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financial reporting and analysis

Questions and Answers of Financial Reporting and Analysis

Ashley Stores, Inc., sells gift cards for use at its stores. The following data pertain to 20X1, 20X2, and 20X3, the company’s first three years of operation:As of December 31, 20X1, Ashley
On January 1, 20X1, Skinner Equipment Company leased equipment used in mineral extraction operations to Erickson Corporation. The monthly base rental fee was $250,000. In addition, at the end of the
On July 1, 20X1, Grams Construction, Inc., agreed to construct a factory for a customer. The contract called for payments to Grams totaling $2 million.Grams has correctly determined that it is
On October 1, 20X1, Bullseye Company sold 250,000 gallons of diesel fuel to Schmidt Co. at $3 per gallon. On November 8, 20X1, 150,000 gallons were delivered; on December 27, 20X1. another 50,000
In 20X1, its first year of operations, Regal Department Store sells $250,000 of gift certificates redeemable for store merchandise that expire one year after their issuance. With a high degree of
Posa Hotels, Inc., has a sixth-night-free policy. Every sixth night a guest stays at the hotel is free. Because not all guests stay enough nights to earn a free stay, on average the number of free
Jerry’s Jellies sells one-and two-year mail-order subscriptions for its jelly-of-the-month business. Subscriptions are collected in advance. An analysis of the recorded sales activity revealed the
Barrios Communications is a provider of satellite television services. It will install a satellite dish free of charge for any customer that agrees to a one-year service contract at a price of $50
In 20X1, Ginzel Corporation agreed to provide a client with 20 detailed marketing analyses of its client’s key products for a total fee of $110,000. The fee was computed as $5,000 per report × 20
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells technical support for $30,000. It does not sell the software
Maffett Ticket Brokers is a reseller of tickets to sporting events and concerts. During 20X1, Maffett sold gift cards totaling $250,000. Based on past experience, Maffett expects that 1% of the gift
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It
On November 1, 20X1, Gerakos Corporation sold software and a six-month technical support contract to a customer for $80,000. Gerakos sells the same software without technical support for $60,000. It
Under a single contract, Sapra Corporation sold two machines to Gao Company in 20X1. One of the machines typically sells for $300,000 and the other for $150,000. Because Gao purchased the machines
Berger Company had sales in 20X1 of $200,000. The goods sold cost Berger $125,000. The goods were sold with the right of return. By the end of 20X1, goods having a total selling price of $10,000 had
Glick Corporation offers a 10% volume discount to customers who purchase more than 10,000 units of its yoga mats in a calendar year. The volume discount applies to all units purchased in the year,
Online Auction Company (OAC) provides a platform for its users to buy and sell goods. Sellers post goods for sale and other users bid on them. The high bidder wins the auction and purchases the
Zahava Corporation sells equipment to Ari Company for $700,000. Ari does not need the equipment until December 31, 20X3, but agrees to pay $600,000 immediately on December 31, 20X1, in order to
Zahava Corporation sells equipment to Ari Company for $700,000 on December 31, 20X1. The two companies agree that Ari will pay $100,000 upon delivery (December 31, 20X1), with the remaining $600,000
Ladd Corporation sells construction equipment to a customer for $200,000 on January 1, 20X1. The equipment comes with a standard 10-year warranty covering all maintenance and repairs during that
1. Lyft has identified the drivers, not the riders, as its customers.a. What arguments support the company’s assessment?b. What arguments suggest Lyft’s customer is actually the rider?2. What
Pogrund Vacation Properties sells real estate in Florida. Pogrund requires potential buyers who are interested in a property to remit a $10,000 deposit to show good faith before receiving detailed
On January 1, 20X1, Quenneville Corporation sold equipment to Wirtz, Inc., for $500,000. The equipment had cost $300,000 to manufacture. The contract with Wirtz requires Quenneville to provide
1. Discuss trends in First Solar’s revenue streams. For more information about First Solar’s results, you may want to consult the Management Discussion and Analysis in its Form 10-K for 2017,
MSK Construction Company contracted to construct a factory building for $525,000. Construction started during 20X1 and was completed in 20X2. Information relating to the contract
Cornwell Construction Company has been operating in Pennsylvania for a number of years. During 20X1, the firm contracted with the Borough of Lewisburg to build a domed sports complex. Cornwell
On January 1, 20X1, LeMoyne Construction Company signs a contract to build an office building for Franklin Corporation for $10 million. Franklin remits $1 million to LeMoyne upon signing the
Foremost Company owns a royalty interest in an oil well. The contract stipulates that Foremost will receive royalty payments semiannually on January 31 and July 31. The January 31 payment will be for
Amiel Company reported sales revenue of $20.3 million and expenses of $11.1 million in 20X1, excluding the results of its 80%-owned subsidiary, Talia Company. Talia had $7.0 million of sales revenue
JDW Corporation reported the following for 20X1: net sales $2,929,500; cost of goods sold $1,786,995; selling and administrative expenses $585,900; unrealized holding loss on availablefor- sale
Hentzel Landscaping commenced its business on January 1, 20X1.1. During its first year of operations, Hentzel purchased supplies in the amount of $12,000 (debited to Supplies inventory), and of this
Holman Electronics manufactures audio equipment, selling it through various distributors. Holman’s days sales outstanding (Accounts receivable/Average daily credit sales) figures increased steadily
For 20X1, Silvertip Construction, Inc., reported income from continuing operations (after tax) of $1,650,000. On November 15, 20X1, the company adopted a plan to dispose of a component of the
On September 1, 20X1, Revsine Co. approved a plan to dispose of a segment of its business. Revsine expected that the sale would occur on March 31, 20X2, at an estimated pre tax gain of $375,000. The
The following condensed statement of income of Helen Corporation, a diversified company, is presented for the two years ended December 31, 20X1 and 20X0:On January 1, 20X1, Helen entered into an
Munnster Corporation’s income statements for the years ended December 31, 20X2 and 20X1, included the following information before adjustments:On January 1, 20X2, Munnster Corporation agreed to
Bob’s Chocolate Chips and More, a bakery specializing in gourmet pizza and chocolate chip cookies, started business October 1, 20X1. The following transactions occurred during the month of
Krewatch, Inc., is a vertically integrated manufacturer and retailer of golf clubs and accessories (gloves, shoes, bags, etc.). Krewatch maintains separate financial reporting systems for each of its
During August 20X1, Packer Manufacturing had the following cash receipts and disbursements:Cash received from customers ................................................ $319,000Cash received from
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1.Statement of Income and Retained Earnings for the Year Ended December 31, 20X1($ in
The following is selected information from Bob Touret, Inc.’s financial statements. Solve for the missing amounts for each of the five years. You may have to use some numbers from the year before
The following information is provided for Kelly Plumbing Supply.Cash received from customers during December 20X1 .............. $387,000Cash paid to suppliers for inventory during December 20X1
Following is selected information from the balance sheet for Flaps Inc. Solve for the missing amounts for each of the five years. Year 20X1 20X2 20X3 20X4 20X5 Total liabilities and stockholders'
Under Hart Company’s accounting system, all insurance premiums paid are debited to Prepaid insurance. Hart then makes monthly charges to Insurance expense with credits to Prepaid insurance as the
The following is the preclosing trial balance of Ralph Retailers, Inc.:The following additional information is provided:a. The company paid a salary advance of $5,000 to one of its employees, a total
Joel Hamilton, D.D.S., keeps his accounting records on the cash basis. During 20X1, he collected $200,000 in fees from his patients. At December 31, 20X0, Dr. Hamilton had accounts receivable of
a. On January 1, 20X1, Frances Corporation started doing business and the owners contributed $200,000 capital in cash.b. The company paid $24,000 to cover the rent for the office space for the
In November and December 20X1, Gee Company, a newly organized magazine publisher, received $36,000 for 1,000 three-year subscriptions at $12 per year, starting with the January 20X2 issue of the
Locate the Form 10-K for the year ended December 31, 2018, for Southwest Airlines Co. Youcan find it at http://investors.southwest.com/financials/sec-filings.1. What is Southwest Airlines’s main
In recent years, investors, creditors, governments, and the public have demanded more information from companies about climate change.Required:1. Why have investors and creditors become interested in
Locate the 2018 Sustainability Information report for Siemens AG, the German manufacturing conglomerate, at https://www.siemens.com/investor/pool/en/investor_relations/siemens_sustainability_
Locate the December 31, 2018, consolidated financial statements for Carrefour Group, theFrench retail company and the second largest retailer in the world, at
Locate the March 31, 2018, Annual Report-Financial Review for Toshiba Corporation, the large Japanese electronics company, on the company’s website:
Raytheon Company’s 2018 Form 10-K states that sales to the U.S. government comprise 68% of its 2018 total net sales and sales to foreign governments through the U.S. government comprise 13% of its

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