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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

According to the NAA’s (now IMA’s) Statement 4D, what are the two distinct advantages of using nonfinancial performance measures?LO1
What is a benchmark and what is its role in the use of nonfinancial performance measures?LO1
Why is throughput defined on the basis of goods sold rather than goods produced?LO1
How can activity-based costing concepts be used to design performance measures?LO1
(Appendix 1) Birmingham Metalworks manufactures iron railings for ornamental fences. Recently, the company has become much more concerned about reduc¬ ing the number of flaws in its completed
(Throughput) Lucky Duck Bottling Company is interested in examining its throughput. Analysis of May production revealed the following:a. Determine the manufacturing cycle efficiency.b. Determine the
(Throughput) Barbarossa Cannery packs dates for shipment all over the world. Abdul Barbarossa has asked you to analyze the cannery’s throughput. You find that in June, the cannery generated the
(Appendix 2) Tom’s Bicycle Shop hires college students at Christmas to assemble bikes for customers. Tom heard about learning curves and asked you to help him estimate improvement. The literature
(Appendix 2) Pat Jones inherited a patio furniture shop from her deceased Uncle Fred. Pat decided she would start learning the business and began by making her first wrought iron table. It took her
(Vision statement) The board of directors of your company has asked you to explain what a vision statement is and to devise several criteria that might be COMMUNICATIONS used in preparing a good
(Nonfinancial performance measures) One of the “old time” accountants in your company says that nonfinancial performance measures are not accounting and should be left for others to accumulate
(Long-run performance) As the new controller of your company, you have been asked by the company president to comment on any deficiencies of the firm. After saying you believe that the firm needs
(ABC and long-run performance measurement) A consultant has just recommended to top management that activity-based management would help the company generate much of the information necessary for
(Nonfinancial measures) In 1995, CDB Research & Consulting developed an eight-point “Hidden Value Index” of nonfinancial performance measures. In¬ formation on this index was reported in the
(Appendix 2) Julia Cox is developing labor standards for the staff at the Chalmette Diagnostic Clinic. The staff will be performing six tests on each lab specimen received. She has asked you to
(Throughput) The Chocolate Bar Company has historically evaluated divisional performance exclusively on financial measures. Top managers have become in¬ creasingly concerned with this approach and
(Throughput) Fernando Sanchez is concerned about the quantity of goods being produced by the Mexican Division of the Auto Products Company. The follow¬ ing production data are available for April
(Appendix 2) Nadja Corporation is considering the purchase of one of two soft¬ ware packages that perform the same function. The application requires 5 hours of employee time when an employee first
(Appendix 2) Home Medical Services is a firm that has been experiencing finan¬ cial difficulties. Its founder, Dr. Stephen Ross, has been studying the possibility of instituting a standard cost
(Appendix 2) Dan’s Manufacturing is trying to decide how much to offer as a bid (selling) price for the manufacture of 1,400 mechanical log splitters that are needed by a large retail sports chain.
(Appendix 2) Spacetech Corporation has been a supplier to the Orion Project since the program’s inception. Two years ago, Spacetech received a contract to produce 960 telecommunications devices to
A few New Orleans hoteliers have reneged on promises to set aside hotel rooms for the National Football League’s Super BowlXXXI, a senior NFL executive and New Orleans tourism executives said.And
A News Note entitled “Price Isn’t Everything,” presented in Chapter 16 tells of a company that relied heavily on the support of a technologically-capable supplier to help develop a new product.
Find the Ernst & Young home page. From there, go to the discussion of financial reporting developments. Read the discussion provided. Prepare a summary of INTERNET ACTIVITIES the discussion which
Find the home page of the Texas Agricultural Extension Service. Four goals of the extension service are presented on this page. On linked pages are the objec¬ tive measures that have been
Find the home page of Rockford Consulting Group. This organization consults with businesses regarding reengineering to improve their performance levels.Review the integrated change model presented on
Explain the role of stock in the capital structure of a corporation. p. 552 LO1
Analyze the earnings per share ratio. p. 554 LO1
Describe the characteristics of common stock and analyze transactions affecting common stock. p. 555 LO1
Discuss dividends and analyze transactions. p. 559 LO1
Analyze the dividend yield ratio. p. 559 LO1
Discuss the purpose of stock dividends, stock splits, and report transactions. p. 562 LO1
Describe the characteristics of preferred stock and analyze transactions affecting preferred stock. p. 564 LO1
Discuss the impact of capital stock transactions on cash flows. p. 566 LO1
How are employee compensation and maximization of stockholder wealth related?LO1
What are the alternative means of rewarding performance?LO1
Why is there a movement toward rewarding group, as well as individual, performance?LO1
What are the potential positive and negative consequences of incentive pay programs?LO1
Why do many financial incentive programs involve shares of, or options for, common stock?LO1
Of what importance are nonmonetary rewards in motivating managers?LO1
How do taxes affect the design of compensation plans?LO1
Why should ethics be considered in designing a compensation package?LO1
What concerns need to be addressed in developing compensation packages for expatriates?LO1
What is the charter of a corporation?LO1
Differentiate between common stock and preferred stock.LO1
Explain the distinction between par value and no-par value capital stock.LO1
Define treasury stock. Why do corporations acquire treasury stock?LO1
How is treasury stock reported on the balance sheet? How is the "gain or loss" on treasury stock that has been sold reported on the financial statements?LO1
What are the two basic requirements to support the declaration of a cash dividend? What are the effects of a cash dividend on assets and stockholders' equity?LO1
Differentiate between cumulative and noncumulative preferred stock.LO1
Define stock dividend. How does a stock dividend differ from a cash dividend?LO1
What are the primary reasons for issuing a stock dividend?LO1
Identify and explain the three important dates with respect to dividends.LO1
Define retained earnings. What are the primary components of retained earnings at the end of each period?LO1
Which section of the statement of cash flows would include cash payments for the purchase of treasury stock?a. Operatingc. Financingb. Investingd. in the footnotes
In what situation does an investor's personal wealth increase immediately?a. when receiving a cash dividendb. when receiving a stock dividendc. when a stock split is announcedd. in all of these
Name three rights of stockholders. Which of these is most important in your opinion? Wh\ ?LO1
The balance sheet for Crutcher Corporation reported 147.000 shares outstanding. 200.000 shares authorized, and 10.000 shares in treasury stock. Compute the maximum number of new shares that Crutcher
To expand operations. Aragon Consulting issued 100.000 shares of previously unissued stock with a par value of $1 . The selling price for the stock was S75 per share. Record the sale of this stock.
Your parents have just retired and have asked you for some financial advice. They have decided to invest$100,000 in a company very similar to Outback Steakhouse. The company has issued both common
Jacobs Company has 300.000 shares of common stock authorized. 270.000 shares issued, and 50.000 shares of treasury stock. The company's board of directors declares a dividend of 50 cents per
On April 15. 2003. the board of directors for Auction.com declared a cash dividend of 20 cents per share payable to stockholders of record on May 20. The dividends will he paid on June 14. The
Armstrong Tools. Inc.. announced a 100 percent stock dividend Determine the impact (increase, decrease, no change) of this dividend on the following: 1. Total assets. 2. Total liabilities. 3. Common
Shriver Food Systems, Inc., has issued a 50 percent stock dividend. The company has 800,000 shares authorized and 200,000 shares outstanding. The par value of the stock is $5 per share, and the
Sampson Corporation was organized in 2003 to operate a financial consulting business. The charter authorized the following capital stock: common stock, par value $8 per share, 12,000 shares. During
Shelby Corporation was organized in January 2003 by 10 stockholders to operate an air conditioning sales and service business. The charter issued by the state authorized the following capital
Kelly, Incorporated, was issued a charter on January 15. 2003, that authorized the following capital stock:Common stock, no-par, 100,000 shares.Preferred stock, 7 percent, par value $10 per share.
Teacher Corporation obtained a charter at the start of 2003 that authorized 50.000 shares of no-par common stock and 20.000 shares of preferred stock, par value $ 1 0. The corporation was organized
The stockholders' equity section on the December 31. 2006. balance sheet of Chemfast Corporation follows: Stockholders' Equity Contributed capital Preferred stock (par $20; authorized 10,000 shares,
Procter & Gamble is a $38 billion company that sells products that are part of most of our daily lives, including Mr. Clean, Cheer, Crest, Vicks, Scope, Pringles, Folgers, Vidal Sassoon, Zest, and
During 2005, the following selected transactions affecting stockholders' equity occurred for Italy Corporation:Required: 1. Give the indicated journal entries for each of the four transactions. 2.
The 1998 annual report for Philip Morris Companies, Inc., disclosed that 4 billion shares of common stock had been authorized. At the end of 1997, 2,805,961,317 shares had been issued and the number
The records of Hoffman Company reflected the following balances in the stockholders' equity accounts at December 3 1 , 2010:On September 1, 2010, the board of directors was considering the
Mission Critical Software, Inc.. is listed on the Nasdaq and is a leading provider of systems management software for Windows NT network and Internet infrastructure. Like many start-up
Average Corporation has the following capital stock outstanding at the end of 2004:Preferred stock, 6 percent, par $15, outstanding shares. 8.000.Common stock, par $8. outstanding shares, 30,000.On
A recent annual report for Sears, Roebuck and Co. disclosed that the company paid preferred dividends in the amount of $1 19.9 million. It declared and paid dividends on common stock in the amount of
On December 31, 2007. the Stockholders' Equit) section of the balance sheet of R A R Corporation reflected the following:On February 1 , 2008, the board of directors declared a 1 2 percent stock
Winnebago is a familiar name on vehicles traveling U.S. highways. The company manufactures and sells large motor homes for vacation travel. These motor homes can be quickly recognized because of the
The following account balances were selected from the records of Blake Corporation at December 31, 2007, after all adjusting entries were completed:Net income for the year was $28,000. Restriction on
On July 1 , 2004, Jones Corporation had the following capital structure:Required:Complete the following comparative tabulation based on two independent cases:Case 1: The board of directors declared
H&R Block is a well-known name especially during income tax time each year. The company serves more than 18 million taxpayers in more than 10,000 offices in the United States. Canada. Australia,
At December 31, 2007. the records of Nortech Corporation provided the following selected and incomplete data:Required: 1. Complete the following tabulation:Shares authorized .Shares issued Shares
Skyhawk Corporation received its charter during January 2003. The charter authorized the following capital stock:Preferred stock: 8 percent, par $10, authorized 20,000 shares.Common stock: par $8,
Kerr Corporation began operations in January 2003. The charter authorized the following capital stock:Preferred stock: 9 percent. $10 par, authorized 40.000 shares.Common stock: No-par. authorized
McNally Company was issued a charter in January 2003, which authorized 100.000 shares of common stock with a par value of $25. During 2003. the following selected transactions occurred in the order
Worldwide Company obtained a charter from the state in January 2003. which authorized 200.000 shares of common stock. $10 par value. The stockholders were 30 local citizens. During the first year,
Halliburton is a large multinational corporation with extensive operations in energ> -related areas. The annual report for Halliburton reported the following transactions affecting stockholders'
Water Tower Company had the following stock outstanding and retained earnings at December 31, 2007:The board of directors is considering the distribution of a cash dividend to the two groups of
Dana and David, two young financial analysts, were reviewing financial statements for Compaq, one of the world's largest manufacturers of personal computers. Dana noted that the company did not
Lynn Company has outstanding 60,000 shares of $10 par value common stock and 25,000 shares of$20 par value preferred stock (8 percent). On December 1, 2004, the board of directors voted an 8 percent
Adobe Systems develops and markets computer software including Adobe Acrobat that enables users to access information across all print and electronic media. A recent news article contained the
Assume for each of the following independent cases that the annual accounting period ends on December 3 1 . 2003. and that the Income Summary account at that date reflected a debit balance t loss)of
At December 3 1 , 2005, the records of Kozmetsky Corporation provided the following selected and incomplete data:Required: 1. Complete the following tabulation: Shares issued Shares outstanding. 2.
Arnold Company was granted a charter that authorized the following capital stock:Common stock: No-par, 100,000 shares. The no-par stock is not assigned a stated value per share.Preferred stock: 8
The annual report for Kmart described the following transactions that affected stockholders' equity:a. Declared cash dividends of $0.92 per share; total dividends were $374 million.b. Sold series B
Ritz Company had the following stock outstanding and retained earnings at December 31. 2006:The board of directors is considering the distribution of a cash dividend to the two groups of
Refer to the financial statements of American Eagle Outfitters given in Appendix B at the end of this book, or open file AEOS.pdf in the Annual Report Cases directory on the student CD-ROM.Required:
Refer to the financial statements of Abercrombie & Fitch given in Appendix C at the end of this book, or open file ANF.pdf in the Annual Report Cases directory on the student CD-ROM.Required: 1. Does
Refer to the financial statements of American Eagle Outfitters given in Appendix B, Abercrombie &Fitch given in Appendix C, and the Industry Ratio Report given in Appendix D at the end of this
A recent annual report for Halliburton Company contained the following information (in millions of Halliburton , „ .dollars):In the current year. Halliburton declared and paid cash dividends of $1

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