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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

2. Vertical analysis of Odyssey’s Income Statement for 20X7 would show which of the following for Selling, General, and Administrative expenses?a. 0.144c. 0.103b. 0.138d. None of the above
1. Horizontal analysis of Odyssey’s Income Statement for 20X7 would show which of the following for Selling, General, and Administrative expenses?a. 1.05c. 0.68b. 0.95d. None of the above
4 Use financial ratios and other information to make investment decisions
3 Perform financial ratio analysis to make business decisions
2 Prepare common-size financial statements
1 Perform basic (horizontal and vertical) analysis of financial statements
Project 2. Select a company and obtain its annual report, including all the financial statements.Focus on the statement of cash flows and, in particular, the cash flows from operating activities.
Project 1. Each member of the group should obtain the annual report of a different company.Select companies in different industries. Evaluate each company’s trend of cash flows for the most recent
This case spans all 12 chapters and is based on the consolidated financial statements of Nestlé.As you work with Nestlé throughout this course, you will develop the confidence and ability to use
Copenhagen Motors is having a bad year. Net income is only €37,000. Also, two important overseas customers are falling behind in their payments to Copenhagen, and Copenhagen’s accounts receivable
5 Analyze the advantages and disadvantages of borrowing
6 Evaluate a company’s debt-paying ability
1. Which of the following is not an estimated liability?a. Income taxes paidb. Allowance for bad debtsc. Product warrantiesd. Retirement obligations
2. The estimated warranty obligation at the end of the ﬁnancial year is best described as which of the following?a. Contingent liabilityb. Unrecognized liabilityc. Uncertain liabilityd.
3. Crank the Volume grants a 120-day warranty on all stereos. Historically, approximately 1% of all units sold prove to be defective, requiring an average repair bill of $100. Sales in March are
4. Excursion Camera Co. was organized to sell a single product that carries a 45-day warranty against defects. Engineering estimates indicate that 4% of the units sold will prove defective and
5. A contingent liability should be recorded in the accountsa. if the amount is due in cash within one year.b. if the amount can be reasonably estimated.c. if the related future event will probably
6. An unsecured bond is aa. serial bond.d. mortgage bond.b. term bond.e. debenture bond.c. registered bond.
7. The Discount on Bonds Payable accounta. is expensed at the bond’s maturity.b. is a contra account to Bonds Payable.c. is an expense account.d. is a miscellaneous revenue account.e. has a normal
8. The discount on a bond payable becomesa. additional interest expense over the life of the bonds.b. a liability in the year the bonds are sold.c. a reduction in interest expense over the life of
9. A bond that matures in installments is called aa. secured bond.d. callable bond.b. term bond.e. zero coupon.c. serial bond.
10. The carrying value of Bonds Payable equalsa. Bonds Payable 1 Discount on Bonds Payable.b. Bonds Payable 2 Premium on Bonds Payable.c. Bonds Payable 2 Discount on Bonds Payable.d. Bonds Payable 1
11. A corporation issues bonds that pay interest each May 1 and November 1. The corporation’s December 31 adjusting entry may include aa. credit to Cash.b. debit to Interest Payable.c. debit to
12. What is the amount of interest expense that McCabe Corporation will record on July 1, 20X1, the ﬁrst semi-annual interest payment date? (All amounts rounded to the nearest dollar.)a. $22,400c.
13. What is the amount of discount amortization that McCabe Corporation will record on July 1, 20X1, the ﬁrst semi-annual interest payment date?a. $0c. $2,240b. $1,269d. $2,538
14. What is the total cash payment for interest for each 12-month period? (All amounts rounded to the nearest dollar.)a. $22,400c. $39,200b. $41,789d. $44,800
15. What is the total interest expense for the year ended December 31, 20X1?a. $41,789c. $39,200b. $41,879d. $19,600
16. What is the carrying amount of the bonds on the January 1, 20X2, Balance Sheet?a. $524,313c. $522,993b. $521,724d. $550,000
S9-1. (Learning Objective 1: Accounting for a note payable) Ferdie Sports Authority purchased inventory costing $4,000 by signing an 8% short-term note payable. The purchase occurred on September 30,
S9-2. (Learning Objective 1: Reporting a short-term note payable and the related interest in the financial statements) This short exercise works with Short Exercise 9-1.1. Refer to the data in Short
S9-3. (Learning Objective 1: Accounting for warranty expense and provision for warranty repairs) Lawry guarantees automobiles against defects for five years or 50,000 miles, whichever comes first.
S9-4. (Learning Objective 1: Applying accounting standards; reporting warranties in the financial statements) Refer to the data given in Short Exercise 9-3. What amount of warranty expense will Lawry
S9-5. (Learning Objective 1: Interpreting a company’s contingent liabilities) OC Petroleum Inc., an oil company, included a disclosure in its annual report stating that it was denying a variety of
S9-6. (Learning Objective 2: Pricing bonds) Compute the cash received from the issuance of the following bonds:a. $400,000 issued at 75.75b. $400,000 issued at 102.75c. $400,000 issued at 94.50d.
S9-7. (Learning Objective 2: Determining bond prices at par, discount, or premium) Determine whether the following bonds payable will be issued at maturity value, at a premium, or at a discount:a.
S9-8. (Learning Objective 2: Journalizing basic bond payable transactions; bonds issued at par) Derp Corp. issued 15-year bonds payable with a face amount of $70,000, when the market interest rate
S9-9. (Learning Objectives 2: Issuing bonds payable; amortizing bonds by the effectiveinterest method) GIT, Inc., issued $60,000 of 5%, 12-year bonds payable on March 31, 20X0.The market interest
S9-10. (Learning Objectives 2, 3: Accounting for bonds payable; analyzing data on longterm debt) Use the amortization table that you prepared for GIT’s bonds in Short Exercise 9-9 to answer the
S9-11. (Learning Objective 2: Issuing bonds payable; accruing interest; amortizing bonds by the effective interest method) Villa Drive-Ins Ltd. issued a $520,000, 8%, 10-year bond payable on July 1,
S9-12. (Learning Objective 3: Recording operating and capital lease) Lily Pan Enterprises entered into two lease agreements for 5 years on January 1, 20X0. Both leases require a payment of $15,000
S9-13. (Learning Objective 4: Computing earnings-per-share effects of financing with bonds versus shares) Speedtown Marina needs to raise $3.5 million to expand the company. Speedtown Marina is
S9-14. (Learning Objective 4: Computing the times-interest-earned ratio) Kermit Plumbing Products Ltd. reported the following data in 20X0 (in billions):Compute Kermit’s times-interest-earned
S9-15. (Learning Objective 5: Reporting liabilities, including capital lease obligations)Lovely Home, Inc., includes the following selected accounts in its general ledger at December 31, 20X0:Prepare
E9-16A. (Learning Objective 1: Accounting for warranty expense and the related liability)The accounting records of From the Athena Ceramics included the following balances at the end of the
E9-17A. (Learning Objective 1: Recording and reporting current liabilities) TransWorld Publishing completed the following transactions for one subscriber during 20X0:Requirement 1. Journalize these
E9-18A. (Learning Objective 1: Reporting payroll expense and liabilities) Star Talent Search has an annual payroll of $220,000. In addition, the company incurs a payroll tax expense of 8%.At December
E9-19A. (Learning Objective 1: Recording note payable transactions) Assume that Gretel Company completed the following note-payable transactions.Requirements 1. How much interest expense must be
E9-20A. (Learning Objective 1: Accounting for income tax) At December 31, 20X0, Sandara Real Estate reported a current liability for income tax payable of $190,000. During 20X1, Sandara earned income
E9-21A. (Learning Objectives 1, 5: Analyzing liabilities) Riverside Manors, Inc., builds environmentally sensitive structures. The company’s 20X1 revenues totaled $2,780 million, and at December
E9-22A. (Learning Objective 1: Reporting a contingent liability) Rupert Security Systems’revenues for 20X0 totaled $7.3 million. As with most companies, Rupert is a defendant in lawsuits related to
E9-23A. (Learning Objectives 1, 5: Reporting current and long-term liabilities) Assume that Boni Electronics completed these selected transactions during June 20X0:a. Sales of $2,400,000 are subject
E9-24A. (Learning Objective 2: Issuing bonds payable [premium]; paying and accruing interest; amortizing the bonds by the effective interest method) On January 31, Driftwood Logistics, Inc., issued
E9-25A. (Learning Objectives: Measuring cash amounts for a bond payable [premium];amortizing the bonds by the straight-line method) Federal Bank has $600,000 of 7% debenture bonds outstanding. The
E9-26A. (Learning Objective 2: Issuing bonds payable [discount]; recording interest payments and the related bond amortization) Goal Sports Ltd. is authorized to issue $3,200,000 of 10%, 10-year
E9-27A. (Learning Objective 2: Issuing bonds payable [premium]; recording interest accrual and payment and the related bond amortization) On June 30, 20X0, the market interest rate is 4%. Score
E9-28A. (Learning Objective 2: Creating a bond amortization schedule [discount]) Dracula Co. issued $110,000 of 8%, 10-year bonds payable on January 1, 20X0, when the market interest rate was 10%.
E9-29A. (Learning Objective 3: Recording operating and capital lease, preparing lease amortization schedule) Big Billy Guff entered into a lease agreement for an asset on the following terms:■
E9-30A. (Learning Objective 4: Measuring the times-interest-earned ratio) Companies that operate in different industries may have very different financial ratio values. These differences may grow
E9-31A. (Learning Objective 4: Analyzing alternative plans for raising money) First Bank Financial Services is considering two plans for raising $900,000 to expand operations. Plan A is to borrow at
E9-32B. (Learning Objective 1: Accounting for warranty expense and the related liability)The accounting records of Made of Glass Ceramics included the following balances at the end of the period:Made
E9-33B. (Learning Objective 1: Recording and reporting current liabilities) Trevor Publishing completed the following transactions for one subscriber during 20X0:Requirement 1. Journalize these
E9-34B. (Learning Objective 1: Reporting payroll expense and liabilities) MV Talent Search has an annual payroll of €180,000. In addition, the company incurs a payroll tax expense of 9%.At December
E9-35B. (Learning Objective 1: Recording note payable transactions) Assume that Hansel Company completed the following note-payable transactions:Requirements 1. How much interest expense must be
E9-36B. (Learning Objective 1: Accounting for income tax) At December 31, 20X0, Sybil Real Estate reported a current liability for income tax payable of €160,000. During 20X1, Sybil earned income
E9-37B. (Learning Objectives 1, 5: Analyzing liabilities) Green Earth Structures, Inc., builds environmentally sensitive structures. The company’s 20X1 revenues totaled €2,852 million, and at
E9-38B. (Learning Objective 1: Reporting a contingent liability) Edward Security Systems’revenues for 20X0 totaled €26.7 million. As with most companies, Edward is a defendant in lawsuits related
E9-39B. (Learning Objectives 1, 5: Reporting current and long-term liabilities) Assume Hi-Tech Electronics completed these transactions during September 20X0.a. Sales of €2,150,000 are subject to
E9-40B. (Learning Objective 2: Issuing bonds payable [discount]; paying and accruing interest; amortizing the bonds by the effective interest method) On January 31, Daughtry Logistics, Inc., issued
E9-41B. (Learning Objective 2: Measuring cash amounts for a bond payable [premium];amortizing the bonds using the straight-line method) Commonwealth Bank has €400,000 of 9% debenture bonds
E9-42B. (Learning Objective 2: Issuing bonds payable [discount]; recording interest payments and the related bond amortization) First Place Sports Ltd. is authorized to issue €1,500,000 of 9%,
E9-43B. (Learning Objective 2: Issuing bonds payable [premium]; recording interest accrual and payment and the related bond amortization) On June 30, 20X0, the market interest rate is 9%. Team Sports
E9-44B. (Learning Objective 2: Creating a bond amortization schedule [discount]) Terry Co. issued €750,000 of 11%, 10-year bonds payable on January 1, 20X0, when the market interest rate was 12%.
E9-45B. (Learning Objective 3: Recording operating and capital lease, preparing lease amortization schedule) Small Billy Guff entered into a lease agreement for an asset on the following terms:■
E9-46B. (Learning Objective 4: Measuring the times-interest-earned ratio) Companies that operate in different industries may have very different financial ratio values. These differences may grow
E9-47B. (Learning Objective 4: Analyzing alternative plans for raising money) First Federal Financial Services is considering two plans for raising €650,000 to expand operations.Plan A is to borrow
E9-48. (Learning Objectives 1, 5: Reporting current liabilities) The top management of Pratt Marketing Services examines the following company accounting records at August 29, immediately before the
E9-49. (Learning Objectives 2, 5: Refinancing old bonds payable with new bonds) Great Brands completed one of the most famous debt refinancings in history. A debt refinancing occurs when a company
E9-50. (Learning Objectives 2, 3: Analyzing bond transactions) This (adapted) advertisement for a 20-year bond appeared in the Wall Street Chronicle.(Note: A subordinated debenture is an unsecured
Q9-51. For the purpose of classifying liabilities as current or non-current, the term operating cycle refers toa. the time period between date of sale and the date the related revenue is collected.b.
Q9-52. Failure to accrue interest expense results ina. an overstatement of net income and an overstatement of liabilities.b. an understatement of net income and an overstatement of liabilities.c. an
Q9-53. Feline Warehouse operates in a state with a 5.5% sales tax. For convenience, Feline Warehouse credits Sales Revenue for the total amount (selling price plus sales tax) collected from each
Q9-54. What kind of account is Unearned Revenue?a. Liability accountc. Revenue accountb. Asset accountd. Expense account
Q9-55. An end-of-period adjusting entry that debits Unearned Revenue most likely will credita. a liability.c. an expense.b. an asset.d. a revenue.
Q9-56. Aphrodite, Inc., manufactures and sells computer monitors with a three-year warranty.When calculated using the expected value approach, Aphrodite found that expected warranty costs are roughly
Q9-57. Tomorrow’s Fashions has a debt that has been properly reported as a long-term liability up to the present year (20X0). Some of this debt comes due in 20X0. If Tomorrow’s Fashions continues
Q9-58. A bond with a face amount of $10,000 has a current price quote of 103.625. What is the bond’s price?a. $1,036.25c. $10,103.63b. $10,362.50d. $1,036,250
Q9-59. Bond carrying value equals Bonds Payablea. plus Premium on Bonds Payable.d. minus Premium on Bonds Payable.b. plus Discount on Bonds Payable.e. Both a and cc. minus Discount on Bonds
Q9-60. What type of account is Discount on Bonds Payable and what is its normal balance?a. Adjusting amount; Creditc. Contra liability; Debitb. Reversing account; Debitd. Contra liability; Credit
Q9-61. The entry to record the sale of the bonds on April 1 would be A1 A C 12345678917777 a. Cash 200,000 Bonds Payable 200,000 b. Cash 192,000 Discount on Bonds Payable 8,000 Bonds Payable 200,000
Q9-62. Spring Company uses the effective interest amortization method. The amount of interest expense on April 1 of each year will bea. $24,000.d. $32,000.b. $24,800.e. none of these.c. $25,000.
Q9-63. Write the adjusting entry required at December 31, 20X0.
Q9-64. Write the journal entry requirements at April 1, 20X1.
Q9-65. McPartlin Corporation issued $350,000 of 10%, 10-year bonds payable on January 1, 20X0, for $275,695. The market interest rate when the bonds were issued was 14%. Interest is paid
Q9-66. Using the facts in the preceding question, McPartlin’s journal entry to record the interest expense on July 1, 20X0, will include aa. credit to Discount on Bonds Payable.c. debit to Premium
Q9-67. Amortizing the discount on bonds payablea. is necessary only if the bonds were issued at more than face value.b. increases the recorded amount of interest expense.c. reduces the semi-annual
Q9-68. The journal entry on the maturity date to record the payment of $600,000 of bonds payable that were issued at a $60,000 discount includesa. a debit to Discount on Bonds Payable for $60,000.b.
Q9-69. Is the payment of the face amount of a bond on its maturity date regarded as an operating activity, an investing activity, or a financing activity?a. Operating activityc. Financing activityb.
P9-70A. (Learning Objective 1: Measuring current liabilities) Deep Waters Marine experienced these events during the current year:a. Its December revenue totaled $140,000, and Deep Waters collected
P9-72A. (Learning Objective 2: Recording bond transactions [at par]; reporting bonds payable on the Balance Sheet) The board of directors of Displays Plus authorizes the issue of$8,000,000 of 10%,
P9-73A. (Learning Objectives 2, 5: Issuing bonds at a premium; amortizing by the effective interest method; reporting bonds payable on the Balance Sheet) On February 28, 20X0, Nemo Corp. issues 8%,

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