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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

What is a contra-asset? Give an example of one.
What is the equation for each of the following statements: (a) Income statement, (b) Balance sheet, and (c) Statement of retained earnings?
Refer to E4-16.Required:Using the adjusted balances in E4-16, prepare an income statement, statement of retained earnings, and classified balance sheet for the year ended December 31.Data from
Refer to E4-16.Required:Using the adjusted balances in E4-16, give the closing journal entry for the year ended December 31.Data from E4-16:On December 31, 2018, Alan and Company prepared an income
Bill’s Boards (BB) is an outdoor advertising company founded by William Longfall. William knows very little accounting so he hired a friend to “keep the books.” Unfortunately, William did not
What is a sales discount? Use 2/30, n/45 in your explanation.
Why are different depreciation methods allowed?
After recording depreciation for the current year, Media Mania Incorporated decided to discontinue using its printing equipment. The equipment had cost $750,000, accumulated depreciation was
What is an asset impairment? How is it accounted for?
Distinguish between depreciation and amortization.
Define goodwill. When is it appropriate to record goodwill as an intangible asset? When is its value decreased?
Johnson & Johnson, the maker of Tylenol, uses GAAP. Bayer, the maker of aspirin, uses IFRS. Explain what complications might arise when comparing the long-lived assets of these two companies.
Cedar Fair operates amusement parks in the United States and Canada. During a recent year, it reported the following (in millions):Equipment costing $120 was purchased during the year.Required:For
Refer back to the information given for E12-10, plus the following summarized income statement for Pizza International, Inc. (in thousands):Required:1. Based on this information, compute cash flow
The Walt Disney Company reported the following in its 2016 annual report (in millions):Required:1. Note that in all three years, net cash provided by operating activities is greater than net income.
Gibraltar Industries, Inc., is a manufacturer of steel products for customers such as Home Depot, Lowe’s, Chrysler, Ford, and General Motors. In the year ended December 31, 2016, it reported the
Consultex, Inc., was founded in 2015 as a small financial consulting business. The company had done reasonably well in 2015–2017 but started noticing its cash dwindle early in 2018. In January
Colgate-Palmolive was founded in 1806. Its statement of cash flows reported the following information (in millions) for the nine months ended September 30, 2016:Required:Based on the information
Using the information in E6-10, prepare journal entries to record the transactions, assuming Solitare records discounts using the net method in a perpetual inventory system. Forfeited discounts are
Using the information in E6-10, prepare journal entries to record the transactions, assuming Solitare records discounts using the gross method in a perpetual inventory system.Data from E6-10:During
In response to the weak economy, your company’s sales force is urging you, the sales manager, to change sales terms from 1/10, n/30 to 2/30, n/60. Explain what these terms mean and how this switch
Why is revenue from selling a product/service bundle allocated between the product and service?
The following data were provided by Mystery Incorporated for the year ended December 31:Required:1. Based on these data, prepare a multistep income statement for external reporting purposes (showing
Using the information in E6-7, prepare journal entries to record the transactions, assuming Axe records discounts using the gross method in a perpetual inventory system.Data from E6-7:During the
Using the information in E6-7, prepare journal entries to record the transactions, assuming Axe records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged
Using the information in E6-8, prepare journal entries to record the transactions, assuming Ace records discounts using the gross method in a perpetual inventory system.Data from E6-8:During the
Using the information in E6-8, prepare journal entries to record the transactions, assuming Ace records discounts using the net method in a perpetual inventory system. Forfeited discounts are charged
Using the information in E6-11, prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the gross method in a perpetual inventory system.Data from
Using the information in E6-11, prepare journal entries to record the transactions, assuming Evergreen Company records discounts using the net method in a perpetual inventory system. Forfeited
Using the information in E6-12, prepare journal entries to record the transactions, assuming Bear’s Retail Store records discounts using the gross method in a perpetual inventory system.Data from
Using the information in E6-12, prepare journal entries to record the transactions, assuming Bear’s Retail Store records discounts using the net method in a perpetual inventory system. Forfeited
In March 2015, Target Corporation decided to discontinue its Target credit card operations. What factors would this company have considered prior to making this decision?
J. M. Smucker is well known for its fruit jams and Seneca Foods Corporation is the company behind Green Giant canned vegetables. To evaluate their ability to collect on credit sales, consider the
As of May 1, 2016, Krispy Kreme Doughnuts had $1,170,000 of Notes Receivable due within one year, $29,039,000 of Accounts Receivable, and $346,000 in its Allowance for Doubtful Accounts (assume all
Under the cost principle, what amounts should be recorded as a cost of a long-lived asset?
Lumber Liquidators, Inc., competes with Lowe’s in product lines such as hardwood flooring, moldings, and noise-reducing underlay. The two companies reported the following financial results in
Compute the following three ratios for The Home Depot’s year ended January 29, 2017: (i) fixed asset turnover, (ii) days to sell, and (iii) debt-to-assets. To calculate the ratios, use the Fiscal
Mattel and Hasbro are the two biggest makers of games and toys in the world. Mattel sells over $5.6 billion of products each year while annual sales of Hasbro products exceed $5 billion. Compare the
Coke and Pepsi are well-known international brands. Coca-Cola Co. sells more than $42 billion each year while annual sales of PepsiCo products exceed $62 billion. Compare the two companies as a
Kohl’s Corporation is a national retail department store. The company’s total revenues for the twelve months ended October 31, 2016, were $19 billion. Macy’s is a larger department store
A condensed income statement for Electronic Arts and a partially completed vertical analysis follow.Required:1. Complete the vertical analysis by computing each line item (a)–(d) as a percentage of
Procter & Gamble (P&G) manufactures and markets many products you use every day. In 2016, sales for the company were $65,300 (all amounts in millions). The annual report did not report the
Cintas Corporation is the largest uniform supplier in North America. Selected information from its annual report follows. For the 2016 fiscal year, the company reported sales revenue of $4.9 billion
Use the information in E13-3 to complete the following requirement.Required:Compute the times interest earned ratios for 2016 and 2015. In your opinion, does Computer Tycoon generate sufficient net
Use the information for Chevron Corporation in E13-1 to complete the following requirements.Required:1. Compute the gross profit percentage for each year (rounded to one decimal place). Assuming that
The average price of a gallon of gas in 2015 dropped $0.94 (28 percent) from $3.34 in 2014 (to $2.40 in 2015). Let’s see whether these changes are reflected in the income statement of Chevron
Last year, Big W Company reported earnings per share of $2.50 when its stock was selling for $50.00. If its earnings this year increase by 10 percent and the P/E ratio remains constant, what will be
Explain where and how discontinued operations are reported on the income statement.
What are the two essential characteristics of useful financial information? What other characteristics enhance the usefulness of financial information?
From last year to this year, Colossal Company’s current ratio increased and its inventory turnover decreased. Does this imply a higher, or lower, risk of obsolete inventory?
1. Which of the two basic reporting approaches for the cash flows from operating activities did Lowe’s use? Is this the same as what The Home Depot used?2. What amount of cash did Lowe’s receive
1. Which of the two basic reporting approaches for the cash flows from operating activities did The Home Depot use?a. Directb. Indirect2. What amount of income tax payments did The Home Depot make
Refer to the information in PB12-2.Required:Prepare the cash flows from operating activities section of the statement of cash flows using the direct method.Data from PB12-2: Selected Balance Sheet
For each of the following transactions, indicate whether operating (O), investing (I), or financing activities (F) are affected and whether the effect is a cash inflow (+) or outflow (−). Use (NE)
Refer to PA1-3.Data from PA1-3:Required:1. Did Nice Bite rely more on creditors or stockholders for its financing at December 31, 2016? What is your information source?2. Did the retained earnings at
The following information for the year ended December 31, 2016, was reported by Nice Bite, Inc.RequiredPrepare the four basic financial statements for 2016. $ 45,000 $ 17,200 Accounts Payable
A company separately sells home security equipment and 12 months of system monitoring service for $120 and $240, respectively. The company sells an equipment/monitoring bundle on January 1 for a
Cycle Wholesaling sold merchandise on account, with terms n/60, to Sarah’s Cycles on February 1 for $800 (cost of goods sold of $500). On February 9, Sarah’s Cycles returned to Cycle Wholesaling
The following transactions were selected from among those completed by Bear’s Retail Store:Nov. 20 Sold two items of merchandise to Cheryl Jahn, who paid the $400 sales price in cash.
The following transactions were selected from the records of Evergreen Company: July 12 Sold merchandise to Wally Butler, who paid the $1,000 purchase with cash. The goods cost Evergreen
During the months of January and February, Solitare Corporation sold goods to two customers. The sequence of events was as follows:Jan. 6 Sold goods for $100 to Wizard Inc. with terms
During the months of January and February, Axe Corporation purchased goods from three suppliers. The sequence of events was as follows:Jan. 6 Purchased goods for $1,200 from Green with terms
In fiscal 2015, Macy’s reported cost of goods sold (before shrinkage) of $16.5 billion, ending inventory for 2015 of $5.5 billion, and ending inventory for the previous year (2014) of $5.4 billion.
Inventory that cost $500 is sold for $700, with terms of 2/30, n/60. Give the journal entries to record (a) The sale of merchandise and (b) Collection of the accounts receivable. Assume the
Inventory that cost $500 is sold for $700, with terms of 2/30, n/60. Give the journal entries to record (a) The sale of merchandise and (b) Collection of the accounts receivable. Assume the
Using the information in M6-9, prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the
Using the information in M6-9, prepare the journal entries needed at (a) time of sale and (b) collection of payment from the customer, assuming the company uses a perpetual inventory system with the
Using the information in M6-19, prepare the journal entries needed on October 5 and 20, assuming the company uses a perpetual system and records purchase discounts using the net method.Data from
On October 5, your company buys and receives inventory costing $5,000, on terms 2/30, n/60. On October 20, your company pays the amount owed relating to the October 5 purchase. Prepare the journal
Fortune Brands Home & Security, Inc., sells Master Lock padlocks. It reported an increase in net sales from $4.0 billion in 2014 to $4.6 billion in 2015, and an increase in gross profit from $1.4
Luxottica Group, the Italian company that sells Ray Ban and Oakley sunglasses, reported net sales of €8.8 billion in 2015 and €7.6 billion in 2014. Gross profit increased from €5.1 billion in
Ziehart Pharmaceuticals reported Net Sales of $178,000 and Cost of Goods Sold of $58,000. Candy Electronics Corp. reported Net Sales of $36,000 and Cost of Goods Sold of $26,200. Calculate the gross
A company that usually sells satellite TV equipment for $50 and two years of satellite TV service for $450 has a special, time-limited offer in which it sells the equipment for $300 and gives the two
Merchandise costing $2,000 is sold for $3,000 on terms 2/30, n/60. If the customer pays within the discount period, what amount will be reported on the income statement as net sales and as gross
During its first year of operations, Drone Zone Corporation (DZC) bought goods from a manufacturer on account at a cost of $50,000. DZC returned $8,000 of this merchandise to the manufacturer for
During its first year of operations, Tron Auto Dealership (TAD) bought vehicles from a manufacturer on account at a cost of $608,000. TAD returned $152,000 of these vehicles to the manufacturer for
Assume Anderson’s General Store bought, on credit, a truckload of merchandise from American Wholesaling costing $23,000. If Anderson’s paid National Trucking $650 cash for transportation,
Dillard’s, Inc., operates department stores located primarily in the Southwest, Southeast, and Midwest. In its 2016 third-quarter report, the company reported Cost of Goods Sold of $880 million,
XO Group sells merchandise to companies (and individuals) for significant milestones in life, such as getting married, moving in together, and having a baby. Indicate (yes/no) whether the following
Net Work Corporation, whose annual accounting period ends on December 31, issued the following bonds:Date of bonds: January 1, 2018Maturity amount and date: $200,000 due in 10 years (December 31,
The following data were included in a recent Apple Inc. annual report (in millions):Required:1. Compute Apple’s fixed asset turnover ratio for 2014, 2015, and 2016. Round your answer to one
Iconix Brand Group owns and markets various brands and trademarks, including Joe Boxer, London Fog, Ocean Pacific, Ecko Unltd., Umbro, Ed Hardy, Lee Cooper, Buffalo, and Peanuts. The company’s
Refer to the data in E9-10. Assume each company spent $319,800 at the beginning of the current year for additional Developed Technology. Because of its proprietary nature, the technology is estimated
Amazon, Alphabet, and TripAdvisor rely on various intangible assets to operate their businesses. These companies amortize the cost of these assets using the straight-line method over the following
The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hasbro, Inc., a leading manufacturer of games, toys, and interactive entertainment software for
1. The number of issued shares is shown in the first column of the statement of stockholders’ equity. Had Lowe’s issued more or fewer shares of common stock than The Home Depot at the end of
1. As of January 29, 2017, how many shares of common stock were authorized? How many shares were issued? How many shares were held in treasury?a. 10 billion; 1.772 billion; 1.252 billionb. 10
American Laser, Inc., reported the following account balances on January 1.The company entered into the following transactions during the year.Jan. 15 Issued 5,000 shares of $1 par common stock for
Carlos Company had the following stock outstanding and Retained Earnings at December 31, 2018:Common Stock (par $1; outstanding, 490,000 shares)........................$490,000Preferred Stock, 8%
Ritz Company had the following stock outstanding and Retained Earnings at December 31, 2018:Common stock (par $1; outstanding, 500,000 shares)......................$500,000Preferred stock, 8% (par
Delta Air Lines, Inc., and Southwest Airlines Co. are two publicly traded airline companies. They reported the following in their financial statements (in millions of dollars, except per-share
Tower Corp. had the following stock outstanding and Retained Earnings at December 31, 2018:Common Stock (par $8; outstanding, 30,000 shares).......................$240,000Preferred Stock, 8% (par
The records of Hoffman Company reflected the following balances in the stockholders’ equity accounts at December 31, 2018:Common stock, par $12 per share, 40,000 shares outstanding.Preferred stock,
The 2016 annual report for General Mills disclosed that 1 billion shares of common stock have been authorized. At the end of 2015, 755 million shares had been issued and the number of shares in
Netpass Company has 300,000 shares of common stock authorized, 270,000 shares issued, and 100,000 shares of treasury stock. The company’s board of directors declares a dividend of $1 per share of
Identify and explain four important dates with respect to dividends.
Nicole thinks that her business, Nicole’s Getaway Spa (NGS), is doing really well and she is planning a large expansion. With such a large expansion, Nicole will need to finance some of it using
1. Calculate and express as a percentage the companies’ debt-to-assets ratios using amounts reported in the financial statements for fiscal 2016, which ends in early 2017. What do the differences
1. Calculate and express as a percentage the company’s debt-to-assets ratio using amounts reported in its financial statements for the years ended January 29, 2017, and January 31, 2016,
Fit for Life (FFL) operates a fitness center and snack lounge. The following is a partial list of FFL transactions during its year ended December 31. FFL adjusts its records only at

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