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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

As described in a recent annual report, Polaroid Corporation designs, manufactures, and markets worldwide a variety of products primarily in instant image-recording fields, including instant
The following events occurred for Favata Company:a. Received investment of $20,000 cash by organizers and distributed stock to them.b. Borrowed $6,000 cash from a bank.c. Purchased $ 1 2,000 in land;
Nike, Inc., with headquarters in Beaverton, Oregon, is one of the world's leading manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent year. The
Refer to E2-4.Required:For each of the events in E2-4, prepare journal entries, checking that debits equal credits.
Refer to E2-5.Required: 1. For each of the events in E2-5, prepare journal entries, checking that debits equal credits. 2. Explain your response to Event (d).
Mulkeen Service Company, Inc., was organized by Conor Mulkeen and five other investors. The following activities occurred during the year:a. Received $60,000 cash from the investors; each was issued
During its first week of operations, January 1-7, 2003, Faith's Fine Furniture Company completed six transactions with the dollar effects indicated in the following schedule:Required: 1. Write a
During its first month ot operations, March 2004, Faye's Fashions. Inc.. completed si\ transactions with the dollar effects indicated in the following schedule:Required: 1. Write a brief explanation
Boyce Corporation was organized on May 1, 2003. The following events occurred during the first month.a. Received $60,000 cash from the three investors who organized Boyce Corporation.b. Borrowed
DaimlerChrysler. headquartered in Stuttgart, Germany, manufactures several automotive brands in-E2-12 L05 Daimlereluding Mercedes-Benz, Chrysler. Jeep, and Dodge and has alliances with Mitsubishi
Doane Company has been operating for one year (2003). You are a member of the management team investigating expansion ideas that will require borrowing funds from banks. At the start of 2004.Doane"s
Refer to E2- 13.Required:From the ending balances in the T-accounts in E2- 1 3. prepare a classified balance sheet at December 3 1 . 2004. in good form.
Lee Delivery Company. Inc.. was organized in 2003. The following transactions occurred during >ear 2003:a. Received $40,000 cash from organizers in exchange for stock in the new company.b.
Heavey and Lovas Furniture Repair Service, a company with two stockholders, began operations on June 1, 2003. The following T-accounts indicate the activities for the month of June.Required:Explain
Venator Group (formally Woolworth Corporation) is a large global retailer of athletic footwear and apparel, including the Fpot Locker family of stores. Champs Sports, and EastBay. The following are
Hilton Hotels Corporation constructs, operates, and franchises domestic and international hotel and hotel-casino properties. Information from the company's recent annual statement of cash flows
Chevron Corporation explores, produces, refines, markets, and supplies crude oil. natural jmn. and petroleum products in the United States and 24 other countries. The following are accounts from a
Lester's Home Healthcare Services was organized on January 1, 2003, by four friends. Each organizer invested $10,000 in the company and, in turn, was issued 8,000 shares of stock. To date, they are
Patrie Plastics Company has been operating for three years. At December 31, 2003, the accounting records reflected the following:During the year 2004. the company had the following summarized
Refer to P2-3.Required:Using the events (a) through (/') in P2-3. indicate whether each is an investing (I) or financing (F) activity for the year and the direction of the effect on cash flows ( +
Bayer AG. with headquarters in Leverkusen. Germany, is an international research-based group of companies active in health care, agriculture, polymers, and chemicals. Popular products include Bayer
Refer to P2-5.Required:Based on the activities for the year ended December 31, 2001, prepare the Investing and Financing sections of a statement of cash flows.
According to a recent Form 10-K report of Hasbro, Inc., "The Company is a worldwide leader in the design, manufacture and marketing of toys, games, interactive software, puzzles and infant products."
Malamud Incorporated is a small manufacturing company that makes model trains to sell to toy stores.It has a small service department that repairs customers' trains for a fee. The company has been in
Ethan Allen Interiors. Inc., is a leading manufacturer and retailer of home furnishings in 310 retail stores in the United States and abroad. The following is adapted from Ethan Allen's June 30,
Refer to AP2-3.Required:Using the events (a) through (g) in AP2-3, indicate whether each transaction is an investing (I) or financing(F) activity for the quarter and the direction of the effect on
Refer to the financial statements and accompanying notes 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
Refer to the financial statements and accompanying notes 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
Refer to the financial statements and accompanying notes of American Eagle Outfitters given in Appendix B. Abercrombie & Fitch given in Appendix C. and the Industry Ratio Report given in Appendix D
The Securities and Exchange Commission (SEC) regulates companies that issue stock on the stock market. It receives financial reports from public companies eleetronicalh under a system called EDGAR
The May 24, 1999, edition of Fortune magazine includes the article "A Crash Course for Online Investors:The SEC Can't Always Protect You."* You can access the article on the Libby/Libby/Short website
Betsey Jordan asked a local bank for a $50,000 loan to expand her small company. The bank asked Betsey to submit a financial statement of the business to supplement the loan application. Betsey
Recent balance sheets of Gateway, Inc. (producer and marketer of personal computers and PC-related products), are provided.Required: 1. Is Gateway a corporation, sole proprietorship, or partnership?
Your best friend from home writes you a letter about an investment opportunity that has come her way.A company is raising money by issuing shares of stock and wants her to invest $20,000 (her recent
In 1993, Leslie Fay Companies, manufacturer of women's apparel, filed for Chapter 1 1 bankruptcy protection shortly after a scandal erupted over fraudulent accounting information. As reported in The
As a team, select an industry to analyze. Using your web browser, each team member should acquire the annual report or 10-K for one publicly traded company in the industry, with each member selecting
When is cost control for any specific organizational activity exercised? Why are these points of cost control important?LO1
What factors can cause costs to change? Which of these are subject to cost containment and which are not? What creates the difference in controllability?LO1
Compare and contrast general and specific price-level changes.LO1
How do horizontal and vertical price fixing differ? What makes them similar?Why are such practices not only illegal, but also unethical?LO1
How might members of the supply chain be helpful in an organization’s quest for cost containment activities?LO1
“A company will always experience reduced costs if long-term or single-source contracts are signed.” Is this statement true or false? Discuss the rationale for your answer.LO1
How are cost avoidance and cost reduction related? How do they differ?LO1
What are some reasons supporting the use of temporaries in what used to be full-time labor positions? What are some reasons against such usage?LO1
Why should activity-based management be considered an integral part of cost control?LO1
Are all discretionary costs fixed? Justify your answer. If not, provide an example to prove your point.LO1
Is an investment in expensive, automated technology wise in an industry char¬ acterized by wide variations in demand? What if that industry were highly com¬ petitive? Provide underlying reasons for
What issues does management need to consider when setting the budget appro¬ priations for discretionaiy costs?LO1
Why are income levels generally more important considerations for budget de¬ cisions about discretionary costs than for committed costs?LO1
Why is it difficult to measure the output of activities funded by discretionary costs?LO1
What are surrogate measures of output and how are they used in conjunction with discretionary costs?LO1
Why does performance encompass the spectrum from organizational goals to inputs to outputs?LO1
What is an engineered cost? How can engineered costs be used in controlling some discretionary costs?LO1
How can variance analysis be used to investigate the control of engineered costs?LO1
Is a budget-to-actual comparison essential in the control of discretionary costs? Provide reasoning for your answer.LO1
Why is the budget used for planning purposes not necessarily the best budget to use for evaluating cost control?LO1
(Appendix) Compare and contrast a programmed budget, a zero-base budget, and a traditional budget.LO1
(Appendix) What problems are encountered in using program budgeting? Why might such problems arise?LO1
(Appendix) What problems are encountered in using zero-base budgeting? Why might such problems arise?LO1
(Appendix) How does zero-base budgeting assist in planning and controlling dis¬ cretionary costs?
(Matching) Match the following lettered terms on the left with the appropriate numbered description on the right. a. Engineered cost b. Effectiveness c. Discretionary cost d. Committed cost e.
(Cost control activities) The firm of Rezac & Gibson, CPAs, hires full- and part- time clerical employees. Full-time clerical staff can be hired for $27,500 per year; fringe benefit costs for each
(Cost control activities) Ms. Renwick has just been appointed as the new director of Youth Hot-Line, a not-for-profit organization that operates a phone bank for individuals experiencing emotional
(Committed versus discretionary costs) Following is a list of committed and discre¬ tionary costs:a. Classify each of the above costs as normally being either committed (C) or discretionary (D).b.
(Committed versus discretionary costs) Choose letter C (for committed cost) or D (for discretionary cost) to indicate which type of cost each of the sentences below best relates. Explain the
(Effectiveness measures) St. Francis Elospital has used funds during 1996 for the following purposes. Provide nonmonetary, surrogate measures that would help evaluate the effectiveness of the monies
(Surrogate measures of output) The Coast Casino and Hotel has established per¬ formance objectives for each major operational area for the budget year. Fol¬ lowing are some of the major objectives
(Effective?!ess and efficiency measures) The president at Perdido Bay University has formed a new department to recruit top out-of-state students. The department’s funding for 1996 is $400,000 and
(Engineered cost variances) Orangeburg Courier employs three drivers who are paid an average of $8 per hour for regular time and $12 for overtime. A pickup and delivery requires, on average, one hour
(Engineered cost variances) Management at Huron Manufacturing has estimated that each quality control inspector should be able to make an average of 12 inspections per hour. Retired factory
(Revenue variances) The manager of a lumber mill has been asked to explain to the company president why sales of scrap firewood were above budget by $2,100. He requests your help. On examination of
(Revenue variances) “Babies Doing Funny Stuff’ is a videotape series that is mar¬ keted to day care centers and parents. The series has been found to make babies who watch it extremely content
(Budgeting concepts; includes appendix) Select the letter of the budget category from the list below that best corresponds to items a through j.a. Requires annual justification of programs and
(Cost changes) Alyssa Enterprises has been in existence since 1990. The company board of directors is interested in how well certain office costs have been con¬ trolled over the past 5 years.
(Variance analysis) Cost control in the Personnel Office of Lancaster Supply Cor¬ poration is evaluated based on engineered cost concepts. The office incurs both variable and fixed costs. The
(Cost consciousness; team activity) All organizations seek to be aware of and control costs. In a team of three or four, choose one of the following industries and do research to identify methods
(Cost control) Recently, the California State University system placed a purchase order (PO) for a book published by a small New Canaan, Conn., company. The Information Economics Press. The following
(Cost control andfinancial records) Turbo Propulsion is a medium-sized manufacturing plant in a capital-intensive industry. The corporations profitability is very low at the moment. As a result,
(Price fixing; team activity) At the end of 1995 and in early 1996, numerous articles were written on the Archer-Daniels-Midland (ADM) price-fixing scandal. Use library or other resources to
(Cost consciousness) Meri and Jerry Smith are preparing their household financial budget for December. They have started with their November budget and are adjusting it to reflect the difference
(Use of temporaries) Temporary or part-time employees may be used rather than full-time employees in each of the following situations:a. To teach undergraduate accounting courses at a university.b.
(Efficiency standards) Hong Nguyen has been asked to monitor the efficiency and effectiveness of a newly installed machine. The specialized machine has been guaranteed by the manufacturer to produce
(Effectiveness/efficiency) Top management of RX Hospital Administrators ob¬ served that the budget for the EDP department had been growing far beyond what was anticipated for the past several years.
(Efficiency versus effectiveness) The health-care industry has recently found itself in a new era that is characterized by cost competition. As a result of the new emphasis on cost management, many
(Budget-to-actnal comparison) Iroquois Falls Products evaluates performance in part through the use of flexible budgets. Selling expense budgets at three activity levels within the relevant range are
(Appendix) Hans Flims is the controller of Bavaria Labs, a manufacturer and distributor of generic prescription pharmaceuticals. He is currently preparing the annual budget and reviewing the current
(Cost control) The following graph indicates where each part of the dollar that a student pays for a new college textbook goes.Students are frustrated with the cost of their textbooks, but most
(Analyzing cost control) The financial results for the Continuing Education De¬ partment of BusEd Corporation for November 1997 are presented in the sched¬ ule at the end of the case. Mary Ross,
Ferdows and De Meyer argue that long-term cost improvement is the result of having first achieved improvement in quality, then dependability, and finally speed. There is a cumulative effect by which
The cost of “people” constitutes 75 percent to 80 percent of the total costs of operating a public accounting firm. In periods of economic contractions (such as the late 1980s and early 1990s),
For Caesar O'Neal, a nausea-free day is priceless. But for the hospital treating the 6-foot-8-inch University ofFlorida football player for liver cancer, the price ofdelivering that relief is
Kirsh Guilory pumped out Cajun music, vendors hawked Creole crafts, but the crawfish delicacies dished out along food row at the New Orleans Jazz and Heritage Festival were not from the bayous and
Obtain a copy of “Can the Savoy Cut Costs and Be the Savoy?” by Janet Guyon {Wall Street Journal, October 25, 1994, p. Bl). After reading of the services offered by that hotel, answer in detail
Search the Internet to find information regarding the U.S. Republican Party’s Contract with America. Read the available information about the purpose of the contract with America movement. Then,
There are many firms that provide services to support advertising and marketing functions of businesses. One such firm is B/R/S Group, Inc. Find the homepage for this company and read the materials
Describe a typical business operating cycle and explain the necessity for the time period assumption, p. 103 LO1
Explain how business activities affect the elements of the income statement, p. 104 LO1
Compute and interpret the total asset turnover ratio, p. 107 LO1
Explain the accrual basis of accounting and apply the revenue and matching principles to measure income, p. 108 LO1
Apply transaction analysis to examine and record the effects of operating activities on the financial statements, p. 113 LO1

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