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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

E6-28B. (Learning Objectives 1, 2: Accounting for inventory transactions under FIFO costing) Accounting records for Rockfeller Corporation yield the following data for the year ended December 31,
E6-29B. (Learning Objectives 2, 3: Analyzing inventory transactions under FIFO costing)Riva’s, Inc.’s inventory records for a particular development program show the following at May 31:At May
E6-30B. (Learning Objective 2, 3: Determining ending inventory and cost of goods sold by four methods) Use the data for Riva’s, Inc., in Exercise 6-29B to answer the following.Requirements 1.
E6-31B. (Learning Objectives 2, 3: Computing the tax advantage of LIFO over FIFO) Use the data for Riva’s, Inc., in Exercise 6-29B to illustrate Riva’s income tax advantage from using LIFO over
E6-32B. (Learning Objectives 2, 3: Determining ending inventory and cost of goods sold—FIFO vs. LIFO) MusicNotes.net specializes in sound equipment. Because each inventory item is expensive,
E6-33B. (Learning Objective 3: Measuring gross profit—FIFO vs. LIFO; Falling prices)Suppose a store in Milan ended September with 1,500,000 units of merchandise that cost an average of €9.00
E6-34B. (Learning Objective 3: Applying the net realizable value to inventories) Secret Garden Supplies uses a perpetual inventory system. Secret Garden Supplies has these account balances at May 31,
E6-35B. (Learning Objective 4: Using the cost-of-goods-sold model) Supply the missing amounts for each of the following companies:Requirement 1. Prepare the Income Statement for Frank Company, for
E6-36B. (Learning Objective 3: Measuring profitability) Refer to the data in Exercise 6-35B.Compute all ratio values to answer the following questions:■ Which company has the highest, and which
E6-37B. (Learning Objective 3: Computing gross profit percentage and inventory turnover)Dunk & Dive, a partnership, had these inventory data:Dunk & Dive need to know the company’s gross
E6-38B. (Learning Objective 4: Budgeting inventory purchases) Toyland prepares budgets to help manage the company. Toyland is budgeting for the fiscal year ended January 31, 20X6.During the preceding
E6-39B. (Learning Objective 4: Estimating inventory by the gross profit method) R T Company began June with inventory of €45,700. The business made net purchases of €39,100 and had net sales of
E6-40B. (Learning Objective 5: Correcting an inventory error) Friendly Harbor Marine Supply reported the following comparative Income Statement for the years ended September 30, 20X6 and
E6-41. (Learning Objectives 1, 3: Making inventory policy decisions) For each of the following situations, identify the inventory method that you would use, or, given the use of a particular method,
E6-42. (Learning Objective 3: Evaluating a company’s profitability) L Mart, Inc., declared bankruptcy. Let’s see why. L Mart reported these figures:Requirement 1. Evaluate the trend of L Mart’s
Q6-43. How much was Oceanview’s inventory at the end of January?a. $5,400c. $4,400b. Zerod. $2,200
Q6-44. What was Oceanview’s gross profit for January?a. Zeroc. $5,400b. $7,600d. $2,200
Q6-45. When does the cost of inventory become an expense?a. When inventory is delivered to a customer.b. When inventory is purchased from the supplier.c. When cash is collected from the customer.d.
Q6-46. If Marble Frame uses the FIFO method, the cost of the ending inventory will bea. $39,000.c. $36,260.b. $36,160.d. $36,000.vQ6-47. If Marble Frame uses the LIFO method, cost of goods sold will
Q6-48. In a period of rising prices,a. Gross profit under FIFO will be higher than under LIFO.b. LIFO inventory will be greater than FIFO inventory.c. Net income under LIFO will be higher than under
Q6-49. The Income Statement for Feel Good Health Foods shows gross profit of $154,000, operating expenses of $128,000, and cost of goods sold of $213,000. What is the amount of net sales revenue?a.
Q6-50. When the inventory cost is lower than NRV, the inventory should be reported ata. market price of inventory.b. replacement of inventory.c. selling price of inventory less cost to sell.d.
Q6-51. The sum of (a) ending inventory and (b) cost of goods sold isa. goods available.c. gross profit.b. beginning inventory.d. net purchases.
Q6-52. The following data come from the inventory records of Draper Company:Based on these facts, the gross profit for Dapper Company isa. $152,000.c. $129,000.b. $175,000.d. Some other amount. Net
Q6-53. Ellen Braun Cosmetics ended the month of May with inventory of $26,000. Ellen Braun expects to end June with inventory of $14,000 after cost of goods sold of $103,000.How much inventory must
Q6-54. Two financial ratios that clearly distinguish a discount chain such as Kmart from a high-end retailer such as Saks Fifth Avenue are the gross profit percentage and the rate of inventory
Q6-55. Sales are $540,000 and cost of goods sold is $330,000. Beginning and ending inventories are $29,000 and $34,000, respectively. How many times did the company turn its inventory over during
Q6-56. Kruger, Inc., reported the following data:Kruger’s gross profit percentage isa. 46.1.c. 47.7.b. 51.7.d. 50.0. Freight in. Purchases. Beginning inventory Purchase discounts $ 24,000 Sales
Q6-57. Shailene Wood Company had the following beginning inventory, net purchases, net sales, and gross profit percentage for the first quarter of 20X6:By the gross profit method, the ending
Q6-58. An error understated Regan Corporation’s December 31, 20X6, ending inventory by$42,000. What effect will this error have on total assets and net income for 20X6?Assets Net incomea.
Q6-59. An error understated Regan Corporation’s December 31, 20X6, ending inventory by$42,000. What effect will this error have on net income for 20X7?a. Understatec. No effect
P6-60A. (Learning Objectives 1, 2: Accounting for inventory in a perpetual system using average costing method) Nice Buy purchases inventory in crates of merchandise; each crate of inventory is a
P6-61A. (Learning Objective 1, 2: Measuring cost of goods sold and ending inventory—perpetual system) Assume a Jaguar Sports outlet store began October 20X6 with 52 pairs of running shoes that cost
P6-62A. (Learning Objectives 2, 3: Computing inventory by three methods—perpetual system) Fatigues Surplus began October with 78 tents that cost $19 each. During the month, Fatigues Surplus made
P6-63A. (Learning Objective 2, 3: Applying the different inventory costing methods—perpetual system) The records of Byron Aviation include the following accounts for inventory of aviation fuel at
P6-64A. (Learning Objective 3: Applying the net realizable value to inventories—perpetual system) Everything Trade Mart has recently had lackluster sales. The rate of inventory turnover has
P6-65A. (Learning Objective 4: Using gross profit percentage and inventory turnover to evaluate two companies) Sprinkle Top and Coffee Shop are both specialty food chains. The two companies reported
P6-66A. (Learning Objectives 1, 4: Estimating inventory by the gross profit method; preparing the Income Statement) Assume Theon Company, a copy center, lost some inventory in a fire. To file an
P6-67A. (Learning Objective 3: Determining the amount of inventory to purchase)Grammy’s Convenience Store’s Income Statement and Balance Sheet reported the following:The business is organized as
P6-68A. (Learning Objective 5: Correcting inventory errors over a three-year period) The accounting records of R.B. Video Sales show the data betow (in millions). The shareholders are very happy with
P6-69B. (Learning Objectives 1, 2: Accounting for inventory in a perpetual system using average costing method) Best Guy purchases inventory in crates of merchandise; each crate of inventory is a
P6-70B. (Learning Objective 1, 2: Measuring cost of goods sold and ending inventory—perpetual system) Assume a Championship Sports outlet store began March with 48 pairs of running shoes that cost
P6-71B. (Learning Objectives 2, 3: Computing inventory by three methods—perpetual system) SWAT Team Surplus began July with 69 tents that cost €24 each. During the month, SWAT Team Surplus made
P6-72B. (Learning Objectives 2, 3: Applying the different inventory costing methods—perpetual system) The records of Bryan Aviation include the following accounts for inventory of aviation fuel at
P6-73B. (Learning Objective 3: Applying the net realizable value to inventories—perpetual system) Ariel Trade Mart has recently had lackluster sales. The rate of inventory turnover has dropped, and
P6-74B. (Learning Objective 4: Using gross profit percentage and inventory turnover to evaluate two companies) Pastry People and Coffee Grind are both specialty food chains. The two companies
P6-75B. (Learning Objectives 1, 4: Estimating inventory by the gross profit method; preparing the Income Statement) Assume Joey Company, a sporting goods store, lost some inventory in a fire. To file
P6-76B. (Learning Objective 3: Determining the amount of inventory to purchase) Chris’Convenience Store’s Income Statement and Balance Sheet reported the following. The business is organized as a
P6-77B. (Learning Objective 5: Correcting inventory errors over a three-year period) The accounting records of Waterville Video Sales show the data betow (in millions). The shareholders are very
Case 1. (Learning Objectives 1, 2: Assessing the impact of a year-end purchase of inventory)Duracraft Corporation is nearing the end of its first year of operations. Duracraft made inventory
Case 2. (Learning Objective 3: Assessing the impact of the inventory costing method on the financial statements) The inventory costing method a company chooses can affect the financial statements and
During 20X6, Vanguard, Inc., changed to the LIFO method of accounting for inventory. Suppose that during 20X7, Vanguard changes back to the FIFO method and the following year Vanguard switches back
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
Obtain the annual reports of 10 companies, two from each of five different industries. Most companies’ financial statements can be downloaded from their websites.1. Compute each company’s gross
1 Understand the different types of long-term assets
2 Determine the cost of PPE on initial recognition
3 Understand when to capitalize or expense subsequent costs
4 Measure and record depreciation
5 Account for PPE disposals
6 Understand the recognition and subsequent measurement of intangible assets
7 Evaluate a company’s performance based on its assets
1. Bretman, Inc., purchased a tract of land, a small office building, and some equipment for$1,800,000. The appraised value of the land was $1,420,000, the building $650,000, and the equipment
2. Which statement is false?a. Depreciation is based on the matching principle because it matches the cost of the asset with the revenue generated over the asset’s useful life.b. Depreciation is a
3. What is the depreciation expense for 20X6 if Amir uses the straight-line method?a. $3,000c. $3,250b. $6,000d. $6,500
4. Assume Amir Communications purchased the equipment on January 1, 20X6. If Amir uses the straight-line method for depreciation, what is the asset’s book value at the end of 20X7?a. $54,000c.
5. Assume Amir Communications purchased the equipment on January 1, 20X6. If Amir uses the double-declining-balance method, what is the depreciation for 20X7?a. $13,000c. $12,000b. $10,400d. $9,600
6. Return to Amir’s original purchase date of July 1, 20X5. Assume that Amir uses the straight-line method of depreciation and sells the equipment for $44,500 on July 1, 20X9.The result of the sale
7. A company bought a new machine for $30,000 on January 1. The machine is expected to last five years and has a residual value of $6,000. If the company uses the doubledeclining-balance method,
8. Which of the following is not a capital expenditure?a. A complete overhaul of an air-conditioning systemb. Replacement of an old motor with a new one in a piece of equipmentc. The cost of
S7-1. (Learning Objective 2: Determining cost and book value of a company’s PPEs) Examine Round Rock’s assets.1. What is Hard Stone’s largest category of assets? List all 20X7 assets in the
S7-2. (Learning Objective 2: Measuring the cost of a PPE) The costs included for the acquisition of land are listed in the “Land and Land Improvements” section of this chapter. First is the
S7-3. (Learning Objective 2: Determining the cost of individual assets in a lump-sum purchase of assets) Farah Distribution Service pays $110,000 for a group purchase of land, building, and
S7-4. (Learning Objective 2: Capitalizing versus expensing PPE costs) Assume Speed Car Rentals changed the tires for its entire fleet of cars at a cost of $1.8 million, which Speed paid in cash.
S7-5. (Learning Objective 4: Computing depreciation by three methods—first year only) Assume that at the beginning of 20X6, AirAsia, a regional airline operating predominantly in Southeast Asia,
S7-6. (Learning Objective 4: Computing depreciation by three methods—third year only) Use the AirAsia data in Short Exercise 7-5 to compute AirAsia’s third-year depreciation on the plane using
S7-7. (Learning Objective 4: Selecting the best depreciation method for income tax purposes)This exercise uses the assumed AirAsia data from Short Exercise 7-5. Assume AirAsia is trying to decide
S7-8. (Learning Objectives 3, 4: Computing partial year depreciation; selecting the best depreciation method) Assume that on September 30, 20X6, LoganAir, the national airline of Switzerland,
S7-9. (Learning Objectives 3, 4: Computing and recording depreciation after a change in useful life of the asset) Ten Flags over Georgia paid $120,000 for a concession stand. Ten Flags started out
S7-10. (Learning Objectives 3, 4: Computing depreciation; recording a gain or loss on disposal) On January 1, 20X6, Scoot Airline purchased an airplane for $38,700,000. Scoot Airline expects the
S7-11. (Learning Objective 5: Accounting for the depletion of a company’s natural resources)Abundant Petroleum, the giant oil company, holds reserves of oil and gas assets. At the end of 20X6,
S7-12. (Learning Objectives 1, 6: Measuring and recording goodwill; Reporting cash flows) Hector, Inc., dominates the snack-food industry with its Tasty-Chip brand. Assume that Hector, Inc.,
S7-13. (Learning Objective 5: Accounting for patents and research and development costs) This exercise summarizes the accounting for patents, which, like copyrights, trademarks, and franchises,
S7-14. (Learning Objective 7: Reporting investing activities on the statement of cash flows) During 20X6, Orion Satellite Systems, Inc., purchased two other companies for$18 million. Also during
E7-15A. (Learning Objective 1: Determining the cost of PPE) Ariana Self Storage purchased land, paying $185,000 cash as a downpayment and signing a $200,000 note payable for the balance. Ariana also
E7-16A. (Learning Objectives 1, 2: Allocating costs to assets acquired in a lump-sum purchase; disposing of a PPE) Goodwood Manufacturing bought three used machines in a $154,000 lump-sum purchase.
E7-17A. (Learning Objective 1: Distinguishing capital expenditures from expenses) Assume Sweets Emporium, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a
E7-18A. (Learning Objective 4: Measuring, depreciating, and reporting PPE) During 20X6, Cho Book Store paid $485,000 for land and built a store in Akron. Prior to construction, the city of Akron
E7-19A. (Learning Objectives 3, 4: Determining depreciation amounts by three methods;depreciation) West Side Pizza bought a used Nissan delivery van on January 2, 20X6, for$19,200. The van was
E7-20A. (Learning Objectives 1, 4, 7: Reporting PPE; depreciation; and investing cash flows) Assume that in January 20X6, an Hotcake House restaurant purchased a building, paying $57,000 cash and
E7-21A. (Learning Objective 2: Selecting the best depreciation method for income tax purposes) On June 30, 20X6, Rafa Corp. paid $260,000 for equipment that is expected to have an eight-year life. In
E7-22A. (Learning Objective 2: Changing a PPE’s useful life) Assume G-1 Designing Consultants purchased a building for $420,000 and depreciated it on a straight-line basis over 40 years. The
E7-23A. (Learning Objectives 2, 3: Analyzing the effect of a sale of a PPE; DDB depreciation)Assume that on January 2, 20X6, Maxwell of Michigan purchased fixtures for $8,900 cash, expecting the
E7-24A. (Learning Objectives 1, 2, 3: Measuring a PPE’s cost; using UOP depreciation;trading in a used asset) Prompt Truck Company is a large trucking company that operates throughout the United
E7-25A. (Learning Objective 4: Recording natural resource assets and depletion) Rich Mines paid $428,000 for the right to extract ore from a 275,000-ton mineral deposit. In addition to the purchase
E7-26A. (Learning Objectives 3, 5: Recording intangibles, amortization, and a change in the asset’s useful life)1. Master Printers purchased for $920,000 a patent for a new laser printer. Although
E7-27A. (Learning Objective 5: Computing and accounting for goodwill) Assume Holden paid $15 million to purchase Northshore.com. Assume further that Northshore had the following summarized data at
E7-28A. (Learning Objective 6: Reporting cash flows for property and equipment) Assume Shoe Warehouse Corporation completed the following transactions:a. Sold a store building for $680,000. The
E7-29B. (Learning Objective 1: Determining the cost of PPE) Deville Self Storage purchased land, paying €165,000 cash as a downpayment and signing a €192,000 note payable for the balance. Deville
E7-30B. (Learning Objectives 1, 2: Allocating costs to assets acquired in a lump-sum purchase; disposing of a PPE) Clintwood Manufacturing bought three used machines in a€226,000 lump-sum purchase.
E7-31B. (Learning Objective 1: Distinguishing capital expenditures from expenses) Assume Desserts Galore, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a

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