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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

General Mills is a very successful company with substantial growth in revenues and earnings during the past 10 years. The following information was contained in a recent annual report:Based on this
Dollar General is a national retailer in direct competition with Wal-Mart. The annual report for Dollar General contained the following information:The company paid dividends in the amount of
As discussed in the chapter, companies buy back their own stock for a number of reasons. An article on this topic is available on the Libby/Libby/Short website at www.mhhe.com/libby4e. You should
Assume that you are a stockbroker with two clients. One is a recent college graduate and the other is a retired couple. You have recently reviewed the annual report for Philip Morris, which sells
You have retired after a long and successful career as a business executive and now spend a good portion of your time managing your retirement portfolio. You are considering three basic investment
Break into two teams. One team should play the role of labor union representatives and the other the role of senior management. The labor union wants all of its employees to receive an additional 10
Each member of the team should find dividend announcements for different companies. Using a source such as The Wall Street Journal, determine the stock price for the company for each day one week
How are organizational strategies linked to managerial reward structures?LO1
Why would an effective compensation strategy treat top managers, middle man¬ agers, and other workers differently?LO1
The trend in American business is away from automatic pay increases and toward more use of incentive compensation plans. Why has this trend developed?LO1
Why should different missions for two subunits result in different performance reward structures for the managers of the two subunits?LO1
Why should worker age be taken into account in designing performance-based pay systems?LO1
If a firm offers substantial group-level performance incentives, but no individual performance incentives, how might workers respond?LO1
Why are performance-based worker evaluations more risky for workers than evaluations based on direct observation by superiors?LO1
Why are additional performance measurement and reward issues created by the circumstance of managers not being shareholders?LO1
How do performance-based rewards create risk for the managers and employees who are so evaluated?LO1
How is feedback used in a performance-based reward system?LO1
Identify the more important differences between periodic compensation and contingent compensation. Why do you believe these to be important?LO1
Why is piece-rate pay the extreme form of a performance-based pay system?LO1
Many pay structures involve both cash compensation and stock-based compen¬ sation. Why do managers want employees to be holders of the firm’s common stock?LO1
How is the mix of financial and nonfinancial, and short-term and long-term, rewards affected by the mission of an organizational subunit?LO1
What are perks? What are the advantages associated with the use of perks in rewarding performance?LO1
Why must reward structures in not-for-profit and governmental organizations be structured differently than those for profit-oriented firms?LO1
Why must income taxation be taken into account in designing a reward system? What are the alternative tax treatments of the various compensation alternatives?LO1
Why is flexibility the distinguishing characteristic of cafeteria plans? Why is flexibility important?LO1
What are raiders? What positive and negative roles is served by raiders in capital markets?LO1
What is a golden parachute? What are the alternative explanations for the ex¬ istence of such plans?LO1
What are some of the important equity issues in designing reward structures? Why is the achievement of equity in the reward structure important? Globally, where does the United States rank in the pay
For global enterprises, what are the additional concerns in designing a reward system, relative to single-country operations?LO1
(Characteristics of alternative pay plans) For each of the following pay plan alter¬ natives, indicate whether it provides a high (H) or low (F) level of motivation; whether the time focus is short
(Pay plan and suboptimization) Susan Smyth is a division manager of Midwest Manufacturing Inc. She is presently evaluating a potential revenue-generating investment that has the following
(Pay plan, age, and suboptimization) Bama Beans Inc. has operations in 13 states. Bama Beans is in the business of growing soybeans and processing the beans into two products: soybean oil and soybean
(Performance measurement) You have just reviewed a proposal issued by the Col¬ lege of Business at your university. The proposal is about the methods to be used for evaluating the performance of,
(Suboptimization) Compensation consultant, Craig Schneier, describes an expe¬ rience by one of his clients who decided to pay the purchasing department em¬ ployees bonuses if they kept the cost of
(Pay and incentives) Peach Chemical Corporation is a multinational firm that markets a variety of chemicals for industrial uses. One of the many autonomous divisions is the North America
(Incentive compensation) General Motors Corp. earned record profit in 1995—but because results fell short of aggressive targets set by the board, bonus payouts to top GM executives were cut.For
(Performance measurement) Boston Scientific is giving Baxter International Inc. a run for its money.Boston Scientific, a small but growing maker of medical devices, doesn V compete directly with
(Pay plans and goal congruence) In 1997, the lead story in your college newspaper reports the details of the hiring of your new football coach. Your old football coach was fired for failing to win
(Incentive compensation) According to a news article, the chairman of HCA- Hospital Corporation of America, Thomas Frist, received $127 million in com¬ pensation for 1992. Of that amount, $125.9
In a survey published in 1990, 649 managers responded to a questionnaire and ETHICS AND QUALITY provided their opinions from an ethical perspective as to the acceptability of DISCUSSION manipulating
General Dynamics is one of the many firms that has instituted bonus plans. Below is an excerpt from a description of the implementation:[Ojne element of the plan is a gain-sharing provision that
During the recessionary times of the late 1980s and early 1990s, many companies turned to their workers for pay concessions in response to sagging profits. In other words, as profits declined,
Recall from your academic career the various ways that your academic perfor¬ mance has been measured and rewarded. Have the ways that your class grades been determined always provided the best
When David P. Gardner, president of the University of California, announced his retirement unexpectedly in April 1992, he received a severance package worth $1 million—in a year in which the
At least five Bush Cabinet secretaries authorized tens of thousands of dollars in bonuses for senior employees, both political appointees and career civil servants, in the closing minutes of their
Donald Hudgens thinks ConAgra Incds chairman and chief executive officer, Philip B. Fletcher, has it too easy.“Maybe Pm naive,” says Mr. Hudgens, a retired railroad chemist. uI've never had a
Executive Alliance is a firm that specializes in designing executive compensation services. Find the home page of this company and review the services it offers. INTERNET ACTIVITIES Assume that you
National Center for Employee Ownership is a nonprofit organization that dis¬ tributes information regarding employee ownership of businesses. Review the materials provided on the home page of this
Find the home page of Columbia/HCA Healthcare Corporation. This company is the United States’ largest healthcare provider. Review the information pro¬ vided by the company on its home page. Assume
Analyze and report bond investments held to maturity, p. 598 LO1
Analyze and report passive investments in securities using the market value method, p. 600 LO1
Analyze and report investments involving significant influence using the equity method, p. 608 LO1
Analyze and report investments in controlling interests, p. 614 LO1
Analyze and interpret the return on assets ratio, p. 619 LO1
Describe the characteristics of bonds and use the debt-to-equity ratio, p. 510 LO1
Report bonds payable and interest expense with bonds sold at par, at a discount, and at a premium. 514 LO1
Analyze the times interest earned ratio, p. 518 LO1
Use the effective-interest method of amortization, p. 523 LO1
Report the early retirement of bonds, p. 526 LO1
Explain how financing activities are reported in the statement of cash flows, p. 528 LO1
Why is a vision statement so important to a firm?LO1
How do long-run objectives differ from short-run objectives?LO1
Of what value are nonfinancial performance measures to managers?LO1
What should managers consider in selecting nonfinancial performance measures?LO1
Why is it important for managers to develop bases for comparison for performance measures?LO1
How can activity-based costing be used in long-run performance evaluation?LO1
(Appendix 2) What are some major areas of a manufacturing company for which performance measures and their cost drivers have been delineated?LO1
(Appendix 2) What effects do learning curves have on the setting of labor standards?LO1
Define, measure, and report current liabilities, p. 459 LO1
Use the current ratio, p. 460 LO1
Analyze the accounts payable turnover ratio, p. 461 LO1
Report notes payable and explain the time value of money, p. 464 LO1
Report contingent liabilities, p. 467 LO1
Explain the importance of working capital and its impact on cash flows, p. 468 LO1
Report long-term liabilities, p. 470 LO1
Apply the concepts of future and present values, p. 472 LO1
Apply present value concepts to liabilities, p. 478 LO1
Define liability. Differentiate between a current liability and a long-term liability.LO1
A liability is a known obligation of either a definite or an estimated amount. Explain.LO1
What is the current ratio? How is it related to the classification of liabilities?LO1
Define accrued liability. What type of entry usually reflects an accrued liability?LO1
Compute 2003 interest expense for the following note: face, $4,000; 12 percent interest: date of note, April 1,2003.LO1
If you deposited $10,000 in a savings account that earns 10 percent, how much would you have at the end of 10 years? Use a convenient format to display your computations.LO1
If you hold a valid contract that will pay you $8,000 cash 10 years hence and the going rate of interest is 10 percent, what is its present value? Use a convenient format to display your
What is an annuity?LO1
Complete the following schedule:LO1 Concept FV of $1 PV of $1 FV of annuity of $1 PV of annuity of $1 Table Values i=5%, n = 4; i = 10%, n = 7; i = 14%, n = 10
If you deposit $1,000 for each of 10 interest periods (ordinary annuity) that earns 8 percent inter- est, how much would you have at the end of period 10? Use a convenient format to display your
You and your spouse are planning your retirement. In addition to other savings, you have opened an account with Edward Jones. Your goal is to deposit $15,000 at the end of each year, starting in 12
The university spirit organization needs to buy a new trailer in which to haul the team mascot to the football games. A dealership in Lockhart has agreed to the following terms: $2.000 down plus
Which of the following best describes accrued liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Current liabilities to be recognized as revenue in a future
A company is facing a class-action lawsuit in the upcoming year. It is possible, but not probable, that the company will have to pay a settlement of approximately $2,000,000. How would this fact be
Which of the following transactions would usually cause accounts payable turnover to increase?a. Collection of cash from a customer.c. Purchase of merchandise on credit.b. Payment of cash to a
Which of the following is least likely to be an annuity?a. Monthly payments to a savings account.c. Monthly payments on a home mortgage.b. Monthly receipts from a pension plan.d. Monthly utility bill
Liabilities are presented in the financial statements at what value?a. Net book value.c. Future value.b. Present value.d. Cash flow value.
Fred wants to save enough money each year so that he can purchase a sports car in January 2008.Fred receives a large bonus from his employer every December 3 1 . He anticipates that the car will cost
Jacobs Company borrowed $500,000 on a 90-day note at 9 percent interest. The money was borrowed for 30 days in 2003 and 60 days in 2004; the note and interest were to be paid upon maturity in
Farmer Corporation borrowed $100,000 on November 1, 2003. The note carried a 12 percent interest rate with the principal and interest payable on June 1, 2004. Prepare the journal entry to record the
The balance sheet for Shaver Corporation reported the following: total assets, $250,000: noncurrent assets, $150,000; current liabilities. $40,000; total stockholders' equity. $90,000. Compute
Buzz Coffee Shops is famous for its large servings of hot coffee. After a case involving McDonald's, the lawyer for Buzz warned management (during 2003) that it could be sued if someone were to spill
What is the present value of $500,000 to be paid in 10 years, with an interest rate of 8 percent LO1

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