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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

Ratings agencies such as Moody's and Standard & Poor's rate securities to give investors an independent grading of the risks involved in financial transactions. A few years ago, both Moody's and
On its 2019 income statement, AT&T reports a 7.2 percent increase in revenue from $152 billion in 2018 to $163 billion in 2019. Yet net income dropped by 28 percent from $19.4 billion to $13.9
The components of 2019 comprehensive income for CVS Health and for Walgreens Boots Alliance, competing drugstore chains, are outlined as follows (dollars in millions):INSTRUCTIONS:a. Compute
Unilever Group, a Dutch-based consumer-goods company that publishes IFRS-based financial statements, reported a net profit on its 2019 income statement of 6.0 billion euros. That same year, the
Each year since 2014, Home Depot has purchased at least $7 billion of its own outstanding common stock , averaging over $8 billion per year, recording it all as treasury stock. The accumulated total
Google Inc. (now part of Alphabet Inc.) presented the following information in its statement of cash flows in a recent annual report (amounts in millions):The following information was taken from
When Walt Disney Co. declared a 4:1 split of its common stock, the announcement boosted the entertainment company's shares up by $3.50 per share.INSTRUCTIONS:a. What is a 4:1 stock split, and how did
The Wall Street Journal reported that shareholders of Kraft Foods, now part of KraftHeinz, "can afford to give management more time to improve its brands, sales margins, and earnings" because of the
The shareholders' equity section of Rudnicki Corporation contained the following balances as of December 31, 2020:During 2021, Rudnicki Corporation entered into the following transactions affecting
The 2019 statement of shareholders' equity of Starbucks, the coffee shop retailer, included the following information concerning common stock (in millions):INSTRUCTIONS:a. Compute the average prices
The following information came from the financial records of Maverick Corporation:Maverick began operations on January 1, 2015. The company has paid the following amounts in cash dividends over the
The following information was taken from the 2019 annual report of Coca-Cola ( dollar and share amounts in millions):a. At what average price did the company repurchase its shares in 2017?b. At what
Several independent transactions are as follows:1. 10,000 shares of no-par common stock are issued for $50 per share.2. 10,000 shares of $1 par value common stock are issued for $40 per share.3.
The following information was taken from the 2019 statement of shareholders' equity for Microsoft (dollars in billions).INSTRUCTIONS:a. Explain the nature of stock-based compensation expense.b. Why
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Ford and General Motors, competing motor vehicle manufacturers,
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Walmart and Dollar General, competing discount department
During the 2008-2009 financial crisis, the stock market plummeted, and many companies tried to take advantage of the depressed prices by buying back large amounts of their own stock. Amazon, for
On January 1, 2020, Tracy Supply purchased ten bonds on the open market, paying $9,260. The bonds had a total face value of $10,000, a stated interest rate of interest of 5 percent, and a time to
On January 1, 2020, Q-Mart entered into a five-year lease agreement requiring annual payments of $10,000 on December 31 of each year. The fair market value of the building was estimated by appraisers
Treadway Company issued bonds with a face value of $20,000 on January 1, 2020. The bonds were due to mature in five years and had a stated annual interest rate of 8 percent. The bonds were issued at
Coral Sands Marina issued 100 five-year bonds on July 1, 2021. The interest payments are due semiannually (January 1 and July 1) at an annual rate of 8 percent. The effective rate on the bonds is 6
Ficus Tree Farm issued five $1,000 bonds with a stated annual interest rate of 12 percent on January 1, 2021. The bonds mature on January 1, 2026. Interest is paid semiannually on June 30 and
Hartney Enterprises issued twenty $1,000 bonds on June 30, 2021, with a stated annual interest rate of 6 percent. The bonds mature in six years. Interest is paid semiannually on December 31 and June
During November 2017, Southwest Airlines issued five-year notes with a face value of $300 million. The stated interest rate on the notes was 2.8 percent, and proceeds from the issuance
The Wall Street Journal reported that many companies take advantage of the depressed market values of their own debt, and buy their own bonds at steep discounts below the debt's face value. Beazer
The Wall Street Journal reported that on a particularly strong day in the stock market, the prices of long-term bonds issued by companies such as Apple, Merck, Microsoft, and McDonald's all dropped
During fiscal 2020, Delta Airlines, which leases most of its aircraft, paid approximately $1.3 billion on its lease contracts-$269 million on financing leases and a little over $1 billion on
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Pfizer and Merck, competing drug manufacturers, on long-term
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Macy's and Dillards, competing firms in the apparel industry,
The 2019 IFRS-based balance sheet published by Volkswagen AG, the well-known German automaker, listed an account called "provisions" (divided into current and noncurrent categories) with a total
The following information was taken from the 2019 annual reports of Wal greens and CVS, competing drug store chains (dollars in millions):INSTRUCTIONS:Compute the conservatism ratios for both
The following information was taken from the 2019 annual report of Emerson, a leader in process management, technology, network power, and industrial automation (dollars in
DuPont, the giant chemical company, booked restructuring charges (expenses) on its income statement in 2019, 2018, and 2017. The 2019 charge was $138 million, which included a $34 million asset
Abbott Laboratories, a major pharmaceutical company, reported the following current liabilities in its 2019 and 2018 annual reports (dollars in millions):INSTRUCTIONS:a. Briefly describe the
Agilent Technologies Inc., a diversified technology company, sells extended warranties for the products and services provided to customers, deferring the revenue until future recognition. The
Norsums Department Store sells gift certificates that are redeemable in merchandise. During 2020, Norsums sold gift certificates for $88,000. Merchandise with the total price of $52,000 was redeemed
Lifschultz Fast Freight, which collapsed a few years ago when its owner died, once reported a book value of less than zero (i.e., reported liabilities exceeded reported assets). Yet the company's
On January 1, 2016, Lacey Treetoppers borrowed $300,000. The principal is to be paid back in annual payments of $20,000 on December 30 of each year.a. Assuming that Lacey has met all principal
The 2019 annual report for HCA Inc., a nationwide chain of hospitals, contains the following statement in the footnotes to the financial statements:Reserves for professional liability risks were $
Target Corporation's 2019 financial statements included the following items (dollars in millions):a. Assuming that accounts payable refers only to inventory suppliers, compute the cash payments made
United Airlines Holdings discloses two accounts on its financial statements entitled "Advanced ticket sales" and "Frequent flyer deferred revenue" with 2019 balances of $4.8 billion and $2.4 billion,
FedEx Corporation, a world leader in express mail services, reported the following in its May 31, 2019, financial statements (dollars in millions):The company's long-term debt contains restrictive
Eastman Chemical's 2019 annual report stated that the company's liabilities for environmental contingent liabilities were $287 million and $296 million for 2019 and 2018, respectively.a. Describe how
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Accenture and Amdocs, competing companies in the computer
The following information was taken from the 2019 annual report of Target Corporation (dollars in millions):a. Compute the inventory purchases made by Target during 2019. Record a single entry that
On January 1, 2020, Diversified Industries purchased Specialists Inc. for $1.8 million. The balance sheet of Specialists Inc. at the time of purchase follows:The total FMV of the individual assets of
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Verizon and T-Mobile, competing firms in the telecommunications
Apex Trucking purchased a truck for $ 100,000 on January 1, 2020. The useful life of the truck was estimated to be either five years or 200,000 miles. Salvage value was estimated at $20,000. Over the
Westmiller Construction Company purchased a new truck on December 31, 2020, for $48,000. The truck has an estimated useful life of three years and an estimated salvage value of $12,000. When the
Gidley Inc. purchased a piece of equipment on January 1, 2020. The following information is available for this purchase:INSTRUCTIONS:a. Compute the cost of the equipment that should be capitalized.b.
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Merck and Abbvie, competing drug manufacturers, on
The Boeing Company reported in its 2019 annual report $1,567 million in depreciation expense and $704 million in amortization expense for the year ending December 31, 2019.a. Describe how the
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of General Electric (GE) and Raytheon, competing firms in the
The following information was extracted from the December 31, 2020, balance sheets of four different companies:There were no transactions in equity securities during 2021, and as of December 31,
Lowery Inc. purchased new plant equipment on January 1, 2020. The company paid $920,000 for the equipment, $62,000 for transportation of the equipment, and $10,000 for insurance on the equipment
Mystic Lakes Food Company began investing in equity securities for the first time in 2020. During 2020, the company engaged in the following transactions involving equity securities. Assume that the
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Microsoft and Apple, competing firms in the computer services
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Chevron and Imperial, competing firms in the oil and gas
Albertson's Locksmith Corporation started operations on January 1, 2019. Albertson's estimates uncollectibles using the percentage-of-credit-sales method. The following information pertains to the
TII Industries makes over-voltage protectors, power systems, and electronic products primarily for use in the communications industry. Several years ago, the company reported that it took "a
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of DuPont and LyondellBasell Industries, competing firms in the
The operating profits from 2017 to 2019 reported by each of Johnson & Johnson's primary business segments are provided below. Sales numbers for each of the segments are provided in ID5.14
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Caterpillar and AGCO, competing firms in the farm and
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Caterpillar and AGCO, competing companies in the farm and
At the end of 2020, Montvale Associates borrowed $120,000 from the Bay liner Bank. The debt covenant specified that Montvale's debt/equity ratio could not exceed 1.5: 1 during the period of the loan.
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of ExxonMobil and Imperial Oil, competing companies in the oil and
The following information was obtained from the 2020 financial reports of Hathaway Toy Company and Yakima Manufacturing:Assume that the only change to shareholders' equity during 2020 is due to net
Excerpted financial information from the records of The Gap Inc., a major clothing retailer, follows (dollars in millions):a. Compute the current ratio for each year.b. Compute the gross margin
You are considering investing in Eli Lilly, a major pharmaceutical company. As part of your investigation of Lilly, you obtained the following balance sheets for the years ended December 31, 2019 and
Burger chain Shake Shack announced third-quarter 2019 earnings of $10.3 million, on revenues that were over 31 percent higher than those of the same period in the prior year. Earnings per share
The following information was taken from the financial statements of Coca-Cola and PepsiCo (dollar amounts in millions).a. Compute return on equity, return on assets, capital structure leverage,
Excerpts from the 2019 financial report of Intel, a computer-processor manufacturer, are as follows (dollars in millions).From the information above, compute ROE, ROA, capital structure leverage,
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Becton Dickinson and ResMed, competitors in the medical
The following ratios were computed from the 2019 financial statements of Nordstrom and Macy's. Explain why Nordstrom has a higher ROE and a higher ROA.
Advanced Micro Devices, a global technology company, reported the following selected items as part of its 2019 annual report (dollars in millions):INSTRUCTIONS:Compute the following ratios:1. Current
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e.a. Create a table that compares the performance of Kohl 's and JC Penney, competing retail fashion stores, on
Excerpts from the fiscal 2019 financial report of Cisco Systems, a leading Internet networker, are provided below (dollars in millions).From the information below, compute ROE, ROA, capital structure
The following information was taken from the 2019 financial statements of Nordstrom and Macy's. Using this information, compute the following ratios for 2019: ROE, ROA, capital structure leverage,
Tony's Business is a small retailer that began operations on January 1, 2020. During 2020, the following transactions occurred:1. Tony contributed $20,000 of his own money to the business.2. $60,000
Condensed balance sheets for 2017 and 2018 and the 2018 income statement for Goodyear, the world's largest tire company, are as follows (dollars in millions).a. Assume that early in 2019 Goodyear is
The following balances were taken from the December 31, 2019, balance sheet of AT&T (dollars in millions):Early in 2020, AT&T considered the financial effects of several
The following balances were taken from the December 31, 2019, balance sheet of Manpower Inc., a world-leading workforce provider (dollars in millions):Early in 2020, Manpower considered the financial
The following balances were taken from the October 31, 2019, balance sheet of HP, Inc. (dollars in millions).INSTRUCTIONS:For each of the five events listed here, indicate how they would affect the
The balance sheet of Wal greens, a leading chain drugstore, as of August 31, 2019, appears as follows (dollars in millions):INSTRUCTIONS:Assume that the following eight transactions occurred the next
Prustate Insurance Company collected $240,000 from Jacobs Printing Corporation for a two-year fire insurance policy on May 31, 2020. The policy is in effect from June 1, 2020, to May 31,
The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2020 with a December 31 closing date.a. Compute the ending cash balance.b. Prepare a
The following information was taken from the 2019 annual report of Bristol-Myers Squibb, a world-leading drug company (dollars in millions).Prepare an income statement, balance sheet, and statement
The following accounts and balances were taken from the records of American Airlines (dollars in millions).Identify each account as an income statement or balance sheet account. Where is each account
In the late 1990s, the Internet explosion sent the share values of well-known Internet companies soaring. Many of these companies took advantage of the high prices by making major share issuances and
Below are several transactions entered into by Rodman Consulting Company during 2020. Unless otherwise noted, all transactions involve cash.1. Purchased equipment for $150,000.2. Paid employees
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and create a statement that explains the change in Bed, Bath and Beyond's retained earnings balance during
During 2020, Brenda's Bookstore (BB) opened ten new locations in the greater metro area. During 2020, the following took place for these new locations:Revenue recognition: BB sold $90,000 of
The Atlantic Bears, a major league sports team, began the season with five home games to be played in March. Other financial information follows:• During January and February 2020, the team
RDP and Brothers purchased a panel truck for $25,000 on January 1, 2020. It estimated the life of the truck to be five years and estimated its value to be zero at the end of the five years, and it
Micro IT manufactures and sells computers. Each of its computers includes Micro IT software that is created by the company and included in the sales price of the computer. As part of the sales
Sales data for the fiscal years 2017, 2018, and 2019 for Advanced Micro Devices (AMD) follows (dollars in billions):According to the financial statements, sales increased by 26 percent from 2017 to
The 2019 annual report for Cisco Systems contains the following information (dollars in millions):On the income statement, Cisco reported that the cost of sales related to the inventory was $14.9
Celadon Trucking filed for bankruptcy in December 2019 due to an inability to cover its debt payments. As part of its agreement to borrow money from lenders, the company has debt restrictions that
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and compare and discuss the size of two large Internet information providers: U.S.-based Alphabet, which reports
Travel booking websites (like Expedia, Travelocity, and Priceline) make their money by charging a customer an amount (say, $ 1,000) that is larger than the amount they pay the airline or hotel that

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