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financial accounting

Questions and Answers of Financial Accounting

The following quote was taken directly from the audit report written by Price water house Coopers on the 2014 financial statements of Kroger.“In our opinion, the accompanying consolidated balance
In its 2014 annual report, Home Depot reported that fiscal 2014 sales increased to $83.2 billion (from $78.8 billion the previous fiscal year), while profits increased to $6.3 billion (from $5.4
The AICPA’s list of red flags alerting auditors to the possibility of management fraud includes a “domineering management with a weak board of directors.” Briefly explain the role of the board
The following information was taken from the 2015 annual report of Emerson Electric Co., a leader in the network power sector (dollars in millions):a. Compute total accounts receivable as of the end
Boyer International is currently preparing its financial statements for 2017. The company has several different sources of cash and is trying to decide how to classify them. The sources of cash
Star wood Hotels & Resorts Worldwide, Inc. reported the following in its 2014 financial statements (amounts in millions):Note 2 Restricted CashRestricted cash primarily consists of deposits
On September 30, 2017, Print-O-Matic Inc. entered into an arrangement with its bank to borrow $250,000. The principal is due on October 1, 2022, and the note has a stated annual interest rate of 10
The following information was taken from the publicly available records of General Electric concerning the allowance for un-collectible accounts for its financing subsidiary, GE Capital Services
Financial information for CNG Inc. follows:The company estimates bad debts for financial reporting purposes at 3 percent of credit sales. The balancein allowance for doubtful accounts as of January
General Electric’s financing subsidiary (GE Capital Services—GECS) provides financing services for GE’s customers. If you purchase a GE appliance, for example, you could finance it through
Arlington Cycle Company began operations on January 1, 2017. The company reported the following selected items in its 2018 financial report:Arlington estimates bad debts at 2 percent of gross
Excerpts from the June 30, 1994, balance sheet of The Quaker Oats Company (now part of PepsiCo Inc.) follow (dollars in millions):REQUIRED:a. The notes to the company€™s 1992 financial
Glacier Ice Company uses a percentage-of-net-sales method to account for estimated bad debts. Historically, 3 percent of net sales has proven to be un-collectible. During 2017 and 2018, the company
In its 2017 financial report, Sound Unlimited reported the following items:1. A credit balance of $200,000 in allowance for doubtful accounts.2. A debit balance of $7,500,000 in accounts
Albertson€™s Locksmith Corporation started operations on January 1, 2016. Albertson€™s estimates un-collectibles using the percentage-of-credit-sales method. The following
The footnotes to the 2014 financial statements of Citigroup, the holding company for Citibank, contained the following information (dollars in millions):REQUIRED:a. Fill in the missing values and
The following items were extracted from the 2014 financial records of Cummins Inc. (dollars in millions):Allowance for doubtful accounts 12 (cr.)During the following year, assume the company writes
The 2018 annual report of Johnson Services reveals the following information. The dollar amounts are end of- year balances.Johnson estimates bad debts each year at 2 percent of credit sales.a.
The following financial information represents Hadley Company€™s first year of operations, 2017:After reading Hadley€™s financial statements, you conclude that the company had a
Kyocera is a Japanese telecommunications company that publishes IFRS-based financial statements. On its March 31, 2015, statement of cash flows (indirect method) in the operating section it reported
Excerpts from the operating sections of the 2014 statement of cash flows for AT&T and Toyota are provided below. AT&T publishes U.S. GAAP-based financial statements in U.S. dollars and
Excerpts from the 2017 financial statements of Finley Ltd., a service company, follow:Service revenue .................................................$240,000Accounts receivable
Potter Stables uses the aging method to estimate its bad debts. Sherman Potter, the company president, has given you the following aging of accounts receivable as of December 31, 2018, along with
Fine Linen Service began operations on January 28, 2014. The company does not establish an allowance for doubtful accounts. It simply recognizes a bad debt expense when an account is deemed
In an attempt to include all relevant information for decision-making purposes, Merimore Company estimates bad debts using the aging method. However, for external reporting purposes, the company
On January 1, 2018, Outreach Incorporated sold services to a Canadian supply company and accepted a three-year note in the amount of 11,000 Canadian dollars. Assume that exchange rates between the
Excerpts from the financial statements of Ticheley Enterprises are as follows:On December 27, 2017, Ticheley sent merchandise with a sales price of $8,500 to a major customer. The merchandise was in
The following quote was taken from the 2015 annual report of Hewlett-Packard.HP sells a significant portion of its products through third-party distributors and resellers and, as a result, maintains
The following information was taken from the financial statements of Coca-Cola and PepsiCo (dollar amounts in millions). Tax rates for Coca-Cola and Pepsi were 24 percent and 25 percent,
Excerpts from the fiscal 2015 financial report of Cisco Systems, a leading Internet net worker, are provided below (dollars in millions).Review the information, calculate relevant ratios from Figure
Imation, a global technology company, reported the following selected items as part of its 2014 annual report (dollars in millions):Assume a 0 percent tax rate.REQUIRED:Compute the following
The following sales information concerning Johnson & Johnson€™s primary business segments appeared in the company€™s 2014 SEC Form 10-K (dollars in millions).a. Which of the
Excerpts from the 2014 financial report of Intel, a computer-processor manufacturer, are as follows (dollars in millions).Review this information, calculate relevant ratios from Figure
Edgemont Repairs began operations on January 1, 2015. The 2015, 2016, and 2017 financial statements follow:On January 1, 2017, the company expanded operations by taking out a $40,000 long-term loan
The chief executive officer of Ginny€™s Fashions has included the following financial statements in a loan application submitted to Priority Bank. The company intends to acquire additional
You are considering investing in Eli Lilly, a major pharmaceutical company. As part of your investigation of Lilly, you obtained the following balance sheets for the years ended December 31, 2014 and
The 2016 and 2017 financial statements of Ken€™s Sportswear follow:a. Compute all relevant ratios for 2017.b. Prepare common-size financial statements.c. Evaluate the company€™s
Burger chain Shake Shack announced third-quarter 2015 earnings of $6.2 million, on revenues that were over 67 percent higher than those of the same period in the prior year. Earnings per share
You have just been hired as a stock analyst for a large stock brokerage company. Your first assignment is to analyze the performance of Gidley Electronics. The company€™s balance sheet for
The following information was obtained from the 2017 financial reports of Hathaway Toy Company and Yakima Manufacturing:Assume that the only change to shareholders€™ equity during 2017 is
Excerpted financial information from the records of The Gap Inc., a major clothing retailer, follows (dollars in millions):a. Compute the current ratio for each year.b. Compute the gross margin for
Excerpts from the 2014 financial statements for Goodyear are as follows (dollars in millions):* Includes accumulated other comprehensive loss.REQUIRED:Assume that you have some capital to invest and
BC Inc. began operations in early 2015. Summaries of the statements of cash flows for 2017, 2016, and 2015 follow:a. Compute the missing dollar amounts, and briefly comment on the
A retailer is posting strong earnings growth in its bricks-and-mortar business, but its fledgling Internet operation is posting losses. In making their earnings estimates, should Wall Street analysts
The following selected financial information was obtained from the 2017 financial reports of Robotronics Inc. and Technology, Limited:Assume that total assets, total liabilities, and total
Tumwater Canyon Campsites began operations on January 1, 2017. The following information is available at year-end. Assume that all sales were on credit.REQUIRED:Prepare an income statement and the
PLP Corporation began operations on January 1, 2014. The initial investment by the owners was $100,000. The following information was extracted from the company€™s records.a. Compute the
Bob Cleary, the controller of Mountain-Pacific Railroad, has prepared the financial statements for 2016 and 2017, which follow. The market prices of the company€™s stock as of January 1,
The financial information below was taken from the records of Lotechnic Enterprises. The company pays no dividends.a. Compute the current ratio, the debt/equity ratio, and return on assets for each
Mountain-Pacific Railroad, whose financial statements are presented in P5–9, is interested in comparing itself to the rest of the industry. Bob Cleary, the controller, has obtained the following
Assume Monsanto Company, a leading global chemical manufacturer, enters into the following transactions during 2016.1. Purchased inventory on account.2. Purchased plant machinery by issuing long-term
At the end of 2017, Montvale Associates borrowed $120,000 from the Bayliner Bank. The debt covenant specified that Montvale’s debt/equity ratio could not exceed 1.5:1 during the period of the loan.
Watson Metal Products is planning to expand its operations to France in response to increased demand from the French for quality metal products to use in production processes. Ben Watson, president
The following information refers to the financial records of McDonald€™s Corporation over a three-year period (dollar amounts in millions except share price).a. Compute dividends declared
The following relationships were obtained for Boulder Mineral Company for 2017:Current ratio .............................................................................3:1Inventory turnover
Merck, a major pharmaceutical, generated $11.92 million in net income for the year ended December 31, 2014.1. The company declared and paid $5.156 million in dividends during 2014.2. Merck stock was
The June 4, 2007, edition of the Wall Street Journal reported that in 2007 many companies selling stock to the public for the first time—initial public offerings (IPOs)—are not yet profitable.
The operating profits from 2012 to 2014 reported by each of Johnson & Johnson€™s primary business segments are provided below. Sales numbers for each of the segments are provided in
Information about PepsiCo€™s six primary segments is provided on the next page (dollars in millions). The information was taken from the company€™s 2014 SEC Form
The following pages contain the consolidated balance sheets and statements of income and cash flows taken from the 2014 annual report of Eli Lilly, a major pharmaceutical.REQUIRED:Analyze the
Morning star, a firm that evaluates and rates mutual fund performance, published an article on its website discussing a company€™s book value per share (shareholders€™
The following ratios were computed from the financial statements of INSEAD Incorporated:Use the ROE model to analyze these ratios, and comment on the company€™s performance from 2015 to
Obtain and review the 2014 consolidated income statement and balance sheet published by Unilever, which is located online at the Unilever website.REQUIRED:a. Compute the profitability, solvency,
Review the Eli Lilly financial statements contained in ID5-14 and, based on the following assumptions, prepare a simplified 2015 income statement and balance sheet.Sales growth in 2015 is 5
The following ratios were computed from the financial statements of LBS Products:Use the ROE model to analyze these ratios, and comment on the company€™s performance from 2015 to 2017.
Assume that the following financial ratios are calculated for Royals Corporation in 2017:Asset turnover ...........................................0.625Common equity leverage
You can review the Disney SEC Form 10-K by searching for €œDisney Annual Report€ online.REQUIRED:a. Review the Disney SEC Form 10-K and analyze the financial statements by
Selected financial information appearing in the SEC Form 10-K for Johnson & Johnson is reported below (dollars in millions).
In respect of each of the following transactions, state in which two accounts an entry must be made and whether the entry is a debit or a credit. (For example, if the transaction were buying
The Minute Stop Market has one pump for gasoline, which can service 10 customers per hour (Poisson distributed). Cars arrive at the pump at a rate of 5 per hour (Poisson distributed). a.
The hand in FIGURE Q7.13 is pushing on the back of block A. Blocks A and B, with mB 7 mA, are connected by a massless string and slide on a frictionless surface. Is the force of the string on B
You are conducting a study of students doing work-study jobs on your campus. Among the question on the survey instrument are A. How many hours are you scheduled to work each week? Answer
A bond payable is dated January 1, 2014, and is issued on that date. The face value of the bond is $100,000, and the face rate of interest is 8%. The bond pays interest semiannually. The bond will
Bonds payable are dated January 1, 2014, and are issued on that date. The face value of the bonds is $100,000, and the face rate of interest is 8%. The bonds pay interest semiannually. The bonds
On March 31, 2014, Sammonds Inc. issued $250,000 face value bonds at a discount of $7,000. The bonds were retired at their maturity date, March 31, 2024.RequiredAssuming that the last interest
On January 1, 2014, Deng Company purchased an asset for $100,000. For financial accounting purposes, the asset will be depreciated on a straight-line basis over five years with no residual value at
On January 1, 2014, Kunkel Corporation purchased an asset for $32,000. Assume that this is the only asset owned by the corporation. Kunkel has decided to use the straight-line method to depreciate
On January 1, 2014, Whitefeather Industries issued 300, $1,000 face value bonds. The bonds have a five-year life and pay interest at the rate of 10%. Interest is paid semiannually on July 1 and
Berol Corporation sold 20-year bonds on January 1, 2014. The face value of the bonds was $100,000, and they carry a 9% stated rate of interest, which is paid on December 31 of every year. Berol
Nash Company has the following accounts among the items on its balance sheet at December 31, 2014:Common Stock, $10 par, 10,000 shares authorized, 9,000 issued, 8,000 outstanding Preferred Stock,
Kebler Company was incorporated as a new business on January 1, 2014. The corporate charter approved on that date authorized the issuance of 2,000 shares of $100 par, 7% cumulative, nonparticipating
Horace Company had the following transactions during 2014, its first year of business.a. Issued 5,000 shares of $5 par common stock for cash at $15 per share.b. Issued 7,000 shares of common stock
At December 31, 2014, Green Company and Blue Company have identical amounts of common stock and retained earnings as follows:Common Stock, $10 par, 50,000 shares authorized, 9,000 issued, 9,000
The Stockholders’ Equity category of Bradford Company’s balance sheet on January 1, 2014, appeared as follows:Common stock, $10 par, 10,000 sharesissued and
The Stockholders’ Equity category of Little Joe’s balance sheet on January 1, 2014, appeared as follows:Common stock, $5 par, 40,000 shares issuedand
The Stockholders’ Equity category of Jackson Company’s balance sheet as of January 1, 2014, appeared as follows:Preferred stock, $100 par, 8%, 2,000 sharesissued and
The Stockholders’ Equity category of Worthy Company’s balance sheet as of January 1, 2014, appeared as follows:Common stock, $10 par, 40,000 sharesissued and
Glendive Corp. is in the process of preparing its statement of cash flows for the year ended June 30, 2014. An income statement for the year and comparative balance sheets are as follows:
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 that it must grow if it is going
The following transactions are for Weber Corporation in 2014:a. On March 1, the corporation was organized and received authorization to issue 5,000 shares of 8%, $100 par value preferred stock and
Jim Brock was an accountant with Hubbard Inc., a large corporation with stock that was publicly traded on the New York Stock Exchange. One of Jim’s duties was to manage the corporate reporting
Refer to all of the facts in Problem 12-1A.Required1. Using the format in the chapter€™s appendix, prepare a statement of cash flows work sheet.2. Prepare a statement of cash flows for 2014
Refer to all of the facts in Problem 12-1.Required1. Using the format in the chapter€™s appendix, prepare a statement of cash flows work sheet.2. Prepare a statement of cash flows for 2014
Wabash Corp. just completed another successful year, as indicated by the following income statement:
Redstone Inc. has the following debt outstanding on December 31, 2014: 10% bonds payable, due 12/31/18 $500,000
Peoria Corp. just completed another successful year, as indicated by the following income statement:
Refer to all of the facts in Problem 12-3A.Required1. Prepare a statement of cash flows for 2014 using the indirect method in the Operating Activities section.2. On the basis of your statement in
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, and Princess Cruises. Classify each of
Refer to all of the facts in Problem 12-3.Required1. Using the format in the chapter€™s appendix, prepare a statement of cash flows work sheet.2. Prepare a statement of cash flows for 2014
The income statement for Astro Inc. for 2014 is as follows:

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