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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Analyzing manufacturing cost accounts OBJ. 2 Clapton Company manufactures custom guitars in a wide variety of styles. The following incomplete ledger accounts refer to transactions that are
Factory overhead rate Salvo Inc., a specialized equipment manufacturer, uses a job order costing system. The overhead is allocated to jobs on the basis of direct labor hours. The overhead rate is
Recording manufacturing costs Todd Lay just began working as a cost accountant for Enteron Industries Inc., which manufactures gift items. Todd is preparing to record summary journal entries for the
Predetermined overhead rates As an assistant cost accountant for Mississippi Industries, you have been assigned to review the activity base for the predetermined factory overhead rate. The president,
Prepare a vertical analysis from a company’s financial statements.
Prepare a horizontal analysis from a company’s financial statements.
Prepare common-sized financial statements.
Determine working capital.
Compute and interpret the current ratio.
Compute and interpret the quick ratio.
Compute and interpret accounts receivable turnover.
Compute and interpret the number of days’ sales in receivables.
Compute and interpret inventory turnover.
Compute and interpret the number of days’ sales in inventory.
Compute and interpret the ratio of fixed assets to long-term liabilities.
Compute and interpret the ratio of liabilities to stockholders’ equity.
Compute and interpret the number of times interest charges are earned.
Compute and interpret the ratio of sales to assets.
Compute and interpret the rate earned on total assets.
Compute and interpret the rate earned on stockholders’ equity.
Compute and interpret the rate earned on common stockholders’equity.
Compute and interpret the earnings per share on common stock.
Compute and interpret the price-earnings ratio.
Compute and interpret the dividends per share and dividend yield.
Describe the uses and limitations of analytical measures.
Describe the elements of a corporate annual report.
What do the following data taken from a comparative balance sheet indicate about the company’s ability to borrow additional funds on a long-term basis in the current year as compared to the
Horizontal analysis OBJ. 1 The comparative temporary investments and inventory balances of a company follow.Current Year Previous Year Temporary investments $59,280 $52,000 Inventory 70,680 76,000
Horizontal analysis OBJ. 1 The comparative accounts payable and long-term debt balances for a company follow.Current Year Previous Year Accounts payable $111,000 $100,000 Long-term debt 132,680
Vertical analysis OBJ. 1 Income statement information for Axiom Corporation follows:Sales $725,000 Cost of goods sold 391,500 Gross profit 333,500 Prepare a vertical analysis of the income statement
Vertical analysis OBJ. 1 Income statement information for Einsworth Corporation follows:Sales $1,200,000 Cost of goods sold 780,000 Gross profit 420,000 Prepare a vertical analysis of the income
Current position analysis OBJ. 2 The following items are reported on a company’s balance sheet:Cash $160,000 Marketable securities 75,000 Accounts receivable (net) 65,000 Inventory 140,000 Accounts
Current position analysis OBJ. 2 The following items are reported on a company’s balance sheet:Cash $210,000 Marketable securities 120,000 Accounts receivable (net) 110,000 Inventory 160,000
Accounts receivable analysis OBJ. 2 A company reports the following:Sales $832,000 Average accounts receivable (net) 80,000 Determine (a) the accounts receivable turnover and (b) the number of
Accounts receivable analysis OBJ. 2 A company reports the following:Sales $3,150,000 Average accounts receivable (net) 210,000 Determine (a) the accounts receivable turnover and (b) the number of
Inventory analysis OBJ. 2 A company reports the following:Cost of goods sold $630,000 Average inventory 90,000 Determine (a) the inventory turnover and (b) the number of days’ sales in
Inventory analysis OBJ. 2 A company reports the following:Cost of goods sold $435,000 Average inventory 72,500 Determine (a) the inventory turnover and (b) the number of days’ sales in
Long-term solvency analysis OBJ. 2 The following information was taken from Kellman Company’s balance sheet:Fixed assets (net) $2,000,000 Long-term liabilities 800,000 Total liabilities 1,000,000
Long-term solvency analysis OBJ. 2 The following information was taken from Charu Company’s balance sheet:Fixed assets (net) $860,000 Long-term liabilities 200,000 Total liabilities 600,000 Total
Times interest charges are earned OBJ. 2 A company reports the following:Income before income tax $4,000,000 Interest expense 400,000 Determine the number of times interest charges are earned.
Times interest charges are earned OBJ. 2 A company reports the following:Income before income tax $8,000,000 Interest expense 500,000 Determine the number of times interest charges are earned.
Sales to assets OBJ. 3 A company reports the following:Sales $1,800,000 Average total assets (excluding long-term investments) 1,125,000 Determine the ratio of sales to assets.
Sales to assets OBJ. 3 A company reports the following:Sales $4,400,000 Average total assets (excluding long-term investments) 2,000,000 Determine the ratio of sales to assets.
Rate earned on total assets OBJ. 3 A company reports the following income statement and balance sheet information for the current year:Net income $ 250,000 Interest expense 100,000 Average total
Rate earned on total assets OBJ. 3 A company reports the following income statement and balance sheet information for the current year:Net income $ 410,000 Interest expense 90,000 Average total
Common stockholders’ profitability analysis OBJ. 3 A company reports the following:Net income $ 375,000 Preferred dividends 75,000 Average stockholders’ equity 2,500,000 Average common
Common stockholders’ profitability analysis OBJ. 3 A company reports the following:Net income $1,000,000 Preferred dividends 50,000 Average stockholders’ equity 6,250,000 Average common
Earnings per share and price-earnings ratio OBJ. 3 A company reports the following:Net income $185,000 Preferred dividends $25,000 Shares of common stock outstanding 100,000 Market price per share of
Vertical analysis of income statement OBJ. 1 Revenue and expense data for Gresham Inc. for two recent years are as follows:Current Year Previous Year Sales $2,500,000 $2,350,000 Cost of goods sold
Vertical analysis of income statement OBJ. 1 The following comparative income statement (in thousands of dollars) for the two recent fiscal years was adapted from the annual report of Speedway
Common-sized income statement OBJ. 1 Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. The Tannenhill Company data are
Vertical analysis of balance sheet OBJ. 1 Balance sheet data for Novak Company on December 31, the end of two recent fiscal years, follows:Current Year Previous Year Current assets $1,300,000 $
Horizontal analysis of the income statement OBJ. 1 Income statement data for Moreno Company for two recent years ended December 31, are as follows:Current Year Previous Year Sales $1,120,000
Current position analysis OBJ. 2 The following data were taken from the balance sheet of Gostkowski Company at the end of two recent fiscal years:Current Year Previous Year Cash $ 480,000 $ 392,000
Current position analysis OBJ. 2 PepsiCo, Inc., the parent company of Frito-Lay snack foods and Pepsi beverages, had the following current assets and current liabilities at the end of two recent
Current position analysis OBJ. 2 The bond indenture for the 10-year, 9% debenture bonds issued January 2, 2015, required working capital of $100,000, a current ratio of 1.5, and a quick ratio of 1.0
Accounts receivable analysis OBJ. 2 The following data are taken from the financial statements of Krawcheck Inc. Terms of all sales are 2/10, n/55.2016 2015 2014 Accounts receivable, end of year $
Accounts receivable analysis OBJ. 2 Xavier Stores Company and Lestrade Stores Inc. are large retail department stores. Both companies offer credit to their customers through their own credit card
Inventory analysis OBJ. 2 The following data were extracted from the income statement of Saleh Inc.:Current Year Previous Year Sales $12,750,000 $13,284,000 Beginning inventories 840,000 800,000 Cost
Inventory analysis OBJ. 2 Dell Inc. and Hewlett-Packard Company (HP) compete with each other in the personal computer market. Dell’s primary strategy is to assemble computers to customer orders,
Ratio of liabilities to stockholders’ equity and number of times interest OBJ. 2 charges are earned The following data were taken from the financial statements of Hunter Inc. for December 31 of two
Ratio of liabilities to stockholders’ equity and number of times interest OBJ. 2 charges are earned Hasbro and Mattel, Inc., are the two largest toy companies in North America. Condensed
Ratio of liabilities to stockholders’ equity and ratio of fixed assets OBJ. 2 to long-term liabilities Recent balance sheet information for two companies in the food industry, Mondelez
Ratio of sales to assets OBJ. 3 Three major segments of the transportation industry are motor carriers, such as YRC Worldwide; railroads, such as Union Pacific; and transportation arrangement
Profitability ratios OBJ. 3 The following selected data were taken from the financial statements of Robinson Inc.for December 31, 2016, 2015 and 2014:December 31 2016 2015 2014 Total assets . . . . .
Profitability ratios OBJ. 3 Ralph Lauren Corp. sells men’s apparel through company-owned retail stores. Recent financial information for Ralph Lauren follows (all numbers in thousands):Fiscal Year
Six measures of solvency or profitability OBJ. 2, 3 The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Assuming that long-term investments totaled
Six measures of solvency or profitability OBJ. 2, 3 The balance sheet for Garcon Inc. at the end of the current fiscal year indicated the following:Bonds payable, 8% (issued in 2006, due in 2026)
Earnings per share, price-earnings ratio, dividend yield OBJ. 3 The following information was taken from the financial statements of Tolbert Inc. for December 31 of the current fiscal year:Common
Price-earnings ratio; dividend yield OBJ. 3 The table that follows shows the stock price, earnings per share, and dividends per share for three companies for a recent year:Price Earnings per Share
Earnings per share, extraordinary item The net income reported on the income statement of Cutler Co. was $4,000,000. There were 500,000 shares of $10 par common stock and 100,000 shares of $2
Extraordinary item Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E).a. Loss on
Income statement and earnings per share for extraordinary items and discontinued operations Apex Inc. reports the following for a recent year:Income from continuing operations before income tax
Unusual items Discuss whether Colston Company correctly reported the following items in the financial statements:a. In a recent year, the company discovered a clerical error in the prior year’s
Horizontal analysis of income statement OBJ. 1 For 2016, Clapton Company reported a decline in net income. At the end of the year, S. Hand, the president, is presented with the following condensed
Vertical analysis of income statement OBJ. 1 For 2016, Indigo Company initiated a sales promotion campaign that included the expenditure of an additional $39,000 for advertising. At the end of the
Effect of transactions on current position analysis OBJ. 2 Data pertaining to the current position of Forte Company are as follows:Cash $412,500 Marketable securities 187,500 Accounts and notes
Nineteen measures of solvency and profitability OBJ. 2, 3 The comparative financial statements of Bettancort Inc. are as follows. The market price of Bettancort Inc. common stock was $71.25 on
Solvency and profitability trend analysis OBJ. 2, 3 Addai Company has provided the following comparative information:2016 2015 2014 2013 2012 Net income $ 273,406 $ 367,976 $ 631,176 $ 884,000 $
Horizontal analysis of income statement OBJ. 1 For 2016, Macklin Inc. reported a significant increase in net income. At the end of the year, John Mayer, the president, is presented with the following
Vertical analysis of income statement OBJ. 1 For 2016, Fielder Industries Inc. initiated a sales promotion campaign that included the expenditure of an additional $40,000 for advertising. At the end
Effect of transactions on current position analysis OBJ. 2 Data pertaining to the current position of Lucroy Industries Inc. are as follows:Cash $ 800,000 Marketable securities 550,000 Accounts and
Nineteen measures of solvency and profitability OBJ. 2, 3 The comparative financial statements of Stargel Inc. are as follows. The market price of Stargel Inc. common stock was $119.70 on December
Solvency and profitability trend analysis OBJ. 2, 3 Crosby Company has provided the following comparative information:2016 2015 2014 2013 2012 Net income $ 5,571,720 $ 3,714,480 $ 2,772,000 $
Analysis of financing corporate growth Assume that the president of Freeman Industries Inc. made the following statement in the Annual Report to Shareholders:“The founding family and majority
Vertical analysis The condensed income statements through income from operations for Dell Inc. and Apple Inc. for recent fiscal years follow (numbers in millions of dollars):Dell Inc. Apple Inc.Sales
Profitability and stockholder ratios Deere & Co. manufactures and distributes farm and construction machinery that it sells around the world. In addition to its manufacturing operations, Deere &
Comprehensive profitability and solvency analysis Marriott International, Inc., and Hyatt Hotels Corporation are two major owners and managers of lodging and resort properties in the United States.
Classify transactions that either provide or use cash into either operating, investing, or financing activities.
Determine cash flows from operating activities under the indirect method by adjusting net income for noncash expenses and gains and losses from asset disposals.
Determine cash flows from operating activities under the indirect method by adjusting net income for changes in current operating assets and liabilities.
Prepare the Cash Flows from Operating Activities section of the statement of cash flows, using the indirect method.
Prepare the Cash Flows from Investing Activities and Cash Flows from Financing Activities sections of the statement of cash flows.
Prepare the cash flows from operating activities section of the statement of cash flows under the direct method.
Describe free cash flow.
Calculate and evaluate free cash flow.
For the current year, Packers Company decided to switch from the indirect method to the direct method for reporting cash flows from operating activities on the statement of cash flows. Will the
Classifying cash flows OBJ. 1 Identify whether each of the following would be reported as an operating, investing, or financing activity on the statement of cash flows:a. Repurchase of common stockb.
Classifying cash flows OBJ. 1 Identify whether each of the following would be reported as an operating, investing, or financing activity on the statement of cash flows:a. Purchase of investmentsb.
Adjustments to net income—indirect method OBJ. 2 Pearl Corporation’s accumulated depreciation—furniture account increased by $8,400, while $3,080 of patent amortization was recognized between

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