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financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Account for the admission and withdrawal of partners. (p. D-8)AppendixLO1
Allocate and record income and loss among partners. (p. D-5)AppendixLO1
Prepare entries for partnership formation. (p. D-5)AppendixLO1
Compute partner return on equity and use it to evaluate partnership performance.AppendixLO1
Identify characteristics of partnerships and similar organizations.AppendixLO1
On May 8, 2008, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company).The terms of the sale required Lopez to pay 800,000 pesos on February 10, 2009. Jett prepares quarterly
Leigh of New York sells its products to customers in the United States and the United Kingdom. On December 16, 2008, Leigh sold merchandise on credit to Bronson Ltd. of London at a price of 17,000
Prepare journal entries to record the following transactions and events of Kodan Company.2008 Jan. 2 Purchased 30,000 shares of Goreten Co. common stock for $408,000 cash plus a broker’s fee of
Information regarding Central Company’s individual investments in securities during its calendar-year 2008, along with the December 31, 2008, market values, follows.a. Investment in Beeman Company
Ticker Services began operations in 2006 and maintains long-term investments in available-for-sale securities.The year-end cost and market values for its portfolio of these investments follow.
Pilsen Co. began operations in 2007. The cost and market values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Pilsen’s December 31, 2008,
On December 31, 2008, Lujack Co. held the following short-term available-for-sale securities.Cost Market Value Nintendo Co. common stock . . . . . . . . . . . . $44,450 $48,900 Atlantic Richfield Co.
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during calendar year 2008. Use the account
On December 31, 2008, Reggit Company held the following short-term investments in its portfolio of available-for-sale securities. Reggit had no short-term investments in its prior accounting periods.
Brooks Co. purchases various investments in trading securities at a cost of $66,000 on December 27, 2008. (This is its first and only purchase of such securities.) At December 31, 2008, these
Prepare journal entries to record the following transactions involving the short-term securities investments of Blake Co., all of which occurred during year 2008.a. On February 15, paid $120,000 cash
On March 1, 2008, a U.S. company made a credit sale requiring payment in 30 days from a Malaysian company, Hamac Sdn. Bhd., in 20,000 Malaysian ringgits. Assuming the exchange rate between Malaysian
A U.S. company sells a product to a British company with the transaction listed in British pounds. On the date of the sale, the transaction total of $14,500 is billed as £10,000, reflecting an
Write the formula to separate the return on total assets into its two basic components. Explain how these components of the return on total assets are helpful to financial statement users for
How is the return on total assets computed? What does this important ratio reflect?AppendixLO1
During the current year, Reed Consulting Group acquired long-term available-for-sale securities at a$70,000 cost. At its December 31 year-end, these securities had a market value of $58,000. This is
Assume the same facts as in QS C-8 except that the stock acquired represents 40% of ORD Corp.’s outstanding stock. Also assume that ORD Corp. paid a $100,000 dividend on November 1, 2008, and
On May 20, 2008, Montero Co. paid $1,000,000 to acquire 25,000 common shares (10%) of ORD Corp.as a long-term investment. On August 5, 2009, Montero sold one-half of these shares for $625,000. What
On February 1, 2008, Garzon purchased 6% bonds issued by PBS Utilities at a cost of $40,000, which is their par value. The bonds pay interest semiannually on July 31 and January 31. For 2008, prepare
Complete the following descriptions by filling in the blanks. 1. Accrual of interest on bonds held as long-term investments requires a credit to _____ _____. 2. Equity securities giving an investor
Which of the following statements are true of long-term investments?a. They are held as an investment of cash available for current operations.b. They can include funds earmarked for a special
Hiker Company completes the following transactions during the current year.May 9 Purchases 200 shares of Higo stock as a short-term investment in available-for-sale securities at a cost of $25 per
Prepare Hertog Company’s journal entries to reflect the following transactions for the current year.May 7 Purchases 200 shares of Kraft stock as a short-term investment in available-for-sale
Journ Co. purchased short-term investments in available-for-sale securities at a cost of $50,000 on November 25, 2008. At December 31, 2008, these securities had a market value of $47,000. This is
On April 18, Riley Co. made a short-term investment in 300 common shares of XLT Co. The purchase price is $42 per share and the broker’s fee is $250. The intent is to actively manage these shares
Refer to the financial statements of Apple in Appendix A. Compute its return on total assets for the year ended September 25, 2004.AppendixLO1
Refer to the balance sheet of Circuit City in Appendix A. How can you tell that Circuit City uses the consolidated method of accounting?AppendixLO1
Refer to Best Buy’s statement of changes in stockholders’equity in Appendix A. What is the amount of foreign currency translation adjustment for the year ended February 26, 2005? Is this
Assume a U.S. company makes a credit sale to a foreign customer that is required to make payment in its foreign currency. In the current period, the exchange rate is $1.40 on the date of the sale and
What are two major challenges in accounting for international operations?AppendixLO1
Under what circumstances does a company prepare consolidated financial statements?AppendixLO1
In accounting for investments in equity securities, when should the equity method be used?AppendixLO1
For investments in available-for-sale securities, how are unrealized(holding) gains and losses reported?AppendixLO1
Under what circumstances are long-term investments in debt securities reported at cost and adjusted for amortization of any difference between cost and maturity value?AppendixLO1
On a balance sheet, what valuation must be reported for debt securities classified as available-for-sale?AppendixLO1
If a company purchases its only long-term investments in available-for-sale debt securities this period and their market value is below cost at the balance sheet date, what entry is required to
Under what conditions should investments be classified as current assets? As long-term assets?AppendixLO1
Identify the three classes of noninfluential and two classes of influential investments in securities.AppendixLO1
If a short-term investment in available-for-sale securities costs$6,780 and is sold for $7,500, how should the difference between these two amounts be recorded?AppendixLO1
On a balance sheet, what valuation must be reported for shortterm investments in trading securities?AppendixLO1
Under what two conditions should investments be classified as current assets?AppendixLO1
A company had net income of $80,000, net sales of $600,000, and total assets of $400,000. Its profit margin and total asset turnover are:Profit Margin Total Asset Turnovera. 1.5% 13.3b. 13.3% 1.5c.
A company has net income of $300,000, net sales of$2,500,000, and total assets of $2,000,000. Its return on total assets equals:a. 6.7%b. 12.0%c. 8.3%d. 80.0%e. 15.0%AppendixLO1
Mozart Co. owns 35% of Melody Inc. Melody pays $50,000 in cash dividends to its shareholders for the period. Mozart’s entry to record the Melody dividend includes a:a. Credit to Investment Revenue
Earlier this period, Amadeus Co. purchased its only availablefor-sale investment in the stock of Bach Co. for $83,000. The period-end market value of this stock is $84,500. Amadeus records a:a.
The amount of interest revenue accrued at December 31 (the company’s year-end) is:a. $1,500b. $1,375c. $1,000d. $625e. $300 AppendixLO1
The bonds pay interest on February 1 and August AppendixLO1
A company purchased $30,000 of 5% bonds for investment purposes on May AppendixLO1
What are the three possible classifications of long-term equity investments? Describe the criteria for each class and the method used to account for each.AppendixLO1
Identify similarities and differences in accounting for long-term investments in debt securities that are held-to-maturity versus those available-for-sale.AppendixLO1
What are the requirements for an equity security to be listed as a long-term investment?AppendixLO1
Give at least two examples of assets classified as long-term investments.AppendixLO1
Where are unrealized gains and losses on trading securities reported?AppendixLO1
Where are unrealized gains and losses on available-for-sale securities reported?AppendixLO1
How are trading securities reported (valued) on the balance sheet?AppendixLO1
How are short-term held-to-maturity securities reported (valued) on the balance sheet?AppendixLO1
Appendix C-A—Record transactions listed in a foreign currency.AppendixLO1
Account for equity securities with significant influence. (p. C-7)AppendixLO1
Account for available-for-sale securities. (p. C-6)AppendixLO1
Account for held-to-maturity securities. (p. C-6)AppendixLO1
Account for trading securities. (p. C-5)AppendixLO1
Compute and analyze the components of return on total assets.AppendixLO1
Appendix C-A—Explain foreign exchange rates between currencies.AppendixLO1
Describe how to report equity securities with controlling influence. (p. C-9)AppendixLO1
Identify and describe the different classes of investments in securities. (p. C-3)AppendixLO1
Distinguish between debt and equity securities and between short-term and long-term investments. (p. C-2)AppendixLO1
For each of the following situations, identify (1) the case as either (a) a present or a future value and(b) a single amount or an annuity, (2) the table you would use in your computations (but do
Catten, Inc., invests $163,170 today earning 7% per year for nine years. Use Table B.2 to compute the future value of the investment nine years from now.AppendixLO1
Starr Company decides to establish a fund that it will use 10 years from now to replace an aging production facility. The company will make a $100,000 initial contribution to the fund and plans to
Kelly Malone plans to have $50 withheld from her monthly paycheck and deposited in a savings account that earns 12% annually, compounded monthly. If Malone continues with her plan for two and
Mark Welsch deposits $7,200 in an account that earns interest at an annual rate of 8%, compounded quarterly. The $7,200 plus earned interest must remain in the account 10 years before it can be
Otto Co. borrows money on April 30, 2008, by promising to make four payments of $13,000 each on November 1, 2008; May 1, 2009; November 1, 2009; and May 1, 2010.1 How much money is Otto able to
C&H Ski Club recently borrowed money and agrees to pay it back with a series of six annual payments of $5,000 each. C&H subsequently borrows more money and agrees to pay it back with a series of four
Find the amount of money that can be borrowed today with each of the following separate debt agreements a through f:Single Future Number Interest Case Payment of Periods Ratea. . . . . . . . .
On January 1, 2008, a company agrees to pay $20,000 in three years. If the annual interest rate is 10%, determine how much cash the company can borrow with this agreement.AppendixLO1
Compute the amount that can be borrowed under each of the following circumstances:1 A promise to repay $90,000 seven years from now at an interest rate of 6%.2 An agreement made on February 1, 2008,
McAdams Company expects to earn 10% per year on an investment that will pay $606,773 six years from now. Use Table B.1 to compute the present value of this investment.AppendixLO1
Spiller Corp. plans to issue 10%, 15-year, $500,000 par value bonds payable that pay interest semiannually on June 30 and December 31. The bonds are dated December 31, 2008, and are issued on that
Sam Weber finances a new automobile by paying $6,500 cash and agreeing to make 40 monthly payments of $500 each, the first payment to be made one month after the purchase. The loan bears interest at
Kate Beckwith expects to invest $10,000 annually that will earn 8%. How many annual investments must Beckwith make to accumulate $303,243 on the date of the last investment? (Use Table
Algoe expects to invest $1,000 annually for 40 years to yield an accumulated value of $154,762 on the date of the last investment. For this to occur, what rate of interest must Algoe earn? (Use Table
Keith Riggins expects an investment of $82,014 to return $10,000 annually for several years. If Riggins earns a return of 10%, how many annual payments will he receive? (Use Table B.3.)AppendixLO1
Jones expects an immediate investment of $57,466 to return $10,000 annually for eight years, with the first payment to be received one year from now. What rate of interest must Jones earn? (Use Table
Ed Summers expects to invest $10,000 for 25 years, after which he wants to receive $108,347. What rate of interest must Summers earn? (Use Table B.2.)AppendixLO1
Bill Thompson expects to invest $10,000 at 12% and, at the end of a certain period, receive $96,463.How many years will it be before Thompson receives the payment? (Use Table B.2.)AppendixLO1
Claire Fitch is planning to begin an individual retirement program in which she will invest $1,500 at the end of each year. Fitch plans to retire after making 30 annual investments in the program
Beene Distributing is considering a project that will return $150,000 annually at the end of each year for six years. If Beene demands an annual return of 7% and pays for the project immediately, how
CII, Inc., invests $630,000 in a project expected to earn a 12% annual rate of return. The earnings will be reinvested in the project each year until the entire investment is liquidated 10 years
Flaherty is considering an investment that, if paid for immediately, is expected to return $140,000 five years from now. If Flaherty demands a 9% return, how much is she willing to pay for this
Megan Brink is offered the possibility of investing $6,651 today at 6% interest per year in a desire to accumulate $10,000. How many years must Brink wait to accumulate $10,000? (Use Table
Ken Francis is offered the possibility of investing $2,745 today and in return to receive $10,000 after 15 years. What is the annual rate of interest for this investment? (Use Table B.1.)AppendixLO1
Assume that you must make future value estimates using the future value of 1 table (Table B.2). Which interest rate column do you use when working with the following rates?1 8% compounded quarterly 2
A company invests $45,000 per year for five years at 12% annual interest. Compute the value of this annuity investment at the end of five years.AppendixLO1
A company is considering an investment paying $10,000 every six months for three years. The first payment would be received in six months. If this company requires an 8% annual return, what is the
Assume that you win a $150,000 cash sweepstakes. You decide to deposit this cash in an account earning 8% annual interest, and you plan to quit your job when the account equals $555,000. How many

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