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introductory financial accounting for business

Questions and Answers of Introductory Financial Accounting for Business

P1-41. Formulating a Statement of Stockholders' Equity from Raw Data Crocker Corporation began calendar-year 2019 with stockholders' equity of $100,000, consisting of contributed capital of $70,000
P1-40. Preparing Comparative Financial Statements from Raw Data Following is selected financial information for Tesla, Inc. ($ millions) Cash and cash equivalents Cash flow from operations Cost of
P1-39. Preparing Comparative Financial Statements from Raw Data Following is selected financial information for Tilly's, Inc. (S thousands) Cash and cash equivalents Cash flow from operations Cost of
P1-38. Formulating Financial Statements from Raw Data Following is selected financial information from Abercrombie & Fitch for its fiscal year ended February 3, 2018 ($ millions): Cash asset. Cash
P1-37. Formulating Financial Statements from Raw Data Following is selected financial information from General Mills, Inc., for its fiscal year ended May 27. 2018 ($ millions): Cash and cash
P1-36. Applying the Accounting Equation and Calculating Ratios The following table contains financial statement information for The Procter & Gamble Company ($ millions) for the fiscal years ended in
E1-35. Basic Assumptions, Principles, and Terminology in the Conceptual Framework Match each item in the left column with the correct description in the right column. I. Relevance 2. Verifiability 3.
El-34. Accounting in Society Financial accounting plays an important role in modern society and business.a. What role does financial accounting play in the allocation of society's financial
E1-33. Applying the Accounting Equation and Computing Return on Equity and Debt-to-Equity Ratio At the end of 2017, Daimler AG, reported stockholders' equity of 64.023 million and total assets of
E1-32. Applying the Accounting Equation and Calculating Return on Equity and Debt-to-Equity Ratio At the end of 2017. Alphabet. Inc., reported stockholders' equity of $152,502 million and total
El-31. Calculating Gross Profit and Preparing an Income Statement In 2017, Colgate-Palmolive Company reported sales revenue of $15.454 million and cost of goods sold of $6.099 million. Its net income
El-30. Financial Statement Relations to Compute Dividends Colgate-Palmolive Company reports the following balances in its retained earnings. ($ millions) Retained earnings 2017 $20,531 2016 $19,922
E1-29. Applying the Accounting Equation and Financial Statement Articulation Answer the following questions. (Hint: Apply the accounting equation.)a. Intel Corporation had assets equal to $123.249
E1-28. Financial Information Users and Uses Assets = Liabilities $ 8,208 $ ? Equity $ (1,742) ? 53,958 66.034 87,872 ? 53,303 Financial statements have a wide audience of interested stakeholders.
E1-27. Applying the Accounting Equation and Assessing Financing Contributions Determine the missing amount from each of the separate situations (a), (b), and (c) below. Which of these companies is
M1-25. Ethical Issues and Accounting Choices g. Cash inflow for stock issued h. Cash outflow for dividends i. Net income Assume that you are a technology services provider and you must decide whether
M1-24. Identifying Financial Statement Line Items and Accounts Several line items and account titles are listed below. For each, indicate in which of the following financial statement(s) you would
M1-23. Verifying Articulation of Financial Statements Access the fiscal 2017 10-K for Nike at the SEC's EDGAR database of financial reports (www.sec gov), Using its consolidated statement of
M1-22. Identifying Key Numbers from Financial Statements Access the most recent 10-K for Apple Inc., at the SEC's EDGAR database for financial reports (www.sec.gov). What are Apple's dollar amounts
MI-21. Applying the Accounting Equation and Computing Financing Proportions Use the accounting equation to compute the missing financial amounts (a), (b), and (c). Which of these companies is more
M1-20. Financing and Investing Relations, and Financing Sources Total assets of The Coca-Cola Company equals $87,896 million and its liabilities equal $68.919 million. What is the amount of its
M1-19. Financing and Investing Relations, and Financing Sources Total assets of Macy's, Inc. equals $19.381 million and its equity is $5.661 million. What is the amount of its liabilities? Does
Q1-18. What are the two fundamental qualitative characteristics and the six enhancing qualitative char acteristics of accounting information? Explain how each characteristic improves the quality of
QI-17. What are the objectives of financial accounting? Which of the financial statements satisfies each of these objectives?
Q1-16. What is the primary function of the auditor? To what does the auditor attest in its opinion?
Q1-15. What are International Financial Reporting Standards (IFRS)? Why are IFRS needed? What potential issues can you see with requiring all public companies to prepare financial statements using
Q1-14. What are generally accepted accounting principles and what organization presently establishes them?
Q1-13. Business decision makers external to the company increasingly demand more financial informa tion on business activities of companies. Discuss the reasons why companies have traditionally
Q1-11. What ethical issues might managers face in dealing with confidential information? Q1-12. Return on equity (ROE) is an important summary measure of financial performance. How is it computed?
Q1-10. Financial statements are used by several interested stakeholders. Develop a listing of three or more potential external users of financial statements and their applications.
Q1-9. Why might a company voluntarily disclose more information than is required by GAAP?
Q1-8. The trade-off between risk and return is a fundamental business concept. Briefly describe both risk and return and their trade-off. Provide some examples that demonstrate investments of varying
Q1-7. Explain what is meant by the articulation of financial statements.
Q1-5. Warren Buffett, CEO of Berkshire Hathaway, and known as the "Sage of Omaha" for his invest- ment success, has stated that his firm is not interested in investing in a company whose business
Q1-4. Does a balance sheet report on a period of time or at a point in time? Also, explain the information conveyed in that report. Does an income statement report on a period of time or at a point
Q1-3. Companies prepare four primary financial statements. What are those financial statements and what information is typically conveyed in each?
Q1-2. The accounting equation (Assets Liabilities + Equity) is a fundamental business concept. Explain what this equation reveals about a company's sources and uses of funds and the claims on company
Ql-1. What are the three major business activities of a company that are motivated and shaped by planning activities? Explain each activity.
5. Which of the following expressions is a correct statement of the accounting equation?a. Equity +Assets= Liabilityb. Assets - (Liabilities+ Equity) = 0c. Liabilities - Equity= Assetsd. Liabilities+
4. Which of the following is not one of the four basic financial reports? jjla. the balance sheet wb. the income statementc. the statement of stockholders' equityd. the notes to the financial
3. Which of the foUowing financial statements reports the financial condition of a company at a point in time? aa. the balance sheet wb. the income statementc. the statement of cash flowsd. the
2. Banks that lend money to corporations are considereda. creditors.b. stockholders.c. both a and b above.d. neither a nor b above. Ii
1. Which of the following is a potential cost of the public disclosure of accounting information?a. Loss of competitive advantage caused by revealing information to competitors.b. Potential increased
76 Starbucks’ Annual Report Find Starbucks’ financial statements for the fiscal year ended October 2, 2011, either via the Starbucks Web site or on the SEC’s EDGAR database. 1. Prepare the
75 Financial Statement Research Select a company and use its financial statements to answer the following questions: 1. Identify each transaction that affected stockholders’ equity during the most
74 Market-to-Book and ROE Form groups of three to six students each. Each student should pick two companies, preferably from different industries. Find the appropriate data and compute the
73 Stock Options and Ethics Bristol-Myers Squibb is one of the largest pharmaceutical companies in the world. In 2002 the company granted executives options to purchase 40,112,732 shares of common
72 Classic Case of Shareholders’ Equity Section Enron Corporation was a worldwide energy company with annual revenues in excess of $40 billion in 1999. Its main activities were in natural gas and
71 Financial Ratios Consider the following data from two companies in very different industries. Adobe Systems is a software company. Empire District is an electric utility serving the Midwest.
70 Covenants and Leases and Buying and Selling Stock Mitchell Energy and Development Corporation was one of the country’s largest oil and gas producers before it was purchased by Devon Energy. Some
69 Noncash Exchanges Suppose Clair Company acquires some equipment from Marseilles Company in exchange for issuance of 10,000 shares of Clair’s common stock. The equipment was carried on
68 Issue of Common Shares Ahlbrandt Corporation had the following stockholders’ equity on December 31, 2011: Common stock: authorized 250,000,000 shares with $01 par value, issued and outstanding
67 Convertible Securities Suppose Walla Walla Company had paid $175,000 to Freewater Company for an investment in 10,000 shares of the $5 par value preferred stock of Freewater Company. The preferred
66 Treasury Stock (Alternate is 60.) Johannesburg Company has the following [in rands (R), the South African unit of currency]: Common stock, 2,000,000 shares, R3 par value R 6,000,000 Paid-in
65 Effects of Treasury Stock on Retained Earnings Assume that Lawson Company has retained earnings of $16 million, paid-in capital of $48 million, and treasury stock at a cost of $12 million. 1.
64 Disposition of Treasury Stock Marshall Company bought 10,000 of its own shares for $12 per share. The shares were held as treasury stock. This was the only time Marshall had ever purchased
63 Retirement of Shares Sage Financial Systems, Inc., has the following: Common stock, 6,000,000 shares, $2 par value $ 12,000,000 Paid-in capital in excess of par 42,000,000 Total paid-in capital
62 Repurchase of Shares and Book Value per Share ExxonMobil repurchased common shares during 2011 and, as a result, the Treasury Stock account increased by $20,324 million. The market price of
61 Treasury Shares During 2011 outstanding common shares of General Electric (GE) decreased from 10,615,376,000 to 10,537,017,000. GE declared dividends of $6,458,000,000. The treasury stock account
60 Treasury Stock (Alternate is 66.) Minnesota Mining and Manufacturing Company (3M) presented the following data in its 2011 annual report: December 31 2011 2010 (in millions) Stockholders’
59 Stock Split and 100% Stock Dividend The Moser Company wants to double its number of shares outstanding. The company president asks the controller how a two-for-one stock split differs from a 100%
58 Issuance, Splits, and Dividends (Alternate is 57.) 1. Suppose AT&T had originally issued 200 million shares of common stock, $1 par, for $15 cash per share many years ago. Prepare the journal
57 Issuance, Splits, and Dividends (Alternate is 58.) 1. Almer Company issued 100,000 shares of common stock, $5 par, for $40 cash per share on December 31, 20X1. Prepare the journal entry. 2. Almer
56 Issuance and Retirement of Shares, Cash Dividends On January 2, 20X1, Willamette Investment Company began business by issuing 30,000 shares at $1 par value for $300,000 cash. The cash was
55 Stock Dividend and Fractional Shares The Rupley Company declared and distributed a 5% stock dividend. The stockholders’ equity before the dividend was as follows: Common stock, 5,000,000 shares,
54 Meaning of Stock Splits and Dividends A January 31 announcement to shareholders of Premier Financial, a California savings and loan company, stated that the company had “good news” for
53 Stock Options On January 1, 2013, Sikes Company granted stock options to 100 key employees. Each employee received 300 options. Each option entitles the employee to purchase one share of $1 par
52 Dividends (Alternate is 51.) 1. Sanchez Company issued 700,000 shares of common stock, $1 par, for $9 cash per share on December 31, 20X5. Prepare the journal entry. 2. Sanchez Company declared
51 Dividends (Alternate is 52.) 1. Hubbard Company issued 500,000 shares of common stock, $4 par, for $25 cash per share on March 31, 20X1. Prepare the journal entry. 2. Hubbard Company declared and
50 Multiple Classes of Common Stock In 2011 Fortune magazine listed Royal Dutch Shell as the world’s second largest corporation when ranked on sales and tenth largest when ranked on market value.
49 Dividend Reinvestment Plans Many corporations have automatic dividend reinvestment plans. Individual shareholders may elect not to receive their cash dividends. Instead, an equivalent amount of
48 Dividends and Cumulative Preferred Stock Yanity Interiors, Inc., maker of seats and other interior equipment for Boeing aircraft, started 20X8 with the following balance sheet: 6% Cumulative
47 Effects on Stockholders’ Equity Indicate the effect (+, –, or 0) on total stockholders’ equity of McKenzie Services Corporation for each of the following: 1. Declaration and issuance of a
46 Stockholders’ Equity Section The following are data for the Foin Corporation on December 31, 20X8: 6% cumulative preferred stock, $40 par value, callable at $42, authorized 100,000 shares,
45 Financial Ratios and Stockholders’ Equity Consider the following data for New York Bankcorp: December 31 20X2 20X1 Stockholders’ equity Preferred stock, 200,000 shares, $20 par $ 4,000,000 $
44 Book Value and Return on Equity Nelson Company had net income of $14 million in 20X8. The stockholders’ equity section of its 20X8 annual report follows ($ in millions): 20X8 20X7
43 Treasury Stock Assume that during 2011, Tompkins Financial Corporation repurchased 1,500 of its own shares at an average price of $38.67 per share. Par value was $.10 per share. Assume the shares
42 Cash and Stock Dividends Tompkins Financial Corporation is a financial services holding company headquartered in Ithaca, New York, that offers banking, insurance, and wealth management services.
41 Reverse Stock Split According to a news story, “The shareholders of QED approved a 1-for-10 reverse split of QED’s common stock.” Accounting for a reverse stock split applies the same
40 Stock Splits On April 25, 2012, Coca-Cola announced its first stock split in 16 years and only its eleventh stock split since the stock began trading in 1919. In July the stockholders approved the
39 Stock Split versus Stock Dividend An annual report of Pacific Foods Company included the following in the statement of consolidated retained earnings: Charge for stock split $4,401,000 The balance
38 Exercise of Stock Options On January 1, 2013, Lyndon Systems granted its top executives options to purchase 6,000 shares of common stock (par $2) at an exercise price of $20 per share, the market
37 Cash Dividends Honda, the Japanese automobile company, declared and paid cash dividends in fiscal 2011 of ¥51 per share on 1,807.3 million shares. The declaration preceded the payment by 1 month.
36 Cumulative Dividends In recent years, the McFarlane Company had severe cash flow problems. In 20X0, the company suspended payment of cash dividends on common stock. In 20X1, it ceased payment on
35 Cumulative Dividends The Atkinson Data Services Corporation was founded on January 1, 20X1. Preferred stock, no par, cumulative $4 annual dividend per share Issued and outstanding, 1,000,000
34 Issuance of Common Shares Kawasaki Heavy Industries is a large Japanese company that makes ships, aircraft engines, and many other products in addition to motorcycles. Its 2011 sales of
33 Preferences as to Assets The following are account balances of Reliable Autos, Inc. ($ in thousands): Common Stock and Retained Earnings, $350; Accounts Payable, $350; Preferred Stock (5,000
32 Distinctions between Terms On December 31, 2011, IBM Corporation had 4,687.5 million shares of common stock authorized. There were 2,182.5 million shares issued, and 1,019.3 million shares held as
31 Distinctions between Terms Disposal Services, Inc., a waste management company, had 3.5 million shares of common stock authorized on August 31, 20X2. Shares issued were 2 million. There were
30 Changes in Stock Prices When the Shares Are Split Your friend has developed a stock investing strategy that suggests you should always buy the shares of companies when they split their stock or
29 The Meaning of Par Value Your friend has decided that par value of common stock is a meaningless notion and complicates accounting practice without adding value to the financial statements. How do
28 The Prohibition on Income Recognition from Trading in the Company’s Shares Your friend has considered stock repurchases. He thinks that it is proper for the company to buy its own shares and
27 Company Share Prices and Intentions to Repurchase Shares Your friend has thought about repurchases of common stock by the issuing company and has concluded that this is unethical. Specifically,
26 “A common stock selling on the market far below its book value is an attractive buy.” Do you agree? Explain.
25 “A company’s ROE indicates how much return an investor makes on the investment in the company’s shares.” Do you agree? Explain.
24 Why might a board of directors voluntarily restrict its dividend-declaring power?
23 Restrictions on dividend-declaring power may be voluntary or involuntary. Give an example of each.
22 Why does a conversion option make bonds or preferred stock more attractive to investors?
21 What is the proper amount to record for an asset newly acquired through an exchange (e.g., an exchange of land for securities)? Explain.
20 “Gains and losses are not possible from a corporation acquiring or selling its own stock.” Do you agree? Explain.

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