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financial accounting information

Questions and Answers of Financial Accounting Information

BRUCE plc (BRUCE), an Irish listed company that prepares its financial statements to 31 December each year, sells products to those involved in magic and illusion.BRUCE Statement of Financial
On 1 January 2009, ROBINSON plc (ROBINSON) entered into a contract with a building company to build a new administrative and visitors’ facility for the company at a cost of €10,000,000. In order
YELLOW Limited (YELLOW), a company that prepares its financial statements to.31 December each year, is involved in the manufacture of made-to-order customised sports cars. The company commenced
What is the difference between a finance and an operating lease?
With respect to a finance lease, what should you show in the statement of financial position of the lessee?
With respect to a finance lease, how do you account for the rental payments from the lessee’s point of view?
What is the preferred method of apportioning the rental repayments between the interest and capital element?
List the disclosure requirements for both operating and finance leases.
You are the Finance Director of a medium-sized manufacturing company. The Managing Director has taken a recent interest in the financial statements of the company and requests information regarding
On 1 January 2008, ARIES Limited acquired a machine under a finance lease which could have been purchased outright for €64,000. The lease provided for four annual payments of €20,000 in arrears
The Managing Director of LEES Limited is considering a proposal to acquire a new, fully automatic machine to increase production capacity and efficiency. The machine would cost €150,000 to purchase
Sam Limited has entered into a finance lease in respect of a crane. The terms of the lease are:1. Three-year primary period with a quarterly rent payable in advance of €2,500, ie.total payment of
Under IAS 38, what are the categories of internally generated intangible assets which may never be recognised?
What conditions must be satisfied before development expenditure may be capitalised?
If all the conditions in the previous question are met, is it a requirement that development costs must be capitalized?
Sea Pharmaceuticals plc has negotiated a special government grant to provide 40% of the research costs of finding a suitable drug for the treatment of the virus disease which has seriously affected
The following information has been extracted from the original draft accounts of THIMBLE Limited for the year ended 31 December 200Y: Profit for the year Intangible asset-development expenditure
You have just been given the fixed assets section from the audit file of WELLER Limited(WELLER) in relation to the financial statements for the year ended 31 December 2008 with a note from the
Seamus plc manufactures and operates a fleet of small aircraft. It draws up its financial statements to 31 March each year.Seamus plc also owns a small chain of hotels (carrying value of €16
What are the arguments for and against the capitalization of borrowing costs?
What is the accounting treatment for qualifying borrowing costs?
When may capitalization of borrowing costs begin and when must it end?
Explain the main requirements of IFRS 1 which must be satisfied when a company adopts IASs/IFRSs for the first time.
Identify the reconciliations which a company must include in its financial statements when it adopts IASs/IFRSs for the first time.
‘There can be few who work for multinational companies, with some involvement with their financial reporting systems, who have not thought how good it would be to have one accounting language
The directors of EMERALD ple (EMERALD), an Irish listed company, have decided to adopt International Financial Reporting Standards (IFRSs) for the first time in the companys financial statements for
At what value should revenue be measured?
What conditions must be met before revenue from the sale of goods may be recognized?
What conditions must be met before revenue from the delivery of services may be recognized?
(Based on ICAI, P3 Summer 2006,)Issue 1 ANTRIM Limited (ANTRIM) owes CORK Limited (CORK) €250,000, due on 31 July 2009. CORK owes ANTRIM €200,000, due on 30 June 2009. A legal right of set-off
You are the Financial Accountant of Incara plc, a company that operates from a number of retail outlets throughout Ireland, selling vehicle entertainment and navigation systems. Incara plc prepares
What is meant by an investment property?
How do you account for investment property?
How do you account for gains/losses on disposals of investment property?
Do you depreciate investment property?
Part ES What are the main disclosure requirements of IAS 40?
HELIX Limited (HELIX) purchased three identical properties (RIGHT, LEFT and UP), and leased a fourth (DOWN), during the year ended 31 December 2008.RIGHT is used as HELIX’s head office; =, LEFT is
United Limited, a company which manufactures sporting equipment and accessories, owns a number of properties which are listed below.1. Trafford Lane: a freehold factory and office block used entirely
What elements of expenditure are included in the production cost of a non-current asset?
What disclosures are required when a non-current asset is revalued?
In what circumstances may an amount be transferred from the revaluation reserve to a credit on the statement of comprehensive income?
What is depreciation?
What accounting treatment is required if the estimated useful life of a fixed asset is revised?
(a) Who were considered to be the potential users of financial reports in The Corporate Report?(b) What do you consider to be their information needs?(c) How would you expect a consideration of user
The Technical Committee of the International Organization of Securities Commissions(IOSCO) and the IASC agree that there is a compelling need for high-quality, comprehensive international accounting
The Framework includes the following definition:‘An asset is a resource controlled by the enterprise as a result of past events and from which future economic benefits are expected to flow to the
In 1989, the IASC issued the Framework for the Preparation and Presentation of Financial Statements. It is intended to establish a broad set of accounting principles on which standards and accounting
What are the components of a complete set of financial statements?
What criteria determine whether assets should be classified as current?
What criteria determine whether liabilities should be classified as current?
What minimum information should be presented on the face of the statement of comprehensive income?
Distinguish between the nature of expense method and the function of expense method of classifying expenses in the statement of comprehensive income.
What is relevance?
What is objectivity?
List the contents which make up the IASB’s framework for the preparation and presentation of financial statements.
Refer to the 2016 balance sheet for Google in Appendix A. What is the par value per share of its preferred stock? Suggest a rationale for the amount of par value it assigned.
Refer to Google’s recent balance sheet in Appendix A. What is the book value of its total net property, plant, and equipment assets at December 31, 2016?
Refer to the December 31, 2016, balance sheet of Samsung in Appendix A. What long-term assets discussed in this chapter are reported by the company?
Which of the following items are normally classified as current liabilities for a company that has a one-year operating cycle?1. Portion of long-term note due in 10 months2. Note payable maturing in
Refer to Apple’s balance sheet in Appendix A. What is the amount of Apple’s accounts payable as of September 24, 2016?
Refer to Apple’s fiscal 2016 balance sheet in Appendix A. How many shares of common stock are authorized? How many shares of common stock are issued?
Refer to the statements for Samsung in Appendix A. By what amount did Samsung’s long-term borrowings increase or decrease in 2016?
Refer to the financial statements for Samsung in Appendix A. How much were its cash payments for treasury stock acquisitions for the year ended December 31, 2016?
Refer to Samsung’s 2016 statement of cash flows in Appendix A. List its cash flows from operating activities, investing activities, and financing activities.
Refer to Apple’s statement of comprehensive income in Appendix A. What is the amount of change in foreign currency translation, net of tax effects, for the year ended September 24, 2016? Is this
Refer to Google’s statement of comprehensive income in Appendix A. What was the amount of its 2016 change in net unrealized gains (losses) for its AFS investments?
In 2018, Randa Merchandising, Inc., sold its interest in a chain of wholesale outlets, taking the company completely out of the wholesaling business. The company still operates its retail outlets. A
Refer to the data in QS 12-11.1. Assume that all common stock is issued for cash. What amount of cash dividends is paid during 2018?2. Assume that no additional notes payable are issued in 2018. What
Roak Company and Clay Company are similar firms that operate in the same industry. Clay began operations in 2016 and Roak in 2013. In 2018, both companies pay 7% interest on their debt to creditors.
Refer to Simon Company’s financial information in Exercises 13-6 and 13-8. Additional information about the company follows. To help evaluate the company’s profitability, compute and interpret
Refer to the data in QS 12-11.Furniture costing $55,000 is sold at its book value in 2018. Acquisitions of furniture total $45,000 cash, on which no depreciation is necessary because it is acquired
Use the indirect method to prepare the cash provided or used from operating activities section only of the statement of cash flows for this company. CRUZ, INC. Comparative Balance Sheets December
Refer to Simon Company’s financial information in Exercises 13-6 and 13-8. Evaluate the company’s efficiency and profitability by computing the following for 2018 and 2017:(1) Profit margin
The following selected information is from Princeton Company?s comparative balance sheets. The company?s net income for the year ended December 31, 2018, was $48,000. 1. Compute the cash received
Refer to the Simon Company information in Exercises 13-6 and 13-8. Compare the company’s long-term risk and capital structure positions at the end of 2018 and 2017 by computing these ratios:(1)
Refer to the Simon Company information in Exercise 13-6. The company?s income statements for the years ended December 31, 2018 and 2017, follow. Assume that all sales are on credit and then
The following selected information is from Ellerby Company?s comparative balance sheets. The income statement reports depreciation expense for the year of $18,000. Also, furniture costing $52,500
Selected account balances from the adjusted trial balance for Harbor Corp. as of its calendar year-end December 31, 2018, follow. Required Answer each of the following questions by providing
Selected account balances from the adjusted trial balance for Olinda Corporation as of its calendar year-end December 31, 2018, follow. Required Answer each of the following questions by providing
Refer to the balance sheet data in QS 12-5 from Anders Company. During 2018, a building with a book value of $70,000 and an original cost of $300,000 was sold at a gain of $60,000.1. How much cash
Key figures for Samsung follow (in KRW millions). Required 1. Compute common-size percents for Samsung using the data provided. (Round percents to one decimal.)? 2. What is Samsung?s gross margin
Selected year-end financial statements of Overton Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2017, were inventory, $17,400; total assets, $94,900;
Key figures for Apple and Google follow. Required 1. Compute common-size percents for each of the companies using the data provided. (Round percents to one decimal.) 2. If Google decided to pay a
Selected comparative financial statement information of Bluegrass Corporation follows. Required 1. Compute each year?s current ratio. (Round ratio amounts to one decimal.) 2. Express the income
As Beacon Company controller, you are responsible for informing the board of directors about its financial activities. At the board meeting, you present the following information. After the
Use Apple’s financial statements in Appendix A to answer the following.1. Using fiscal 2014 as the base year, compute trend percents for fiscal years 2014, 2015, and 2016 for net sales, cost of
Use the following selected data from Business Solutions’s income statement for the three months ended March 31, 2019, and from its March 31, 2019, balance sheet to complete the
Selected comparative financial statements of Tripoly Company follow. Required 1. Compute trend percents for all components of both statements using 2012 as the base year. (Round percents to one
Use the financial data for Randa Merchandising, Inc., in Exercise 13-13 to prepare its income statement for calendar-year 2018. (Ignore the earnings per share section.) Section Item Debit Credit 1.
Refer to the data in QS 12-11.1. How much cash is received from sales to customers for year 2018?2. What is the net increase or decrease in cash for year 2018? CRUZ, INC. Comparative Balance Sheets
Refer to the data in QS 12-11.1. How much cash is paid to acquire inventory during year 2018?2. How much cash is paid for “other expenses” during year 2018? CRUZ, INC. Comparative Balance Sheets
Refer to the transactions in Problem C-4B. Assume that although Brinkley owns 25% of Bloch’s outstanding stock, circumstances indicate that it does not have a significant influence over the
Troy?s long-term available-for-sale portfolio at the start of this year consists of the following. Troy enters into the following transactions involving its available-for-sale debt securities this
Paris Inc. began operations in Year 1. Following is a series of transactions and events involving its long-term debt investments in available-for-sale securities.Year 1Mar. 10 Purchased bonds of
Refer to Simon Company?s balance sheets in Exercise 13-6. Analyze its year-end short-term liquidity position at the end of 2018, 2017, and 2016 by computing (1) The current ratio (2) The acid-test
Brinkley Company, which began operations on January 3, 2018, had the following transactions and events in its long-term investments.2018Jan. 5 Brinkley purchased 20,000 shares (25% of total) of
While reviewing the March 31, 2019, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement
Use Apple’s financial statements in Appendix A to answer the following.1. Compute Apple’s return on total assets for the years ended September 24, 2016, and September 26, 2015.2. Is Apple’s
Key figures for Apple and Google follow. Required 1. Compute return on total assets for Apple and Google for the two most recent years. 2. Which of these two companies has the better return on
Following are selected data from Samsung, Apple, and Google. Required 1. Compute Samsung?s return on total assets for the two most recent years. 2. Is Samsung?s return on total assets on a

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