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financial accounting information

Questions and Answers of Financial Accounting Information

(Learning Objectives 2, 4, 5, 6, 7: Preparing and analyzing the statement of cash fl ows—direct method) Ramirez Furniture Gallery, Inc., provided the following data from the company’s records for
(Learning Objectives 3, 4, 5, 6: Preparing the statement of cash fl ows—direct and indirect methods) To prepare the statement of cash fl ows, accountants for Daisy Electric Company have summarized
(Learning Objectives 3, 4, 5, 6: Preparing the statement of cash fl ows—indirect and direct methods) The comparative balance sheets of Ibrahim Design Studio, Inc., at June 30, 20X6 and 20X5, and
(Learning Objectives 2, 3, 4, 5: Preparing an income statement, balance sheet, and statement of cash fl ows—indirect method) Sweet 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 Sweet Automobiles of Dubai, Inc., data from Problem 12-69B.❙
(Learning Objectives 2, 3, 4, 5: Preparing the statement of cash fl ows—indirect method) Neighbor Software Corp. has assembled the following data for the year ended 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 Medford 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 King Supply Corp. follow:King
(Learning Objectives 2, 4, 5, 6: Preparing the statement of cash fl ows—direct method) Use the King Supply Corp. data from Problem P11-73B.❙ Requirements 1. Prepare the 20X6 statement of cash fl
(Learning Objectives 2, 4, 5, 6: Preparing the statement of cash fl ows—direct method) Dunleavy Furniture Gallery, Inc., provided the following data from the company’s records for the year ended
(Learning Objectives 3, 4, 5, 6: Preparing the statement of cash fl ows—direct and indirect methods) To prepare the statement of cash fl ows, accountants for Spencer Electric Company have
(Learning Objectives 3, 4, 5, 6: Preparing the statement of cash fl ows—indirect and direct methods) The comparative balance sheets of Salim Design Studio, Inc., at June 30, 20X6 and 20X5, and
Perform a horizontal analysis of financial statements
Perform a vertical analysis of financial statements
Prepare common-size financial statements
Compute the standard financial ratios
Measure the economic value added by operations
Have another look at Exhibits 12-2 and 12-3. Are the biggest percentage items always the most important items that cause changes in income statement or balance sheet from one year to another? Can you
Vodafone’s cash conversion cycle components for the last two fi nancial years, along with the telecommunication industry averages, are shown below. What is your assessment of Vodafone’s cash
Vodafone’s current and quick ratio for the last two fi nancial years, along with the telecommunication industry averages, are shown below. What is your assessment of Vodafone’s ability to pay
Vodafone’s debt ratio and times-interest-earned for 2010 and 2011, along with the telecommunication industry averages, are shown below. What are your assessments of Vodafone’s ability to pay its
Vodafone’s margins and returns ratios, along with the telecommunication industry averages, are shown below. What is your assessment of Vodafone’s profi tability?
Horizontal analysis of Oullette’s income statement for 20X7 would show which of the following for Selling, General, and Administrative expenses?a. 0.95c. 0.68b. 1.05d. None of the above
Vertical analysis of Oullette’s income statement for 20X7 would show which of the following for Selling, General, and Administrative expenses?a. 0.103c. 0.138b. 0.144d. None of the above
Which item on Oullette’s income statement has the most favorable trend during 20X6–20X7?a. Food and paper costsc. Payroll and employee benefi tsb. Total revenuesd. Net income
On Oullette’s common-size balance sheet, Goodwill would appear asa. $1,780 million.c. 0.068.b. up by 11.9%.d. 10.06% of total revenues.
A good benchmark for Oullette Company would bea. Volvo.c. Whataburger.b. Microsoft.d. All of the above.
Oullette’s inventory turnover for 20X7 wasa. 17 times.c. 25 times.b. 61 times.d. 72 times.
Oullette’s acid-test ratio at the end of 20X7 wasa. 0.62.c. 0.92.b. 2.83.d. 0.06.
Oullette’s average collection period for accounts and notes receivables isa. 32 days.c. 17 days.b. 2 days.d. 1 day.
The average debt ratio for most companies is 0.64. Oullette’s total debt position looksa. risky.c. safe.b. middle-ground.d. cannot tell from the fi nancials.
Oullette’s return on total revenues for 20X7 wasa. $2.69.c. 10.33%.b. $1.16.d. 15.2%.
Oullette’s return on shareholders’ equity for 20X7 wasa. 15.2%.c. 10.33%.b. 22.5%.d. $2,691 million.
On May 31, 20X7, Oullette’s ordinary shares sold for $30 per share. At that price, how much did investors say $1 of the company’s net income was worth?a. $1.00c. $11.15b. $30.00d. $10.99
On May 31, 20X7, Oullette’s ordinary shares sold for $30 per share and dividends per share were $0.50. Compute Oullette’s dividend yield during 20X7.a. 2.9%c. 1.7%b. 4.1%d. 5.0%
How much EVA® did Oullette generate for investors during 20X7? Assume the cost of capital was 5% and use unadjusted net income.a. $2.040 millionc. $3.061 millionb. $1.943 milliond. $2.691 million
(Learning Objective 1: Performing horizontal analysis of revenues and net income)Fitzgerald Corporation reported the following amounts on its 20X6 comparative income statement:Perform a horizontal
(Learning Objective 1: Performing trend analysis of sales and net income) Fenton, Inc., reported the following sales and net income amounts:Show Fenton’s trend percentages for sales and net income.
(Learning Objective 2: Performing vertical analysis to correct a cash shortage) Craft Software reported the following amounts on its balance sheets at December 31, 20X6, 20X5, and 20X4:Sales and
(Learning Objective 3: Comparing common-size income statements of two companies)Hartigan, Inc., and Pintal Corporation are competitors. Compare the two companies by converting their condensed income
(Learning Objective 4: Evaluating the trend in a company’s current ratio) Examine the fi nancial data of Jacob Corporation.Show how to compute Jacob’s current ratio for each year 20X4 through
(Learning Objective 4: Evaluating a company’s acid-test ratio) Use the Gagnon, Inc., balance sheet data below.❙ Requirements 1. Compute Gagnon, Inc.’s acid-test ratios at December 31, 20X6 and
(Learning Objectives 4: Computing and evaluating cash collection cycle) Use the Gagnon 20X6 income statement below and balance sheet from Short Exercise 12-6 to compute its cash conversion cycle for
(Learning Objective 4: Measuring ability to pay long-term debt) Use the fi nancial statements of Gagnon, Inc., in Short Exercises 12-6 and 12-7.❙ Requirements 1. Compute the company’s debt ratio
(Learning Objective 4: Measuring profi tability) Use the fi nancial statements of Gagnon, Inc., in Short Exercises 12-6 and 12-7 to compute these profi tability measures for 20X6. Show each
(Learning Objective 4: Computing EPS and the price/earnings ratio) The annual report of Tri-State Cars, Inc., for the year ended December 31, 20X6, included the following items (in millions):❙
(Learning Objective 4: Using ratio data to reconstruct an income statement) A skeleton of Athol Country Florist’s income statement appears as follows (amounts in thousands):Use the following ratio
(Learning Objective 4: Using ratio data to reconstruct a balance sheet) A skeleton of Athol Country Florist’s balance sheet appears as follows (amounts in thousands):Use the following ratio data to
(Learning Objective 4: Analyzing a company based on its ratios) Take the role of an investment analyst at Deutsche Bank. It is your job to recommend investments for your client. The only information
(Learning Objective 5: Measuring economic value added) Compute economic value added (EVA®) for Beverly Software. The company’s cost of capital is 5%. Net income was$770,000, interest expense
(Learning Objective 1: Computing year-to-year changes in working capital) What were the dollar amount of change and the percentage of each change in Wilderness Lodge’s working capital during 20X6
(Learning Objective 1: Performing horizontal analysis of an income statement)Prepare a horizontal analysis of the comparative income statements of Sensible Music Co.Round percentage changes to the
(Learning Objective 1: Computing trend percentages) Compute trend percentages for Palm Valley Sales & Service’s total revenue, and net income for the following fi ve-year period, using year 0 as
(Learning Objective 2: Performing vertical analysis of a balance sheet) Fore Golf Company has requested that you perform a vertical analysis of its balance sheet to determine the component
(Learning Objective 3: Preparing a common-size income statement) Prepare a comparative common-size income statement for Sensible Music Co., using the 20X6 and 20X5 data of Exercise 12-16A and
(Learning Objective 3: Preparing a common-size income statement) Compare the 20X6 common-size income statement you performed earlier in E12-19A. How does this compare to Vodafone’s vertical
(Learning Objective 4: Computing fi ve ratios) The fi nancial statements of Smith News, Inc., include the following items:❙ Requirement 1. Compute the following ratios for the current year:a.
(Learning Objective 4: Analyzing the ability to pay current liabilities) Dorman Furniture Company has requested that you determine whether the company’s ability to pay its current liabilities and
(Learning Objectives 4: Analyzing profi tability) Compute four ratios that measure the ability to earn profi ts for Harmon Decor, Inc., whose comparative income statements follow:Did the company’s
(Learning Objectives 4: Evaluating a share as an investment) Evaluate the ordinary share of Regal Distributing Company as an investment. Specifi cally, use the three ordinary share ratios to
(Learning Objective 5: Using economic value added to measure corporate performance) Two companies with different economic-value-added (EVA®) profi les are Barton Oil Pipeline Incorporated and
(Learning Objective 1: Computing year-to-year changes in working capital)What were the Euro amount of change and the percentage of each change in Ricardo Lodge’s working capital during 20X6 and
(Learning Objective 1: Performing horizontal analysis of an income statement)Prepare a horizontal analysis of the comparative income statements of Fashion Music Co.Round percentage changes to the
(Learning Objective 1: Computing trend percentages) Compute trend percentages for Andover Valley Sales & Service’s total revenue, and net income for the following fi ve-year period, using year 0 as
(Learning Objective 2: Performing vertical analysis of a balance sheet) Epsilon Golf Company has requested that you perform a vertical analysis of its balance sheet to determine the component
(Learning Objective 3: Preparing a common-size income statement) Prepare a comparative common-size income statement for Fashion Music Co. using the 20X6 and 20X5 data of Exercise 12-27B and rounding
(Learning Objective 3: Preparing a common-size income statement) Compare the year 20X6 common-size income statement you performed earlier in E12-21B. How does this compare to Vodafone’s vertical
(Learning Objective 4: Computing fi ve ratios) The fi nancial statements of Advent News, Inc., include the following items:❙ Requirement 1. Compute the following ratios for the current year:a.
(Learning Objectives 4: Analyzing the ability to pay current liabilities) Jalbert Furniture Company has requested that you determine whether the company’s ability to pay its current liabilities and
(Learning Objectives 4: Analyzing profi tability) Compute four ratios that measure the ability to earn profi ts for Jarvis Decor, Inc., whose comparative income statements follow:Did the company’s
(Learning Objectives 4: Evaluating a share as an investment) Evaluate the ordinary share of Basic Distributing Company as an investment. Specifi cally, use the three ordinary share ratios to
(Learning Objective 5: Using economic value added to measure corporate performance) Two companies with different economic-value-added (EVA®) profi les are Houle Oil Pipeline, Inc., and Johnson Bank
(Learning Objectives 2, 3, 4: Using ratio data to reconstruct a company’s balance sheet) The following data (dollar amounts in millions) are taken from the fi nancial statements of Floor 1
(Learning Objectives 2, 3, 4: Using ratio data to reconstruct a company’s income statement) The following data (dollar amounts in millions) are from the fi nancial statements of County
During 20X6, Fatima Bell’s total assetsa. increased by $9,390 million.c. both a and b.b. increased by 26.2%.d. increased by 20.8%.
Fatima Bell’s current ratio at year-end 20X6 is closest toa. 1.2.c. 20.8.b. 9,390.d. 0.9.
Fatima Bell’s acid-test ratio at year-end 20X6 is closest toa. 0.68.c. $8,533 million.b. 0.75.d. 0.45.
What is the largest single item included in Fatima Bell’s debt ratio at December 31, 20X6?a. Cash and cash equivalentsc. Accounts payableb. Investmentsd. Share capital
Using the earliest year available as the base year, the trend percentage for Fatima Bell’s net revenue during 20X6 wasa. 121%.c. up by $11,820 million.b. up by 21.2%.d. 138%.
Fatima Bell’s common-size income statement for 20X6 would report cost of goods sold asa. 79.5%.c. 130.5%.b. Up by 16.8%.d. $34,000 million.
Fatima Bell’s cash conversion cycle during 20X6 wasa. 102.80 daysc. 91.03 daysb. –44.31 daysd. 100.95 days
Fatima Bell’s receivable collection period during 20X6 wasa. 29 days.c. 21 days.b. 117 days.d. 25 days.
Fatima Bell’s long-term debt bears interest at 11%. During the year ended December 31, 20X6, Bell’s times-interest-earned ratio wasa. 137 times.c. 147 times.b. 144 times.d. 150 times.
Fatima Bell’s trend of net profi t margin isa. worrisome.c. improving.b. declining.d. stuck at 20.8%.
How many shares of ordinary share did Fatima Bell have outstanding, on average, during 20X6? Hint: Compute earnings per share.a. 2,947 millionc. 5,244 millionb. 5,258 milliond. 2,965 million
The book value per share of Fatima Bell’s ordinary share outstanding at December 31, 20X6, wasa. $5,649.c. $1.96.b. $1.84.d. $2.08.
(Learning Objectives 1, 4: Computing trend percentages, return on sales, and comparison with the industry) Net sales, net income, and total assets for Cairo Shipping Company for a fi ve-year period
(Learning Objectives 3, 4: Preparing common-size statements; analyzing profi tability; making comparisons with the industry) Top managers of McDonough Products, Inc., have asked for your help in
(Learning Objective 4: Calculating cash conversion cycle). You are analyzing the effectiveness of the trading operations of AVN Limited. Extracts of its fi nancial statements are provided below.❙
(Learning Objectives 4: Computing effects of business transactions on selected ratios) Financial statement data of Greatland Engineering include the following items:❙ Requirements 1. Compute
(Learning Objectives 4: Using ratios to evaluate a share investment) Comparative fi nancial statement data of Bloomfi eld Optical Mart follow:Other information:1. Market price of Bloomfi eld ordinary
(Learning Objectives 4, 5: Using ratios to decide between two share investments;measuring economic value added) Assume that you are considering purchasing shares as an investment. You have narrowed
(Learning Objectives 1, 4: Computing trend percentages, return on sales equity, and comparison with the industry) Net sales, net income, and total assets for Sorrento Shipping Limited for a fi
(Learning Objectives 3, 4: Preparing common-size statements; analyzing profi tability; making comparisons with the industry) Top managers of Walsh Products, Inc., have asked for your help in
(Learning Objective 4: Calculating cash conversion cycle) You are analyzing the effectiveness of the trading operations of CMI Limited. Extracts of its fi nancial statements are provided below.❙
(Learning Objectives 4: Computing effects of business transactions on selected ratios) Financial statement data of Trinton Engineering include the following items:❙ Requirements 1. Compute
(Learning Objectives 4: Using ratios to evaluate a share investment) Comparative fi nancial statement data of Schmid Optical Mart follow:Other information:1. Market price of Schmid ordinary share:
(Learning Objectives 4, 5: Using ratios to decide between two share investments;measuring economic value added) Assume that you are considering purchasing shares as an investment. You have narrowed
A company declares a 5% share dividend. The debit to Retained Earnings is an amount equal toa. the excess of the market price over the original issue price of the shares to be issued.b. the market
Which of the following is not true about a 10% share dividend?a. The market value of the share is needed to record the share dividend.b. Total shareholders’ equity remains the same.c. Paid-in

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