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financial accounting information

Questions and Answers of Financial Accounting Information

Reconstruction of Adjustments from Account Balances Taggart Corp. records adjustments each month before preparing monthly fi nancial statements.The following selected account balances on May 31,
Use of Account Balances as a Basis for Adjustments Four Star Video has been in the video rental business for fi ve years. The following is a list of accounts for Four Star Video at May 31, 2010. It
Revenue and Expense Recognition Two years ago, Darlene Darby opened a delivery service. Darlene reports the following accounts on her income statement:Sales $69,000 Advertising Expense 3,500 Salaries
Monthly Transactions, Adjustments, and Financial Statements Moonlight Bay Inn is incorporated on January 2, 2010, by its three owners, each of whom contributes $20,000 in cash in exchange for shares
Annual Adjustments Ogonquit Enterprises prepares annual fi nancial statements and adjusts its accounts only at the end of the year. The following information is available for the year ended December
Recurring Transactions and Adjustments Following are the accounts of Dominique Inc., an interior decorator. The company has been in the decorating business for ten years and prepares quarterly fi
Use of Account Balances as a Basis for Annual Adjustments The following account balances are taken from the records of Laugherty Inc. at December 31, 2010. The Supplies account represents the cost of
Reconstruction of Adjustments from Account Balances Zola Corporation records adjustments each month before preparing monthly fi nancial statements. The following selected account balances on May 31,
Use of Account Balances as a Basis for Adjustments Lewis and Associates has been in the termite inspection and treatment business for fi ve years. The following is a list of accounts for Lewis on
Revenue and Expense Recognition Two years ago, Sue Stern opened an audio book rental shop. Sue reports the following accounts on her income statement:Sales $84,000 Advertising Expense 10,500 Salaries
Adjustments and Financial Statements The following account balances are available for Tenfour Trucking Company on January 31, 2010:Cash $ 27,340 Accounts Receivable 41,500 Prepaid Insurance 18,000
Reading and Interpreting Nordstrom’s Notes—Revenue Recognition The following excerpt is taken from Note 1 on page 38 of Nordstrom’s 2008 10K(amounts are in millions of dollars):Net Sales We
Reading and Interpreting Sears Holdings Corporation’s Notes—Revenue Recognition The following excerpt is taken from page 60 of the Sears Holdings Corporation (parent company of Kmart and Sears)
The Use of Net Income and Cash Flow to Evaluate a Company After you have gained fi ve years of experience with a large CPA fi rm, one of your clients, Duke Inc., asks you to take over as chief fi
Advice to a Potential Investor Century Company was organized 15 months ago as a management consulting fi rm. At that time, the owners invested a total of $50,000 cash in exchange for stock. Century
Identify the purposes of the statement of cash flows
Distinguish among operating, investing, and financing cash flows
Prepare cash flows from operating activities using the indirect method
Prepare cash flows from investing activities
Prepare cash flows from financing activities
Prepare cash flows from operating activities using the direct method
What observations can you make from Philips’ cash fl ow patterns from 2007 to 2011?
All of the following activities are reported on the statement of cash fl ows excepta. marketing activities.c. operating activities.b. investing activities.d. fi nancing activities.
Activities that create long-term liabilities are usuallya. fi nancing activities.b. operating activities.c. non-cash investing and fi nancing activities.d. investing activities.
Activities affecting long-term assets area. fi nancing activities.c. operating activities.b. marketing activities.d. investing activities.
In 20X6, PMW Corporation borrowed $110,000, paid dividends of $34,000, issued 10,000 shares for $45 per share, purchased land for $240,000, and received dividends of $10,000. Net income was $150,000,
Activities that obtain the cash needed to launch and sustain a company area. marketing activities.c. investing activities.b. income activities.d. fi nancing activities.
The exchange of shares for land would be reported asa. Exchanges are not reported on the statement of cash fl ows.b. fi nancing activities.c. non-cash investing and fi nancing activities.d. investing
Under the indirect method, net cash provided by operating activities would bea. $84,000.c. $79,000.b. $76,000.d. $89,000.
Net cash provided by (used for) investing activities would bea. $20,000.c. $(15,000).b. $10,000.d. $(10,000).
Net cash provided by (used for) fi nancing activities would bea. $3,000.c. $(21,000).b. $(13,000).d. $1,000.
The cost of land must have beena. $40,000.b. $55,000.c. $25,000.d. cannot be determined from the data given.
Sweet Treat Ice Cream began the year with $60,000 in accounts receivable and ended the year with $50,000 in accounts receivable. If sales for the year were $700,000, the cash collected from customers
Nassau Farms, Ltd., made sales of $750,000 and had cost of goods sold of $410,000.Inventory decreased by $10,000 and accounts payable decreased by $12,000. Operating expenses were $180,000. How much
Use the Nassau Farms data from question 12. How much cash did Nassau Farms pay for inventory during the year?a. $410,000c. $422,000b. $400,000d. $412,000
(Learning Objectives 1, 2, 3: Explaining the purposes of the statement of cash fl ows)State how the statement of cash fl ows helps investors and creditors perform each of the following functions:a.
(Learning Objectives 1, 2, 3: Explaining the purposes of the statement of cash fl ows)Rondeau Ltd. has experienced an unbroken string of nine years of growth in net income.Nevertheless, the company
(Learning Objective 3: Evaluating operating cash fl ows—indirect method) Examine the statement of cash fl ows of Clock, Inc.Suppose Clock’s operating activities provided, rather than used, cash.
(Learning Objectives 1, 2: Using cash-fl ow data to evaluate performance) Top managers of Tranquility Inns are reviewing company performance for 20X6. The income statement reports a 25% increase in
(Learning Objective 3: Reporting cash fl ows from operating activities—indirect method)Beautiful Atlantic Transportation (BAT) began 20X6 with accounts receivable, inventory, and prepaid expenses
(Learning Objectives 2, 3: Identifying items for reporting cash fl ows from operations—indirect method) Campbell Clinic, Inc., is preparing its statement of cash fl ows (indirect method) for the
(Learning Objective 3: Computing operating cash fl ows—indirect method) Ethan Corporation accountants have assembled the following data for the year ended June 30, 20X6.Prepare the operating
(Learning Objectives 3, 4, 5: Preparing a statement of cash fl ows—indirect method)Use the data in Short Exercise 11-7 to prepare Ethan Corporation’s statement of cash fl ows for the year ended
(Learning Objective 4: Computing investing cash fl ows) Motorsports of Munich reported the following fi nancial statements for 20X6:Compute the following investing cash fl ows (enter all amounts in
(Learning Objective 5: Computing fi nancing cash fl ows) Use the Motorsports of Munich data in Short Exercise 11-9 to compute the following (enter all amounts in thousands):a. New borrowing or
(Learning Objective 6: Computing operating cash fl ows—direct method) Use the Motorsports of Munich data in Short Exercise 11-9 to compute the following (enter all amounts in thousands):a.
(Learning Objective 6: Computing operating cash fl ows—direct method) Use the Motorsports of Munich data in Short Exercise 11-9 to compute the following (enter all amounts in thousands):a. Payments
(Learning Objectives 4, 5, 6, 7: Preparing and analyzing a statement of cash fl ows—direct method) Horse Heaven Farm began 20X6 with cash of $170,000. During the year, Horse Heaven earned service
(Learning Objective 6: Computing operating cash fl ows—direct method) Middleton Golf Club has assembled the following data for the year ended September 30, 20X6:Prepare the operating activities
(Learning Objectives 4, 5, 6, 7: Preparing and analyzing a statement of cash fl ows—direct method) Use the data in Short Exercise 11-14 to prepare Middleton Golf Club’s statement of cash fl ows
(Learning Objectives 2, 3: Identifying activities for the statement of cash fl ows—indirect method) Tucker-Breen Investments specializes in low-risk government bonds. Identify each of
(Learning Objectives 2, 3: Classifying transactions for the statement of cash fl ows—indirect method) Indicate whether each of the following transactions records an operating activity, an investing
(Learning Objective 3: Computing cash fl ows from operating activities—indirect method) The accounting records of North East Distributors, Inc., reveal the following:❙ Requirement 1. Compute cash
(Learning Objective 3: Computing cash fl ows from operating activities—indirect method) The accounting records of Wilderness Fruit Traders include these accounts:❙ Requirement 1. Compute
(Learning Objective 3, 4, 5, 7: Preparing and analyzing the statement of cash fl ows—indirect method) The income statement and additional data of Newbury Travel Products, Inc., follow:Additional
(Learning Objective 3, 4, 5: Interpreting a statement of cash fl ows—indirect method) Donald is reviewing his nephews’ cash fl ows. Huey, Dewey and Louie all report the same income number
(Learning Objectives 4, 5: Computing investing and fi nancing amounts for the statement of cash fl ows) Compute the following items for the statement of cash fl ows:a. Beginning and ending PPE, Net,
(Learning Objective 6: Computing cash fl ows from operating activities—direct method) The accounting records of Princeton Pharmaceuticals, Inc., reveal the following❙ Requirement 1. Compute cash
(Learning Objective 4, 5, 6: Identifying items for the statement of cash fl ows—direct method) Selected accounts of Ashley Antiques show the following:❙ Requirement 1. For each account, identify
(Learning Objective 4, 5, 6, 7: Preparing and analyzing the statement of cash fl ows—direct method) The income statement and additional data of Cobbs Hill, Inc., follow:■ writing assignment
(Learning Objective 4, 5, 6: Computing amounts for the statement of cash fl ows—direct method) Compute the following items for the statement of cash fl ows:a. Beginning and ending Accounts
(Learning Objectives 2, 3: Identifying activities for the statement of cash fl ows—indirect method) Burke-Cassidy Investments specializes in low-risk government bonds.Identify each of
(Learning Objectives 2, 3: Classifying transactions for the statement of cash fl ows—indirect method) Indicate whether each of the following transactions records an operating activity, an investing
(Learning Objective 3: Computing cash fl ows from operating activities—indirect method) The accounting records of Central Distributors, Inc., reveal the following:■ writing assignment❙
(Learning Objective 3: Computing cash fl ows from operating activities—indirect method) The accounting records of Lawrence Fruit Traders include these accounts:❙ Requirement 1. Compute
(Learning Objectives 3, 4, 5, 7: Preparing and analyzing the statement of cash fl ows—indirect method) The income statement and additional data of Norton Travel Products, Inc., follow:■ writing
(Learning Objectives 3, 4, 5: Interpreting a statement of cash fl ows—indirect method)Daisy is reviewing her nieces’ cash fl ows. April, May and June all report the same income number (€10,000)
(Learning Objectives 4, 5: Computing investing and fi nancing amounts for the statement of cash fl ows) Compute the following items for the statement of cash fl ows:a. Beginning and ending PPE, Net,
(Learning Objective 6: Computing cash fl ows from operating activities—direct method) The accounting records of One Stop Pharmaceuticals, Inc., reveal the following:■ writing assignment❙
(Learning Objectives 4, 5, 6: Identifying items for the statement of cash fl ows—direct method) Selected accounts of Elizabeth Antiques show the following:❙ Requirement 1. For each account,
(Learning Objectives 4, 5, 6, 7: Preparing and analyzing the statement of cash fl ows—direct method) The income statement and additional data of Happy Life, Inc., follow:Additional data:a.
(Learning Objectives 4, 5, 6: Computing amounts for the statement of cash fl ows—direct method) Compute the following items for the statement of cash fl ows:a. Beginning and ending Accounts
(Learning Objectives 3, 6: Computing cash-fl ow amounts) Tip Top, Inc., reported the following in its fi nancial statements for the year ended May 30, 20X6 (in thousands):❙ Requirement 1. Determine
(Learning Objective 3: Using the balance sheet and the statement of cash fl ows together) Delorme Specialties reported the following at December 31, 20X6 (in thousands):❙ Requirement 1. Determine
Paying off bonds payable is reported on the statement of cash fl ows undera. non-cash investing and fi nancing activities.b. investing activities.c. operating activities.d. fi nancing activities.
The sale of inventory for cash is reported on the statement of cash fl ows undera. fi nancing activities.b. non-cash investing and fi nancing activities.c. investing activities.d. operating
Selling equipment is reported on the statement of cash fl ows undera. fi nancing activities.b. investing activities.c. non-cash investing and fi nancing activities.d. operating activities.
Which of the following terms appears on a statement of cash fl ows—indirect method?a. Cash receipt of interest revenuec. Depreciation expenseb. Collections from customersd. Payments to suppliers
On an indirect method statement of cash fl ows, an increase in a prepaid insurance would bea. added to increases in current assets.c. deducted from net income.b. included in payments to suppliers.d.
On an indirect method statement of cash fl ows, an increase in accounts payable would bea. reported in the fi nancing activities section.b. reported in the investing activities section.c. added to
On an indirect method statement of cash fl ows, a gain on the sale of PPE would bea. reported in the investing activities section.b. added to net income in the operating activities section.c.
Select an activity for each of the following transactions:1. Paying cash dividends is a/an _________________ activity.2. Receiving cash dividends is a/an _________________ activity.
Click Camera Co. sold equipment with a cost of $21,000 and accumulated deprecia tion of $9,000 for an amount that resulted in a gain of $1,000. What amount should Click report on the statement of
Which of the following items would not be found in Sheehan’s cash fl ow from operat ing activities section of the cash fl ow statement?a. Depreciationc. Increase in share capitalb. Gain on sale of
How do Sheehan’s accrued liabilities affect the company’s statement of cash fl ows for 20X6?a. Increase in cash used by investing activitiesb. Increase in cash provided by operating activitiesc.
How do accounts receivable affect Sheehan’s cash fl ows from operating activities for 20X6?a. Decrease in cash provided by operating activitiesb. Decrease in cash used by investing activitiesc.
Sheehan’s net cash provided by operating activities during 20X6 wasa. $53,000.c. $47,000.b. $50,000.d. $44,000.
Which of the following items would not be found in Sheehan’s cash fl ow from investing activities section of the cash fl ow statement?a. Proceeds from the sale of PPEc. Purchase of PPEb. Profi t
The book value of equipment sold during 20X6 was $21,000. Sheehan’s net cash fl ow from investing activities for 20X6 wasa. net cash used of $23,500.c. net cash used of $50,000.b. net cash used of
Which of the following items would not be found in Sheehan’s cash fl ow from fi nancing activities section of the cash fl ow statement?a. Proceeds from bank loan.c. Shares bought back.b. Proceeds
Sheehan’s largest financing cash fl ow for 20X6 resulted froma. payment of dividends.c. purchase of equipment.b. sale of equipment.d. issuance of shares.
Sheehan’s net cash fl ow from fi nancing activities for 20X6 wasa. net cash used of $21,000.c. net cash provided of $9,000.b. net cash used of $50,000.d. net cash used of $44,000.
Sales totaled $820,000, accounts receivable increased by $50,000, and accounts payable decreased by $30,000. How much cash did the company collect from customers?a. $800,000c. $770,000b. $820,000d.
Income Tax Payable was $4,500 at the end of the year and $3,000 at the beginning.Income tax expense for the year totaled $59,500. What amount of cash did the company pay for income tax during the
(Learning Objectives 2, 3, 4, 5: Preparing an income statement, balance sheet, and statement of cash fl ows—indirect method) Antique Automobiles of Dubai, Inc., was formed on January 1, 20X6. The
(Learning Objectives 2, 4, 5, 6: Preparing an income statement, balance sheet, and statement of cash fl ows—direct method) Use the Antique Automobiles of Dubai, Inc., data from Problem 11-60A.❙
(Learning Objectives 2, 3, 4, 5: Preparing the statement of cash fl ows—indirect method) Morgensen Software Corp. has assembled the following data for the years ending December 31, 20X6 and
(Learning Objectives 2, 3, 4, 5, 7: Preparing and analyzing the statement of cash fl ows—indirect method) The comparative balance sheets of Maynard Movie Theater Company at June 30, 20X6 and 20X5,
(Learning Objectives 2, 3, 4, 5: Preparing the statement of cash fl ows—indirect method) The 20X6 and 20X5 comparative balance sheets and 20X6 income statement of Affordable Supply Corp.
(Learning Objectives 2, 4, 5, 6: Preparing the statement of cash fl ows—direct method) Use the Affordable Supply Corp. data from Problem 11-64A.❙ Requirements 1. Prepare the 20X6 statement of

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