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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

Palomar Paper Products purchased land in 2002 for $15,000 cash. The company has held the land since that time. In 2020, Palomar purchased another tract of land for $ 15,000 cash. Assume that prices
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and compare and discuss the size of two large media companies: U.S.-based News Corp, which reports U.S. GAAP
Southwest Airlines is a major airline. The following information was taken from its 2019 annual report. Compute the missing amounts in the following table. Describe and evaluate the company's cash
Ted Tooney has operated a small service company for several years. The following information is from the financial statements prepared by Ted's accountant.INSTRUCTIONS:Assume that you have some
The information below was taken from the 2019 annual report of Cisco Systems, a worldwide leader in networking for the Internet. Compute the missing amounts in the following table. Describe and
The chief executive officer of Romney Heights has included the following information from the financial statements in a loan application submitted to Acme Bank. The company intends to acquire
Up until 2007, non-U.S. firms that published IFRS-based financial statements and wished to raise capital on the U.S. stock markets (e.g., New York Stock Exchange) were required to file with the SEC a
La-Z-Boy Incorporated included the following information in its 2019 annual report (dollars in millions).Define solvency and discuss how this information might be useful in assessing the company's
Excerpts from the financial statements for Kroger, a major supermarket retailer, are as follows (dollars in millions).INSTRUCTIONS:Organize these numbers into income statements and balance sheets.
At the end of 2020, a fast-growing advertising agency had a negative balance of $596 million in its retained earnings account. Compute the missing amounts in the following table, and comment on the
The following information was taken from the 2019 annual report-statements of cash flows- of United Technologies Corporation (UTC), a diversified manufacturing conglomerate (dollars in
Compute the missing values for the following chart. The first year of operations is 2017. 2020 2019 2018 2017 Assets: Cash $500 $200 $ 300 $ 300 Accounts
A 2018 balance sheet of Royal Dutch Shell, a huge oil and gas company that prepares financial statements using IFRS, reported the following dollar amounts (in millions).First, format these balance
The following information was taken from the 2019 annual reports-statements of cash flows-of TJ Maxx, Pier One, and Pepsico (dollars in millions).INSTRUCTIONS:Each of these companies shows a
Excerpts from the annual report of AT&T, Inc., are as follows.Compute the missing values and briefly discuss AT&T's sources and uses of cash during the three-year period. Statement of Cash
In BE2-2, Caterpillar's current assets consisted primarily of cash and short-term investments of $8.3 billion, accounts receivable of $17.9 billion, inventory of $11.1 billion, and miscellaneous
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting11e and extract the data necessary to compare Pfizer and Merck on the five fundamental measures of financial
A summary of a recent balance sheet for Caterpillar is as follows (dollars in billions):What amount and what percentage of Caterpillar's assets were financed by (1) Current liabilities, (2)
Access the Data Analytic worksheet at www.wiiey.com/go/pratUfinancialaccounting11e and extract the data necessary to compare Nordstrom and Macys on the five fundamental measures of financial
Access the Data Analytic worksheet at www.wiley.com/go/pratt/financialaccounting 11e and compute the rate of growth from 2017 to 2018 and from 2018 to 2019 in "Sales" (from the income
Excerpts from the 2019 financial statements for Goodyear are as follows (dollars in millions):INSTRUCTIONS:Assume that you have some capital to invest and that you are considering an equity
Billionai re investor Warren Buffett was once quoted in the Financial Post as saying, "The reaction of weak management to weak operations is often weak accounting."INSTRUCTIONS:What does he mean?
Assume Cummings, Inc., a leading diesel engine manufacturer, enters into the following transactions during 2020.1. Purchased inventory on account.2. Purchased plant machinery by issuing long-term
The following information refers to the financial records of McDonald's Corporation over a three-year period (dollar amounts in millions except share price).a. Compute dividends declared as a
Many companies selling stock to the public for the first time-initial public offerings (IPOs)-are not yet profitable. According to a report issued by the research firm Sageworks, almost half of the
Merck, a major pharmaceutical, generated $9.78 billion in net income for the year ended December 31, 2019.1. The company paid $5.82 billion in dividends during 2019.2. Merck stock was selling for
The following pages contain the consolidated balance sheets and statements of income and cash flows taken from the 2019 annual report of the retail powerhouse Amazon.INSTRUCTIONS:Analyze the
The following sales information concerning Johnson & Johnson's primary business segments appeared in the company's 2019 SEC Form 10-K (dollars in millions).INSTRUCTIONS:a. Which of the three
South Korea- based consumer electronics giant Samsung was accused by analysts of aggressively writing off some assets in the first quarter of 2019 to minimize its profits. Korea News Plus reported
The following information was taken from the 2019 annual report of Emerson Electric Co., a leader in the network power sector (dollars in millions):a. Compute total accounts receivable as of the end
CIT Group is a holding company for consumer and commercial financial services companies that provide lending products to customers. The following information concerning the Allowance for Loan Losses
The footnotes to the 2019 financial statements of Citigroup, the holding company for Citibank, contained the following information (dollars in millions). "Provision for credit losses" refers to bad
The information below was taken from the footnotes of JPMorgan Chase's 2019 annual report. The December 31, 2019, balance in the allowance account was $13,123 (dollars in
Excerpts from the operating sections of the 2019 statement of cash flows for AT&T and Toyota are provided below. AT&T publishes U.S. GAAP-based financial statements in U.S. dollars, and
Kyocera is a Japanese telecommunications company that publishes IFRS-based financial statements. On its March 31, 2019, statement of cash flows (indirect method) in the operating section it reported
Although downsized in recent years, General Electric is still a large, diversified company. Outlined below are current accounts receivable by operating division, as reported in the company's 2019
In a press release discussing third-quarter financial results, the construction management and consulting firm Hill International specifically cited an increase in bad debt expense as a drag on
A partner from a major accounting firm made the following comment when asked about the accounting methods used by companies in the software industry: "Accounting policies that have adverse short-term
The following information was taken from the footnotes in the 2019 annual report of Johnson & Johnson:a. From information in the footnote alone, indicate whether Johnson & Johnson is a
The following information was taken from the records of Eli Lilly, a major pharmaceutical (dollars in millions).Assume that ending inventory was overstated by $500 in 2017, understated by $150 in
John Deere uses the LIFO inventory cost flow assumption, reporting inventories on its 2019 balance sheet of $5.975 billion and a LIFO reserve of approximately $ 1.670 billion. What would be Deere's
When the Wall Street Journal reported that "Chevron Corporation took a charge of $1.96 billion", it noted that the charge was related to lower prices for crude oil and refined products. The article
Marian's Furs specializes in full-length mink coats. As of January 1, Marian had four top-of-the- line coats. Although the four coats are equivalent, they were purchased the previous year at
The 2019 statement of cash flows for Macy's reports (dollars in millions) net cash from operating activities of $1,735 (2019), $1,976 (2018), and $1,801 (2017). Included on the statement of cash
Amazon.com described its inventory policies in the 2019 annual report as follows:InventoriesInventories, consisting of products available for sale, are primarily accounted for using the first-in,
ExxonMobil, a multinational integrated oil and gas company, reported the following information in its 2019 annual report:Due to slackening global demand for crude oil, as well production disputes
Central Incorporated has two items in inventory as of December 31 , 2020. Each item was purchased for $40. Company management chose to write down Item 1 to $28, which at year-end was assessed to be
Due to slackening global demand for crude oil, as well production disputes between two large oil-producing countries (Saudi Arabia and Russia), crude oil prices plummeted in world markets in 2020. A
In its 2019 annual report, the Unilever Group, which published IFRS-based financial statements, reported the following in the inventory footnote (in million euros)."During 2019, a total expense of
The following table was taken from the 2019 annual report of Merck & Company, a major U.S. pharmaceutical company (dollars in millions).INSTRUCTIONS:a. How much did market value accounting impact
O'Leary Enterprises began investing in short-term equity securities in 2020. The following information was extracted from its 2020 internal financial records.INSTRUCTIONS:Compute the effect on
The following was taken from the 2019 annual report of General Motors (dollars in millions):In a footnote, GM reported that it purchased $2,400 of securities in 2019 and that unrealized gains and
On the 2019 income statement, Bristol-Myers Squibb included a $156 million line item called net unrealized gain/(loss) on equity investments held. During 2019, the company maintained a port-folio of
The 2019 annual report of The Coca-Cola Company shows the following information (dollars in millions):INSTRUCTIONS:a. What does the financial statement presentation tell you about the business model
The following information relates to the activity in the short-term investment account of Lido International, which held no short-term investments as of January 1:a. Prepare journal entries for each
The 2019 IFRS-based financial statements of Airbus Group, the French-based airline manufacturer, included the following account information (in million euros):INSTRUCTIONS:a. Explain the meaning of
Procter & Gamble's 2019 balance sheet reported a goodwill balance of $40.3 billion. Describe what goodwill is, how it was originally recorded, and what it indicates about Procter & Gamble.
Merck, the pharmaceutical giant, reported the following in the footnotes of its 2019 SEC Form 10K regarding its portfolio of publicly traded equity securities (Dollars in millions).a. Under current
In 2019, Chevron reported net income of $2.8 billion, $4.0 billion of which was income recognized on investments in affiliate companies accounted for under the equity method. In other words, without
Tom Miller and Larry Rogers each started separate businesses on December 1, 2020, by contributing $6,000 of their own funds. Early in December, both men purchased 120 shares of Diskette common stock,
The following information was taken from the 2020 annual report of Orleans Enterprises:Related footnote: The 2020 and 2019 balances in the short-term equity investment account consist of 1,600 and
JPMorgan Chase invests in short-term equity investment securities. At the end of 2019 and 2018, the securities were valued at $72.3 billion and $71.8 billion, respectively. The investments comprise
The footnote below was taken from the 2019 annual report of Johnson & Johnson (dollars in millions).a. Approximately how much land did Johnson & Johnson sell during 2019? For simplicity,
Hulteen Hardware purchased a new building on January 1, 2016, for $ 1.5 million. The company expected the building to last 25 years and expected to be able to sell it then for $150,000. During 2021,
Bently Poster Company pays a bonus to its officers of 8 percent of net income and pays dividends to its shareholders in the amount of 75 percent of net income. On January 1, 2020, the company
Stockton Corporation purchased a new computer system on January 1, 2020, for $300,000 cash. The company also incurred $25,000 in installation costs and $10,000 to train its employees on the new
A few years ago, Kellogg, a maker of cereals and foods, hit its targeted earnings-per-share growth of 11 percent, and its stock price was up 25 percent. In the fourth quarter of that year, the
Natural Extraction Industries paid $4 million for the right to drill for oil on a tract of land in western Texas. Engineers estimated that this oil deposit would produce 100,000 barrels of crude
The following information was taken from the 2019 annual report of Intel, a world-leading supplier to the Internet economy (dollars in millions).a. From which of the financial statements was each
When The Walt Disney Company purchased the common stock of Twenty-First Century Fox, Inc., for $69.5 billion, the fair market value of the assets acquired and liabilities assumed was estimated to be
The following information was taken from the internal financial records of Southern Robotics regarding a patent filed in 2020 for a new robotics arm used for manufacturing:1. Legal and filing fees of
When Salesforce purchased MuleSoft for $6.4 billion in cash, it acquired assets with a fair market value of $1.9 billion and assumed the liabilities of MuleSoft valued at $0.2 billion.INSTRUCTIONS:a.
Benick Industries purchased a new lathe on January 1, 2020, for $300,000. Benick estimates that the lathe will have a useful life of four years and that the company will be able to sell it at the end
The footnotes to the 2019 financial statements of McDonald's Corporation contain the following statement:Long-lived assets are reviewed for impairment annually ... and ... if an individual restaurant
Portland Products purchased a machine on January 1, 2017, for $60,000 and estimated its useful life and salvage value at five years and $12,000, respectively. On January 1, 2020, the company added
In the 2019 operating section of its IFRS-based statement of cash flows, European retailer Carrefour reported the following (in millions of euros):a. Describe the basic form of the entries recorded

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