12-42. What is the largest single item included in Fatima Bell’s debt ratio at December 31, 20X6?a. Investmentsb. Cash and cash equivalentsc. Share capitald. Accounts payable
Q12-41. Fatima Bell’s acid-test ratio at year-end 20X6 is closest toa. 0.75.b. 0.68.c. 0.45.d. $8,533 million.
Q12-40. Fatima Bell’s current ratio at year-end 20X6 is closest toa. 9,390.b. 1.2.c. 0.9.d. 20.8.
Q12-39. During 20X6, Fatima Bell’s total assetsa. increased by 26.2%.b. increased by $9,390 million.c. increased by 20.8%.d. both a and b.
E12-31B. (Learning Objective 3: Preparing a common-size Income Statement) Compare the year 20X6 common-size Income Statement you performed earlier in E12-21B. How does this compare to Nestlé’s
E12-30B. (Learning Objective 3: Preparing a common-size Income Statement) Prepare a comparative common-size Income Statement for Fashion Music Co. using the 20X6 and 20X5 data of Exercise 12-27B and
E12-20A. (Learning Objective 3: Preparing a common-size Income Statement) Compare the 20X6 common-size Income Statement you performed earlier in E12-19A. How does this compare to Nestlé’s vertical
E12-19A. (Learning Objective 3: Preparing a common-size Income Statement) Prepare a comparative common-size Income Statement for Sensible Music Co., using the 20X6 and 20X5 data of Exercise 12-16A
S12-14. (Learning Objective 5: Measuring economic value added) Compute economic value added (EVA®) for Beverly Software. The company’s cost of capital is 5%. Net income was $780,000, interest
S12-9. (Learning Objective 4: Measuring profitability) Use the financial statements of Gargantua, Inc., in Short Exercises 12-6 and 12-7 to compute these profitability measures for 20X6. Show each
S12-8. (Learning Objective 4: Measuring ability to pay long-term debt) Use the financial statements of Gargantua, Inc., in Short Exercises 12-6 and 12-7.Requirements 1. Compute the company’s debt
S12-2. (Learning Objective 1: Performing trend analysis of sales and net income) Fenton, Inc., reported the following sales and net income amounts:Show Fenton’s trend percentages for sales and net
14. How much EVA® did Odyssey generate for investors during 20X7? Assume the cost of capital was 5% and use unadjusted net income.a. $2.045 millionc. $3.061 millionb. $1.943 milliond. $2.691 million
13. On May 31, 20X7, Odyssey’s ordinary shares sold for $30 per share and dividends per share were $0.50. Compute Odyssey’s dividend yield during 20X7.a. 4.1%c. 5.0%b. 2.9%d. 1.7%
12. On May 31, 20X7, Odyssey’s ordinary shares sold for $30 per share. At that price, how much did investors say $1 of the company’s net income was worth?a. $30.00c. $10.99b. $1.00d. $11.15
11. Odyssey’s return on shareholders’ equity for 20X7 wasa. 10.3%.c. 22.5%.b. 15.2%.d. $2,691 million.
10. Odyssey’s return on total revenues for 20X7 wasa. $2.69.c. 10.33%.b. $1.16.d. 15.2%.
9. The average debt ratio for most companies is 0.64. Odyssey’s total debt position looksa. risky.c. middle-ground.b. safe.d. cannot tell from the financials.
8. Odyssey’s average collection period for accounts and notes receivables isa. 17 days.c. 15 days.b. 32 days.d. 2 days.
7. Odyssey’s acid-test ratio at the end of 20X7 wasa. 0.06.c. 0.92.b. 2.83.d. 0.62.
6. Odyssey’s inventory turnover for 20X7 wasa. 61 times.c. 17 times.b. 25 times.d. 72 times.
5. A good benchmark for Odyssey Company would bea. Volvo.c. Microsoft.b. Whataburger.d. All of the above.
4. On Odyssey’s common-size Balance Sheet, Goodwill would appear asa. up by 11.9%.c. 10.06% of total revenues.b. $1,780 million.d. 0.068.
3. Which item on Odyssey’s income statement has the most favorable trend during 20X6–20X7?a. Total revenuesc. Net incomeb. Food and paper costsd. Payroll and employee benefits

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