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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Identify each of the following accounts as a component of assets (A), liabilities (L), or equity (E).a. Cash and cash equivalentsb. Wages payablec. Common stocke. Long-term debtd. Equipmentf.
Use your knowledge of accounting relations to complete the following table for Boatsman Company. Beginning retained earnings..... Net income (loss).... Dividends ..... Ending retained earnings...
Following is financial information from Johnson & Johnson for the year ended December 30, 2012. Prepare the retained earnings reconciliation for Johnson & Johnson for the year ended December
Wasley Corp., a start-up company, provided services that were acceptable to its customers and billed those customers for $ 350,000 in 2012 . However, Wasley collected only $ 280,000 cash in 2012 ,
Report the effects for each of the following transactions using the financial statement effects template.a. Issue stock for $ 1,000 cash.b. Purchase inventory for $ 500 cash.c. Sell inventory in
Barth Company reports the following year-end account balances at December 31, 2013. Prepare the 2013 income statement and the balance sheet as of December 31, 2013. Accounts payable... Accounts
Baiman Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $ 40,000 for January sales. Its employees also earn January wages of $
M.E. Carter launched a professional services firm on March 1. The firm will prepare financial statements at each month-end. In March (its first month), Carter executed the following transactions.
Enter the effects of each of the transactions \(a\) through \(g\) from Exercise 2-29 using the financial statement effects template shown in the module.Exercise 2-29M.E. Carter launched a
Following are selected accounts for Staples, Inc., for the fiscal year ended February 2, 2013.a. Indicate whether each account appears on the balance sheet (B) or income statement (I).b. Using the
Following are selected accounts for Target Corporation, for the fiscal year ended February 2, 2013.a. Indicate whether each account appears on the balance sheet (B) or income statement (I).b. Using
Following are selected income statement and balance sheet data from two retailers: Abercrombie & Fitch (clothing retailer in the high-end market) and TJX Companies (clothing retailer in the value
Following are selected income statement and balance sheet data from two computer competitors: Apple and Dell, for the fiscal years ended September 29, 2012 and February 1, 2013, respectively.a.
Following are selected income statement and balance sheet data for two communications companies: Comcast and Verizon, for the year ended December 31, 2012.a. Express each income statement amount as a
Use the data and computations required in parts (a) and (b) of exercises E2-33 and E2-34 to compare TJX Companies and Apple Inc.a. Compare gross profit and net income as a percentage of sales for
Record the effect of each of the following transactions for Hora Company using the financial statement effects template.a. Wages of $ 500 are earned by employees but not yet paid.b. $ 2,000 of
Sefcik Company began operations on the first of October. Following are the transactions for its first month of business.1. S. Sefcik launched Sefcik Company and invested $ 50,000 into the business in
Following are selected transactions of Mogg Company. Record the effects of each using the financial statement effects template.1. Shareholders contribute $ 10,000 cash to the business in exchange for
Following are selected income statement and balance sheet data for companies in different industries.Requireda. Compute the following ratios for each company.1. Gross profit/Sales 2. Net income/Sales
Following are selected accounts from the income statement and the statement of cash flows for several retailers, for their fiscal years ended in 2013.Requireda. Compute the ratio of net income to
Following is the statement of cash flows for Wal-Mart Stores, Inc,Requireda. Why does Wal-Mart add back depreciation to compute net cash flows from operating activities?b. Explain why the increase in
Following is the statement of cash flows for Verizon.Requireda. Why does Verizon add back depreciation to compute net cash flows from operating activities? What does the size of the depreciation
Hanlon Advertising Company began the current month with the following balance sheet.Following are summary transactions that occurred during the current month.1. The company purchased supplies for $
Petroni Company reports the following selected results for its current calendar year.Requireda. Prepare the operating section only of Petroni Company's statement of cash flows for the year.b. Does
Werner Realty Company began the month with the following balance sheet.Following are summary transactions that occurred during the current month.1. The company purchased $ 6,000 of supplies on
Following are selected income statement and balance sheet data from two European grocery chain companies: Tesco PLC (UK) and Ahold (The Netherlands).Requireda. Prepare a common-sized income
Following is the statement of cash flows for AstraZeneca, a multinational pharmaceutical conglomerate, headquartered in London, UK. The company uses IFRS for its financials and provides a conversion
Consider the operating cycle as depicted in Exhibit 2.4, to answer the following questions.a. Why might a company want to reduce its cash conversion cycle?b. How might a company reduce its cash
Revenue should be recognized when it is earned and expense when incurred. Given some lack of specificity in these terms, companies have some latitude when applying GAAP to determine the timing and
What is the purpose of a general journal?
What four different types of adjustments are frequently necessary before financial statements are prepared at the end of an accounting period? Give at least one example of each type.
On January 1, Prepaid Insurance was debited for \(\$ 1,896\) related to the cost of a two-year premium, with coverage beginning immediately. How should this account be adjusted on January 31 before
At the beginning of January, the first month of the accounting year, the Supplies account (asset) had a debit balance of \(\$ 875\). During January, purchases of \(\$ 260\) worth of supplies were
The publisher of Accounting View, a monthly magazine, received \$9,768 cash on January 1 for new subscriptions covering the next 24 months, with service beginning immediately. (a) Use the financial
Refer to Question Q3-7. Prepare journal entries for the receipt of cash and the delivery of the magazines.Question Q3-7
Trombley Travel Agency pays an employee \(\$ 950\) in wages each Friday for the five-day work week ending on Friday. The last Friday of January falls on January 27. How should Trombley Travel Agency
The Basu Company earns interest amounting to \(\$ 720\) per month on its investments. The company receives the interest revenue every six months, on December 31 and June 30. Monthly financial
What types of accounts are closed at the end of the accounting year? What are the three major steps in the closing process?
DeFond Services, a firm providing art services for advertisers, began business on June 1. The following accounts are needed to record the transactions for June: Cash; Accounts Receivable; Supplies;
Refer to the information in M3-12. Prepare a journal entry for each transaction. Create a T-account for each account, and then post the journal entries to the T-accounts (use dates to reference each
Verrecchia Company, a cleaning services firm, began business on April 1. The company created the following accounts to record the transactions for April: Cash; Accounts Receivable; Supplies; Prepaid
Refer to the information in M3-14. Prepare a journal entry for each transaction. Create a T-account for each account, and then post the journal entries to the T-accounts (use dates to reference each
Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January 1, Schrand collected $ 26,100 cash in advance on a six-month contract for work to be performed
Refer to the information in M3-16. Prepare a journal entry for each of parts (a, b), and (c).Q3-16Schrand Services offers janitorial services on both a contract basis and an hourly basis. On January
Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of January 31, before any accounts have been adjusted.Piotroski Properties prepares monthly financial
Refer to the information in M3-18. Prepare journal entries for each of parts (a) through (e).Q3-18Selected accounts of Piotroski Properties, a real estate management firm, are shown below as of
Foot Locker, Inc., a retailer of athletic footwear and apparel, operates 3,335 stores in the United States, Foot Locker, Inc. (FL) Canada, Europe, Australia, and New Zealand. During its fiscal year
Refer to the information in M3-20. Prepare journal entries for each of parts \(a, b\) and \(c\).Q3-20Foot Locker, Inc., a retailer of athletic footwear and apparel, operates 3,335 stores in the
On December 31, 2012, the accounts of Leuz Architect Services showed credit balances in its Common Stock and Retained Earnings accounts of \(\$ 30,000\) and \(\$ 18,000\), respectively The companys
The adjusted trial balance at May 26, 2013, for General Mills includes the following selected accounts. General Mills (GIS)Assume that the company has not yet closed any accounts to retained
Lowe's is the second-largest home improvement retailer in the world with 1,754 stores. During its fiscal year ended in 2013, Lowe's purchased merchandise inventory at a cost of $ 33,439 $ millions).
The adjusted trial balance as of December 31 for Hanlon Consulting contains the following selected accounts.Prepare entries to close these accounts in journal entry form. Set up T-accounts for each
For each of the following separate situations, prepare the necessary accounting adjustments using the financial statement effects template.a. Unrecorded depreciation on equipment is $ 610.b. The
Refer to the information in E3-26. Prepare journal entries for each accounting adjustment.Q3-26For each of the following separate situations, prepare the necessary accounting adjustments using the
Engel Company closes its accounts on December 31 each year. The company works a five-day work week and pays its employees every two weeks. On December 31 Engel accrued $ 4,700 of salaries payable. On
Refer to the information in E3-28. Prepare journal entries to accrue the salaries in December; close salaries expense for the year; and pay the salaries in January of the following year. Assume that
T. Lys began Thomas Refinishing Service on July 1. Selected accounts are shown below as of July 31, before any accounting adjustments have been made.Using the following information, prepare the
Refer to the information in E3-31. Prepare adjusting journal entries for each transaction. Set up T-accounts for each of the ledger accounts and post the journal entries to them.Q3-31T. Lys began
The GAP is a global clothing retailer for men, women, children, and babies. The following information The Gap, Inc. (GPS) is taken from The Gap's fiscal 2013 annual report.The Gap purchased
Refer to the information in E3-33. Prepare journal entries for each transaction.Q3-33The GAP is a global clothing retailer for men, women, children, and babies. The following information The Gap,
The adjusted trial balance of The GAP, Inc., for fiscal 2013, contains the following selected accounts.Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the
Costco Wholesale Corporation operates membership warehouses selling food, appliances, consumer electronics, apparel and other household goods at 634 locations across the United States as well as in
Refer to the information in E3-36. Prepare journal entries for transactions in parts (a) through (c).Q3-36Costco Wholesale Corporation operates membership warehouses selling food, appliances,
The adjusted trial balance for Beneish Corporation is as follows.a. Prepare Beneish Corporation's income statement and statement of stockholders' equity for year-end December 31, and its balance
The following information relates to December 31 accounting adjustments for Koonce Kwik Print Company. The firm's fiscal year ends on December 31 .1. Weekly salaries for a five-day week total \(\$
Refer to the information in P3-39. Prepare adjustments required at December 31 using journal entries.Q3-39The following information relates to December 31 accounting adjustments for Koonce Kwik Print
The following selected accounts appear in Sloan Company's unadjusted trial balance at December 31, the end of its fiscal year (all accounts have normal balances).Requireda. Prepare Sloan Company's
Refer to the information in P3-41. Prepare journal entries for parts \(a\) and \(b\).Q3-41The following selected accounts appear in Sloan Company's unadjusted trial balance at December 31, the end of
D. Roulstone opened Roulstone Roofing Service on April 1. Transactions for April follow.Apr. 1 Roulstone contributed \(\$ 11,500\) cash to the business in exchange for common stock.2 Paid \(\$
Refer to the information in P3-43.Requireda. Use the financial statement effects template to record the transactions for April.b. Use the financial statement effects template to record the
Pownall Photomake Company, a commercial photography studio, completed its first year of operations on December 31. General ledger account balances before year-end adjustments follow; no adjustments
Refer to the information in P3-45.Requireda. Prepare journal entries to record the accounting adjustments.b. Set up T-accounts for each account and post the journal entries to them.Q3-45Pownall
BensEx, a mailing service, has just completed its first year of operations on December 31. Its general ledger account balances before year-end adjustments follow; no adjusting entries have been made
Refer to information in P3-47.\section*{Required}a. Prepare journal entries to record the accounting adjustments.b. Set up T-accounts for each account and post the journal entries to
Wysocki Wheels began operations on March 1 to provide automotive wheel alignment and balancing services. On March 31 the unadjusted trial balance follows.The following information is also
The adjusted trial balance at June 30, 2013, for Quantas Airlines includes the following selected accounts.Assume that the company has not yet closed any accounts to retained earnings. Prepare
Rio Tinto is a British-Australian multinational metals and mining corporation with headquarters in London and a management office in Melbourne, Australia. Assume that the following amounts have not
Canadian Tire Corporation is a Canadian firm whose core operation is Canadian Tire, a retail and automotive services operation. Its head office is in Toronto, Ontario. The following T-accounts
Stocken Surf Shop began operations on July 1 with an initial investment of \(\$ 50,000\). During the first three months of operations, the following cash transactions were recorded in the firm's
Kadous Consulting, a firm started three years ago by K. Kadous, offers consulting services for material handling and plant layout. Its balance sheet at the close of the current year follows.Earlier
It is the end of the accounting year for Anne Beatty, controller of a medium-sized, publicly held corporation specializing in toxic waste cleanup. Within the corporation, only Beatty and the
Identify four reasons that capital budgeting decisions are risky.
Describe the cash inflows and outflows that occur over the life of a typical capital expenditure.
Why is an investment more attractive if it has a shorter payback period?
What is the average amount invested in a machine during its predicted five-year life if it costs \(\$ 200,000\) and has a \(\$ 20,000\) salvage value?
Why is the present value of \(\$ 100\) that you expect to receive one year from today worth less than \(\$ 100\) received today?
Google is planning to acquire new equipment to manufacture tablet computers. What are some of the cash flows that would be included in Google's analysis?
Discuss the advantage of break-even time over the payback period.
A company is considering purchasing equipment costing \(\$ 75,000\). Expected annual net cash flows from this equipment are \(\$ 30,000\), \(\$ 25,000, \$ 18,000, \$ 10,000\), and \(\$ 5,000\). What
Compute the accounting rate of return for the machine investment below. Initial investment Salvage value. Income (annual)..... $180,000 20,000 40,000
A company is considering two potential projects. Each project requires a \(\$ 20,000\) initial investment and is expected to generate annual net cash flows as follows. Assuming a discount rate of
A company is considering the purchase of equipment for \(\$ 270,000\). Projected annual net cash flow from this equipment is \(\$ 61,200\) per year. The payback period isa. 0.2 years.b. 5.0 years.c.
A disadvantage of using the payback period to compare investment alternatives is that ita. Ignores cash flows beyond the payback period.b. Cannot be used to compare alternatives with different
A company buys a machine for \(\$ 180,000\) that has an expected life of nine years and no salvage value. The company expects an annual income of \(\$ 8,550\). What is the accounting rate of
The minimum acceptable rate of return for an investment decision is called thea. Hurdle rate.b. Payback rate.c. Internal rate of return.d. Average rate of return.e. Break-even rate of return.
A company is considering the purchase of a machine costing \(\$ 90,000\). The annual net cash flow from the machine is \(\$ 33,600\). Assume cash flows are received at each year-end, and the machine
A company is considering an investment expected to yield \(\$ 70,000\) after six years. If this company demands an \(8 \%\) return, how much is it willing to pay for this investment today?
Assume that you win a \(\$ 150,000\) cash sweepstakes today. You decide to deposit this cash in an account earning \(8 \%\) annual interest, and you plan to quit your job when the account equals \(\$
A company is considering an investment that would produce payments of \(\$ 10,000\) every six months for three years. The first payment would be received in six months. If this company requires an
A company invests \(\$ 45,000\) per year for five years at \(12 \%\) annual interest. Compute the value of this annuity investment at the end of five years.

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