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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

The following transactions occurred between Southwick Company and Mann Stores, Inc., during March:Mar. 8 Southwick sold \(\$ 7,100\) worth of merchandise to Mann Stores, terms \(2 / 10, n / 30\).10
The Malvado Corporation sells goods on terms of \(2 / 10, n / 30\). Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all
The following financial data for Brandon \& Company was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31 for Brandon
The following financial data for the St. Joseph Corporation was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31. Accounts
The adjusted trial balance of Patton Corporation on December 31 is shown below.Required Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into
Listed below are items reported on the financial statements of the La Playa Company as of June 30, 2019:Required Prepare a classified balance sheet as of June 30, 2019, and statement of cash flows
Presented below is financial data for the Lite Company as of year-end 2018 and 2019 :Required Calculate Lite's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on the
Presented below are income statement data for Poole \& Company for 2019:Required Prepare a multi-step income statement for 2019 and calculate the company's return on sales ratio. If Poole's
Presented below is financial data for Thomas \& Co. as of December 31:Required Prepare a statement of stockholders' equity as of December 31, 2019. Cash.... Retained earnings, Jan. 1, 2019...
Presented below is financial data for two furniture manufacturing companies:Required Consider the financial data of the two companies. Which company represents the better investment opportunity in
The following balances were reported in the financial statements for Rudy Company.Required 1. Compute the following ratios for 2019 and 2018 for Rudy Company.a. Return on sales ratiob. Current
Washington Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31:During the year, the accounting department prepared monthly
In order to learn more about the industry and to meet people who could give her advice, Kate attended several industry trade shows. At the most recent trade show, Kate was introduced to Fred Abbott,
The financial statements for Columbia Sportswear can be found in Appendix A at the end of this textbook.Required Answer the following questions using the Consolidated Balance Sheet and the Notes to
The financial statements for Columbia Sportswear can be found in Appendix A and Under Armour's financial statements can be found in Appendix B at the end of this textbook.Requireda. Calculate for
Memoryman, a maker of computer memory devices, reports the following information in its financial statements. Assume that you are a loan officer at a major bank and have been assigned the task of
As part of your internship at Howe Inc. you have been assigned the job of developing a few important ratios from the company's financial statements. This information is intended to be used by the
Go to this book's Website and locate the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017).Required 1. Calculate the company's return on sales for 2015, 2016,
V. J. Simmons is the President of Forward Engineering Associates. He is a very good engineer, but his accounting knowledge is quite limited.Required V. J. has heard that ratio analysis can help him
In the post-Enron environment, and with the enactment of the SarbanesOxley legislation, many firms are proactively portraying themselves as being "ethical." Ethical behavior is, for example, part of
Many investors consider past performance, fees, and investment objectives as the sole criteria for selecting a mutual fund for investment purposes. A growing number of investors are also asking about
Debra Day, a business major at a local college, was recently hired for the summer at Sweet Delights, a popular ice cream parlor near the campus. Debra spent most of her time tending the cash register
Throughout this chapter we have considered the financial statements of Apple Inc. and have undertaken select financial analysis using the Takeaways. Utilize these same tools to analyze the financial
On March 1, Kate Company purchased merchandise with an invoice price of \(\$ 2,700\) and \(2 / 10, n / 30\) terms. On March 3, Kate pays \(\$ 98\) transportation cost on the purchased goods. On March
Angle Company started business on January 1.During the year, the company purchased merchandise with an invoice price of \(\$ 500,000\). Angle also paid \(\$ 20,000\) freight on the merchandise.
Samuel Company uses the perpetual inventory system. Samuel purchased merchandise with an invoice price of \(\$ 800\), terms \(\mathbf{2} / \mathbf{1 0}, \mathbf{n} / \mathbf{3 0}\). If Samuel returns
Jackson Company reports net sales of \(\$ 500\), cost of sales of \(\$ 300\), and net income of \(\$ 50\). What is the gross profit percentage and return on sales ratio for Jackson?a. Gross profit
Jefferson \& Sons purchased \(\$ 5,000\) of merchandise from the Claremont Company with terms of \(3 / 10, n / 30\). How much discount is Jefferson \& Sons entitled to take if it pays within the
Adams Inc. purchased merchandise with a list price of \(\$ 6,000\) from the Sprague Company. Sprague offers its customers credit terms of \(2 / 10, n / 30\). What amount should Adams pay if the cash
The Eureka Company is a merchandiser and reports the following data at year-end:What is the company's gross profit percentage?a. 40 percentc. 15 percentb. 60 percentd. None of the above Net
Using the data in Question 7, what is The Eureka Company's return on sales ratio?a. 40 percentc. 15 percentb. 60 percentd. None of the above
Which of the following statements regarding cost flows is true?a. Cost of goods available for sale is equal to beginning inventory minus cost of goods purchased.b. Cost of goods available for sale is
Daniel Co. uses the periodic inventory system. When goods are purchased, Daniel will:a. debit freight costs to Inventory.b. debit purchase returns and allowance for returned items.c. debit the
Bleu Company began the period with \(\$ 20,000\) in inventory. The company also purchased an additional \(\$ 20,000\) of inventory and returned \(\$ 2,000\) for a full credit. A physical count of the
Describe the differences between(a) a manufacturer,(b) a wholesale distributor,(c) a retailer.
Describe the three primary transactions in the operating cycle of a merchandising firm.
What is the difference between a credit period and a discount period? What is a cash discount?
Spink Company purchased merchandise with a list price of \(\$ 4,000\) from the Thompson Company. Thompson offers a 2 percent cash discount if payment is received within 10 days. What is the payment
Carole Company purchased \(\$ 6,000\) of merchandise and paid \(\$ 300\) in transportation costs to deliver the merchandise. Carole then returned \(\$ 1,000\) of the merchandise before paying the
What is the primary difference between a merchandise return and a merchandise allowance?
Define the return on sales ratio. What does this ratio measure?
Define gross profit on sales.
Define gross profit percentage. How is this percentage used by analysts and investors?
When merchandisers and manufacturers prepare income statements for their annual reports to shareholders, they usually begin the statement with net sales. For internal reporting purposes, however, the
The following financial data for Kravis Distributors was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31 for Kravis
The following financial data for the Revel Corporation was L01 collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31. Furniture
The adjusted trial balance of Molly Distributors on December 31 is shown below.Required Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into
Listed below are items reported on the financial statements of the Irvine Company as of June 30, 2019:Required Prepare a classified balance sheet as of June 30, 2019, and statement of cash flows for
Presented below is financial data for the Outback Company as of year-end 2018 and 2019:Required Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on
Presented below is income statement data for Short \& Company as of year-end 2019:Required Prepare a multi-step income statement for 2019 and calculate the company's return on sales ratio. If
Presented below is financial data for Jason \& Co. as of year-end 2019 :Required Prepare a statement of stockholders' equity for Jason \& Co. as of December 31, 2019. Cash... $ 8,500
Presented below are financial data for two retail companies:Required Consider the financial ratio data for the two companies. Which company represents the better investment opportunity in your view
The following balances were reported in the financial statements for Nadir Company.Required 1. Compute the following ratios for 2019 and 2018 for Nadir Company.a. Return on sales ratiob. Current
The New England Trading Company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31:During the year, the accounting department prepared
Which of the following items will not be reported on a classified balance sheet?a. Current assetsb. Net incomec. Total liabilitiesd. Common stock
Which of the following would not be considered a current asset?a. Inventoryb. Accounts receivablec. Property, plant, and equipmentd. Cash
For the balance sheet to be in balance, the following must exist:a. Total assets must be greater than total liabilities.b. Total assets must be less than total liabilities.c. Total assets must equal
Which of the following would be considered an intangible asset?a. Cashb. Landc. Accounts payabled. Patents
Which of the following would most likely be classified as a long-term liability?a. Accounts payableb. Notes payablec. Accounts receivabled. Common stock
Ratio analysis always involves which type of arithmetic operation?a. Additionb. Subtractionc. Multiplicationd. Division
Which of the following is not a true statement?a. Benchmarking analysis involves comparing a company to its industry's averages.b. Benchmarking analysis involves comparing a company to its
A company reported net income of \(\$ 200\) on net sales of \(\$ 2,000\). The company's return on sales is:a. \(\$ 1,800\).b. 10 percent.c. 0.1 percent.d. None of the above.
The return on sales ratio does not provide insight on which of the following?a. A company's net income per dollar of salesb. A measure of a company's financial performancec. A measure of a company's
Which of the following is not shown on the statement of stockholders' equity?a. Contributed capitalb. Retained earningsc. Common stockd. Total liabilities
The following data appear in the financial statements of a company. Calculate its current ratio.a. \(2: 1\)b. \(1: 2\)c. \(\$ 5,000\)d. \(\quad(\$ 5,000)\) Current assets Current liabilities. $10,000
The following data pertains to Smith Consulting, Inc. for 2018. Compute its ending retained earnings.a. \(\$ 157,500\)b. \(\$ 152,500\)c. \(\$ 162,500\)d. \(\$ 115,000\) Beginning-of-year retained
A merchandising company's multi-step income statement differs from that of a service company in what way?a. There is no difference.b. A service company does not include a line for cost of goods
List three subgroups of assets that may be found in the asset section of a classified balance sheet.
Define current asset and normal operating cycle.
Which of the following are current assets: land, cash, prepaid expense, building, accounts receivable, inventory, equipment?
Define the following ratios: current ratio, debt-to-total-assets ratio, and return on sales ratio.
What is meant by socially responsible investing?
Which of the following measures are best computed using a classified balance sheet?a. Liquidityb. Solvencyc. Free cash flowd. Botha. and b.
Which of the following is a correct statement?a. The current ratio is a measure of firm solvency.b. The current ratio is a measure of firm liquidity.c. The debt-to-total-assets ratio is a measure of
Free cash flow is measured using information from which financial statement?a. Balance sheetb. Income statementc. Statement of cash flowsd. Statement of retained earnings
Socially Responsible Investinga. Means making as much money on your investments as you can as your only goal.b. Means investing in companies that adhere to environmental and social policies in their
Desi Company, a merchandising firm, reports the following data as of January 31,2019Prepare a classified balance sheet for Desi Company as of January 31, 2019. Stockholders' equity.... Property,
The following financial information is taken from the annual reports of the Billy Company and the Ball Company:Calculate the return on sales ratio for each company and determine which firm is more
The following financial information is taken from the balance sheets of the Peter Company and the Paul Company:Calculate the current ratio for each company and determine which firm has the higher
The following financial information is taken from the balance sheets of the Benny Company and the Walter Company:Calculate the debt-to-total-assets ratio and determine which firm has the higher level
The following financial information is taken from the annual reports of the Ira Company and the Paul Company:Calculate the free cash flow for each company and determine which firm has better cash
Which of the following would not appear on a company's statement of cash flows?a. Cash flow from operating activitiesb. Net change in cashc. Total assetsd. Cash flow for investing activities
Red Company's balance sheet reports the following totals: Assets = \(\$ 80,000\); Liabilities \(=\$ 50,000\); Stockholders' Equity \(=\$ 30,000\). Determine the company's debt-tototal-assets ratio.a.
Debra Linens reports the following items on its statement of cash flows:Cash flow provided by operating activities \(=\$ 100,000\)Cash flow used by investing activities \(=\$ 50,000\)Cash flow used
The following data are from the financial statements of Pluto Wines, Inc. Compute Pluto's return on sales ratio for 2019.Total revenues for \(2019: \$ 3,500,000\)Total expenses for \(2019: \$
Robert Company, a merchandising firm, reports the following data for the month ended January 31 :Prepare a multi-step income statement for Robert Company for the month of January. Operating expenses.
Identify whether the following statements are true or false.a. The statement of cash flows provides information about whether a firm is "rich" or not.b. The statement of cash flows provides
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Oakland Wholesalers as of December 31. All accounts have normal balances. Accounts payable. Accounts
From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Carl Distributors for the year ended December 31. All accounts have normal balances. Selling,
Identify whether the following statements are true or false.a. The current ratio is a measure of a firm's liquidity.b. Free cash flow is a measure of a firm's solvency.c. The return on sales ratio is
The George Company collected the following information for the preparation of its December 31 classified balance sheet:Prepare a classified balance sheet for the George Company. Accounts receivable.
Alex Corporation gathered the following information LO3, 4, 6 LO3, 4, 6 from its financial statements:Using the above data, calculate the following: (1) return on sales ratio, (2) current ratio, (3)
The following information was taken from Apple Inc.'s 2017 financial statements. Numbers are in millions.Requireda. What was Apple's return on assets for 2017 and 2016 ?b. Based on your answer from
You have been asked to assist with the preparation of a statement of stockholders' equity for Minimus Company for the year ended December 31, 2019. You determine the following
Peyton Co.'s sales rose 12 percent over prior year sales of \(\$ 100,000\); however, net income increased by only 5 percent over the prior year's net income. If Peyton's prior year return on sales
Katty Co. reports the following financial data for the current year:Compute Katty's free cash flow. Cash flow from operating activities.. Cash flow from investing activities. Cash flow from financing
Jay Co. reported the following financial data for its most current year:Compute Jay's end-of-year total stockholders' equity. Beginning-of-year common stock.. Beginning-of-year retained earning Net
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers as of December 31. All accounts have normal balances. Accounts payable.. Accounts
From the following accounts, listed in alphabetical order, prepare a multi-step income statement for Moto Wholesale for the year ended December 31. All accounts have normal balances. Sellling,
Identify whether the following statements are true or false.a. The current ratio is a measure of a firm's solvency,b. Free cash flow is a measure of a firm's liquidity.c. The return on sales ratio is

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