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financial accounting for decision makers

Questions and Answers of Financial Accounting For Decision Makers

Making a Decision Describe an important decision that you made recently or that you are about to make.Identify the goal, the criteria bearing on the decision, the possible alternative choices, the
Sales Decisions Next semester, one of your friends is planning to take the economics course in which you are enrolled this term and has asked if you would sell her the book you are using. What
Purchase Decisions Tom Blackman works in the accounting department of one of the large retail stores in town and has just completed an evaluation of microcomputers to decide which model the store
Information Used in Purchasing a Product Explain how information about each of the following may be useful to Marv Headwater in deciding whether to purchase or rent scuba gear and in selecting the
Identifying and Evaluating Alternatives Pamela will graduate from high school at the end of the year and plans to be a computer science major in college. She has developed a list of the most
Acquiring Information Billy Jarvis recently found a baseball card he received in a pack of bubble gum nearly twenty years ago. While reading a sports magazine, he saw an ad offering top prices for
The Decision Process Garwood Construction Company has just decided to purchase Amatron Electrical Supply Company. Garwood has been searching for the past two years to find a way of adding other
Forms of Organization Indicate whether the following business entities are more likely to be established as a sole proprietorship (SP), partnership (P), or corporation (C):. Neighborhood barbershop..
Factors Affecting Organizational Form Indicate whether each of the following is likely to be important(I) or unimportant (U) in deciding whether a new business should be established as a sole
Form of Organization Indicate whether the following criteria would favor using a proprietorship, partnership, or corporate form of organization:a. JoAnn wishes to minimize the cost of starting a
Accounting Information Indicate whether the following information would be measured, classified, summarized, and communicated in the financial statements of Norbert Company:. Cost of land owned by
Reporting Process Place the steps in the financial accounting reporting process given below in correct order:a. Add together amounts assigned to each category of expense.b. Determine the types of
Steps of Reporting Process The financial reporting process includes five steps: (1) identify the factors to be reported, (2) measure those factors, (3) classify and accumulate information by
Operating Costs Early in 1999, the manager of Farnsworth Laundry Supply Company purchased enough detergent to meet its anticipated demand for three years. It also paid $60,000 in advance for a
Obtaining Accounting Information Information about an organization’s operations and financial position can be found in its income statements and balance sheets. For each of the questions below,
Financial Statements You have obtained the following information about Zazz Company and wish to evaluate the success of its operations for the last year:a. Organize the information into an income
Building a Hospital Retirement City, Florida, is considering building a city-owned hospital with specialty care for the elderly. What information regarding the demand for patient care and the costs
Rental Information In attempting to find housing for his first year of college, Kandwani read the listings of apartments available in the local newspaper. The first ad read as follows:For Rent:
Selecting Useful Information Different decisions often require different information about the same individual or business. Assume you work for a local savings and loan association and an individual
Choosing the Form of Organization Anna Garza just graduated from college and is planning to start her own business. Anna is trying to decide on the best form of business organization and is debating
Evaluating Operating Results Rita Janson has a significant ownership interest in three business enterprises.Five years ago, she and a friend borrowed several hundred thousand dollars and built a
Acquiring Information The purchasing officer of Acme Finance Company was very concerned about the reliability of a piece of equipment it was about to purchase from Bumble Manufacturing Company.
Forming a Partnership Three students attending Rockystone College have decided to start a summer lawn care service in their hometown rather than work at the local suds and burger places where they
Evaluating Information The head of the accounting department of Stanway Manufacturing has attempted to design a formal set of reports on the operations and activities of the company. At the end of
Review of the Decision Process Jocelyn Franklin has just graduated from college near the top of her class with a degree in management. Her grandfather is so proud of her that he rewards her with a
Making a Decision Your parents are giving serious thought to purchasing a new wide-screen television set.When you called home last night to discuss your travel plans for semester break with them,
Well, here you are taking an introductory accounting course. You’ve thought about various majors, but have had some trouble deciding. Engineering just doesn’t seem to be for you. And English?
Geta Job! Incollege, you prepare yourself for a career—a lifetime of opportunities. While in college, however, students often must be employed to pay for living and college costs. List the decision
Ethical Decisions Federal prosecutors announced in July 1993 that Biopharmaceutics, Inc., had pleaded guilty to felony charges as a result of submitting false information in attempting to gain
Our Market Economy A market economy thrives on the entrepreneurial spirit and the laws of supply and demand. Nowhere is this more evident than with ticket scalpers.They buy large quantities of
The Restaurant Critic Every time you visit a new restaurant, you serve as your own restaurant critic. You determine what you like and don’t like about that establishment. Based on your experience,
Select a restaurant that you have never visited. Based on what is important to you, prepare a list of criteria for evaluating the restaurant. Have breakfast, lunch, or dinner at the restaurant. Using
An Important Business Decision Look through several publications referred to as “the business press,” such as the business section of a major city newspaper or a major business publication such
Acquiring Information from Reference Sourcesa. Go to the library and look up AT&T in Moody’s Industrial Manual.1. What was the original name of the company, and when was it established?2. What are
Team Project: Business Information Organize in groups of three to five students. Pick any local business nearby, and list the types of information that you think are important to operating that
Team Project: Starting a Business The Tuff N’ Chewy Pizza chain has been growing by leaps and bounds since it was established by three members of the food and nutrition faculty at Foodstuff
On June 30 Osborn Corporation discontinued its operations in Mexico. Duringthe year, the operating loss was \(\$ 400,000\) before taxes. On September 1 Osborn disposedof the Mexico facility at a
An inexperienced accountant for Lima Corporation showed the following inLima's income statement: Income before income taxes, \(\$ 300,000\); Income tax expense,\(\$ 72,000\); Extraordinary loss from
On January 1, 1998, Shirli Inc. changed from the straight-line method of de-preciation to the declining-balance method. The cumulative effect of the change was toincrease the prior years'
Using these data from the comparative balance sheet of All-State Company, per-form horizontal analysis. December 31, 1998 Accounts receivable Inventory Total assets $ 600,000 780,000 3,220,000
Using the data presented in BE14-4 for All-State Company, perform vertical analysis.
Net income was $500,000 in 1996, $420,000 in 1997, and $504,000 in 1998. What is the percentage of change from (a) 1996 to 1997 and (b) 1997 to 1998? Is the change an increase or a decrease?
If Cavalier Company had net income of $672,300 in 1998 and it experienced a 25% increase in net income over 1997, what was its 1997 net income?
Horizontal analysis (trend analysis) percentages for Tilden Company's sales, costof goods sold, and expenses are listed here:Explain whether Tilden's net income increased, decreased, or remained
These selected condensed data are taken from a recent balance sheet of BobEvans Farms:What are the (a) current ratio and (b) acid-test ratio? Cash Marketable securities $ 8,241,000 1,947,000 Accounts
The following data are taken from the financial statements of Diet-MiteCompany:Compute for each year (a) the receivables turnover ratio and (b) the average collectionperiod. What conclusions about
The following data were taken from the income statements of Linda ShumwayCompany:Compute for each year (a) the inventory turnover ratio and (b) the average days in in- ventory. What conclusions
Boston Patriots Corporation has net income of $15 million and net revenue of $100 million in 1998. Its assets were $12 million at the beginning of the year and $14 million at the end of the year.
Haymark Products Company has stockholders' equity of $400,000 and net in- come of $50,000. It has a payout ratio of 20% and a rate of return on assets of 16%. How much did Haymark Products pay in
Selected data taken from the 1998 financial statements of Shirley Denison Manufacturing Company are as follows:Compute these ratios at December 31, 1998: (a) current cash debt coverage ratio, (b)
The Davis Company has income from continuing operations of \(\$ 240,000\) for theyear ended December 31, 1998. It also has the following items (before considering in-come taxes): (1) an extraordinary
The Wall Street Journal routinely publishes summaries of corporate quarterly andannual earnings reports in a feature called the "Earnings Digest." A typical "digest" re-port takes the following
Here is financial information for Merchandise Inc.:InstructionsPrepare a schedule showing a horizontal analysis for 1998 using 1997 as the base year: December 31, 1998 December 31, 1997 Current
Operating data for Fleetwood Corporation are presented here:InstructionsPrepare a schedule showing a vertical analysis for 1998 and 1997. 1998 1997 Sales $800,000 $600,000 Cost of goods sold 472,000
The comparative balance sheets of Oklahoma Corporation are presented here:Instructions(a) Prepare a horizontal analysis of the balance sheet data for Oklahoma Corporationusing 1997 as a base. (Show
Here are the comparative income statements of Olympic Corporation:Instructions(a) Prepare a horizontal analysis of the income statement data for Olympic Corporationusing 1997 as a base. (Show the
Nordstrom, Inc., operates department stores in numerous states. Selected finan-cial statement data (in millions) for a recent year are presented here:For the year, net sales were \(\$ 3,894\), cost
Firpo Incorporated had the following transactions involving current assets andcurrent liabilities during February 1998:Additional information:1. As of February 1, 1998, current assets were \(\$
Georgette Company has these comparative balance sheet data:Additional information for 1998:1. Net income was \(\$ 25,000\).2. Sales on account were \(\$ 420,000\). Sales returns and allowances
Selected comparative statement data for Mighty Products Company are pre-sented here. All balance sheet data are as of December 31InstructionsCompute the following ratios for 1998:(a) Profit margin(d)
Here is the income statement for Jean LeFay, Inc:Additional information:1. Common stock outstanding January 1,1998 , was 30,000 shares. On July 1, 1998, 10,000more shares were issued.2. The market
Shaker Corporation experienced a fire on December 31, 1998, in which its fi-nancial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following
Here are comparative statement data for Chen Company and Couric Company,two competitors. All balance sheet data are as of December 31, 1998, and December 31,1997.Instructions(a) Prepare a vertical
The comparative statements of Magic Johnson Company are presented here:On July 1, 1998, 4,000 shares were repurchased and canceled. All sales were on account.Net cash provided by operating activities
Condensed balance sheet and income statement data for Pitka Corporation arepresented here:Additional information:1. The market price of Pitka's common stock was \(\$ 4.00, \$ 5.00\), and \(\$ 7.95\)
This financial information is for Caroline Company:Additional information:1. Inventory at the beginning of 1997 was \(\$ 115,000\).2. Receivables at the beginning of 1997 were \(\$ 88,000\).3. Total
Selected financial data of two intense competitors in a recent year are presentedhere (in millions):Instructions(a) For each company, compute the following ratios:(1) Current(8) Return on assets(2)
The comparative statements of Ultra Vision Company are presented here:Additional data: The common stock recently sold at \(\$ 19.50\) per share.InstructionsCompute the following ratios for 1998:(a)
Presented here are an incomplete income statement and an incomplete compar-ative balance sheet of Vienna Corporation:Additional information:1. The receivables turnover for 1998 is 10 times.2. All
Here are comparative statement data for Brooke Company and Shields Com-pany, two competitors. All balance sheet data are as of December 31, 1998, and Decem-ber 31,1997 .Instructions(a) Prepare a
The comparative statements of Marti Rosen Company are presented here:On July 1, 1998, 1,000 shares were repurchased and canceled. All sales were on account.Net cash provided by operating activities
These are condensed balance sheet and income statement data for Los ColinasPerform ratio analysisCorporation:Additional information: \(\square\)1. The market price of Los Colinas's common stock was
Financial information for Star Track Company is presented here:Additional information:1. Inventory at the beginning of 1997 was \(\$ 350,000\)2. Receivables at the beginning of 1997 were \(\$
Selected financial data of two intense competitors in a recent year are presentedhere (in millions):Instructions(a) For each company, compute the following ratios:(1) Current(8) Return on assets(2)
Your parents are considering investing in Starbucks Corporation commonstock. They ask you, as an accounting expert, to make an analysis of the company forthem. Fortunately, excerpts from a current
The financial statements of Green Mountain Coffee are presented in Appen-dix B, following the financial statements for Starbucks in Appendix A.Instructions(a) Based on the information in the
The chapter stresses the importance of comparing an individual company's fi-nancial ratios to industry norms. Robert Morris Associates (RMA), a national associationof bank loan and credit officers,
Minicase 1 Manitowoc Company vs. Caterpillar Corp.Manitowoc Company and Caterpillar Corporation are both producers and sellers of largefixed assets. Caterpillar is substantially larger than
Minicase 2 Sears, Roebuck and Co.The income statements, selected balance sheet information, and selected note disclosuresfrom the annual report of Sears, Roebuck and Co. for 1993 are presented on the
You are a loan officer for Second State Bank of Port Washington. Ted Worth,President of T. Worth Corporation, has just left your office. He is interested in an 8 -yearloan to expand the company's
The Coca-Cola Company and PepsiCo, Inc. provide refreshments to everycorner of the world. Selected data from the consolidated financial statements for TheCoca-Cola Company and for PepsiCo, Inc., are
Three types of analyses are explained in the chapter: horizontal, vertical, andratio.InstructionsWith the class divided into five groups, each group will take one of the following topics:horizontal
Purpose: Financial statements communicate to investors, creditors, andmanagement the financial health of the organization. Companies are aware that finan-cial statements are read by individuals who
Purpose: To understand the Management Discussion and Analysis (MD\&A)section of an annual report.\(\begin{aligned} & \text { Addresses: } \text { http://www.ibm.com/financialguide } \\ & \text {
Refer to the financial statements of Starbucks presented in Appendix A. Answer these questions:(a) What was the amount of net cash provided by operating activities for the year ended September 29,
The financial statements of Green Mountain Coffee are presented in Appendix B, following the financial statements for Starbucks in Appendix A.\section*{Instructions}(a) Based on the information in
The March 25, 1996, issue of Barron's includes an article by Harry B. Ernst and Jeffrey D. Fotta entitled "Weary Bull."\section*{Instructions}Read the article and answer these questions:(a) The
Minicase 1 Mattel Corporation}Mattel Corporation makes toys-some very famous toys. Among these are Barbie, FisherPrice, Disney toys (such as Pocahontas), and Hot Wheels cars. In 1994 the company had
Minicase 2 Vermont Teddy Bear Co.}Founded in the early 1980s, Vermont Teddy Bear Co. designs and manufactures American-made teddy bears and markets them primarily as gifts called Bear-Grams or Teddy
Greg Rhoda and Debra Sondgeroth are examining the following statement of cash flows for K.K. Bean Trading Company for the year ended January 31, 1998:Greg claims that K.K. Bean's statement of cash
Praxair Incorporated was founded in 1907 as Linde-Air Products Company and was a pioneer in separating oxygen from air. It was purchased and run as a subsidiary of Union Carbide. In 1992 Praxair
The class should be divided into groups of four or five.\section*{Instructions}Discuss these questions: What would you expect to observe in the operating, investing, and financing sections of a
Arnold Byte, the owner-president of Computer Services Company, is unfamiliar with the statement of cash flows that you, as his accountant, prepared. He asks for further
Puebla Corporation is a medium-sized wholesaler of automotive parts. It has ten stockholders who have been paid a total of \(\$ 1\) million in cash dividends for 8 consecutive years. The board of
Purpose: Locating SEC filing in Edgar Database.Address: http://www.sec.gov/index.html
Purpose: Use the Internet to view SEC filings.Address: http://www.yahoo.com Steps:1. From the Yahoo homepage, choose Stock Quotes.2. Enter stock symbol or use "Symbol Lookup."3. Choose Get Quotes.4.
In reporting discontinued operations, the in- come statement should show in a special sec- tion: (a) gains and losses on the disposal of the dis- continued segment. (b) gains and losses from
The Candy Stick Corporation has income be- fore taxes of $400,000 and an extraordinary loss of $100,000. If the income tax rate is 25% on all items, the income statement should show income before
The following schedule is a display of what type of analysis? Amount Percent Current assets $200,000 25% Property, plant, and equipment 600,000 75% Total assets $800,000 (a) Horizontal analysis (b)
Leland Corporation reported net sales of (SO 3)\(\$ 300,000, \$ 330,000\), and \(\$ 360,000\) in the years1996, 1997, and 1998, respectively. If 1996 isthe base year, what is the trend percentage

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