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introduction to financial accounting

Questions and Answers of Introduction To Financial Accounting

Income Ratios and Asset Turnover Nicoletti Company included the following data in its 2003 annual report to stockholders (amounts in millions except for percentages): Net income Total assets $1,480
Income Ratios and Asset Turnover The following data are from the 2002, 2001, and 2000 annual reports of McDonald's Corporation. There are more than 27,000 McDonald's restaurants in 120 countries.
Time-Series Analysis 23.5 2.2% 45.1% 4.09 The 3M balance sheets in Exhibit 12-19 show intangible assets of $2,167 million in 2002 and $1,250 million in 2001. Additional disclosures reveal the
Market Price and Dividend Ratios Exhibit 12-19 contains slightly modified income statements and balance sheets of Minnesota Mining and Manufacturing Company (3M), a leader in bringing new
Profitability Ratios Exhibit 12-19 contains slightly modified income statements and balance sheets of Minnesota Mining and Manufacturing Company (3M), a technology company with more than 100
Solvency Ratios Exhibit 12-19 contains slightly modified income statements and balance sheets of Minnesota Mining and Manufacturing Company (3M), a diversified manufacturing company with operations
Liquidity Ratios Exhibit 12-19 contains the slightly modified income statements and balance sheets of Minnesota Mining and Manufacturing Company (3M), maker of Scotch brand tapes. 1. Compute the
Common-Size Statements (Alternate is 12-43.) Exhibit 12-19 contains slightly modified income statements and balance sheets of Minnesota Mining and Manufacturing Company (3M), a multinational company
S & M Limited is a well-known, high-street retail outlet with branches all over UK and Rol.As part of its customer service, the company has a policy of refunding purchases to dissatisfied customers,
Computation of Financial Ratios The financial statements of the Ito Company are shown in Exhibit 12-18.Compute the following for the 20X8 financial statements. 1. Pretax return on total assets. 2.
Pearl Limited gives warranties at the time of sale to purchasers of its products. Under the terms of the warranty the manufacturer undertakes to make good, by repair or replacement, manufacturing
Financial Ratios Consider the data for Ryan Company in Exhibit 12-17.1. Compute the following ratios for each of the last 2 years, 20X2 and 20X3:a. Percentage of net income to stockholders' equity
Blues Limited (“Blues”) prepares its financial statements to 31 December each year. The company manufactures paint, and its operations are divided into two cash-generating units:domestic and
(a) In accordance with IAS 37 Provisions, Contingent Liabilities and Contingent Assets, define a provision and explain briefly when a provision should be recognised in financial statements.(b) Jeans
Trend Analysis and Common-Size Statements Ryan Company furnished the condensed data shown in Exhibit 12-17.1. Prepare a trend analysis for Ryan's income statements and balance sheets that compares
Highgrove plc is a manufacturing and distribution company. You are acting as auditor to Highgrove plc and you have been asked by the Board of Directors of the company to explain how the following
Krispy Kreme paid no dividends. Additional data are: Market price per share, February 2, 2003: $30.41 Average common shares outstanding, 55,093,000 Compute the following ratios for Krispy Kreme for
Pelican Limited advised its solicitors to commence an action against its major supplier, claiming damages of €500,000 in respect of losses sustained as a result of the supply of faulty
Financial Ratios (Alternate is 12-44.) This problem uses the same data as 12-45, but it can be solved independently. Krispy Kreme Doughnuts, Inc. was incorporated on December 12, 1999 and has been
In which of the following circumstances might a provision be recognised?(a) On 13 December 2017 the board of an entity decided to close down a division. The accounting date of the company is 31
Trend Analysis Krispy Kreme Doughnuts, Inc. is a specialty retailer of doughnuts. The income statements and balance sheets (slightly modified) for the years ended February 3, 2002 and February 2,
King Limited gives warranties at the time of sale to purchasers of its products. Under the terms of the warranty the manufacturer undertakes to make good, by repair or replacement, manufacturing
Financial Ratios (Alternate is 12-46.) This problem uses the same data as problem 12-43, but it can be solved independently. Price-Break and Low-Cost are both discount store chains. Condensed income
During 2016 Bad Limited gives a guarantee of certain borrowings of Girls Limited, whose financial condition at that time is sound. During 2017 the financial condition of Girls Limited deteriorates
. Outline the guidance provided in FRS 102, Section 34 Specialised Activities with respect to funding commitments.
Common-Size Statements (Alternate is 12-50.) Price-Break and Low-Cost are both discount store chains. Condensed income state- ments and balance sheets for the two companies are shown in Exhibit
. When should a contingent liability be recognised? ot All
Interpretation of Changes in Ratios Consider each of the following as an independent case:a. Increase in cash dividendsb. Decrease in interest coveragec. Increase in return on salesd. Increase in the
. How does IAS 37 define a contingent liability?
Can a provision ever be made for future operating losses?
Nonrecurring Items Conagra Foods, Inc. is one of the country's largest food service suppliers, offering packaged and frozen foods. Conagra's 35 brands include Banquet, Chef Boyardee, Hunt's, and
. According to IAS 37, when, and only when, can a provision be recognised?
EPS and Interest-Coverage Ratio Computations Baltimore Shipping Company has outstanding 500,000 shares of common stock, $5 million of 8% preferred stock, and $8 million of 10% bonds payable. Its
. How does IAS 37 define a provision?
Diamond purchased a private jet on 1 January 2017 at a cost of €24 million. The jet is to be used for transporting company executives to and from the various locations where the company is
Earnings per Share Tribune Company, publisher of many newspapers and owner of the Chicago Cubs baseball team, had net income of $442,992 thousand and paid preferred dividends of $25,130 thousand in
5. explain the principal accounting and disclosure differences between IAS 37 and Section 21 Provisions and Contingencies of FRS 102 The Financial Reporting Standard applicable in the UK and Republic
Debt versus Preferred Stock In 2003, Hamilton Corporation had earnings before taxes and interest of $8,495 million. Long-term debt was $18,463 million. The company had no preferred stock outstanding,
2. explain when a provision should be recognised and how it should be measured and accounted for
1. define the terms ‘provision’, ‘contingent liability’ and ‘contingent asset’;
Using Debt or Equity The O'Hare Corporation is trying to decide whether to raise additional capital of $80 million through a new issue of 12% long-term debt or of 10% preferred stock. The income tax
Gateway Limited (“Gateway”), a company that prepares its financial statements to 31 December each year, has been trading at a loss for the last 3-4 years. However, the directors expect the
Trading on the Equity In all years under consideration Bayol Company has assets of $600 million, bonds payable of $300 million, and stockholders' equity of $300 million. The bonds bear interest at
5. Explain the principal accounting and disclosure differences between IAS 12 and FRS 102, Section 29 with respect to deferred taxes.
4. Explain how temporary differences between accounting profits and taxable profits would affect the tax expense unless deferred tax was taken into account.
Return on Assets The Home Depot, Inc. is the leading retailer in the home improvement industry and ranks among the largest retailers in the United States. Some data from the company's financial
3. Explain the concept of the tax base of an asset or liability, and how this concept helps to identify situations in which deferred tax adjustments are required.
River Limited is involved in the acquisition of Promise Limited and the following information is available: :* River Limited pays tax at the rate of 40%;* the cost of acquiring Promise Limited was
Rate-of-Return Computations 1. Sapporo Company reported a 5% EBIT-to-sales ratio, a 9% rate of return on total assets, and 2 bil- lion yen of total assets. Compute (a) EBIT, (b) total sales, and (c)
MUEFC Limited purchased a machine on 1 January 2017 for €48,000, which is estimated to have a useful economic life of seven years and a residual value at the end of its useful life of€6,000. MUFC
Common Stock Ratios and Book Value The Ebert Corporation has outstanding 450,000 shares of 9% preferred stock with a $100 par value and 10 million shares of $1 par value common stock. The current
At 31 December 2017, Isteach Limited had an accrued expense of €100,000 included in current liabilities. The expense is eligible for deduction for tax purposes on a cash basis.Requirement What is
in its 2003 annual report. Additional information includes aver- age common shares outstanding of 1,296 million in 2003 and market price per share of $88.30 at its fiscal year end of June 30, 2003.
RVP Limited has an item of plant with a carrying amount.in the financial statements amounting to €10,000. The same item of plant has a tax base (a tax written down value) of €5,000.RVP Limited
Amach Limited purchased equipment at a cost of €650,000 during the year ended 31 December 2015. For tax purposes, the total amount of capital allowances claimed as at 31 December 2017 amounted to
3. explain how temporary differences between accounting profits and taxable profits would affect the tax expense if deferred tax were not taken into account
Computation of Ratios Procter & Gamble, the giant consumer products company, included the income statement and balance sheets in Exhibit
Common-Size Statements Following are condensed income statements for Lowe's and The Home Depot for the year ended January 31, 2003 and February 2, 2003, respectively:Total revenues Cost of sales
2. explain the concept of the tax base of an asset or liability;
define, and explain the difference between, the terms ‘current tax’, ‘deferred tax’,‘permanent differences’ and ‘temporary differences’;
Which P-E Your investment advisor called to suggest buying ABC Company and noted that its P-E was only 20 and the rest of the companies in its industry had P-Es of around 28. You looked in The Wall
Investment Advice on the Internet Your friend Barry just called to say that you should consider investing in ABC Company because the high-flying chat room on the Internet had 20 buy recommendations
How does the accounting for special items differ from the accounting for extraordinary items?
What causes the "dilution" in diluted EPS?
Why are companies with heavy debt in relation to ownership capital in greater danger when business conditions sour?
"Borrowing is a two-edged sword." Do you agree? Explain.
What two measures of operating perfor- mance are combined to give return on total assets as defined in this chapter?
Distinguish between operating manage- ment and financial management.
Name three types of comparisons that are useful in evaluating financial ratios.
Suppose you compared the financial statements of an airline and a grocery store. Which would you expect to have the higher val- ues for the following ratios: debt-to-equity ratio, current ratio,
Ratios are often grouped into four cate- gories. What are the categories?
How do common-size statements aid comparisons with other companies?
Suppose you wanted to evaluate the financial performance of IBM since the mid-1990s. What factors might affect the comparability of a firm's financial ratios over such a long period of time?
"It's always a bad sign when revenues increase at a faster percentage rate than does net income." Do you agree? Explain.
How do information demands of creditors differ from those of equity investors?
"Financial statements report on history. Therefore, they are not useful to creditors and investors who want to predict future returns and risk." Do you agree? Explain?
Why do decision makers use financial statement analysis?
Use financial information to help assess a company's value.
Understand the nature of nonrecurring items and how to adjust for them.
Calculate EPS when a company has preferred stock or dilutive securities.
Evaluate corporate performance using various metrics, including ROA, ROE, and EVA.
Use basic financial ratios to guide your thinking.
Analyze the performance of a company using trend analysis, common-size financial statements, and segment disclosures.
Locate and use sources of information about company performance.
Analyzing Financial Statements Using the Internet Go to www.ford.com to locate the Ford home page. Select The Company and click on Investor Information. Then, select the most recent annual report.
Starbuck's Annual Report Starbuck's includes the following items on its balance sheet for the year ended September 28, 2003 and September 29, 2002 (amounts in millions). Assume securities involved no
Financial Statement Research Select five companies in any industry. Review each company's financial statements to determine whether an acquisition occurred during the most recent year. For each
International Perspective on Consolidation Form groups of four to six students. Each student should pick a country from the following list: Australia France Germany Italy Japan Sweden United Kingdom
Intercorporate Investments and Ethics Hans Rasmussen and Alex Renalda were best friends at a small undergraduate college and they fought side by side in the jungles of Vietnam. On returning to the
Intercorporate Investments and Statements of Cash Flow The 20X6 balance sheet of Global Resources Corp. contained the following three assets: 20X5 Long-term debt investments held to maturity
The Value of a Stock for Stock Exchange On October 27, 2003, the following appeared in a news release: Bank of America Corporation and FleetBoston Financial Corporation today announced a definitive
Goodwill and Intangibles Gannett Co. owns many media companies, including numerous small-town papers and the national newspaper, USA Today. In 2002, revenues totaled $6.4 billion with net income of
Equity Investments and Minority Interests Corning has significant equity investments, and several of its consolidated subsidiaries have minority interests outstanding. Corning's consolidated income
Equity Method, Consolidation, and Minority Interest On January 2, 20X6, Jordan Shoe Company purchased 40% of Sports Clothing Company (SCC) for $2.0 million cash. Before the acquisition, Jordan had
Effect of Transactions Under the Equity Method Coca-Cola's 2002 financial statements revealed that it has extensive equity method investments including Coca-Cola Hellenic Bottling Company, Coca-Cola
Equity Method and Cash Flows Moscow Resources Company owns a 40% interest in Siberia Mining Company. Moscow uses the equity method to account for the investment. During 20X6, Siberia had net income
Discontinued Operations This problem is an extension of problem 11-50 In 2002, International Game Technology (IGT) acquired Anchor Gaming. After reviewing the transaction and assessing the mix of
Minority Interest The consolidated financial statement of Anchor Gaming, Inc., include the accounts of Colorado Grande Enterprises, Inc., an 80%-owned subsidiary. Anchor Gaming makes gambling
Prepare Consolidated Financial Statements From the following data, prepare a consolidated balance sheet and an income statement for Midlands Data Corporation. All data are in millions and pertain to
Allocating Total Purchase Price to Assets Two Hollywood companies had the following balance sheet accounts as of December 31, 20X7 (S in millions): Cinemon Bradley Productions Cinemon Bradley

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