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Essay Questions 107.Complete the following income statement for the dollar amounts and the component percentages:  Dollar $AmountComponentPercentages % Sales revenue  Cost of goods sold 40% Gross profit$120,000 Operating expenses  Interest expense 2% Income before income tax  Income tax expense (rate 20%)  Net income 6% 108.Packers Corporation reported the following data for the year ended December 31, 2016: Net sales revenue$400,000 Net income $25,000 Interest expense (net of.

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51.Trenton Company has provided the following information: • Net income, $240,000 • Preferred shares issued, 6,000 • Weighted average number of shares of common stock issued, 24,000 • Cash dividends declared and paid on common stock, $30,000 • Market price per share, $36 • Weighted average number of treasury shares of common stock, 4,000 What is Trenton's.

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99.On January 1, 2016, Heitzman Company purchased the following shares of stock as a long-term investment in available-for-sale securities: CorporationSharesPercent OutstandingCost per Share Maars10,000 common (no par)5%$25 Nassif2,000 preferred (par $10)2%$50 The fair value of the stocks subsequently were as follows:  Dec. 31, 2016Dec. 31, 2017 Maars Corporation common stock$24.00$27.50 Nassif Corporation preferred stock51.0050.50 Required: Calculate the.

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31.The Securities Exchange Act of 1934 established extensive reporting requirements for listed companies. Which is not a commonly required report? a.Form 10-Q. An extensive quarterly report, including financial statements. b.Form S-2. A registration statement c.Form 10-K. An extensive annual report, including financial statements d.Form 8-K. A report used to describe significant events that may.

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51.Which of the following is not a major standard-setting body responsible for the establishment of U.S. and international GAAP (Generally Accepted Accounting Principles)? a.SEC (Securities Exchange Commission) b.PCAOB (Public Company Accounting Oversight Board) c.FASB (Financial Accounting Standards Board) d.IASB (International Accounting Standards Board) 52.Certain U.S. accounting standards have been, and will be, amended to aid.

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80.The FASB and IASB have some ambitious accounting standards projects to complete prior to their convergence. List three of the projects currently on the agenda. 81.Define: 1) What are assets? 2) What are liabilities? 3) What is shareholder’s equity? 4) In which financial statement would one find assets, liabilities and shareholder’s equity? 82.Define: 1) What are revenues? 2).

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110.At the end of 2016, Doran Corporation reported net income of $70,000, gross sales revenue of $1,525,000, and sales returns of $125,000.Required: Calculate the net profit margin ratio.    111.The records of Washington Company showed the following: Average Assets$230,000Revenues$100,000 Average Liabilities 130,000Operating Expenses**(81,000) Average Stockholders’ equity*100,000Interest expense     (2,000)   Net income$17,000 *10,000 shares outstanding; current market price, $30.

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121.Carolina Company computed the following ratios for a two-year period:  Ratio20152016 1.Current ratio1.3.6 2.Return on equity25%16% 3.Earnings quality1.7.5 4.Cash coverage ratio346122 5.Net profit margin6%4% Required: A. Comment on the trend of each of the ratios from 2015 to 2016. State concerns or possible implications brought to light by each ratio. B. State an overall opinion of the.

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124.Polk Corporation reported the following information related to its common stock (par $10) outstanding and net income: Total stockholders’ equity (no preferred stock)$125,000 Current market price per share of common stock$40.00 Dividends declared and paid during 2017$10,000 Balance in the common stock account$40,000 Net income$35,000 Required: Calculate each of the following ratios. Round your answers to.

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118.Walkers World Company gathered the following information for 2016: Total sales revenue (65% on credit)$432,000 Cost of goods sold231,000 Sales returns and allowances (on credit)44,000 Accounts receivable at end of 2016 ($30,000 increase during 2016)100,000 Allowance for doubtful accounts:  Beginning of 20165,000  End of 20167,000 Merchandise inventory at end of 2016 ($10,000 decrease during 2016)28,000 Assume 365 days in.

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41.The FASB Accounting Standards Codification is expected to provide all of the following benefits except a.to reduce the research time necessary to solve an accounting research issue. b.to codify authoritative support such as results of academic research. c.to provide real-time updates as new standards are issued. d.to improve the usability of the authoritative accounting.

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115.On January 1, 2016, Fall Corporation acquired 100% of the outstanding voting shares of Foliage Corporation for $600,000. The book and fair values of Foliage's assets and liabilities as of January 1, 2016 are listed below: Item    Book ValueFair value Equipment$60,000$80,000 Trucks40,00055,000 Factory300,000320,000 Other assets130,000100,000 Liabilities100,000105,000   116.On January 2, 2016, Eagle Company acquired 100% of Solly Company's common.

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Essay Questions 97.Complete the following matrix by writing a brief explanation in each cell to indicate the appropriate approach for long-term investments.  Measurement andReporting MethodOutstandingCommon StockOwned (%)Level of Ownership:Degrees of Influenceor Control A.Fair value  B.Equity  C.Consolidated statements     98.Required: A. Discuss the similarities of accounting for available-for-sale and trading securities portfolios. B. Discuss the differences encountered.

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91.Lucas Company has provided the following information: • Cash flow from operating activities, $360,000 • Net income, $306,000 • Interest expense, $30,000 • Interest cash payments, $20,000 • Income tax payments, $240,000 • Income tax expense, $246,000 What was Lucas' cash coverage ratio?  A. 21.0 B. 31.8 C. 21.2 D. 31.0 92.Lucas Company has provided the following.

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71.Listed below are the names of several organizations involved in the process of establishing standards for financial reporting. Following the list is a series of statements. a.Securities and Exchange Commission (SEC) b.International Accounting Standards Board (IASB) c.Financial Accounting Standards Board ____1.Reporting standards issued by this organization are legally enforceable. Failure to adhere to them.

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73.Listed below are the Six Principles of AICPA’s Code of Professional Conduct. a.Responsibilities b.Scope and Nature of Services c.Due Care d.The Public Interest e.Objectivity and Independence f.Integrity Required:Match each principle with its descriptive statement by placing the appropriate letter in the space provided.Each principle choice is used only once. _______1)A member should be free from conflicts of interest.

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21.As a potential equity investor, what information about a company would you be least interested in prior to making an investment decision? a.What differentiates them from their competition? b.Whether they are generating a profit? c.Whether they have positive cash flows? d.What are the employee benefits and compensation packages? 22.The primary reason that financial accounting and.

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120.Brice Corporation reported the following information: 2016 Income Statement: Sales Revenue$8,200,000 Cost of goods sold 6,400,000 Gross profit1,800,000 Operating expenses (includes $200,000 depreciation expense)1,250,000 Pretax income550,000 Income tax expense (30% rate) 165,000 Net Income$385,000 Balance Sheet:   20162015 Accounts receivable$800,000$600,000 Inventory520,000480,000 Prepaid expenses110,000120,000 Accounts payable340,000310,000 Accrued liabilities80,00090,000 Income taxes payable25,00040,000 Unearned sales revenue100,000200,000 Compute Brice's cash paid for income taxes in 2016.    121.Use the following information to prepare a statement.

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71.Potaw Company reported the following data at the end of 2016: Sales revenue (75% on credit)$300,000 Expenses (26% on credit)60,000 Accounts receivable, net at December 31, 2016 (a decrease of $4,000 during 2016)8,000 Total assets200,000 Stockholders’ equity150,000 What was the accounts receivable turnover ratio?  A. 30.0 B. 37.5 C. 36.5 D. 22.5 72.Potaw Company reported the.

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61.Agnes Company reported the following data: Quick assets$55,000 Current assets150,000 Total liabilities 300,000 Average net receivables12,600 Beginning inventory38,000 Long-term liabilities200,000 Net credit sales 126,000 Cost of goods sold84,000 Ending inventory46,000 What was the inventory turnover ratio?  A. 2.2 B. 1.8 C. 2.0 D. 3.0 62.Agnes Company reported the following data: Quick assets$55,000 Current assets150,000 Total liabilities 300,000 Average net receivables12,600 Beginning inventory38,000 Long-term liabilities200,000 Net credit sales.

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113.The following return on investment ratios were computed for Steven Company:  2017201620152014 Return on assets12%15%15%18% Return on equity15%15%11%20% Required: A. Compute financial leverage percentage for each year and state whether it is positive or negative. B. Explain briefly the stockholders' advantage or disadvantage for each year, beginning with year 2014.    114.The following data were.

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11.The balance sheet is a snapshot of a company’s financial position at a particular date. a.True b.False 12.The statement of shareholders' equity reports the effects from the recognition or valuation of certain asset or liability transactions that change Accumulated Other Comprehensive Income. a.True b.False 13.“In carrying out their responsibilities as professionals, members should exercise sensitive professional.

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1.A problem arising from equal information is called information asymmetry. a.True b.False 2.The demand for relevant and reliable financial information stems from the needs of the internal and external stakeholders. a.True b.False 3.The mission of the Securities and Exchange Commission is to protect investors, maintain fair, orderly, and efficient markets, and assist in the formation of.

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