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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

The Forrester Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 are shown below:Cash dividends of \(\$ 31,000\) were declared and paid during 2019. Plant
The Lowe Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 are presented below:During the year, Lowe Company sold equipment for \(\$ 27,000\) cash that
The Madison Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow:During 2019, \(\$ 27,000\) of cash dividends were declared and paid. A patent valued at
The Geary Company's income statement and comparative balance sheets as of December 31 of 2019 and 2018 follow:During the year, the following transactions occurred:1. Sold equipment for \(\$ 9,000\)
Meagan Enterprises reported the following information for the past year of operations:For each transaction, indicate whether the ratio will (I) increase, (D) decrease, or (N) have no effect.
Refer to the data given for the Forrester Company in Problem P12-1B.Requireda. Compute the change in cash that occurred during 2019.b. Prepare a statement of cash flows using the direct method.c.
Refer to the data given for the Lowe Company in Problem P12-2B.Requireda. Compute the change in cash that occurred during 2019.b. Prepare a statement of cash flows using the direct method.Problem
Refer to the data given for the Madison Company in Problem P12-3B.Requireda. Compute the change in cash that occurred during 2019.b. Prepare a statement of cash flows using the direct method. Use one
Refer to the data given for the Geary Company in Problem P12-4B.Requireda. Compute the change in cash that occurred during 2019.b. Prepare a statement of cash flows using the direct method. Use one
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Answer the following questions:a. How much did Columbia Sportswear's cash and
Columbia Sportswear Company vs Under Armour, Inc. The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book, and the financial statements of
Recently hired as assistant controller for Finite, Inc., you are sitting next to the controller as she responds to questions at the annual stockholders' meeting. The firm's financial statements
Parker Hannifin Corporation, headquartered in Cleveland, Ohio, manufactures motion control and fluid system components for a variety of industrial users. The firm's financial statements contain the
The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website.Requireda. Refer to Note 2. How does General Mills define its cash equivalents?b. What method does
Susan Henderson, the vice president of marketing, was told by the CEO that she needs to understand the numbers because the company's existence depends on making money. It has been a long time since
Due to an economic recession, Anton Corporation faces severe cash flow problems. Management forecasts that payments to some suppliers will have to be delayed for several months. Jay Newton,
The corporate social responsibility highlighted in this chapter (see page 585) mentions that Home Depot believes in giving back. One of the ways the company has done this is through its Team Depot
Cash larceny involves the fraudulent stealing of an employer's cash. These schemes often target the company's bank deposits. The fraudster steals the money after the deposit has been prepared, but
For each of the items below, indicate whether the cash flow item relates to an operating activity, an investing activity, or a financing activity:a. Cash loaned to borrowersb. Cash paid as interest
For each of the items below, indicate whether it is (1) a cash flow from an operating activity, (2) a cash flow from an investing activity, (3) a cash flow from a financing activity, (4) a noncash
Zaire Company had a \(\$ 26,000\) net loss from operations. Depreciation expense for the year was \(\$ 9,600\), and a dividend of \(\$ 2,000\) was declared and paid. The balances of the current asset
The Smith Company owns no plant assets and had the following income statement for the year:Additional information about the company includes:Use the preceding information to calculate the cash flow
Use the following information regarding the Fremont Corporation to prepare a statement of cash flows using the indirect method: Accounts payable increase.. Accounts receivable increase. Accrued
Morris Company reports the following amounts in its annual financial statements:a. Compute Morris's free cash flow,b. Compute Morris's operating-cash-flow-to-current-liabilities ratio,c. Compute
The Thurston Company's current year income statement contains the following data:Thurston's comparative balance sheets show the following data (accounts payable relate to merchandise
Refer to the information in Exercise 12-3B. During the year, (Appendix Melville Company purchased plant assets for cash, sold investments for cash (the entire \(\$ 7,000\) gain 12A) developed during
Free cash flow is a measure of a firm'sa. interest free debt.b. ability to generate net income.c. ability to generate cash and invest in new capital expenditures.d. ability to collect accounts
Which of the following events will not appear in the cash flows from financing activities section of the statement of cash flow?a. Borrowing cash from a bankb. Issuance of stock in exchange for plant
Taylor Company reports free cash flow of \(\$ 15,000\), total cash of \(\$ 18,000\), net income of \(\$ 50,000\), current assets of \(\$ 90,000\), average current liabilities of \(\$ 38,400\), and
Which of the following is not a cash equivalent?a. Short-term U.S. Treasury billb. Short-term certificate of depositc. Money-market accountd. IBM common stock
Which of the following expenses are not added back to net income when using the indirect method to prepare a statement of cash flows?a. Amortization expenseb. Depletion expensec. Interest expensed.
Smith \& Sons reports interest expense of \(\$ 90,000\) on its income statement. The beginning and ending balances for interest payable reported on its balance sheet are \(\$ 15,000\) and \(\$
Smith \& Sons reports sales revenue of \(\$ 1,000,000\) on its income statement. Its balance sheet reveals beginning and ending accounts receivable of \(\$ 92,000\) and \(\$ 60,000\), respectively.
Using the information for the Melville Corporation above, calculate the cash flow from operating activities.Use the following information regarding the Melville Corporation Accounts payable
Using the information for the Melville Corporation above calculate the cash flow from investing activities.Use the following information regarding the Melville Corporation Accounts payable
Using the information for the Melville Corporation above, calculate the cash flow from financing activities.Use the following information regarding the Melville Corporation Accounts payable
Using the above data, calculate the free cash flow for Evans \& Sons.The following information for Evans \& Sons relates Cash flow from operating activities... Capital expenditures....
Using the above data, calculate the operatingcash-flow-to-current-liabilities ratio for Evans \& Sons.The following information for Evans \& Sons relates Cash flow from operating
Using the above data, calculate the operatingcash-flow-to-capital-expenditures ratio for Evans \& Sons.The following information for Evans \& Sons relates Cash flow from operating
Evans \& Sons is converting its sales revenues to corresponding cash amounts using the direct method. Sales revenue on the income statement are \(\$ 1,025,000\). Beginning and ending accounts
Using the following data for Evans \& Sons, calculate the cash paid for rent: Rent expense... $80,000 Prepaid rent, January 1 10,000 Prepaid rent, December 31 8,000
Using the following data for Evans \& Sons, calculate the cash received as interest: Interest income.. $30,000 Interest receivable, January 1 3,000 Interest receivable, December 31..... 3,700
Using the following data for Evans \& Sons, calculate the cash paid for merchandise purchased: Cost of goods sold. Inventory, January 1. Inventory, December 31 $128,000 19,000 22,000 Accounts
The Washington Company owns no plant assets and had the following income statement for the year:Additional information about the company includes:Use the preceding information to calculate the cash
The Azuza Company owns no plant assets and had the following income statement for the year:Additional information about the company includes:Use the preceding information to calculate the cash flow
Use the following information regarding the Hamilton Corporation to prepare a statement of cash flows using the indirect method: Accounts payable decrease. Accounts receivable increase. Wages payable
Tracy Company reports the following amounts in its annual financial statements:a. Compute Tracy's free cash flow.b. Compute Tracy's operating-cash-flow-to-current-liabilities ratio.c. Compute Tracy's
During the year, Paton Corporation's Long-Term Investments account (at cost) increased \(\$ 20,000\), the net result of purchasing stocks costing \(\$ 85,000\) and selling stocks costing \(\$
Chauncey Corporation began business on June 30, 2016. At that time, it issued 20,000 shares of \(\$ 50\) par value, six percent, cumulative preferred stock and 90,000 shares of \(\$ 10\) par value
Presentation Baker Corporation was organized on July 1, with an authorization of 50,000 shares of \(\$ 5\) no-par value preferred stock ( \(\$ 5\) is transactions affecting stockholders' equity
The stockholders' equity LOS, 6,8 accounts of Cooper Corporation at January 1 follow:During the year, the following transactions occurred:Jan. 5 Issued 20,000 shares of common stock for \(\$ 15\)
The following is the stockholders' equity of Laker Corporation at January 1:The following transactions, among others, occurred during the year:Jan. 15 Issued 2,000 shares of preferred stock for \(\$
Comparative Data Comparative stockholders' equity sections from two successive years of balance sheets from Kirkwood, Inc., are as follows:No dividends were declared or paid during
The stockholders' equity of Ranger Corporation at January 1 appears below:During the year, the following transactions occurred:May 12 Declared a 15 percent stock dividend; market value of the common
The stockholders' equity of Elsworth Corporation at January 1 is shown below:The following transactions, among others, occurred during the year:Apr. 1 Declared a 100 percent stock dividend on all
The stockholders' equity of Zhou Corporation at January 1 follows:The following transactions, among others, occurred during the year:Jan. 1 Announced a 4-for-1 common stock split, reducing the par
Using your analysis from P11-8B, prepare the Stockholders' Equity section of the Zhou Corporation's balance sheet.Problem P11-8BThe stockholders' equity of Zhou Corporation at January 1 follows:The
The stockholders' equity section of Light Corporation's balance sheet at January 1 follows:The following transactions affecting stockholders' equity occurred during the year:Jan. 8 Issued 30,000
The following T-accounts contain keyed entries representing five transactions involving the stockholders' equity of Meadow, Inc.:Required Using this information, give detailed descriptions,
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Answer the following questions:a. How many shares of common stock are
Egghead, Inc., was a software chain that had over 100 stores across the U.S. Initially its founders and employees owned the company privately. The company eventually went public with an initial
The following data were obtained prior to the acquisition of Gillette Company by Procter \& Gamble. Gillette Company, the Procter \& Gamble Company, and Colgate-Palmolive Company are three
The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website.Requireda. How many shares of common stock is General Mills authorized to issue? How many common shares
Your neighbor, Norman Vetter, has always been tinkering in his garage with his inventions. He believes he has finally come up with one that could really sell well. He is a little concerned about some
Colin Agee, chairperson of the board of directors and chief executive officer of Image, Inc., is pondering a recommendation to make to the firm's board of directors in response to actions taken by
In the corporate social responsibility highlight regarding Starbucks on page 528 in this chapter, it was stated that Starbucks believes in measuring and monitoring the company's CSR progress. The
The Forensic Accounting Box of this chapter noted that forensic accounting techniques are being used to help pick stocks for investing. How might identifying accounting concerns be useful for
The following data are from a recent General Electric Company annual report. All amounts, except per share data, are in \(\$\) millions.Required Compute the following ratios for the General Electric
Lake Company has the following shares outstanding: 20,000 shares of \(\$ 50\) par value, five percent cumulative preferred stock and 80,000 shares of \(\$ 10\) par value common stock. The company
Minaret, Inc., issued 10,000 shares of \(\$ 50\) par value preferred stock at \(\$ 68\) per share and 12,000 shares of no-par value common stock at \(\$ 15\) per share. The common stock has no stated
On March 1 of the current year, Center Corporation has 500,000 shares of \(\$ 10\) par value common stock that are issued and outstanding. The general ledger shows the following account balances
Inland Corporation issued 30,000 shares of \(\$ 5\) par value common stock at \(\$ 15\) per share and 8,000 shares of \(\$ 50\) par value, eight percent preferred stock at \(\$ 85\) per share. Later,
Bernard Corporation has the following shares outstanding: 8,000 shares of \(\$ 50\) par value, six percent preferred stock and 50,000 shares of \(\$ 1\) par value common stock. The company has \(\$
White Corporation has 80,000 shares of \(\$ 5\) par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the declaration
Use the following data to prepare a statement of retained earnings for Barney Corporation. Total retained earnings originally reported at January 1... Cash dividends declared during the year. Net
Evans \& Sons, Inc., has 20,000 shares of \(\$ 100\) par value, six percent preferred stock and 100,000 shares of \(\$ 1.00\) par value common stock outstanding. The preferred stock is convertible
Upland Metals Company had 20,000,000 shares of \(\$ 0.01\) par value common stock outstanding which had been sold for an aggregate amount of \(\$ 300,000,000\). The company's shares are traded on the
The following information relates to Ontario Components, Inc.:a. Calculate the company's return on common stockholders' equity for 2018 and 2019.b. Calculate the company's dividend yield for 2018 and
Label each of the following characteristics of a corporation as either an (A) advantage or a (D) disadvantage:a. Limited liabilityb. Taxationc. Regulationsd. Transferability of ownership
Decade, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for \(\$ 25\) cash per share, (2) purchased treasury shares at \(\$ 40\) per
Lester Corporation has 30,000 shares of \(\$ 1\) par value common stock outstanding. The company has \(\$ 250,000\) of retained earnings. At year-end, the company declares a cash dividend of \(\$
High Corporation has 60,000 shares of \(\$ 20\) par value common stock outstanding and retained earnings of \(\$ 800,000\). The company declares a 100 percent stock dividend. The market price at the
Bowen Corporation has the following shares outstanding: 15,000 shares of \(\$ 50\) par value, six percent preferred stock and 50,000 shares of \(\$ 5\) par value common stock. During its first three
Chase, Inc., issued 10,000 shares of \(\$ 20\) par value preferred stock at \(\$ 50\) per share and 8,000 shares of no-par value common stock at \(\$ 20\) per share. The common stock has no stated
On September 1, Cambridge Company has 500,000 shares of \(\$ 15\) par value common stock that are issued and outstanding. The general ledger shows the following account balances relating to the
Pomona Corporation issued 60,000 shares of \(\$ 3\) par value common stock at \(\$ 21\) per share and 9,000 shares of \(\$ 30\) par value, ten percent preferred stock at \(\$ 85\) per share. Later,
Sand Corporation has the following shares outstanding: 10,000 shares of \(\$ 40\) par value, ten percent preferred stock and 50,000 shares of \(\$ 2\) par value common stock. The company has \(\$
Mammoth Corporation has 100,000 shares of \(\$ 10\) par value common stock outstanding. At year-end, the company declares a five percent stock dividend. The market price of the stock on the
Use the following data to prepare a statement of retained earnings for June Corporation. Total retained earnings originally reported as of January 1 $347,000 Stock dividends declared during the
The Crystal Company had \(100,000,000\) shares of \(\$ 0.10\) par value common stock outstanding which had been sold for an aggregate amount of \(\$ 500,000,000\). The company's shares are traded on
The following information relates to Menlo, Inc.:a. Calculate the company's return on common stockholders' equity for 2018 and 2019.b. Calculate the company's dividend yield for 2018 and 2019.c.
Label each of the following characteristics of a corporation as either an (A) advantage or a (D) disadvantage:a. Organizational costsb. Continuity of existencec. Capital raising capabilityd. Separate
Channey Corporation was organized on July 1. The company's charter authorizes 100,000 shares of \(\$ 2\) par value common stock. On August 1 , the attorney who helped organize the corporation
Omaha, Inc., recorded certain capital stock transactions shown in the following journal entries: (1) issued common stock for \(\$ 40\) cash per share, (2) purchased treasury shares at \(\$ 50\) per
Murphy Corporation has 50,000 shares of \(\$ 10\) par value common stock outstanding. The company has \(\$ 450,000\) of retained earnings. At year-end, the company declares a cash dividend of \(\$
Kitch Corporation has 50,000 shares of \(\$ 5\) par value common stock outstanding and retained earnings of \(\$ 820,000\). The company declares a 100 percent stock dividend. The market price at the
Ryan Corporation began business on March 1, 2016. At that time, it issued 20,000 shares of \(\$ 60\) par value, seven percent cumulative preferred stock and 100,000 shares of \(\$ 5\) par value
Torey Corporation was organized on April 1, with an authorization of 25,000 shares of six percent, \(\$ 50\) par value preferred stock and 200,000 shares of \(\$ 5\) par value common stock. During
The stockholders' equity accounts of Willis Corporation at January 1 appear below:During the year, the following transactions occurred:Jan. 10 Issued 35,000 shares of common stock for \(\$ 18\) cash
The stockholders' equity of Peak Corporation at January 1 follows:The following transactions, among others, occurred during the year:Jan. 12 Announced a 4-for-1 common stock split, reducing the par

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