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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

Prepare a statement of cash flows using the indirect method.AppendixLO1
Use the statement of cash flows to evaluate a company.AppendixLO1
It provides information about the operating, investing, and financing activities of the business.AppendixLO1
During the introductory phase of a company’s life cycle, one would normally expect to see:(a) negative cash from operations, negative cash from investing, and positive cash from financing.(b)
Items that are added back to net income in determining cash provided by operations under the indirect method do not include:(a) depreciation expense.(b) an increase in inventory.(c) amortization
“Free cash flow provides an indication of a company’s ability to:(a) generate net income.(b) generate cash to pay dividends.(c) generate cash to invest in new capital expenditures.(d) both (b)
Which of the following items is reported on a cash flow statement prepared by the direct method?(a) Loss on sale of building.(b) Increase in accounts receivable.(c) Depreciation expense.(d) Cash
Why is the statement of cash flows useful?AppendixLO1
Describe the direct method for determining net cash provided by operating activities.AppendixLO1
Give the formulas under the direct method for computing(a) cash receipts from customers and (b) cash payments to suppliers.AppendixLO1
The following T account is a summary of the cash account of Edmonds Company.Cash (Summary Form)Balance, Jan. 1 8,000 Receipts from customers 364,000 | Payments for goods 200,000 Dividends on stock
Martinez, Inc. reported net income of $2.5 million in 2007. Depreciation for the year was $160,000, accounts receivable decreased $350,000, and accounts payable decreased$280,000. Compute net cash
The net income for Adcock Co. for 2007 was $280,000. For 2007 depreciation on plant assets was $70,000, and the company incurred a loss on sale of plant assets of$12,000. Compute net cash provided by
The T accounts for Equipment and the related Accumulated Depreciation for Pettengill Company at the end of 2007 are shown here.Equipment Accumulated Depreciation Beg. bal. 80,000 | Disposals 22,000
During 2004 Cypress Semiconductor Corporation reported cash provided by operations of $155,793,000 cash used in investing of $207,826,000, and cash used in financing of $33,372,000. In addition, cash
Lott Corporation reported cash provided by operating activities of $360,000, cash used by investing activities of $250,000, and cash provided by financing activities of $70,000. In addition, cash
Alliance Atlantis Communications Inc. reported a $35.8 million increase in operating cash flow for its first quarter of 2005. Alliance reported cash provided by operating activities of $45,600,000
Columbia Sportswear Company had accounts receivable of $206,024,000 at January 1, 2004, and $267,653,000 at December 31, 2004. Sales revenues were$1,095,307,000 for the year 2004. What is the amount
Young Corporation reported income taxes of $340,000,000 on its 2007 income statement and income taxes payable of $277,000,000 at December 31, 2006, and$522,000,000 at December 31, 2006. What amount
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Gagliano Corp. uncovered the following items. Assume all items involve cash unless
The information in the table is from the statement of cash flows for a company at four different points in time (A, B, C, and D). Negative values are presented in parentheses.Point in Time A B Cc D
The current sections of Bellinham Inc.’s balance sheets at December 31, 2006 and 2007, are presented here.Bellinham’s net income for 2007 was $153,000. Depreciation expense was $24,000.2007 2006
The three accounts shown below and on page 626 appear in the general ledger of Cesar Corp. during 2007.Equipment Date Debit Credit Balance Jan. 1 Balance 160,000 July 31 Purchase of equipment 70,000
Here are comparative balance sheets for Taguchi Company.flows—indirect method, and compute cash-based ratios.= = “a TAGUCHI COMPANY Comparative Balance Sheets December 31 Assets _ 2007 _ _2
Presented on page 627 is 2004 information for PepsiCo, Inc. and The Coca-Cola($ in millions) PepsiCo Coca-Cola Cash provided by operations $ 5,054 $ 5,968 Average current liabilities 6,584 9,429
Information for two companies in the same industry, Linn Corporation and Nye Corporation, is presented here.Linn Nye Corporation Corporation Cash provided by operating activities $150,000 $150,000
The 2004 income statement for McDonald’s Corporation shows cost of goods sold $4,852.7 million and operating expenses (including depreciation expense of $1,201 million) $10,671.5 million. The
The 2007 accounting records of Verlander Transport reveal these transactions and events.Payment of interest $ 10,000 Collection of accounts receivable $182,000 Cash sales 48,000 Payment of salaries
The following information is taken from the 2007 general ledger of Pierzynski Company.Rent Rent expense $ 40,000 Prepaid rent, January 1 5,900 Prepaid rent, December 31 9,000 Salaries Salaries
You are provided with the following transactions that took place during a recent fiscal year.Cash Inflow, Where Reported Outflow, or Transaction on Statement No Effect?(a) Recorded depreciation
The following account balances relate to the stockholders’ equity accounts of Gore Corp. at year-end.2007 2006 Common stock, 10,500 and 10,000 shares, respectively, for 2007 and 2006 $160,000
The income statement of Elbert Company is presented here.ELBERT COMPANY Income Statement For the Year Ended November 30, 2007 Sales $7,700,000 Cost of goods sold Beginning inventory $1,900,000
Grania Company’s income statement contained the condensed information below.GRANIA COMPANY Income Statement For the Year Ended December 31, 2007 Revenues $970,000 Operating expenses, excluding
Data for Grania Company are presented in P12-5A.ties section—direct method.(SO 6) — Cash from Instructions ; ve : : i; operations Prepare the operating activities section of the statement of cash
Presented below are the financial statements of Weller Company.Prepare a statement of cash flows—indirect method, and compute cash-based ratios. WELLER COMPANY(SO 4, 5) Comparative Balance
Data for Weller Company are presented in P12-7A. Further analysis reveals the Prepare a statement of cash following. flows—direct method, and compute cash-based ratios. 1. Accounts payable pertain
A Condensed financial data of Arma Inc. follow. Prepare a statement of cash flows—indirect method.(SO 4)ARMA INC.Comparative Balance Sheets December 31 Assets __ 2007 _ __ 2006 Cash $ 90,800 $
The comparative balance sheets for Ramirez Company as of December 31 are presented below.RAMIREZ COMPANY Comparative Balance Sheets December 31 Assets 2007 2006 Cash $ 71,000 $ 45,000 Accounts
You are provided with the following transactions that took place during the year. /dentify the impact of transactions on ratios.(SO 5)Current aa Cash Cash Free Debt Debt Cash Coverage Coverage Flow
You are provided with the following transactions that took place during a __ Distinguish among recent fiscal year. operating, investing, and financing activities.(SO 2)Cash Inflow, Where Reported
The following selected account balances relate to the plant asset accounts of of changes in plant asset Zambia Inc. at year-end.accounts.(SO 4)2007 2006 Accumulated depreciation—buildings $337,500
The income statement of Marquette Company is presented below.activities section—indirect Additional information:method. :(SO 4) 1. Accounts receivable decreased $520,000 during the year, and
Data for Marquette Company are presented in P12-3B.method.(SO 6) Instructions Cash from operations Prepare the operating activities section of the statement of cash flows using the direct$1,585,000
The income statement of Shapiro Inc. reported the following condensed information.SHAPIRO INC.Income Statement For the Year Ended December 31, 2007 Revenues Operating expenses Income from operations
Data for Shapiro Inc. are presented in P12-5B.Instructions Prepare the operating activities section of the statement of cash flows using the direct method.
Here and on page 636 are the financial statements of Molina Company.Statement of Cash Flows MOLINA COMPANY Income Statement For the Year Ended December 31, 2007 Sales $286,000 Cost of goods sold
Data for Molina Company are presented in P12-7B. Further analysis reveals the flows—direct method, and following.compute cash-based ratios.(SOl5;16) 1. Accounts payable pertains to merchandise
Condensed financial data of Yaeger Company are shown below and on page 637.flows—indirect method.(SO 4)YAEGER COMPANY Comparative Balance Sheets December 31 Assets 2007 2006 Cash $ 97,700 $ 33,400
Data for Yaeger Company are presented in P12-9B. Further analysis reveals — Prepare a statement of cash that accounts payable pertain to merchandise creditors. flows—direct method.(SO
Presented below and on the next page are the comparative balance sheets for Prepare a statement of cash Lewis Company at December 31. flows—indirect method.(SO 4)LEWIS COMPANY Comparative Balance
The financial statements of Tootsie Roll Industries are presented in Appendix A.Beep tome © (Ps Instructions Answer the following questions.(a) What was the amount of net cash provided by operating
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.|, ST on a? 8 Roll Instructions(a) Based on the
The April 16, 2004, edition of the Wall Street Journal contains an article by Jonathan Weil titled, “Outside Audit: ‘Cash Flow Never Lies’—Or Does It?”Instructions Read the article and
The incredible growth of Amazon.com has put fear into the hearts of traditional retailers. Its stock price has soared to amazing levels. However, in 2001 many investors were very concerned about
Purpose: Use the Internet to view SEC filings.Address: biz.yahoo.com/i (or go to www.wiley.com/college/kimmel)Steps 1. Enter a company’s name. 2. Choose Quote. Answer questions (a) and (b). 3.
Ron Nord and Lisa Smith are examining the following statement of cash flows for Carpino Company for the year ended January 31, 2007.CARPINO COMPANY Statement of Cash Flows For the Year Ended January
Kyle Benson, the owner-president of Iris Co., is unfamiliar with the statement of cash flows that you, as his accountant, prepared. He asks for further explanation.Instructions Write him a brief memo
Distinguish among operating, investing, and financing activities.AppendixLO1
Understand the concept of sustainable income.AppendixLO1
Explain a current liability and identify the major types of current liabilities.AppendixLO1
Describe the accounting for notes payable.AppendixLO1
Explain the accounting for other current liabilities.AppendixLO1
Identify the types of bonds.AppendixLO1
Prepare the entries for the issuance of bonds and interest expense.AppendixLO1
Describe the entries when bonds are redeemed.AppendixLO1
Identify the requirements for the finan- THE cial statement presentation and analysis NAVIGATO of liabilities.AppendixLO1
The time period for classifying a liability as current is one year or the operating cycle, whichever is:(a) longer. (c) probable.(b) shorter. (d) possible.AppendixLO1
To be classified as a current liability, a debt must be expected to be paid:(a) out of existing current assets.(b) by creating other current liabilities.(c) within 2 years.(d) Either (a) or
Corricten Company borrows $88,500 on September 1, 2007, from Harrington State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2007?(a) $2,655. (c)
Andre Company has total proceeds from sales of $4,515. If the proceeds include sales taxes of 5%, what is the amount to be credited to Sales?(a) $4,000.(b) $4,300.(c) $4,289.25.(d) The correct answer
What term is used for bonds that have specific assets pledged as collateral?(a) Callable bonds.(b) Convertible bonds.(c) Secured bonds.(d) Discount bonds.. Cuso Inc. issues 10-year bonds with a
On January 1, 2007, Scissors Corp. issues$200,000, 5-year, 7% bonds at face value. The entry to record the issuance of the bonds would include a:(a) debit to cash for $14,000.(b) debit to bonds
In a recent year Day Corporation had net income of $150,000, interest expense of$30,000, and tax expense of $20,000. What was Day Corporation’s times interest earned ratio for the year?(a) 5.00.
On January 1 Pierce Corporation issues$500,000, 5-year, 12% bonds at 96 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond
On January 1, Daisey Duke Inc. issued$1,000,000, 9% bonds for $939,000. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31.Daisey Duke uses the
Georgia Lazenby believes a current liability is a debt that can be expected to be paid in one year. Is Georgia correct? Explain.september 30. What information should be reported for the note payable
Travelyan Company obtains $25,000 in cash by signing a 9%, 6-month, $25,000 note payable to First Bank on July 1. Travelyan’s fiscal year ends on September 30. What information should be reported
Holt University sold 8,000 season football tickets at$90 each for its five-game home schedule. What entries should be made (a) when the tickets are sold and (b) after each game?
Identify three taxes commonly withheld by the employer from an employee's gross pay.AppendixLO1
Identify three taxes commonly paid by employers on employees’ salaries and wages.Where in the financial statements does the employer report taxes withheld from employees’pay?AppendixLO1
What are long-term liabilities? Give two examples.What is a bond?(b)(b)AppendixLO1
Contrast these types of bonds:(a) Secured and unsecured.(b) Convertible and callable.AppendixLO1
Assume that Mimi Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds’contractual interest rate? Explain.
Magda and Helga are discussing how the market price of a bond is determined. Magda believes that the market price of a bond is solely a function of the amount of the principal payment at the end of
Stephanie Wolcott, the chief financial officer of Hangers Inc., is considering the options available to her for financing the company’s new plant.Short-term interest rates right now are 6%, and
(a) In general, what are the requirements for the financial statement presentation of long-term liabilities?What ratios may be computed to evaluate a company’s liquidity and solvency?Questions
Valentin Zukovsky says that liquidity and solvency are the same thing. Is he correct? If not, how do they differ?
The management of Ultra Vehicle Corporation is concerned because survey data suggest that many potential customers do not buy vehicles due to quality concerns. It is considering taking the bold step
Hector Gonzales needs a few new trucks for his business. He is considering buying the trucks but is concerned that the additional debt he will need to borrow will make his liquidity and solvency
Empire Corporation has a current ratio of 1.1. Tom has always been told that a corporation’s current ratio should exceed 2.0. Empire argues that its ratio is low because it has a minimal amount of
What are the implications for analysis if a FORDER has significant operating leases?
Osato Corporation issues $200,000 of 6%, 5-year bonds on January 1, 2007, at 104. Assuming that the straight-line method is used to amortize the premium, what is the total amount of interest expense
Maria Lopez is discussing the advantages of the effective-interest method of bond amortization with her accounting staff. What do you think Maria is saying?
Snooper Corporation issues $400,000 of 9%, 5-year bonds on January 1, 2007, at 104. If Snooper uses the effective-interest method in amortizing the premium, will the annual interest expense increase
Kananga Company has these obligations at December 31: (a) a note payable for $100,000 due in 2 years, (b) a 10-year mortgage payable of $200,000 payable in ten$20,000 annual payments, (c) interest
Popp Company borrows $70,000 on July 1 from the bank by signing a $70,000, 8%, 1-year note payable. Prepare the journal entries to record (a) the proceeds of the note and (b) accrued interest at
Gold Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $10,388. All sales are subject to a 6% sales tax. Compute sales taxes payable and make the
Denton University sells 3,800 season basketball tickets at $60 each for its 10-game home schedule. Give the entry to record (a) the sale of the season tickets and(b) the revenue earned by playing the
Domino Inc. is considering these two alternatives to finance its construction of a new $2 million plant:(a) Issuance of 200,000 shares of common stock at the market price of $10 per share.(b)
Lazar Corporation issued 1,000 7%, 5-year, $1,000 bonds dated January 1, 2007, at face value. Interest is paid each January 1.(a) Prepare the journal entry to record the sale of these bonds on

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