Requirement: Using the financial statement templates attached, prepare in good form the Income Statement, Statement of Retained Earnings, and Balance Sheet for the year. Be sure the 3-line headings of each financial statement are presented properly. Note: The company uses the periodic inventor
On August 31, the balance sheet of Nashville Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and Retained Earnings $700. During September the following transactions occurred. 1. Paid $2,900 cash on accounts payable.
Ch. 11-1 Peeler Company was incorporated as a new business on January 1, 2010. The corporate charter approved on the date authorized the issuance of 1,000 shares of $100 par, 7% cumulative, non-participating preferred stock and 10,000 shares of $5 par common stock. On January 10, Peeler issued for cash 500 shares of prefe
Write a memo to the investigation team about how investigators can use public sources to investigate the financial statements of a publicly-traded company.
Write a memo to the investigation team about how investigators can use public sources to investigate the financial statements of a publicly-traded company. Discuss how you will use the SEC's Edgar (http://www.sec.gov/edgar/searchedgar/companysearch.html) to investigate financial statements of public companies. identify the t
What are the key roles of an investment banker? The stockholders' equity portion of Brimstone Tire Company follows: Common Stock (2.0 million shares at $10 par) $20,000,000 Capital in excess of par 17,000,000 Retained earnings 33,000,000
You have recently landed a job in the Accounting Department of a public company listed on the NASDAQ exchange. You have been asked to prepare year-end adjusting entries, including an appropriate adjustment to the Allowance for Doubtful Accounts. According to the Aged Accounts Receivable analysis, the Allowance should be $200,000
See attached files. Cash Flow Statements Practice Questions Question 1 Complete the Statement of Cash Flows. Show workings. Mickelson Ltd manufactures golf clubs for professional golfers. Mickelson Ltd's balance sheets for the years ended 30 June 2010 and 2011. Question 2) Hooker Corporation collapsed in Ju
Use the following information to prepare a multistep income statement and classified balance sheet for Usrey Equipment Co. for 2012 (Hint Some of the items will not appear on either statement, and ending retained earnings must be calculated) Salaries expense $130,000 Interest receivable (short term) $ 400 Common stock
Assume that after recording all adjusting entries (except income taxes), Elite's income before income taxes amounts to $7,500. Also assume Elite is a corporation subject to income taxes of 40% of income before income taxes. Which of the following statements is correct? 1. Elite need not accrue any more income taxes expense for February since the unadjusted trial balance already contains an income tax liability of $4,100. 2. Elite's net income for February is $4,500. 3 Elite's February 28 balance sheet should report income taxes payable of $3,000. 4 Elite's income taxes expense for February is $7,100.
Assume that after recording all adjusting entries (except income taxes), Elite's income before income taxes amounts to $7,500. Also assume Elite is a corporation subject to income taxes of 40% of income before income taxes. Which of the following statements is correct? 1. Elite need not accrue any more income taxes expense
See the attached file for proper format. The following information pertains to Jayne's Flowers Inc., a corporation owned by Ms. Jayne Raphael. The company opened for business in 2009. Jayne's uses the cash basis of accounting during the year. Each year, at year end, the company's CPA, Jeffrey Simmons, converts the cash basis
Classified Financial Statement Preparation and Analysis P.5 Jimenez Company sells outdoor sports equipment. At the December 31, 2009, year end, the following financial information was available from the income statement: administrative, $ expenses, 80,800; cost of goods sold, 350,420; interest expense, $22,640; interest inco
You have recently been hired as Q & R Manufacturing's chief financial officer (CFO) by the firm's chief executive officer (CEO). The CEO tells you that in the past, a lack of financial planning has frequently caused the firm to have to rush out and get outside funding by either borrowing money (selling bonds)
1. External users want answers to all of the following questions except A. Is the company earning satisfactory income? B. Will the company be able to pay its debts as they come due? C. Did the company use a budget to plan its expenses? D. How does the company compare in profitability with competitor
Chapter 3 Problem 16 a Using the information provided, construct a monthly cash budget for October through December 2008. Based on your analysis, will Noble enjoy a surfeit of cash, or require external financing? b Construct a pro forma income statement for the first fiscal quarter of 2009 and a pro f
1)Identify which financial statement would help answer the questions below - Bal. Sheet Income Stmt. Stmt. Of cash flows Statement of stockholders' equity Is the firm generating enough cash to repay is debt to invest in new products? Does the firm generate enough internal funds to support investment, or does new s
E12-20 On January 2, 2011, Sanborn Tobacco, Inc. bought 55 OF Jackson Industry's capital stock for $90 million as a temporary investment. Sanborn realized that these securities normally would be classified as available-for-sale but elected the fair value option to account for the investment. Jackson' Industry's net income for
Problem 1-30 Prepare Financial Statements for Two Complete Accounting Cycles Webster Consulting experienced the following transactions for 2012, its first year of operations and 2013. Assume that all transactions involve the receipt or payment of cash. Transactions for 2012 1. Acquired $20,000 by issuing common stock. 2.
Where an auditor's judgment and opinion can have a significant impact on the stakeholders' perception is when issues of going concern arise. Issues of going concern arise when the auditor determines that, due to certain circumstances, "the client may not be able to continue its operations or meet its obligations for a reasonable
Transparency in the financial statements is one element that auditors look for when assessing Management Assertions about Presentation and Disclosure. What are the other assertions and why are they important to the auditing process?
I agree that transparency in an organization's financial statements has become an important issue in the auditing world since the fall of Enron. According to a documentary I watched on the scandal, The Smartest Guys in the Room, one of the many issues with Enron was that the business they were doing with buying and selling of e
Giada Foods reported $940 million in income before income taxes for 2011, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences.The income tax rate for 2011 was 35%, but the enacted rate for years after 2011 is 40%. The balance in the deferred tax liability in the December 31, 2011, balance sheet is: A. $16 million B. $35 million C. $40 million D. $56 million
Giada Foods reported $940 million in income before income taxes for 2011, its first year of operations. Tax depreciation exceeded depreciation for financial reporting purposes by $100 million. The company also had non-tax-deductible expenses of $80 million relating to permanent differences.The income tax rate for 2011 was 35%, b
Problem 13-1A Ratios, common-size statements, and trend percents Selected comparative financial statements of Bennington Company follow. Required 1. Compute each year's current ratio. (Round ratio amounts to one decimal.) 2. Express the income statement data in common-size percents. (Round percents to two decimals.) 3
Doc Gibbs has prepared the following list of statements about process cost accounting. Identify each statement as true or false. 1. Process cost systems are used to apply costs to similar products that are mass-produced in a continuous fashion. 2. A process cost system is used when each finished unit is indistinguishabl
Go to the Financial Accounting Standards Board's web site. LIst by number and name all FASB statements that specifically provide accounting and reporting guidance for not-for profit organizations. Can you oftain a copy of the full text of these statements from this web site? Does the FASB charge for its statements, or are they provided free of charge? 2. Examine the Governmental Accounting Standards Board's Web site and prepare a brief report about its mission and structure and the representative organizations on its advisory council. Can you get a copy of the full text of a GASB statement from this site? If not, how would you obtain a copy of GASB statement no. 34? What is the cost to purchase a statement?
1. Go to the Financial Accounting Standards Board's web site. LIst by number and name all FASB statements that specifically provide accounting and reporting guidance for not-for profit organizations. Can you oftain a copy of the full text of these statements from this web site? Does the FASB charge for its statements, or are
How would you describe financial accounting? Select two users, one internal and one external, who you think benefit the most from accounting. Explain why and how you think they benefit.
Imagine Widgets Airlines, Inc. operates 18-seat commercial flights between New York City and Washington, DC. After 10 seats have been sold on each aircraft, the company has reached the break-even point. Should Widgets consider offering a discounted fare for seats 11 through 18? What are the advantages and disadvantages of not offering a discount on seats 11 through 18? What are the advantages and disadvantages of offering a discount on seats 11 through 18? How would you decide how much of a discount, if any, could be offered? What effect would the discount have on the financial statements of Widgets Airlines, Inc.?
Imagine Widgets Airlines, Inc. operates 18-seat commercial flights between New York City and Washington, DC. After 10 seats have been sold on each aircraft, the company has reached the break-even point. Should Widgets consider offering a discounted fare for seats 11 through 18? What are the advantages and disadvantages of not of
Bulk purchases is usually related to real estate, Land and Building. The purchaser pays a price for both. It is important to breakdown the price since Land is not depreciable, but it needs to be reported on the Balance Sheet. I am certain that the calculation between land / building is of utmost importance. Are there other me
The week's reading material touches on the topic of financial statement analysis. If you could choose three financial statement ratios, in which to utilize and analyze a company for investment, lending, or employment purposes, which three financial statement ratios would you choose, and what information would these ratios provi
You will need to refer to the consolidated financial statements of Foot Locker, Inc., that are presented in Appendix B (ATTACHED IN 2 PDF FILES) at the end of your textbook, in order to complete each requirement of the project. The book only has the numbers for 2005- 2007. If you need numbers for other years, you can get them fr
The comparative balance sheets of Nike, Inc. - Complete the horizontal analysis of the balance sheet data for Nike using 2006 as a base.
The comparative balance sheets of Nike, Inc. are presented here. NIKE INC. Comparative Balance Sheets May 31 ($ in millions) Assets 2007 2006 Current assets $8,076 $7,
1. Consolidated financial statements are appropriate even without a majority ownership if which of the following exists: a. the subsidiary has the right to appoint members of the parent company's board of directors. b the parent company has an ability to assume the role of general partner in a limited partnership with th