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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Use the information in Problem 1-3A to prepare the current year-end balance sheet for Armani Company.Data from Problem 1-3AAs of December 31 of the current year, Armani Company’s records show the
Following is selected financial information of Kia Company for the current year ended December 31.RequiredPrepare the statement of cash flows for Kia Company for the current year ended December 31.
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.Required1. Create the following
Sanyu Sony started a new business and completed these transactions during December.Required1. Create the following table similar to Exhibit 1.9. Use additions and subtractions within the table to
Use the information in Problem 1-3B to prepare the statement of retained earnings for Audi Company for the current year ended December 31.Data from Problem 1-3BAs of December 31 of the current year,
Use the information in Problem 1-3B to prepare the current year-end balance sheet for Audi Company.Data from Problem 1-3BAs of December 31 of the current year, Audi Company’s records show the
Selected financial information of Banji Company for the current year ended December 31 follows.RequiredPrepare the statement of cash flows for Banji Company for the current year ended December 31.
Neva Nadal started a new business, Nadal Computing, and completed the following transactions during its first year of operations.a. Neva Nadal invested $90,000 cash and equipment valued at$10,000 in
Key financial figures for Apple’s two most recent fiscal years follow.Required1. What is the total amount of assets invested in Apple in the current year?2. What is Apple’s return on assets for
Tata Company began operations on January 1 and completed the following transactions. For each transaction,(a) Analyze the transaction using the accounting equation,(b) Record the journal entry(c)
Prepare a trial balance for Accel using the following information from its current year ended December 31.
Jasmine Worthy started a haircutting business called Expressions.The following events occurred during its first month.Required1. Prepare general journal entries for the transactions. Account numbers
Amalia Company received its utility bill for the current period of $700 and immediately paid it. Its journal entry to record this transaction includes aa. Credit to Utility Expense for
On May 1, Ruby Lawn Service collected $2,500 cash from a customer in advance of five months of lawn service. Ruby’s journal entry to record this transaction includes aa. Credit to Unearned Revenue
Bon Company has total assets of $1,000,000, liabilities of $400,000, and equity of $600,000. What is its debt ratio?a. 250%b. 167%c. 67%d. 150%e. 40%
A chart of accounts is a list of all ledger accounts and an identification number for each. One example of a chart of accounts is near the end of the book on pages CA and CA-1. Using that chart,
Determine the ending balance of each of the following T-accounts.
For each transaction,(1) Analyze the transaction using the accounting equation,(2) Record the transaction in journal entry form, and(3) Post the entry using T-accounts to represent ledger
Prepare general journal entries for the following transactions of Green Energy Company. Use the following partial chart of accounts: Cash; Accounts Receivable; Supplies; Accounts Payable; Consulting
A trial balance has total debits of $20,000 and total credits of $24,500.Which one of the following errors would create this imbalance?a. A $2,250 debit to Utilities Expense in a journal entry was
Indicate the financial statement on which each of the following items appears: income statement, statement of retained earnings, or balance sheet.a. Services Revenueb. Interest Payablec. Accounts
Order the following steps in the accounting process that focus on analyzing and recording transactions.a. Prepare and analyze the trial balance.b. Analyze each transaction from source documents.c.
For each of the following,(1) Identify the account as an asset, liability, equity, revenue, or expense;(2) Identify the normal balance of the account; and(3) Enter debit or credit to identify the
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment:(1) $10,000 cash,(2) $80,000 of equipment, and(3) $28,000 note payable owed on
Prepare general journal entries for the following transactions of Sustain Company.
Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; Common
A company had the following assets and liabilities at the beginning and end of this year.Determine net income or net loss for the business during the year for each of the following separate cases.a.
Identify the following users of accounting information as either an (a) External(b) Internal user.1. Regulator 2. CEO 3. Shareholder 4. Marketing manager 5. Executive employee 6. External
Part 1: Use the accounting equation to compute the missing financial statement amounts.Part 2: Use the expanded accounting equation to compute the missing financial statement amounts.
Assume Tata Company began operations on January 1 and completed the following transactions during its first month of operations. Show the effects of each transaction in a table like Exhibit 1.9.Data
Prepare the(a) Income statement,(b) Statement of retained earnings, and(c) Balance sheet for Accel using the following information from its current year ended December 31.
Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month of business.Required1. Show the effects of each transaction in a table like
A building is offered for sale at $500,000 but is currently assessed at $400,000. The purchaser of the building believes the building is worth $475,000, but ultimately purchases the building for
On December 30 of the current year, KPMG signs a $150,000 contract to provide accounting services to one of its clients in the next year. KPMG has a December 31 year-end. Which accounting principle
Brunswick borrows $50,000 cash from Third National Bank. How does this transaction affect the accounting equation for Brunswick?a. Assets increase by $50,000; liabilities increase by $50,000; no
If the assets of a company increase by $100,000 during the year and its liabilities increase by $35,000 during the same year, then the change in equity of the company during the year must have been
Identifying principles, assumptions, and constraints. Identify each of the following as an accounting Principle, Assumption, or Constraint.1. Full disclosure 2. Time period 3. Going-concern 4.
Identify the accounting principle or assumption that best explains each situation.1. In December of this year, Chavez Landscaping received a customer’s order and cash prepayment to install sod at a
What does the concept of objectivity imply for information reported in financial statements?
What does the concept of objectivity imply for information reported in financial statements?
The following data relate to the operations of Slick Software, Inc., during 2024:Instructionsa. Prepare a condensed income statement for 2024, including earnings per share figures. Slick Software,
Joy Sun organized Ray Beam, Inc., in January 2021. The corporation immediately issued at $15 per share one-half of its 260,000 authorized shares of $1 par value common stock. On January 2, 2022, the
Presler Company declared a 2-for-1 stock split on its common stock in order to intentionally reduce the market value of its stock so that it would be an attractive investment for a larger set of
Last month, Hildebrand Corporation generated sales of $512,000 and incurred selling and administrative expenses of $256,000, of which half were variable. This month, the company estimates that it
Van Wagoner Corporation has multiple facilities across the United States. Management evaluates each facility based on the capital turnover ratio using the DuPont system. The following information
Rico Petricelli Industries invests $1,200,000 in a new plant asset with an estimated 15-year service life and no salvage value. These assets contribute $160,000 to annual net income when depreciation
Pete Nunn is trying to decide whether to go ahead with an investment opportunity that costs $90,000. The expected incremental cash inflows are $45,000, while the expected incremental cash outflows
Suppose Fenner Manufacturing is considering the sale of a cutting machine that initially cost $40,000 and had a five-year economic life with no salvage value. The machine will be sold after taking
Early in 2020, Herndon Industries was formed with authorization to issue 250,000 shares of $10 par value common stock and 30,000 shares of $100 par value cumulative preferred stock. During 2020, all
Early in 2022, Teek Corporation was formed with authorization to issue 50,000 shares of $3 par value common stock. All shares were issued at a price of $10 per share. The corporation reported net
Shown as follows are data relating to the operations of Beach, Inc., during 2024:Instructionsa. Prepare a condensed income statement for 2024, including earnings per share figures. Beach, Inc., had
Chang Corporation produces a large number of fishing products. The costs per unit of a particular sonar depth finder are as follows:The company recently decided to buy 1,000 similar depth finders
The following information was developed from the financial statements of Donelson, Inc. At the beginning of 2024, the company’s former supplier went bankrupt, and the company began buying
Vermont Sensations makes blueberry jam and blueberry syrup. Both products come out of a joint process costing $30,000 per year. The sales value of the blueberry jam is $15,000 per year. The sales
A company regularly sells 50,000 sump pumps at an average price of $300. The average cost of producing these pumps is $230, which includes both fixed and variable cost elements. Under what
Early in 2020, Laird Industries was formed with authorization to issue 150,000 shares of $20 par value common stock and 10,000 shares of $100 par value cumulative preferred stock. During 2020, all
Beverley Products has two divisions—Residential Products and Commercial Products. Cost and revenue data for each division for the current month are as follows:In addition, fixed costs that are
Nicholls Produce has two product lines—fresh and frozen. Cost and revenue data for each product line for the current month are as follows:In addition to the costs shown, the company incurs monthly
Darby Press publishes two lines of books—fiction and nonfiction. Cost and revenue data for each product line for the current month are as follows:In addition to the costs shown, the company incurs
Expected quarterly unit sales of cured hams at Rod’s Meat World are 1,500, 2,200, 1,800, and 1,200 for the next 2 years. At the start of the current year, cured ham inventory on hand is 180 units.
FlagStone Brewery’s flexible budget estimates are $118,400, $123,200, and $128,000 to manufacture 8,000, 9,000, and 10,000 gallons of beer, respectively, next quarter. What are the variable and
On October 1, 2024, Jenco signed a four-year, $100,000 note payable to Vicksburg State Bank in conjunction with the purchase of equipment. The note calls for interest at an annual rate of 12 percent
Xonic Corporation issued $8 million of 20-year, 8 percent bonds on April 1, 2024, at 102. Interest is paid on March 31 and September 30 of each year, and all of the bonds in the issue mature on March
On September 1, 2024, Speedy Lube signed a 30-year, $1,080,000 mortgage note payable to Jonstown Bank and Trust in conjunction with the purchase of a building and land. The mortgage note calls for
On September 1, 2024, Evansville Lumber Company issued $80 million in 20-year, 10 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are
On March 31, 2024, Gardner Corporation received authorization to issue $50,000 of 9 percent, 30-year bonds payable. The bonds pay interest on March 31 and September 30. The entire issue was dated
Early in 2021, Searfoss, Inc., was organized with authorization to issue 2,000 shares of $100 par value preferred stock and 300,000 shares of $1 par value common stock. Five hundred shares of the
The following are selected items from the accounting records of Georgia Peach, Inc., for the year ended December 31, 2024:Other Information1. The note payable to Smithfield Bank is due in 60 days.
Early in 2021, Robbinsville Press was organized with authorization to issue 100,000 shares of $100 par value preferred stock and 500,000 shares of $1 par value common stock. Ten thousand shares of
Mellilo Corporation issued $5 million of 20-year, 9.5 percent bonds on July 1, 2024, at 98. Interest is due on June 30 and December 31 of each year, and all of the bonds in the issue mature on June
On September 1, 2024, Rodriguez Plumbing Company issued $5 million in 10-year, 12 percent bonds payable. Interest is payable semiannually on March 1 and September 1. Bond discounts and premiums are
Best Buy reports in a recent balance sheet that the company has $1,253 million long-term debt outstanding. Included in that amount is a $500 million debt issue due October 1, 2028, that has an
Anderson, Inc., has several pieces of highly specialized equipment. Management has determined that one piece of high-tech equipment needs to be replaced, even though it is still in good working
Stevens Manufacturing Company obtained authorization to issue 10-year bonds with a face value of $5 million. The bonds are dated June 1, 2024, and have a contract rate of interest of 6 percent. They
Green Mountain Power Company obtained authorization to issue 20-year bonds with a face value of $10 million. The bonds are dated May 1, 2024, and have a contract rate of interest of 10 percent. They
Lorenzo Company borrowed $12,000 on a 1-year, 5 percent note payable from the local bank on April 1. Interest was paid quarterly, and the note was repaid one year from the time the money was
A recent annual report of the Kraft Heinz Company reveals the following information (dollar amounts are stated in millions):a. Compute Kraft Heinz’s inventory turnover for the year (round to
Swindall Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year. On January 11, 2020, the
Rodham, Inc., reported sales, cost of goods sold, and inventory figures for last year and the current year as follows (all dollars in thousands):What is the amount of inventory turnover for each
The following percentages were computed using figures from recent annual reports of a large grocery store chain (Wolf Market) and a provider of telecommunication services (Martin Telecom).Explain why
On August 3, Franko Construction purchased special-purpose equipment at a cost of $1,000,000. The useful life of the equipment was estimated to be eight years, with an estimated residual value of
The Gerde Clinic, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report:Gerde’s statement of
The Cash account of Renfro Corporation showed a balance of $21,749 at December 31 prior to preparing a bank reconciliation. The company’s bank statement showed a balance of $22,000 at the same
Bryant Company purchased equipment for $27,500. It depreciated the equipment over a 5-year life by the double-declining-balance method until the end of the second year, at which time the asset was
Navis, Inc., has a liberal return policy that allows its customers to return any purchase within 30 days without question. While following this policy results in more returns than are normal in the
Aluras, Inc., engaged in the following during the current year:Purchased 1,000 shares of Zepher Co. at $40 per share and paid a commission on the purchase of $2,000.Sold 100 shares of Zepher Co. at
The balance sheet items of The Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2024:The transactions occurring during the first week of October
Ferguson Bike Shop records inventory purchases as net of available cash discounts and follows a standard practice of taking all discounts for early payment offered by its suppliers. The company made
The income statement of Walmart reports net sales of $559,151 million and cost of goods sold of $420,315 million for the year ended January 31, 2021. The comparable sales and cost of goods sold
Kolton Company purchased items of inventory as follows:Dec. 2 50 units @ $20Dec. 12 12 units @ $21Kolton sold 15 units on December 20. Determine the cost of goods
Yelich Inc. reports annual credit sales of $1,800,000. Its accounts receivable throughout the year averaged $150,000.a. Compute the company’s accounts receivable turnover rate.b. Compute the
The following account balances were taken from Monarch Corporation’s year-end adjusted trial balance (assume these are the company’s only temporary accounts).Prepare the company’s necessary
Kids, Inc., is a wholesaler of toys and games. Kid’s sales for a recent year were $870,000. Kids, Inc., offers a 2 percent discount to its customers for payment within 10 days. During the year,
Frisbee Hardware purchased inventory for $100,000 that was held in inventory until it was sold later in the year for $135,000.a. Calculate the impact on cash of these transactions, assuming Frisbee
Explain what is meant by a sales discount. How do sales discounts affect the amount of net sales?
On January 1, Escobar Supply’s inventory account had a beginning balance of $7,740,000. Escobar engaged in the following transactions during the year:1. Purchased merchandise inventory for
Marion Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December 31, year 1, totaled $300,000. Salaries earned by Marion’s employees from January 1 through
The Greenville Cruisers, a professional roller derby team, prepares financial statements on a monthly basis. The roller derby season begins in February, but in January, the team engaged in the
The balance sheet items of The Sweet Shop (arranged in alphabetical order) were as follows at the close of the business on September 30, 2024.The transactions occurring during the first week of
During the current year, the total assets of Greenville Corporation decreased by $90,000 and total liabilities decreased by $310,000. The company issued $100,000 of new stock, and its net income for

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