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financial accounting information

Questions and Answers of Financial Accounting Information

Comparison with Industry Averages Midwest Inc. is a medium-size company that has been in business for 20 years. The industry has become very competitive in the last few years, and Midwest has decided
Projected Results to Meet Corporate Objectives Grout Inc. is a wholly owned subsidiary of Slait Co. The philosophy of Slait’s management is to allow the subsidiaries to operate as independent
Basic Financial Ratios The accounting staff of SST Enterprises has completed the fi nancial statements for the 2010 calendar year. The statement of income for the current year and the comparative
Goals for Sales and Income Growth Sunset Corp. is a major regional retailer. The chief executive offi cer (CEO) is concerned with the slow growth both of sales and of net income and the subsequent
Effect of Transactions on Debt-to-Equity Ratio(Note: Consider completing this problem after Problem 13-1A to ensure that you obtain a clear understanding of the effect of various transactions on this
Effect of Transactions on Debt-to-Equity Ratio(Note: Consider completing Problem 13-2A after this problem to ensure that you obtain a clear understanding of the effect of various transactions on this
Comparison with Industry Averages Heartland Inc. is a medium-size company that has been in business for 20 years. The industry has become very competitive in the last few years, and Heartland has
Projected Results to Meet Corporate Objectives Tablon Inc. is a wholly owned subsidiary of Marbel Co. The philosophy of Marbel’s management is to allow the subsidiaries to operate as independent
Basic Financial Ratios The accounting staff of CCB Enterprises has completed the fi nancial statements for the 2010 calendar year. The statement of income for the current year and the comparative
Goals for Sales and Income Growth Sunrise Corp. is a major regional retailer. The chief executive offi cer (CEO) is concerned with the slow growth both of sales and of net income and the subsequent
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio(Note: Consider completing this problem after Problem 13-1 to ensure that you obtain a clear understanding of the effect of
Effect of Transactions on Working Capital, Current Ratio, and Quick Ratio(Note: Consider completing Problem 13-2 after this problem to ensure that you obtain a clear understanding of the effect of
Common-Size Income Statements and Horizontal Analysis Income statements for Mariners Corp. for the past two years are as follows:(amounts in thousands of dollars)2010 2009 Sales revenue $60,000
Common-Size Balance Sheets and Horizontal Analysis Comparative balance sheets for Farinet Company for the past two years are as follows:December 31 2010 2009 Cash $ 16,000 $ 20,000 Accounts
Earnings per Share and Extraordinary Items The Stockholders’ Equity section of the balance sheet for Lahey Construction Company at the end of 2010 is as follows:9%, $10 par, cumulative preferred
EPS, P/E Ratio, and Dividend Ratios The Stockholders’ Equity section of the balance sheet for Cooperstown Corp. at the end of 2010 appears as follows:8%, $100 par, cumulative preferred stock,
Relationships among Return on Assets, Return on Sales, and Asset Turnover A company’s return on assets is a function of its ability to turn over its investment (asset turnover) and earn a profi t
Return Ratios and Leverage The following selected data are taken from the fi nancial statements of Evergreen Company:Sales revenue $ 650,000 Cost of goods sold 400,000 Gross profi t $ 250,000 Selling
Profi tability Analysis for Carnival Corp.Carnival Corporation & plc is one of the largest cruise companies in the world with such well-known brands as Carnival Cruise Lines, Holland America Line,
Solvency Analysis The following information is available from the balance sheets at the ends of the two most recent years and the income statement for the most recent year of Impact Company:December
Solvency Analyses for IBM The following information was obtained from the comparative fi nancial statements included in IBM’s 2008 annual report. (All amounts are in millions of dollars.)December
Liquidity Analyses for McDonald’s and Wendy’s/Arby’s Group The following information was summarized from the balance sheets of McDonald’s Corporation at December 31, 2008, and
Liquidity Analyses for Coca-Cola and PepsiCo The following information was summarized from the balance sheets of the Coca-Cola Company and Subsidiaries at December 31, 2008, and PepsiCo Inc. and
Accounts Receivable and Inventory Analyses for Coca-Cola and PepsiCo The following information was obtained from the 2008 and 2007 fi nancial statements of Coca-Cola Company and Subsidiaries and
Inventory Analysis The following account balances are taken from the records of Lewis Inc., a wholesaler of fresh fruits and vegetables:December 31 2010 2009 2008 Merchandise inventory $ 200,000 $
Accounts Receivable Analysis The following account balances are taken from the records of the Faraway Travel Agency:December 31 2010 2009 2008 Accounts receivable $150,000 $100,000 $80,000 2010 2009
Other Income Statement Items Fill in the blank to indicate the line item that would appear on the income statement for each of the following events.Item on Income Statement Event ____________________
Profi tability Analysis For each of the following ratios, indicate what adjustment must be made to net income in the numerator and whether the adjustment is an addition to (A) or a deduction from(D)
Solvency Analysis Fill in the blank with the name of the ratio that would be used for each of the following situations.Ratio Measures the ability of the company to __________ Meet its interest and
Liquidity Analysis For each of the following ratios, fi ll in the missing numerator.Ratio Current:Current Liabilities Acid-Test:Current Liabilities Accounts Receivable Turnover:Average Accounts
Assume that your boss has asked you to prepare common-size fi nancial statements. All accounts on the balance sheet should be stated as a percentage of which number? All accounts on the income
Limitations in Ratio Analysis A supplier is thinking of extending credit to a company but decides not to because the company’s current ratio is only 0.50. Do you agree with the supplier’s
What is the reason for reporting discontinued operations and extraordinary items in a separate section of an income statement? (Appendix)AppendixLO1
What is meant by the “quality” of a company’s earnings?Explain why the price/earnings ratio for a company may indicate the quality of earnings.AppendixLO1
What is the rationale for deducting dividends when computing the ratio of cash fl ow from operations to capital expenditures?AppendixLO1
A company is in the process of negotiating with a bank for an additional loan. Why will the bank be interested in the company’s debt service coverage ratio?AppendixLO1
Why is the debt service coverage ratio a better measure of solvency than the times interest earned ratio?AppendixLO1
What is the difference between liquidity analysis and solvency analysis?AppendixLO1
How does the operating cycle for a manufacturer differ from the operating cycle for a service company (e.g., an airline)?AppendixLO1
The turnover of inventory for Ace Company has slowed from 6.0 times per year to 4.5. What are some possible explanations for this decrease?AppendixLO1
Sanders Company’s accounts receivable turned over nine times during the year. The credit department extends terms of 2/10, n/30. Does the turnover ratio indicate any problems that management should
What accounts for the order in which current assets are presented on a balance sheet?AppendixLO1
Describe the operating cycle for a manufacturing company. How would the cycle differ for a retailer?AppendixLO1
Ratios were categorized in the chapter according to their use in performing three different types of analysis.What are the three types of ratios?AppendixLO1
Distinguish between horizontal and vertical analyses.Why is the analysis of common-size statements called vertical analysis? Why is horizontal analysis sometimes called trend analysis?AppendixLO1
What types of problems does infl ation cause when fi nancial statements are analyzed?AppendixLO1
You are told to compare the company’s results for the year, as measured by various ratios, with one of the published surveys that arranges information by industry classifi cation. What diffi
Explain how to report on and analyze other income statement items (Appendix).AppendixLO1
Compute and use various ratios to assess profi tability.AppendixLO1
Compute and use various ratios to assess solvency.AppendixLO1
Compute and use various ratios to assess liquidity.AppendixLO1
Use common-size fi nancial statements to compare various fi nancial statement items (vertical analysis).AppendixLO1
Use comparative fi nancial statements to analyze a company over time (horizontal analysis).AppendixLO1
Explain the various limitations and considerations in fi nancial statement analysis.AppendixLO1
Statement of Cash Flows—Direct Method Shepard Company has not yet prepared a formal statement of cash fl ows for 2010. Comparative balance sheets as of December 31, 2010 and 2009, and a statement
Statement of Cash Flows—Indirect Method Refer to all of the facts in Problem 12-11A.Required 1. Prepare a statement of cash fl ows for 2010 using the indirect method in the Operating Activities
Statement of Cash Flows—Direct Method Bannack Corp. is in the process of preparing its statement of cash fl ows for the year ended June 30, 2010. An income statement for the year and comparative
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-9A.Required 1. Prepare a balance sheet at December 31, 2010.2. Using the format in the
Year-End Balance Sheet and Statement of Cash Flows—Indirect Method The balance sheet of Poodle Company at the end of 2009 is presented here, along with certain other information for 2010:December
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-6A.Required 1. Using the format in the chapter’s appendix, prepare a statement of cash
Statement of Cash Flows—Indirect Method Refer to all of the facts in Problem 12-6A.Required 1. Prepare a statement of cash fl ows for 2010 using the indirect method in the Operating Activities
Statement of Cash Flows—Direct Method The income statement for Pluto Inc. for 2010 is as follows:For the Year Ended December 31, 2010 Sales revenue $350,000 Cost of goods sold 150,000 Gross profi t
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-3A.Required 1. Using the format in the chapter’s appendix, prepare a statement of cash
Statement of Cash Flows—Indirect Method Refer to all of the facts in Problem 12-3A.Required 1. Prepare a statement of cash fl ows for 2010 using the indirect method in the Operating Activities
Statement of Cash Flows—Direct Method Wabash Corp. just completed another successful year, as indicated by the following income statement:LO5 For the Year Ended December 31, 2010 Sales revenue
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-1A.Required 1. Using the format in the chapter’s appendix, prepare a statement of cash
Statement of Cash Flows—Indirect Method The following balances are available for Madison Company:December 31 2010 2009 Cash $ 12,000 $ 10,000 Accounts receivable 10,000 12,000 Inventory 8,000 7,000
Statement of Cash Flows—Direct Method Lang Company has not yet prepared a formal statement of cash fl ows for 2010. Following are comparative balance sheets as of December 31, 2010 and 2009, and a
Statement of Cash Flows—Indirect Method Refer to all of the facts in Problem 12-11.Required 1. Prepare a statement of cash fl ows for 2010 using the indirect method in the Operating Activities
Statement of Cash Flows—Direct Method Glendive Corp. is in the process of preparing its statement of cash fl ows for the year ended June 30, 2010. An income statement for the year and comparative
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-9.Required 1. Prepare a balance sheet at December 31, 2010.2. Using the format in the
Year-End Balance Sheet and Statement of Cash Flows—Indirect Method The balance sheet of Terrier Company at the end of 2009 is presented here, along with certain other information for 2010:December
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-6.Required 1. Using the format in the chapter’s appendix, prepare a statement of cash
Statement of Cash Flows—Indirect Method Refer to all of the facts in Problem 12-6.Required 1. Prepare a statement of cash fl ows for 2010 using the indirect method in the Operating Activities
Statement of Cash Flows—Direct Method The income statement for Astro Inc. for 2010 is as follows:For the Year Ended December 31, 2010 Sales revenue $ 500,000 Cost of goods sold 400,000 Gross profi
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-3.Required 1. Using the format in the chapter’s appendix, prepare a statement of cash
Statement of Cash Flows—Indirect Method Refer to all of the facts in Problem 12-3.Required 1. Prepare a statement of cash fl ows for 2010 using the indirect method in the Operating Activities
Statement of Cash Flows—Direct Method Peoria Corp. just completed another successful year, as indicated by the following income statement:LO8 LO5 For the Year Ended December 31, 2010 Sales revenue
Statement of Cash Flows Using a Work Sheet—Indirect Method (Appendix)Refer to all of the facts in Problem 12-1.Required 1. Using the format in the chapter’s appendix, prepare a statement of cash
Statement of Cash Flows—Indirect Method The following balances are available for Chrisman Company:December 31 2010 2009 Cash $ 8,000 $ 10,000 Accounts receivable 20,000 15,000 Inventory 15,000
Income Statement, Statement of Cash Flows (Direct Method), and Balance Sheet The following events occurred at Handsome Hounds Grooming Company during its fi rst year of business:a. To establish the
Long-Term Assets on the Statement of Cash Flows—Indirect Method The following account balances are taken from the records of Martin Corp. for the past two years.LO3,5 Example 12-1, 12-3, 12-4 LO3,6
Classifi cation of Activities Use the following legend to indicate how each transaction would be reported on the statement of cash fl ows. (Assume that the company uses the direct method in the
Classifi cation of Activities Use the following legend to indicate how each transaction would be reported on the statement of cash fl ows. (Assume that the stocks and bonds of other companies are
Cash Flow Adequacy On its most recent statement of cash fl ows, a company reported net cash provided by operating activities of $12,000,000. Its capital expenditures for the same year were$2,000,000.
Operating Activities Section—Indirect Method The following account balances for the noncash current assets and current liabilities of Suffolk Company are available:December 31 2010 2009 Accounts
Adjustments to Net Income with the Indirect Method Assume that a company uses the indirect method to prepare the Operating Activities section of the statement of cash fl ows. For each of the
Cash Payments for Income Taxes—Indirect Method Timber Corp. began the year with a balance in its Income Taxes Payable account of $10,000. The year-end balance in the account was $15,000. The
Dividends on the Statement of Cash Flows The following selected account balances are available from the records of Lewistown Company:LO5 December 31 2010 2009 Dividends payable $ 30,000 $ 20,000
Determination of Missing Amounts—Cash Flow from Operating Activities The computation of cash provided by operating activities requires analysis of the noncash current asset and current liability
Operating Activities Section—Direct Method The following account balances for the noncash current assets and current liabilities of Labrador Company are available:December 31 2010 2009 Accounts
Cash Payments—Direct Method Lester Enterprises’ comparative balance sheets included inventory of $90,200 at December 31, 2009, and $70,600 at December 31, 2010. Lester’s comparative balance
Cash Payments—Direct Method Wolf’s comparative balance sheets included inventory of $45,000 at December 31, 2009, and $63,000 at December 31, 2010. The comparative balance sheets also included
Cash Collections—Direct Method Stanley Company’s comparative balance sheets included accounts receivable of $80,800 at December 31, 2009, and $101,100 at December 31, 2010. Sales reported by
Cash Collections—Direct Method Spencer Corp. reported accounts receivable of $28,000 on its December 31, 2009, balance sheet. On December 31, 2010, accounts receivable had decreased to $22,000.
Cash Flows from Investing and Financing Activities and Noncash Activities For each of the following transactions, indicate whether they would be reported in the Investing Activities section of the
Classifi cation of Activities for Carnival Corporation Carnival Corporation & plc is one of the largest cruise companies in the world with such well-known brands as Carnival Cruise Lines, Holland
Retirement of Bonds Payable on the Statement of Cash Flows—Indirect Method Redstone Inc. has the following debt outstanding on December 31, 2010:10% bonds payable, due 12/31/14 $500,000 Discount on
Classifi cation of Activities For each of the following transactions reported on a statement of cash fl ows, indicate whether it would appear in the Operating Activities section (O), in the Investing
Cash Equivalents Metropolis Industries invested its excess cash in the following instruments during December 2010:Certifi cate of deposit, due January 31, 2011 $ 35,000 Certifi cate of deposit, due

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