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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

Schilling Limited is trying to determine the value of its ending inventory as of February 28, 2007, the company’s year-end. The accountant counted everything that was in the warehouse, as of
Classic Distribution markets CDs of numerous performing artists. At the beginning of March, Classic had in beginning inventory 1,500 CDs with a unit cost of $7. During March Classic made the
McLean Company Inc. had a beginning inventory of 300 units of Product MLN at a cost of $8 per unit. During the year, purchases were:600 units at $11 100 units at $12 Feb. 20 May 5 700 units at $ 9
The management of Stampfer Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2007 the accounting Inventory, January 1 (10,000 units) $
You have the following information for Benton Inc. for the month ended October 31, 2007. Benton uses a periodic method for inventory.Unit Cost or Date Description Units Selling Price October 1
You have the following information for Rock Bottom Rocks. Rock Bottom uses the periodic method of accounting for its inventory transactions. Rock Bottom only carries one brand and size of
This information is available for the Automotive and Other Operations Divisions of General Motors Corporation for 2004. General Motors uses the LIFO inventory method.(in millions) 2004 Beginning
Psang Inc. is a retailer operating in Edmonton, Alberta. Psang uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory. (Assume that the
Savings Center began operations on July 1. It uses a perpetual inventory system.under a perpetual inventory During July the company had the following purchases and sales.system.IS Sach Purchases Date
Norby Limited is trying to determine the value of its ending inventory as of amounts to be recorded in February 28, 2007, the company’s year-end. The following transactions occurred, and the
Tween Distribution markets CDs of the performing artist Little Sister. At the and ending inventory using beginning of October, Tween had in beginning inventory 1,000 Sister’s CDs with a unit FIFO,
Prairie Company had a beginning inventory on January 1 of 100 units of Product | Determine cost of goods sold SXL at a cost of $20 per unit. During the year, purchases were: and ending inventory
The management of Caradeo is reevaluating the appropriateness of using its pres- | Compute ending inventory, ent inventory cost flow method, which is average cost. The company requests your help
You have the following information for Venus Inc. for the month ended June 30, 2007. Venus uses the periodic method for inventory.Unit Cost or Date Description Quantity Selling Price June 1 Beginning
You have the following information for Petrol Plus. Petrol Plus uses the periodic method of accounting for its inventory transactions.March 1 _ Beginning inventory 1,200 litres at a cost of 40¢ per
Gehl Company manufactures a full line of construction and agriculture equipment.The following information is available for Gehl for 2004. The company uses the LIFO inventory method.(in thousands)
Skogmo Inc. is a retail company that uses the perpetual inventory method. All Calculate cost of goods sold, sales returns from customers result in the goods being returned to inventory. (Assume
Save-U-More Center began operations on July 1. It uses a perpetual inventory Determine ending inventory system. During July the company had the following purchases and sales. under a perpetual
The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information in the financial
The April 16, 2005, issue of The Washington Post contains an article by David Brown titled, “Pediatric Vaccine Stockpile at Risk.”Instructions Access the article on MSNBC.com at www.
The following information is from the 2005 annual report of American Greetings Corporation (all dollars in thousands).Feb. 28, Feb. 29, 2005 2004 Inventories Finished goods $228,088 S202 252 Work in
Hector Electronics has enjoyed tremendous sales growth during the last 10 -years. However, even though sales have steadily increased, the company’s CEO, Karen Stevens, is concerned about certain
You are the controller of Blue Jays Inc. B. J. Dell, the president, recently mentioned to you that she found an error in the 2006 financial statements which she believes has corrected itself. She
Becker Wholesale Corp. uses the LIFO cost flow method. In the current year, profit at Becker is running unusually high. The corporate tax rate is also high this year, but it is scheduled to decline
Indicate how irregular items are presented.AppendixLO1
Explain the concept of comprehensive income.AppendixLO1
Describe and apply horizontal analysis.AppendixLO1
Describe and apply vertical analysis.AppendixLO1
Identify and compute ratios used in analyzing a company's liquidity, solvency, and profitability.AppendixLO1
Understand the concept of quality of earnings.AppendixLO1
In reporting discontinued operations, the income statement should show in a special section:(a) gains on the disposal of the discontinued component.(b) losses on the disposal of the discontinued
Cool Stools Corporation has income before taxes of $400,000 and an extraordinary loss of$100,000. If the income tax rate is 25% on all Action Plan© Remember that material items not typical of
Which of the following would be considered an (SO 3)“Other comprehensive income” item?(a) gain on disposal of discontinued operations.(b) unrealized loss on available-for-sale securities.(c)
In horizontal analysis, each item is expressed as a percentage of the:(c) Both (a) and (b).(d) None of the above.(a) net income amount.AppendixLO1
Which measure is useful in evaluating the effi-(b) stockholders’ equity amount. ciency in managing inventories?(c) total assets amount. (a) Inventory turnover ratio.(d) base-year amount. (b) Days
Adams Corporation reported net sales of (c) Both (a) and (b).$300,000, $330,000, and $360,000 in the years (d) None of the above.2005, 2006, and 2007, respectively. If 2005 is
Which of these is not a liquidity ratio?the base year, what percentage do 2007 sales (a) Current ratio.represent of the base? (b) Asset turnover ratio.(a) 77%. (c) 120%. (c) Inventory turnover
The following schedule is a display of what type
Plano Corporation reported net income $24,000;of analysis? net sales $400,000; and average assets $600,000 for 2007. What is the 2007 profit margin ratio?Amount Percent (a) 6%.Current assets $200,000
Which situation below might indicate a com-(a) Horizontal analysis.(b) Differential analysis.(c) Vertical analysis.(d) Ratio analysis.
Which measure is an evaluation of a company’s ability to pay current liabilities?(a) Current cash debt coverage ratio.(b) Current ratio.pany has a low quality of earnings?(a) The same accounting
Indicate which of the following items would be reported as an extraordinary item on Food Feast Corporation’s income statement.(a)(b)(c)(d)Loss from damages caused by a volcano eruption.Loss from
Top Drawer Inc. reported 2006 earnings per share of $3.26 and had no extraordinary items. In 2007 earnings per share on income before extraordinary items was $2.99, and earnings per share on net
Caradco Inc. has been in operation for 3 years. and uses the FIFO method of pricing inventory. During the fourth year, Caradco changes to the average cost method for all its inventory. How will
(a) Sharon Weber believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Sharon correct? Explain.(b) Are short-term
Distinguish among the following bases of comparison:intracompany, industry averages, and intercompany.Give the principal value of using each of the three bases of comparison.(b)
(a) If Simon Company had net income of $350,000 in 2006 and it experienced a 24.5% increase in net income for 2007, what is its net income for 2007?If 6 cents of every dollar of Simon’s revenue is
James Slater is puzzled. His company had a profit margin of 10% in 2007. He feels that this is an indication that the company is-doing well. Jill Farvell, his accountant, says that more information
Fast Buck, a retail store, has a receivables turnover ratio of 4.5 times. The industry average is 12.5 times. Does Fast Buck have a collection problem with its receivables?
In September 2004 the price-earnings ratio of General Motors was 11.3, and the price-earnings ratio of Microsoft was 28.14. Which company did the stock market favor? Explain.Brief Exercises
The return on assets for Elverum Corporation is 7.6%. During the same year Elverum’s return on common stockholders’ equity is 12.8%. What is the explanation for the difference in the two rates?
Happy Daze Inc. has net income of $300,000, average shares of common stock outstanding of 50,000, and preferred dividends for the period of $20,000.What is Happy Daze earnings per share of common
Identify and explain factors that affect quality of earnings.AppendixLO1
On June 30 Rojas Corporation discontinued its operations in Mexico. On Sep- tember 1 Rojas disposed of the Mexico facility at a pretax loss of $480,000. The applicable tax rate is 25%. Show the
An inexperienced accountant for Barlay Corporation showed the following in Barlay’s 2007 income statement: Income before income taxes $300,000; Income tax expense$48,000; Extraordinary loss from
On January 1, 2007, Cannon Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company’s financial
Using these data from the comparative balance sheet of De Rosa Company, perform horizontal analysis.December 31, 2007 December 31, 2006 Accounts receivable $ 520,000 $ 400,000 Inventory 780,000
Using the data presented in BE13-4 for De Rosa Company, perform vertical analysis.
Net income was $500,000 in 2005, $480,000 in 2006, and $537,600 in 2007.What is the percentage of change from (a) 2005 to 2006, and (b) from 2006 to 2007? Is the change an increase or a decrease?
If Parthenon Company had net income of $672,300 in 2007 and it experienced a 17% increase in net income over 2006, what was its 2006 net income?AppendixLO1
Vertical analysis (common-size) percentages for Bellamy Company’s sales, cost of goods sold, and expenses are listed here.Vertical Analysis 2007 2006 2005 Sales 100.0% 100.0% 100.0%Cost of goods
Horizontal analysis (trend analysis) percentages for Kirvida Company's sales, cost of goods sold, and expenses are listed here.Horizontal Analysis 2007 2006 2005 Sales 96.2% 104.8% 100.0%Cost of
These selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).2005 2004 Cash Kaeo 207, $ 3,986 Accounts receivable 25,330 22.282 Inventories 24,416 19,540 Other
The following data are taken from the financial statements of Tall Tail Company._ 2007 ue z006, =Accounts receivable (net), end of year $ 560,000 $ 540,000 Net sales on account 4,700,000 4,000,000
The following data were taken from the income statements of Long Haul Company.2007 2006 Sales revenue $6,420,000 $6,240,000 Beginning inventory 970,000 837,000 Purchases 4,640,000 4,661,000 Ending
Staples, Inc. is one of the largest suppliers of office products in the United States. It had net income of $708.4 million and net revenue of $14,448.4 million in 2004.Its total assets were $6,503.0
Royal Ware Company has stockholders’ equity of $400,000 and net income of$60,000. It has a payout ratio of 25% and a return on assets ratio of 16%. How much did Royal Ware pay in cash dividends,
Selected data taken from the 2004 financial statements of trading card company Topps Company, Inc. are as follows (in millions).2004 Net sales for 2004 $295.9 Current liabilities, February 28, 2004
Prentiss Company has income before irregular items of $270,000 for the year ended December 31, 2007. It also has the following items (before considering income taxes): (1) an extraordinary fire loss
The Wall Street Journal routinely publishes summaries of corporate quarterly and unusual or irregular items. annual earnings reports in a feature called the “Earnings Digest.” A typical
Here is financial information for Ride Away Inc.(SO 4)December 31, 2007 December 31, 2006 Current assets $128,000 $ 80,000 Plant assets (net) 400,000 360,000 Current liabilities 91,000 65,000
Operating data for Poseidon Corporation are presented on page 687.2007 2006 Sales $800,000 $600,000 Cost of goods sold 500,000 408,000 Selling expenses 120,000 72,000 Administrative expenses 72,000
The comparative balance sheets of Philip Morris Companies, Inc. are presentedInstructions (a) Prepare a horizontal analysis of the balance sheet data for Philip Morris using 2003 as a base. (Show the
Here are the comparative income statements of Erik Corporation.ERIK CORPORATION Comparative Income Statements For the Years Ended December 31 2007 Net sales $572,000 Cost of goods sold 477,000 Gross
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data (in millions) for 2005 are presented on page 688.vertical analyses.(SO 4, 5)Prepare horizontal and
Trolls Incorporated had the following transactions involving current assets and current liabilities during February 2007.Feb. 3 Collected accounts receivable of $15,000.7 Purchased equipment for
Selected comparative statement data for the giant bookseller Barnes & Noble Compute selected ratios.are presented here. All balance sheet data are as of December 31 (in millions). (SO 6)_ 2004 — _
Here is the income statement for New Do, Inc. Compute selected ratios.(SO 6)NEW DO, INC.Income Statement For the Year Ended December 31, 2007 Sales $400,000 Cost of goods sold 230,000 Gross profit
Zubick Corporation experienced a fire on December 31, 2007, in which its Compute amounts from financial records were partially destroyed. It has been able to salvage some of the records = "@#10.and
Here are comparative statement data for East Company and West Company, two competitors. All balance sheet data are as of December 31, 2007, and December 31, 2006.East Company West Company£2007 ue
The comparative statements of Jack Frost Company are presented here.JACK FROST COMPANY Income Statements For the Years Ended December 31 2007 2006 Net sales $1,890,540 $1,750,500 Cost of goods sold
Condensed balance sheet and income statement data for Here and There Corporation are presented here.Gj) Asset turnover.(k) Debt to total assets.() Current cash debt coverage.(m) Cash debt
The following financial information is for Inca Company.on overall liquidity and profitability.(SO 6)INCA COMPANY Balance Sheets December 31 Assets _2007on ernsovem Cash $ 70,000 $ 65,000 Short-term
Selected financial data of Target and Wal-Mart for 2004 are presented here (in Income Statement Data for Year Balance Sheet Data (End of Year)millions).Target Corporation Net sales $48,163 Cost of
Here are comparative statement data for Night Company and Day Company, two comment on profitability. competitors. All balance sheet data are as of December 31, 2007, and December 31, 2006.(SO 5,
The comparative statements of Fraggle Rock Company are shown on page 695.(SO 6)FRAGGLE ROCK COMPANY Income Statements For the Years Ended December 31 Net sales Cost of goods sold Gross profit Selling
The condensed balance sheet and income statement data for Whitcomb Corporation are presented on page 696.2006$624,000 405,600 218,400 149,760 68,640 7,200 61,440 14,000$ 47,440 2006$ 21,600 33,000
Financial information for Yazbeck Company is presented here.profitability. YAZBECK COMPANY(SO 6) Balance Sheets December 31 Assets __ 2007 _2 006_ Cash $ 50,000 $ 42,000 Short-term investments 80,000
Selected financial data for Black & Decker and Snap-On Tools for 2004 are presented here (in millions).Net sales Cost of goods sold Selling and administrative expenses Interest expense Other income
Your parents are considering investing in Tootsie Roll Industries common stock. They ask you, as an accounting expert, to make an analysis of the company for them. Fortunately, excerpts from a recent
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.Instructions(a) Based on the information in the
The October 15, 2002, issue of the Wall Street Journal included an article by Jesse Drucker titled “Motorola’s Profit: ‘Special’ Again?”Instructions Read the article and answer the
The Coca-Cola Company and PepsiCo, Inc. provide refreshments to every corner of the world. Selected data from the 2004 consolidated financial statements for The Coca-Cola Company and for PepsiCo,
Purpose: To employ comparative data and industry data to evaluate a company’s performance and financial position.Address: http://www.investor.reuters.com (or go to
Youarea loan officer for Lakeland Bank of Port Washington. Edmund Jeffries, president of E. Jeffries Corporation, has just left your office. He is interested in an 8-year loan to expand the
RJ. Falk is the chief executive officer of Ventura Electronics. Falk is an expert engineer but a novice in accounting. Falk asks you, as an accounting major, to explain(a) the bases for comparison in
Sandra Maxwell, president of XL Industries, wishes to issue a press release to bolster her company’s image and maybe even its stock price, which has been gradually falling. As controller, you have
Indicate the usefulness of the statement of cash flows.AppendixLO1
Explain the impact of the product life cycle on a company's cash flows.AppendixLO1

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