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financial accounting information for decisions
Questions and Answers of
Financial Accounting Information For Decisions
Complete the following table by indicating whether FIFO or LIFO results in the lower reported amount for each of the three accounting measures. Lowest Ending Inventory Lowest Cost of Goods Sold
Compute the missing amounts in the separate income statements A, B, and C. A B $ ? $20,000 $90,000 Sales Cost of goods sold Gross profit Expenses Net income 40,000 30,000 35,000 11,500 6,000 ? ?
Identify the inventory costing method (SI, FIFO, LIFO, or WA) best described by each of the following separate statements. Assume a period of increasing costs.1. Results in the highest cost of goods
Refer to Samsung’s financial statements in Appendix A. What percent of its current assets is inventory as of December 31, 2018 and 2017?
Refer to Samsung’s financial statements in Appendix A. Compute its cost of goods available for sale for the year ended December 31, 2018.
Refer to Apple’s financial statements in Appendix A and compute its cost of goods available for sale for the year ended September 29, 2018.
Refer to Apple’s financial statements in Appendix A. On September 29, 2018, what percent of current assets is represented by inventory?
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150
Wattan Company reports beginning inventory of 10 units at $60 each. Every week for four weeks it purchases an additional 10 units at respective costs of $61, $62, $65, and $70 per unit for weeks 1
Access the September 29, 2018, 10-K report for Apple, Inc. (ticker: AAPL), filed on November 5, 2018, from the EDGAR filings at SEC.gov.Required1. What products are manufactured by Apple?2. What
Key figures for Samsung follow.Required1. For the most recent two years, compute Samsung’s (a) inventory turnover and (b) days’ sales in inventory.2. Is the change in Samsung’s inventory
A car dealer acquires a used car for $14,000, with terms FOB shipping point. Compute total inventory costs assigned to the used car if additional costs include$250 for transportation-in.$300 for
Comparative figures for Apple and Google follow.Required1. Compute inventory turnover for each company for the most recent two years shown.2. Compute days’ sales in inventory for each company for
Use Apple’s financial statements in Appendix A to answer the following.Required1. What amount of inventories did Apple report as a current asset (a) on September 29, 2018? (b) On September 30,
Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales, cost of
Vitamix reports the following information for its year ended December 31: cash sales of $60,000; sales on credit of $90,000; general and administrative expenses of $17,000; sales returns of $11,000;
(a) Compute the acid-test ratio for each of the following separate cases.(b) Which company is in the best position to meet short-term obligations? Camaro GTO Torino Cash..... $2,000 $ 110 $1,000
The following information on current assets and current liabilities is for Belkin Company. (a) Compute Belkin’s acid-test ratio. (b) If its competitor, Logit, has an acid-test ratio of
Clear Water Co. reports the following balance sheet accounts as of December 31. Prepare a classified balance sheet. Buildings ... $25,000 Notes payable (due in 7 years) $30,000 Accounts receivable.
Using the year-end information from QS 4-15, prepare the gross profit section of a multiple-step income statement.QS 4-15Vitamix reports the following information for its year ended December 31: cash
The following list includes temporary accounts from the December 31 adjusted trial balance of Emiko Co. Use these normal account balances to journalize closing entries. Debit Credit Debit Credit $
Compute the missing amounts in the separate (partial) income statements A, B, and C. A B C Sales Sales discounts $ ? $20,000 $90,000 2,000 1,500 500 Sales returns and allowances 7,000 4,000 35,000 ?
At the beginning of the year, SnapIt had $10,000 of inventory. During the year, SnapIt purchased $35,000 of merchandise and sold $30,000 of merchandise. A physical count of inventory at year-end
Indicate whether each statement describes a multiple-step income statement or a single step income statement.1. Commonly reports detailed computations of net sales and other costs and expenses.2.
The following summarizes Tesla’s merchandising activities for the year. Set up T-accounts for Merchandise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two T
Analyze each transaction in Exercise 4-6 by indicating its effects on the income statement specifically, identify the accounts and amounts (including + or −) for each transaction.Exercise 4-6Allied
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses
For each transaction of Sealy Co., (a) Determine whether or not Sealy owns the goods during transit. (b) If Sealy is responsible for transportation costs, record the entry for shipping
Prepare journal entries to record the following transactions of Recycled Fashion retail store. Recycled Fashion uses a perpetual inventory system and the gross method.Mar. 3 Purchased $1,150 of
Key comparative figures for Samsung, Apple, and Google follow.Required1. Compute the gross margin ratio for each of the three companies.2. Is Samsung’s gross margin ratio better or worse than that
Barkley Company’s adjusted account balances from its general ledger on March 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: Sales Salaries Expense,
Use the following information (in random order) from a merchandising company and from a service company. Not all information may be necessary for the solutions.a. For the merchandiser only, compute
Key comparative figures for Apple and Google follow.Required1. Compute the amount of gross margin and the gross margin ratio for the two years shown for each of these companies.2. Which company earns
Refer to Apple’s financial statements in Appendix A to answer the following.Required1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready for
Santana Rey created Business Solutions on October 1, 2020. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up
Fill in the blanks in the following separate income statements a through e. a b d Sales...... $62,000 $43,500 $55,000 $ ? $25,600 Cost of goods sold Merchandise inventory, beginning.... 8,000 17,050
Match each phrase with its definition. A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F. Gross profitG. Merchandise
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, and Long-Term Liabilities. For each of the
For the entries below, identify the account to be debited and the account to be credited. Indicate which of the accounts is the income statement account and which is the balance sheet account.a.
Stark Company has the following adjusted accounts with normal balances at its December 31 year-end. Prepare an adjusted trial balance for Stark Company at December 31. Notes payable.....
For each separate case, record an adjusting entry (if necessary).a. Barga Company purchases $20,000 of equipment on January 1. The equipment is expected to last five years and be worth $2,000 at the
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the
At the end of its annual accounting period, the company must make three adjusting entries. For each of these adjusting entries, indicate the account to be debited and the account to be credited.a.
Access EDGAR online (SEC.gov) and locate the 10-K report of The Gap, Inc. (ticker: GPS), filed on March 20, 2017. Review its financial statements reported for the year ended January 28, 2017, to
Key comparative figures for Samsung, Apple, and Google follow.Required1. Compute profit margin for Samsung, Apple, and Google.2. Which company has the highest profit margin? In millions Samsung Apple
Key figures for the recent two years of both Apple and Google follow.Required1. Compute profit margins for (a) Apple and (b) Google for the two years of data reported above.2. In the current year,
For each of the following separate situations, determine the amount of expense each company should recognize in December (using accrual basis accounting).a. Chipotle has monthly wages expense of
Use Apple’s financial statements in Appendix A to answer the following. 1. Compute Apple’s profit margin for fiscal years ended (a) September 29, 2018, (b) September 30, 2017.2. Is
After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. (Transactions for the first two months are described in the Chapter 2 serial problem.) The
For each of the following separate situations, determine how much revenue is recognized in December (using accrual basis accounting).a. On December 7, Oklahoma City Thunder sold a $90 ticket to a
Choose from the following list of terms and phrases to best complete the statements below.a. Fiscal year b. Timeliness c. Accrual basis accountingd. Annual financial statementse. Cash
a. Compute the debt ratio for each of the three companies.b. Which company has the most financial leverage? Company Expenses Total Assets Net Income Total Liabilities $22,000 67,000 12,000 $19,000 $
Use the information in Exercise 2-25 to prepare a December 31 balance sheet for Help Today. The ending Retained Earnings account balance as of December 31 is $4,470.Exercise 2-25Carmen Camry operates
Carmen Camry operates a consulting firm called Help Today, which began operations on December 1. On December 31, the company’s records show the following selected accounts and amounts for the month
Workfit posted transactions (a through f ) in the following T-accounts in December, its first month of operations. Prepare the six journal entries from which the postings were made.Use the T-accounts
In a recent year’s financial statements, Home Depot reported the following: Total liabilities = $38,633 million and Total assets = $42,966 million. (a) Compute Home Depot’s debt
Use information from Exercise 2-17 to prepare the general journal entries for Belle Co.’s first seven transactions.Exercise 2-17Fill in each of the following T-accounts for Belle Co.’s seven
The debt ratio for Deutsche Auto for each of the last three years follows. Over this three year period, did the company’s risk from financial leverage increase or decrease? Current Year 1 Year Ago
Fill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction numbers 1 through 7
Use the information in QS 2-14 to prepare a December 31 balance sheet for Lawson Consulting. The ending Retained Earnings account balance as of December 31 is $2,500.QS 2-14Lawson Consulting had the
1. Prepare general journal entries for the following transactions of Valdez Services.a. The company paid $2,000 cash for payment on a 6-month-old account payable for office supplies.b. The company
Lawson Consulting had the following accounts and amounts on December 31. Prepare a December 31 trial balance. Cash $5,000 Accounts payable... $ 3,000 Services revenue $12,000 ........ ....- Accounts
For the following transactions of Spade Company, (1) Prepare general journal entries (2) Post entries to T-accounts and calculate the ending balance of each T-account. Use the following
Choose the term or phrase below that best completes each statement.a. Accountingb. Identifyingc. Recordingd. Communicatinge. Governmentalf. Artificial intelligenceg. Language of businessh.
Classify the following activities as part of the Identifying, Recording, or Communicating aspects of accounting.1. Analyzing and interpreting reports.2. Presenting financial information.3. Keeping a
Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of each transaction on individual items of the accounting equation.a. The company completed
On October 1, 2020, Santana Rey launched a computer services company, Business Solutions, that is organized as a corporation and provides consulting services, computer system installations, and
Key financial figures for Apple’s two most recent fiscal years follow.Required1. What is the total amount of assets invested in Apple in the current year?2. What is Apple’s return on assets for
Identify the following users as either External users or Internal users.a. Customersb. Suppliersc. External auditorsd. Business presse. Managersf. District attorneyg. Shareholdersh. Lendersi.
The following financial statement information is from five separate companies.Required1. Answer the following questions about Company A.a. What is the amount of equity at the beginning of the year?b.
Key comparative figures for both Apple and Google follow.Required1. What is the total amount of assets invested for the current year in (a) Apple and (b) Google?2. What is the current-year return on
Refer to Apple’s financial statements in Appendix A. Assume that the owners, sometime during their first five years of business, desire to expand their computer product services to meet business
Identify the fraud triangle risk factor (Opportunity, Pressure, or Rationalization) in each situation.1. The business has no cameras or security devices at its warehouse.2. Managers are expected to
Determine whether each of the following accounting duties mainly involves financial accounting, managerial accounting, or tax accounting.1. Internal auditing.2. External auditing.3. Cost
As of December 31 of the current year, Armani Company’s records show the following.RequiredPrepare the income statement for Armani Company for the current year ended December 31. Cash..... $10,000
As of December 31 of the current year, Audi Company’s records show the following.RequiredPrepare the income statement for Audi Company for the current year ended December 31. Cash.... $2,000
Samsung is a leading global manufacturer that competes with Apple and Google. Key financial figures for Samsung followRequired1. What is the return on assets for Samsung in the (a) current year and
Visit the EDGAR database at sec.gov/edgar/searchedgar/companysearch.html. Access the Form 10-K report of Rocky Mountain Chocolate Factory (ticker: RMCF) filed on May 15, 2018, covering its 2018
Identify each of the following as an accounting Principle, Assumption, or Constraint.1. Full disclosure 2. Time period 3. Going-concern 4. Revenue recognition
Match each of the descriptions with the term or phrase it best reflects. A. Ethics B. Fraud triangle C. Prevention D. Internal controlsE. Audit1. Examines whether financial
Refer to this chapter’s opening feature about Netflix. Assume that the owner decides to open a new company with an innovative mobile app devoted to microblogging for accountants and those learning
Determine whether each description best refers to a sole proprietorship, partnership, corporation, or limited liability company.a. Micah and Nancy own Financial Services, which pays a business income
Identify the accounting principle or assumption that best reflects each situation.1. A company reports details behind financial statements that would impact users’ decisions.2. Financial statements
a. Byrde Co. purchased a truck. The seller asked for $11,000, but Byrde paid only $10,000 after negotiation. The owner of Byrde Co. believes he got a great deal and the truck is really worth $15,000.
Determine whether each of the following transactions increases or decreases equity.a. Owner invested cash in the company.b. Incurred maintenance expenses. c. Performed services for a client.d.
What are some accounting-related professions?
Create a table similar to Exhibit 1.9. Then use additions and subtractions to show the dollar effects of each transaction on individual items of the accounting equation.a. The owner invested $15,000
Answer the following questions.a. On January 1, Lumia Company’s liabilities are $60,000 and its equity is $40,000. On January 3, Lumia purchases and installs solar panel assets costing $10,000. For
Coca-Cola and PepsiCo both produce and market beverages that are direct competitors. Key financial figures for these businesses for a recent year follow.Required1. Compute return on assets for (a)
On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin. Cash...... $ 5,100 Accounts payable... $6,000 Services revenue
Ming Chen started a business and had the following transactions in June. Create the following table similar to Exhibit 1.9 and use additions and subtractions to show the dollar effects of the
Shep Company’s records show the following information for the current year.Determine net income (loss) for each of the following separate situations.a. Additional common stock of $3,000 was issued
For each transaction, (a) Determine whether the transaction appears on the statement of cash flows under cash flows from operating activities, cash flows from investing activities, or cash flows
Use the following information to prepare a statement of cash flows for Studio One for the month ended December 31. The cash balance at the start of December 1 was $1,000. $ 2,000 Cash paid for
On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the company’s
Return on assets for Deutsche Auto for each of the last three years follows. Over the three-year period shown, did the company’s return on assets improve or worsen? Current Year 1 Year Ago 2 Years
Use the information in Exercise 1-18 to prepare a December statement of cash flows for Ernst Consulting. Assume the following additional information.a. The owner’s initial investment consists of
Jarvis began operations on January 1, Year 1. In its first two years of operations, it reported the following at its December 31 year-end. Prepare the statement of retained earnings for (a) Year
Terrell Co. reported the following data at the end of its first year of operations on December 31. (a) Prepare its year-end income statement. (b) Prepare its year-end statement of retained
Mahomes Co. reported the following data at the end of its first year of operations on December 31.(a) Prepare its year-end statement of retained earnings. (b) Prepare its year-end balance sheet
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