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financial accounting for mba

Questions and Answers of Financial Accounting For MBA

Presented below are the consolidated financial statements of Casual Clothing, Inc.In 2017, amortization expense for intangibles was \($2,700\) and depreciation expense for buildings, furniture &
The following financial data were taken from the Catalina Divers Supply Company for the year ended December 31, 2017.RequiredUsing the above data, prepare the 2017 statement of cash flow for Catalina
Presented below are cash flow data for L.A. Gear Inc. During this period of time, the manufacturer of athletic shoes and sportswear experienced a 1200 percent growth in net income.Required1. Explain
L.A. Gear, a manufacturer of sports shoes and sportswear, began operations in the early 1980s. By late 1996, however, the company was in bankruptcy.Following are cash flow data for the company for
Recent financial statements for The Hoechst Group, a German conglomerate with operations in agriculture, chemicals, pharmaceuticals, and veterinary products are pre- ver sented as follows:The
Create a statement of cash flow for the Arrow Company for the years ended December 31, 2014 and December 31, 2015 from the balance sheets and income statement created in problem P1.32 from Chapter 1.
The 2015 annual report of The Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&G’s annual report, respond to the following questions:a. P&G’s 2015 statement of
Consider a publicly-held company whose products you are familiar with. Some examples might include:Access the company’s public website and search for its most recent annual report. (Note: Some
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C of this book. LVMH is a Paris-based holding company and one of the world’s largest and best-known
Describe or define the following terms:1. Asset 2. Liability 3. Shareholders’ equity 4. Revenue 5. Expense Discuss how the five terms relate to one another.
Discuss the difference between historical and forecasted (or pro forma) financial statements. How are these different sets of financial statements used by managers and shareholders for
Consider the following accounting principles:1. Entity principle 2. Revenue recognition principle 3. Matching concept Define these accounting principles. Discuss how these principles relate to one
Most balance sheets are defined as “classified balance sheets” in that both the assets and liabilities are dichotomized into the categories of current and noncurrent. [In those industries in
Key Performance Indicators: The Income Statement. Describe or define the following key performance indicators (KPIs) from the income statement:1. Operating revenue 2. Gross profit 3. Operating
Describe or define the following key performance indicators (KPIs) from the statement of cash flow:1. Cash flow from operating activities 2. Cash flow from investing activities 3. Cash flow from
The return on shareholders’ equity ratio can be decomposed into three separate financial ratios—the return on sales, asset turnover, and financial leverage. Define each of the ratios assuming the
Investment professionals use a variety of financial ratios to evaluate a company’s financial risk. Two popular financial risk ratios include:1. Long-term debt-to-equity ratio 2. Interest coverage
Some corporate executives have reportedly attempted to manage their firm’s operating revenues through such actions as “front-end loading” or “rear-end loading” of operating revenues.
The Arizona Corporation reported positive net income but negative cash flow from operations. Further, despite the negative cash flow from operations, the company continued to pay its regular dividend
Bristol-Myers Squibb (BMS) Company reports that it maintains a \($2\) billion, five-year revolving line of credit with a syndicate of lenders. The company disclosed in its annual report that: The
Some corporate executives have reportedly attempted to manage their firm’s operating expenses through such actions as “front-end loading” or “rear-end loading” of their operating expenses.
The Phoenix Corporation reported a net loss but a positive cash flow from operations. Further, despite the net loss, the company continued to pay its regular dividend. Discuss why it is possible for
Fernandez & Co. experienced the following six events during the current year:1. The sale of common stock to investors for \($5\) million cash.2. The sale of a new bond issue to investors for \($10\)
Presented below is a list of income statement and balance sheet accounts:a. Interest expense b. Landc. Cost of goods soldd. Intangible assetse. Income tax expensef. Inventory g. Revenues h.
The Rankine Corporation reported net income of \($10\) million in 2016, and it appears that net income for 2017 will be the same. During 2017, the company made the following expenditures:1.
The following cash flow information was taken from the 2015 annual report for Johnson & Johnson. Compute the missing values in the table (amounts are in millions). Based on this data, how does
The following cash flow information was taken from the 2015 annual report for General Electric. Compute the missing values in the table (amounts are in millions). Based on this data, describe GE’s
Marilyn Miller opened a floral shop using \($5,000\) of her own cash savings and with \($15,000\) in cash borrowed from her parents. She signed a lease on a small store for one year, agreeing to pay
Marilyn Miller began the second year of her floral business with \($12,000\) in cash in her bank account. Using the information below, all of which occurred during Year 2, prepare a statement of cash
Smith & Co, experienced the following six events in its first year of operations:1. Shareholders contributed \($60,000\) cash.2. Purchased land for \($40,000\) cash.3. Borrowed \($18,000\) in cash
Wilmot Real Estate Company experienced the following events during its first year of operations:1. Received \($50,000\) in cash from investors as an equity investment.2. Borrowed \($40,000\) in cash
Presented below are the balance sheet accounts of the Mayfair Company as of December 1, 2017. The accounts are listed in random order.During the month of December 2017, the following events
The following financial information is known about Pfizer, Inc. for the year ended December 31, 2015. (all amounts in millions): yoma. The balance of cash and cash equivalents was \($3,641\).b.
The following data were taken from the financial statements of The Amphlett Corporation, which is all equity financed.Required 1. Calculate the following ratios for 2016 and 2017:a. Return on
The following data were taken from the financial statements of The Amphlett Corporation, which is all equity financed.Required:1. Calculate the following ratios for 2016 and 2017:a. Return on
The Thunderbird Corporation has applied to the Biltmore National Bank for a \($100,000\) loan to purchase new equipment for its manufacturing operations. As part of the loan application, the chief
Presented below is the year-end 2016 balance sheet for The Little Corporation.During 2017, the company entered into the following events:1. Sales to customers totaled \($2\) million, of which
Photovoltaics, Inc. is an Arizona-based manufacturer and distributor of photovoltaic solar energy units. The company was founded in 2015 by Arthur Manelas and Harry Linn. Manelas, formerly a research
In January 2017, Susan and Clark Shipley, co-owners of Island Foods, Inc. began discussing the possibility of expanding their restaurant business from a single location in Glendale, Arizona, to two
The 2015 annual report of The Procter & Gamble Company (P&G) is available at www.pginvestor.com. After reviewing P&G’s annual report, respond to the following questions:a. P&G’s net income and
Consider a publicly-held company whose products you are familiar with. Some examples might include:Access the company’s public website and search for its most recent annual report. (Some companies
Use the balance sheet equation to determine the missing values below. Common Assets Liabilities Stock Retained Earnings 320,000 150,000 45,000 ? ? 75,000 30,000 40,000 250,000 90,000 ? 120,000
The Arcadia Company was founded by Thomas Smith and began operations in July 2015 as a neighborhood hardware store, selling branded lawn and garden supplies, household products, and small tools. The
The following data were obtained from the year-end financial statements of The Arcadia Company:RequiredCompute the following ratios for The Arcadia Company: (1) Return on Sales, (2) Return on Assets,
Financial statement data is utilized by a variety of user-groups to include a company’s board of directors, bondholders, corporate employees and executives, customers, investment advisors, labor
Discuss why generally accepted accounting principles are important to investors and to a properly functioning, efficient capital market. How do accounting rules help capital markets be (or become)
Discuss what “corporate governance” is and why it is important to shareholders.
Discuss the relationship between investment risk and the expected rate of return on an investment. Explain why accounting information is useful in evaluating the risk/return trade-off inherent in all
Discuss the major impediments to the acceptance of a global set of generally accepted accounting principles. Prepare a list of those key impediments. Of the items on your list, which do you think
Under U.S. GAAP, long-lived assets such as real estate are carried on the balance sheet at the original purchase price of the asset. In the event that the value of a real estate asset
The balance sheet allegedly reports all of the assets of a business. But one of the most important assets of any business is its employees, and this asset is omitted from the balance sheet of every
Based upon your reading of the chapter, specifically a review of the financial statements of Amazon.com, identify five key indicators of performance (KPIs) for Amazon.com. Explain why you selected
Review Amazon.com’s audit report in Exhibit 1.7 and discuss what the report tells you about Amazon’s financial statements. Is there anything in the audit report that causes you concern? Why or
Discuss the following accounting assumptions and concepts:1. Accrual basis of accounting 2. Cash basis of accounting 3. Going concern assumption 4. Materiality concept 5. Information role of
Describe or define the four basic financial statements:1. Income statement 2. Balance sheet 3. Statement of shareholders’ equity 4. Statement of cash flow Discuss how the four statements are
American Airlines has outstanding lines of credit and various loan agreements with a number of financial institutions. Under the terms of these debt contracts, American is required to (a) maintain a
Titanium Metals Corporation (TIMET) is one of the world’s leading producers of titanium products. In November 2012, it was announced the company was being purchased by Precision Castparts, a
Describe a conflict that may arise between the shareholders of a company and the managers of the company. Discuss what the shareholders might do to overcome that conflict and explain why you feel
Describe a conflict that may arise between the shareholders of a company and the debtholders of the company. Discuss what the debtholders might do to resolve that conflict and explain why you feel
Ernst & Young, LLP is the independent public accountant for AMR Corporation, the parent company of American Airlines and American Eagle. In February 2013 AMR and US Airways Group announced the
In 2006, BusinessWeek magazine (April 17, 2006) carried an opinion piece which questioned the effectiveness of the Sarbanes-Oxley Act of 2002. According to the author, Professor D. Moore, “key
In late 2006, BusinessWeek magazine (December 18, 2006) carried a report on the aftermath of the passage of the Sarbanes-Oxley Act. According to the piece, “the intentions were good, but in the two
Do you believe that rules-based accounting leads to unethical managerial behavior? If so, why? Do you think that rules-based GAAP allows businesses to design their financial reporting so as to stay
Financial statements must contain objective and verifiable data if they are to be useful. Yet, many estimates and subjective assumptions are required to facilitate the preparation of these reports.
Much of the information contained in the balance sheet is reported on a historical cost basis.This means that such assets as land are reported at the amount that was originally paid for the item when
Presented below is a list of financial statement accounts. Using the letter A for assets, L for liabilities, SE for shareholders’ equity, R for revenue, E for expenses, and N/A for not applicable,
The Arcadia Company reported the following financial results during its first two years of operations:Assuming that no dividends were declared and that no additional capital was invested in Year 2,
The Claremont Company reported the following financial results during its first two years of operations.Assuming that no dividends were declared and that no additional capital was invested in Year
Compute the missing amounts (in millions) in the following table. (The balance in retained earnings at year-end 2015 was \($2.2.)\) Comment on the firm’s performance over the three-year period
Compute the missing amounts in the following table. (At the end of 2015, retained earnings had a balance of negative $2,086.) Comment on the company’s performance over the three-year period after
In its 2014 annual report to shareholders, General Electric reported the following financial results:1. Revenues increased from \($146.0\) to \($148.5\) billion.2. Net income increased from \($13.1\)
In its 2014 annual report to shareholders, Johnson & Johnson, a consumerproducts company, reported the following financial results:1. Revenues increased from \($71.3\) to \($74.3\) billion.2. Net
Presented below are the beginning-of-year common share price (Pt-1), the end-of-year common share price (Pt), and the annual dividend (Dt) for three competitors—General Electric, Philipps
Compute the missing amounts in the following financial statements. You may assume that accounts receivable relate only to credit sales and that accounts payable relate only to credit purchases of
Compute the missing amounts in the following financial statements. You may assume that accounts receivable relate only to credit sales and that accounts payable relate only to credit purchases of
Using the information in the below table, prepare a classified balance sheet for Arrow Company as of December 31, 2014 and December 31, 2015, along with multi-step income statements for the years
The 2015 annual report of The Procter & Gamble Company (P&G) is available at www.pginvestor.com, After reviewing P&G’s annual report, respond to the following questions:a. Prepare a list of some of
Consider a publicly held company whose products you are familiar with. Some examples might include:Access the company’s public website and search for its most recent annual report. (Some companies
The 2014 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world’s largest and
Compute the missing amounts (in millions) in the following table. The ending balance in retained earnings in Year 3 was \($7.30.\) Retained earnings (beginning) Revenues Expenses Dividends Year 1
Presented below are the beginning-of-year common share price (Pt-1), the end-of-year common share price (Pt), and the annual dividend (Dt) for two competitors—Minaret Company and Owens
On March 1, S. Penman (owner) launched AniFoods, Inc., an organic foods retailing company. Following are the transactions for its first month of business.1. S. Penman (owner) contributed$ 100,000

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