Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
5th Edition
ISBN: 9780134077345
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 11, Problem 11.1CTFSC
Derails about a company's liabilities appear in a number of places in the annual report. Visit http://www.pearsonhighered.com/Horngren to view a link to Starbucks Corporation's Annual Report. Use Starbucks Corporation's fiscal 2013 financial statements to answer the following questions.
Requirements
1. Give the breakdown of Starbucks's current liabilities at September 29, 2013.
2. Calculate Starbucks's times-interest-earned ratio for the year ending September 30, 2012.
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The income statement for
Pennsylvania Communications follows. Assume
Pennsylvania Communications signed a 3-month, 12%,
$40,000 note on June 1, 2018, and that this was the only note payable for the company.
Requirements
1.
Fill in the missing information for
PennsylvaniaPennsylvania's
year endedJuly31,2018,income statement. Round to the nearest dollar.
2.
Compute the times-interest-earned ratio for the company. Round to two decimals.
Reformulating Financial Statements For Warranty Expense
Income statement data for Whirlpool Industries from the company's 2016 financial
statements follow. Use these data to reformulate the income statement for 2014, 2015,
and 2016 under the assumption that warranty expense is a constant percentage of
revenue across all three years. Specifically, compute the adjustments to: warranty
expense, income tax expense, and net income. The company's tax rate is 30%.
12 Months Ended ($ millions) Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014
Net sales
$26,396
$26,569
$25,550
Warranty expense
571
815
577
Compute the average warranty expense to net sales rate over the past three years.
Round answer to two decimal places (ex: 0.02345 = 2.35%)
2.5
%
Using your rounded answer, compute the adjusted warranty expense for each year.
• Round answers to one decimal place.
• Use a negative sign to indicate if the adjustment decreases an account balance.
Income Statements Adjustments
Adjusted warranty expense…
Motorvehicles of Houston, Inc., reported the following financial statements for 2018:
Requirement
Reference
Reference
Calculate the following, enter all amounts in thousands.
New borrowing or payment of long-term notes payable.
Motorvehicles of Houston had only one long-term note payable transaction
during the year.
Motorvehicles of Houston, Inc.
a.
Motorvehicles of Houston, Inc.
Comparative Balance Sheets
Income Statement
December 31, 2018 and 2017
Issuance of common stock or retirement of common stock.
Motorvehicles of Houston had only one common stock transaction during the
b.
Year Ended December 31, 2018
(In thousands)
year.
Assets
2018
2017
Liabilities
2018
2017
(In thousands)
Payment of cash dividends (same as dividends declared).
740
C.
Current:
Current
Service revenue
Cash
27 $
13
Accounts payable
48 $
43
Cost of goods sold
300
Print
Done
Accounts receivable
51
47
Salary payable
31
27
Salary expense
60
Inventory
73
89
Accrued liabilities
11
14
Depreciation expense
90
120…
Chapter 11 Solutions
Horngren's Financial & Managerial Accounting Plus Mylab Accounting With Pearson Etext -- Access Card Package (5th Edition) (miller-nobles Et Al., The Horngren Accounting Series)
Ch. 11 - Prob. 1QCCh. 11 - On January 1, 2016, a business borrowed 18,000 on...Ch. 11 - A company sells 180,000 (selling price) of goods...Ch. 11 - Prob. 4QCCh. 11 - Prob. 5QCCh. 11 - Prob. 6QCCh. 11 - Prob. 7QCCh. 11 - Vega Company expects to pay a 4% bonus on net...Ch. 11 - Prob. 9QCCh. 11 - Prob. 10QC
Ch. 11 - Prob. 1RQCh. 11 - What is a current liability? Provide some examples...Ch. 11 - How is sales tax recorded? Is it considered an...Ch. 11 - How do unearned revenues arise?Ch. 11 - What do short-term notes payable represent?Ch. 11 - Coltrane Company has a 5,000 note payable that is...Ch. 11 - Prob. 7RQCh. 11 - Prob. 8RQCh. 11 - Prob. 9RQCh. 11 - Prob. 10RQCh. 11 - What are the two main controls for payroll?...Ch. 11 - When do businesses record warranty expense, and...Ch. 11 - Prob. 13RQCh. 11 - Prob. 14RQCh. 11 - Prob. 15RQCh. 11 - Determining current versus long-term liabilities...Ch. 11 - Prob. 11.2SECh. 11 - Prob. 11.3SECh. 11 - Accounting for a note payable On December 31,...Ch. 11 - Prob. 11.5SECh. 11 - Prob. 11.6SECh. 11 - Computing payroll amounts considering FICA tax...Ch. 11 - Prob. 11.8SECh. 11 - Prob. 11.9SECh. 11 - Prob. 11.10SECh. 11 - Prob. 11.11SECh. 11 - Accounting treatment for contingencies Fernandez...Ch. 11 - Prob. 11.13SECh. 11 - Recording sales tax Consider the following...Ch. 11 - Prob. 11.15ECh. 11 - Recording and reporting current liabilities...Ch. 11 - Journalizing current liabilities Erik OHern...Ch. 11 - Prob. 11.18ECh. 11 - Recording employer payroll taxes and employee...Ch. 11 - Prob. 11.20ECh. 11 - Prob. 11.21ECh. 11 - Prob. 11.22ECh. 11 - Prob. 11.23ECh. 11 - Prob. 11.24ECh. 11 - Prob. 11.25APCh. 11 - Prob. 11.26APCh. 11 - Journalizing liability transactions T he following...Ch. 11 - Journalizing liability transactions The following...Ch. 11 - Prob. 11.29APCh. 11 - Prob. 11.30BPCh. 11 - Prob. 11.31BPCh. 11 - Prob. 11.32BPCh. 11 - Prob. 11.33BPCh. 11 - Prob. 11.34BPCh. 11 - Prob. 11.35CPCh. 11 - Prob. 11.1CTDCCh. 11 - Sell-Soft is the defendant in numerous lawsuits...Ch. 11 - Prob. 11.1CTEICh. 11 - Derails about a company's liabilities appear in a...Ch. 11 - Prob. 11.1CTCA
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