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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Adjustments to net income—indirect method OBJ. 2 Ya Wen Corporation’s accumulated depreciation—equipment account increased by $8,750, while $3,250 of patent amortization was recognized between
Changes in current operating assets and liabilities—indirect method OBJ. 2 Alpenrose Corporation’s comparative balance sheet for current assets and liabilities was as follows:Dec. 31, 2016 Dec.
Changes in current operating assets and liabilities—indirect method OBJ. 2 Huluduey Corporation’s comparative balance sheet for current assets and liabilities was as follows:Dec. 31, 2016 Dec.
Cash flows from operating activities—indirect method OBJ. 2 Pettygrove Inc. reported the following data:Net income $405,000 Depreciation expense 45,000 Gain on disposal of equipment 36,900 Decrease
Cash flows from operating activities—indirect method OBJ. 2 Staley Inc. reported the following data:Net income $280,000 Depreciation expense 48,000 Loss on disposal of equipment 19,520 Increase in
Land transactions on the statement of cash flows OBJ. 2 Milo Corporation purchased land for $540,000. Later in the year, the company sold a different piece of land with a book value of $270,000 for
Land transactions on the statement of cash flows OBJ. 2 IZ Corporation purchased land for $400,000. Later in the year, the company sold a different piece of land with a book value of $200,000 for
Cash received from customers—direct method OBJ. 3 Sales reported on the income statement were $480,000. The accounts receivable balance increased $54,000 over the year. Determine the amount of cash
Cash received from customers—direct method OBJ. 3 Sales reported on the income statement were $112,000. The accounts receivable balance decreased $10,500 over the year. Determine the amount of cash
Cash payments for merchandise—direct method OBJ. 3 The cost of merchandise sold reported on the income statement was $770,000. The accounts payable balance decreased $44,000, and the inventory
Cash payments for merchandise—direct method OBJ. 3 The cost of merchandise sold reported on the income statement was $240,000. The accounts payable balance increased $12,000, and the inventory
Free cash flow OBJ. 4 McMahon Inc. reported the following on the company’s statement of cash flows in 2016 and 2015:2016 2015 Net cash flow from operating activities $ 294,000 $ 280,000 Net cash
Free cash flow OBJ. 4 Dillin Inc. reported the following on the company’s statement of cash flows in 2016 and 2015:2016 2015 Net cash flow from operating activities $476,000 $455,000 Net cash flow
Cash flows from operating activities—net loss OBJ. 1 On its income statement for a recent year, United Continental Holdings, Inc., the parent company of United Airlines, reported a net loss of $723
Effect of transactions on cash flows OBJ. 1 State the effect (cash receipt or payment and amount) of each of the following transactions, considered individually, on cash flows:a. Retired $500,000 of
Classifying cash flows OBJ. 1 Identify the type of cash flow activity for each of the following events (operating, investing, or financing):a. Net incomeb. Paid cash dividendsc. Issued common stockd.
Cash flows from operating activities—indirect method OBJ. 2 Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating
Cash flows from operating activities—indirect method OBJ. 1, 2 The net income reported on the income statement for the current year was $400,000. Depreciation recorded on store equipment for the
Cash flows from operating activities—indirect method OBJ. 1, 2 The net income reported on the income statement for the current year was $320,000.Depreciation recorded on equipment and a building
Cash flows from operating activities—indirect method OBJ. 1, 2 The income statement disclosed the following items for 2016:Depreciation expense $ 57,600 Gain on disposal of equipment 33,600 Net
Determining cash payments to stockholders OBJ. 2 The board of directors declared cash dividends totaling $585,000 during the current year.The comparative balance sheet indicates dividends payable of
Reporting changes in equipment on statement of cash flows OBJ. 2 An analysis of the general ledger accounts indicates that office equipment, which cost$202,500 and on which accumulated depreciation
Reporting changes in equipment on statement of cash flows OBJ. 2 An analysis of the general ledger accounts indicates that delivery equipment, which cost$80,000 and on which accumulated depreciation
Reporting land transactions on statement of cash flows OBJ. 2 On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash
Reporting stockholders’ equity items on statement of cash flows OBJ. 2 On the basis of the following stockholders’ equity accounts, indicate the items, exclusive of net income, to be reported on
Reporting land acquisition for cash and mortgage note on statement of OBJ. 2 cash flows On the basis of the details of the following fixed asset account, indicate the items to be reported on the
Reporting issuance and retirement of long-term debt OBJ. 2 On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the Financing
Determining net income from net cash flow from operating activities OBJ. 2 Curwen Inc. reported net cash flow from operating activities of $357,500 on its statement of cash flows for the year ended
Cash flows from operating activities—indirect method OBJ. 2 Selected data derived from the income statement and balance sheet of National Beverage Co. for a recent year are as follows:Income
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Pelican Joe Industries Inc. for December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . .
Statement of cash flows—indirect method OBJ. 2 List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was $240,000. All other amounts are
Cash flows from operating activities—direct method OBJ. 3 The cash flows from operating activities are reported by the direct method on the statement of cash flows. Determine the following:a. If
Cash paid for merchandise purchases OBJ. 3 The cost of merchandise sold for Kohl’s Corporation for a recent year was $11,625 million.The balance sheet showed the following current account balances
Determining selected amounts for cash flows from operating OBJ. 3 activities—direct method Selected data taken from the accounting records of Ginis Inc. for the current year ended December 31 are
Cash flows from operating activities—direct method OBJ. 3 The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows:Sales . . . . . . . . . . . . . . . . . .
Cash flows from operating activities—direct method OBJ. 3 The income statement for Rhino Company for the current year ended June 30 and balances of selected accounts at the beginning and the end of
Free cash flow OBJ. 4 Sweeter Enterprises Inc. has cash flows from operating activities of $539,000. Cash flows used for investments in property, plant, and equipment totaled $210,000, of which 75%of
Free cash flow OBJ. 4 The financial statements for Nike, Inc., are provided in Appendix B at the end of the text.a. Determine the free cash flow for the most recent fiscal year. Assume that 90% of
Free cash flow OBJ. 4 Lovato Motors Inc. has cash flows from operating activities of $720,000. Cash flows used for investments in property, plant, and equipment totaled $440,000, of which 85% of this
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Cromme Inc. for December 31, 2016 and 2015, is shown as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . . .
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Del Ray Enterprises Inc. at December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . .
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Whitman Co. at December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . . . . . .
Statement of cash flows—direct method OBJ. 3 The comparative balance sheet of Canace Products Inc. for December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . .
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Merrick Equipment Co. for December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . .
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Harris Industries Inc. at December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . .
Statement of cash flows—indirect method OBJ. 2 The comparative balance sheet of Coulson, Inc. at December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . . . . .
Statement of cash flows—direct method OBJ. 3 The comparative balance sheet of Martinez Inc. for December 31, 2016 and 2015, is as follows:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . . . . . .
Statement of cash flows—direct method applied to OBJ. 3 The comparative balance sheet of Merrick Equipment Co. for Dec. 31, 2016 and 2015, is:Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . . . .
Ethics and professional conduct in business Lucas Hunter, president of Simmons Industries Inc., believes that reporting operating cash flow per share on the income statement would be a useful
Using the statement of cash flows You are considering an investment in a new start-up company, Giraffe Inc., an Internet service provider. A review of the company’s financial statements reveals a
Analysis of statement of cash flows Dillip Lachgar is the president and majority shareholder of Argon Inc., a small retail store chain. Recently, Dillip submitted a loan application for Argon Inc. to
Analysis of cash flow from operations The Commercial Division of Tidewater Inc. provided the following information on its cash flow from operations:Net income $ 945,000 Increase in accounts
Statement of cash flows Group Project This activity will require two teams to retrieve cash flow statement information from the Internet. One team is to obtain the most recent year’s statement of
Define the concept of a bond.
Calculate and compare the effect of alternative long-term financing plans on earnings per share.
Define the characteristics of a bond.
Describe the various types of bonds.
Describe the factors that determine the price of a bond.
Journalize the issuance of bonds at face value and the payment of periodic interest.
Journalize the issuance of bonds at a discount.
Journalize the amortization of a bond discount.
Journalize the issuance of bonds at a premium.
Journalize the amortization of a bond premium.
Describe bond redemptions.
Journalize the redemption of bonds payable
Define the characteristics of an installment note.
Journalize the issuance of installment notes.
Journalize the annual payment for an installment note.
Illustrate the balance sheet presentation of bonds payable and notes payable.
Describe and compute the number of times interest charges are earned.
Interpret the number of times interest charges are earned.
Explain the meaning of each of the following terms as they relate to a bond issue: (a) convertible, and(b) callable.
Alternative financing plans OBJ. 1 Owen Co. is considering the following alternative financing plans:Plan 1 Plan 2 Issue 7% bonds (at face value) $5,000,000 $3,400,000 Issue preferred $1 stock, $20
Alternative financing plans OBJ. 1 Brower Co. is considering the following alternative financing plans:Plan 1 Plan 2 Issue 10% bonds (at face value) $4,000,000 $2,500,000 Issue preferred $2.50 stock,
Issuing bonds at face amount OBJ. 3 On January 1, the first day of the fiscal year, a company issues a $500,000, 5%, 10-year bond that pays semiannual interest of $12,500 ($500,000 3 5% 3 ½ year),
Issuing bonds at face amount OBJ. 3 On January 1, the first day of the fiscal year, a company issues a $800,000, 4%, 10-year bond that pays semiannual interest of $16,000 ($800,000 3 4% 3 ½ year),
Issuing bonds at a discount OBJ. 3 On the first day of the fiscal year, a company issues a $1,200,000, 9%, five-year bond that pays semiannual interest of $54,000 ($1,200,000 × 9% × ½), receiving
Issuing bonds at a discount OBJ. 3 On the first day of the fiscal year, a company iss ues a $3,000,000, 11%, five-year bond that pays semiannual interest of $165,000 ($3,000,000 × 11% × ½),
Discount amortization OBJ. 3 Using the bond from Practice Exercise 12-3A, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar.
Discount amortization OBJ. 3 Using the bond from Practice Exercise 12-3B, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar.
Issuing bonds at a premium OBJ. 3 On the first day of the fiscal year, a company issues a $2,000,000, 8%, five-year bond that pays semiannual interest of $80,000 ($2,000,000 × 8% × ½), receiving
Issuing bonds at a premium OBJ. 3 On the first day of the fiscal year, a company issues an $8,000,000, 11%, five-year bond that pays semiannual interest of $440,000 ($8,000,000 × 11% × ½),
Premium amortization OBJ. 3 Using the bond from Practice Exercise 12-5A, journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar.
Premium amortization OBJ. 3 Using the bond from Practice Exercise 12-5B, journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar.
Redemption of bonds payable OBJ. 3 A $1,500,000 bond issue on which there is an unamortized discount of $70,100 is redeemed for $1,455,000. Journalize the redemption of the bonds.
Redemption of bonds payable OBJ. 3 A $500,000 bond issue on which there is an unamortized premium of $67,000 is redeemed for $490,000. Journalize the redemption of the bonds.
Journalizing installment notes OBJ. 4 On the first day of the fiscal year, a company issues $65,000, 6%, five-year installment notes that have annual payments of $15,431. The first note payment
Journalizing installment notes OBJ. 4 On the first day of the fiscal year, a company issues $45,000, 8%, six-year installment notes that have annual payments of $9,734. The first note payment
Number of times interest charges are earned OBJ. 6 Berry Company reported the following on the company’s income statement in 2016 and 2015:2016 2015 Interest expense $ 320,000 $ 300,000 Income
Number of times interest charges are earned OBJ. 6 Averill Products Inc. reported the following on the company’s income statement in 2016 and 2015:2016 2015 Interest expense $ 440,000 $ 400,000
Effect of financing on earnings per share OBJ. 1 Domanico Co., which produces and sells biking equipment, is financed as follows:Bonds payable, 8% (issued at face amount) $10,000,000 Preferred $5
Evaluate alternative financing plans OBJ. 1 Based on the data in Exercise 12-1, what factors other than earnings per share should be considered in evaluating these alternative financing plans?
Corporate financing OBJ. 1 The financial statements for Nike, Inc., are presented in Appendix B at the end of the text. What is the major source of financing for Nike?
Bond price OBJ. 3 United States Steel’s 7.375% bonds due in 2020 were reported as selling for 103.00.Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell
Entries for issuing bonds OBJ. 3 Gabriel Co. produces and distributes semiconductors for use by computer manufacturers.Gabriel Co. issued $600,000 of 10-year, 8% bonds on May 1 of the current year at
Entries for issuing bonds and amortizing discount by straight-line method OBJ. 2, 3 On the first day of its fiscal year, Pretender Company issued $18,500,000 of five-year, 10%bonds to finance its
Entries for issuing bonds and amortizing premium by straight-line method OBJ. 2, 3 Lerner Corporation wholesales repair products to equipment manufacturers. On April 1, 2016, Lerner Corporation
Entries for issuing and calling bonds; loss OBJ. 3 Adele Corp., a wholesaler of music equipment, issued $22,000,000 of 20-year, 7% callable bonds on March 1, 2016 at their face amount, with interest
Entries for issuing and calling bonds; gain OBJ. 3 Emil Corp. produces and sells wind-energy-driven engines. To finance its operations, Emil Corp. issued $15,000,000 of 20-year, 9% callable bonds on
Entries for installment note transactions OBJ. 4 On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a sevenyear, 7% installment note to Soros Bank. The note requires

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