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Questions and Answers of Financial Reporting and Analysis

Mavrogenes Corporation is a wholly owned Canadian subsidiary of a U.S. parent company. Mavrogenes was formed on January 1, 20X1, when the parent invested C$40 million and Mavrogenes issued 100 shares
Maples Corporation is a Canadian subsidiary of a U.S. parent company. Shown below is the company’s local currency income statement for 20X1. All transactions the company entered into should be
The following is an excerpt from the 2018 Form 10-K of Walgreens Boots Alliance, Inc. (Walgreens). It provides summary income statement data about the companies in which Walgreens has an equity
Amiel Company acquired 90% of the common stock of Talia Corporation on December 31, 20X0. The balance sheets of the two companies immediately after the acquisition was made are shown below:The
The following were excerpted from Coca-Cola’s 2018 Form 10-K:Required:What amounts should be shown in an analyst report for Coca-Cola’s 2018 return on common equity and return on total equity?
Figa Company acquired a bond issued by Stewart Company on January 1, 20X1. The $100,000 bond had a coupon rate of 4%, with payments made semiannually. The bond was scheduled to mature on December 31,
On January 1, 20X1, Chesapeake Corporation issued common stock with a fair value of $810,000 in exchange for 90% of Deardon Corporation’s common stock. Following are the January 1, 20X1, separate
Figa Company acquired a bond issued by Stewart Company on January 1, 20X1. The $100,000 bond had a coupon rate of 4%, with payments made semiannually. The bond was scheduled to mature on December 31,
On January 5, 20X1, Alpha Inc. acquired 80% of the outstanding voting shares of Beta Inc. for $2,000,000 cash. Following are the separate balance sheets for the two companies immediately after the
Figa Company acquired a bond issued by Stewart Company on January 1, 20X1. The $100,000 bond had a coupon rate of 4%, with payments made semiannually. The bond was scheduled to mature on December 31,
On July 1, 20X1, Pushway Corporation issued 100,000 shares of common stock in exchange for all of Stroker Company’s common stock. The Pushway stock issued had a market value of $500,000 on the date
Agranoff Corporation purchased two zero-coupon bonds on January 1, 20X1. The first bond was issued by Lilah Company. It had a face amount of $100,000 and was scheduled to mature on December 31, 20X5.
Pate Corp. owns 80% of Strange Inc.’s common stock. During 20X1, Pate sold inventory to Strange for $600,000 on the same terms as sales made to outside customers. Strange sold the entire inventory
Terry Corporation reported fair values for its minority-passive equity investment portfolio at the last four year-ends as shown in the table below. The company did not buy or sell any investments in
Founded on January 1, 20X1, Gehl Company had the following passive investments in equity securities at the end of 20X1 and 20X2:Required:If the company recorded a $4,000 debit to its Fair value
Wilde Company acquired 30% of Micki, Inc., on January 1, 20X1, at a cost of $40 million. At the time, Micki’s balance sheet was as follows:($ in millions)Cash$ 25Inventory35Fixed assets240Total
Stone has provided the following information on its available-for-sale securities:Amortized cost as of 12/31/X1 ..................... $170,000Unrealized gain as of 12/31/X1 ..........................
On January 1, 20X1, Pluto Company acquired 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 $600,000. The book
On January 1, 20X1, 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 20X1, Slam
The following are the balance sheets for Plate and Salad immediately prior to Plate’s September 1, 20X1, acquisition of Salad:Consider the following cases:Case 1Plate buys 100% of Salad’s common
On January 1, 20X1, Pitt Company acquired an 80% investment in Saxe Company. The acquisition cost was equal to Pitt’s equity in Saxe’s recorded net assets at that date. On January 1, 20X1, Pitt
Prince Corp. and Sprite Corp. reported the following balance sheets at January 1, 20X1:On January 2, 20X1, Prince issued $36,000 of stock and used the proceeds to purchase 90% of Sprite’s common
On April 1, 20X1, Dart Company paid $620,000 for all issued and outstanding common stock of Wall Corporation in a transaction properly accounted for under the acquisition method. Wall’s recorded
On January 1, 20X1, Delta Inc. acquired 80% of Sigma Company’s outstanding stock for $80,000 cash. Following are the balance sheets for Delta and Sigma immediately before the acquisition, as well
On April 30, 20X1, Pound Corp. acquired for cash all 200,000 shares of the outstanding common stock of Shake Corp. for $20 per share. At April 30, 20X1, Shake’s balance sheet showed net assets with
On January 1, 20X1, Newyork Capital Corporation purchased 30% of the outstanding common shares of Delta Crating Corp. for $250 million and accounts for this investment under the equity method. The
Sage Inc. bought 40% of Adams Corporation’s outstanding common stock on January 2, 20X1, for $400,000. The carrying amount of Adams’s net assets at the purchase date totaled $900,000. Fair values
On December 31, 20X1, Pate Corporation acquired 80% of Starmont Corporation’s common stock for $900,000 cash. Assume that the fair values of Starmont’s identifiable assets and liabilities equaled
In January 20X1, Harold Corporation acquired 20% of Otis Company’s outstanding common stock for $400,000. This investment gave Harold the ability to exercise significant influence over Otis. The
Second National Insurance Company provided this information for its minority-passive equity securities:Required:1. Provide the journal entries to record the fair value adjustment on December 31,
Information related to Jones Company’s portfolio of trading securities at December 31, 20X1, follows:Amortized cost of securities ........................ $340,000Gross unrealized gains
On January 1, 20X1, Figland Company purchased for cash 40% of Irene Company’s 300,000 shares of voting common stock for $1,800,000. At the time, 40% of the book value of the underlying equity in
The disclosure rules for business combinations complicate financial analysis. Trend analysis becomes difficult because comparative financial statements are not retroactively adjusted to include data
On January 2, 20X1, Dwyer Corporation (a fictional company) granted 4,000 nonqualified stock options each to 10 of its key executives (40,000 options in total). Under the terms of the option plan,
On January 1, 20X1, Darth Corp. (a fictional company) granted nonqualified stock options to certain key employees as additional compensation. The options were for 100,000 shares of Darth’s $1 par
On July 1, 20X1, Amos Corporation granted nontransferable, nonqualified stock options to certain key employees as additional compensation. The options permit the purchase of 20,000 shares of Amos’s
Riggs Corporation (a fictional company) has the following balance sheet information at December 31, 20X2.Current liabilities
Information concerning the capital structure of the Petrock Corporation is as follows:During 20X1, Petrock paid dividends of $1 per share on its common stock and $2.40 per share on its preferred
In its December 31, 20X0, balance sheet, Castle, Inc. (a fictional company), reported 400,000 issued shares of common stock and 50,000 shares of treasury stock. The 20X0 annual report also reported
Fountain Inc. has 5,000,000 shares of common stock outstanding on January 1, 20X1. It issued an additional 1,000,000 shares of common stock on April 1, 20X1, and 500,000 more on July 1, 20X1. On
Trask Corporation (a fictional company) had the following shareholders’ equity account balances at December 31, 20X0:Common stock
Tam Company’s net income for the year ending December 31, 20X1, was $10,000. During the year, Tam declared and paid $1,000 cash dividends on preferred stock and $1,750 cash dividends on common
Kadri Corporation (a fictional company) reported basic EPS of $3.00 and diluted EPS of $2.40 for 20X1. Its EPS calculations follow:Kadri issued the convertible preferred stock at the beginning of
Effective April 27, 20X1, Dorr Corporation’s shareholders 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
Hanigan Manufacturing (a fictional company) had 1,800,000 shares of common stock outstanding as of January 1, 20X1, and 900,000 shares of 10% noncumulative (nonconvertible) preferred stock
The Retained earnings account for Nathan Corporation had a credit balance of $800,000 at the end of 20X0. Selected transactions during 20X1 follow:a. Net income was $130,000.b. Cash dividends
Information from the annual report of Hicks Company (a fictional company) to shareholders follows:Required:1. Suppose that the increase in the preferred stock account was due to the issuance of new
Mason Manufacturing had 600,000 shares of common stock outstanding and 150,000 shares of $100 par value preferred stock outstanding January 1, 20X1. An additional 120,000 shares of common stock were
On December 31, 20X1, the Stockholders’ Equity section of Mercedes Corporation was as follows:Common stock, par value $5; authorized 30,000 shares; issued andoutstanding, 9,000 shares
Seydoux Industries manufactures and sells home sound equipment. A note to the company’s annual report states:While certain of the Company’s loans are outstanding, the Company must meet specific
Newton Corporation was organized on January 1, 20X1. 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 period from
The Shareholders’ Equity section in the balance sheet of Holiday Roads Company (a fictional company) appears as follows:Net income for 20X1 was $1,700,000, preferred stock dividends were $200,000,
Blackman Corp. (a fictional company) issues 10-year convertible notes at par for $10,000 on December 31, 20X1. The notes mature in 10 years and are convertible into 400 shares of Blackman common
Etsy, Inc., provides a technology platform aimed at allowing sellers to turn their creative passions into economic opportunities. Presented below are excerpts from its December 31, 2018 Form
On January 1, 20X1, 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 option
Warren Corporation was organized on January 1, 20X1, with an authorization of 500,000 shares of common stock ($5 par value per share). During 20X1, the company had the following capital
Avenet Inc., a U.S. company, is a global provider of electronic parts, enterprise computing and storage products, and supply chain and logistics services for the electronic components industry.The
It’s July 1, 20X2, and the market price of Warm Ways’s common stock (Problem P16-3) is $175 per share. There are 1.1 million common shares outstanding, and the Retained earnings account shows a
ForeEver Yours, Inc., a manufacturer of wedding rings, issued two financial instruments at the beginning of 20X1: a $10 million, 40-year bond that pays interest at the rate of 11% annually and 10,000
Refer to the salesforce.com financial statement excerpts given below to answer the questions. On January 31, 2019, the price of salesforce.com stock was $151.97, and there were 770 million shares of
The stockholders’ equity section of Warm Ways Inc.’s balance sheet at January 1, 20X1, shows: Preferred stock, $100 par value, 10% dividend, 50,000 shares issued and outstanding ........ $
The stockholders’ equity section of Peter Corporation’s balance sheet at December 31, 20X1, follows:Common stock ($10 par value); authorized .......................... 1,000,000shares, issued and
Cephalon Inc. issued $750 million of zero-coupon convertible notes. Because the notes were issued at par, meaning that Cephalon received $750 million cash for the notes, they have a zero
Massey Coal (a fictional company) just issued $50 million of convertible notes. Each note has a $1,000 face value, has a stated interest rate of 2%, and matures in five years from the issue date.
Groupe Casino is a French multinational company that operates more than 9,000 multiformat retail stores—hypermarkets, supermarkets, discount stores, convenience stores, and restaurants—
Keystone Enterprises (a fictional company) just announced record 20X1 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
Refer to the 2017 General Electric Retiree Health and Life Benefits disclosure appearing in Exhibit 15.9.Required:1. Reconstruct the journal entries that GE would have made in 2017 to record the
Bortles Corporation’s U.S. operations have been in “steady state” for several years, whereby its pre-tax income has been constant (at $400 million each year) and its originating temporary
In Figland Company’s first year of operations (20X1), the company had pre-tax book income of $500,000 and taxable income of $800,000. Figland’s only temporary difference is for accrued product
On December 31, 20X1, Ball Company leased a machine from Cook for a 10 year period, expiring December 30, 20Y1. Annual payments of $100,000 are due on December 31. The first payment was made on
On January 1, 20X1, Bare Trees Company signed a three-year noncancelable lease with Dreams Inc. The lease calls for three payments of $62,258.09 to be made at each year end. The lease payments
On December 31, 20X1, Roe Company leased a machine from Colt for a five-year period. Equal annual payments under the lease are $105,000 (including $5,000 annual executory costs for servicing) and are
Webb Company has outstanding a 7% annual, 10-year, $100,000 face value bond that it had issued several years ago. It originally sold the bond to yield 6% annual interest. Webb uses the effective
On July 1, 20X1, McVay Corporation issued $15 million of 10-year bonds with an 8% stated interest rate. The bonds pay interest semiannually on June 30 and December 31 of each year. The market rate of
Weir Company (a fictional company) uses straight-line depreciation for its property, plant, and equipment, which, stated at cost, consisted of the following:Weir’s depreciation expenses for 20X1
On January 2, 20X1, Criswell Acres purchased from Mifflinburg Farm Supply a new tractor that had a cash selling price of $109,837. As payment, Criswell gave Mifflinburg Farm Supply $25,000 in cash
Frate Company was formed on January 1, 20X1. The following information is available from Frate’s inventory records for Product Ply:A physical inventory on December 31, 20X1, shows 1,600 units on
During your audit of Patti Company’s ending inventory at December 31, 20X1, you find the following inventory accounting errors:a. Goods in Patti’s warehouse on consignment from Valley, Inc., were
Sirotka Retail Company began doing business in 20X1. The following information pertains to its first three years of operation:Assume the following:• The income tax rate is 21%.• Purchase and sale
On January 2, 20X0, Half, Inc., purchased a manufacturing machine for $864,000. The machine has an eight-year estimated life and a $144,000 estimated salvage value. Half expects to manufacture
On April 1, 20X1, Mills Company acquired equipment for $125,000. The estimated useful life is six years, and the estimated residual value is $5,000. Mills estimates that the equipment can produce
Four years ago Omega Technology, Inc., acquired a machine to use in its computer chip manufacturing operations at a cost of $35,000,000. The firm expected the machine to have a sevenyear useful life
IceCap Hotels operates a series of northern European hotels and reports under IFRS. On June 30, 20X0, IceCap purchased a hotel for €2,100,000. IceCap reports hotel values on the balance sheet under
On January 1, 20X1, Fleetwood Inc. issued bonds with a face amount of $25 million and a stated interest rate of 8%. The bonds mature in 10 years and pay interest semiannually on June 30 and December
On January 1, 20X1, Newell Manufacturing purchased a new drill press that had a cash purchase price of $6,340. Newell decided instead to pay on an installment basis. The installment contract calls
On February 1, 20X1, Davis Corporation issued 12%, $1,000,000 par, 10-year bonds for $1,117,000. Davis reacquired all of these bonds at 102% of par, plus accrued interest, on May 1, 20X3, and retired
Rumours, Inc. issued $10 million, 10% coupon bonds on January 1, 20X1, due on December 31, 20X5. The prevailing market interest rate on January 1, 20X1, was 12%, and the bonds pay interest on June 30
In its long-term liabilities section of its balance sheet at December 31, 20X1, Columbo Company reports a long-term operating lease liability of $82,004, net of the current portion of $13,327.
Mason Company has a machine with a cost and fair value of $100,000. On January 1, 20X1, it leases the machine for a 10-year period to Drake Company. The machine has a 12-year expected economic life.
East Company leased a new machine from North Company on May 1, 20X1, under a lease with the following information:Lease term
On January 1, 20X1, Seven Wonders Inc. signed a five-year noncancelable lease with Moss Company. The lease calls for five payments of $277,409.44 to be made at the end of each year. The leased asset
Delta Air Lines adopted the provisions of ASC Topic 842 using the optional alternative transition method in which a company makes a cumulative adjustment to the opening balance of retained earnings
On January 1, 20X1, Bill Inc. leases manufacturing equipment from Beatrix Corporation. The lease covers seven years and requires annual lease payments of $51,000, beginning on January 1, 20X1. The
On January 1, 20X1, Beard Company purchased a machine for $620,000. The machine is expected to have a 10-year life, with no salvage value, and will be depreciated by the straightline method. On
Benedict Company leased equipment to Mark Inc. on January 1, 20X1. The lease is for an eight-year period, expiring December 31, 20X8. The first of eight equal annual payments of $600,000 was made on
On January 1, 20X1, Trask Co. signs an agreement to lease office equipment from Coleman Inc. for three years with payments of $193,357 beginning December 31, 20X1. The equipment’s fair value is
On December 31, 20X1, Thomas Henley, financial vice president of Kingston Corporation, signed a noncancelable three-year lease for an excavator. The lease calls for annual payments of $41,635 per
On July 1, 20X1, Burgundy Studios leases camera equipment from Corningstone Corporation. Corningstone had to make significant changes to the equipment to meet Burgundy’s needs, and it would be
On December 31, 20X1, Day Company leased a new machine from Parr with the following pertinent information:Lease term
On January 1, 20X1, Railcar Leasing Inc. (the lessor) purchased 10 used boxcars from Railroad Equipment Consolidators at a price of $8,749,520. Railcar leased the boxcars to the Reading Railroad

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