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financial and managerial accounting the basis for business decisions

Questions and Answers of Financial And Managerial Accounting The Basis For Business Decisions

In evaluating the potential future profitability of a company, how would you consider irregular income items, discontinued operations, and prior period adjustments?
The following information is taken from the current year financial statements of Esper Corporation. (Dollar figures and shares of stock are in thousands.) The first three items are net of applicable
Fowler, Inc., declared a 4 percent stock dividend on its 750,000 shares of common stock. The $10 par value common stock was originally sold for $14 and was selling at $17 at the time the stock
A financial analyst notes that Collier Corporation’s earnings per share have been rising steadily for the past five years. The analyst expects the company’s net income to continue to increase at
Crasher Company had net income in the current year of $500,000. In addition, the company had a gain on foreign currency translation of $20,000, net of related income taxes. Assuming the company uses
Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for the current year. The company is subject to a 35 percent income tax rate. In addition, Minor had a gain
What are restructuring charges? How are they presented in financial statements?
Home Depot, Inc.’s income statements for 2016, 2017, and 2018 show basic earnings per share of $6.47, $7.33, and $9.78, respectively. Diluted earnings per share figures are slightly lower than
Use the financial statements of Home Depot, Inc., in Appendix A of this text to answer the following questions.a. Study the income statements of Home Depot, Inc., for the three years ending on
An analysis of the income statement and the balance sheet accounts of Hampton, Inc., at December 31 of the current year, provides the following information.Additional Information1. Except as noted in
Auto Supply Company’s 2021 statement of cash flows appears in Exhibit 13–8. Study the statement and respond to the following questions.a. What was the company’s free cash flow in 2021?b. What
An analysis of the income statement and the balance sheet accounts of Holmes Export Co. at December 31 of the current year, provides the following information.Additional Information1. Except as
The following income statement and selected balance sheet account data are available for Royce Interiors, Inc., at December 31, 2021.Additional Information1. Dividend revenue is recognized on the
You are the controller for 21st Century Technologies. Your staff has prepared an income statement for the current year and has developed the following additional information by analyzing changes in
New Mexico, Inc., sold common stock for $560,000 and preferred stock for $56,000 during the current year. In addition, the company purchased treasury stock for $47,000 and declared dividends on
The accounting staff of Wyoming Outfitters, Inc., has assembled the following information for the current year ended December 31.Using this information, prepare a statement of cash flows. Include a
LGIN was founded in 2020 to apply a new technology for the Internet. The company earned a profit of $190,000 in 2020, its first year of operations. Management expects both sales and net income to
Miracle Tool, Inc., sells a single product (a combination screwdriver, pliers, hammer, and crescent wrench) exclusively through television advertising. The comparative income statements and balance
Purcells, Inc., sells a single product (Pulsa) exclusively through newspaper advertising. The comparative income statements and balance sheets are for the past two years.Additional InformationThe
Maines, Inc., had a cash balance at the beginning of the year of $72,000. During the year, the following cash flows occurred.Prepare an abbreviated statement of cash flows, including a reconciliation
The following data are taken from the income statement and balance sheet of Freeman Machinery, Inc.Using this information, prepare a partial statement of cash flows for the year ended December 31,
Selected information taken from the financial statements of Wiley Company for two successive years follows. Compute the percentage change from year 1 to year 2 whenever possible. Round all
Holiday Greeting Cards is a local company organized late in July of 2020. The company’s net income for each of its first six calendar quarters of operations is summarized as follows. (Amounts are
Star, Inc., had depreciation expenses on its plant assets as follows for 2019, 2020, and 2021, respectively: $267,000, $289,000, and $368,000. Compute the trend percentages for these years, assuming
Compute trend percentages for the following items taken from the financial statements of Lopez Plumbing over a five-year period. Treat 2017 as the base year. State whether the trends are favorable or
The following information was developed from the financial statements of Donelson, Inc. At the beginning of 2021, the company’s former supplier went bankrupt, and the company began buying
The following information was developed from the financial statements of Free Time, Inc. At the beginning of 2021, the company’s former supplier went bankrupt, and the company began buying
You are a loan officer with Third Nebraska Bank. Joe West owns two successful restaurants, each of which has applied to your bank for a $250,000 one-year loan for the purpose of opening a second
Some of the accounts appearing in the year-end financial statements of Rogand Grocery, Inc., appear as follows. This list includes all of the company’s current assets and current
Roy’s Toys is a manufacturer of toys and other children’s products. The following are selected items appearing in a recent balance sheet (dollar amounts are in millions).a. Using the
The Kroger Company is one of the world’s largest supermarket chains. These selected items were adapted from Kroger’s balance sheet as of February 3, 2018. (Dollar amounts are in
Comparative balance sheets report average total assets for the year of $2,575,000 and average total equity of $1,917,000 (dollar amounts in thousands, except earnings per share).a. Prepare an income
Use the Internet search engine of your choice and do a general search on the name of a company of interest to you (e.g., General Motors, Procter & Gamble, Coca-Cola, etc.). Explore the website of
Shown as follows is selected information from the financial statements of Dickson, Inc., a retail furniture store.Instructionsa. Explain how the interest expense shown in the income statement
Best Buy is a leading provider of technology products, services, and solutions. The following selected information is adapted from the company’s January 28, 2017, annual report. (Dollar amounts are
Multi-Star, Inc., had sales of $890,000, cost of sales and operating expenses of $450,000 and $225,000, respectively, and 10,000 shares of common stock outstanding. Calculate the amount of earnings
At the end of the year, the following information was obtained from the accounting records of Solar Systems, Inc.Instructions.a. From the information given, compute the following.1. Inventory
The financial statements of large public companies are often accompanied by a multiple-year summary of key financial and other information that is helpful in understanding the company. Appendix A of
Assume that you will soon graduate from college and that you have job offers with two pharmaceutical firms. The first offer is with Alpha Research, a relatively new and aggressive company. The second
A condensed balance sheet for Bradford Corporation prepared at the end of the year appears as follows.During the year the company earned a gross profit of $1,116,000 on sales of $2,950,000. Accounts
Johnson & Johnson’s 2017 financial statements include the following items (all dollars in millions).Compute the following ratios and comment on the trend you can observe from the limited two
Global Motors is a U.S. corporation that purchases automobiles from European manufacturers for distribution in the United States. A recent purchase involved the following events: Nov. 12 Purchased
A recent newspaper shows the exchange rate for the British pound at $1.4135 and the yen at $0.008843. Does this indicate that the pound is stronger than the yen? Explain.
For each of the following scenarios, use the current exchange rates from an internet site or other source of your choice to compute the required amount. Round exchange rates to three decimal
The U.S. government maintains an Internet site containing information on various countries called The World Factbook. The site includes a database under the “countries and regions” tab. Use the
You’ve just read in The Wall Street Journal that the U.S. dollar has strengthened relative to the euro. All else equal, what would you expect to happen to the quantity of Italian leather jackets
Find the Consolidated Statement of Comprehensive Income section of the Home Depot 2018 financial statements in Appendix A. Locate the translation adjustment for 2018. Was the effect of the adjustment
Honda Motor Company reports that it has manufacturing facilities in over 25 locations around the world. Only five of those locations are in Japan. Several are in the United States, Europe, and South
Boston Bait Shop uses a periodic inventory system. At December 31, year 2, the accounting records include the following information.A complete physical inventory taken at December 31, year 2,
Pag Inc. is a clothing retailer and it has terms from one of its vendors of 1/10, n/30. Compute the equivalent annual rate of return that Pag earns by always paying its bills within the discount
Smith & Sons Inc. is a sporting goods manufacturer. The firm uses a periodic inventory system. Smith & Sons shipped $30,000 of defective goods to a retailer. The retailer and Smith & Sons
Spencer Software Company has assets of $1,020,000 and liabilities of $552,000.a. Prepare the owners’ equity section of the company’s balance sheet under each of the following independent
The balance sheet items of The Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2021.The transactions occurring during the first week of October
Ben Washington, sole owner of Washington Mattress Company, has an ownership interest in the company of $50,000 at January 1, current year. During that year, he invests an additional $20,000 in the
Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended
Barth’s unadjusted trial balance reports Unearned Client Revenue of $9,000 and Client Revenue Earned of $45,000. An examination of client records reveals that $4,000 of previously unearned revenue
What is meant by the statement that revenue has been recognized?
A recent balance sheet of Save-A-Lot Supplies is provided as follows.Other information provided by the company is as follows.Compute and discuss briefly the significance of the following measures as
A recent annual report issued by The Gap, Inc., revealed the following data.The company’s income statement reported total annual revenue of $15.855 billion and net income for the year of $0.848
A recent annual report issued by Best Buy revealed the following data.The company’s income statement reported total annual revenue of $42,151 million and net income for the year of $1,000
Undem Scientific provides research consulting services to both university and corporate clients. The company closes its temporary accounts once each year on December 31. It recently issued the
Fick Psychological Services, 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.Fick’s
How does a balance arise in the Purchase Discounts Lost account? Why would management be interested in monitoring the activity in this account?
The Cash account of Lyco 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 date.
The following financial assets appeared in a recent balance sheet of Apple Inc. (dollar amountsare stated in millions).a. Define financial assets. b. A different approach is used in determining
Putnam & Putnam, a legal firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end, an aging of the accounts receivable produced the following five
Wilcox Mills is a manufacturer that makes all sales on 30-day credit terms. Annual sales are approximately $30 million. At the end of year 1, accounts receivable were presented in the company’s
Starlight, a Broadway media firm, uses the balance sheet approach to estimate uncollectible accounts expense. At year-end an aging of the accounts receivable produced the following five groupings.On
Franklin, Inc., accumulates large amounts of excess cash throughout the year. It typically invests these funds in marketable securities, both short term and long term. The company’s most recent
Record the following selected transactions in general journal form for the Weston Gastroenterology Clinic. Include a brief explanation of the transaction as part of each journal entry. May 1 The
The realization principle determines when a business should recognize revenue. Listed are three common business situations involving revenue. After each situation, we give two alternatives as to the
Starting with the most general and moving to the more specific, what are the three primary objectives of financial reporting?
What are the two primary organizations in the United States that are responsible for setting standards related to the preparation of accounting information for public companies? What is the
The annual financial statements of all large, publicly owned corporations are audited.a. What is an audit of financial statements?b. Who performs audits?c. What is the purpose of an audit? Does this
What is the role of the Public Company Accounting Oversight Board (PCAOB) in the audit of financial statements?
Locate the Home Depot, Inc., 2018 financial statements in Appendix A of this text. Briefly peruse the financial statements and answer the following questions.a. Name the titles of each of Home
Assets and liabilities are important elements of a company’s financial position. a. Define assets. Give three examples of assets other than cash that might appear in the balance sheet of
Compute the missing amounts in the following table. a. b. C. Assets = Liabilities + Owners' Equity $635,000 $342,000 ? ? 562,500 $610,000 307,500 ? 187,200
For each of the following categories, state concisely a transaction that will have the required effect on the elements of the accounting equation.a. Increase an asset and increase a liability.b.
This assignment introduces you to EDGAR, the Securities and Exchange Commission’s database of financial information about publicly owned companies. The SEC maintains EDGAR to increase the
Mastrolia Corporation’s Retained Earnings account balance was $25,000 on January 1. During January, the company recorded revenue of $80,000, expenses of $60,000, and dividends of $5,000. The
On November 1, Petree Corporation purchased a six-month insurance policy from The Avenson Agency for $5,400. a. Prepare the necessary adjusting entry for Petree Corporation on November 30,
Property Management Professionals provides building management services to owners of office buildings and shopping centers. The company closes its accounts at the end of the calendar year. The manner
On February 1, Williams Storage agreed to rent Haka Manufacturing warehouse space for $4,000 per month. Haka Manufacturing paid the first three months’ rent in advance. a. Prepare the
On March 1, Cyber Corporation had office supplies on hand of $2,500. During the month, Cyber purchased additional supplies costing $4,500. Approximately $3,000 of unused office supplies remain on
The Rockford Rollers, 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 following
Perform an Internet search of “The Hershey Company Investor Relations.” After gaining to access to Hershey’s Investor Relations homepage, access the link to the company’s most recent annual
On January 2, year 1, Hill Corporation purchased equipment costing $360,000. Hill performs adjusting entries monthly. a. Record this equipment’s depreciation expense on December 31, year 6,
Carnival Corporation & PLC is one of the world’s largest cruise line companies. Its printing costs for brochures are initially recorded as Prepaid Advertising and are later charged to
Marvelous Music provides music lessons to student musicians. Some students pay in advance for lessons; others are billed after lessons have been provided. Advance payments are credited to an account
Terrific Temps fills temporary employment positions for local businesses. Some businesses pay in advance for services; others are billed after services have been performed. Advance payments are
Mate Ease is an Internet dating service. All members pay in advance to be listed in the database. Advance payments are credited to an account entitled Unearned Member Dues. Adjusting entries are
When Delta Airlines sells tickets for future flights, it debits Cash and credits an account entitled Air Traffic Liability (Passenger Revenue Earned is recorded only when passengers are provided
Alpine Expeditions operates a mountain climbing school in Colorado. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an
Milford Corporation pays its employees on the 15th of each month. Accrued, but unpaid, salaries on December 31, year 1, totaled $210,000. Salaries earned by Milford’s employees from January 1
Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in
Stephen Corporation recently hired Tom Waters as its new bookkeeper. Waters is very inexperienced and has made seven recording errors during the last accounting period. The nature of each error is
Alexander’s unadjusted trial balance dated December 31, year 1, reports Income Taxes Expense of $100,000, and Income Taxes Payable of $25,000. The company’s accountant estimates that income taxes

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