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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

Compute the percentage increase in General Mills’s net income over the three years. That is, by what percent did it increase from 2004 to 2006? Compare the percentage increase in net income to the
The SEC requires that the annual report includea. balance sheets for the two most recent yearends and income statements for each of the three most recent years.b. balance sheets for the three most
Which of the following is usually not included in a company’s annual report?a. management discussion and analysisb. notes to the consolidated financial statementsc. report of independent
True/False The opinion rendered by a public accounting firm concerning the fairness of the presentation of the financial statements.
Identifying Ratios State the equation for each of the following:1. Working capital 2. Current ratio 3. Profit margin
Calculating Ratios Bridger reported net income of $150,000 and sales of $1,000,000 for the year. Its current assets were $300,000 and its current liabilities were $200,000 at year-end.Required
Determining Liquidity Big has current assets of $500,000 and current liabilities of $400,000. Small reports current assets of $80,000 and current liabilities of $20,000.Required Which company is more
The following items, listed in alphabetical order, are taken from the records of Grizzly Inc., a chain of outdoor recreational stores in the Northwest. Use the items to prepare two statements. First,
In auditing the financial statements of a company, does the auditor certify that the statements are totally accurate and without errors of any size or variety? Explain.
Objectives of Financial Reporting State the primary objective of financial reporting.
Classification of Assets For each of the following assets, indicate whether it is a current asset (CA) or a noncurrent asset(NCA).___________ Accounts receivable ___________ Land ___________
Multiple-Step versus Single-Step Income Statement A retailer is considering whether to prepare a multiple-step or a single-step income statement.Provide three lines that appear on a multiple-step
Profit Margin A company reported sales of $100,000; cost of goods sold of $60,000; selling, general, and administrative expenses of $15,000; and income tax expense of $10,000. Compute the company’s
Retained Earnings A company started the year with retained earnings of $200,000. During the year, it reported net income of $80,000 and paid dividends of $50,000. Compute the company’s ending
Investing and Financing Activities A company borrowed $100,000 from its bank and the next day used $80,000 of the cash from the loan to buy a new piece of equipment for its plant. Explain how each of
Characteristics of Useful Accounting Information Fill in the blank with the qualitative characteristic for each of the following descriptions. 1. Information that users can depend on to represent the
Classification of Assets and Liabilities Indicate the appropriate classification of each of the following as a current asset (CA), noncurrent asset (NCA), current liability (CL), or long-term
Selling Expenses and General and Administrative Expenses Operating expenses are subdivided between selling expenses and general and administrative expenses when a multiple-step income statement is
Missing Income Statement Amounts For each of the following cases, fill in the blank with the appropriate dollar amount. Net sales Cost of goods sold Gross profit Selling expenses General and
Income Statement Ratio The 2008 income statement of Holly Enterprises shows operating revenues of $134,800, selling expenses of $38,310, general and administrative expenses of $36,990, interest
Statement of Retained Earnings Landon Corporation was organized on January 2, 2006, with the investment of $100,000 by each of its two stockholders. Net income for its first year of business was
Components of the Statement of Cash Flows Identify each of the following items as operating (O), investing (I), financing (F), or not on the statement of cash flows (N). 1. Paid for supplies 2.
Basic Elements of Financial Reports Most financial reports contain the following list of basic elements. For each element, identify the person(s) who prepared the element and describe the information
Financial Statement Classification Potential stockholders and lenders are interested in a company’s financial statements. Identify the statement—balance sheet (BS), income statement (IS), or
Single- and Multiple-Step Income Statement Some headings and/or items are used on either the single-step or the multiple-step income statement.Some are used on both. Identify each of the following
Multiple-Step Income Statement Gaynor Corporation’s partial income statement is as follows:Sales $1,200,000 Cost of sales 450,000 Selling expenses 60,800 General and administrative expenses 75,000
Materiality Joseph Knapp, a newly hired accountant wanting to impress his boss, stayed late one night to analyze the office supplies expense. He determined the cost by month for the previous 12
Costs and Expenses The following costs are incurred by a retailer:1. Display fixtures in a retail store 2. Advertising 3. Merchandise for sale 4. Incorporation (i.e., legal costs, stock issue
Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Ruth Corporation at December 31, 2008:Required 1. Prepare in good form a
Financial Statement Ratios The following items, in alphabetical order, are available from the records of Walker Corporation as of December 31, 2008 and 2007:Required 1. Calculate the following as of
Working Capital and Current Ratio The balance sheet of Stevenson Inc. includes the following items:Required 1. Determine the current ratio and working capital.2. Beyond the information provided in
Single-Step Income Statement The following income statement items, arranged in alphabetical order, are taken from the records of Shaw Corporation for the year ended December 31, 2008:Required 1.
Multiple-Step Income Statement and Profit Margin Refer to the list of income statement items in Problem 2-6 . Assume that Shaw Corporation classifies all operating expenses into two categories: (1)
Statement of Cash Flows Colorado Corporation was organized on January 1, 2008, with the investment of $250,000 in cash by its stockholders. The company immediately purchased an office building for
Basic Elements of Financial Reports Comparative income statements for Grammar Inc. are as follows:Required The president and management believe that the company performed better in 2008 than it did
Comparing Coca-Cola and PepsiCo The current items, listed in alphabetical order, are taken from the consolidated balance sheets of Coca-Cola and PepsiCo as of December 31, 2006. (All amounts are in
Comparability and Consistency in Income Statements The following income statements were provided by Gleeson Company, a retailer:Required 1. Identify each income statement as either single-step or
Materiality Jane Erving, a newly hired accountant wanting to impress her boss, stayed late one night to analyze the long-distance calls by area code and time of day placed. She determined the monthly
Costs and Expenses The following costs are incurred by a retailer:1. Point of sale systems in a retail store 2. An ad in the yellow pages 3. An inventory-control computer software system 4. Shipping
Classified Balance Sheet The following balance sheet items, listed in alphabetical order, are available from the records of Singer Company at December 31, 2008:Required 1. Prepare a classified
Financial Statement Ratios The following items, in alphabetical order, are available from the records of Quinn Corporation as of December 31, 2008 and 2007:Required 1. Calculate the following as of
Working Capital and Current Ratio The balance sheet of Kapinski Inc. includes the following items:Required 1. Determine the current ratio and working capital.2. Kapinski appears to have a positive
Single-Step Income Statement The following income statement items, arranged in alphabetical order, are taken from the records of Corbin Enterprises for the year ended December 31, 2008:Required 1.
Multiple-Step Income Statement and Profit Margin Refer to the list of income statement items in Problem 2-6A . Assume that Corbin Enterprises classifies all operating expenses into two categories:
Statement of Cash Flows Wisconsin Corporation was organized on January 1, 2008, with the investment of $400,000 in cash by its stockholders. The company immediately purchased a manufacturing facility
Basic Elements of Financial Reports Comparative income statements for Thesaurus Inc. are as follows:Required The president and management believe that the company performed better in 2008 than it did
Comparing Starwood Hotels & Resorts and Hilton Hotels The following current items, listed in alphabetical order, are taken from the consolidated balance sheets of Starwood Hotels & Resorts
Comparability and Consistency in Income Statements The following income statements were provided by Chisholm Company, a wholesale food distributor:Required 1. Identify each income statement as either
Comparing Two Companies in the Same Industry: General Mills and Kellogg’s Refer to the financial information for General Mills and Kellogg’s reproduced at the back of the book for the information
Reading General Mills’s Balance Sheet Refer to General Mills’s balance sheet reproduced at the back of the book to answer the following questions.Required 1. Which is the largest of General
Analysis of Cash Flow for a Small Business Charles, a financial consultant, has been self-employed for two years. His list of clients has grown, and he is earning a reputation as a shrewd investor.
Factors Involved in an Investment Decision As an investor, you are considering purchasing stock in a chain of theaters. The annual reports of several companies are available for comparison.Required
The Expenditure Approval Process Roberto is the plant superintendent of a small manufacturing company that is owned by a large corporation. The corporation has a policy that any expenditure over
Explain the difference between an external and internal event.
Explain the role of source documents in an accounting system.
Analyze the effects of transactions on the accounting equation and understand how these transactions affect the balance sheet and the income statement.
Define the concept of a general ledger and understand the use of the T account as a method for analyzing transactions.
Explain the rules of debits and credits.
Explain the purposes of a journal and the posting process.
Explain the purpose of a trial balance.
Which of the following events is not an external event?a. a sale to a customerb. a purchase of inventory from a supplierc. payment to the newspaper for advertisingd. recognition of the use of
Which of the following is necessary to recognize an event as a transaction?a. It must be subject to measurement.b. It must be an external event.c. It must be an internal event.d. It must be an event
Is the purchase of a new airplane an internal or external event? The company subsequently recognizes the use of the plane by recording depreciation.Is this an internal or external event?
A source document isa. the same form for all transactions.b. the evidence needed to record a transaction.c. not used in a computerized accounting system.d. none of the above.
Which of the following is an example of a source document?a. a cash register tapeb. an invoice from a customer’s purchasec. an employee’s time cardd. All of the above are examples of source
A company borrows $5,000 at a local bank.This transaction would result ina. an increase in Cash and a decrease in Retained Earnings.b. an increase in Cash and an increase in Accounts Payable.c. an
The collection of the amount owed by a customer on account would result ina. an increase in Cash and an increase in Accounts Receivable.b. an increase in Cash and a decrease in Accounts Receivable.c.
How many operating expenses does the company report on its income statement? What is the dollar amount of the largest of these?
As an accounting convention, the left side of an asset account is used to recorda. increases.b. decreases.c. both increases and decreases.d. none of the above.
The file or book that contains all of a company’s accounts is calleda. a journal.b. a general ledger.c. a balance sheet.d. none of the above.
The payment of the amount owed to a supplier on account would be recorded asa. a debit to Cash and a credit to Accounts Payable.b. a debit to Accounts Payable and a credit to Cash.c. a debit to
A theater sells a movie ticket for cash. This would be recorded asa. a debit to Sales Revenue and a credit to Cash.b. a debit to Cash and a credit to Accounts Receivable.c. a debit to Cash and a
The posting reference column in a general journal is useda. to indicate the page number of the journal.b. to indicate the account number for the account being debited or credited.c. to indicate the
Entries are posted froma. the journal to the ledger.b. the ledger to the journal.c. the journal directly to the financial statements.d. order differs depending on the type of company.
A trial balancea. is one of the primary financial statements.b. will not balance if the wrong account is debited.c. is a list of each account and its balance.d. none of the above.
Which of the following errors would not be detected by the preparation of a trial balance?a. Cash was debited when the debit should have been to Accounts Receivable.b. An entry was recorded with a
The following transactions are entered into by Sparkle Car Wash during its first month of operations:a. Articles of incorporation are filed with the state, and 20,000 shares of capital stock are
Your Debits and Credits Assume that you borrow $1,000 from your roommate by signing an agreement to repay the amount borrowed in six months.Required 1. What is the effect of this transaction on your
A Bank’s Debits and Credits The Third State Bank loans a customer $5,000 in exchange for a promissory note.Required 1. What is the effect of this transaction on the bank’s accounting equation?2.
Debits and Credits for Southwest Airlines Assume that Southwest Airlines borrows $25 million by signing a promissory note. The next day the company uses the money to buy a new airplane.Required 1.
What is meant by this statement: One company’s account receivable is another company’s account payable?
What do accountants mean when they refer to the double-entry system of accounting?
Types of Accounts For each of the following accounts, indicate whether it is a balance sheet (BS) account or an income statement (IS) account. Prepaid insurance Sales revenue Income taxes payable
Debits and Credits For each of the following accounts, indicate whether it would be increased with a debit or a credit. Accounts payable Office supplies Interest revenue Income tax expense Income tax
Journalizing Transactions Prepare in good form the journal entry to record each of the following transactions on the books of ABC.January 10, 2007: ABC is incorporated by issuing $50,000 of common
Trial Balance For each of the following errors, indicate with a Y for yes or an N for no whether it would be detected by preparation of a trial balance.a. Cash is debited instead of Accounts
Types of Events For each of the following events, identify whether it is an external event that would be recorded as a transaction (E), an internal event that would be recorded as a transaction (I),
Source Documents Matched with Transactions Following are a list of source documents and a list of transactions. Indicate by letter next to each transaction the source document that would serve as
Types of Transactions There are three elements to the accounting equation: assets, liabilities, and stockholders’ equity.Although other possibilities exist, five types of transactions are described
Balance Sheet Accounts and Their Use Choose from the following list of account titles the one that most accurately fits the description of that account or is an example of that account. An account
Normal Account Balances Each account has a normal balance. For the following list of accounts, indicate whether the normal balance of each is a debit or a credit. Account 1. Cash 2. Prepaid Insurance
Debits and Credits The new bookkeeper for Darby Corporation is getting ready to mail the daily cash receipts to the bank for deposit. Because his previous job was at a bank, he is aware that the bank
Trial Balance The following list of accounts was taken from the general ledger of Spencer Corporation on December 31, 2008. The bookkeeper thought it would be helpful if the accounts were arranged in
Journal Entries Recorded Directly in T Accounts Record each of the following transactions directly in T accounts using the numbers preceding the transactions to identify them in the accounts. Each
Trial Balance Refer to the transactions recorded directly in T accounts for the We-Go Delivery Service in Exercise 3-9 . Assume that all of the transactions took place during December 2008. Prepare a
Determining an Ending Account Balance Jessie’s Accounting Services was organized on June 1, 2008. The company received a contribution of $1,000 from each of the two principal owners. During the
Reconstructing a Beginning Account Balance During the month, services performed for customers on account amounted to $7,500 and collections from customers in payment of their accounts totaled $6,000.
Journal Entries Prepare the journal entry to record each of the following independent transactions. (Use the number of the transaction in lieu of a date for identification purposes.)1. Services
The Process of Posting Journal Entries to General Ledger Accounts On June 1, Campbell Corporation purchased 10 acres of land in exchange for a promissory note in the amount of $50,000. Using the
Events to Be Recorded in Accounts The following events take place at Dillon’s Delivery Service:1. Supplies are ordered from vendors who will deliver the supplies within the week.2. Vendors deliver

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