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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

How do accountants justify reporting assets on a balance sheet at their historical cost?a. Cost is more objective than market value.b. Cost is more subjective than market value.c. Cost is an
Which of the following groups is currently responsible for setting accounting standards in the United States?a. American Institute of Certified Public Accountantsb. Financial Accounting Standards
Who ultimately has responsibility for a company’s financial statements?a. stockholdersb. managementc. external auditorsd. Securities and Exchange Commission
Analyze the key elements in the situation by answering these questions in sequence:a. Who may benefit or be harmed?b. How are they likely to benefit or be harmed?c. What rights or claims may be
Determine what alternative methods are available to report the transaction, situation, or event. Answer the following questions:a. How relevant and reliable are the alternatives? Timeliness should be
For accounting information to be useful in making informed decisions it must bea. relevant.b. reliable.c. both relevant and reliable.d. neither of these qualities is important.
The first step in the ethical decision-making model presented in this section is toa. list the alternatives and evaluate the impact of each on those who may be affected.b. recognize an ethical
Introduction to Business1. A future economic benefit.2. Abusiness owned by two or more individuals; the organization form often used by accounting firms and law firms.3. An inflow of assets resulting
Introduction to Accounting1. A statement that summarizes revenues and expenses for a period of time.2. The statement that summarizes the income earned and dividends paid over the life of a
Consider your own situation in terms of assets and liabilities.Required 1. Name three of your financial assets.2. Name three of your financial liabilities.
Think about Kellogg’s business in balance sheet terms.Required 1. Name three of Kellogg’s assets.2. Name three of Kellogg’s liabilities.
Place Kellogg’s total assets, total liabilities, and total stockholders’ equity in the form of the accounting equation. (Use the December 30, 2006, amounts.)
How do the duties of the controller of a corporation typically differ from those of the treasurer?
What are the three basic types of services performed by public accounting firms?
Greenway Corporation is organized on June 1, 2008. The company will provide lawn-care and tree-trimming services on a contract basis. Following is an alphabetical list of the items that should appear
Types of Businesses List the names of three companies with which you are familiar that are manufacturers or producers.Also list the names of three companies that are retailers. Finally, provide the
Forms of Organization What does it mean when you own a share of stock in a company rather than one of its bonds?
Business Activities Assume that you are starting a new business. In which type of business activity will you engage first? Identify the order in which the remaining two activities will occur.
Monetary Unit What monetary unit is used to prepare financial statements for companies in the United States?for companies in Japan?
Users of Accounting Information and Their Needs Listed below are a number of the important users of accounting information. Following the list are descriptions of a major need of each of these
The Accounting Equation For each of the following independent cases, fill in the blank with the appropriate dollar amount. Assets = Liabilities Case 1 $125,000 $ 75,000 Case 2 400,000 Case 3 320,000
The Accounting Equation Ginger Enterprises began the year with total assets of $500,000 and total liabilities of $250,000.Using this information and the accounting equation, answer each of the
The Accounting Equation Using the accounting equation, answer each of the following independent questions.1. Burlin Company starts the year with $100,000 in assets and $80,000 in liabilities. Net
Changes in Owner’s Equity The following amounts are available from the records of Coaches and Carriages Inc. at the end of the years indicated:Required 1. Compute the changes in Coaches and
Net Income (or Loss) and Retained Earnings The following information is available from the records of Prestige Landscape Design Inc. at the end of the 2008 calendar year:Required Use the previous
Statement of Retained Earnings Ace Corporation has been in business for many years. Retained earnings on January 1, 2008, is$235,800. The following information is available for the first two months
Accounting Principles and Assumptions The following basic accounting principles and assumptions were discussed in the chapter:Economic entity Monetary unit Cost principle Going concern Time period
Organizations and Accounting Match each of the organizations listed below with the statement that most adequately describes the role of the group. Securities and Exchange Commission International
Users of Accounting Information and the Financial Statements Following are a number of users of accounting information and examples of questions they need answered before making decisions. Fill in
Kellogg’s Land Refer to Kellogg’s balance sheet reproduced in the chapter.Required In which of the assets would you expect Kellogg’s land to be included? What does this amount represent (i.e.,
You Won the Lottery You have won a lottery! You will receive $200,000, after taxes, each year for the next five years.Required Describe the process you will go through in determining how to invest
Users of Accounting Information and Their Needs Havre Company would like to buy a building and equipment to produce a new product line.Some information about Havre is more useful to some people
Balance Sheet The following items are available from records of Freescia Corporation at the end of the 2008 calendar year:Required Prepare a balance sheet. Hint: Not all of the items listed should
Corrected Balance Sheet Dave is the president of Avon Consulting Inc. Avon began business on January 1, 2008. The company’s controller is out of the country on business. Dave needs a copy of the
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Maple Park
Income Statement and Balance Sheet Green Bay Corporation began business in July 2008 as a commercial fishing operation and a passenger service between islands. Shares of stock were issued to the
Corrected Financial Statements Hometown Cleaners Inc. operates a small dry-cleaning business. The company has always maintained a complete and accurate set of records. Unfortunately, the company’s
Statement of Retained Earnings for The Walt Disney Company The Walt Disney Company reported the following amounts in various statements included in its 2006 annual report. (All amounts are stated in
Information Needs and Setting Accounting Standards The Financial Accounting Standards Board requires companies to supplement their consolidated financial statements with disclosures about segments of
Primary Assumptions Made in Preparing Financial Statements Joe Hale opened a machine repair business in leased retail space, paying the first month’s rent of$300 and a $1,000 security deposit with
What to Do with a Million Dollars?You have inherited $1 million!Required Describe the process you will go through in determining how to invest your inheritance.Consider at least two options and
Users of Accounting Information and Their Needs Billings Inc. would like to buy a franchise to provide a specialized service. Some information about Billings is more useful to some people involved in
Balance Sheet The following items are available from the records of Victor Corporation at the end of its fiscal year, July 31, 2008:Required Prepare a balance sheet. Hint: Not all of the items listed
Corrected Balance Sheet Pete is the president of Island Enterprises. Island Enterprises began business on January 1, 2008.The company’s controller is out of the country on business. Pete needs a
Income Statement, Statement of Retained Earnings, and Balance Sheet The following list, in alphabetical order, shows the various items that regularly appear on the financial statements of Sterns
Income Statement and Balance Sheet Fort Worth Corporation began business in January 2008 as a commercial carpet-cleaning and drying service. Shares of stock were issued to the owners in exchange for
Corrected Financial Statements Heidi’s Bakery Inc. operates a small pastry business. The company has always maintained a complete and accurate set of records. Unfortunately, the company’s
Statement of Retained Earnings for Brunswick Corporation Brunswick Corporation reported the following amounts in various statements included in its 2006 annual report. (All amounts are stated in
Information Needs and Setting Accounting Standards The Financial Accounting Standards Board requires companies to supplement their consolidated financial statements with disclosures about segments of
Primary Assumptions Made in Preparing Financial Statements Millie Abrams opened a ceramic studio in leased retail space, paying the first month’s rent of $300 and a $1,000 security deposit with a
An Annual Report as Ready Reference Refer to the excerpts from Kellogg’s annual report reprinted at the back of the book and identify where each of the following users of accounting information
Reading and Interpreting Kellogg’s Financial Statements Refer to the financial statements for Kellogg’s reproduced in the chapter and answer the following questions.1. What was the company’s
Comparing Two Companies in the Same Industry: Kellogg’s and General Mills Refer to the financial information for Kellogg’s and General Mills reproduced at the end of the book and answer the
An Investment Opportunity You have saved enough money to pay for your college tuition for the next three years when a high school friend comes to you with a deal. He is an artist who has spent most
Preparation of Projected Statements for a New Business Upon graduation from MegaState University, you and your roommate decide to start your respective careers in accounting and salmon fishing in
Responsibility for Financial Statements and the Role of the Auditor Financial statements are the means by which accountants communicate to external users. Recent financial reporting scandals have
The condensed 2019 balance sheet of Honeywell International follows (dollars in millions):Outstanding were 712.6 million shares of common stock and no preferred stock. The following instructions are
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and prepare projected balance sheets and income statements for 2020 and 2021 for Walmart, the discount retail
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and prepare projected balance sheets and income statements for 2020 and 2021 for Accenture, the computer systems
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and prepare projected balance sheets and income statements for 2020 and 2021 for Verizon, the telecommunications
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and prepare a projected balance sheet and income statement for FedEx, the delivery service, for 2020. Assume that
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and prepare a projected balance sheet and income statement for DuPont, the chemical company, for 2020. Assume that
Compute the present value of $10,000 received at the beginning of each year over the following time periods at the following discount rates. Complete the following table: Time Periods
Barnhiser Goods needs $100,000 to finance a project. It is negotiating a loan, and the bank has offered several different payment schedules. Compute the effective interest rate on each schedule, and
Compute the present value of $10,000 received at the end of each year over the following time periods at the following discount rates. Complete the following table: Time Periods (Years) Compound
Compute the present value of $10,000 received at the end of the following time periods at the following discount rates. Complete the following table: Time Periods (Years) Compound Interest
The following information was taken from the IFRS-based 2019 financial statements published by Carrefour, a French retailer (in million euros):From the information above, estimate net cash from
Lynch Engineering Firm provided the following income statement for 2021 in its annual financial report:1. The company declared and paid a dividend of $550,000 in 2020 but did not declare any
The operating cash flows and balance sheet excerpts of Schlee and Associates for the period ending December 31, 2021, follow. Compute net income for the period ending December 31, 2021. OPERATING
Mick's Photographic Equipment began operations on January 1, 2020. During 2020, the company entered into the following transactions:1. Issued 50,000 shares of $15 par value common stock for $30 per
ISS Inc. began operations on January 1, 2021. It engaged in the following economic events during 2021:1. Issued 6,000 shares of no-par common stock for $10 per share.2. Purchased on account 20,000
Excerpts from the 2019 financial statements of General Mills are as follows ( dollars in millions):For 2019, compute estimates of cash receipts from customers and cash payments to suppliers. Assume
The following information was taken from the records of Dylan's Toys:Equipment with a cost of $8,000 was sold during 2021.a. How much equipment was purchased during 2021?b. How much cash was
Airbus, a global French aircraft manufacturer, prepares its financial statements in accordance with IFRS. On its 2019 income statement, it reported a net loss of approximately 1.3 billlion euros,
Starbucks is a relatively young, fast-growing company that is a pioneer and leader in its industry. Excerpts from its 2019 statement of cash flows are as follows (dollars in millions):INSTRUCTIONS:a.
The following information was taken from the 2019 annual report and statement of cash flows of Eli Lilly, a major pharmaceutical (dollars in millions):INSTRUCTIONS:a. Discuss the cash management
The following information was taken from the 2019 annual report of Hewlett-Packard, a leading technology manufacturer (dollars in millions):INSTRUCTIONS:a. Compute the missing dollar amounts.b.
In May, 2019, Uber Technologies, Inc., went public. Selected information from its 2020 statement of cash flows is provided below (dollars in billions).INSTRUCTIONS:a. What has happened to Uber's cash
Ruttman Enterprises began operations in early 2019. Summaries of the statement of cash flows for the years 2019, 2020, and 2021 follow:INSTRUCTIONS:a. Compute the missing dollar amounts.b. Briefly
The statement of cash flow for Facebook contained the following numbers ( dollars in millions):a. Explain how profit could decrease while cash from operations increased over the same time period.b.
Several transactions entered into by Travis Retail during 2021 follow:1. Received $50,000 for wine previously sold on account.2. Paid $55,000 in salaries and wages.3. Sold a building for $100,000.
Excerpts of statements of cash flows reported by Kraft Foods, Kellogg's, and General Mills, three companies in the food industry, are provided in the following table (dollars in millions):For each
The following information was taken from the 2019 statements of cash flow for Agilent Technologies and Advanced Micro Devices (dollars in millions):a. Compute the change in cash for both companies.b.
Cash flows from three well-known Internet companies are provided in the following chart (dollars in millions):INSTRUCTIONS:Describe the similarities and differences of the cash flow policies across
Pier 1 Imports reported cost of sales of $1.1 billion for fiscal 2019. Inventory increased during the year from $347.4 million to $347.6 million, and accounts payable (related to inventory purchases)
Pier 1 Imports reported retail sales for fiscal 2019 of $1.6 billion. During the year, accounts receivable decreased from $22.2 million to $21.2 million. Estimate the cash collected by Pier 1
Access the Data Analytic worksheet in at www.wiley.com/go/pratt/financialaccounting11e and create a table that includes statement of cash flow information for Fiat Chrysler and Tesla, competing motor
Madigan International is planning a major stock issuance in early 2022. During 2021, the company reported net income from operations of $865,000 before taxes. The following four items describe major
Kennington Company has outstanding debt that contains restrictive covenants limiting dividends to 15 percent of net income from continuing operations. During 2021, the company reported net operating
Laidig Industries has prepared the following unadjusted trial balance as of December 31, 2021:ADDITIONAL INFORMATION:1. A physical count of inventory on December 31, 2021, indicated that the company
Carrefour, a French retailer, publishes financial statements under IFRS, denominated in euros. Toyota, the Japanese automobile producer, publishes financial statements under U.S. GAAP, denominated in
It is December 2021, and Sharon Sowers, the CEO of Mallory Services, has decided to sell the clerical division. She has received an offer for $105,000 but is undecided about whether she wishes to
General Electric's 2019 annual report, which included a statement of comprehensive income, contained the following items (dollars in millions):INSTRUCTIONS:a. From top to bottom, list each item as it
This excerpt was taken from an income statement for McDonald's (dollars in millions):INSTRUCTIONS:a. Why is there a distinction between net earnings from continuing operations and net earnings
LTB Enterprises consists of four separate divisions: building products, chemicals, mining, and plastics. On March 15, 2021 , LTB sold the chemicals division for $625,000 cash. Financial information
In a three-year period, AT&T, the telecommunications provider, reported net income of $1.9 billion (Year 3), a net loss of $13 billion (Year 2), and net income of $7.7 billion (Year 1). Included
In the shareholders' equity section of its 2018 and 2019 balance sheets, H&R Block reported accumulated other comprehensive income balances of $(14.3) million and $(20.4) million, respectively.
The managers of Martin House are paid a salary and share in a bonus that is determined at the end of each year. The total bonus is determined by multiplying the company's income from operations by 25
When Anheuser-Busch Company recognized a $160 million charge on its income statement for the closure of Tampa Breweries, it consisted of a write-down of plant assets of $113.7 million, employee
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of International Paper and Weyerhaeuser, competing

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