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financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

Andrew’s Extreme Sports reported the following information for 2008: net sales, \($1,680,000;cost\) of goods sold, \($1,041,600;\) selling and administrative expenses, \($369,600;\) and an
An analyst gathered the following information about a company whose fiscal year end is December 31:• Net income for the year was \($10.5\) million.• Preferred stock dividends for \($2\) million
A company’s proxy statement contains information about major shareholders, management compensation (salary, bonus, stock options, etc.), composition of the board of directors, and shares owned by
A wide variety of financial and nonfinancial information is used in managing a company and in making decisions about whether or not to invest in a company. A survey of senior corporate managers and
New York (Dow Jones)-H.J. Heinz Co. on Thursday said fis- cal first quarter net income rose 23%, helped by strong sales of Weight Watchers Smart One meals and Classico pasta sauces. Heinz (HNZ),
AST Research Inc., a personal computer manufacturer, announced a change in its accounting for acquisition-related expenditures. Costs previously deferred were to be expensed immediately. The change
The following excerpt is from Whirlpool Corporation’s 2005 10-K report filed with the SEC and is a required disclosure:The company is a major supplier to Sears of laundry, refrigerator, dishwasher,
In early 1996, IES Industries signed a definitive merger agreement with two other neighboring utilities, Wisconsin Power and Light (WPL) and Interstate Power Company (IPC). This was the first
Returning home from your job as a financial analyst covering the airline industry, you find a message from your father, a veteran pilot for TWA. He will be in town this evening and would like you to
Yesterday, AstroText announced its friendly acquisition of TextTools Inc. AstroText intends to pay \($20\) per share for all of the outstanding common stock of TextTools. At this price, TextTools
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines
June 1996, New York Times columnist Bob Herbert wrote a pair of opinion editorials accusing Nike Corp. of cruelly exploiting cheap Asian labor. Nike CEO Philip Knight replied in a letter to the
An airline presented this graph with its annual report.RequiredIndicate the misleading feature in this graph.
Indicate a practical problem with computing a Z score for a closely held firm.
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines
Owens Corning went into Chapter 11 bankruptcy in 2000. In October 2002, it claimed that it was insolvent for four years before filing for bankruptcy (1996–2000). Apparently, the major issue was
Please complete the Web case that covers material covered in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines a
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines
Comment on the significance of disclosing the fair value of financial instruments.
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You'll be using Thomson ONE Business School Edition, a powerful tool that combines a
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You'll be using Thomson ONE Business School Edition, a powerful tool that combines a
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You'll be using Thomson ONE Business School Edition, a powerful tool that combines a
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/ accounting/Gibson. You'll be using Thomson ONE Business School Edition, a powerful tool that combines a
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool, that combines
Please complete the Web case that covers material discussed in this chapter at www.cengage.com/accounting/Gibson. You’ll be using Thomson ONE Business School Edition, a powerful tool that combines
The following income statement and balance sheet information is available for the operating segments of Bogart, Inc. The segments do not
Second National Insurance Company provided this information for its trading securities portfolio: Required: 1. Provide
On January 1, 2017, Pack Corp. acquired all of Slam Corp.’s common stock for $500,000. On that date, the fair values of Slam’s net assets equaled their book values of $400,000. During 2017, Slam
Refer to the salesforce.com financial statement excerpts given below to answer the questions. On January 31, 2015, the price of salesforce.com stock was $56.45, and there were 650,596,000 shares of
Starbucks Corp., the passionate purveyors of coffee and everything else that goes with a full and rewarding coffeehouse experience, included the following table in its 2009 annual report:Total stock
Moss Inc. follows GAAP for financial reporting purposes and appropriately uses the installment method of accounting for income tax purposes. It reported $250,000 of pre-tax income under GAAP, but it
Quinn Company reported a net deferred tax asset of $10,500 in its December 31, 2016, balance sheet. For 2017, Quinn reported pre-tax financial statement income of $300,000. Temporary differences of
Mill Company began operations on January 1, 2017, and recognized income from construction- type contracts under different methods for tax purposes and financial reporting purposes. Information
Refer to the information in P12–10. Assume that at the commencement of the lease, collectibility of the payments is not probable and the lessor uses the straight-line depreciation
Required:Using the data in P12–6, prepare the journal entries required by Coleman Inc. on January 1, 2017, assuming that (a) Task does not guarantee the residual value and (b) Task does guarantee
On January 1, 2017, Draper Inc. signed a five-year noncancelable lease with Thornhill Company for custom-made equipment. The lease calls for five payments of $161,364.70 to be made at the beginning
Groupe Casino is a French multinational company that operates more than 9,000 multiformat retail stores—hypermarkets, supermarkets, discount stores, convenience stores, and restaurants—throughout
The following information appeared in the annual reports of Borden, Inc., Exxon Corporation, and Visa Inc.Borden, Inc.Accruals for environmental matters are recorded when it is probable that a
Zero coupon bonds pay no interest—the only cash investors receive is the lump-sum principal payment at maturity. On January 1, 2017, The Ledge Inc. issued $250 million of zero coupon bonds at a
1. Refer to the facts in Problem 9-16. Repeat the requirements assuming that Jake uses the FIFO cost flow assumption. 2. Explain how the financial statements are affected when a company
KW Steel Corp. uses the LIFO method of inventory valuation. Waretown Steel, KW’s major competitor, instead uses the FIFO method. The following are excerpts from each company’s 2017 financial
Selected information concerning the operation of Kern Company for the year ended December 31, 2017, is available as follows:Units produced
Information from Jacob Perez Company’s records is available as follows for the year ended December 31, 2017:Net sales
Mikeska Companies purchased equipment for $108,000 from Power-line Manufacturing on January 1, 2015. Mikeska paid $18,000 in cash and signed a five-year, 5% installment note for the remaining $90,000
The following information relates to Zulu Company’s accounts receivable for 2017:Accounts receivable, 1/1/2017
Regulated utilities such as Duke Power Co. (a subsidiary of Duke Energy Corporation) are authorized to earn a specific rate of return on their capital investments. Energy regulators set a rate the
John Brincat was the president and chief executive of Mercury Finance, an auto lender specializing in high credit-risk customers. The company’s 1995 proxy statement contained the following
In late 2002, Frisby Technologies received a default notice from two of its creditors notifying the company that it was in default of the tangible net worth covenant in its loan agreements. Although
Required:Explain the potential conflict of interest that arises when doctors own the hospitals in which they work.
A feature of top executive pay at Krispy Kreme Doughnuts, Inc., is its compensation recovery policy. The policy allows Krispy Kreme to take back annual or long-term incentive compensation paid to
As described in the chapter, the abnormal earnings approach for estimating common share value is where V0 is the total value of all
Exhibit 6.5 describes the key financial ratios Standard & Poor’s analysts use to assess credit risk and assign credit ratings to industrial companies. The same financial ratios for three firms
Selected data of Islander Company follow: Required: 1. What is the accounts receivable turnover for
An income statement for the first year of operations for Patti Company appears below:Sales
Jerry’s Jellies sells one- and two-year mail-order subscriptions for its jelly-of-the-month business. Subscriptions are collected in advance and credited to sales. An analysis of the recorded sales
ClearOne Communications, Inc., is a provider of end-to-end video and audio conferencing services, including the manufacture and sale of video and audio conferencing products. From its inception as a
Classify the following costs as period or traceable costs.Depreciation on office building Depreciation on factoryInsurance expense
A friend of yours sent an e-mail asking about generally accepted accounting principles (GAAP). It seems your friend was browsing through Whirlpool Corporation’s recent annual report and she spotted
Identify five ways managers can voluntarily provide information about the company to outsiders. What advantages do these voluntary approaches have over the required financial disclosures contained in
What other forces might cause managers to voluntarily release financial information about the company?
Use the same set of facts as in P15-5. 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
Craig Incorporated (a fictional company) manufactures and sells security systems. Selected information from the company’s 20X3 financial statements show:On December 31, 20X1, Craig Incorporated
Karr, Inc., reported net income of $300,000 for 20X1. Changes occurred in several balance sheet accounts as follows:Additional Information:a. During 20X1, Karr sold equipment costing $25,000, with
During 20X1, Xan Inc. had the following activities related to its financial operations:Payment for the early retirement of long-term bonds payable (carrying value $370,000) .........
Rite Aid Corporation operates retail drugstores in the United States. It is one of the country’s largest retail drugstore chains with 3,333 stores in operation as of March 3, 20X3. The company’s
Hoffman Engineering Company is a young and growing producer of pre-stressed concrete manufacturing equipment. You have been retained by the company to advise it in the preparation of a statement of
Omega Corporation’s comparative balance sheet accounts worksheet at December 31, 20X1 and 20X0, follow, together with a column showing the increase (decrease) from 20X0 to 20X1.Additional
Metro Inc. reported net income of $150,000 for 20X1. Changes occurred in several balance sheet accounts during 20X1 as follows:Investment in Videogold Inc. stock, accounted for under the equity
A statement of cash flows for Friendly Markets, Inc., for 20X1 appears below.Operations(1) Net income$ 1,161,442Adjustments for noncash transactions:(2) Depreciation and amortization496,106(3)
Selected financial statements for Ralston Company, a sole proprietorship, are as follows:Balance Sheet as of December 31, 20X0Assets:Cash$ 30,000Equipment36,000Accumulated depreciation:
Presented next are the balance sheet accounts of Bergen Corporation as of December 31, 20X1 and 20X0.Additional Information:• On January 2, 20X1, Bergen sold all of its marketable investment
Alp Inc. had the following activities during 20X1:• Acquired 2,000 shares of stock in Maybel Inc. for $26,000.• Sold an investment in Rate Motors for $35,000 when the carrying value was
Excerpts from the financial statements of Stanley Black & Decker, Inc., follow.From Stanley Black & Decker’s Accounts receivable note:Required:1. Determine the difference between the change
Superfine Company collected the following data in preparing its cash flow statement for the year ended December 31, 20X1:Amortization of bond discount$ 1,000Dividends declared22,500Dividends
The balance sheets of Global Trading Company follow:Additional Information:• The company reported a net loss of $279,500 during 20X1.• There are no income taxes.• Goodwill as of December 31,
Karr Inc. reported net income of $300,000 for 20X1. Changes occurred in several balance sheet accounts as follows:Equipment ................................. $25,000 increaseAccumulated depreciation
Neighborhood Supermarkets is preparing to go public, and you are asked to assist the firm by preparing its statement of cash flows for 20X1. Neighborhood’s balance sheets at December 31, 20X0, and
During 20X1, King Corporation wrote off accounts receivable totaling $25,000 and made sales, all on account, of $710,000. Other information about the company’s sales activities follows:In addition,
The following information is based on a real company whose name has been disguised. Opus One operates in a single business segment, the retailing and servicing of home audio, car audio, and video
The following are selected balance sheet accounts of Zach Corporation at December 31, 20X1 and 20X0, as well as the increases or decreases in each account from 20X0 to 20X1. Also presented is
The income statement for the year ended December 31, 20X1, as well as the balance sheets as of December 31, 20X1, and December 31, 20X0, for Lucky Lady Inc. follow. This information is taken from the
The Barden Corporation’s comparative balance sheets for 20X1 and 20X0 are presented below.Income Statement for the Year Ended December 31, 20X1$
Lino Company’s worksheet for the preparation of its 20X1 statement of cash flows included the following information:Lino’s 20X1 net income is $150,000.Required:What amount should Lino include as
The management of Banciu Corporation provides you with comparative balance sheets at December 31, 20X1, and December 31, 20X0, appearing below.Supplemental Information:a. The following table presents
The income statement and statement of cash flows for ABC Equipment Company for 20X1 are provided below.ABC Equipment CompanyIncome Statement for the Year Ended December 31, 20X1($ in millions)Sales$
Recall the Rombaurer Metals example in the chapter: On October 1, 20X1, Rombaurer has 10 million pounds of copper inventory on hand at an average cost of $0.65 a pound. The spot price for copper is
On January 1, 20X1, Four Brothers Manufacturing borrowed $10 million from Guiffrie Bank by signing a three-year, 8.0% fixed-rate note. The note calls for interest to be paid annually on December 31.
Basie Business Forms borrowed $5 million on July 1, 20X1, from First Kansas City Bank. The loan required annual interest payments at the LIBOR rate, reset annually each June 30. The loan principal is
Newton Grains plans to sell 100,000 bushels of corn from its current inventory in March 20X2. The company paid $1 million for the corn during the fall 20X1 harvest season. On October 1, 20X1, Newton
Silverado Inc. buys titanium from a supplier that requires a six-month firm commitment on all purchases. On January 1, 20X1, Silverado signs a contract with the supplier to purchase 10,000 pounds of
On January 1, 20X1, Hitchcock Corporation entered into a five-year interest rate swap agreement. The agreement uses a notional value of $500,000 and calls for the company to receive fixed interest of
On January 1, 20X1, Novak, Inc., enters into an interest rate swap and agrees to receive fixed and pay variable on a notional amount of $5,000,000. The contract calls for cash settlement of the net
Mattel, Inc., develops and manufacturers toys that it sells globally. Presented below are excerpts from its Form 10-K for the year ended December 31, 2018.NOTE 10—DERIVATIVE INSTRUMENTSMattel seeks
Maynard Corporation buys 1,000 call options to buy 1,000 shares of Rossman, Inc., common stock on December 1, 20X1. At the time of the purchase, the option price is $5.00, the Rossman stock price is
Southwest Airlines Co. is a major airline that operates in the United States. Refer to the following information from Southwest Airlines’s 2015 3rd quarter 10-Q.NOTES TO CONDENSED CONSOLIDATED
In 20X0, the cereal division of Bloom Company (a fictional company) decided to test market in 20X1 an organic corn-based cereal to be called Healthcrisp. The business plan calls for production to
On July 1, 20X1, Stan Getz, Inc., bought call option contracts for 500 shares of Selmer Manufacturing common stock. The contracts cost $200, expire on September 15, and have an exercise price of $40
Callahan, Inc., sells a forward on ounces of gold to remove uncertainty regarding the revenue it will recognize when it sells its gold inventory. The forward represents a perfect cash flow hedge.

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