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financial accounting

Questions and Answers of Financial Accounting

Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:Feb. 24. Acquired 2,000 shares of Tett
Huluduey Corporation€™s comparative balance sheet for current assets and liabilities was as follows:Adjust net income of $75,800 for changes in operating assets and liabilities to arrive
IZ Corporation purchased land for $500,000. Later in the year, the company sold a different piece of land with a book value of $250,000 for $280,000. How are the effects of these transactions
Jones Industries received $600,000 from issuing shares of its common stock and $400,000 from issuing bonds. During the year, Jones Industries also paid dividends of $60,000. How are the effects of
Sales reported on the income statement were $225,000. The accounts receivable balance decreased $14,300 over the year. Determine the amount of cash received from customers.
The cost of goods sold reported on the income statement was $185,000. The accounts payable balance increased $8,000, and the inventory balance increased by $11,100 over the year. Determine the
The net income reported on the income statement for the current year was $93,700. Depreciation recorded on store equipment for the year amounted to $31,200. Balances of the current asset and current
The net income reported on the income statement for the current year was $214,000. Depreciation recorded on equipment and a building amounted to $99,300 for the year. Balances of the current asset
An analysis of the general ledger accounts indicates that office equipment, which cost $245,000 and on which accumulated depreciation totaled $112,500 on the date of sale, was sold for $105,900
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows: ACCOUNT Land ACCOUNT NO. Balance Debit Debit Credit Date Item
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy Co., Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States, while
Financial information for Apple Inc. (AAPL), The Coca-Cola Company (KO), and Verizon Communications (VZ) follows (in millions):a. Compute the free cash flow for each company.b. Compute the ratio of
Aeropostale, Inc. (AROPQ) is a specialty retailer of casual apparel and accessories for teens. Recently, the company declared bankruptcy to provide financial protection while attempting to reorganize
The Priceline Group Inc. (PCLN) is a leading provider of online travel reservation services, including brand names Priceline, KAYAK, and OpenTable. Selected cash flow information from the statement
Briefly explain the difference between liquidity, solvency, and profitability analysis.
The comparative accounts payable and long-term debt balances for a company follow.Based on this information, what is the amount and percentage of increase or decrease that would be shown on a balance
Income statement information for Einsworth Corporation follows:Sales ....................................................................$1,500,000Cost of goods sold
The following items are reported on a company’s balance sheet:Cash .....................................................................$225,000Marketable securities
A company reports the following:Sales ...........................................................................................$4,560,000Average accounts receivable (net)
A company reports the following:Cost of goods sold ............................................$500,000Average inventory ................................................62,500Determine(a) The
The following information was taken from Charu Company’s balance sheet:Fixed assets (net) .........................................$910,000Long-term liabilities
A company reports the following:Income before income tax expense .................... $9,100,000Interest expense ...................................................... 650,000Determine the times
A company reports the following:Sales ....................................................................................................$6,750,000Average total assets (excluding long-term
A company reports the following income statement and balance sheet information for the current year:Net income ........................................ $ 424,000Interest expense
A company reports the following:Net income ............................................................................. $1,225,000Preferred dividends .....................................
A company reports the following:Net income .................................................................... $562,000Preferred dividends ......................................................
The following data were taken from the balance sheet of Nilo Company at the end of two recent fiscal years:a. Determine for each year(1) The working capital,(2) The current ratio, and(3) The quick
The following data are taken from the financial statements of Sigmon Inc. Terms of all sales are 2/10, n/45.a. For 20Y2 and 20Y3, determine(1) The accounts receivable turnover and(2) The number of
The following data were extracted from the income statement of Keever Inc.:a. Determine for each year(1) The inventory turnover and(2) The number of days€™ sales in inventory. Round to the
Recent balance sheet information for two companies in the food industry, Mondelez International, Inc. (MDLZ), and The Hershey Company (HSY), is as follows (in thousands):a. Determine the ratio of
Three major segments of the transportation industry are motor carriers, such as YRC Worldwide (YRCW); railroads, such as Union Pacific (UNP); and transportation logistics services, such as C.H.
Ralph Lauren Corporation (RL) sells apparel through company-owned retail stores. Financial information for Ralph Lauren follows (in thousands):Assume the apparel industry average return on total
The condensed income statements through operating income for Amazon.com, Inc. (AMZN), Best Buy Co., Inc. (BBY), and Wal-Mart Stores, Inc. (WMT), for a recent fiscal year follow (in millions):1.
The following table shows the stock price, earnings per share, and dividends per share for Alphabet Inc. (GOOG), PepsiCo, Inc. (PEP), and Caterpillar Inc. (CAT) for a recent year:1. For each company,
Deere & Company (DE) manufactures and distributes farm and construction machinery that it sells around the world. In addition to its manufacturing operations, Deere€™s credit division
Rodgers Industries Inc. completed its fiscal year on December 31. Near the end of the fiscal year, the company’s internal audit department determined that an important internal control procedure
Fully depreciated equipment costing $50,000 was discarded. What was the effect of the transaction on cash flows if(a) $15,000 cash is received for the equipment, and(b) No cash is received for the
BB&T Corporation (BBT) and Regions Financial Corporation (RF) are large regional banking companies. The net income and average common shares outstanding for both companies were reported in recent
Caterpillar Inc. (CAT) is the world€™s leading manufacturer of construction and mining equipment. In addition, Birinyi Associates identified Caterpillar as one of the top five companies to
Pacific Gas and Electric Company (PCG) is a large gas and electric utility operating in northern and central California. Three recent years of financial data for Pacific Gas and Electric are as
Bank of America Corporation (BAC) and Wells Fargo & Company (WFC) are two large financial services companies. The following data (in millions) were taken from a recent year€™s financial
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Wal-Mart (WMT) is the largest retailer in the United States. Amazon and Wal-Mart compete in similar markets; however,
Mystic Lake Inc. bottles and distributes spring water. On July 9 of the current year, Mystic Lake reacquired 60,000 shares of its common stock at $42 per share. On September 22, Mystic Lake sold
Selected transactions completed by Canyon Ferry Boating Corporation during the current fiscal year are as follows:Jan. 8. Split the common stock 2 for 1 and reduced the par from $100 to $50 per
The declaration, record, and payment dates in connection with a cash dividend of $1,425,000 on a corporation’s common stock are July 9, August 31, and October 1. Journalize the entries required on
Professional Products Inc., a wholesaler of office products, was organized on February 5 of the current year, with an authorization of 50,000 shares of preferred 2% stock, $60 par and 1,000,000
Seventy-Two Inc., a developer of radiology equipment, has stock outstanding as follows: 60,000 shares of cumulative preferred 2% stock, $60 par and 300,000 shares of $20 par common. During its first
On January 22, Jefferson County Rocks Inc., a marble contractor, issued for cash 210,000 shares of $30 par common stock at $34, and on February 27, it issued for cash 15,000 shares of preferred
On November 23, Elder Lift Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 14,200 shares of $25 par common stock with a current market price of $34. Journalize the entry
Noric Cruises Inc. began the month of October with the following balances: Common Stock, $150,000; Additional Paid-In Capital, $3,225,000; and Retained Earnings, $12,400,000. During June, Noric
On May 27, Hydro Clothing Inc. reacquired 65,000 shares of its common stock at $6 per share. On August 3, Hydro Clothing sold 48,000 of the reacquired shares at $9 per share. On November 14, Hydro
Alpine Energy Corporation has 1,500,000 shares of $10 par common stock outstanding. On August 2, Alpine Energy declared a 5% stock dividend to be issued October 8 to stockholders of record on
The declaration, record, and payment dates in connection with a cash dividend of $375,000 on a corporation’s common stock are October 1, November 7, and December 15. Journalize the entries
On January 22, Zentric Corporation issued for cash 160,000 shares of no-par common stock at $8. On February 14, Zentric issued at par value 45,000 shares of preferred 2% stock, $50 par for cash. On
Zero Calories Company has 15,000 shares of cumulative preferred 1% stock, $50 par and 100,000 shares of $10 par common stock. The following amounts were distributed as dividends:20Y1
The following table shows the sales and average book value of fixed assets for three different companies from three different industries for a recent year:a. For each company, determine the fixed
Valley Designs issued a 120-day, 6% note for $80,000 dated April 20 to Bork Furniture Company on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c.
For two recent years, Robinhood Company reported the following:a. Determine the accounts receivable turnover for 20Y9 and 20Y8. Round answers to one decimal place.b. Determine the days€™
Three companies that compete in the athletic and activewear market segment are Nike, Inc. (NKE), lululemon athletica inc. (LULU), and Under Armour, Inc. (UAA). Nike is the largest designer and seller
The following data were gathered to use in reconciling the bank account of Reddan Company:Balance per bank ..............................................................$25,750Balance per company
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $500.b. The amount of cash in the petty cash fund is $85. Issued a check to replenish the fund,
Financial statement data for years ending December 31 for Newton Company follow:Determine the days€™ cash on hand for 20Y8 and 20Y9. Round all calculations to one decimal place. 20Υ9
The actual cash received from cash sales was $83,452, and the amount indicated by the cash register total was $83,480. Journalize the entry to record the cash receipts and cash sales.
The actual cash received from cash sales was $315,280, and the amount indicated by the cash register total was $315,150. Journalize the entry to record the cash receipts and cash sales.
An accounting clerk for Chesner Co. prepared the following bank reconciliation:a. From the data in this bank reconciliation, prepare a new bank reconciliation for Chesner Co., using the format shown
Journalize the entries to record the following:a. Check No. 12-375 is issued to establish a petty cash fund of $500.b. The amount of cash in the petty cash fund is now $40. Check No. 12 476 is issued
The cash account for Pala Medical Co. at June 30, 20Y1, indicated a balance of $166,436. The bank statement indicated a balance of $195,688 on June 30, 20Y1. Comparing the bank statement and the
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in
J. C. Penney Company, Inc. (JCP) and Macy€™s, Inc. (M) are large department store chains in the United States. Information from recent annual reports for both companies is as follows (in
Apache Corporation (APA) is an independent energy company that explores, develops, and produces oil and gas products. Apache operates worldwide, including in the United States, Canada, and the North
Krispy Kreme Doughnuts, Inc. (KKD) is a leading retailer and wholesaler of doughnuts. Krispy Kreme owns or franchises more than 1,100 stores where the €œhot€ light tells you if
In teams, select a public company that interests you. Obtain the company’s most recent annual report on Form 10-K. The Form 10-K is a company’s annually required filing with the Securities and
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:Mar. 17. Received $275 from Shawn McNeely and wrote off the remainder owed of $1,000 as
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Bad debt
At the end of the current year, Accounts Receivable has a balance of $4,375,000; Allowance for Doubtful Accounts has a debit balance of $21,300; and sales for the year total $102,480,000. Using the
The Boeing Company (BA) is one of the world’s major aerospace firms with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle
MGM Resorts International (MGM) owns and operates hotels and casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of a recent year, MGM reported accounts receivable of
Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:May 24. Sold
Creative Solutions Company, a computer consulting firm, has decided to write off the $13,780 balance of an account owed by a customer, Wil Treadwell. Journalize the entry to record the write off,
At the end of the current year, the accounts receivable account has a debit balance of $1,835,000 and sales for the year total $25,690,000. Determine the amount of the adjusting entry to provide for
During its first year of operations, Mack’s Plumbing Supply Co. had sales of $6,740,000, wrote off $48,600 of accounts as uncollectible using the direct write-off method, and reported net income of
Using the data in Exercise 8-15, assume that during the second year of operations Mack’s Plumbing Supply Co. had sales of $7,450,000, wrote off $52,000 of accounts as uncollectible using the direct
Ralph Lauren Corporation (RL) designs, markets, and distributes a variety of apparel, home dÃ©cor, accessory, and fragrance products. The company€™s products include such brands
L Brands, Inc. (LB) sells women€™s clothing and personal health care products through specialty retail stores including Victoria€™s Secret and Bath & Body Works stores. L
DISH Network Corporation (DISH) provides satellite-based entertainment services to residential and business customers. Services are billed and collected on a monthly basis. DISH Network reported the
A building acquired at the beginning of the year at a cost of $2,200,000 has an estimated residual value of $400,000 and an estimated useful life of 20 years. Determine(a) The depreciable cost,(b)
A truck acquired at a cost of $80,000 has an estimated residual value of $8,000, has an estimated useful life of 200,000 miles, and was driven 18,000 miles during the year. Determine(a) The
A building acquired at the beginning of the year at a cost of $3,585,000 has an estimated residual value of $125,000 and an estimated useful life of 50 years. Determine(a) The double-declining
Equipment with a cost of $240,000 has an estimated residual value of $18,600, has an estimated useful life of 12 years, and is depreciated by the straight-line method.(a) Determine the amount of the
On April 1, a patent with an estimated useful economic life of 12 years was acquired for $1,500,000.In addition, on December 31, it was estimated that goodwill of $6,000,000 was impaired.a. Record
Tri-City Ironworks Co. reported $65,500,000 for equipment and $33,415,000 for accumulated depreciation— equipment on its balance sheet. Does this mean(a) That the replacement cost of the equipment
A refrigerator used by a wholesale warehouse has a cost of $82,000, an estimated residual value of $6,200, and an estimated useful life of 8 years. What is the amount of the annual depreciation
A diesel-powered tractor with a cost of $120,000 and an estimated residual value of $16,400 is expected to have a useful operating life of 28,000 hours. During April, the tractor was operated 150
A storage tank acquired at the beginning of the fiscal year at a cost of $90,000 has an estimated residual value of $12,000 and an estimated useful life of 25 years. Determine the following:(a) The
A building with a cost of $1,800,000 has an estimated residual value of $125,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method.(a) What is the amount of
Equipment acquired on January 8 at a cost of $212,000 has an estimated useful life of 15 years, has an estimated residual value of $14,000, and is depreciated by the straight-line method.a. What was
Apple Inc. (AAPL) designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod), mobile phones (iPhone), and smartwatches
Amazon.com, Inc. (AMZN) is the world€™s leading Internet retailer of merchandise and media. Amazon also designs and sells electronic products, such as e-readers. Netflix, Inc. (NFLX) is one
Alaska Air Group (ALK), Delta Air Lines (DAL), and Southwest Airlines (LUV) reported the following financial information (in millions) in a recent year:a. Determine the fixed asset turnover ratio

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