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horngrens financial & managerial accounting

Questions and Answers of Horngrens Financial & Managerial Accounting

The following selected data were obtained from the financial statements of Blake Enterprises:Calculate the following financial measures for Blake Enterprises:1. Free cash flow 2.
Terry Company’s income statement and comparative balance sheets at December 31, 2019 and 2018, are as follows:Cash dividends of \($17,000\) were declared and paid during 2019. Plant assets were
Conner Company, a retail company, entered into the following transactions during the year:Required _ Classify each of the above items as either persistent earnings or transitory earnings. 1. Sold
The following data pertain to the Farrow Company:Calculate both the amount in dollars and the percentage change in 2019 using horizontal analysis and 2018 as the base year. Sales revenue.. Net income
The Sanford Company reported the following income statement in 2018:Required Prepare a 2018 common-size income statement for Sanford Company. Sales revenue.. SANFORD COMPANY Income Statement For the
The following data were obtained from the current financial statements for Kelly Corporation:Required Calculate the following ratios for Kelly Corporation:a. Gross profit percentageb. Return on
The following selected data were obtained from the financial statements of Justin Corporation:Required Calculate the following financial measures and ratios for Justin Corporation:a. Working
The following selected data were obtained from the financial statements for the Hartford Corporation:Required Calculate the following ratios for Hartford Corporation:a. Debt-to-equity ratiob.
The following selected data were obtained from financial statements for Baylor Corporation:Required Calculate the following ratios for Baylor Corporation:a. Dividend yieldb. Dividend payout ratioc.
Knox Instruments, Inc., is a manufacturer of various medical and dental instruments. Financial statement data for the firm follow:Requireda. Using the given data, calculate the nine financial ratios
Provide journal entries for the following transactions for the Turner Company: May 2Sold \($40,000\) of merchandise on account May 17 Collected \($35,000\) of the May 2nd sale May 31 Estimated
Taylor Company estimates three percent of its \($600,000\) credit sales will prove uncollectible. What journal entry will Taylor Company use to record this estimate?
Nafooz Company pays a two percent credit card fee on all credit sales, and receives a cash deposit immediately following each credit card transaction. If credit sales for the company total
Ruby Company received a four month, five percent note receivable for \($40,000\) on October 1, 2019. How much interest income should be accrued on December 31, 2019?
Kelly Company purchased manufacturing equipment for \($20,000\) cash. In addition to the \($20,000\) purchase price, Kelly paid sales tax of \($1,600\), freight costs of \($400\), installation costs
The Salsbury Company purchased equipment costing \($10.000\) at the start of the year. The equip- ment has an estimated useful life of five years and a salvage value of \($2.000\) The CEO is unsure
Hastings Company recorded the following expenditures during the year with regard to its delivery van: 1. Changed the engine oil 2. Repainted the van 3. Overhauled the engine that is expected to
The Jones Company is self-insured, and consequently the company does not receive any insurance payments if it is involved in an accident. One of the Jones Company trucks was involved in a major
Match the descriptive explanation below with the correct term:1. An exclusive right that protects an owner against the unauthorized reproduction of a specific written work.2. The periodic write-off
Hardwoods, Inc. purchased a tract of timber for a total cost of \($500,000\). The tract is estimated to contain 200,000 board feet of lumber once the timber is harvested. Hardwoods expects the land
Rollins Co. reported the following information in its 2018 financial statements:Compute the return on assets and asset turnover for Rollins Co. in 2018. Net sales. Net income Beginning of year total
Segman Company purchased a machine on January 2 for \($24.300\). The machine has an expected useful life of three years and an expected salvage value of 5900. The company expects to use the machine
Archer Corporation had the following payroll data for April:The combined FICA tax rate (for both employee withholding and employer) is 7.65 percent (6.2 percent plus 1.45 percent), the federal
Koby Company issued \($300,000\) of bonds for \($325,000\). (a) Prepare the journal entry to record the issuance of the bonds, and (b) illustrate how the bonds will be shown on the Koby Company's
For each of the following scenarios determine if the firm should (a) record as a liability; (b) disclose The solution is on as a contingent liability; or (c) neither:1. The Seco Co. has been sued by
Magee Company reports the following in its current year financial statements:Compute the following ratios for Magee Company:a. Current ratiob. Quick ratioc. Times-interest-earned ratio Current assets
The following are selected transactions for Tyler, Inc., for 2017 and 2018. The firm closes its books on December 31.2017 Dec. 31 Issued \($500,000\) of 12 percent, ten-year bonds
Identify the element of the fraud triangle associated with each of the following statements: 1. "I take full responsibility for what happened. But saying that, I know in my mind that I did nothing
Identify which internal control concept is being violated and explain how this may cause an opportunity for fraud to occur within a business:1. The supervisor for the purchasing department has not
All of the following are typically included in the cash and cash equivalents account except:a. Cashb. Marketable securitiesc. Money market fundsd. 30-day U.S. Treasury bills
Match the internal control function from the left-hand column with the area of responsibility in the ta dedshetak utnisgsee!right-hand column:1. Prepares deposit receipt. a Retail sales
Match the reconciling items from the left-hand column with the proper reconciling action from the right-hand column:1. Deposits in transit2. Outstanding checks3. Bank service charge4. Cash collected
Match the activities from column 1 with the activities described in column 2. 1 a. Manage accounts receivable b. Manage inventory levels c. Manage accounts payable d. Invest excess cash 2 1. Acquire
At December 31, 2019, the Cash account in the Tyler Company’s general ledger had a debit balance of \($18,434.27\). The December 31, 2019, bank statement showed a balance of \($19,726.40\). In
Juan Rios acted upon his entrepreneurial spirit and started a graphic design business called Juan’s Designs. Based on an excellent business plan, Juan was able to raise sufficient capital to begin
Provide an example of a transaction that would:a. Increase one asset account but not change the amount of total assets.b. Decrease an asset account and a liability account.c. Decrease an asset
What is a T-account and how is it used?
Prepare journal entries for Sawyer Enterprises for each of the following accrual accounting adjustments on June 30.1. Sawyer Enterprises sells \($600\) of merchandise to Apollo Inc. with terms of
Match the transaction from the first column with the type of accounting adjustment from the second column.1. Record depreciation for the month on buildings.2. Record rental income for the month on
Prepare journal entries for each of the following end-of-year accounting adjustments.1. Record depreciation expense adjustment of \($700\) on the company’s buildings.2. Record \($1,500\) for rent
Prepare journal entries for each of the following end-of-year accounting adjustments. 1. Record \($400\) of revenue earned that was previously recorded as unearned revenue due to an advance payment
Cassi Company prepared the following adjusted trial balance to assist in the preparation of its December 31, 2019, financial statements.Required Prepare an income statement, a statement of
For each of the following accounts, identify whether the account is either a permanent account or a temporary account: a. Cash b. Common Stock c. Wage Expense d. Notes Payable e. Dividends f. Sales
Prior to closing its books, the Morgan Company has the following balances in its temporary accounts as of December 31.Required Prepare closing entries as of December 31 for the Morgan Company. Debit
Balke Laboratory began operations on July 1, 2017, and provides diagnostic services for physicians and medical clinics. The company’s fiscal year ends on June 30, and the accounts are adjusted
The President of Musicland Company requests that you prepare a classified balance sheet in report form for the company. The following financial data are available from the company’s accounting
Musicland provides the following information and requests that we prepare a multi-step income statement for the year ended December 31. Musicland pays income tax at the rate of 30 percent of income.
The following information is available from the financial statements of the Philips Company.Compute the current ratio and the debt-to-total-assets ratio and comment on any trends observed between
The following information is available from the financial statements of the Philips Company.Compute the return on sales ratio and comment on any trends observed between 2018 and 2019. 2019 2018 Net
The following information is available for the Owner Company:Prepare a statement of stockholders’ equity for the Owner Company. How much of the total equity is considered contributed capital and
The following information is available from the financial statements of the Philips Company.Compute the free cash flow and comment on any trends observed between 2018 and 2019. Net sales. Net income.
Following are items reported on the financial statements of Microsoft Corporation as of June 30, 2017. of the reported accounts have been combined for simplicity.) Amounts given are in millions of
Jenny Company begins the year with \($110,000\) of inventory and purchased an additional \($245.000\) of inventory during the year. At year end, a physical count of inventory revealed that Jenny
On June 1, Musicland Inc. purchases 125 CDs at \($4.08\) each on account from its distributor for a total of \($510\). The credit terms of the purchase were 2/10, n/30. Also on June 1, Musicland paid
On June 15, a customer buys 75 CDs on account from Musicland for \($10\) each, for a total of \($750\). The list price of the CDs is \($12\) each, but Musicland gave the customer a \($2\) per CD
The President of Musicland has asked for help to evaluate the company's performance during the current year. In particular, we are requested to calculate Musicland's gross profit and its return on
Williams Distributing Company is a merchandising company. Williams uses the perpetual inventory system. eames, Record each of the following transactions related to the company’s purchasing and
The Counter Company just completed the year-end physical count of its inventory. The total value of inventory was determined to be \($300,000\). The following additional information came to light
The following inventory information is gathered from the accounting records of Tucker Enterprises:Calculate (a) ending inventory, (b) cost of goods sold, and (c) the gross profit using each of the
Assume Pointer Company began operations in 2018. The table below summarizes Pointer's 2018 and 2019 transactions. For simplicity assume that cost of goods sold is the only expense that occurs.Assume
The Images Company sells three types of video equipment-DSLR cameras, Point and Shoot cam- eras, and Camcorders. The cost and net realizable value of its inventory of video equipment follow:Compute
Flip Company installed a new inventory management system at the beginning of 2019. Shown below are financial data from the company's accounting records:Calculate the inventory turnover and days’

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