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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

The following information is available from the financial statements of Regae Industries. Compute Regae’s return on total assets for 2008 and 2009. (Round returns to one-tenth of a percent.)
The following information is available for Morgan Company and Parker Company, similar firms operating in the same industry. Write a half-page report comparing Morgan and Parker using the available
The following summarized Cash T-account reflects the total debits and total credits to the Cash account of Thomas Corporation for calendar year 2008.(1) Use this information to prepare a complete
Financial data from three competitors in the same industry follow. 1. Which of the three competitors is in the strongest position as shown by its statement of cash flows? 2. Analyze and discuss the
Hampton Company reports the following Exercise 12-14 information.Sales . . . . . . . . . . . . . . . . . . . . . . . . . $160,000 Expenses Cost of goods sold . . . . . . . . . . . . . 100,000
Use the following information about the cash flows of Ferron Company to prepare a complete statement of cash flows (direct method) for the year ended December 31, 2008. Use a note disclosure for any
Refer to the data in Exercise 12-10.Using the direct method, prepare the statement of cash flows for the year ended June 30, 2008.AppendixLO1
Use the following financial statements and additional information to (1) prepare a statement of cash flows for the year ended June 30, 2008, using the indirect method, and (2) compute the cash flow
Use the following information to determine a company’s cash flows from financing activities.a. Net income was $35,000.b. Issued common stock for $64,000 cash.c. Paid cash dividend of $14,600.d.
Use the following information to determine a company’s cash flows from investing activities.a. Equipment with a book value of $65,300 and an original cost of $133,000 was sold at a loss of
Refer to the information about Abbeck Company in Exercise 12-6.Use the direct method to prepare only the cash provided (used) by operating activities section of the statement of cash flows.AppendixLO1
Use the following income statement and information about changes in noncash current assets and current liabilities to prepare only the cash flows from operating activities section of the statement of
For each of the following three separate cases, use the information provided about the calendar-year 2008 operations of Alberto Company to compute the required cash flow information.Case A: Compute
Olhstead Company’s calendar-year 2008 income statement shows the following: Net Income, $374,000;Depreciation Expense, $44,000; Amortization Expense, $7,200; Gain on Sale of Plant Assets, $6,000.An
The following transactions and events occurred during the year. Assuming that this company uses the direct method to report cash provided by operating activities, indicate where each item would
The following transactions and events occurred during the year. Assuming that this company uses the indirect method to report cash provided by operating activities, indicate where each item would
Salud Company reports net income of $400,000 for the year ended December 31, 2008. It also reports$80,000 depreciation expense and a $20,000 gain on the sale of machinery. Its comparative balance
Compute cash flows from financing activities using the following information.Additional short-term borrowings . . . . . . . . . $20,000 Purchase of short-term investments . . . . . . . 5,000 Cash
Compute cash flows from investing activities using the following QS 12-15 information.Sale of short-term investments . . . . . . . . . $ 6,000 Cash collections from customers . . . . . . . 16,000
Case A Case B Case C Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 4,000 $100,000 $72,000 Depreciation expense . . . . . . . . . . . . . . . . . . . . . 30,000 8,000 24,000
For each of the following separate cases, compute cash flows from operations. The list includes all balance sheet accounts related to operating activities.AppendixLO1
When a spreadsheet for a statement of cash flows is prepared, all changes in noncash balance sheet accounts are fully explained on the spreadsheet. Explain how these noncash balance sheet accounts
Refer to the data in QS 12-6.Use the direct method to prepare the cash provided (used) from operating activities section only of the statement of cash flows.CRUZ, INC.Comparative Balance Sheets
Refer to the data in QS 12-6.1 How much cash is paid to acquire merchandise inventory during year 2008?2 How much cash is paid for operating expenses during year 2008?CRUZ, INC.Comparative Balance
Refer to the data in QS 12-6.1 How much cash is received from sales to customers for year 2008?2 What is the net increase or decrease in cash for year 2008?CRUZ, INC.Comparative Balance Sheets
Refer to the data in QS 12-6.1 Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2008?2 Assume that no additional notes payable are issued in 2008. What
Refer to the data in QS 12-6.Furniture costing $55,000 is sold at its book value in 2008. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired at
Use the indirect method to prepare the cash provided (used) from operating activities section only of the statement of cash flows.AppendixLO1
The following selected information is from the Princeton Company’s comparative QS 12-5 balance sheets.At December 31 2008 2007 Common stock, $10 par value . . . . . . . $105,000 $100,000 Paid-in
The following selected information is from Ellerby Company’s comparative balance sheets.At December 31 2008 2007 Furniture . . . . . . . . . . . . . . . . . . . . . . . . . . . . $132,000 $ 184,500
Use the following information to determine this company’s cash flows from operating activities using the indirect method.KATAHN COMPANY Selected Balance Sheet Information December 31, 2008 and 2007
Classify the following cash flows as operating, investing, or financing activities.1 Sold long-term investments for cash. 6. Issued common stock for cash.2 Received cash payments from customers. 7.
The statement of cash flows is one of the four primary financial statements.1 Describe the content and layout of a statement of cash flows, including its three sections.2 List at least three
Refer to Apple’s statement of cash flows in Appendix A.What investing activities result in cash outflows for the year ended September 25, 2004? List items and amounts.AppendixLO1
Refer to Circuit City’s statement of cash flows in Appendix A. What are its cash flows from financing activities for the year ended February 28, 2005? List items and amounts.AppendixLO1
Refer to Best Buy’s statement of cash flows in Appendix A. (a) Which method is used to compute its net cash provided by operating activities? (b) While its balance sheet shows an increase in
Is depreciation a source of cash flow?AppendixLO1
If a company reports positive net income for the year, can it also show a net cash outflow from operating activities? Explain.AppendixLO1
On June 3, a company borrows $50,000 cash by giving its bank a 160-day, interest-bearing note. On the statement of cash flows, where should this be reported?AppendixLO1
Assume that a company purchases land for $100,000, paying$20,000 cash and borrowing the remainder with a long-term note payable. How should this transaction be reported on a statement of cash
Where on the statement of cash flows is the payment of cash dividends reported?AppendixLO1
What are some financing activities reported on the statement of cash flows?AppendixLO1
What are some investing activities reported on the statement of cash flows?AppendixLO1
Describe the indirect method of reporting cash flows from operating activities.AppendixLO1
When a statement of cash flows is prepared using the direct method, what are some of the operating cash flows?AppendixLO1
Describe the direct method of reporting cash flows from operating activities.AppendixLO1
What is the reporting purpose of the statement of cash flows? Identify at least two questions that this statement can answer.AppendixLO1
The following information is available for a company. What amount of cash is paid for merchandise for the current year?Cost of goods sold . . . . . . . . . . . . . . . . . . . . . . $545,000
The following information is available regarding a company’s annual salaries and wages. What amount of cash is paid for salaries and wages?Salaries and wages expense . . . . . . . . . . . . . . . .
A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from
A machine with a cost of $175,000 and accumulated depreciation of $94,000 is sold for $87,000 cash. The amount reported as a source of cash under cash flows from investing activities is:a. $81,000.b.
A company uses the indirect method to determine its cash flows from operating activities. Use the following information to determine its net cash provided or used by operating activities.Net income .
Wages and other operating expenses total $112,000. Beginning-of-period prepaid expenses totaled $1,200, and its ending balance is $4,200. The end-of-period wages payable equal $5,600, whereas there
The Merchandise Inventory account balance decreases in the period from a beginning balance of$32,000 to an ending balance of $28,000. Cost of goods sold for the period is $168,000. If the Accounts
Net sales in a period are $590,000, beginning accounts receivable are $120,000, and ending accounts receivable are $90,000.What cash amount is collected from customers in the period?AppendixLO1
Equipment costing $80,000 with accumulated depreciation of $30,000 is sold at a loss of$10,000.What is the cash receipt from this sale? In what section of the statement of cash flows is this
A company reports net income of $15,000 that includes a $3,000 gain on the sale of plant assets.Why is this gain subtracted from net income in computing cash flow from operating activities using the
Why are expenses such as depreciation and amortization added to net income when cash flow from operating activities is computed by the indirect method?AppendixLO1
Determine net cash provided (used) by operating activities using the following data: net income, $74,900; decrease in accounts receivable, $4,600; increase in inventory, $11,700;decrease in accounts
Identify the cash activity category for each transaction: (a) purchase equipment for cash, (b) cash payment of wages, (c) sale of common stock for cash, (d ) receipt of cash dividends from stock
Identify the categories of cash flows reported separately on the statement of cash flows.AppendixLO1
Does a statement of cash flows report the cash payments to purchase cash equivalents? Does it report the cash receipts from selling cash equivalents?AppendixLO1
Appendix 12B—Compute cash flows from operating activities using the direct method.AppendixLO1
Appendix 12A—Illustrate use of a spreadsheet to prepare a statement of cash flows. (p. 507)AppendixLO1
Determine cash flows from both investing and financing activities. (p. 499)AppendixLO1
Compute cash flows from operating activities using the indirect method. (p. 493)AppendixLO1
Prepare a statement of cash flows. (p. 490)AppendixLO1
Compute and apply the cash flow on total assets ratio.AppendixLO1
Analyze the statement of cash flows. (p. 503)AppendixLO1
Describe the format of the statement of cash flows.AppendixLO1
Identify and disclose noncash investing and financing activities. (p. 489)AppendixLO1
Distinguish between operating, investing, and financing activities. (p. 487)AppendixLO1
Explain the purpose and importance of cash flow information. (p. 486)AppendixLO1
Summary information from the financial statements of two companies competing in the same industry follows.Barco Kyan Barco Kyan Company Company Company Company Data from the current year-end balance
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2007, were inventory, $48,900; total assets, $189,400;
Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.50:1, and an acid-test ratio of 1.10:1. During the month, it completed the following transactions (the
Selected comparative financial statements of Haroun Company follow.HAROUN COMPANY Comparative Income Statements ($000)For Years Ended December 31, 2009–2003 2009 2008 2007 2006 2005 2004 2003 Sales
Selected comparative financial statements of Korbin Company follow.KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2009, 2008, and 2007 2009 2008 2007 Sales . . . . . . . .
Use the financial data for Randa Merchandising, Inc., in Exercise 13-12 to prepare its income statement for calendar year 2008. (Ignore the earnings per share section.)AppendixLO1
In 2008, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A
Refer to Simeon Company’s financial information in Exercises 13-6 and 13-8. Additional information about the company follows. To help evaluate the company’s profitability, compute and interpret
Refer to Simeon Company’s financial information in Exercises 13-6 and 13-8. Evaluate the company’s efficiency and profitability by computing the following for 2009 and 2008: (1) profit margin
Refer to the Simeon Company information in Exercises 13-6 and 13-8. Compare the company’s longterm risk and capital structure positions at the end of 2009 and 2008 by computing these ratios:(1)
Refer to the Simeon Company information in Exercise 13-6. The company’s income statements for the years ended December 31, 2009 and 2008, follow. Assume that all sales are on credit and then
Refer to Simeon Company’s balance sheets in Exercise 13-6. Analyze its year-end short-term liquidity position at the end of 2009, 2008, and 2007 by computing (1) the current ratio and (2) the
Simeon Company’s year-end balance sheets follow. Express the balance sheets in common-size percents.Round amounts to the nearest one-tenth of a percent. Analyze and comment on the results.At
Roak Company and Clay Company are similar firms that operate in the same industry. Clay began operations in 2008 and Roak in 2005. In 2010, both companies pay 7% interest on their debt to
Express the following comparative income statements in common-size percents and assess whether or not this company’s situation has improved in the most recent year.MACHIKO CORPORATION P2
Common-size and trend percents for Skelton Company’s sales, cost of goods sold, and expenses follow.Determine whether net income increased, decreased, or remained unchanged in this three-year
Compute trend percents for the following financial items, using 2006 as the base year. State whether the situation as revealed by the trends appears to be favorable or unfavorable for each item.2010
A review of the notes payable files discovers that three years ago the company reported the entire amount of a payment (principal and interest) on an installment note payable as interest expense.
For each ratio listed, identify whether the change in ratio value from 2007 to 2008 is usually regarded as favorable or unfavorable.QS 13-7 Ratio interpretation P3 Ratio 2008 2007 Ratio 2008 2007 1.
1 Which two short-term liquidity ratios measure how frequently a company collects its accounts?2 What measure reflects the difference between current assets and current liabilities?3 Which two ratios
Match the ratio to the building block of financial statement analysis to which it best relates.A. Liquidity and efficiency C. Profitability B. Solvency D. Market prospects 1 _______ Book value per
Compute the annual dollar changes and percent changes for each of the QS 13-4 following accounts.2008 2007 Short-term investments . . . . . . . $220,000 $160,000 Accounts receivable . . . . . . . . .
Use the following information for Ciolino Corporation to determine (1) the 2007 and 2008 common-size percents for cost of goods sold using net sales as the base and (2) the 2007 and 2008 trend
What are four possible standards of comparison used to analyze financial statement ratios? Which of these is generally considered to be the most useful? Which one is least likely to provide a good
Which of the following items (1) through (9) are part of financial reporting but are not included as part of general-purpose financial statements? (1) stock price information and analysis, (2)
Refer to Apple’s financial statements in Appendix A.Compute its profit margin for the fiscal year ended September 25, 2004.AppendixLO1
Refer to Circuit City’s financial statements in Appendix A to compute its equity ratio as of February 28, 2005 and February 29, 2004.AppendixLO1

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