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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

The comparative balance sheets for Mogilny Company show the following changes in noncash current asset accounts: accounts receivable decrease $75,000. prepaid expenses increase$16,000, and
Classify the following items as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary. (SO 3)(a) Purchase of equipment.(b) Sale of
Beverly Crusher Co. has accounts receivable of $14,000 at January 1, 2006. and $21 .000 at December 31, 2006. Sales revenues for 2006 were $470,000. What is the amount of cash receipts from customers
Pelican Company reported income taxes of $87,000 in its 2006 income statement and income taxes payable of $14,000 at December 31, 2005 and $9,000 at December 31. 2006. What amount of cash payments
Willis Company reports operating expenses of $100,000 excluding depreciation expense of $15,000 for 2006. During the year prepaid expenses decreased $6,600, and accrued expenses payable increased
The T accounts for Equipment and the related Accumulated Depreciation for Wanda Landowski Company at the end of 2006 are as follows. (SO 3)Wanda Landowski Company's income statement reported a loss
The following T account is a summary of the cash account of Martinez Company.For Martinez Company what amount of net cash provided (used) by financing activities should be reported in the statement
Matt Damon Company reported cash from operations of $450,000, cash spent for Calculate free cash flow.capital assets of $1 10,000, and $40,000 of dividends paid. Calculate the free cash flow. (SO 3)
Using the data in BE14-8. indicate how the changes in prepaid expenses and accrued Indicate entries in work sheet.expenses payable should be entered in the reconciling columns of a work sheet.
Antoine Watteau Corporation had the following transactions during 2006.1. Issued $50,000 par value common stock for cash.2. Collected $11,000 of accounts receivable.3. Declared and paid a cash
Duggan Company reported net income of $195,000 for 2006. Duggan also reported de- Prepare the operating activities preciation expense of $25,000, and a loss of $5,000 on the sale of equipment. The
The current sections of Blues Traveler Co. balance sheets at December 31. 2005 and section—indirect method. 2006, are presented below.Blues Travelers net income for 2006 was $163,000. Depreciation
Presented below are three accounts that appear in the general ledger of Karen Weller Co. during 2006.Instructions From the postings in the accounts above, indicate how the information is reported on
Comparative balance sheets for Will Smith Company are presented below.Additional information:1. Net income for 2006 was $125,000.2. Cash dividends of $40,000 were declared and paid.3. Bonds payable
An analysis of comparative balance sheets, the current year's income statement, and the general ledger accounts of Homer Winslow Corp. uncovered the following items. Assume all items involve cash
R. L. Stein Company has just completed its first year of operations on December 31, 2006. Its initial income statement showed that R. L. Stein had revenues of $137,000 and operating expenses of
The income statement for Alatorre Company shows cost of goods sold of $317,000 and operating expenses (exclusive of depreciation) of $250,000. The comparative balance sheets for the two years show
The 2006 accounting records of Eduardo Co. reveal the following transactions and events.Instructions Prepare the cash flows from operating activities section using the direct method. (Not all of the
The following information is taken from the 2006 general ledger of Ed Bradley Company.Instructions In each of the above cases, compute the amount that should be reported in the operating activities
Presented here is information for two companies in the same industry: Pamela Corporation and Dean Corporation.Instructions Calculate the free ate cash.ash How for each company. Comment on each
Information lor Will Smith Companj is presented in E14-5.Instructions Use the data in E14-5 to prepare a work sheel foi a statement of cash flows for 2006. Enter the reconciling items direct!) on the
Garza Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $30,000 for services provided in
The stockholders" equity section of Lumley Corporation at December 31 is as follows.Instructions 1 M "^ From a review ol the stockholders' equit) section, as chief accountant, write a memo to the
On January 1, Armada Corporation had 95,000 shares of no-par common stock issued Journalize cash dividends; inand outstanding. The stock has a stated value of $5 per share. During the year, the
On January 1, 2006, Abdella Corporation had $1,000,000 of common stock outstanding Journalize stock dividends.that was issued at par. It also had retained earnings of $750,000. The company issued
On October 31, the stockholders' equity section of Omar Company consists of common Compare effects of a stock stock $600,000 and retained earnings $900,000. Omar is considering the following two
The ledger of O'Dell Corporation contains the following accounts: Common Stock.Preferred Stock. Treasury Stock—Common, Paid-in Capital in Excess of Par Value—Preferred Stock. Paid-in Capital in
The following accounts appear in the ledger of Tiger Inc. after the books are closed at December 31.Instructions Prepare the stockholders' equitj stricted for plant expansion in the ection at
In a recent year, the stockholders' equit) section of Aluminum Company of America (Alcoa) showed the following (in alphabetical order): additional paid-in capital $6.101. common stock $925, preferred
On October 1, Chile Corporation's stockholders' equity is as follows.On October 1, Chile declares and distributes a 10% stock dividend when the market value of the stock is $15 per share.Instructions
Hayslett Corporation was organized on January 1,2006. It is authorized to issue 20.000 shares of 6%. $50 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $2
Greeve Corporation had the following stockholders' equity accounts on January 1.2006: Common Stock (SI par) $400,000. Paid-in Capital in Excess of Par Value $500,000, and Retained Earnings SI 00.000.
The stockholders" equity accounts of Jajoo Corporation on January 1. 2006. were as follows.During 2006. the corporation had the following transactions and events pertaining to its
On January 1. 2(Hih. Galactica Corporation had the following stockholders' equitv accounts.During the vear. the following transactions occurred.Instructions (a) Journalize the transactions and
The ledger of Nakona Corporation at December 31, 2006. after the books have been closed, contains the following stockholders' equity accounts.A review of the accounting records reveals the
Arnold Corporation has been authorized to issue 40,000 shares of $100 par value, 8%, noncumulative preferred stock and 2.000.000 shares of no-par common stock. The corporation assigned a $5 stated
On January 1 , 2006, Snider Corporation had the following stockholders' equity accounts.During the year, the following transactions occurred.Jan. 15 Declared a $1 cash dividend per share to
The following stockholders' equity accounts arranged alphabetically are in the ledger of McGrath Corporation at December 31, 2006.Instructions (a) Prepare a stockholders' equity section at December
On January 1, 2006, Hamblin Inc. had the following stockholders' equity balances.During 2006. the following transactions and events occurred.1. Issued 50,000 shares of $2 par value common stock as
Goldberg Corporation had the following stockholders' equity accounts on January 1, 2006: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par Value $200,000, and Retained Earnings
The stockholders' equity accounts of Port Corporation on January 1, 2006, were as follows.During 2006, the corporation had the following transactions and events pertaining to its
On January 1, 2006, Argentina Corporation had the following stockholders' equity accounts.During the year, the following transactions occurred.Feb. 1 Declared a $1 cash dividend per share to
On December 31, 2005, Bradstrom Company had 1.500,000 shares of $10 par common stock issued and outstanding. The stockholders' equity accounts at December 31, 2005, had the following
The post-closing trial balance ol (hen Corporation al December 31. 200b. contains the following stockholders' equity accounts.A review of the accounting records reveals the following.1. No errors
The following stockholders* equity accounts arranged alphabetically are in the ledger of Rizzo Corporation at December 31. 2006.Instructions (a) Prepare a stockholders" equity section at December 31.
Which of the following use financial statement data to make decisions?a. customersb. investorsc. suppliersd. all of these
Which statement would best provide information about a company's current liquidity?a. statement of financial positionb. statement of earningsc. statement of cash flowsd. none of these
A banker is analyzing a company that operates in the petroleum industry. Which of the following might be a major consideration in determining whether the company should receive a loan?a. The
Which type of analysis compares a single corporation across time?a. Cross-sectional analysisb. Time series analysisc. Timetable analysisd. Company analysis
Which of the following types of analysis compares one corporation to another corporation and to industry averages?a. Cross-sectional analysisb. Time series analysisc. Timetable analysisd. Company
Which of the following types of analysis is particularly useful for trend analysis?a. Vertical analysisb. Timetable analysisc. Trend-setting analysisd. Horizontal analysis
Vertical analysis expresses each financial statement line item as a percentage of:a. the average statement amount.b. the smallest statement amount.c. the largest statement amount.d. the mean
Horizontal analysis expresses each financial statement line item as a percentage of:a. net income.b. total assets.c. base year.d. shareholders' equity.
How is the current ratio calculated?a. Current assets \(\div\) Current liabilitiesb. (Cash + marketable securities + Accounts receivable) \(\div\) Current liabilitiesc. (Cash + marketable securities)
Partial information from Fabray Company's statement of financial position is as follows:What is Fabray's current ratio?a. 0.25b. 3.0c. 1.8d. 3.97 Current Assets: Cash Marketable securities Accounts
How is the cash ratio calculated?a. Current assets \(\div\) Current liabilitiesb. (Cash + marketable securities + Accounts receivable) \(\div\) Current liabilitiesc. (Cash + marketable securities)
A firm's quick ratio is typically computed as follows:a. Total liabilities \(\div\) Total assetsb. (Cash + Short-term investments + Receivables) \(\div\) Current liabilitiesc. Current liabilities
What ratio is used to measure a firm's liquidity?a. Debt ratiob. Asset turnoverc. Current ratiod. Return on equity
Which of the following transactions could increase a firm's current ratio?a. Purchase of inventory for cashb. Payment of accounts payablec. Collection of accounts receivabled. Purchase of temporary
Total liabilities \(\div\) Total equity equals:a. times interest earned ratio.b. accounts payable turnover ratio.c. debt-to-equity ratio.d. receivables turnover ratio.
Which of the following ratios is not a debt management ratio?a. Times interest earnedb. Debt-to-equity ratioc. Debt-to-total-assets ratiod. Return on equity ratio
The statement of financial position for Sylvests Ltd. at the end of the first year of operations indicates the following:What is the debt-to-total assets ratio for 2018 (rounded to one decimal
When analyzing a company's debt-toequity ratio, if the ratio has a value that is greater than one, then the company has:a. less debt than equity.b. more debt than equity.c. equal amounts of debt and
Cost of goods sold divided by average inventory is the formula to compute:a. accounts receivable turnover.b. inventory turnover.c. gross profit percentage.d. return on sales percentage.
A firm's asset turnover ratio is typically computed as follows:a. Net sales \(\div\) Average total assetsb. Gross profit \(\div\) Net salesc. Operating income \(\times\) Net salesd. Net income +
Which of the following ratios is used to measure a firm's efficiency at using its assets?a. Current ratiob. Asset turnover ratioc. Return on sales ratiod. Return on equity
Which of the following ratios is used to measure a firm's efficiency?a. Net income \(\div\) Equityb. Net sales \(\div\) Average total assetsc. Assets \(\div\) Equityd. Net income \(\div\) Sales
Patna Corporation has \(\$ 65,000\) of cost of goods sold and average inventory of \(\$ 30,000\). What is Patna's inventory turnover ratio?a. 0.46b. 1.17c. 1.46d. 2.17
Which of the following ratios is used to measure the profit earned on each dollar invested in a firm?a. Current ratiob. Asset turnover ratioc. Return on sales ratiod. Return on equity
Which of the following is the formula to compute the net profit margin percentage?a. Net income \(\div\) Net salesb. Operating income \(\div\) Net salesc. Net income \(\div\) Average equityd. Net
Selected information for Berry Company is as follows:Berry's return on equity, rounded to the nearest percentage point, is:a. \(20 \%\)b. \(21 \%\)c. \(28 \%\)d. \(40 \%\) Average common shares
Which of the following ratios is used to measure a firm's profitability?a. Liabilities \(\div\) Equityb. Sales \(\div\) Assetsc. Assets \(\div\) Equityd. Net income \(\div\) Net sales
Why might an industry group have higher five-year average returns on equity than do other industries?a. It is a higher-risk industry.b. It is a lower-risk industry.c. It is a high-growth industry.d.
The dividend yield ratio measures:a. the income available for common shareholders on a per-share basis.b. the rate at which dividends provide a return to shareholders.c. the proportion of a
Corporations are required to disclose earnings per share on which of the following statements?a. Statement of financial positionb. Statement of earningsc. Statement of cash flowsd. All of these
Hudson Lake Company has preferred dividends of \(\$ 15,000\), a net income of \(\$ 40,000\), and average common shares outstanding of 8,000 . What is Hudson's earnings per share?a. \(\$ 2.67\)b. \(\$
Which of the following are not part of common equity?a. Common sharesb. Contributed surplus common sharesc. Retained earningsd. Preferred shares
DuPont analysis recognizes that return on equity can be broken down into three important aspects of return, which are:a. net profit margin, asset turnover, and leverage.b. net profit margin, asset
If a company has a higher net profit margin than most of its competitors, this means that:a. the company is more efficient with its assets.b. the company has more loyal customers.c. the company has a
Which of the following ratios is decomposed using the DuPont framework?a. Return on equityb. Asset turnoverc. Assets-to-equity ratiod. Return on sales
Which of the following is not included in the DuPont framework?a. A measure of profitabilityb. A measure of efficiencyc. A measure of market shared. A measure of leverage
When DuPont analysis reveals that a company has much higher than average asset turnover and much lower than average profit margin, what can be concluded about the company's strategy?a. It is a
Which of the following questions would be appropriate for an analyst to investigate regarding a company's liabilities?a. Are all liabilities reported?b. Are the liabilities properly classified?c. Are
Cross-sectional Analysis}Cross-sectional analysis entails comparing a company to its competitors.\section*{Required:}Indicate one of the biggest weaknesses of using cross-sectional analysis when
Time Series Analysis}Time series analysis involves comparing a company's statement of earnings and statement of financial position for the current year to its previous years' statements of earnings
Horizontal and Vertical Analysis}Selected data from the financial statements of Beirut Hardware Company follows.\section*{Required:}1. Calculate by how much accounts receivable, merchandise
Short-Term Liquidity Ratios}Three ratios calculated for Puckerman, Cohen, and Chang Companies for 2017 and 2018 follow.\section*{Required:}Explain which company appears to be the most
Debt Management Ratios}Selected data from the financial statements of Lopez Company follow.\section*{Required:}Determine whether the debt-to-equity ratio is increasing or decreasing and whether Lopez
Debt Management and Short-Term Liquidity Ratios}The following items appear on the statement of financial position of Figgins Company at the end of 2017 and 2018:\section*{Required:}Between 2017 and
Asset Efficiency Ratios}Selected financial statement numbers for Hunan Company follow.\section*{Required:}1. Using this information, calculate Hunan's receivable turnover ratio (rounded to two
Profitability Ratios}The following data came from the financial statements of Maldives Company:\section*{Required:}Compute Maldives' return on equity (in percentage terms, rounded to two decimal
Profitability Ratios}CORNERSTONE 13.7 Tanaka Corporation's statement of financial position indicates the following balances as of December 31, 2018:\section*{Required:}If Tanaka's 2018 net income is
Shareholder Ratios}The following data came from the financial statements of St. James Corp. for 2018 and 2017:\section*{Required:}Calculate St. James's earnings per share as it would be reported on
Shareholder Ratios}The following data came from the financial statements of Ryerson Corp. for 2018 and 2017:\section*{Required:}Calculate Ryerson's dividend payout ratio for 2018 (in percentage
Cross-sectional Analysis}Cross-sectional analysis entails comparing a company to its competitors.\section*{Required:}Indicate one of the biggest strengths of using cross-sectional analysis when
Time Series Analysis}OBJECTIVE 2 Time series analysis involves comparing a company's statement of earnings and statement of financial position for the current year to its previous years' statements
Horizontal and Vertical Analysis}Venus Clothing Company specializes in selling apparel for special occasions. In 2017 and 2018, Venus's account balances were as follows:\section*{Required:}1.
Short-Term Liquidity Ratios}Larry, Curly, and Moe companies operate in the same industry. Each company provided financial information to the public containing three ratios for 2017 and
Debt Management Ratios}Glow Corporation provides annual and quarterly financial data to the public. For the years of 2017 and 2018, Glow`s financial data included the following account
Debt Management and Short-Term Liquidity Ratios}Magellan Company is an international travel agency providing travel planning services to customers in over 20 countries. Recently, the travel industry

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