Financial Accounting
9th Edition
ISBN: 9781259222139
Author: Robert Libby, Patricia Libby, Frank Hodge Ch
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 1, Problem 1.2E
Matching Financial Statement Items to Financial Statement Categories
According to its annual report, P&G’s billion-dollar brands include Pampers, Tide, Ariel, Always, Pantene, Bounty, Charmin, Downy, Olay, Crest, Vicks, Gillette, Duracell, and others. The following are items taken from its recent
| ____ (1) |
____ (9) Income taxes |
| ____ (2) Cash and cash equivalents | ____ (10) Accounts payable |
| ____ (3) Net safes | ____ (11) Trademarks and other intangible assets |
| ____ (4) Debt due within one year | ____ (12) Property, plant, and equipment |
| ____ (5) Taxes payable | ____ (13) Long-term debt |
| ____ (6) |
____ (14) Inventories |
| ____ (7) Cost of products sold | ____ (15) Interest expense |
| ____ (8) Selling, general, and administrative expense |
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Examine the following selected financial information for
Best Value
Corporation and
Modern
Stores, Inc., as of the end of their fiscal years ending in
2018:
Data table
(In millions)
Best Value Corporation
Modern Stores, Inc.
1.
Total assets. . . . . . . . . . . . . . . . . . . . . . . . . .
$15,256
$203,110
2.
Total common stockholders' equity. . . . .
$3,075
$71,460
3.
Operating income. . . . . . . . . . . . . . . . . . . .
$1,350
$26,820
4.
Interest expense. . . . . . . . . . . . . . . . . . . . . .
$88
$2,020
5.
Leverage ratio. . . . . . . . . . . . . . . . . . . . . . . .
6.
Total debt. . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
Debt ratio. . . . . . . . . . . . . . . . . . . . . . . . . . . .
8.
Times interest earned. . . . . . . . . . . . . . . . .
Requirements…
Mason Company has prepared consolidated financial statements for the current year and is now gathering information in connection with the following five operating segments it has identified.
CompanyTotal
Books
Computers
Maps
Travel
Finance
Sales to outside parties
$
1,547
$
121
$
696
$
416
$
314
$
0
Intersegment sales
421
24
240
39
118
0
Interest income—external
97
60
0
0
0
37
Interest income—intersegment loans
147
0
0
0
0
147
Assets
3,398
206
1,378
248
326
1,240
Operating expenses
1,460
115
818
304
190
33
Expenses—intersegment sales
198
70
51
31
46
0
Interest expense—external
107
0
0
0
0
107
Interest expense—intersegment loans
147
21
71
38
17
0
Income tax…
Using the below Income Statement Create a Common-Size income statement.
Walmart Inc.'s Consolidated Statement of Income
As of January 31,
(Amounts in millions)
(Amounts in millions, except per share data)
2019
2018
2017
Revenues:
Net sales
$ 510,329
$ 495,761
$ 481,317
Membership and other income
4,076
4,582
4,556
Total revenues
514,405
500,343
485,873
Costs and expenses:
Cost of sales
385,301
373,396
361,256
Operating, selling, general and administrative expenses
107,147
106,510
101,853
Operating income
21,957
20,437
22,764
Interest:
Debt
1,975
1,978
2,044
Capital lease and financing obligations
371
352
323
Interest income
(217)
(152)
(100)
Interest, net
2,129
2,178…
Chapter 1 Solutions
Financial Accounting
Ch. 1 - Define accounting.Ch. 1 - Briefly distinguish financial accounting from...Ch. 1 - Prob. 3QCh. 1 - Prob. 4QCh. 1 - Prob. 5QCh. 1 - Complete the following: Name of Statement...Ch. 1 - What information should be included in the heading...Ch. 1 - What are the purposes of (a) the income statement,...Ch. 1 - Explain why the income statement and the statement...Ch. 1 - Prob. 10Q
Ch. 1 - Prob. 11QCh. 1 - Explain the equation for the income statement....Ch. 1 - Explain the equation for the balance sheet. Define...Ch. 1 - Explain the equation for the statement of cash...Ch. 1 - Explain the equation for retained earnings....Ch. 1 - The financial statements discussed in this chapter...Ch. 1 - Prob. 17QCh. 1 - Prob. 18QCh. 1 - (Supplement A) Briefly differentiate between a...Ch. 1 - Prob. 20QCh. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 2MCQCh. 1 - Prob. 3MCQCh. 1 - Which of the following regarding retained earnings...Ch. 1 - Which of the following is not one of the four...Ch. 1 - Prob. 6MCQCh. 1 - Prob. 7MCQCh. 1 - Which of the following is true regarding the...Ch. 1 - Prob. 9MCQCh. 1 - Prob. 10MCQCh. 1 - Matching Elements with Financial Statements M1-1...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Prob. 1.3MECh. 1 - Prob. 1.1ECh. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Matching Financial Statement Items to Financial...Ch. 1 - Preparing a Balance Sheet Honda Motor Corporation...Ch. 1 - Completing a Balance Sheet and Inferring Net...Ch. 1 - Prob. 1.6ECh. 1 - Preparing an Income Statement and Inferring...Ch. 1 - Prob. 1.8ECh. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Inferring Values Using the Income Statement and...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing an Income Statement and Balance Sheet...Ch. 1 - Preparing a Statement of Stockholders Equity...Ch. 1 - Focus on Cash Flows: Matching Cash Flow Statement...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Student's Business and Preparing an...Ch. 1 - Comparing Income with Cash Flow (Challenging)...Ch. 1 - Evaluating Data to Support a Loan Application...Ch. 1 - Preparing an Income Statement, Statement of...Ch. 1 - Analyzing a Students Business and Preparing an...Ch. 1 - Prob. 1.3APCh. 1 - Prob. 1.1CONCh. 1 - Finding Financial Information LO1-1 Refer to the...Ch. 1 - Prob. 1.2CPCh. 1 - Comparing Companies within an Industry Refer to...Ch. 1 - Using Financial Reports: Identifying and...Ch. 1 - Prob. 1.5CPCh. 1 - Prob. 1.6CPCh. 1 - Prob. 1.7CP
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