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financial accounting information

Questions and Answers of Financial Accounting Information

Access the July 28, 2016, 10-K filing (for year-end June 30, 2016) of Microsoft (ticker: MSFT) at SEC.gov. Review its note 4, “Investments.”Required1. How does the “cost-basis” total amount
Assume that you are Jolee Company’s accountant. Company owner Mary Jolee has reviewed the 2018 financial statements you prepared and questions the $6,000 loss reported on the sale of its
Refer to the transactions in Problem C-4A. Assume that although Selk owns 20% of Kildaire’s outstanding stock, circumstances indicate that it does not have a significant influence over the
Selk Steel Co., which began operations on January 4, 2018, had the following transactions and events in its long-term investments.2018Jan. 5 Selk purchased 60,000 shares (20% of total) of
Mead 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 1Jan. 20 Purchased bonds of
On December 31, Mars Co. had the following portfolio of stock investments with insignificant influence. Mars had no stock investments in prior periods. Prepare the December 31 adjusting entry to
Prepare Tiker Company’s journal entries to record the following transactions for the current year, including any adjusting entry to record the fair value of the stock investments portfolio. This is
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,
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, 2016, and are issued on that
Simon Company?s year-end balance sheets follow. Express the balance sheets in common-size percents. Round amounts to the nearest one-tenth of a percent. Analyze and comment on the results. 2016 At
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2017, were inventory, $48,900; total assets, $189,400;
Common-size and trend percents for Rustynail Company?s sales, cost of goods sold, and expenses follow. Determine whether net income increased, decreased, or remained unchanged in this three-year
The plant assets section of the comparative balance sheets of Anders Company is reported below. Refer to the balance sheet data above from Anders Company. During 2018, equipment with a book value
Express the following comparative income statements in common-size percents and assess whether or not this company?s situation has improved in the most recent year (round the percents to
Prepare Riley Company’s journal entries to record the following transactions for the current year.Apr. 18 Purchases 300 common shares of XLT Co. as a shortterm investment at a cost of $42 per
Prepare Hertog Company’s journal entries to record the following transactions for the current year.May 7 Purchases Kraft bonds as a short-term investment in trading securities at a cost of
Datamix, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2019 and 2020. 2019 May 26 Sold merchandise for 6.5 million yen to Fuji Company of
Compute trend percents for the following accounts, using 2014 as the base year (round the percents to whole numbers). State whether the situation as revealed by the trends appears to be favorable or
Use the following information to determine this company?s cash flows from operating activities using the indirect method. MOSS COMPANY Selected Balance Sheet Information December 31, 2018 and 2017
Selected comparative financial statements of Korbin Company follow. Required 1. Compute each year?s current ratio. (Round ratio amounts to one decimal.) 2. Express the income statement data in
Selected comparative financial statements of Haroun Company follow. Required 1. Compute trend percents for all components of both statements using 2012 as the base year. (Round percents to one
Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2019 and 2020. 2019 Apr. 8 Sold merchandise to Salinas & Sons of
On May 8, 2019, 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, 2020. Jett prepares quarterly
For each of the two separate cases, use the information provided about the calendar-year 2019 operations of BioClean Company to compute the required cash flow information. Case B: Compute cash paid
Use the following financial statements and additional information to? (1) Prepare a statement of cash flows for the year ended December 31, 2019, using the indirect method? (2) Analyze and briefly
Refer to Samsung’s statement of cash flows in Appendix A. What investing activities result in cash outflows for the year ended December 31, 2016? List items and amounts.
Nintendo Company, Ltd., reports the following financial information as of, or for the year ended, March 31, 2016. Nintendo reports its financial statements in both Japanese yen and U.S. dollars as
Refer to Google’s statement of cash flows in Appendix A. What are its cash flows from financing activities for the year ended December 31, 2016? List the items and amounts.
Refer to Apple’s statement of cash flows in Appendix A.(a) Which method is used to compute its net cash provided by operating activities?(b) Its balance sheet shows a decrease in accounts
The equity sections from Atticus Group?s 2017 and 2018 year-end balance sheets follow. The following transactions and events affected its equity during year 2018. Jan. 5 Declared a $0.50 per
The following information is available for Amos Company for the year ended December 31, 2018.a. Balance of retained earnings, December 31, 2017, prior to discovery of error, $1,375,000.b. Cash
Use the data in Exercise 11-8 to determine the amount of dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative. Also determine the total
York’s outstanding stock consists of 80,000 shares of noncumulative 7.5% preferred stock with a $5 par value and also 200,000 shares of common stock with a $1 par value. During its first four years
Review 30 to 60 minutes of financial news programming on television. Take notes on companies that are catching analysts’ attention. You might hear reference to over- and undervaluation of firms and
Use the following financial information for Samsung.Required1. Compute book value per share for Samsung.2. Compute earnings per share (EPS) for Samsung.3. If Samsung buys back outstanding shares from
Unilever Group reports the following equity information for the years ended December 31, 2016 and 2015 (euros in millions). 1. Match each of the three account titles?Share capital, Share premium,
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2017.In year 2018, the following transactions affected its stockholders’ equity accounts.Jan. 2
Santana Rey has consulted with her local banker and is considering financing an expansion of her business by obtaining a long-term bank loan. Selected account balances at March 31, 2019, for Business
Refer to the bond details in Problem 10-5A. Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at
Quatro Co. issues bonds dated January 1, 2018, with a par value of $400,000. The bonds’ annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31. The bonds mature
Sylvestor Company issues 10%, five-year bonds, on December 31, 2017, with a par value of $100,000 and semiannual interest payments. Use the following bond amortization table and prepare journal
On November 1, 2018, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8% interest. The note requires equal payments of $50,091 each year on October
Woodwick Company issues 10%, five-year bonds, on December 31, 2017, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal
Joey Shamah and Scott Borba are the founders of e.l.f. Cosmetics. Assume that the company currently has $250,000 in equity and is considering a $100,000 expansion to meet increased demand. The
Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $292,181, and their market rate is 8% at the issue
Break into teams and complete the following requirements related to effective interest amortization for a premium bond.1. Each team member is to independently prepare a blank table with proper
Ellis Company issues 6.5%, five-year bonds dated January 1, 2018, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market
Selected results from Samsung, Apple, and Google follow. Required 1. Compute Samsung?s debt-to-equity ratio for the current year and the prior year. 2. Is Samsung?s financing structure more risky
Refer to the bond details in Problem 10-2A, except assume that the bonds are issued at a price of $4,895,980. Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2018, that pay interest
Key figures for Apple and Google follow. Required 1. Compute the debt-to-equity ratios for Apple and Google for both the current year and the prior year. 2. Use the ratios from part 1 to determine
Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,456,448. Required 1. Prepare
Use Apple’s financial statements in Appendix A to answer the following.1. Identify Apple’s long-term debt as reported on its balance sheet at (a) September 24, 2016, and (b) September 26,
Tyrell Co. entered into the following transactions involving short-term liabilities in 2017 and 2018.2017Apr. 20 Purchased $40,250 of merchandise on credit from Locust, terms n/30. Tyrell uses the
Use the table below and the financial statements of Apple in Appendix A to answer the following. 1. Compute times interest earned for each of the three years shown. 2. Is Apple in a good or bad
Key figures for Apple and Google follow. Required 1. Compute times interest earned for the three years? data shown for each company. 2. In the current year, and using times interest earned, which
Comparative figures for Samsung, Apple, and Google follow. Required 1. Compute the times interest earned ratio for the most recent two years for Samsung using the data shown. 2. Is Samsung?s times
What is the combined amount (in percent) of the employee and employer Social Security tax rate? (Assume wages do not exceed $127,200 per year.)
On November 7, 2018, Mura Company borrows $160,000 cash by signing a 90-day, 8% note payable with a face value of $160,000.(1) Compute the accrued interest payable on December 31, 2018;(2) Prepare
Keesha Co. borrows $200,000 cash on November 1, 2018, by signing a 90-day, 9% note with a face value of $200,000.1. On what date does this note mature?2. How much interest expense results from this
On October 29, 2017, Lobo Co. began operations by purchasing razors for resale. Lobo uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $127,200 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 3.1% and SUTA
Review the chapter?s opening feature about Tim Westergren and the business he founded, Pandora. Assume that he is considering expanding the business to Europe and that the current abbreviated income
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA
On September 11, 2017, Home Store sells a mower (that costs $200) for $500 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On July 24, 2018, the mower
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $127,200 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes
Hitzu Co. sold a copier costing $4,800 with a two-year parts warranty to a customer on August 16, 2018, for $6,000 cash. Hitzu uses the perpetual inventory system. On November 22, 2019, the copier
For the year ended December 31, Lopez Company implements an employee bonus program based on company net income, which the employees share equally. Lopez’s bonus expense is computed as $14,563.1.
Sylvestor Systems borrows $110,000 cash on May 15, 2018, by signing a 60-day, 12% note.1. On what date does this note mature?2. Suppose the face value of the note equals $110,000, the principal of
Refer to Google’s balance sheet in Appendix A. What “accrued” expenses (liabilities) does Google report at December 31, 2016?
Refer to Samsung’s balance sheet in Appendix A. List Samsung’s current liabilities as of December 31, 2016.
ReGreen receives $60,000 cash in advance for a sustainability consulting job that consists of three phases.(1) Record the cash received in advance on March 31.(2) Record the revenue earned for the
Volvo Group reported the following information in a recent year for its product warranty costs along with provisions and utilizations of warranty liabilities (amounts in millions). 1. Prepare
Organic Farmers Co-Op borrows $100,000 cash on December 1, 2018, by signing a 180-day, 12% note with a face value of $100,000.1. How much interest expense results from this note in 2018? (Assume a
Tano Company issues bonds with a par value of $180,000 on January 1, 2018. The bonds’ annual contract rate is 8%, and interest is paid semiannually on June 30 and December 31. The bonds mature in
Paulson Company issues 6%, four-year bonds, on December 31, 2018, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and prepare journal entries
Dobbs Company issues 5%, two-year bonds, on December 31, 2018, with a par value of $200,000 and semiannual interest payments. Use the following bond amortization table and preparejournal entries to
On January 1, 2018, Shay Company issues $700,000 of 10%, 15- year bonds at a price of 97¾. Six years later, on January 1, 2024, Shay retires 20% of these bonds by buying them on the open market at
Refer to the bond details in Problem 10-4A. Ellis Company issues 6.5%, five-year bonds dated January 1, 2018, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are
On January 1, 2018, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on
Use the information in Exercise 10-10 to prepare the journal entries for Eagle to record the loan on January 1, 2018, and each of the four payments from December 31, 2018, through December 31, 2021.
Ike issues $180,000 of 11%, three-year bonds dated January 1, 2018, that pay interest semiannually on June 30 and December 31. They are issued at $184,566. Their market rate is 10% at the issue
On January 1, 2018, MM Co. borrows $340,000 cash from a bank and in return signs an 8% installment note for five annual payments of $85,155 each, with the first payment due one year after the note is
Compute the debt-to-equity ratio for each of the following companies. Which company appears to have a riskier financing structure? Explain. Atlanta Company Spokane Company $ 549,000 1,830,000 Total
Stanford issues bonds dated January 1, 2018, with a par value of $500,000. The bonds’ annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The bonds mature in
Use the following comparative figures for Apple and Google.Required1. Compute the book value per common share for each company using these data.2. Compute the basic EPS for each company using these
Quatro Co. issues bonds dated January 1, 2018, with a par value of $400,000. The bonds’ annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31. The bonds mature
Refer to the statement of cash flows for Samsung in Appendix A. For the year ended December 31, 2016, what was the amount for repayment of long-term borrowings and debentures?
The equity sections from Hovo Corporation?s 2017 and 2018 balance sheets follow. The following transactions and events affected its equity during year 2018. Feb. 15 Declared a $0.40 per share cash
Duval Co. issues four-year bonds with a $100,000 par value on January 1, 2018, at a price of $95,952. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31.1.
Refer to the statements for Google in Appendix A. For the year ended December 31, 2016, what was its debt-to equity ratio? What does this ratio tell us?
On January 1, 2018, Brussels Enterprises issues bonds at par dated January 1, 2018, that have a $3,400,000 par value, mature in 4 years, and pay 9% interest semiannually on June 30 and December 31.1.
Heineken N.V. reports the following information for its loans and borrowings as of December 31, 2016, including proceeds and repayments for the year ended December 31, 2016 (euros in millions). 1.
On January 1, Renewable Energy issues bonds that have a $20,000 par value, mature in eight years, and pay 12% interest semiannually on June 30 and December 31.1. Prepare the journal entry for
Kinkaid Co. is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders? equity during its first year of
Use Apple’s financial statements in Appendix A to answer the following.1. How many shares of Apple common stock are issued and outstanding at (a) September 24, 2016, and (b) September 26, 2015?2.
Balthus Corp. reports the following components of stockholders? equity on December 31, 2017. Jan. 10 It completed the following transactions related to stockholders? equity in year 2018. Mar. 2
Kohler Corporation reports the following components of stockholders? equity on December 31, 2017. Jan. 1 In year 2018, the following transactions affected its stockholders? equity accounts. Jan. 5
Rainwater Harvester uses straight-line depreciation for its solar panel costing $45,000, with an estimated five-year life and a $5,000 salvage value. At the beginning of its third year, the company
On January 2, 2018, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to record the disposal under each of the following separate
Lok Co. reports net sales of $5,856,480 for 2017 and $8,679,690 for 2018. End-of-year balances for total assets are 2016, $1,686,000; 2017, $1,800,000; and 2018, $1,982,000. (a) Compute Lok’s total

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