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financial accounting

Questions and Answers of Financial Accounting

General Electric uses the LIFO inventory cost flow assumption, reporting inventories on its 2014 balance sheet of $17.6 billion and a LIFO reserve of approximately $62 million. What would be GE’s
Harley-Davidson manufactures motorcycles and accessories. Financial information from the 2014 annual report is excerpted as follows:Inventory obsolescence reserves deducted from FIFO cost were $17.8
Dallas Manufacturing engaged in five transactions involving inventory at the end of 2017:1. Ordered $50,000 of inventory on December 29, 2017. The goods were shipped on December 30, 2017, with the
In its fiscal 2015 annual report, Hewlett-Packard reported beginning inventory of $6.4 billion, ending inventory of $6.5 billion on the balance sheet, and cost of goods sold of $53.1 billion on the
Excerpts from the financial statements of Tree Tops Services are as follows:Net cash from operations consists of two components: (1) cash collections from services rendered and (2) cash payments due
The following balance sheet is presented for J.D.F. Company as of December 31, 2017.During 2018, J.D.F. entered into the following transactions.1. Made credit sales of $1,350,000 and cash sales of
During 2015, Starbucks purchased fixed assets costing approximately $1.3 billion. Assume that the company purchased the assets at the beginning of the year, uses straight-line depreciation, and
The Hurst Corporation pays its employees every Friday for the five-day week just ended. On January 2, 2018, the company paid its employees $70,000 for the week beginning Monday, December 29.a.
Total each asset, liability, and shareholders’ equity account in E4–2, and prepare an income statement, a statement of shareholders’ equity, a balance sheet, and a statement of cash flows.
The following information was extracted from annual reports of 3M (dollars in millions):Compute the missing information. 2013 2014 2012 Beginning inventory Purchases $ 3,416 16,106 16,289 Goods
A summary of the December 31, 2017, a balance sheet of Ellington Industries follows:
The following data are from the 2017 financial report of Generic Clothing Company:a. Based upon the above data, compute the following for Generic Clothing Company for both 2016 and 2017:(1) The
The information below was taken from the footnotes of JP-Morgan Chase€™s 2014 annual report. The December 31, 2014, balance in the allowance account was $14,185 (dollars in
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the SEC 10-K Form for Disney, and answer the following questions:a. Compute the change in
International Services entered into a debt covenant requiring it to maintain a current ratio of at least 1.5:1. The company€™s condensed balance sheet as of December 31
Hughes International is a U.S. company that conducts business throughout the world. Listed below are selected transactions entered into by the company during 2017.1. Sold merchandise to Royal
Assume that Outreach (in E6–9) hedged the 11,000 (Canadian dollar) receivable by borrowing 11,000 Canadian dollars from a Canadian bank on January 1, 2018.Use journal entries to demonstrate how
The annual report of Key Corp, a regional bank holding company headquartered in Cleveland, indicates that marketable securities are listed on the balance sheet at fair value. In addition to its
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online. This chapter listed and defined four basic assumptions, four principles of measurement, and two
Below are several transactions entered into by Rodman Consulting Company during 2017. Unless otherwise noted, all transactions involve cash.1. Purchased equipment for $150,000.2. Paid employees
During 2014, Intel entered into the transactions listed below.a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation and
The following T-accounts reflect seven different transactions that Rodman Container Company entered into during 2017:REQUIRED:For each transaction, describe what occurred and how it affected the
During 2014, Abercrombie & Fitch entered into the transactions listed below.a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the
Ryan Hope, controller of Hope Inc., provides you with the following information concerning Hope during 2017. (Hope Inc. began operations on January 1, 2017.)1. Issued 1,000 shares of common stock at
During 2014, Yahoo! Inc. entered into the transactions listed below.a. On a separate sheet of paper, complete the following chart to show the effect of these transactions on the accounting equation
Assume that Cathedral Enterprises, which is in its first year of operations (i.e., 2017 with a December 31 year end) entered into the following transactions.Show how the six transactions affect the
The December 31, 2017 balance sheet for Morrison Home Services is summarized below.During January 2018, the following transactions were entered into:1. Services were performed for $7,000 cash.2.
The Brown Corporation experienced the following financial events on October 10, 2017:1. The company entered into a new contract with the employees’ union that calls for a $2.00 per hour increase in
The December 31, 2017, balance sheet of Tybee Corporation is provided below (in millions).Transactions during January 2018:Paid $5 for employee salaries and wages.Collected $10 cash from customers
The following information was taken from the 2015 annual report of Bristol-Myers Squibb, a world-leading drug company (dollars in millions).Prepare an income statement, balance sheet, and statement
Beta Alloys made the following adjusting journal entries on December 31, 2017.REQUIRED:Classify each adjusting entry as either an accrual adjustment (A) or a cost expiration adjustment (C), and
The following cash T-account for Miller Manufacturing summarizes all the transactions affecting cash during 2017 with a December 31 closing date.a. Compute the ending cash balance.b. Prepare a
The following information is available for M&M Johnson Inc.:a. The December 31, 2017, supplies inventory balance is $85,000. A count of supplies reveals that the company actually has $30,000 of
Small and Associates, a small manufacturing firm, entered into the following cash transactions during January 2017:1. Issued 600 shares of stock for $25 each.2. Sold services for $4,000 cash.3. Paid
Ed’s Lawn Service entered into the following transactions during 2017, its first year of operations:1. Collected $12,000 in cash from shareholders.2. Borrowed $5,000 from a bank.3. Purchased two
Burkholder Corporation borrowed $28,000 from its bank on January 1, 2017, at an annual interest rate of 10 percent. The $28,000 principal is to be paid as a lump sum at the end of the period of the
The following cash T-account for Holcomb Manufacturing summarizes all the transactions affecting cash during 2017.a. Compute the ending cash balance.b. Prepare a statement of cash flows (direct
Prustate Insurance Company collected $240,000 from Jacobs Printing Corporation for a two-year fire insurance policy on May 31, 2017. The policy is in effect from June 1, 2017, to May 31,
The balance sheet of Walgreens, a leading chain drugstore, as of August 31, 2015, appears as follows (dollars in millions):REQUIRED:Assume that the following eight transactions occurred the next
Fall 2015 saw two extremely large business acquisitions. Computer-maker Dell, Inc., agreed to purchase technology storage company EMC Corporation for $67 billion, and soon afterward Anheuser-Busch
Eaton Enterprises made the following adjusting journal entries on December 31, 2017:a. Give a brief explanation for each of the above entries.b. Classify each of the above entries as either a cost
When Volkswagen AG admitted in fall 2015 that it deceived regulators by rigging exhaust emission results, the company booked a 6.7 billion euro accrual to cover future cash payments related to the
The following condensed balance sheet for December 31, 2017, comes from the records of Buzz and Associates:Buzz and Associates is considering the purchase of a new piece of equipment for $30,000.
Hog Heaven Rib Joint made the following journal entries on December 31, 2017:Place each of the transactions above in one of the following five categories: (1) operating cash flow, (2) investing cash
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the Disney Form 10-K, and answer the following questions.a. In terms of the basic accounting
The following balances were taken from the October 31, 2014, balance sheet of Hewlett-Packard (dollars in millions).Current assets ..........................................$50,145Long-term assets
The following balances were taken from the December 31, 2014, balance sheet of Manpower Inc., a world leading workforce provider (dollars in millions):Current assets
The following balances were taken from the December 31, 2014, balance sheet of Time Warner (dollars in millions):Current assets .................................$13,180Long-term assets
Washington Forest Products began operations on January 1, 2017. On December 31, 2017, the company’s accountant ascertains that the following amounts should be reported as expenses on the income
May berry Enterprises has two sources of revenue. It sells advertising displays to retail firms and provides a consulting service on how to mount and use these displays. You represent a large
Peters Company was in business for two years, during which time it entered into the following transactions:Year 1:1. The owners contributed $24,000 cash.2. At the beginning of the year, rented a
You are a credit analyst for First American Bank, and Badger Business has applied for a loan. The company claims to have more than tripled profits from 2016 to 2017 and believes that it should be
Condensed balance sheets for 2013 and 2014 and the 2014 income statement for Goodyear, the world€™s largest tire company, are as follows (dollars in millions).a. Early in 2015, assume that
Excerpts from the financial statements of Dunbar Manufacturing are provided below.WagesCash payments for wages during 2017 ............................................................$35,000Salaries
The net income and working capital accounts for two companies in the same industry, ABC Company and XYZ Company, follow:After reviewing the complete financial statements of the two companies, you
Suppose that Myers and Myers in P3€“8 paid no dividends during 2018 and that the December 31, 2018 balance sheet looks like the one below. Assume that the investor in P3€“8
The net income amounts for Hauser and Bradley over the four-year period beginning in 2015 follow.After further examination of the financial report, you note that Hauser and Bradley made accounting
The December 31, 2017 balance sheet of Myers and Myers, prepared under generally accepted accounting principles, follows.An investor believes that Myers and Myers can generate $20,000 cash per year
On January 1, 2017, Barry Smith established a company by contributing $90,000 and using all of the cash to purchase an apartment house. At the time, he estimated that cash inflows due to rentals
RDP and Brothers purchased a panel truck for $25,000 on January 1, 2017. It estimated the life of the truck to be five years, and it planned to depreciate an equal amount in each of the five years.a.
The December 31, 2014 balance sheet and the income statement for the period ending December 31 for Manpower Inc., a world leader in staffing and workforce management solutions, follow (dollars in
Market Watch and the news organization Reuters posted the following announcement. Excluding One-Time Expenses, Johnson & Johnson Beats Estimates Johnson & Johnson released its fourth quarter
Selected financial information is provided below for three major pharmaceuticals: Glaxo Smith Kline (Britain), Sanofi (France), and Pfizer (U.S.). Glaxo Smith Kline€™s numbers were taken
Cascades Enterprises ordered 4,000 brackets from McKey and Company on December 1, 2017, for a contracted price of $40,000. McKey completed manufacturing the brackets on January 17 of the next year
Campbell Soup Company booked a special charge (reduction) to earnings totaling $31 million; the expense was a change in the way the company capitalized certain acquisition costs. These earnings
Sales data for the fiscal years 2012, 2013, and 2014 for Bed Bath & Beyond follows (dollars in billions):According to the financial statements, sales increased by 21 percent from 2012 to 2014.
The 2015 annual report for Cisco Systems contains the following information (dollars in millions):On the income statement Cisco reported that the cost of sales related to the inventory was $15.4
Name the valuation base(s) that are used for each of the asset and liability accounts shown here. Some assets and liabilities can use more than one valuation base. Original Lower of Cost or Fair
Palomar Paper Products purchased land in 1999 for $15,000 cash. The company has held the land since that time. In 2017 Palomar purchased another tract of land for $15,000 cash. Assume that prices in
Many Internet firms “gross up” their revenues by reporting the entire sales price a customer pays at their site, when in fact the company keeps only a small percentage of that amount. Take The
Recently Boeing has maintained a cash balance of over $10 billion. At an annual inflation rate of about 2 percent, does cash have more or less purchasing power at the end of a given year than at the
On January 1, 2017, you purchased a piece of property for $10,000. On December 31 of that year, you sold the property for $20,000. Assume that the general rate of inflation for 2017 was 10
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the Disney 2015 Form 10-K and answer the following questions:a. Compute cost of sales,
Southwest Airlines is a major airline. The following information was taken from its 2014 annual report. Compute the missing amounts in the following table. Describe and evaluate the
Ted Tooney has operated a small service company for several years. The following information is from the financial statements prepared by Ted€™s accountant.REQUIRED:Assume that you have
The information below was taken from the 2015 annual report of Cisco Systems, a worldwide leader in networking for the Internet. Compute the missing amounts in the following table. Describe and
The chief executive officer of Romney Heights has included the following information from the financial statements in a loan application submitted to Acme Bank. The company intends to acquire
Suppose that La-Z-Boy in E2€“7 signed a debt covenant specifying that current assets must exceed current liabilities by $200 million. Assume further that in early January 2015, the company
Because of consistent losses in the past several years, Eat and Run, a fast-food franchise, is in danger of bankruptcy. Its most current balance sheet follows.Additional information:The fair market
La-Z-Boy Incorporated included the following information in its 2014 annual report (dollars in millions).Define solvency and discuss how this information might be useful in assessing the
The following balance sheet (prepared according to IFRS) was taken from the 2014 annual report of Glaxo Smith Kline, a British pharmaceutical company (British pounds in millions).REQUIRED:Identify
Excerpts from the financial statements for Kroger, a major supermarket retailer, are as follows (dollars in millions).REQUIRED:Organize these numbers into income statement and balance sheets,
At the end of 2017 a fast-growing advertising agency had a negative balance of $596 million in its retained earnings account. Compute the missing amounts in the following table, and comment on the
A 2014 balance sheet of Royal Dutch Shell, a huge oil and gas company that prepares financial statements using IFRS, reported the following dollar amounts (in millions).Non-current
The following information was taken from the 2014 annual report€”statements of cash flows€”of United Technologies Corporation (UTC), a diversified manufacturing conglomerate
Compute the missing values for the following chart and analyze the financial performance and position of this company. The first year of operations is 2014. 2014 2017 2016 2015 Assets: $ 300 $ 300
Duke Energy Corporation is one of America€™s leading diversified energy companies. At the end of 2014, the company had a balance in its retained earnings account of $2.0 billion. Compute
Excerpts from the annual report of AT&T, Inc., are as follows.Compute the missing values and briefly discuss AT&T€™s sources and uses of cash during the three-year period. Statement
The following information was taken from the 2014 annual reportsâ€”statements of cash flowsâ€”of Sears Holdings, Amazon.com, and The Boeing Co., Inc. (dollars in millions).REQUIRED:Each of
The following information is available relating to the activities of Johnson Co. as of December 31, 2017.Cash balance on 12/31/17 is $8,000.Short-term investments have a fair market value of $40,000
In BE2–2, Boeing’s current assets consisted primarily of cash and short-term investments of $13.1 billion, accounts receivable of $7.7 billion, inventory of $46.8 billion, and miscellaneous
Review Figure 2€“12 and complete the blanks below to show the relationships among the four financial statements for Nimmo Brothers Corporation:Figure 2-12 Balance Sheet (12/31/2016)
Listed below are accounts that may appear on either the balance sheet or the income statement.a. Equipmentb. Service Revenuec. Retained Earningsd. Salaries and Wages Expensee. Patentf. Cost of Goods
A summary of a recent balance sheet for Boeing Co. is as follows (dollars in billions):What amount and what percentage of Boeing€™s assets were financed by (1) current liabilities, (2)
Recently Netflix released its earnings for the first quarter of the year. In the announcement the company highlighted a number of its accomplishments, including:An addition of 2 million subscribers
The main section headings of the income statement are a. Salesb. Service revenuec. Other revenued. Cost of goods solde. Operating expensesf. Other expensesREQUIRED:Classify the following
Revenues and expenses for Pepsi Co during 2014 were $66.7 billion and $60.2 billion, respectively. The December 31, 2013 and 2014 balances in retained earnings were $46.4 billion and $49.1 billion,
Presented below are the main section headings of the balance sheet:a. Current assetsb. Long-term investmentsc. Property, plant, and equipmentd. Intangible assetse. Current liabilitiesf. Long-term
You can review the Disney SEC Form 10-K by searching for “Disney Annual Report” online.REQUIRED:Review the 2015 SEC Form 10-K of Disney and answer the following questions:a. Briefly describe the
The SEC accepts IFRS financial statements from non-U.S. companies, while requiring U.S. GAAP from U.S. companies. Comment on the difficulties faced by financial analysts who analyze financial

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