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financial accounting for decision makers

Questions and Answers of Financial Accounting For Decision Makers

Complex Income Statement Waldo Company reported the following income statement elements for the year 2001:Prepare an income statement for Waldo Company for 2001. Sales $639,000 Cost of goods sold
Recognizing Changes in Asset Values A] and Jana Bushweiler purchased Acme Cleaning Supplies, Inc., approximately nine years ago. The previous owners had planned to expand the operations from a small
Income Recognition on a Cash Basisa. For each of the following, indicate whether it would normally be appropriate or inappropriate for a company to recognize income measured on the cash basis.
Cash-Basis Income During the month of March, Dallway Corporation received $400,000 of inventory, and it paid suppliers $205,000 for inventory received and sold in February and $195,000 for inventory
Evaluation of Cash-Basis Net Income Toz Company reports sales revenue and operating expenses on a cash basis. How will each of the following affect the accuracy with which cash-basis net income
Conversion from Cash to Accrual Tucker Corporation had the following cash receipts and payments in the month of November:In reviewing its accounting records for November, the chief accountant found
Earnings Per Share—Two Classes of Stock El Paso Corporation reported net income of $80,000 for the year 2001. El Paso Corporation has 20,000 shares of common stock and 5,000 shares of preferred
Evaluating Income A friend of yours has a copy of Goody Corporation’s financial statements for 2000, and the following comparative income statement information is included:Although your friend was
Determining Sales Revenue The management of Brainway Corporation reported sales revenue of $655,000 for the month of September. Sales revenue consists of the following:1. A total of $420,000 was
Income Statement Preparation At the request of its local bank, Spotfree Cleaners is attempting to prepare an income statement for 2000 using correct financial reporting methods. The following list of
Evaluating Income Barbara Farzner has received financial statements from Green Corporation and Wilke Company and is attempting to determine which of the companies would be a better investment. The
Income Statement Recognition During 2000, the following events occurred that affected Northeastern Fisheries, Yarmouth, Maine:1. Products costing $300,000 were sold for $450,000 cash.2. A building
Earnings Per Share After finally paying off your car, you have saved enough money to take the plunge in the stock market. You have been particularly interested in two companies, but only have enough
Cash Basis Net Income Temple Corporation reported the following cash receipts and payments during 2000:a. Assuming Temple Corporation uses the cash basis in reporting income, compute net income for
Cash Flow as a Measure of Income Stone City Weavers reported the following net income for the month of July, computed on a cash basis:Stone City Weavers produces high-quality birch-bark baskets.Sales
Income Generation Nordic Enterprises manufactures snowmobiles and recreational equipment and has reported the following revenues and expenses in 2000:a. Prepare a 2000 multistep income statement for
Income Statement Preparation and Analysis Tensel Corporation markets high-quality grinding tools. During 2000, Tensel Corporation recorded the following:1. Total sales revenue was $578,000.2.
Evaluating Financial Accounting Information In its most recent income statement, the Electronic Shop reported the following information about its revenues for the past two years:a. You are
The Financial Accounting Information Model _ Financial statements are the end result of the accounting process and reflect what has been recorded by a company in its financial records.a. What role do
Basic Concepts of Financial Accountinga. The Acme Trailer Company produces trailers in Indiana.Acme owns 100 percent of two of its suppliers, the Ace Wheel and Bearing Company and the Omega Wood
Matching Costs and Benefits: The Heart of Accrual Accounting Under accrual accounting, the matching concept plays a central role in determining the amount of expenses and net income to be reported in
A Closer Look at Financial Statementsa. While analyzing the financial statements of the Morris Company, you notice that a $50,000 note payable to the First National Bank was listed as a long-term
Multiple Choice: Financial Reports Select the correct answer for each of the following:For accounting information to be useful, it must be:Relevant to a decision at
a. The numbers are correctly reported.b. The numbers are not biased in favor of management.c. Two companies with similar events will report them in the same way.d. Individuals with similar skills and
Multiple Choice: Accounting Concepts Select the correct answer for each of the following:An accounting entity:a. Almost never consists of more than one legal entity.b. Is always the same as the legal
Multiple Choice: Financial Reporting Select the correct answer for each of the following:1. An asset is considered to be:a. An unexpired cost.b. An expired cost.c. Something that will be sold for
Accounting Equation Ballentine Company has assets of $1,000, liabilities of $300, and owners’ equity of$700. Using the accounting equation, answer each of the following independent questions:a. At
Changes in the Accounting Equation Toland Corporation reported owners’ equity of $150,000 and liabilities of $250,000 on January 1, 2001. Using the accounting equation, answer each of the following
Changes in Balances For each of the following, indicate whether an increase or a decease is required:a. An investment by owners is reported as in cash and in Owners’ equity.b. Sale of land at a
Financial Statement Effects Staple Company reports on a calendar-year basis. Determine which of its balance sheet and income statement accounts will be affected by the following transactions, and
Elements of Financial Statements Determine whether the following elements should appear in Champion Corporation’s income statement, balance sheet, or neither.. Cash held at year-end.. Cost of
Analysis of Income Statement Items Jake Redding owns and operates a tire and auto repair shop named Jake’s Jack ’em and Fix ’em Shop as a sole proprietorship.During the month, the following
Recognition Criteria Under generally accepted accounting principles, revenue is included in the income statement in the period in which it is earned. For each of the following, determine the amount
Expired Costs Buck Company reported prepaid insurance in the amount of $48,000 at January 1, 2000. The policy provides coverage through June 2002.a. What amount of expired cost should Buck Company
Matching Concept For each of the following independent cases, indicate how much of the cost should be recognized as expense in the months of October and November, applying the matching concept:a.
Expense Recognition Computer Supply Company operates a number of large computer supply stores that sell all types of computer supplies and equipment at discount prices to individuals and small
Accounting Concepts For each of the assets listed below, indicate the amount at which the asset should be recorded in the balance sheet and which basic concepts or constraints lead to that
Interest on a Bank Loan Dorsal Company borrowed $100,000 from Kindly National Bank on a three-year note payable. The agreement requires no payment by Dorsal until the note matures. At that time,
Computation of Income Retail Corporation purchased inventory for $60,000 during 2000 and sold 70 percent of the inventory prior to the end of the year for$210,000. It paid salary and wages of $36,000
Income Determination Packler Company has service revenues of $356,000 for the year, rent expense of$15,000, wage expense of $210,000, supplies expense of$6,000, and miscellaneous expenses of $45,000.
Asset Valuation Landon Corporation purchased a tract of land for $150,000 roughly twenty years ago and has now divided the land into two parcels. The company intends to sell one of the parcels and
Recognizing Changes in Value Two years ago, Atlas Card Company purchased a large, four-color printing press for $500,000 with the intent of using it for 7 years. Recently, the production manager just
Analysis of Transactions The accounting equation provides a convenient mechanism for showing the impact of various transactions and activities on the amounts reported as assets, liabilities, and
Cash Held by Multiple Entities McGregor Company holds 100 percent ownership of Lansing Company and Dubuque Company. At December 31, 2000, the individual companies reported cash on hand of $150,000,
Sales Between Related Entities McGregor Company holds 100 percent ownership of Lansing Company and Dubuque Company. During 2001, McGregor Company reported sales of $500,000, Lansing reported sales of
Conflict in Concepts The concepts of relevance and reliability sometimes conflict with one another, yet both are important in making accounting information useful.a. Define relevance and reliability,
Going-Concern Concept Fly-By-Day Airlines was established shortly after World War II to provide crop dusting and spraying services for local farmers on weekdays and pleasure flights for tourists on
Matching Concept Lester Brown opened a small plumbing repair business two years ago when he left his previous job. By electing to immediately take his accumulated retirement benefits from his former
Conservatism A local disk jockey for FM radio station WFSS, while helping to clean the attic of a record store that was going out of business, found five unopened copies of what appeared to be the
Reporting Entity Amy and Brad Chen have been entrepreneurs for several decades and have established a relatively broad array of business holdings. Chen Enterprises is a corporation created some time
International Businesses International Bearing Corporation incurs significant costs each year when it translates the financial statements of its international subsidiaries from foreign currency units
Determining Balance Sheet Totals One of the owners of THE REALLY SINFUL COOKIE SHOP is considering selling his ownership and wishes to determine his equity in the cookie shop using good accounting
Applying Matching Concept Tom Driver decided to retire from stock car racing and invest all his winnings in a fish farm. He had majored in genetics in college and experimented with many different
Accounting Concepts The principles of conservatism, matching, going concern, and revenue recognition are important concepts in determining the amounts to be included in financial statements prepared
Operating Expenses Zorex Corporation recently sold one of its new BlunderBuss VII copy machines to Uptown Copy Center, Inc., and a second unit to Suburban Forms 4U. Uptown Copy is a high-volume
Preparing Financial Statements The Historical Preservation Guild of the Town of Lower Switchback was created more than twenty years ago to help restore and preserve the hallowed history of the town.
Obtaining Financial Information from the Library External decision makers have a number of sources a of information available to them. A knowledge of the infor-~ mation available and how the various
Evaluating Transactions Misty Valley Estates is a real estate development company established nearly forty years ago when several thousand acres of land in California were purchased. Despite attempts
Team Exercise: What to Report The audit of Belchfire Industries has just been completed, and for the first time in many years, the company will report a significant loss. Prior to the final
Business for Sale! Glancing through the local newspaper recently, you came across the following business Opportunity:You have $150,000 to invest, and you wonder if this might not be a good business
IBM?’s Financial Position Gain access to the con-* solidated financial statements of IBM. These may be obtained from the company, through many libraries, or from the Internet d.or other electronic
Why do investors place a great deal of emphasis on reported net income?
How is net income defined?
What parties other than shareholders use income statement information in arriving at economic decisions?
In what ways does corporate management use income statement data?
In what ways can employees find income statement data useful?
In what ways may taxing and regulatory authorities find income statement data useful?
Why should an investor not rely solely on the amount of reported net income or loss for the current period in arriving at a decision on whether or not to purchase the stock of a particular company?
When is the term cost of goods sold used in the income statement and what does it mean?
What are the primary advantages and disadvantages of recording revenue on a cash basis?
What are the primary advantages and disadvantages of recording expenses on a cash basis?
Using the accrual basis of accounting, when is revenue recognized?
Why is it generally considered inappropriate to recognize revenue at the point of production for most products?For what type(s) of business operations might it be appropriate to recognize income at
When are losses recognized for financial reporting purposes?
When are gains generally recognized? Why are different standards used in the recognition of gains and losses?
What factors may cause the cash generated from operations to be substantially greater than the amount of reported operating income?
Most of Stone Jewelry’s sales are on the store’s charge cards and are collected evenly over 120 days. If about 80 percent of the store’s sales are in November and December, in which months will
When do sales returns and allowances arise? How are they reported in the financial statements?
What is gross profit, and how is it computed? Why is it important?
What types of expenses are normally classified as general and administrative expenses in the income statement?
How is operating income measured, and why is it important to decision makers?
In what way do preferred shareholders participate in the distribution of dividends and in the distribution of assets if the corporation is liquidated?
Why is a provision for income taxes typically included in the income statement of a business entity?
How is earnings per share calculated? Why is earnings per share considered useful?
What events are reported as discontinued operations, and why are they reported separately?
What events are reported as extraordinary items, and why are they reported separately?
Distinguish between a sales return and a sales allowance. How are these items included in the income statement?
Why is earnings available to common shareholders used in place of net income in computing earnings per share?
When are cumulative adjustments reported in the income statement, and what does the amount reported represent?
Using the accrual basis of accounting, when are expenses recognized?
The Basic Financial Statementsa. Most businesses prepare an income statement, balance sheet, statement of cash flows, and statement of changes in owners’ equity. The members of your investment club
Users of Accounting Information Select the financial statement user most likely to use accounting information in the manner indicated and explain why:a. (owner or vendor) Determine the frequency with
Accounting Information Systems and Decision Makinga. You are thinking of purchasing stock of The Sinfully Sweet Bakery Company, which produces the rolls that you have for breakfast every morning. You
Accountants: The Providers of Financial Informationa. Accountants have different roles in providing financial information to decision makers. Which type of accountant would an owner, investor, or
Setting Standards for Accounting Information Who is responsible for the following?a. Preparing the financial statements using generally accepted accounting procedures.b. Establishing rules and
The Current Environment of Accountinga. An article in your local newspaper tells you that a retail grocery business in your hometown has just declared bankruptcy. You are not surprised because your
Multiple Choice: Accounting Reports Select the correct answer for each of the following:1. The set of basic financial statements for a business entity does not include the:a. Statement of financial
Multiple Choice: Use of Accounting Select the correct answer for each of the following:1. The accounting equation:a. Is used to determine the amount of liabilities owed.b. Shows the claims on the
Multiple Choice: Auditing Select the correct answer for each of the following:1. An external auditor may issue which of the following opinions in connection with an examination of the financial
Accounting Reports Briefly indicate the purpose of each of the following financial statements:a. Statement of income.b. Statement of financial position.c. Statement of cash flows.d. Statement of

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