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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

Tamara Swan is president of Better Books. She has no accounting background. Swan cannot understand why market value is not used as the basis for ac- counting measurement and reporting. Explain what
What is the economic entity assumption? Give an example of its violation.AppendixLO1
The following are the major balance sheet classifications:Current assets (CA) Current liabilities (CL)Long-term investments (LTI) Long-term liabilities (LTL)Property, plant, and equipment (PPE)
list of financial statement items for Schweitz Company includes the following:accounts receivable $14,000; prepaid insurance $3,300; cash $12,400; supplies $3,800, and short-term investments $8,200.
The following information (in millions of dollars) is available for The Limited for 2005: Sales revenue $9,408; net income $705; preferred stock dividend $0; average shares outstanding 470 million.
For each of the following events affecting the stockholders’ equity of Haulmarke, indicate whether the event would: increase retained earnings (IRE), decrease retained earnings (DRE), increase
These selected condensed data are taken from a recent balance sheet of Bob Evans Farms (in millions of dollars).Cash $ 4.0 Accounts receivable 22.3 Inventories 19.5 Other current assets ea Total
Randy's Books & Music Inc. reported the following selected information at March 30._2_0 07_ Total current assets $252,787 Total assets 439,832 Total current liabilities 293,625 Total liabilities
Given the characteristics of useful accounting information, complete each of the following statements.(a) For information to be , it should have predictive or feedback value, and it must be presented
Herbert Company uses these accounting practices:(a) Inventory is reported at cost when market value is lower.(b) Small tools are recorded as plant assets and depreciated.(c) The income statement
The following are the major balance sheet classifications.Current assets (CA) Current liabilities (CL)Long-term investments (LTI) Long-term liabilities (LTL)Property, plant, and equipment (PPE)
The following items were taken from the December 31, 2004, assets section of the Boeing Company balance sheet. (All dollars are in millions.)Inventories $ 4,247 Other current assets $ 2,061 Notes
The following information (in thousands of dollars) is available for H.J. Heinz Company—famous for ketchup and other fine food products—for the year ended April 28, 2004.Prepaid expenses $
These items are taken from the financial statements of Donovan Co. at December 31, 2007.Building $105,800 Accounts receivable 12,600 Prepaid insurance 4,680 Cash 16,840 Equipment 82,400 Land 61,200
The following items were taken from the 2004 financial statements of Texas Instruments, Inc. (All dollars are in millions.)Long-term debt $ 368 Cash Common stock 2,488 Accumulated depreciation
The following information is available for Callaway Golf Company for the years 2004 and 2003. (Dollars are in thousands, except share information.)2004 Net sales $934,564 Net income (loss)
These financial statement items are for Snyder Corporation at year-end, July 31, 2007.Salaries payable Salaries expense Utilities expense Equipment Accounts payable Commission revenue Rent revenue
The chief financial officer (CFO) of SuperClean Corporation requested that the and discuss findings. accounting department prepare a preliminary balance sheet on December 30, 2007, so(SO 4) that the
The following data were taken from the 2004 and 2003 financial statements of | Compute and interpret American Eagle Outfitters. (All dollars are in thousands.) solvency ratios.(SO 4, 5)2004 _2003_
Presented below are the assumptions and principles discussed in this chapter. Identify accounting assumptions and principles. 1. Full disclosure principle. 4. Time period assumption. (SO 7) 2. Going
Mere Co. had three major business transactions during 2007. Identify the assumption or(a) Reported at its market value of $260,000 merchandise inventory with a cost of principle that has
The following items are taken from the 2004 balance sheet of Yahoo!, Inc. (All sheet. dollars are in thousands.)(SO 1)Intangible assets $3,031,623 Common stock 5,684,300 Property and equipment, net
These items are taken from the financial statements of Drew Corporation for 2007.(S© 1.3)Retained earnings (beginning of year) $31,000 Utilities expense 2,000 Equipment 66,000 Accounts payable
You are provided with the following information for Maxim Enterprises, effec-(SO 1, 3) tive as of its April 30, 2007, year-end.Accounts. payable $ 834 Accounts receivable 810 Building, net of
Comparative financial statement data for Arthur Corporation and Lancelot Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2007.Arthur Corporation Lancelot
Here and on page 86 are financial statements of Chiasson Company.CHIASSON COMPANY Income Statement For the Year Ended December 31 1,220 165[35 400 967 1,600 3,200 21,600 3,600 210 1,200 700 222 2007
Condensed balance sheet and income statement data for Mere Corporation are liquidity, solvency, and presented here.profitability ratios.(SO 2, 4, 5) MERE CORPORATION=e Balance Sheets December 31
Selected financial data of two competitors, Target and Wal-Mart, are presented Compute ratios and compare here. (All dollars are in millions.) liquidity, solvency, and profitability for two
A friend of yours, Diana Maher, recently completed an undergraduate degree in science and has just started working with a biotechnology company. Diana tells you that the owners of the business are
The following items are from the 2004 balance sheet of Kellogg Company. (All dollars are in millions.)Common stock $ 103.8 Other assets 5,953.5 Notes payable—current 709.7 Other current assets
These items are taken from the financial statements of Stasik, Inc.Instructions Prepare an income statement, a retained earnings statement, and a classified balance Prepaid insurance Equipment
You are provided with the following information for Kiltie Corporation, effective as of its April 30, 2007, year-end.Instructions(a) Prepare an income statement and a retained earnings statement for
Comparative statement data for Oscar Company and Felix Company, two competitors, are presented on page
All balance sheet data are as of December 31, 2007.$ 1,800 34,000 36,000 2,100 8,600 10,200 5,300 7,500 2,000 5,900 4,300 14,000 3,600 58,000 2,900 1,200$ 2,400 4,150 6,600 2,200 21,935 20,000 2,800
Condensed balance sheet and income statement data for Swann Corporation are Compute and interpret presented below. liquidity, solvency, and SWANN CORPORATION profitability ratios.(SOo2 5A 5)Balance
The financial statements of Tootsie Roll Industries, Inc., are presented in Appendix A at the end of this book.Instructions Answer the following questions using the Consolidated Balance Sheet and the
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Hershey's average number of shares outstanding was
The March 2, 2004, issue of the Wall Street Journal includes an article by Mitchell Pacelle and Matthew Karnitschnig titled “Spiegel’s European Owner Gets a Hard Lesson in U.S.
The following information was reported by Gap, Inc. in its 2004 annual report.2004 2003 2002 2001 2000 Total assets (millions) $10,048 $10,713 $10,283 $8,096 $7,387 Working capital $4,062 $4,156
The opening story described the dramatic effect that investment bulletin boards are having on the investment world. This exercise will allow you to evaluate a bulletin board discussing a company of
Asa financial analyst in the planning department for Pre-Mold Industries, Inc., you have been requested to develop some key ratios from the comparative financial statements.This information is to
P. J. Thews is the chief executive officer of Tomorrow's Products. Thews is an expert engineer but a novice in accounting.Instructions Write a letter to P. J. Thews that explains (a) the three main
Describe the primary forms of business organization.AppendixLO1
Identify the users and uses of accounting information.AppendixLO1
Explain the three principal types of business activity.AppendixLO1
Describe the content and purpose of each of the financial statements.AppendixLO1
Explain the meaning of assets, liabilities, and stockholders’equity, and state the basic accounting equation.AppendixLO1
Describe the components that supplement the financial statements in an annual report.AppendixLO1
Which is not one of the three forms of business organization?(a) Sole proprietorship. (c) Partnership.(b) Creditorship. (d) Corporation.AppendixLO1
Which financial statement reports assets, liabili- (SO 5)ties, and stockholders’ equity?(a) Income statement.(b) Retained earnings statement.(c) Balance sheet.(d) Statement of cash flows.
Stockholders’ equity represents: (SO 5)(a) claims of creditors.(b) claims of employees.(c) the difference between revenues and expenses.(d) claims of owners.
@==_—s The segment of a corporation’s an- (SO 6)nual report that describes the corporation's accounting methods is the:(a) notes to the financial statements.(b) management discussion and
What are the three basic forms of business organizations?AppendixLO1
What are the advantages to a business of being formed as a corporation? What are the disadvantages?AppendixLO1
What are the advantages to a business of being formed as a partnership or sole proprietorship? What are the disadvantages?AppendixLO1
"Accounting is ingrained in our society and is vital to our economic system." Do you agree? Explain.AppendixLO1
Who are the internal users of accounting data? How does accounting provide relevant data to the internal users?AppendixLO1
Who are the external users of accounting data? Give examples.AppendixLO1
What are the three main types of business activity? Give examples of each activity.AppendixLO1
Listed here are some items found in the financial statements of Ellyn Toth, Inc. Indicate in which fi- nancial statement(s) each item would appear.AppendixLO1
(a) Service revenue. (b) Equipment. (c) Advertising expense. (d) Accounts receivable. (e) Common stock. (f) Wages payable. Why would a bank want to mon- itor the dividend payment practices of the
"A company's net income appears directly on the in- come statement and the retained earnings statement, and it is included indirectly in the company's balance sheet." Do you agree? Explain.AppendixLO1
What is the primary purpose of the state- ment of cash flows?AppendixLO1
What are the three main categories of the statement of cash flows? Why do you think these categories were chosen?AppendixLO1
What is retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?AppendixLO1
What is the basic accounting equation?AppendixLO1
(a) Define the terms assets, liabilities, and stockhold- ers' equity. (b) What items affect stockholders' equity?AppendixLO1
Which of these items are liabilities of White Glove Cleaning Service? (a) Cash. (b) Accounts payable. (c) Dividends. (d) Accounts receivable. (e) Supplies. (f) Equipment. (g) Salaries payable. (h)
How are each of the following financial statements interrelated? (a) Retained earnings statement and in- come statement. (b) Retained earnings statement and balance sheet. (c) Balance sheet and
What is the purpose of the management discussion and analysis section (MD&A)?AppendixLO1
Why is it important for financial state- ments to receive an unqualified auditor's opinion?AppendixLO1
What types of information are presented in the notes to the financial statements?AppendixLO1
Match each of the following types of evaluation with one of the listed users of accounting information.. Trying to determine whether the company complied with tax laws.. Trying to determine whether
Presented below are a number of transactions. Determine whether each transaction affects common stock (C), dividends (D), revenue (R), expense (E), or does not affect stockholders’ equity (NSE).
In alphabetical order below are balance sheet items for Gidget Company at December 31, 2007. Prepare a balance sheet following the format of Illustration 1-8.Accounts payable $85,000 Accounts
Use the basic accounting equation to answer these questions.(a) The liabilities of Bergmann Company are $90,000 and the stockholders’ equity is$230,000. What is the amount of Bergmann Company's
Indicate whether each of these items is an asset (A), a liability (L), or part of stockholders' equity (SE). (a) Accounts receivable. (b) Salaries payable. (c) Equipment. (d) Office supplies. (e)
Here is a list of words or phrases discussed in this chapter: 1. Corporation 4, Partnership 7. Accounts payable 2. Creditor 5. Stockholder 8. Auditor’s opinion 3. Accounts receivable 6. Common
All business are involved in three types of activities—financing, investing, and(SO 3) operating. Listed below are the names and descriptions of companies in several different industries.Abitibi
The Mill Run Golf & Country Club details the following accounts in its financial(SO 3, 4) statements.(a) (b)Accounts payable and accrued liabilities ©_ _ Accounts receivable Property, plant, and
This information relates to Connor Co. for the year 2007.and retained earnings i statement. Retained earnings, January 1, 2007 $64,000(SO 4) Advertising expense 1,800 Dividends paid during 2007 6,000
The following information was taken from the 2004 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions.Instructions(a) After analyzing the data, prepare an
Presented here is information for Anne Charlotte Inc. for 2007.Instructions Retained earnings, January 1 $130,000 Revenue from legal services 410,000 Total expenses 170,000 Dividends 82,000 Prepare
Consider each of the following independent situations.(a) The retained earnings statement of Motzek Corporation shows dividends of $68,000, while net income for the year was $75,000.(b) The statement
Here are incomplete financial statements for Brandon, Inc.Cash Inventory Building Total assets BRANDON, INC.Balance Sheet Assets Liabilities and Stockholders’ Equity$ 5,000 Liabilities 10,000
Sleep Cheap is a private camping ground near the Lathom Peak Recreation Area.It has compiled the following financial information as of December 31, 2007.Revenues during 2007: camping fees $137,000
Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars.The following items were taken
This information is for Campo Corporation for the year ended December 31, 2007.Cash received from lenders $20,000 Cash received from customers 65,000 Cash paid for new equipment 35,000 Cash dividends
The following data are derived from the 2004 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end.Cash balance, January 1, 2004 $1,865 Cash
The following items were taken from the balance sheet of Nike, Inc.(Gast $ 828.0 7. Inventories $1,633.6 2. Accounts receivable 2,120.2 8. Income taxes payable 118.2 3. Common stock 890.6 9.
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Bates Corporation and Wilson Enterprises, are presented below for 2007.Bates
Presented below are five independent situations.(a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange
On June 1 Fix-It-Up Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for
Presented below is selected financial information for Linus Corporation for December 31, 2007.Inventory $ 25,000 Cash paid to purchase equipment $ 10,000 Cash paid to suppliers 108,000 Equipment
Silberman Corporation was formed on January 1, 2007. At December 31, 2007, Scott Brantner, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows.SILBERMAN
Presented below are five independent situations.(a) Joyce Packee, a college student looking for summer employment, opened a vegetable stand along a busy local highway. Each morning she buys produce
Special Delivery was started on May 1 with an investment of $45,000 cash. To‘jump start” its sales, the company spent significant money on advertising. Following are the assets and liabilities of
Presented below are selected financial statement items for Daley Corporation for December 31, 2007.Inventory $55,000 Cash paid to purchase equipment $ 34,000 Cash paid to suppliers 154,000 Equipment
Wyoming Corporation was formed during 2006 by Sandra Lee. Sandra is the president and sole stockholder. At December 31, 2007, Sandra prepared an income statement for Wyoming Corporation. Sandra is
Simplified 2004 financial statements of Tootsie Roll Industries, Inc. are given in Illustrations 1-11 through 1-14.Instructions Refer to Tootsie Roll’s financial statements to answer the following

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