Corporate Financial Accounting
14th Edition
ISBN: 9781305653535
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Textbook Question
Chapter 4, Problem 10DQ
Recent fiscal years for several well-known companies are as follows:
| Company | Fiscal Year Ending |
| J. C. Penney Company, Inc. | January 27 |
| L Brands, Inc. | January 27 |
| Sears Holdings Corporation | January 27 |
| Target Corporation | January 27 |
| The Home Depot, Inc. | January 28 |
| Tiffany & Co. | January 30 |
What general characteristic shared by these companies explains why they do not have fiscal years ending December 31?
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The following data were provided by the accountants of the Home Office and Branch for the
year ended December 31, 2016:
Home Office Book
Branch Book
Net sales to outside customer
1,000,000
800,000
300,000
140,000
250,000
Beginning Inventory
Net purchases from outside supplier
Shipment to branch
Shipment from Home Office
Ending Inventory
Operating expenses
800,000
400,000
500,000
100,000
200,000
200,000
100,000
The current corporate income tax rate is 30%.
It is the policy of the company to use specific identification for inventory.
For the year ended December 31, 2015, the Home Office bills its branch with a gross
profit rate of 40% based on cost.
Half of the beginning inventory of the branch was acquired from outside suppliers.
The ending inventory of the branch is broken down as follows:
60% from outside suppliers
26% from 2016 shipment from home office
14% from 2015 shipment from home office
13. What is the net income of the branch in its books for the year end December 31, 2016?
а.…
Classifying Statements As Items in the Form 10-K
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For each disclosure 1 through 5, indicate the Item number of the Form 10-K where the disclosure would be included or incorporated by reference.
1. Steven L. Spinner (President and CEO): current fiscal year base salary, $1,200,000.
2. Independent retailers net sales increased primarily due to $971 million of an incremental
12 weeks of net sales from the acquired Supervalu business, which was partially offset by the
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3. Basic earnings per share is calculated by dividing net income (oss) by the weighted average
number of common shares outstanding during the period.
4. Eric F. Artz has served as a member of the Board since October of four years ago.
5. We expect to continue to replenish operating assets and pay down debt obligations with
internally generated…
Requirea informatiON
Exercise 13-9 Analyzing risk and capital structure LO P3
[The following information applies to the questions displayed below.]
Simon Company's year-end balance sheets follow.
At December 31
Current Yr
1 Yr Ago
2 Yrs Ago
Assets
Cash
Accounts receivable, net
Merchandise inventory
Prepaid expenses
Plant assets, net
Total assets
$ 24,930
71,524
89,927
8, 109
232,313
$426,803
$ 29,435 $
49,965
69,429
7,881
211,224
30,652
38,886
42,258
3,307
185,497
$ 367,934 $ 300,600
Liabilities and Equity
Accounts payable
Long-term notes payable secured by
mortgages on plant assets
Common stock, $10 par value
Retained earnings
$105, 211
$ 62,803 $ 40,473
81,844
162,500
77,248
82,932
162,500
59,699
$ 367,934 $ 300,600
68,426
162,500
29,201
Total liabilities and equity
$426,803
The company's income statements for the Current Year and 1 Year Ago, follow.
For Year Ended December 31
Sales
1 Yr Ago
$ 437,841
Current Yr
$554,844
Cost of goods sold
other operating expenses
Interest expense…
Chapter 4 Solutions
Corporate Financial Accounting
Ch. 4 - Prob. 1DQCh. 4 - Describe the nature of the assets that compose the...Ch. 4 - Prob. 3DQCh. 4 - Prob. 4DQCh. 4 - Why are closing entries required at the end of an...Ch. 4 - Prob. 6DQCh. 4 - What is the purpose of the post-closing trial...Ch. 4 - Prob. 8DQCh. 4 - What is the natural business year?Ch. 4 - Recent fiscal years for several well-known...
Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Retained earnings statement Blake Knudson owns and...Ch. 4 - Classified balance sheet The following accounts...Ch. 4 - Prob. 4.4BECh. 4 - Accounting cycle From the following list of steps...Ch. 4 - Flow of accounts into financial statements The...Ch. 4 - Classifying accounts Balances for each of the...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Financial statements from the end-of-period...Ch. 4 - Income statement The following account balances...Ch. 4 - Income statement; net loss The following revenue...Ch. 4 - Income statement FedEx Corporation had the...Ch. 4 - Retained earnings statement Climate Control...Ch. 4 - Retained earnings statement; net loss Selected...Ch. 4 - Classifying assets Identify each of the following...Ch. 4 - Balance sheet classification At the balance sheet...Ch. 4 - Balance sheet Dynamic Weight Loss Co. offers...Ch. 4 - Prob. 4.13EXCh. 4 - Identifying accounts to be closed From the list...Ch. 4 - Closing entries Prior to its closing, Income...Ch. 4 - Closing entries with net income After all revenue...Ch. 4 - Closing entries with net loss Rainbow Services Co....Ch. 4 - Identifying permanent accounts Which of the...Ch. 4 - Post-closing trial balance An accountant prepared...Ch. 4 - Steps in the accounting cycle Rearrange the...Ch. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.22EXCh. 4 - Appendix 1 Completing an end-of-period spreadsheet...Ch. 4 - Prob. 4.24EXCh. 4 - Prob. 4.25EXCh. 4 - Prob. 4.26EXCh. 4 - Appendix 2 Reversing entry The following adjusting...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Adjusting and reversing entries On the...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Appendix 2 Entries posted to wages expense account...Ch. 4 - Financial statements and closing entries Lamp...Ch. 4 - Financial statements and closing entries Foxy...Ch. 4 - T accounts, adjusting entries, financial...Ch. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - Financial statements and closing entries Last...Ch. 4 - Financial statements and closing entries The...Ch. 4 - Prob. 4.3BPRCh. 4 - Ledger accounts, adjusting entries, financial...Ch. 4 - Complete accounting cycle For the past several...Ch. 4 - The unadjusted trial balance of PS Music as of...Ch. 4 - Kelly Pitney began her consulting business, Kelly...Ch. 4 - Continuing Company Analysis- Amazon: Working...Ch. 4 - Under Armour: Current ratio The following year-end...Ch. 4 - Prob. 4.3ADMCh. 4 - Google and Microsoft: Current ratio Google, Inc....Ch. 4 - Prob. 4.1TIFCh. 4 - Communication Your friend, Daniel Nat, recently...
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