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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Artesian Springs Water Testing Service was established on September 16, 2008. Artesian uses field equipment and field supplies (chemicals and other supplies) to analyze water for unsafe contaminants
The transactions completed by Lightening Express Delivery Company during July 2008, the first month of the fiscal year, were as follows:Instructions 1. Enter the following account balances in the
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows.a. Issuance of bonds payabled. Disposal of equipmentb.
Identify whether each of the following would be reported as an operating, investing, or financing activity in the statement of cash flows.a. Payment for administrative expensesd. Issuance of common
Sage Corporation's comparative balance sheet for current assets and liabilities was as follows:Adjust net income of \(\$ 110,000\) for changes in operating assets and liabilities to arrive at cash
Lanier Corporation's comparative balance sheet for current assets and liabilities was as follows:Adjust net income of \(\$ 290,000\) for changes in operating assets and liabilities to arrive at cash
Texas Holdem Inc. reported the following data:Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.obj. 3 Net income Depreciation expense
Pier Inc. reported the following data:Prepare the cash flows from operating activities section of the statement of cash flows using the indirect method.obj. 3 Net income Depreciation expense Loss on
Gamma Corporation purchased land for \(\$ 200,000\). Later in the year, the company sold land with a book value of \(\$ 105,000\) for \(\$ 90,000\). How are the effects of these transactions reported
Sunrise Corporation purchased land for \(\$ 500,000\). Later in the year, the company sold land with a book value of \(\$ 320,000\) for \(\$ 375,000\). How are the effects of these transactions
Sales reported on the income statement were \(\$ 623,000\). The accounts receivable balance increased \(\$ 48,000\) over the year. Determine the amount of cash received from customers.obj. 3
Sales reported on the income statement were \(\$ 58,400\). The accounts receivable balance decreased \(\$ 2,100\) over the year. Determine the amount of cash received from customers.obj. 3
Cost of merchandise sold reported on the income statement was \(\$ 568,000\). The accounts payable balance decreased \(\$ 28,000\), and the inventory balance decreased by \(\$ 39,000\) over the year.
Cost of merchandise sold reported on the income statement was \(\$ 111,000\). The accounts payable balance increased \(\$ 5,700\), and the inventory balance increased by \(\$ 8,400\) over the year.
Identify the type of cash flow activity for each of the following events (operating, investing, or financing):obj. 3 a. Issued preferred stock. b. Net income. c. Sold equipment. d. Purchased treasury
Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method:a. Gain on retirement of long-term
The income statement disclosed the following items for 2008:Balances of the current assets and current liability accounts changed between December 31, 2007, and December 31, 2008, as follows:Prepare
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:obj. 3 ACCOUNT Land 2008 Jan. Date ACCOUNT NO. Balance Item Debit
On the basis of the following stockholders' equity accounts, indicate the items, exclusive of net income, to be reported on the statement of cash flows. There were no unpaid dividends at either the
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:obj. 3 ACCOUNT Land Date ACCOUNT NO. Balance Item Debit Credit Debit
On the basis of the details of the following bonds payable and related discount accounts, indicate the items to be reported in the financing section of the statement of cash flows, assuming no gain
The comparative balance sheet of Alliance Structures Inc. for December 31, 2008 and 2007, is as follows (amounts in thousands):The following additional information is taken from the records (all
List the errors you find in the following statement of cash flows. The cash balance at the beginning of the year was \(\$ 83,600\). All other amounts are correct, except the cash balance at the end
The cost of merchandise sold for Kohl's Corporation for a recent year was \(\$ 8,639\) million. The balance sheet showed the following current account balances (in millions):Determine the amount of
The financial statements for Williams-Sonoma, Inc., are provided in Appendix E at the end of the text.Determine the free cash flow for the year ended January 29, 2006. Assume that \(70 \%\) of
The comparative balance sheet of Green Earth Lawn and Garden Inc. for December 31, 2008 and 2009, is as follows:The following additional information was taken from the records:a. Equipment and land
The comparative balance sheet of Oak and Tile Flooring Co. for June 30, 2008 and 2007, is as follows:The following additional information was taken from the records:a. Equipment and land were
The comparative balance sheet of Rise \(\mathrm{N}^{\prime}\) Shine Juice Co. at December 31, 2008 and 2007, is as follows:{Instructions}Prepare a statement of cash flows, using the indirect method
The comparative balance sheet of Home and Hearth Inc. for December 31, 2009 and 2008, is as follows:The following additional information was taken from the records:a. Equipment and land were acquired
The Retailing Division of Bargain Buyer Inc. provided the following information on its cash flow from operations:The manager of the Retailing Division provided the accompanying memo with this
Jabari Daniels is the president and majority shareholder of Cabinet Craft Inc., a small retail store chain. Recently, Daniels submitted a loan application for Cabinet Craft Inc. to Montvale National
This activity will require two teams to retrieve cash flow statement information from the Internet. One team is to obtain the most recent year's statement of cash flows for Johnson \& Johnson, and
What type of analysis is indicated by the following?A. Vertical analysis C. Profitability analysis B. Horizontal analysis D. Contribution margin analysis Amount Percent Current assets $100,000 20%
Which of the following measures indicates the ability of a firm to pay its current liabilities?A. Working capital C. Quick ratio B. Current ratio D. All of the above
The ratio determined by dividing total current assets by total current liabilities is:A. current ratio.C. bankers' ratio.B. working capital ratio.D. all of the above.
The ratio of the quick assets to current liabilities, which indicates the "instant" debt-paying ability of a firm, is the:A. current ratio.C. quick ratio.B. working capital ratio.D. bankers' ratio.
A measure useful in evaluating efficiency in the management of inventories is the:A. working capital ratio.B. quick ratio.C. number of days' sales in inventory.D. ratio of fixed assets to long-term
What is the difference between horizontal and vertical analysis of financial statements?LO15
What is the advantage of using comparative statements for financial analysis rather than statements for a single date or period?LO15
The current year's amount of net income (after income tax) is \(20 \%\) larger than that of the preceding year. Does this indicate an improved operating performance? Discuss.LO15
How would you respond to a horizontal analysis that showed an expense increasing by over \(80 \%\) ?LO15
How would the current and quick ratios of a service business compare?LO15
For Lindsay Corporation, the working capital at the end of the current year is \(\$ 8,000\) less than the working capital at the end of the preceding year, reported as follows:Has the current
Why would the accounts receivable turnover ratio be different between Wal-Mart and Procter \& Gamble?LO15
A company that grants terms of \(\mathrm{n} / 45\) on all sales has a yearly accounts receivable turnover, based on monthly averages, of 5. Is this a satisfactory turnover? Discuss.LO15
a. Why is it advantageous to have a high inventory turnover?b. Is it possible for the inventory turnover to be too high? Discuss.c. Is it possible to have a high inventory turnover and a high number
What do the following data taken from a comparative balance sheet indicate about the company's ability to borrow additional funds on a long-term basis in the current year as compared to the preceding
a. How does the rate earned on total assets differ from the rate earned on stockholders' equity?b. Which ratio is normally higher? Explain.LO15
The price-earnings ratio for the common stock of Cotter Company was 10 at December 31, the end of the current fiscal year. What does the ratio indicate about the selling price of the common stock in
Why would the dividend yield differ significantly from the rate earned on common stockholders' equity?LO15
Which of the following methods of reporting cash flows from operating activities adjusts net income for revenues and expenses not involving the receipt or payment of cash?A. Direct method C.
The net income reported on the income statement for the year was \(\$ 55,000\), and depreciation of fixed assets for the year was \(\$ 22,000\). The balances of the current asset and current
What is the principal disadvantage of the direct method of reporting cash flows from operating activities?LO14
What are the major advantages of the indirect method of reporting cash flows from operating activities?LO14
A corporation issued \(\$ 300,000\) of common stock in exchange for \(\$ 300,000\) of fixed assets. Where would this transaction be reported on the statement of cash flows?LO14
a. What is the effect on cash flows of declaring and issuing a stock dividend?b. Is the stock dividend reported on the statement of cash flows?LO14
If salaries payable was \(\$ 75,000\) at the beginning of the year and \(\$ 60,000\) at the end of the year, should \(\$ 15,000\) be added to or deducted from income to determine the amount of cash
A corporation issued \(\$ 4,000,000\) of 20 -year bonds for cash at 105 . How would the transaction be reported on the statement of cash flows?LO14
Fully depreciated equipment costing \(\$ 65,000\) was discarded. What was the effect of the transaction on cash flows if (a) \(\$ 12,000\) cash is received, (b) no cash is received?LO14
Name five common major classes of operating cash receipts or operating cash payments presented on the statement of cash flows when the cash flows from operating activities are reported by the direct
In a recent annual report, eBay Inc. reported that during the year it issued stock of \(\$ 128\) million for acquisitions. How would this be reported on the statement of cash flows?LO14
Golf-Easy Company has 10,000 shares of \(3 \%\) preferred stock of \(\$ 50\) par and 25,000 shares of \(\$ 100\) par common stock. The following amounts were distributed as dividends:Determine the
Marsala Company has 5,000 shares of \(2 \%\) preferred stock of \(\$ 75\) par and 10,000 shares of \(\$ 150\) par common stock. The following amounts were distributed as dividends:Determine the
On August 3, Waterways Corporation issued for cash 45,000 shares of no-par common stock (with a stated value of \(\$ 100\) ) at \(\$ 128\). On September 22 , Waterways issued at par 2,000 shares of
On July 6, Istanbul Artifacts Corporation issued for cash 800,000 shares of no-par common stock at \(\$ 1.20\). On August 30, Istanbul Artifacts issued at par 10,000 shares of \(2 \%, \$ 50\) par
The important dates in connection with a cash dividend of \(\$ 48,000\) on a corporation's common stock are July 16, August 15, and September 30. Journalize the entries required on each date.objs. 2,
Stonehenge Corporation has 300,000 shares of \(\$ 40\) par common stock outstanding. On February 13, Stonehenge Corporation declared a \(3 \%\) stock dividend to be issued April 30 to stockholders of
Big Ben Corporation has 250,000 shares of \(\$ 50\) par common stock outstanding. On May 10, Big Ben Corporation declared a \(2 \%\) stock dividend to be issued August 1 to stockholders of record on
On January 24, Thunderstorm Inc. reacquired 6,000 shares of its common stock at \(\$ 18\) per share. On March 15, Thunderstorm sold 4,500 of the reacquired shares at \(\$ 21\) per share. On June 2,
On October 2, Baja Clothing Inc. reacquired 12,000 shares of its common stock at \(\$ 6\) per share. On November 15, Baja Clothing sold 8,400 of the reacquired shares at \(\$ 9\) per share. On
Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Thirty thousand shares of common stock are authorized, and 2,000 shares have been
Using the following accounts and balances, prepare the Stockholders' Equity section of the balance sheet. Fifty thousand shares of common stock are authorized, and 5,000 shares have been
Dynamic Leaders Inc. reported the following results for the year ending July 31, 2008:Prepare a retained earnings statement for the fiscal year ended July 31, 2008.objs. 2, 3, 4, 6 Retained earnings,
Maxima Retractors Inc. reported the following results for the year ending October 31, 2008:objs. 2, 3, 4, 6 Net income Retained earnings, November 1, 2007 $2,906,000 553,000 100,000 200,000 Cash
Electro-Rad Inc., a developer of radiology equipment, has stock outstanding as follows: 50,000 shares of \(2 \%\), preferred stock of \(\$ 50\) par, and 100,000 shares of \(\$ 25\) par common. During
CompuLead Inc., a software development firm, has stock outstanding as follows: 40,000 shares of \(1 \%\), preferred stock of \(\$ 25\) par, and 50,000 shares of \(\$ 75\) par common. During its first
On February 4, Cinderella Rocks Inc., a marble contractor, issued for cash 30,000 shares of \(\$ 20\) par common stock at \(\$ 64\), and on March 31, it issued for cash 18,000 shares of \(\$ 75\) par
On July 17, America Carpet Inc., a carpet wholesaler, issued for cash 150,000 shares of no-par common stock (with a stated value of \(\$ 5\) ) at \(\$ 36\), and on September 20, it issued for cash
On November 10, Craddock's Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 15,000 shares of \(\$ 8\) par common stock with a current market price of \(\$ 32\). Journalize
Angel Creek Nursery, with an authorization of 40,000 shares of preferred stock and 150,000 shares of common stock, completed several transactions involving its stock on August 15, the first day of
Heritage Products Inc., a wholesaler of office products, was organized on February 19 of the current year, with an authorization of 60,000 shares of \(3 \%\) preferred stock, \(\$ 40\) par and
The dates of importance in connection with a cash dividend of \(\$ 275,000\) on a corporation's common stock are July 2, August 1, and September 1. Journalize the entries required on each date.objs.
The following accounts and their balances were selected from the unadjusted trial balance of Sailors Inc., a freight forwarder, at August 31, the end of the current fiscal year:Prepare the Paid-In
The following accounts and their balances appear in the ledger of Heart and Saul Inc. on April 30 of the current year:Prepare the Stockholders' Equity section of the balance sheet as of April 30.
Sports Car Inc. retails racing products for BMWs, Porsches, and Ferraris. The following accounts and their balances appear in the ledger of Sports Car Inc. on November 30, the end of the current
Stillwater Corporation, a manufacturer of industrial pumps, reports the following results for the year ending August 31, 2008:Prepare a retained earnings statement for the fiscal year ended August
List the errors in the following Stockholders' Equity section of the balance sheet prepared as of the end of the current year.objs. 2, 3, 4, 6 Paid-in capital: Preferred 1% stock, $75 par
The stockholders' equity T accounts of Family Greeting Cards Inc. for the current fiscal year ended December 31, 2008, are as follows. Prepare a statement of stockholders' equity for the fiscal year
Rolling Pin Corporation wholesales ovens and ranges to restaurants throughout the Midwest. Rolling Pin Corporation, which had 50,000 shares of common stock outstanding, declared a 3-for-1 stock split
Indicate whether the following actions would \((+)\) increase, \((-)\) decrease, or \((0)\) not affect Indigo Inc.'s total assets, liabilities, and stockholders' equity:objs. 2, 3, 4, 6 (1) Declaring
Selected transactions completed by NuCraft Boating Supply Corporation during the current fiscal year are as follows:objs. 2, 3, 4, 6 Mar. 5. Split the common stock 4 for 1 and reduced the par from
At the market close on May 12, 2006, Bank of America Corporation had a closing stock price of \(\$ 49.69\). In addition, Bank of America had earnings per share of \(\$ 4.05\) and dividend per share
Genera: Electric Company had earnings per share of \(\$ 1.72\) for 2005 and \(\$ 1.56\) for 2004. In addition, the dividends per share were \(\$ 0.91\) for 2005 and \(\$ 0.82\) for 2004. The market
eBay Inc. developed a Web-based marketplace at http://www.ebay.com, in which individuals can buy and sell a variety of items. eBay also acquired PayPal, an online payments system that allows
On January 31 of the current year, the following accounts and their balances appear in the ledger of Gargantuan Corp., a meat processor:At the annual stockholders' meeting on April 2, the board of
The following selected accounts appear in the ledger of Clear Skies Environmental Corporation on July 1, 2008, the beginning of the current fiscal year:During the year, the corporation completed a
Eureka Enterprises Inc. manufactures bathroom fixtures. The stockholders' equity accounts of Eureka Enterprises Inc., with balances on January 1, 2008, are as follows:The following selected
Selected transactions completed by Oceano Boating Corporation during the current fiscal year are as follows:{Instructions}Journalize the transactions.objs. 2, 3, 4, 6 Jan. 3. Split the common stock 2
I-Can-See Optics produces medical lasers for use in hospitals. The accounts and their balances appear in the ledger of I-Can-See Optics on November 30 of the current year at the top of the following
Buellton Welding Corporation sells and services pipe welding equipment in California. The following selected accounts appear in the ledger of Buellton Welding Corporation on January 1, 2008, the

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