All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

Jordan Wing realized $175,000 from settling a trademark infringement lawsuit. LO.1
Starting with the revised income from continuing operations numbers you obtained in requirement 1, prepare the revised comparative income statements for 2011 and 2010 showing appropriate details for
In preparing a revised comparative statement of income, Helen should report income from continuing operations after income taxes for 2011 and 2010, respectively, amounting to how much? LO.1
Assume that you are a financial analyst for AJAX. Your boss has asked you to project next year’s net earnings. What earnings number from the information provided here would you use as the basis for
AJAX’s income statements over the last three years report research and development expenses averaging $51.3 million per year. AJAX incurred these expenses to enhance current products and to develop
Consider the item called Restructuring costs and asset write-downs. What impact did this charge have on AJAX’s cash flows? LO.1
Recast AJAX’s income statement and present it in good form. Fill in the missing data. LO.1
Determine cost of goods sold for August 2011. LO.1
Determine salary expense for August 2011. LO.1
Determine sales for August 2011. LO.1
Prepare a balance sheet as of December 31, 2011. LO.1
Prepare the necessary adjusting entries for the year ended December 31, 2011. LO.1
Write a brief memo to Stein explaining why the bank would require financial statements prepared on the accrual basis instead of the cash basis. LO.1
Determine the adjustments required to convert Stein Flowers’ trial balance to the accrual basis of accounting for the year ended December 31, 2011. Prepare formal journal entries to support your
Prepare a balance sheet as of December 31, 2011. LO.1
Prepare an income statement for the year ended December 31, 2011. LO.1
Provide adjusting entries at the end of the year. LO.1
Provide journal entries for each of these transactions. LO.1
Equipment was sold at a loss.Required:For each event, (1) identify the appropriate reporting treatment from the following list (consider each event to be material), and (2) indicate whether it would
The company wrote off inventory that was not salable at the insistence of its auditors. LO.1
Due to technological advances in golf club manufacturing, management determined that production equipment would need to be upgraded more frequently than in the past.Consequently, the useful lives of
Krewatch changed its method of accounting for inventory from FIFO to the average cost method. LO.1
Krewatch extinguished $200 million in 30-year bonds issued 18 years ago. These bonds were the only ones issued in the company’s history. Krewatch recognized a gain on this transaction. LO.1
Krewatch incurred restructuring costs of $12,562,990 when it eliminated a layer of middle management. LO.1
After several years of production problems at the accessories manufacturing plant, Krewatch sold the plant to an investor group headed by a former manager at the plant. Krewatch plans to continue to
Prepare the journal entry to record the change in accounting principle at the beginning of 2011. LO.1
Calculate the balance in retained earnings at the time of the change (beginning of 2011) as it would have been reported had FIFO been previously used. LO.1
KEW lost $395,000 (pre-tax) when a plant it operated in a third-world country was expropriated following a revolution. There was no prior history of the government expropriating assets of companies
KEW sold a division during 2011 resulting in a pre-tax loss of $890,000. The operating loss incurred by the discontinued division prior to its sale was $650,000; the loss from its disposal was
KEW sold machinery for $85,000 that originally cost $300,000. Accumulated depreciation at the time of the sale amounted to $225,000. KEW sells unneeded machinery occasionally when retooling one of
The company reviewed its notes receivable and discovered that a note carried at $16,000 was 18 months past due. The note was not likely to be collected. LO.1
On January 1, 2011, the company purchased 10 lawnmowers at $3,000 per unit. They are expected to last for three years with no salvage value.On December 31, 2011, Hentzel did not record any adjusting
The company had borrowed $50,000 from HomeTown Financing on April 1, 2011, at a 12%interest rate per annum. The principal, along with all the interest, is due on April 1, 2012. LO.1
The company’s gasoline bill for $2,500 for the month of December 2011 was not received until January 15, 2012. LO.1
On March 1, 2011, Hentzel received $18,000 for landscaping services to be rendered for 18 months (beginning July 1, 2011). This amount was credited to Unearned landscaping revenue. LO.1
During the first year of its operations, Hentzel purchased supplies in the amount of$12,000 (debited to Supplies inventory), and of this amount, $3,000 were unused as of December 31, 2011. LO.1
Under the cash basis of income determination, how much should Dart report as revenue for 2011? LO.1
What amount of revenue should Bullseye recognize from this sale during 2011 on an accrual basis? LO.1
How the various asset, liability, and stockholders’ equity accounts on a typical corporate balance sheet are measured and classified. LO.1
How to use balance sheet information to understand key differences in the nature of firms’ operations and how those operations are financed. LO.1
Differences in balance sheet terminology and presentation format in countries outside the United States. LO.1
The information provided in notes to the financial statements on significant accounting policies, subsequent events, and related-party transactions. LO.1
How successive balance sheets and the income statement can be used to determine cash inflows and outflows for a period. LO.1
How information provided in the cash flow statement can be used to explain changes in noncash accounts on the balance sheet. LO.1
The distinction between operating, investing, and financing sources and uses of cash. LO.1
How changes in current asset and current liability accounts can be used to adjust accrual earnings to obtain cash flows from operations. LO.1
The reporting entity and its principal owners, management or members of their immediate families, and members of the board of directors. LO.1
Subsidiaries of a common parent. LO.1
The reporting entity and nonconsolidated affiliates in which it holds a significant ownership stake. LO.1
Herb Wilson, Robin Hansen, and Barbara Reynolds each contributed $3,500 cash on April 1 for shares of the company’s common stock. LO.1
HRB rented office space beginning April 1, and paid the full year’s rental of $2,000 per month, or $24,000, in advance. LO.1
The company borrowed $10,000 from a bank on April LO.1
The principal plus accrued interest is payable January 1, 2012, with interest at the rate of 12% per year. LO.1
HRB purchased office equipment with a five-year life for $15,000 cash on April LO.1
Salvage value is zero and the equipment is being depreciated using the straight-line method. LO.1
HRB sold and billed customers for $65,000 of advertising services rendered between April 1 and December LO.1
Of this amount, $20,000 was still uncollected by year-end. LO.1
By year-end, the company incurred and paid the following operating costs: (a) utilities,$650; (b) salaries, $36,250; and (c) supplies, $800. LO.1
The company had accrued (unpaid) expenses at year-end as follows: (a) utilities, $75;(b) salaries, $2,400; and (c) interest, $900. LO.1
Supplies purchased on account and unpaid at year-end amounted to $50. When supplies are purchased, they are charged to an asset account. LO.1
Supplies inventory on hand at year-end amounted to $100. LO.1
Annual depreciation on office equipment is $15,000/5 5 $3,000. Because the equipment was acquired on April 1, the depreciation expense for 2011 is $3,000 3 9/12 5 $2,250. LO.1
Changes resulting from cash inflows and cash outflows. LO.1
Changes resulting from noncash transactions that are recurring and routine (e.g., credit sales and interest expense). LO.1
Changes resulting from noncash transactions that are neither recurring nor routine(e.g., business combinations). LO.1
Changes resulting from accounting allocations (e.g., depreciation expense). LO.1
Changes resulting from accounting allowances (e.g., bad debt expense). LO.1
Other changes resulting from remeasurements (e.g., fair value changes and impairment losses). LO.1
Calculate Eiger’s cash flow from operating activities for 2011. LO.1
Explain the reasons for the difference between the firm’s net income and its cash flow from operating activities in 2011. LO.1
Calculate Zurich’s cash flow from operating activities for 2011. LO.1
Explain the reasons for the difference between the firm’s net income and its cash flow from operating activities in 2011. LO.1
$15,000 in cash and a $35,000 note payable were exchanged for land valued at $50,000. LO.1
Bonds payable (maturing in 2015) in the amount of $30,000 were retired by paying$28,000 cash. LO.1
Capital stock in the amount of $40,000 was issued at par value. LO.1
The company sold surplus equipment for $10,000. The equipment had a book value of$14,000 at the time of the sale. LO.1
Net income was $35,500. LO.1
Cash dividends of $5,000 were paid to the stockholders. LO.1
100 shares of stock (considered short-term investments) were purchased for $8,300. LO.1
A new building was acquired through the issuance of $75,000 in bonds. LO.1
$12,000 of depreciation was recorded on the plant and equipment. LO.1
At December 31, 2011, Cash was $93,200, Accounts receivable had a balance of $41,500, Inventory had increased to $73,000, and Accounts payable had fallen to $25,500. Long-term investments and Taxes
Prepare a statement of cash flows for 2011. LO.1
Prepare the December 31, 2011, balance sheet for Kay Wing, Inc. LO.1
Cash includes $12,000 in U.S. treasury bills purchased on December 21, 2011, that mature in January 2012. The account also includes $8,500 in stock purchased just before year-end that the company
The Accounts receivable balance consists of:Account Title Debits Credits Production equipment $ 477,700 Accumulated depreciation—production equipment $ 239,600 Patents 50,000 Leasehold 7,000
Notes payable consists of two notes. One, in the amount of $50,000, is due on March 19, 2012. The other note matures on October 27, 2014. LO.1
The Taxes payable account contains deferred income taxes amounting to $61,250. LO.1
The installment note payable bears an annual interest rate of 10%. Semiannual payments of $6,756.43 are due each June 30 and December 31 and include principal and accrued interest. These payments
Of the 1,000,000 authorized shares of no par common stock, 300,000 shares are issued and outstanding. LO.1
The company recently announced plans to sell its operating facility in Katy, Texas, consisting of land (cost $82,000) and a building (cost $175,000; book value $110,000). Production equipment has
Based on this information, prepare an income statement and statement of cash flows. LO.1
Provide an intuitive explanation of how the adjustments made to net income in the cash flow statement convert the accrual numbers to cash flow numbers. LO.1
Calculate the balance in retained earnings at the time of the change (beginning of 2011) as it would have been reported had FIFO been previously used. LO.1
Prepare the journal entry to record the change in accounting principle at the beginning of 2011. LO.1
After several years of production problems at the accessories manufacturing plant, Krewatch sold the plant to an investor group headed by a former manager at the plant. Krewatch plans to continue to
Krewatch incurred restructuring costs of $12,562,990 when it eliminated a layer of middle management. LO.1
Krewatch extinguished $200 million in 30-year bonds issued 18 years ago. These bonds were the only ones issued in the company’s history. Krewatch recognized a gain on this transaction. LO.1
Krewatch changed its method of accounting for inventory from FIFO to the average cost method. LO.1
Due to technological advances in golf club manufacturing, management determined that production equipment would need to be upgraded more frequently than in the past.Consequently, the useful lives of

Showing 1200 - 1300 of 2654

First
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved