All Matches

Solution Library

Expert Answer

Textbooks

Search Textbook questions, tutors and Books

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
principles financial accounting

Questions and Answers of Principles Financial Accounting

Bethlehem Steel Corporation is one of the leading U.S. producers of steel plate and corrosionresistant coated sheet steel used in the automotive markets. Bethlehem Steel's comparative statements of
Ford Motor Company is the world's second-largest producer of cars and trucks and ranks among the largest providers of financial services in the United States. The following informa- tion pertains to
The following data are for Clock Company:a. Compute the amount of working capital at both year-end dates.Requiredb. Compute the current ratio at both year-end dates.c. Compute the acid-test ratio at
Tulip Products, Inc., has a current ratio on December 31, 1999, of 2:1 before the following transactions were completed:1. Sold a building for cash.2. Exchanged old equipment for new equipment. (No
The following selected data are for three companies:a. Determine the operating margin, turnover of operating assets, and rate of return on operating assets for each company.b. In the subsequent year,
The largest spice company in the world, McCormick \& Company, Inc., produces a diverse array of specialty foods. The following information is for McCormick \& Company, Inc.:Assume average
Parametric Technology Corporation is in the CAD/CAM/CAE industry and is the top supplier of software tools used to automate a manufacturing company. The following consolidated balance sheet and
Paper Company is considering switching from the FIFO method to the LIFO method of accounting for its inventory before it closes its books for the year. The January 1 merchandise inventory was \(\$
Fruit of the Loom is one of the largest manufacturers of knit apparel in the world and has maintained a position of leadership as a vertically integrated low-cost producer in the industry. Fruit of
Deere \& Company manufactures, distributes, and finances a full range of agricultural equipment; a broad range of industrial equipment for construction, forestry, and public works; and a variety
The following data are for Toy Company:Requireda. Compute the amount of working capital at both year-end dates.b. Compute the current ratio at both year-end dates.c. Compute the acid-test ratio at
On December 31, 2000, Energy Company's current ratio was 3:1 before the following transactions were completed:1. Purchased merchandise on account.2. Paid a cash dividend declared on November 15,2000
Digital Company has net operating income of \(\$ 500,000\) and operating assets of \(\$ 2,000,000\). Its net sales are \(\$ 4,000,000\).The accountant for the company computes the rate of return on
Polaroid Corporation designs, manufactures, and markets worldwide instant photographic cameras and films, electronic imaging recording devices, conventional films, and light polarizing filters and
The Walt Disney Company operates several ranges of products from theme parks and resorts to broadcasting and other creative content. The following balance sheet and supplementary data are for The
Cooper Company currently uses the FIFO method to account for its inventory but is conof change in accounting sidering a switch to LIFO before the books are closed for the year. Selected data for the
National Sports, Inc., is a sports equipment sales company. During 1998, the company replaced \(\$ 18,000\) of its fully depreciated equipment with new equipment costing \(\$ 23,000\). Although a
Following are comparative balance sheets for Hardiplank Siding, Inc.:An analysis of the Retained Earnings account for the year reveals the following:a. Equipment with a cost of \(\$ 30,000\) on which
Refer to the annual report booklet. Evaluate the ease with which each of the four companies represented will be able to maintain their dividend payments in the future at 1996 amounts. (Hint: Compare
Refer to "A Broader Perspective" on page 598 and answer the following questions:a. Over the last three years from which major activities (operations, investing, financing) has Johnson \& Johnson
Refer to the annual report booklet. For each of the four companies-The Coca-Cola Company; Maytag Corporation; The Limited, Inc.; and John H. Harland-calculate the following ratios for 1996:a. Cash
In groups of two or three students write a two-page, double-spaced paper on one of the following topics:Which Is Better, the Direct or Indirect Method (of calculating net cash provided by operating
In a group of one or two other students, go to the library and locate Statement of Financial Accounting Standards No. 95, "Statement of Cash Flows," published by the Financial Accounting Standards
In a group of one or two other students, go to the library and locate Statement of Financial Accounting Standards No. 95, "Statement of Cash Flows," published by the Financial Accounting Standards
\author{Visit the following website for Digital Equipment Corporation: \\ http://www.dec.com}By following the instructions on the screen, locate the latest statement of cash flows and then print it.
Visit the following website for GTE Corporation: http://www.GTE.com By following the information on the screen, locate the latest statement of cash flows and then print it. Analyze the statement and
An objective of financial statement analysis is to provide information about the company's past performance and current financial position.
Vertical analysis helps detect changes in a company's performance over several periods and highlights trends.
Common-size statements provide information about changes in dollar amounts relative to the previous periods.
Liquidity ratios show a company's capacity to pay maturing current liabilities.
A company that is quite profitable may find it difficult to pay its accounts payable.
Financial statement analysts must be sure that comparable data are used among companies to make the comparisons valid.
The current ratio is:a. \(1: 2\).b. 2:1.c. \(1.2: 1\).d. \(3: 1\).
The acid-test ratio is:a. \(1: 2\).b. 2:1.c. \(1.2: 1\)d. 3:1.Benson Company shows the following data on its 2000 financial statements (use for questions 3-5): Accounts receivable, January 1 Accounts
The accounts receivable turnover is:a. 5.5 times per year.b. 5.714 times per year.c. 5 times per year.d. 6.667 times per year.
The inventory turnover is:a. 5 times per year.b. 4.8125 times per year.c. 3.5 times per year.d. 4 times per year.
The times interest earned ratio is:a. 4.75 times per year.b. 3.75 times per year.c. 2 times per year.d. 3 times per year.
What are the major sources of financial information for publicly owned corporations?
The higher the accounts receivable turnover rate, the better off the company is. Do you agree? Why?
Can you think of a situation where the current ratio is very misleading as an indicator of short-term, debt- paying ability? Does the acid-test ratio offer a remedy to the situation you have
Before the Marvin Company issued $20,000 of long- term notes (due more than a year from the date of issue) in exchange for a like amount of accounts pay- able, its current ratio was 2:1 and its
Through the use of turnover rates, explain why a firm might seek to increase the volume of its sales even though such an increase can be secured only at reduced prices.
Indicate which of the relationships illustrated in the chapter would be best to judge:a. The short-term debt-paying ability of the firm.b. The overall efficiency of the firm without regard to the
Indicate how each of the following ratios or measures is calculated:a. Payout ratio.b. Earnings per share of common stock.c. Price-earnings ratio.d. Earnings yield on common stock.e. Dividend yield
How is the rate of return on operating assets determined? Is it possible for two companies with operating margins of \(5 \%\) and \(1 \%\), respectively, to both have a rate of return of \(20 \%\) on
Cite some of the possible deficiencies in accounting information, especially regarding its use in analyzing a particular company over a 10 -year period.
Real World Question From the Consolidated Statements of Income of The Coca-Cola Company in the annual report booklet, determine the percentage change in operating income from 1995 to 1996.
Real World Question From the Consolidated Statements of Income of The Coca-Cola Company in the annual report booklet, determine the 1996 net income per common share.
Real World Question From the "Selected Financial Data" of The Coca-Cola Company in the annual report booklet, determine the 1996 cash dividends per common share.
Real World Question From the financial statements of The Coca-Cola Company in the annual report booklet, determine the 1996 cash flow margin.
Plant equipment originally costing \(\$ 32,400\), on which \(\$ 21,600\) of up-to-date depreciation has been accumulated, was sold for \(\$ 8,100\).a. Prepare the journal entry to record the sale.b.
On August 31, 1998, Hutch Company sold a truck for \(\$ 6,900\) cash. The truck was acquired on January 1,1995 , at a cost of \(\$ 17,400\). Depreciation of \(\$ 10,800\) on the truck has been
A machine costing \(\$ 120,000\), on which \(\$ 90,000\) of up-to-date depreciation has been accumulated, was completely destroyed by fire. What journal entry should record the machine's destruction
Kale Company owned an automobile acquired on January 1,1996 , at a cash cost of \(\$ 35,100\); at that time, the automobile was estimated to have a useful life of four years and a \(\$ 2,700\)
Equipment costing \(\$ 330,000\), on which \(\$ 225,000\) of up-to-date accumulated depreciation has been recorded, was disposed of on January 2, 1998. What journal entries are required to record the
Nola Mining Company purchased a tract of land containing ore for \(\$ 630,000\). After spending \(\$ 90,000\) in exploration costs, the company determined that 600,000 tons of ore existed on the
Boyd Company paid \(\$ 7,200,000\) for the right to extract all of the mineral-bearing ore, estimated at 10 million tons, that can be economically extracted from a certain tract of land. During the
The Slate Mining Company acquired a tract of land for mining purposes and erected a building on-site at a cost of \(\$ 675,000\) and having no salvage value. Though the building has a useful life of
Don Jackson paid Hungry Hannah's Hamburgers \(\$ 54,000\) for the right to operate a fast-food restaurant in Thomasville under the Hungry Hannah's name. Jackson also agreed to pay an operating fee of
Lem Company leased the first three floors in a building under an operating lease contract for a 10 -year period beginning January 1,1998 . The company paid \(\$ 240,000\) in cash (not representing a
Rye Company purchased all of the assets of Shef Company for \(\$ 900,000\). Rye Company also agreed to assume responsibility for Shef Company's liabilities of \(\$ 90,000\). The fair market value of
Ray, Inc., purchased a new 1999 model automobile on December 31, 1999. The cash price of the new automobile was \(\$ 28,080\), from which Ray received a trade-in allowance of \(\$ 4,320\) for a 1997
On January 1, 1996, Wood Company purchased a truck for \(\$ 43,200\) cash. The truck has an estimated useful life of six years and an expected salvage value of \(\$ 5,400\). Depreciation on the truck
Kine Company purchased a new Model II computer October 1, 1998. Cash price of the new computer was \(\$ 24,960\); Jackson received a trade-in allowance of \(\$ 9,300\) from the cash price for a Model
On July 1, 1998, Morgan Company had the following balances in some of its accounts:Prepare journal entries to record these transactions and the necessary June 30, 1999, adjusting entries. Use the
In December 1997, Brown Company acquired a mine for \(\$ 2,700,000\). The mine contained an estimated 10 million tons of ore. It was also estimated that the land would have a value of \(\$ 240,000\)
Trask Company purchased a patent for \(\$ 108,000\) on January 2, 1998. The patent was estimated to have a useful life of 10 years. The \(\$ 108,000\) cost was properly charged to an asset account
Selected transactions and other data for Grant Company:a. The company purchased a patent in early January 1995 for \(\$ 144,000\) and began amortizing it over 10 years. In early January 1997, the
Orr Company traded in an automobile that cost \(\$ 18,000\) and on which \(\$ 15,000\) of up-to-date depreciation has been recorded for a new automobile with a cash price of \(\$ 34,500\). The
On January 2, 1996, Blake Company purchased a delivery truck for \(\$ 78,750\) cash. The truck has an estimated useful life of six years and an estimated salvage value of \(\$ 6,750\). The
Eagle Moving Company purchased a new moving van on October 1, 1998. The cash price of the new van was \(\$ 33,750\), and the company received a trade-in allowance of \(\$ 5,600\) for a 1996 model.
On January 1, 1998, Moyer Company had the following balances in some of its accounts:Prepare journal entries to record the 1998 transactions and the necessary December 31, 1998, adjusting entries,
On January 2, 1998, York Mining Company acquired land with ore deposits at a cash cost of \(\$ 1,800,000\). Exploration and development costs amounted to \(\$ 192,000\). The residual value of the
East Company spent \(\$ 249,900\) to purchase a patent on January 2, 1998. Management assumes that the patent will be useful during its full legal life. In January 1999, the company hired an outside
Following are selected transactions and other data relating to Long Company for the year ended December 31, 1998.a. The company rented the second floor of a building for five years on January 2,
During your audit examination of the Shirley Company's Plant, Property, and Equipment accounts, the following transaction came to your attention. On January 2, 1998, machine A was exchanged for
Currently, many corporations are looking for acquisition opportunities. Tyre, Inc., is trying to decide whether to buy Amite Company or Beauman Company. Tyre, Inc., has hired you as a consultant to
The mission of Rational Sof tware Corporation is to ensure the success of customers constructing the software systems that they depend on.Using the following excerpt from Rational Software's 1996
Based on the situation described in the ethics case on page 417 regarding \(\mathrm{ABC}\) Corporation, respond in writing to the following questions.a. Depending on his actions, what are the
In teams of two or three students, find a recent annual report that includes intangible assets on the balance sheet. Select one member of each team to give an informal presentation discussing
In a group of one or two other students, go to the library and locate Statement of Financial Accounting Standards No. 2, "Accounting for Research and Development Costs," published by the Financial
In a group of one or two other students, go to the library and locate Statement of Financial Accounting Standards No. 121, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived
\section*{Visit the Accounting News Network at Microsoft's website: http://www.microsoft.com/smallbiz/ann/}Click on each icon to investigate the information available at this site. Browse any of the
Visit the Small Business Administration site at:\section*{http://www.sba.gov}Suppose you wanted to start a small business. What helpful information would you find at this site? Would this site
A person may favor the corporate form of organization for a risky business enterprise primarily because a corporation's shares can be easily transferred
In the event of corporate liquidation, stockholders whose stock is preferred as to assets are entitled to receive the par value of their shares before any amounts are distributed to creditors or
The par value of a share of capital stock is no indication of the market value or book value of the share of stock.
When 10,000 shares of \(\$ 20\) par value common stock are issued in payment for a parcel of land with a fair market value of \(\$ 300,000\), the Common Stock account is credited for \(\$ 200,000\),
Which of the following is not an advantage of the corporate form of organization?a. Continuous existence of the entity.b. Limited liability of stockholders.c. Government regulation.d. Easy transfer
An arbitrary amount assigned by the board of directors to each share of a given class of no-par stock is:a. Quasi-par value.b. Stated value.c. Redemption value.d. Liquidation value.
Preferred stock that has dividends in arrears is:a. Noncumulative preferred stock.b. Noncumulative and callable preferred stock.c. Noncumulative and convertible preferred stock.d. Cumulative
Quinn Corporation issued 10,000 shares of \(\$ 20\) par value common stock at \(\$ 50\) per share. The amount that would be credited to Paid-In Capital in Excess of Par Value-Common is:a. \(\$
You are given the following information: Capital Stock, \(\$ 80,000\) ( \(\$ 80\) par); Paid-In Capital in Excess of Par Value-Common, \(\$ 200,000\); and Retained Earnings, \(\$ 400,000\). Assuming
Cite the major advantages of the corporate form of business organization and indicate why each is considered an advantage.
What is meant by the statement that corporate income is subject to double taxation? Cite several other disadvantages of the corporate form of organization.
Why is Organization Expense not a good title for the account that records the costs of organizing a corporation? Could you justify leaving the balance of an Organization Costs account intact
What are the basic rights associated with a share of capital stock if there is only one class of stock outstanding?
Explain the purpose or function of: (a) the stockholders' ledger, \((b)\) the minutes book, \((c)\) the stocktransfer agent, and \((d)\) the stock registrar.
What are the differences between par value stock and stock with no-par value?
Corporate capital stock is seldom issued for less than par value. Give two reasons why this statement is true.

Showing 4300 - 4400 of 5900

First
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved