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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Assume that retained earnings increased by $240,000 from December 31, 2002, to December 31, 2003, for Miller Corporation. During the year, a cash dividend of $140,000 was paid.1.Compute the net
During 2003, Safe Lite Corporation had revenues of $180,000 and expenses, including income taxes, of $100,000. On December 31, 2002, Safe Lite had assets of $400,000, liabilities of $100,000, and
Prepare an income statement and a statement of retained earnings for Big Sky Corporation for the year ended June 30, 2003, based on the following information:Capitalistocki1/500ishares|@i$100)t meer
The total assets and liabilities of Roloflex Company at January 1 and December 31, 2003, are presented below. January 1 December 31 ASSETS fe. eras Ne ace ape ean imi acca oh he nce nan te aie
For each of the following items, indicate whether it would be classified and reported under the Operating Activities (OA), Investing Activities (IA), or Financing Activities (FA) section of a
Tu’aa Corporation has the following balance sheet elements as of December 31, 2003. Laem eae asics Surges $ 69,000 Mortgage payable.............. $300,000 Cash FAA are Shee tereoe Va CADITAIESTOGKE
Following are the December 31, 2003, account balances for Siraco Company. CaSiinwmsritens eect tee ce arene $ 1,950 Accounts receivable ........ Oars tere 2,500 SUDDIES ate et cs AER eee ocr ee 1,800
The following data are available for Sunshine Products Inc., as of December 31, 2003. Cashed viamas cra pee $10,000 Accounts payable....... 14,000 CapitalyStOCk ae sen iaes ae: 35,200 Accounts
Listed below are the results of Rulon Candies’ operations for 2002 and 2003. (Assume 4,000 shares of outstanding stock for both years.) 2003 2002 SaleSWise tb ma eee AAA iv kB datta Were oPeke te
The following information is taken from the records of Hill, Dunn, & Associates for the year ended December 31, 2003. Incomertaxesten ra nay esnsaeene $ 10,800 Service revenues.......... 150,000 Rent
At the end of 2003, Morgan Systems, Inc., had a fire that destroyed the majority of its accounting records. Morgan Systems, Inc., was able to gather the following financial information for 2003.a.
Precision Corporation has been a leading supplier of magnetic storage disks for three years. Following are the results of Precision’s operations for 2003. Sales revenue.......... $68,000
Southwestern Rentals, Inc., rents equipment to customers ranging from homeowners to large construction companies. The financial information shown below was gathered from its accounting records for
The cash account for Kwon Enterprises shows the following for the year ended December 31, 2003. Beginning cash balance...... See’. Cash receipts during year from: SEiviCCStv aerate eet cats
A summary of the operations of Streuling Company for the year ended May 31, 2003, is shown below. Advertising expense.......... $ 2,760 Supplies expense............ 37,820 Rentiexpensemers tr on. e
A summary of the operations of Stellenbach Company for the year ended May 31, 2003, is shown below. “Advertising expense.......... $ 2,760 ~Supplies expense............ 37,820 “ Rent
The following information for High Flying Company is provided. High Flying Company CuURERTASSEtS ratte ecg ans, osc eas Sar ien a tict dao chct eeu R as RL wn hear $ 145,000 WOMGEIGHNMPASSCTS 2 eect
The following information was obtained from the records of Uptown, Inc., as of December 31, 2003. MUN Clemence See Me OP Sie a ons Ron $ 37,500 BUIGINGS eaten tint crtic hc ats seat meee 145,050
The following report is supplied by Smith Brothers Company. Smith Brothers Company Comparative Balance Sheets As of December 31, 2003 and 2002 Liabilities and Assets 2003 2002 Owners’ Equity 2003
As the CFO (Chief Financial Officer) of Rollins Engineering Company, you are looking for someone to fill the position of office manager. Part of the job description is to maintain the company’s
The fundamental accounting equation can be applied to your personal finances. For each of the following transactions, show how the accounting equation would be kept in balance. Example: Paid for
Payless Department Store had the following transactions during the year: Purchased inventory on account. Sold merchandise for cash, assuming a profit on the sale. Borrowed money from a bank.
For each of the accounts listed, indicate whether it is an asset (A), a liability (L), or an own- ers’ equity (OE) account. If it is an account that affects owners’ equity, indicate whether it is
Record each of the following transactions in Chico’s General Journal. (Omit explanations.) 1. Issued capital stock for $50,000 cash. 2. Borrowed $10,000 from a bank. Signed a note to secure the
Silva Company had the following transactions: Purchased a new building, paying $20,000 cash and issuing a note for $50,000. Purchased $15,000 of inventory on account. Sold inventory costing $5,000
During June 2003, Husky, Inc., completed the following transactions. Prepare the journal entry for each transaction. 1 Received $200,000 for 2,000 shares of capital stock. 2 Purchased $50,000 of
Post the journal entries prepared in Exercise 3-8 to T-accounts, and determine the final balance for each account. (Assume all beginning account balances are zero.)
The accountant for Han Company is considering how to journalize the following transactions:a. The employees of Han Company earned $105,000. The employees received $90,000 in cash and were promised
The following transactions are for the Main Construction Corporation:a. b. Cc soo mo The firm purchased land for $300,000, $90,000 of which was paid in cash and a note payable signed for the balance.
The following journal entries are from the books of Kara Rachel Company:a. CaS Rese crck tec ach aes ie E OE eae eean retook ge rene ee 10,000 Capital StOCKearae crosaamtec tice cree eee ae eg rR Cee
The account balances from the ledger of Yakamoto, Inc., as of July, 31, 2003, are listed here in alphabetical order. The balance for Retained Earnings has been omitted. Prepare a trial balance, and
Assume you work in the accounting department at Marshall, Inc. Your boss has asked you to prepare a trial balance as of November 30, 2003, using the following account balances from the company’s
Domino, Inc., had the following information reported. From these data, determine the amount of: 1. Capital stock at December 31, 2002. 2. Retained earnings at December 31, 2003. 3. Revenues for the
s of January 1, 2003, Kendrick Corporation had the following balances in its general ledger:f. Paid salaries expense of $60,000. g. Paid utilities of $6,300. h. Paid installment of $5,000 on note. 1.
ssume you are interviewing for a part-time accounting job at Spilker & Associates, Inc., and the interviewer gives you the following list of company transactions in September 2003. Sept. 1 Received
T-accounts for RAM Technology, Inc., are shown below.1. Analyze these accounts and detail the appropriate journal entries that must have been made by RAM Technology, Inc. (Omit explanations.) 2.
Pat Bjornson, owner of Pat’s Beauty Supply, completed the following business transactions during March 2003. Mar. Purchased $53,000 of inventory on credit. Collected $5,000 from customers as
J&W Merchandise Company had the following transactions during 2003.a. Sam Jeakins began business by investing the following assets, receiving capital stock in exchange: Cashes. Wtetiryy StU OS Oe
The following list is a selection of transactions from Trafalga, Inc.’s business activities during 2003, the first year of operations.Received $50,000 cash for capital stock. Paid $5,000 cash for
Pacific Motors, Inc., entered into the following transactions during the month of August:a. Purchased $1,500 of supplies on account from Major Supply Company. The cost of the supplies to Major Supply
The following trial balance was prepared by a new employee. Required: Trial Balance Alden Company, Inc. For Year Ended November 30, 2003. Credits Debits Cash Mortgage Payable. Advertising Expense
Downtown Company, a retailer, had the following account balances as of April 30, 2003: Cashiqieed jacna arnt at citar ubssatan) Seth ant tect om ra eieaa ne SRD PPM Bn boat 5 $10,100 ACCOUNnTSIRECEIN
The following balances were taken from the general ledger of Benson Company on January 1, 2003:n. Purchased additional short-term investments of $15,000 during 2003. (Note: Short-term investments are
what is the problem with different countries having different accounting standards? For you as the president of a multinational company, what is the problem with different countries having different
In an article in U.S. News & World Report, Dan McGraw described how two computer giants, DELL and COMPAQ, were poised to do battle in the personal computer market. Compaq had 13.2% of the U.S. market
Describe how bookkeeping is applied in each of the following settings: Your college English class. The National Basketball Association. A hospital emergency room. Jury selection for a major murder
In the United States, accounting for inventory is a difficult issue. Inventory is comprised of those items either purchased or manufactured to be resold at a profit. Numerous methods are available to
Compare the purposes of the income statement, the balance sheet, and the statement of cash flows.LO1.
What inlbrmation docs the statement of cash flows report that is not rept)rted on the other required financial statements? How do investors and creditors use that information?LO1.
What are cash equivalents? How are purchases and sales of cash equivalents reported on the statement of cash flows?LO1.
What are the major categories of business activities reported on the statement of cash Hows? Define each of these activities.LO1.
What are the typical cash inflows from operating activities? What are the typical cash outflows from operating activities'.'LO1.
Under the indirect method, depreciation expense is added to net income to report cash flows from operating activities. Does depreciation cause an inflow of cash?LO1.
Explain why cash paid during the period for purchases and for salaries is not specifically reported on the statement of cash flows, indirect method, as cash outflows.LO1.
Explain why a $50,000 increase in inventory during the year must be included in developing cash flows for operating activities under both the direct and indirect methods.LO1.
Compare the two methods of reporting cash Hows from operating activities in the statement of cash flows.LO1.
What are the typical cash inflows from investing activities? What are the typical cash outflows from investing activities?LO1.
What are the typical cash inflows from financing activities? What are the typical cash outflows from financing activities?LO1.
What are noncash investing and financing activities? Give two examples. How are they reported on the statement of cash flows?LO1.
How is the sale of equipment reported on the statement of cash flows using the indirect method?LO1.
Most companies use the indirect method of computing the change in cash from operating activities for the following reason(s):a. The FASB prefers the indirect method.b. It is less costly to prepare
In what order do the three sections of the statement of cash flows appear when reading from top to bottom?a. Financing, Investing, Operatingc. Operating, Financing, Investingb. Investing, Operating,
Total cash inflow in the operating section of the statement of cash flows should include which of the following?a. cash received from customers at the point of saleb. cash collections from customer
If the balance in prepaid expenses increased during the year, what action should be taken on the statement of cash flows when following the indirect method, (inci why ?a. The change in the account
Which of the following would not appear in the investing section ol'the statement of cash flows?a. purchase of inventoryb. sale of obsolete equipment used in the factoryc. purchase of land for a new
Which of the following items wcuild not appear in the financing section of the statement of cash flows'.'a. the repurchase of the company's own stockc. the repayment of debtb. the receipt of
Which of the following is not added to net income when computing cash flows from operations under the indirect methoda. the net increase in accounts payableb. the net decrease in accounts
If a company engages in a noncash material transaction, which of the following is required?a. The company must include an explanatory narrative or schedule along with the statement of cash flows.b.
The change in cash shown //; the operating section of the statement of cash flows should equal which of the following'.'a. net income on the income statementc. the change in accounts payableb. the
The total change in cash as shown near the bottom of the statement of cash flows for the year should agree to which of the following?a. the difference in retained earnings when reviewing the
What are some of the primary items on financial statements about which creditors usually concerned?LO1.
Why are the notes to the financial statements important to decision makers?LO1.
What is the primary purpose of comparative financial statements?LO1.
Why are statement users interested in financial summaries covering several years? What is primary limitation of long-term summaries?LO1.
What is ratio analysis.-' Why is it useful?LO1.
What are component percentages.' Why are they useful?LO1.
Explain the two concepts of return on investment.LO1.
What is financial leverage / How is it measured as a percentage?LO1.
Is profit margin a useful measure of profitability? Explain.LO1.
Compare and contrast the current ratio and the quick ratio.LO1.
What does the debt-to-equity ratio reflect?LO1.
What are market tests?LO1.
Identify two factors that limit the effectiveness of ratio analysis.LO1.
Which of the Tollowing ratios is not used to aiialy/e prolitabihty?a. quahty of income ratioc. quick ratiob. return on assetsd. return on et|iiily
Which of the following would not change the receivables turnover ratio for a retaia. increases in the retail prices of inventoryb. a change in credit policyc. increases in the cost incurred to
Which of the following ratios is used to analyze liquidity?a. earnings per sharec. current ratiob. debt-to-equity ratiod. both (a) and (c)
If a potential investor is analyzing three companies in the same industry and wishes to invest in only one. which ratio is least likely to affect the investor's decision'.'a. quick ratioc. price to
Analysts use ratios toa. compare different companies in the same industry.b. track a company's performance over time.c. compare a company's performance to industry averages.d. Do all of the above.
Which of the following ratios incorporates cash flows from operations?a. inventory turnoverc. quality of incomeb. earnings per shared. all of the above
Given the following ratios for four companies, which company is least likely to experience problems paying its cunent liabilities promptly? Quick Ratio Receivable Turnover b. SAFE C. d. 1.2 1.2 1.0
A decrease in selling and administrative expenses would impact what ratio?a. fixed asset turnover ratioc. debt-to-equity ratiob. times interest earned ratiod. cunent ratio
A creditor is least likely to use what ratio when analyzing a company that has borrowed funds on a long-term basis?a. cash coverage ratioc. times interest earned ratiob. debt-to-equity ratiod. profit
Explain the difference between a short-term investment and a long-term investment.LO1.
Explain the difference in accounting methods used for passive investments, investments in which the investor can exert significant influence, and investments in which the investor has control over
Explain how bonds held to maturity are reported on the balance sheet.LO1.
Explain the application of the cost principle to the purchase of capital stock in another company.LO1.
Under the market value method, when and how does the investor company measure revenue?LO1.
Under the equity method, why does the investor company measure revenue on a proportionate basis when income is reported by the investee company rather than when dividends are declared?LO1.
Under the equity method, dividends received from the investee company are not recorded as revenue.To record dividends as revenue involves double counting. Explain.LO1.
What is a business combination by purchase?LO1.

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