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financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 2008:On January 2, 2008, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprites common
The following information is reported in the separate and consolidated balance sheets and in- come statements of Palace Corp. and its subsidiary, Show Corp., at December 31, 2008:Additional
On October 1, 2008, Pacer Corp. acquired all of Sunny Corp:s outstanding stock for cash. The fair value of Sunny’s net assets was less than the purchase price but more than the net carrying amount.
The following are the balance sheets for Plate and Salad immediately prior to Plate’s September 1, 2008 acquisition of Salad:Consider the following cases:Case 1 Plate buys 100% of Salad’s common
Refer to the balance sheets of Plate and Salad in P16-13. Assume that Plate buys 80% of Salad’s common stock for \($180,000\) cash. The fair value of Salad’s land is \($20,000\), the fair value
On January 1, 2008, Pluto Company purchased all of Saturn Company’s common stock for \($1,000,000\) cash. On that date, Saturn had retained earnings of \($200,000\) and common stock of
Company B, an auto parts company, made several acquisitions with newly issued stock over the past five years using the purchase method of accounting. In each case, the purchase price exceeded the
The stockholders’ equity section of Warm Ways Inc:s balance sheet at January 1, 2008 shows:Warm Ways reported net income of \($9,250,000\) for 2008, declared and paid the preferred stock cash
It's July 1, 2009, and the market price of Warm Ways’ common stock (Problem P15-1) is \($175\) per share. There are 1.1 million common shares outstanding, and the Retained earnings account shows a
On January 1, 2006 when its \($30\) par-value common stock was selling for \($80\) per share, Gierach Corporation issued \($10\) million of 4% convertible debentures due in 10 years. The conversion
The Shareholders’ Equity section of Holiday Roads Company's balance sheet shows:Net income for 2008 was \($1,700,000\), preferred stock dividends were \($200,000\), and common stock dividends were
Tredegar Industries Inc. makes plastic films and molded plastic products and soft alloy aluminum extrusions, distributes business applications software, and provides proprietary chemistry services. A
Schlumberger Ltd. provides exploration and production services to the petroleum industry.The following footnote appeared in the company’s 2002 annual report:As of December 31, 2002, the Company has
Abbott Stores must raise \($100\) million on January 1, 2009 to finance its expansion into the lucrative Boston metropolitan market. It will use the money to finance construction of five retail
Central Sprinkler Corporation manufactures and sells automatic fire sprinkler heads and valves, and it distributes components for automatic sprinkler systems. Selected information from the company's
General Electric (GE) Company has two major parts: an industrial conglomerate and a financial services conglomerate. In the past decade, GE's EPS have risen almost every year. How does GE do it? One
Hershey Foods Corporation manufactures and sells consumer food products including chocolate bars, chocolate drink mixes, refrigerated puddings, beverages, pasta, cough drops, and jelly beans. In
Kadri Corporation reported basic EPS of \($3.00\) and diluted EPS of \($2.40\) for 2008. Its EPS calculations follow:It issued the convertible preferred stock at the beginning of 2008 and the Series
Trask Corporation, a public company whose shares are traded in the over-the-counter market, had the following stockholders’ equity account balances at December 31, 2007:Transactions during 2008 and
The following excerpt is from Ball Corporation’s 2006 annual report.Effective January 1, 2006, the company adopted SFAS No. 123 (revised 2004), “Share-Based Payment,”and elected to use the .. .
Refer to the 2006 General Electric Retiree Health and Life Benefits Footnote appearing in Exhibit 14.8.Required:1. Reconstruct the journal entries that GE would have made in 2006 to record the
Selected pension information extracted from AMR’s 2006 annual report follows. Author modifications have been made to reflect amounts as if SFAS No. 158 had been adopted as of December 31, 2005.10.
Spridget Company has | million shares of common stock authorized with a par value of \($3\) per share, of which 600,000 shares are outstanding. The company received \($7\) per share when it issued
The stockholders’ equity section of Peter Corporation’s balance sheet at December 31, 2008 follows:On January 2, 2009, Peter purchased and retired 100,000 shares of its stock for
Fore Ever Yours, Inc., a manufacturer of wedding rings, issued two financial instruments at the beginning of 2008: a \($10\) million, 40-year bond that pays interest at the rate of 11% annually and
Warren Corporation was organized on January 1, 2008 with an authorization of 500,000 shares of common stock ($5 par value per share). During 2008, the company had the following capital
Selected information for Irvington Company follows:Required:What is Irvington’s return on common stockholders’ equity (ROCE) for 2008, rounded to the nearest percentage point? December 31 2007
Munn Corporation's records included the following stockholders’ equity accounts:Required:How many shares of preferred stock and how many shares of common stock have been issued? Preferred stock,
Newton Corporation was organized on January 1, 2008, On that date, it issued 200,000 shares of its \($10\) par-value common stock at \($15\) per share (400,000 shares were authorized). During the
On December 31, 2008 the Stockholders’ Equity section of Mercedes Corporation was as follows:On March 1, 2009, the board of directors declared a 10% stock dividend and accordingly issued 900
On June 30, 2008, the Stockholders’ Equity section of Comet Corporation's balance sheet was as follows:On July 1, 2008, Comet’s board of directors declared a 5% stock dividend on common stock to
Effective April 27, 2008, Dorr Corporation's stockholders approved a two-for-one split of the company’s common stock and an increase in authorized common shares from 100,000 shares (par value of
On July 1, 2004, Austin Company granted Harry Ross, an employee, an option to buy 500 shares of Austin common stock at $30 per share. The option was exercisable for five years from the date of the
Tam Company’s net income for the year ending December 31, 2008 was \($10,000\). During the year, Tam declared and paid \($1,000\) cash dividends on preferred stock and \($1,750\) cash dividends on
Fountain Inc. has 5,000,000 shares of common stock outstanding on January 1, 2008. It issued an additional 1,000,000 shares of common stock on April 1, 2008 and 500,000 more on July 1, 2008. On
Information concerning the capital structure of the Petrock Corporation is as follows:During 2008, Petrock paid dividends of \($1\) per share on its common stock and \($2.40\) per share on its
On July 18, 2003, Amos Corporation granted nontransferable options to certain key employees as additional compensation. The options permit the purchase of 20,000 shares of Amos'’s common stock at a
Keystone Enterprises just announced record 2008 EPS of \($5.00\), up \($0.25\) from last year. This is the 10th consecutive year that the company has increased its EPS, an enviable record. Unfortu-
The 2002 annual report of Procter & Gamble Company contained the following information: The ESOP borrowed \($1,000\) in 1989, which has been guaranteed by the Company. The proceeds were used to
GM first provided retiree health care benefits to UAW employees in 1961. In the fall of 2007, after a short strike, the UAW and GM reached an agreement to end that coverage. The key terms and effects
The following information pertains to Seda Company’s pension plan:Required:If no change in actuarial estimates occurred during 2008, how much would Seda’s projected benefit obligation be at
At December 31, 2008, Kerr Corporation’s pension plan administrator provided the following information:Required:What amount of the pension liability should be shown on Kerr’s December 31, 2008
On January 2, 2008, Loch Company established a defined benefit plan covering all employees and contributed \($1,000,000\) to the plan. At December 31, 2008, Loch determined that the 2008 service and
Mary Abbott is a long-time employee of Love Enterprises, a manufacturer and distributor of farm implements. Abbott plans to retire on her 65th birthday (January 1, 2013) five years from today. Her
The following information pertains to Gali Company’s defined benefit pension plan for 2008:Required: What was the dollar amount of actual return on Gali Company’s plan assets in 2008? Fair value
The following information pertains to Kane Company’s defined benefit pension plan:Kane has no net actuarial gains or losses in AOCI.Required:In its December 31, 2008 balance sheet, what amount
Dell Company adopted a defined benefit pension plan on January 1, 2008. Dell amortizes the initial prior service cost of $1,334,400 over 16 years. It assumes a 7% discount rate and an 8% expected
On January 1, 2008, East Corporation adopted a defined benefit pension plan. At plan inception, the prior service cost was \($60,000\). In 2008, East incurred service cost of \($150,000\) and
Nome Company sponsors a defined benefit plan covering all employees. Benefits are based on years of service and compensation levels at the time of retirement. Nome has a September 30 fiscal year-end.
Hukle Company has provided the following information pertaining to its postretirement plan for 200%:Required:Calculate Hukle Company’s 2008 net postretirement benefit cost. Service cost Benefit
The following information pertains to Lee Corporation's defined benefit pension plan for 2008:Required:Determine the pension expense that Lee Corporation would include in its 2008 net income. Service
Bostonian Company provided the following information related to its defined benefit pension plan for 2008:Required:1. What amount of pension expense should Bostonian report for 2008?2. What is the
Cummings, Inc. had the following reconciliation at December 31, 2008:The following assumptions are being used for the pension plan in 2009:Required:1. Compute pension expense for 2009.2. Compute the
Jones Company has a postretirement benefit (health care) plan for its employees. On January 1, 2008, the balance in the Accumulated postretirement benefit obligation account was \($300\) million. The
Zeff Manufacturing provides the following information about its postretirement health care plan for 2008:Required:1. Determine Zeff’s postretirement health care expense in 2008.2. Determine the
Bonny Corp. has a defined benefit pension plan for its employees who have an average remaining service life of 10 years. The following information is available for 2008 and 2009 |related to the
At January 1, 2008, Milo Co.’s projected benefit obligation is \($300,000\), and the fair value of its pension plan assets is \($340,000\). The average remaining service period of Milo’s
At January 1, 2008, Archer Co.’s PBO is \($500,000\) and the fair value of its pension plan assets is \($630,000\). The average remaining service period of Archer’s employees is 12 years. The
George Corporation has a defined benefit pension plan for its employees. The following information is available for 2008:Required:1. What was the January 1, 2008 fair value of the plan assets?2. What
On January 1, 2008, Cello Co. established a defined benefit pension plan for its employees. At January 1, 2008, Cello estimated the service cost for 2008 to be \($45,000\). At January 1, 2009, it
The following information pertains to Sparta Company's defined benefit pension plan:Service cost for 2008 was \($90,000\). No contributions were made or benefits paid during the year. Sparta’s
Turner, Inc. provides a defined benefit pension plan to its employees. The company has 150 employees. The average remaining service life of employees is 10 years. The AOCI—net actuarial (gain) loss
Puhlman Inc. provides a defined benefit pension plan to its employees. It uses a market-related (smoothed) value to compute its expected return. Additional information follows:During 2008, the PBO
You have the following information related to Chalmers Corporation's pension plan:1. Defined benefit, noncontributory pension plan.2. Plan initiation, January 1, 2008 (no credit given for prior
Assume that the pension benefit formula of ABC Corporation calls for paying a pension benefit of \($250\) per year for each year of service with the company plus 50% of the projected last year’s
Assume the same facts for ABC Corporation as in P14-5 with the following exceptions:• Assume both that ABC fully funds the estimated PBO on January 1, 2008 and that invested funds earn an actual
On January 1, 2008, Magee Corporation started doing business by hiring R. Walker as an em- ployee at an annual salary of \($50,000\), with an annual salary increment of \($10,000\). Based on his
Use the same set of facts as in P14-7. In addition, assume that based on ERISA rules, Magee Corporation must contribute the following amounts to the pension fund:Magee intends to fund the pension
The following information is based on an actual annual report. Different names and years are being used. Bond and some of Green's subsidiaries provide certain postretirement medical, dental, and vi-
The following information pertains to the pension plan of Beatty Business Group:Note that the information in Columns (2) and (3) are as of the beginning of the year, whereas the information in Column
The following is the funded status of the pension plan of McKeown Consulting Company at December 31, 2007:The service costs for 2008 and 2009 were \($125,000\) and \($145,000\), respectively. During
The following information on postretirement benefit obligations is excerpted from Ordonez Corporation's Form 10-K for the fiscal year ending June 30, 2008. (This is a real company whose name has been
Compute the PBO related to Schaefer’s benefits as of January 1, 2008.
At December 31, 2008, Kerr Corporation’s pension plan administrator provided the followinginformation:Required:What amount of the pension liability should be shown on Kerr’s December 31, 2008
The following is adapted from the 2003 financial statements of the Mandalay Resort Group, one of the largest hotel/casino operators in the United States. The components of the provision for income
Edited excerpts from Sara Lee Corporation’s Year 2 tax footnote follow:Current and deferred tax provisions (benefits) were:The following are components of the deferred tax (benefit) provisions
Motorola and Intel are both in the semiconductor industry and compete in many of the same product sectors. But each uses a different depreciation method. Motorola's Year 2 10-K states the
ABC Inc. is in the business of airframe maintenance, modification and retrofit services, avionics and aircraft interior installations, the overhaul and repair of aircraft engines, and other related
Excerpts from Wrigley Company’s Year 2 tax footnote follow.Reconciliation of the provision for income taxes computed at the U.S. federal statutory rate of 35% for Years 2, 1, and 0 to the reported
Following is the 2007 first quarter FIN48 footnote disclosure for Under Armour, a maker of athletic sportswear. All amounts are in thousands of dollars.Provision for Income Taxes The Company adopted
Moss, Inc. uses the accrual method of accounting for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. It will collect $250,000 of
The following information pertains to Ramesh Company for the current year:The company has both a permanent and a temporary difference between book and taxable income.The permanent difference relates
For financial statement reporting, Lexington Corporation recognizes royalty income in the period earned. For income tax reporting, royalties are taxed when collected. At December 31, 2007, unearned
Joy Corporation prepared the following reconciliation of income per books with income per tax return for the year ended December 31, 2008:Joy’s income tax rate is 35% for 2008.Required:1. What
Nelson Inc. purchased machinery at the beginning of 2008 for \($90,000\). Management used the straight-line method to depreciate the cost for financial reporting purposes and the
Metge Corporation's worksheet for calculating taxable income for 2008 follows:The enacted tax rate for 2008 is 35%, but it is scheduled to increase to 40% in 2009 and subsequent years. All temporary
Smith Corporation started doing business in 2007. The following table summarizes the company’s taxable income (loss) over the 2007-2019 period and the statutory tax rate effective in each
Barron Corporation started doing business in 2007. The following table summarizes the com- pany's taxable income (loss) over the period 2007-2015.Because Barron had no permanent or timing differences
The following information pertains to Enis Corporation for the year ended December 31, 2008. The company reported a \($1,500,000\) loss before taxes in its GAAP income statement, which included the
Weber Manufacturing Company started doing business on January 1, 2008. Its current business plan predicts significant growth in sales over the next several years. To respond to this predicted growth,
Over the past two years, Madison Corporation has accumulated operating loss carryforwards of \($66,000\). This year, 2008, Madison's pre-tax book income is \($101,500\). The company is subject to a
At the end of its third year of operations, December 31, 2008, Delilah Corp. is reporting pre-tax book income of \($223,000\). The following items are relevant to Delilah’s deferred tax
Mozart Inc.'s \($98,000\) taxable income for 2008 will be taxed at the 40% corporate tax rate. For tax purposes, its depreciation expense exceeded the depreciation used for financial reporting
In Year 1, Phillips Company reported \($10,000\) net income for both book and tax purposes. It incurred a \($1,000\) book expense that it deducted on its tax return. Assuming a 35% tax rate, this
Flower Company started doing business on January 1, 2007. For the year ended December 31, 2008, it reported \($450,000\) pre-tax book income on its income statement. Flower is subject to a 40%
In the current year, 2008, Reality Corporation reported \($200,000\) of pre-tax earnings on its income statement. The corporate tax rate is 40% in the current year and next year, and it is scheduled
On January 2, 2007, Allen Company purchased a machine for \($70,000\). This machine has a five-year useful life, a residual value of \($10,000\), and it is depreciated using the straight-line method
Huff Corporation began operations on January 1, 2008. It recognizes revenues from all sales under the accrual method for financial reporting purposes and appropriately uses the installment method for
In its 2008 income statement, Tow, Inc. reported proceeds from an officer’s life insurance policy of \($90,000\) and depreciation of \($250,000\). Tow was the owner and beneficiary of the life
As a result of differences between depreciation for financial reporting purposes and tax purposes, the financial reporting basis of Noor Company’s sole depreciable asset, acquired in 2008, exceeded

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