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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

"The liquidating value of preferred stock is the amount of cash for which it can currently be exchanged." Do you agree? Explain.
"Treasury stock is unissued stock." Do you agree? Explain.
Can a share of common stock be outstand- ing but not authorized or issued? Why?
Use the rate of return on common equity and book value per share.
Record conversions of debt for equity or of preferred stock into common stock
Explain and report stock repurchases and other treasury stock transactions.
Account for both large- and small-percentage stock dividends.
Identify the economic characteristics of and accounting for stock splits.
Contrast bonds, preferred stock, and common stock.
Differentiate among authorized, issued, and outstanding shares.
Describe the rights of shareholders.
Analyzing Financial Statements Using the Internet: Oracle Go to http://www.sec.gov/ to search for Oracle in the EDGAR database or go to the Oracle Web site. Find Oracle Corporation's latest 10K
Analyzing Starbucks' Financial Statements Refer to Starbucks' financial statements (Appendix A). 1. Starbucks combines cash and cash equivalents on the balance sheet. Define cash equivalents and give
Financial Statement Research Select an industry and choose two companies within that industry. Calculate the accounts receivable turnover and days to collect accounts receivable for the two companies
Revenue Recognition Form groups of three to six students. Each student should pick one of the six industries listed as follows. The Standard Industrial Classification (SIC) number is provided for
Ethics and Bank Reconciliations Study Appendix 6. The Springfield Chamber of Commerce recently hired you as an accounting assis- tant. On assuming your position on September 15, one of your first
Semicomplex Bank Reconciliation Study Appendix 6. An employee, Sylvia Nelson, has a personal bank account. Her employer deposits her weekly paycheck automatically each Friday. The employee's check
Straightforward Bank Reconciliation Study Appendix 6. The City of Royalton has a checking account with First National Bank. The city's cash balance on February 28, 20X1, was $30,000. The deposit
Cooking the Books In The Accounting Wars, author Mark Stevens presents a chapter on "Book Cooking, Number Juggling, and Other Tricks of the Trade." He quotes Glen Perry, a former chief accountant of
Internal Control Weaknesses Identify the internal control weaknesses in each of the following situations.a. Rodney Williams, a football star at the local university, was hired by D. A. Mount to work
Employee Dishonesty Consider the following true newspaper reports of dishonesty:a. At a small manufacturer, supervisors had access to time cards and gave out W-2 forms each year. The supervisors
Casino Skimming An article in The Wall Street Journal reported that about $7 million in quarters disappeared from the slot machines of four casinos of Argent Corporation in an 18-month period. The
Appraisal of Internal Control System From the San Francisco Chronicle: The flap over missing ferry fares was peacefully-and openly-resolved at a meeting of the Golden Gate Bridge District finance
Film Processing Write not more than one page about the possible areas where internal controls should be instituted in the following business described briefly. Keep in mind the size of the business,
Embezzlement of Cash Receipts Braxton Company is a small wholesaler of pet supplies. It has only a few employees. The owner of Braxton Company, who is also its president and general manager, makes
Audit Committee Role In a recent court decision, a U.S. corporation was required to delegate certain responsibilities to its audit committee. The audit committee was required to: 1. Consult with its
Sales, Accounts Receivable, and Ethics Writing in Corporate Cashflow, Howard Schillit described how the market value of Comptronix fell from $238 million to $67 million in a few hours when it was
Allowance for Doubtful Accounts and 10-K Disclosures The following schedule is taken from page 14 of the 10-K filing of Ford Motor Company for the year ending December 31, 2002. The 10-K is a
Uncollectible Accounts Oracle is the world's largest supplier of database software. Its balance sheet included the following presentation: May 31 2003 2002 ($ in millions) Trade receivables, net of
Uncollectible Accounts ken, is a worldwide supplier of athletic products. Its balance sheet on May 31, 2003, included the following data (S in millions): Accounts receivable, less allowance for
Discounts and Doubtful Items Ey, a major pharmaceutical company, includes the following in its 2002 balance sheet ($ amounts in millions): Accounts receivable (net of allowances of $66.4): $1,670.3.
Hospital Bad Debts Equidad, a medical management company based in State College, Pennsylvania, owned, oper- ated, and managed 35 radiation oncology centers. Notes to a recent earnings statement
Student Loans An annual report of the University of Washington includes information about its receivables from student loans in a footnote to the financial statements ($ in thousands):Year 1 Year 2
Bank Cards VISA and MasterCard are used to pay for a large percentage of retail purchases. The financial arrangements are similar for both bank cards. A news story said: If a cardholder charges a
Average Collection Period Consider the following: 20X8 Sales $2,000,000 20X7 $2,500,000 20X6 $2,400,000 Accounts receivable 20X8 $175,000 December 31 20X7 20X6 $ 190,000 $ 185,000 Of the total sales,
Percentage of Sales and Percentage of Ending Accounts Receivable Teton Equipment Company had credit sales of $6 million during 20X7. Most customers paid promptly (within 30 days), but a few took
Estimates of Uncollectible Accounts Rashid Company has made an analysis of its sales and accounts receivable for the past 5 years. Assume all accounts written off in a year related to sales of the
Percentage of Ending Accounts Receivable Consider the following data: Accounts Receivable at End of Year $210,000 170,000 Accounts Receivable Deemed Uncollectible and Written Off During Subsequent
Aging of Accounts Consider the following analysis of Accounts Receivable, February 28, 20X9:Name of Customer Ng Nurseries Total Remarks $ 20,000 25% over 90 days, 75% 61-90 days Michael's Landscaping
Allowance for Credit Losses Tompkins Trustco Inc., a multibank holding company headquartered in Ithaca, New York, included the following in the footnotes to its 2002 annual report: The following is a
Simple Bank Reconciliation Study Appendix 6. St. Luke's Hospital has a bank account. Consider the following information:a. Balances as of July 31: per books, $47,000; per bank statement, $32,880.b.
Assignment of Duties Music Supplies, Inc., is a distributor of several popular lines of musical instruments and supplies. It purchases merchandise from several suppliers and sells to hundreds of
Internal Control Weaknesses Identify the internal control weaknesses in each of the following situations, and indicate what change or changes you would recommend to eliminate the weaknesses:a. The
Accounts Receivable Turnover and Average Collection Period Vulcan Materials Company had recent sales of $2.7 billion. Beginning and ending accounts receiv- able for the fiscal year were $334 million
Subsidiary Ledger An appliance store made credit sales of $800,000 in 20X4 to 1,000 customers: Schumacher, $5,000; Cerruti, $7,000; others, $788,000. Total collections during 20X4 were $720,000
Bad Debt Recoveries Seneca Department Store has many accounts receivable. The Seneca balance sheet, December 31, 20X1, showed Accounts Receivable, $950,000 and Allowance for Uncollectible Accounts,
Bad Debt Allowance Myrick Appliance had sales of $1,000,000 during 20X8, including $600,000 of sales on credit. Balances on December 31, 20X7, were Accounts Receivable, $90,000, and Allowance for Bad
Bad Debts Prepare all journal entries for 20X2 concerning the following data for a medical clinic that performs elective laser surgery that corrects vision. Such procedures are not covered by
Specific Write-Off versus Allowance Methods The Empire District Electric Company serves customers in the region where the states of Kansas, Missouri, Arkansas, and Oklahoma come together. Empire
Uncollectible Accounts During 20X8, the Rainbow Paint Store had credit sales of $800,000. The store manager expects that 2% of the credit sales will never be collected, although no accounts are
Trade-Ins versus Discounts Many states base their sales tax on gross sales less any discount. Trade-in allowances are not dis- counts, so they are not deducted from the sales price for sales tax
Accounting for Credit Cards La Roux Designer Clothing Store has extended credit to customers on open account. Its average experience for each of the past 3 years has been: Sales Bad debts expense
Credit Terms, Discounts, and Annual Interest Rates As the struggling owner of a new Korean restaurant, you suffer from a habitual shortage of cash. Yesterday the following invoices arrived: Vender
Entries for Cash Discounts and Returns on Sales The Sonoma Wine Company is a wholesaler of California wine that sells on credit terms of 2/10, n/30. Consider the following transactions: June 9 June
Cash Discounts Transactions Video Specialties is a wholesaler that sells on terms of 2/10, n/30. It sold video equipment to Video City for $300,000 on open account on January 10. Payment (net of cash
Gross and Net Sales Midwest Metal Products, Incorporated, reported the following in 20X8 (S in thousands): Sales Cash discounts on sales Sales returns and allowances $700 20 40 1. Prepare the revenue
Sales Returns and Discounts San Jose Electronics Wholesalers had gross sales of $900,000 during the month of March. Sales returns and allowances were $40,000. Cash discounts granted were $30,000.
Compensating Balances Gemini Company borrowed $100,000 from First Bank at 9% interest. The loan agreement stated that a compensating balance of $10,000 must be kept in the Gemini checking account at
Sales in Britain The first line of the 2002 income statement of Cadbury Schweppes, the British candy and beverage company, showed: Turnover 5,298,000,000 The current assets on the company's balance
Revenue Recognition Cascade Logging Company hired Dmitri Construction Company to build a new bridge across the Logan River. The bridge would extend a logging road into a new stand of timber. The
Revenue Recognition, Cash Discounts, and Returns University Bookstore ordered 1,000 copies of an introductory economics textbook from Prentice-Hall on July 17, 20X0. The books were delivered on
Criteria for Revenue Recognition We generally treat revenue as earned when the company delivers merchandise to the customer. At that moment, what additional uncertainty remains about the proper
Using the Income Statement to Evaluate Sales Success The net income of a company is the result of many factors. Sometimes managers want to measure the performance of one part of the organization
Revenue Recognition A newly created weekly free newspaper has approached your bank seeking a loan. Although the newspaper is free, it gets significant revenue from advertising. In the first 2 months
What is the essential idea of separation of duties?
"The most important element of success- ful control is personnel." Explain.
What is the primary responsibility of the audit committee?
"The primary responsibility for internal controls rests with the outside auditors." Do you agree? Explain.
Distinguish between the percentage of sales approach to applying the allowance method and the aging of accounts receivable approach.
What is the relationship between the aver- age collection period and the accounts receivable turnover?
Describe why a write-off of a bad debt should be reversed if collection occurs at a later date.
What is meant by "aging of accounts"?
"Under the allowance method, there are three popular ways to estimate the bad debts expense for a particular year." Name the three.
The El Camino Hospital uses the allowance method in accounting for bad debts. A journal entry was made for writing off the accounts of Jane Jensen, Eunice Belmont, and Samuel Maze Do you agree with
Distinguish between the allowance method and the specific write-off method for bad debts.
If a company accepts bank credit cards, why might it accept specific cards instead of all of them? For example, some retailers accept VISA and MasterCard, but not American Express or Diner's Club,
What is the cost-benefit relationship in deciding whether to offer credit to customers, and whether to accept bank credit cards?
"If everyone were honest, there would be no need for internal controls to safeguard cash." Do you agree? Explain.
It is common in sub shops and pizza parlors around the Baruch College campus to find signs that say "Your purchase is free if the clerk does not give you a receipt" or "Two free lunches if your
"A compensating balance essentially increases the interest rate on money borrowed." Explain.
Describe and give two examples of cash equivalents.
"Retailers who accept VISA or MasterCard are foolish because they do not receive the full price for merchandise they sell." Comment.
Distinguish between a sales and a purchase return.
Why is the realizable value of a credit sale often less than that of a cash sale?
Describe the timing of revenue recognition for a defense contractor on a $50 million long- term government contract with work spread evenly over 5 years.
Prepare a bank reconciliation (Appendix 6).
Develop and explain internal control procedures.
Estimate and interpret uncollectible accounts receivable balances. 8. Assess the level of accounts receivable.
Manage cash and explain its importance to the company.
Compute and interpret sales returns and allowances, sales discounts, and bank credit card sales.
Recognize revenue items at the proper time on the income statement.
Aspire plc develops and manufactures drugs for the pharmaceutical industry. The following information relates to the company’s activities in research and development for the year ended 31 December
Nov Laboratories Limited has been involved in pharmaceuticals research projects for 15 years.The managing director has expressed concern that the variability in the level of research and development
Grotto Limited makes up its accounts to 31 December each year. Its research and development expenditure for the years ending 31 December is as follows:The accounting policy for research and
Tram Limited’s statement of profit or loss and other comprehensive income for the year ended 31 December 2017 shows a charge of €450,000 for research and development. An analysis of this
Aspire plc develops and manufactures drugs for the pharmaceutical industry. The following information relates to the company’s activities in research and development for the year ended 31 December
Nov Laboratories Limited has been involved in pharmaceuticals research projects for 15 years.The managing director has expressed concern that the variability in the level of research and development
Grotto Limited makes up its accounts to 31 December each year. Its research and development expenditure for the years ending 31 December is as follows:The accounting policy for research and
Beta Limited prepares its financial statements to 31 December each year. The company has been experiencing trading difficulties in recent years as a consequence of the economic recession.For internal
The directors of Beta Limited believe that the fair value less costs of disposal of the Supply Division and Service Division cash generating units at 31 December 2017 is €751,000 and €738,000,

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