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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

1 Identify the purposes of the statement of cash flows
The global financial crisis that started in 2007 has impacted every business, but it was especially hard on banks, automobile manufacturing, and retail companies. Banks were largely responsible for
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
Ethical Issue 2. St. Genevieve Petroleum Company is an independent oil producer in Baton Parish, Louisiana. In February, company geologists discovered a pool of oil that tripled the company’s
Ethical Issue 1. Note: This case is based on a real situation.George Campbell paid $50,000 for a franchise that entitled him to market Success Associates’software programs in the countries of the
Case 1. (Learning Objective 2: Evaluating alternative ways of raising capital) Nate Santiago and Darla Perez have written a computer program for a video game that may rival PlayStation and Xbox. They
P10-86B. (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, treasury share, and dividend transactions on shareholders’ equity) Rich Foods, Inc., is authorized to issue 5,000,000
P10-85B. (Learning Objectives 2, 4: Preparing the shareholders’ equity section of the Balance Sheet) Harry Corp. has the following shareholders’ equity information:Harry’s constitution
P10-78A. (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, treasury shares, and dividend transactions on shareholders’ equity) Best Foods, Inc., is authorized to issue
P10-77A. (Learning Objectives 2, 4: Preparing the shareholders’ equity section of the Balance Sheet) Garry Corp. has the following shareholders’ equity information:Garry’s constitution
Q10-75. Antonio Company’s net income for the year was $30,000. Its beginning and ending equity were $540,000 and $660,000, respectively. How much is Antonio’s return on equity?a. 5.0%c. 4.1%b.
Q10-74. Which of the following statements is not true about a 3-for-1 stock split?a. Total shareholders’ equity increases.b. The market price of each share will decrease.c. Retained Earnings
Q10-73. A company declares a 5% share dividend. The debit to Retained Earnings is an amount equal toa. the book value of the shares to be issued.b. the market value of the shares to be issued.c. the
Q10-72. Which of the following is not true about a 10% share dividend?a. Total shareholders’ equity remains the same.b. Paid-in Capital increases.c. Retained Earnings decreases.d. Par value
Q10-71. Assume the same facts as in question 70. What is the amount of dividends per share on ordinary share?a. $1.00d. $11.50b. $4.50e. None of thesec. $5.25
Q10-70. A corporation has 40,000 shares of 8% preference share outstanding. Also, there are 40,000 shares of ordinary share outstanding. Par value for each is $100. If a $500,000 dividend is paid,
Q10-68. Shareholders are eligible for a dividend if they own the share on the date ofa. issuance.c. payment.b. record.d. declaration.
Q10-67. A company purchased 100 shares of its ordinary shares at $50 per share. It then sells 40 of the treasury shares at $56 per share. The entry to sell the treasury shares includes aa. credit to
Q10-66. When treasury shares are sold for less than their cost, the entry should include a debit to:a. Retained Earnings.c. Loss on Sale of Treasury Shares.b. Paid-in Capital in Excess of Par.d. Gain
Q10-64. Superworld’s net income for the period is $119,100 and beginning ordinary shareholders’ equity is $681,500. Calculate Superworld’s return on ordinary shareholders’equity.a. 18.2%c.
Q10-63. What is total shareholders’ equity for Superworld, Inc.?a. $683,300d. $698,500b. $688,100e. None of the abovec. $641,345
Q10-62. What is total paid-in capital for Superworld, Inc.?a. $622,000d. $634,445b. $693,300e. None of the abovec. $641,345
Q10-61. Which of the following classifications represents the most shares of ordinary share?a. Outstanding sharesb. Authorized sharesc. Unissued sharesd. Issued sharese. Treasury shares
Q10-60. Preference share is least likely to have which of the following characteristics?a. The right of the holder to convert to ordinary sharesb. Preference as to assets on liquidation of the
Q10-59. The paid-in capital portion of shareholders’ equity does not includea. Paid-in Capital in Excess of Par Value.b. Ordinary Share.c. Preference Share.d. Retained Earnings.
Q10-58. Par valuea. represents what a share is worth.b. represents the original selling price for one share.c. is established for a portion of share after it is issued.d. may exist for ordinary share
Q10-56. Which of the following is a characteristic of a corporation?a. Limited lifec. Limited number of shareholdersb. Limited rights of shareholdersd. Limited liability of shareholders
E10-53. (Learning Objective 7: Reporting financing activities on the statement of cash flows)Use the D-4 Networking Solutions data in Exercise 10-52 to show how the company reported cash flows from
E10-51B. (Learning Objective 7: Reporting cash flows from financing activities) Use the Lawrence data in Exercise E10-50B to show how the company reported cash flows from financing activities during
E10-46B. (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury share transactions) Identify the effects—both the direction and the dollar amount—of these
E10-42B. (Learning Objectives 2, 3, 4: Reporting shareholders’ equity after a sequence of transactions) Use the Western Corporation data in Exercise 10-41B to prepare the shareholders’equity
E10-38B. (Learning Objective 2: Measuring the paid-in capital of a corporation) Journey Publishing was recently organized. The company issued ordinary shares to a lawyer who provided legal services
E10-35A. (Learning Objective 7: Reporting cash flows from financing activities) Use the Littleton Company data in Exercise E10-34A to show how the company reported cash flows from financing
E10-30A. (Learning Objectives 2, 3, 4: Measuring the effects of share issuance, dividends, and treasury shares transactions) Identify the effects—both the direction and the dollar amount—of these
E10-26A. (Learning Objectives 2, 3, 4: Reporting shareholders’ equity after a sequence of transactions) Use the Southwest Corporation data in Exercise 10-25A to prepare the shareholders’ equity
E10-22A. (Learning Objective 2: Measuring the paid-in capital of a corporation) Travel Publishing was recently organized. The company issued ordinary shares to an attorney who provided legal services
S10-19. (Learning Objective 7: Measuring cash flows from financing activities) During 20X6, Dwayne Corporation earned net income of $5.8 billion and paid off $2.5 billion of long-term notes payable.
S10-18. (Learning Objectives 1, 2, 5: Explaining the features of a corporation’s shares)McMillan Corporation is conducting a special meeting of its board of directors to address some concerns
S10-12. (Learning Objective 4: Accounting for cash dividends) Greentea Corporation earned a net income of $98,000 during the year ended December 31, 20X6. On December 15, Greentea declared the annual
S10-11. (Learning Objective 3: Purchasing treasury share to fight off a takeover of the corporation) Thi Pham Exports, Inc., is located in Hanoi, Vietnam. TPE is the only company with reliable
S10-9. (Learning Objective 2: Using shareholders’ equity data) Use the Green Pastures Employment Services data in Short Exercise 10-8 to compute Green Pastures’s:a. Net income.b. Total
S10-5. (Learning Objective 2: Describing the effect of a shares issuance on paid-in capital)SHOE received $75,000,000 for the issuance of its shares on April 24. The par value of the SHOE shares was
S10-4. (Learning Objective 1: Organizing a corporation) Kitty Page and Jean Scott are opening a Submarine’s deli. Page and Scott need outside capital, so they plan to organize the business as a
S10-1. (Learning Objective 1: Explaining advantages and disadvantages of a corporation)What are two main advantages that a corporation has over a proprietorship and a partnership?What are two main
16. The numerator for computing the rate of return on ordinary equity isa. net income.c. net income plus preference dividends.b. net income minus interest expense.d. net income minus preference
15. The denominator for computing earnings per share isa. weighted average number of ordinary shares outstanding during the year.b. weighted average number of preference shares outstanding during the
14. A 2-for-1 stock split has the same effect on the number of shares being issued as aa. 200% share dividend.c. 20% share dividend.b. 50% share dividend.d. 100% share dividend.
13. What is the effect of a share dividend and a stock split on total assets?Share dividend Stock splita. Decrease Decreaseb. No effect Decreasec. Decrease No effectd. No effect No effect
12. Share dividendsa. have no effect on total shareholders’ equity.b. reduce the total assets of the company.c. increase the corporation’s total liabilities.d. are distributions of cash to
11. Apple Tree Mall, Inc., has 2,000 shares of 2%, $25 par cumulative preference shares and 125,000 shares of $2 par ordinary shares outstanding. At the beginning of the current year, preference
10. When do dividends increase shareholders’ equity?a. On date of payment.c. On date of record.b. On date of declaration.d. Never.
9. When does a cash dividend become a legal liability?a. On date of record.b. On date of declaration and approval.c. On date of payment.d. It never becomes a liability because it is paid.
1 Understand the nature of inventory and retailing operations
2 Record inventory-related transactions
3 Understand and apply different inventory cost assumptions
4 Analyze effects of inventory errors
5 Evaluate a company’s retailing operations
1. Which statement is true?a. The invoice is the purchaser’s request for collection from the customer.b. A service company purchases products from suppliers and then sells them.c. Gross profit is
2. Sales discounts should appear in the financial statementsa. as an addition to inventory.d. as an addition to sales.b. as a deduction from sales.e. as an operating expense.c. among the current
3. How is inventory classified in the financial statements?a. As a liabilityc. As an expenseb. As a contra account tod. As an asset Cost of Goods Solde. As a revenue
4. Dana uses a FIFO inventory system. Cost of goods sold for the period isa. $300.c. $265.b. $283.d. $195.
5. Dana’s LIFO cost of ending inventory would bea. $195.c. $177.b. $160.d. $175.
6. Dana’s average cost of ending inventory isa. $195.c. $177.b. $160.d. $175.
7. When applying the lower of cost or net realizable value, NRV meansa. selling price less discounts.b. original cost plus profit margin.c. selling price less cost to sell.d. original cost less
8. During a period of rising prices, the inventory method that will yield the highest net income and asset value isa. LIFO.c. specific identification.b. FIFO.d. average cost.
9. Which statement is true?a. The inventory method that best matches current expense with current revenue is FIFO.b. When prices are rising, the inventory method that results in the lowest ending
10. The ending inventory of Misty Harbor Co. is $75,000. If beginning inventory was $86,000 and goods available totaled $127,000, the cost of goods sold isa. $41,000.d. $138,000.b. $52,000.e. none of
11. Lantern Company had cost of goods sold of $148,000. The beginning and ending inventories were $16,000 and $28,000, respectively. Purchases for the period must have beena. $136,000.d. $176,000.b.
12. Cost of goods sold for the period isa. $96,000.d. $81,000.b. $98,000.e. none of the above.c. $82,000.
13. What is Highway’s gross profit percentage (rounded to the nearest percentage)?a. 50%c. 45%b. 55%d. None of the above
14. What is Highway’s rate of inventory turnover?a. 2.6 timesc. 3.0 timesb. 5.3 timesd. 2.3 times
15. Beginning inventory is $120,000, purchases are $270,000, and sales total $460,000. The normal gross profit is 40%. Using the gross profit method, how much is ending inventory?a. $206,000d.
16. An overstatement of ending inventory in one period results ina. an understatement of the beginning inventory of the next period.b. an understatement of net income of the next period.c. an
S6-1. (Learning Objective 2: Accounting for inventory transactions) Journalize the following assumed transactions for The Debson Company. Show amounts in millions.a. Cash purchases of inventory, $3.6
S6-2. (Learning Objective 2: Accounting for inventory transactions) Summer Kluxon, Inc., purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All purchases and sales were on
S6-3. (Learning Objective 3: Applying the average, FIFO, and LIFO methods) Coastal Sporting Goods started April with an inventory of nine sets of golf clubs that cost a total of$1,620. During April,
S6-4. (Learning Objective 2: Applying the average, FIFO, and LIFO methods) Jackson’s Copy Center uses laser printers. Assume Jackson started the year with 92 containers of ink (average cost of
S6-5. (Learning Objective 3: Computing income tax effects of the inventory costing methods) This exercise should be used in conjunction with Short Exercise 6-4. Jackson is a corporation subject to a
S6-6. (Learning Objective 3: Computing income and income tax effects of LIFO)Macrodata.com uses the LIFO method to account for inventory. Macrodata is having an unusually good year, with net income
S6-7. (Learning Objective 3: Applying the Net Realizable Value to inventory) It is December 31, end of the year, and the controller of Grass Corporation is applying the Net Realizable Value(NRV) to
S6-8. (Learning Objective 3: Managing income taxes under the LIFO method) Stone Saxophone Company is nearing the end of its worst year ever. With two weeks until year-end, it appears that net income
S6-9. (Learning Objective 3: Identifying income, tax, and other effects of the inventory methods) This exercise tests your understanding of the four inventory methods. List the name of the inventory
S6-10. (Learning Objective 4: Using ratio data to evaluate operations) Mountain Company made sales of $38,542 million during 20X6. Cost of goods sold for the year totaled $16,543 million. At the end
S6-11. (Learning Objective 4: Estimating ending inventory by the gross profit method)Meteor Technology began the year with inventory of $254,000 and purchased $1,580,000 of goods during the year.
S6-12. (Learning Objective 5: Assessing the effect of an inventory error—one year only)XYZ, Inc., reported these figures for its fiscal year (amounts in millions):Suppose XYZ later learns that
S6-13. (Learning Objective 5: Assessing the effect of an inventory error on 2 years) Kinder’s$5.8 million cost of inventory at the end of last year was understated by $1.9 million.1. Was last
S6-14. (Learning Objectives 2, 4: Considering ethical implications of inventory actions)Determine whether each of the following actions in buying, selling, and accounting for inventories is ethical
E6-15A. (Learning Objectives 1, 2: Accounting for inventory transactions under FIFO costing) Accounting records for Richard Corporation yield the following data for the year ended December 31,
E6-16A. (Learning Objectives 2, 3: Analyzing inventory transactions under FIFO costing)Kurt’s, Inc.’s inventory records for a particular development program show the following at December 31:At
E6-17A. (Learning Objective 2, 3: Determining ending inventory and cost of goods sold by four methods) Use the data for Kurt’s in Exercise 6-16A to answer the following:Requirements 1. Compute cost
E6-18A. (Learning Objective 2, 3: Computing the tax advantage of LIFO over FIFO) Use the data for Kurt’s in Exercise 6-16A to illustrate Kurt’s income tax advantage from using LIFO over FIFO.
E6-19A. (Learning Objective 2, 3: Determining ending inventory and cost of goods sold—FIFO vs. LIFO) MusicSheet.net specializes in sound equipment. Because each inventory item is expensive,
E6-20A. (Learning Objective 3: Measuring gross profit—FIFO vs. LIFO; Falling prices)Suppose a Waldorf store in Atlanta, Georgia, ended November 20X6 with 800,000 units of merchandise that cost an
E6-21A. (Learning Objective 3: Applying the net realizable value to inventories) Lush Garden Supplies uses a perpetual inventory system. Lush Garden Supplies has these account balances at July 31,
E6-22A. (Learning Objective 4: Using the cost-of-goods-sold model) Supply the missing Income Statement amounts for each of the following companies:Requirement 1. Prepare the Income Statement for
E6-23A. (Learning Objective 4: Measuring profitability) Refer to the data in Exercise 6-22A.Compute all ratio values to answer the following questions:■ Which company has the highest, and which
E6-24A. (Learning Objective 4: Computing gross profit percentage and inventory turnover)Thick & Thin, a partnership, had the following inventory data:Thick & Thin need to know the company’s
E6-25A. (Learning Objective 4: Budgeting inventory purchases) Toys Plus prepares budgets to help manage the company. Toys Plus is budgeting for the fiscal year ended January 31, 20X6.During the
E6-26A. (Learning Objective 4: Estimating inventory by the gross profit method) J C Company began May with inventory of $48,500. The business made net purchases of $32,900 and had net sales of
E6-27A. (Learning Objective 5: Correcting an inventory error) Mighty Sea Marine Supply reported the following comparative Income Statement for the years ended September 30, 20X6 and 20X5:Mighty

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