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financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

E7-32B. (Learning Objectives 1, 2: Measuring, depreciating, and reporting PPE) During 20X6, Lao Book Store paid €489,000 for land and built a store in Lisbon. Prior to construction, the city of
E7-33B. (Learning Objectives 2, 3: Determining depreciation amounts by three methods)Southern’s Pizza bought a used Nissan delivery van on January 2, 20X6, for €19,500. The van was expected to
E7-34B. (Learning Objectives 1, 2, 6: Reporting PPE; depreciation; and investing cash flows) Assume that in January 20X6, an Exquisite Eatery restaurant purchased a building, paying €53,000 cash
E7-35B. (Learning Objective 2: Selecting the best depreciation method for income tax purposes) On June 30, 20X6, Reel Corp. paid €240,000 for equipment that is expected to have an eight-year life.
E7-36B. (Learning Objective 2: Changing a PPE’s useful life) Assume B–1 Accounting Consultants purchased a building for €438,000 and depreciated it on a straight-line basis over 40 years. The
E7-37B. (Learning Objectives 2, 3: Analyzing the effect of a sale of a PPE; DDB depreciation)Assume that on January 2, 20X6, LaSalle of Lyon purchased fixtures for €8,400 cash, expecting the
E7-38B. (Learning Objectives 1, 2, 3: Measuring a PPE’s cost; using UOP depreciation;trading in a used asset) EasyTruck Company is a large trucking company that operates throughout the EU.
E7-39B. (Learning Objective 4: Recording natural resource assets and depletion) Gold Mines paid €435,000 for the right to extract ore from a 400,000-ton mineral deposit. In addition to the purchase
E7-40B. (Learning Objectives 3, 5: Recording intangibles; amortization, and a change in the asset’s useful life)1. Royal Printers purchased for €780,000 a patent for a new laser printer. Although
E7-41B. (Learning Objective 5: Computing and accounting for goodwill) Assume Golden paid €20 million to purchase Southwest.com. Assume further that Southwest had the following summarized data at
E7-42B. (Learning Objective 6: Reporting cash flows for property and equipment) Assume Shoes-R-Us Corporation completed the following transactions:a. Sold a store building for €640,000. The
E7-43. (Learning Objective 2: Computing units-of-production depreciation) Buff Gym purchased exercise equipment at a cost of $116,000. In addition, Buff paid $4,000 for a special platform on which to
E7-44. (Learning Objective 4: Determining the sale price of property and equipment)Willis Corporation reported the following for property and equipment (in millions, adapted):During 20X7, Willis paid
E7-45. (Learning Objectives 2, 3: Determining net income after a change in depreciation method) Norzani, Inc., has a popular line of sunglasses. Norzani reported net income of $68 million for 20X6.
E7-46. (Learning Objective 1: Capitalizing versus expensing; measuring the effect of an error) All French Press (AFP) is a major French telecommunication conglomerate. Assume that early in year 1,
Q7-47. A capital expenditurea. is expensed immediately.c. records additional capital.b. adds to an asset.d. is a credit like capital (owners’ equity).
Q7-48. Which of the following items should be accounted for as a capital expenditure?a. Costs incurred to repair leaks in the building roof.b. Maintenance fees paid with funds provided by the
Q7-49. Suppose you buy land for $3,200,000 and spend $1,300,000 to develop the property.You then divide the land into lots as follows:How much did each hilltop lot cost you?a. $270,000c. $128,000b.
Q7-50. Which statement about depreciation is false?a. Obsolescence as well as physical wear and tear should be considered when determining the period over which an asset should be depreciated.b.
Q7-51. Cleveland Corporation acquired a machine for $42,000 and has recorded depreciation for two years using the straight-line method over a five-year life and $7,000 residual value. At the start of
Q7-52. Cleveland Corporation acquired a machine for $42,000 and has recorded depreciation for two years using the straight-line method over a five-year life and $7,000 residual value. At the start of
Q7-53. King Company failed to record depreciation of equipment. How does this omission affect King’s financial statements?a. Net income is understated, and assets are overstated.b. Net income is
Q7-54. Jimmy’s DVD, Inc., uses the double-declining-balance method for depreciation on its computers. Which item is not needed to compute depreciation for the first year?a. Original costc. Expected
Q7-55. Which of the following costs is reported on a company’s Income Statement?a. Accumulated depreciationc. Accounts payableb. Landd. Depreciation expense
Q7-56. Which of the following items is reported on the Balance Sheet?a. Accumulated depreciationc. Cost of goods soldb. Gain on disposal of equipmentd. Net sales revenue Use the following information
Q7-57. What gain or loss should Hal record on the sale?a. Gain, $500c. Gain, $1,000b. Loss, $400d. Gain, $100
Q7-58. Journalize Hal’s sale of the machine.
Q7-59. What is straight-line depreciation for the year ended December 31, 20X6, and what is the book value on December 31, 20X7?
Q7-60. A company purchased mineral assets costing $960,000, with an estimated residual value of $40,000, holding approximately 400,000 tons of ore. During the first year, 48,000 tons are extracted
Q7-61. Suppose Smooth Delivery pays $68 million to buy Guaranteed Overnight. Guaranteed’s assets are valued at $74 million, and its liabilities total $16 million. How much goodwill did Timely
P7-62A. (Learning Objectives 1, 2: Identifying the elements of a PPE’s cost; depreciation)Assume Online, Inc., opened an office in Durban, South Africa. Further assume that Online incurred the
P7-63A. (Learning Objectives 1, 2: Recording PPE transactions; reporting on the Balance Sheet) Rocco Lakes Resort reported the following on its Balance Sheet at December 31, 20X6:In early July 20X7,
P7-64A. (Learning Objectives 1, 2, 3: Recording PPE transactions; exchanges; and changes in useful life) Carr, Inc., has the following PPE accounts: Land, Buildings, and Equipment, with a separate
P7-65A. (Learning Objective 1: Explaining the concept of depreciation) The board of directors of Crystal Structures, Inc., is reviewing the 20X6 annual report. A new board member—a wealthy woman
P7-66A. (Learning Objectives 1, 2, 3: Computing depreciation by three methods; identifying the cash-flow advantage of accelerated depreciation for tax purposes; subsequent costs) On January 9, 20X6,
P7-67A. (Learning Objectives 2, 3, 6: Depreciation; recording intangibles; analyzing PPE transactions from a company’s financial statements) Gadgets, Inc., sells electronics and appliances. The
P7-68A. (Learning Objective 4: Accounting for natural resources, and the related expense)NorthAtlantic Energy Company’s Balance Sheet includes the asset Iron Ore. NorthAtlantic Energy paid $2.8
P7-69A. (Learning Objectives 4, 6: Reporting PPE transactions on the statement of cash flows) At the end of 20X5, Solving Engineering Associates (SEA) had total assets of $17.1 billion and total
P7-70B. (Learning Objectives 1, 2: Identifying the elements of a PPE’s cost) Assume Lance Pharmacy, Inc., opened an office in Valencia, Italy. Further assume that Lance Pharmacy incurred the
P7-71B. (Learning Objectives 2, 3: Recording PPE transactions; reporting on the Balance Sheet) Pokko Lakes Resort reported the following on its Balance Sheet at December 31, 20X6:In early July 20X7,
P7-72B. (Learning Objectives 1, 2, 3: Recording PPE transactions, exchanges, and changes in useful life) Tarrier, Inc., has the following PPE accounts: Land, Buildings, and Equipment, with a separate
P7-73B. (Learning Objective 2: Explaining the concept of depreciation) The board of directors of Looper Structures, Inc., is reviewing the 20X6 annual report. A new board member—a wealthy man with
P7-74B. (Learning Objectives 1, 2, 3: Computing depreciation by three methods; identifying the cash-flow advantage of accelerated depreciation for tax purposes) On January 6, 20X6, K. P. Scott Co.
P7-75B. (Learning Objectives 2, 3, 6: Depreciation; recording intangibles; analyzing PPE transactions from a company’s financial statements) Perma, Inc., sells electronics and appliances.The
P7-76B. (Learning Objective 4: Accounting for natural resources and the related expense)South Pacific Energy Company’s Balance Sheet includes the asset Iron Ore. South Pacific Energy paid €2.2
P7-77B. (Learning Objective 6: Reporting PPE transactions on the statement of cash flows) At the end of 20X5, Great Financial Associates (GFA) had total assets of €17.4 billion and total
Case 1. (Learning Objectives 2, 3: Measuring profitability based on different inventory and depreciation methods) Suppose you are considering investing in two businesses, La Petite France Bakery and
Case 2. (Learning Objectives 1, 5: Accounting for PPE and intangible assets) The following questions are unrelated except that they all apply to PPEs and intangible assets:1. The manager of Copper
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
Visit a local business.Requirements 1. List all its PPE.2. If possible, interview the manager. Gain as much information as you can about the business’s PPE. For example, try to determine the
1 Understand categories of financial asset investments
2 Use the equity method for investments
3 Understand the concept of consolidated financial statements
Project 2. Select three listed companies, visit their websites and, in particular, their “investor relation” sections. Compare the amount of information and resources provided by the three
Project 1. You are a member of the selection panel for the “best annual report” competition in your country. Outline the selection criteria you would use in deciding on the winner of the
This case spans all 12 chapters and is based on the consolidated financial statements of NestléCorporation. As you work with Nestlé throughout this course, you will develop the confidence and
Issue 1. James Hardie, the CEO of PAS Software, is having a tough time. The company that he has built over the past 10 years has suffered badly in the global financial crisis. In order to
P4-52B. (Learning Objectives 2, 5: Understanding annual reports and financial statements reporting requirements) Melvyn Smith, the new accountant of Stamford Place Ltd., was preparing the company’s
P4-51B. (Learning Objectives 2, 5: Understanding materiality, correction of prior period profits)In December 20X8, just before the financial statements were finalized, Kit & Kat discovered that a
P4-50B. (Learning Objectives 3, 5: Preparing a note to the financial statement) Knight Ltd.commenced operations on January 1, 20X6. On that day, it bought:■ Equipment costing €500,000 million,
P4-49B. (Learning Objectives 2, 4: Reporting comparative amounts on the Income Statement)Refer to Rupert’s Home Repair Services account balances for 20X4 and 20X5 in P4-48B.Suppose Rupert decided
P4-46B. (Learning Objective 1: Expressing an audit opinion) You have just completed the audit of four companies: North, East, West, and South. The conclusions of the audits are summarized below for
P4-45A. (Learning Objectives 2, 5: Understanding annual reports and financial statements reporting requirements) Manuel Young, the new accountant of Raffles Place Ltd., was preparing the company’s
P4-44A. (Learning Objectives 2, 5: Understanding materiality, correction of prior period profits) In December 20X8, just before the financial statements were finalized, James & Jones discovered that
P4-43A. (Learning Objectives 3, 5: Preparing a note to the financial statement) Musashi Ltd. commenced operations on January 1, 20X6. On that day, it bought:■ Equipment costing ¥3.6 million, with
P4-42A. (Learning Objectives 2, 4: Reporting comparative amounts on the Income Statement)Refer to Robert’s Home Repair Services account balances for 20X4 and 20X5 in P4-41A.Suppose Robert decided
P4-39A. (Learning Objective 1: Expressing an audit opinion) You have just completed the audit of four companies: Summer, Autumn, Winter, and Spring. The conclusions of the audits are summarized below
Q4-37. An entity’s equity may decrease during a financial period because:a. Other comprehensive income was lower than net profit.b. There was a new share issuance.c. Total comprehensive income was
Q4-35. Materiality depends on:a. The nature of the omission or misstatement.b. The size of the omission or misstatement.c. Both the nature and size of the omission or misstatement.d. The higher of
Q4-34. Items of dissimilar nature or function:a. Must be presented separately if they are material.b. May be aggregated if accompanied by a note to the account explaining the breakdown.c. Must always
Q4-33. The information which must be provided so as to properly identify each component of a set of financial statements does not include:a. The name of the reporting entity.b. The presentation
Q4-32. When the classification of items in its financial statements is changed, the entity:a. Must not reclassify the comparative amounts unless absolutely necessary.b. Must reclassify comparative
Q4-31. Which of the following entities appears not to be a going concern?a. Company M’s management is unable to extend its long-term loan, and, given its losses in recent years, it is unlikely that
Q4-30. In accordance with IAS 1, which of the following statements is correct?a. For the purpose of classifying assets and liabilities into current and non-current components, the entity’s
Q4-29. An entity shall present:a. The statement of changes in equity following the statement of financial position.b. The statement of comprehensive income first and the statement of changes in
E4-26B. (Learning Objective 3: Classifying liabilities based on liquidity) The same review in E4-25B resulted in the following information on PG Broadcasting’s liabilities at the end of December
E4-25B. (Learning Objective 3: Classifying assets based on liquidity) A thorough review of PG Broadcasting assets at the end of December 31, 20X5, resulted in the following information:■ Cash on
E4-24B. (Learning Objectives 2 and 3: Aggregating assets on the Balance Sheet) Marvis Ltd. has the following assets. Assuming that each account is not material, what is the highest level of
E4-23B. (Learning Objective 2: Understanding materiality) Indie is a company with total assets of €500,000, total revenue of €800,000, gross profit of €300,000, and net profit of€100,000 in
E4-21B. (Learning Objective 1: Identifying key elements of an annual report) For each of the following items, identify which section they would typically appear in on an annual report.Use (1) for
E4-17A resulted in the following information on GE Broadcasting’s liabilities at the end of December 31, 20X5:■ Trade payable of $317,000■ Note payable of $245,000 due July 1, 20X7■ Interest
E4-18A. (Learning Objective 3: Classifying liabilities based on liquidity) The same review in
E4-17A. (Learning Objective 3: Classifying assets based on liquidity) A thorough review of GE Broadcasting assets at the end of December 31, 20X5, resulted in the following information:■ Cash on
E4-16A. (Learning Objectives 2 and 3: Aggregating assets on the Balance Sheet) Travis Ltd. has the following assets. Assuming that each account is not material, what is the highest level of
E4-15A. (Learning Objective 2: Understanding materiality) Insignia is a company with total assets of $500,000, total revenue of $800,000, gross profit of $300,000, and net profit of $100,000 in its
E4-13A. (Learning Objective 1: Identifying key elements of an annual report) For each of the following items, identify which section they would typically appear in on an annual report.Use (1) for
S4-12. (Learning Objective 5: Understanding major items that change equity) Dynamite Corp. reported total equity of £183,528 at the end of its 20X5 financial year. At the end of its 20X6 financial
S4-11. (Learning Objectives 2, 4: Understanding reporting requirements for Income Statements)You were reading a posting in a local small business discussion forum online. Someone with the nickname
S4-10. (Learning Objective 4: Knowing components of other comprehensive income) List the items that could appear as other comprehensive items.
S4-9. (Learning Objective 4: Assessing net income versus comprehensive income) Company Nile reported a net profit of $2 million on its Income Statement and a $2 million loss in other comprehensive
S4-8. (Learning Objective 3: Distinguishing current assets from non-current assets) Wayne Enterprises has the following liabilities: Accounts payable $24,000, Accrued staff wages$3,100, Accrued
S4-7. (Learning Objective 3: Distinguishing current assets from non-current assets)Wayne Enterprises has the following assets: Cash and cash equivalents $35,200, Inventory$18,200, Receivables
S4-5. (Learning Objective 2: Understanding general reporting requirements) Write a short paragraph explaining how corporate governance is important for the integrity of financial reporting.
S4-4. (Learning Objective 2: Using accounts to keep track of information) What is the difference between keeping track of customer accounts using subsidiary ledger accounts versus using general
S4-3. (Learning Objective 2: Identifying financial statements) What are the IAS 1 requirements in terms of the ordering of financial statements in an annual report? What additional labels must each
S4-2. (Learning Objective 1: Understanding annual reports as a communication tool)Bobby Young is one of the many investors in your company. He demands to see your accounting records because he wants
S4-1. (Learning Objective 1: Understanding annual reports as a communication tool) You were discussing corporate annual reports with your friends. One of them said “Annual reports are no different
10. Which of the following statements best describes notes to the financial statements?a. They are part of a complete set of financial statements.b. They are used to explain how the company has
9. All of the following may explain changes in equity from one period to another, except for:a. Additional share issuance during the periodb. Payment of dividend during the periodc. Increase in the
8. An entity has the following balances: Cash $15,000, Inventory $10,000, Receivables$22,000, PPE $50,000, and Intangible assets $40,000. Its total current assets are:a. $25,000c. $47,000b. $37,000d.

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