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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

What general procedures are applied in accounting for the acquisition and potential cost allocation of intangible assets?AppendixLO1
When do we know that a company has goodwill? When can goodwill appear in a company’s balance sheet?AppendixLO1
Assume that a company buys another business and pays for its goodwill. If the company plans to incur costs each year to maintain the value of the goodwill, must it also amortize this
How is total asset turnover computed? Why would a financial statement user be interested in total asset turnover?AppendixLO1
Refer to Best Buy’s balance sheet in Appendix A.What plant and equipment assets does Best Buy list on its balance sheet? What is the book value of its total plant and equipment assets at February
Refer to Circuit City’s balance sheet in Appendix A.What does it title its plant assets? What is the book value of its plant assets at February 28, 2005?AppendixLO1
Refer to the September 25, 2004, balance sheet of Apple in Appendix A. What long-term assets discussed in this chapter are reported by the company?AppendixLO1
Kegler Bowling installs automatic scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the installation costs $20,000. Additional costs are $4,000 for delivery
Identify the main difference between (1) plant assets and current assets, (2) plant assets and inventory, and (3) plant assets and long-term investments.AppendixLO1
On January 2, 2008, the Cerritos Band acquires sound equipment for concert performances at a cost of $65,800. The band estimates it will use this equipment for four years, during which time it
Refer to the facts in QS 8-3. Assume that Cerritos Band chose straight-line depreciation but realizes early in the second year that due to concert bookings beyond expectations, this equipment will
A fleet of refrigerated delivery trucks is acquired on January 5, 2008, at a cost of $830,000 with an estimated useful life of eight years and an estimated salvage value of $75,000. Compute the
1 Classify the following as either a revenue or a capital expenditure.a. Paid $40,000 cash to replace a compressor on a refrigeration system that extends its useful life by four years.b. Paid $200
Hortez Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Hortez sells the equipment for cash. Record the sale of the equipment assuming Hortez sells the equipment for
Corentine Company acquires an ore mine at a cost of $1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 tons of ore. The estimated value of the
Which of the following assets are reported on the balance sheet as intangible assets? Which are reported as natural resources? (a) Oil well, (b) Trademark, (c) Leasehold, (d ) Gold mine, (e)
On January 4 of this year, Bibiana Boutique incurs a $105,000 cost to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to
Aneko Company reports the following ($ millions): net sales of $14,880 for 2008 and $13,990 for 2007;end-of-year total assets of $15,869 for 2008 and $17,819 for 2007. Compute its total asset
Caleb Co. owns a machine that costs $42,400 with accumulated depreciation of $18,400. Caleb exchanges the machine for a newer model that has a market value of $52,000. Record the exchange assuming
Rizio Co. purchases a machine for $12,500, terms 2 10, n 60, FOB shipping point. The seller prepaid the $360 freight charges, adding the amount to the invoice and bringing its total to $12,860. The
Cala Manufacturing purchases a large lot on which an old building is located as part of its plans to build a new plant. The negotiated purchase price is $280,000 for the lot plus $110,000 for the old
Liltua Company pays $375,280 for real estate plus $20,100 in closing costs. The real estate consists of land appraised at $157,040; land improvements appraised at $58,890; and a building appraised
In early January 2007, NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment’s salvage value at $25,000. Prepare
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units
On April 1, 2007, Cyclone Backhoe Co. purchases a trencher for $280,000. The machine is expected to last five years and have a salvage value of $40,000. Compute depreciation expense for year 2008
Apex Fitness Club uses straight-line depreciation for a machine costing $23,860, with an estimated fouryear life and a $2,400 salvage value. At the beginning of the third year, Apex determines that
Tory Enterprises pays $238,400 for equipment that will last five years and have a $43,600 salvage value.By using the machine in its operations for five years, the company expects to earn $88,500
Rayya Co. purchases and installs a machine on January 1, 2007, at a total cost of $105,000. Straightline depreciation is taken each year for four years assuming a seven-year life and no salvage
On April 2, 2008, Montana Mining Co. pays $3,721,000 for an ore deposit containing 1,525,000 tons.The company installs machinery in the mine costing $213,500, with an estimated seven-year life and no
Milano Gallery purchases the copyright on an oil painting for $418,000 on January 1, 2008. The copyright legally protects its owner for 19 more years. However, the company plans to market and sell
Refer to the statement of cash flows for Circuit City in Appendix A for the fiscal year ended September 25, 2004, to answer the following:1 What amount of cash is used to purchase property and
Lok Co. reports net sales of $5,865,000 for 2007 and $8,689,000 for 2008. End-of-year balances for total assets are: 2006, $1,686,000; 2007, $1,800,000; and 2008, $1,982,000. (a) Compute Lok’s
On January 2, 2008, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to record the disposal under each of the following separate
Explain the purpose and importance of accounting in the information age. (p. 4)AppendixLO1
Identify users and uses of accounting. (p. 5)AppendixLO1
Identify opportunities in accounting and related fields. (p. 6)AppendixLO1
Explain why ethics are crucial to accounting. (p. 8)AppendixLO1
Explain the meaning of generally accepted accounting principles, and define and apply several key accounting principles. (p. 9)AppendixLO1
Identify and describe the three major activities in organizations.AppendixLO1
Define and interpret the accounting equation and each of its components. (p. 12)AppendixLO1
Analyze business transactions using the accounting equation. (p. 13)AppendixLO1
Compute and interpret return on assets. (p. 20)AppendixLO1
Appendix 1A—Explain the relation between return and risk.AppendixLO1
Identify and prepare basic financial statements and explain how they interrelate.AppendixLO1
What is the purpose of accounting?AppendixLO1
What is the relation between accounting and recordkeeping?AppendixLO1
Identify some advantages of technology for accounting.AppendixLO1
Who are the internal and external users of accounting information?AppendixLO1
Identify at least five types of managers who are internal users of accounting information.AppendixLO1
What are internal controls and why are they important?AppendixLO1
What three-step guidelines can help people make ethical decisions?AppendixLO1
Why are ethics and social responsibility valuable to organizations?AppendixLO1
Why are ethics crucial in accounting?AppendixLO1
Who sets U.S. accounting rules?AppendixLO1
How are U.S. companies affected by international accounting standards?AppendixLO1
How are the objectivity and cost principles related?AppendixLO1
Why is the business entity principle important?AppendixLO1
Why is the revenue recognition principle important?AppendixLO1
Identify the owners of corporations and the terminology for ownership units.AppendixLO1
When is the accounting equation in balance, and what does that mean?AppendixLO1
How can a transaction not affect any liability and equity accounts?AppendixLO1
Describe a transaction increasing equity and one decreasing it.AppendixLO1
Identify a transaction that decreases both assets and liabilities.AppendixLO1
Explain the link between the income statement and the statement of retained earnings.AppendixLO1
Describe the link between the balance sheet and the statement of retained earnings.AppendixLO1
Discuss the three major sections of the statement of cash flows.AppendixLO1
A building is offered for sale at $500,000 but is currently assessed at $400,000. The purchaser of the building believes the building is worth $475,000, but ultimately purchases the building for
On December 30, 2006, KPMG signs a $150,000 contract to provide accounting services to one of its clients in 2007. KPMG has a December 31 year-end. Which accounting principle requires KPMG to record
If the assets of a company increase by $100,000 during the year and its liabilities increase by $35,000 during the same year, then the change in equity of the company during the year must have
Brunswick borrows $50,000 cash from Third National Bank.How does this transaction affect the accounting equation for Brunswick?a. Assets increase by $50,000; liabilities increase by $50,000;no effect
Geek Squad performs services for a customer and bills the customer for $500. How would Geek Squad record this transaction?a. Accounts receivable increase by $500; revenues increase by $500.b. Cash
What is the purpose of accounting in society?AppendixLO1
Technology is increasingly used to process accounting data.Why then must we study and understand accounting?AppendixLO1
Identify four kinds of external users and describe how they use accounting information.AppendixLO1
What are at least three questions business owners and managers might be able to answer by looking at accounting information?AppendixLO1
Identify three actual businesses that offer services and three actual businesses that offer products.AppendixLO1
Describe the internal role of accounting for organizations.AppendixLO1
Identify three types of services typically offered by accounting professionals.AppendixLO1
What type of accounting information might be useful to the marketing managers of a business?AppendixLO1
Why is accounting described as a service activity?AppendixLO1
What are some accounting-related professions?AppendixLO1
How do ethics rules affect auditors’ choice of clients?AppendixLO1
What work do tax accounting professionals perform in addition to preparing tax returns?AppendixLO1
What does the objectivity principle imply for information reported in financial statements? Why?AppendixLO1
A business reports its own office stationery on the balance sheet at its $400 cost, although it cannot be sold for more than$10 as scrap paper. Which accounting principle(s) justifies this
Why is the revenue recognition principle needed? What does it demand?AppendixLO1
Describe the three basic forms of business organization and their key characteristics.AppendixLO1
Define (a) assets, (b) liabilities, (c) equity, and (d ) net assets.AppendixLO1
What events or transactions change equity?AppendixLO1
Identify the two main categories of accounting principles.AppendixLO1
What do accountants mean by the term revenue?AppendixLO1
Define net income and explain its computation.AppendixLO1
Identify the four basic financial statements of a business.AppendixLO1
What information is reported in an income statement?AppendixLO1
Give two examples of expenses a business might incur.AppendixLO1
What is the purpose of the statement of retained earnings?AppendixLO1
What information is reported in a balance sheet?AppendixLO1
The statement of cash flows reports on what major activities?AppendixLO1
Define and explain return on assets.AppendixLO1
Define return and risk. Discuss the trade-off between them.AppendixLO1

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