INTERMEDIATE ACCOUNTING W/CONNECT
9th Edition
ISBN: 9781307050851
Author: SPICELAND
Publisher: MCG/CREATE
expand_more
expand_more
format_list_bulleted
Videos
Textbook Question
Chapter 3, Problem 3.14BYP
Analysis Case 3–14
• LO3–2 through LO3–4
Target Corporation prepares its financial statements according to U.S. GAAP. Target’s financial statements and disclosure notes for the year ended January 30, 2016, are available in the Connect library. This material also is available under the Investor Relations link at the company’s website (www.target.com).
Real World Financials
Required:
1. What categories does the company use to classify its assets? Its liabilities?
2. Why are investments shown as a current asset?
3. Explain the current liability “Accrued and other current liabilities.”
4. What purpose do the disclosure notes serve?
5. What method does the company use to
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Question 1
The following are the balance sheets of Kamanga Invest-trust Bank Ltd., for the years
2017 and 2018 as on 31st March. Prepare a comparative balance sheet and discuss the operational performance of the Bank.
Balance Sheet of Kamanga Invest-trust Bank Ltd Bank Limited: As on 31st March
Liabilities
2017
2018
Assets
2017
2018
Capital
Reserve and Surplus
Deposits
Borrowings:
Other Liabilities
Provisions
2,845
3,966,009
40,845,783
727,671
1,674,165
2,845
4,765,406
44,042,730
284,690
1,799,197
Cash and balance with Zanco
Balance with banks and money at call and short notice
Investments
Advances
Fixed assets
Other assets
2,706,808
1,136,781
21,421,060
19,599,764
493,996
1,858,064
2,237,601
1,607,975
23,537,098
21,129,869
536,442
1,835,883
47,216,473
50,894, 868…
L07-1, L07-2
EXERCISE 7.2 20grado sory
Financial Assets
The following financial assets appeared in a recent balance sheet of Apple Inc. (dollar amounts
are stated in millions).
et limo batis Cash and cash equivalents ..
Marketable securities (short-term investments).
000.62 TO Accounts receivable (net of allowance for doubtful accounts of $58)..
..
$20,289
53,892
17,874
HCS/ X
What x
SAAM X
HCS380 Week 4 Horizontal and Vertical Analysis
Basic X
edu/cms/202118851
Resul x
Cove x
G how X
Hosp x
G beau x +
DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a horizontal
analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance.
Dec. 31, 2022 Dec. 31, 2021
Accounts Receivable
460,000
400,000
Inventory
780,000
650,000
Total Assets
3,164,000
2,800,000
NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point
for the answer, as seen in the example below. The text box will highlight red if incorrect after
clicking the Submit button (bottom right corner).
Example:
30000
÷ 500000
=
6.0
%
Accounts Receivable
=
400000
%
I
Chapter 3 Solutions
INTERMEDIATE ACCOUNTING W/CONNECT
Ch. 3 - Prob. 3.1QCh. 3 - Prob. 3.2QCh. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4QCh. 3 - Prob. 3.5QCh. 3 - Prob. 3.6QCh. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8QCh. 3 - Prob. 3.9QCh. 3 - Define the terms paid-in-capital and retained...
Ch. 3 - Disclosure notes are an integral part of the...Ch. 3 - A summary of the companys significant accounting...Ch. 3 - Define a subsequent event.Ch. 3 - Prob. 3.14QCh. 3 - Prob. 3.15QCh. 3 - Prob. 3.16QCh. 3 - Prob. 3.17QCh. 3 - Show the calculation of the following solvency...Ch. 3 - Prob. 3.19QCh. 3 - Prob. 3.20QCh. 3 - (Based on Appendix 3) Segment reporting...Ch. 3 - Prob. 3.22QCh. 3 - Prob. 3.23QCh. 3 - Current versus long-term classification LO32,...Ch. 3 - Balance sheet classification LO32, LO33 The trial...Ch. 3 - Prob. 3.3BECh. 3 - Balance sheet classification LO32, LO33 Refer to...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 You have...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Financial statement disclosures LO34 For each of...Ch. 3 - Calculating ratios LO38 Refer to the trial...Ch. 3 - Prob. 3.10BECh. 3 - Calculating ratios; solving for unknowns LO38 The...Ch. 3 - Balance sheet; missing elements LO32, LO33, LO38...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet classification LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet; Current versus long-term...Ch. 3 - Prob. 3.7ECh. 3 - Prob. 3.8ECh. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Financial statement disclosures LO34 The...Ch. 3 - Prob. 3.11ECh. 3 - Prob. 3.12ECh. 3 - Prob. 3.13ECh. 3 - FASB codification research LO32, LO34 Access the...Ch. 3 - Prob. 3.15ECh. 3 - Prob. 3.16ECh. 3 - Prob. 3.17ECh. 3 - Calculating ratios; solve for unknowns LO38 The...Ch. 3 - Prob. 3.19ECh. 3 - Effect of management decisions on ratios LO38...Ch. 3 - Prob. 3.21ECh. 3 - Prob. 3.22ECh. 3 - Balance sheet preparation LO32, LO33 Presented...Ch. 3 - Balance sheet preparation; missing elements LO32,...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Balance sheet preparation LO32, LO33 The...Ch. 3 - Prob. 3.6PCh. 3 - Balance sheet preparation; errors LO32, LO33 The...Ch. 3 - Balance sheet; errors; missing amounts LO32, LO33...Ch. 3 - Balance sheet preparation LO32 , LO33 Presented...Ch. 3 - Prob. 3.10PCh. 3 - Communication Case 31 Current versus long-term...Ch. 3 - Analysis Case 32 Current versus long- term...Ch. 3 - Prob. 3.4BYPCh. 3 - Judgment Case 35 Balance sheet; errors LO32...Ch. 3 - Prob. 3.6BYPCh. 3 - Real World Case 37 Balance sheet and significant...Ch. 3 - Judgment Case 38 Post fiscal year-end e vents ...Ch. 3 - Prob. 3.9BYPCh. 3 - Prob. 3.10BYPCh. 3 - Prob. 3.11BYPCh. 3 - Analysis Case 314 Balance sheet information LO32...Ch. 3 - Prob. 3.15BYPCh. 3 - Ethics Case 316 Segment reporting Appendix 3 You...Ch. 3 - Prob. 1CCTC
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Question 3 The accountant of Hanoi Traders completed the subsidiary journals for the entity. Extracts from the subsidiary journals of Hanoi Traders for March 2022 are as follows: Creditors Journal - March 2022 Creditors control Trading stock Debtors Journal - March 2022 Sales Cost of sales R36 000 R96 350 R89 000 Cash Receipts Journal - March 2022 Bank Sales Debtors control Cost of sales Other Balances as at 1 March 2022 Bank Debtors control R45 000 Debtors allowances Cost of sales ?? R56 250 R23 815 R45 000 R128 640 Creditors Allowances Journal - March 2022 Creditors control R3 800 R53 880 R37 539 Trading stock R3 000 Debtors Allowances Journal - March 2022 6 200 4 960 Cash Payments Journal - March 2022 Bank Trading stock Creditors control Balance as at 1 March 2022 Creditors control R168 259 R65 400 R36 000 R48 951 Required: Post the above journals to the following General Ledger accounts and balance the accounts: 3.1. Bank account 3.2. Debtors control account 3.3. Creditors control…arrow_forwardQuestion 13 Match the following external users of financial accounting information with the type of decision that user will make with the information 1. Creditor 2. Investor 3. Regulatory Agency 4. Federal Tax Authority Is the company operating within prescribed guidelines? Is the company able to pay its debts? Is the company a good investment? Is the company complying with tax laws? A. 1 B. 3 C.2 D.4arrow_forward9 LISICH An extract from a printing company's 2021 financial statements follows: Balance sheet As of December 31, 2021 As of December 31, 2020 Total assets Total liabilities Total stockholders' equity 1) 0.75 O2) 0.65 What was the company's debt-to-assets ratio for 2021? 3) 3.32 57,699 4) 0.50 37,682 €20,017 54,013 37,919 16,096arrow_forward
- concerning such concepts as the business entity and the valuation of assets, 37 liabilities, and owner's equity. BERSOZA PLAYHOUSE Statement of Financial Position September 30, 2019 ASSETS Cash P 21,900 132,200 LIABILITIES & OWNER'S EQUITY Liabilities: Accounts Accounts Payable P 60,000 Receivable Props and Costumes Theatre Building Lighting Equipment Automobile 30,000 Salaries Payable 29,200 270,000 Total Liabilities P 89,200 94,000 Owner's Equity: 350,000 Helen Bersoza, 808,900 Capital Total Total P 898.100 P 898.100 The following facts were discovered after reviewing the records of the Playhouse: a. The amount of cash include P 15,000 in the company's bank account, P 1,900 in the company's safe and P 5,000 in Bersoza's personal savings account. b. The accounts receivable include P 7,200 owed to Playhouse by Artistic Tours and the remaining P 125,000 is an estimate of future ticket sales for the next three months, c. Bersoza explains to you that the props and costumes were purchased…arrow_forwardINSTRUCTIONS Section 1- Financial Analysis FSA Company's Summary Financial Data (In billions, except per share data) 2020 2019 2018 2017 2016 Net Sales 30.20 29.70 29.10 29.40 28.50 Gross Profit 16.10 17.30 17.20 16.80 16.60 Operating Income Net Income 12.50 12.90 12.10 12.70 12.80 11.90 0.90 12.80 11.60 11.80 1.70 11.80 Restructuring charge (after tax) Net Income before restructuring Op Income before restructuring 1.30 1.00 0.50 L10 12.80 12.90 1390 12.90 12.20 13.80 13.90 13.00 13.20 17.80 20.90 14.40 13 50 5.00 Total Assets 21.00 19.00 18.30 Total Liabilities 15.00 13.80 12.60 Long Term Debt Shareholder Equity Treasury Stock at cost 6.60 6.00 6.00 5.20 5.40 6.50 5.70 5.50 5.20 4.00 3.50 6. 10 5.30 5.20 29 32 28.54 28 29 28.04 Basic Earnings per share. Cash Dividends per share 29.00 14.50 14.20 14.00 13.60 13.00 53.00 Closing Stock Price Shares Outstatiding (billions) 75.00 63.00 64.00 69.00 0.40 0.41 0.42 0,41 0 42 Using the above information, kindly prepare the following: a)…arrow_forwardoped eBook Hint Exercise 14-8A (Algo) Ratio analysis LO 14-2, 14-3 The balance sheet for Rooney Corporation follows: Current assets Long-term assets (net) Total assets Current liabilities. Long-term liabilities Total liabilities. Common stock and retained earnings Total liabilities and stockholders' equity Required Compute the following. Note: Round ratios to 1 decimal place. Working capital Current ratio Debt-to-assets ratio Debt-to-equity ratio % $ 238,000 751,000 $ 989,000 $ 158,000 447,000 605,000 384,000 $ 989,000arrow_forward
- Q No.12 The December 31, 2015, balance sheet and income statement for Mayberry Cafeterias, Inc. are given; a. Compute the specified ratios, and compare them to the industry average (better or worse). b. If you were appointed financial manager of the company, what decisions would you make based on your findings? Balance Sheet Cash 17 Accounts Payable 7 Marketable Securities 5 Notes Payable 3 Accounts Receivable 3 Taxes Payable 2 Inventory 16 Other Accruals 3 Prepaid Expenses 6 Current Liabilities 15 Current Assets 47 Long-term debt 35 Gross plant and equipment 126 Preferred Stock 10 Less: Accumulated Dep. -57 Common Stock 20…arrow_forwardHCS 986 Week 4 Horizontal and Vertical Analysis O 100 DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a vertical analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance. Dec. 31, 2022 Dec. 31, 2021 Accounts Receivable 460,000 400,000 Inventory 780,000 650,000 Total Assets 3,164,000 2,800,000 NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point for the answer, as seen in the example below. The text box will highlight red if incorrect after clicking the Submit button (bottom right corner). Example: 30000 = 6.0 % Accounts Receivable 2022 = 400000 460000 = 1.15 % 53°F Mostly cloudy 10:23 PM 5/23/2022arrow_forwardProblem 13-5A (Algo) Comparative ratio analysis LO P3 [The following information applies to the questions displayed below.] Summary information from the financial statements of two companies competing in the same industry follows. Barco Company Data from the current year-end balance sheets Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Current liabilities Long-term notes payable Common stock, $5 par value Retained earnings Total liabilities and equity Problem 13-5A (Algo) Part 1 Barco Company Kyan Company $ 19,500 36,400 85,040 5,700 $ 33,000 56,400 132,500 7,400 309,400 290,000 $ 436,640 $ 538,700 $ 70,340 $ 104,300 115,000 83,800 160,000 206,000 122,500 113,400 $ 436,640 $ 538,700 Data from the current year's income statement Sales Cost of goods sold Interest expense Income tax expense Net income Basic earnings per share Cash dividends per share Beginning-of-year balance sheet data Accounts receivable,…arrow_forward
- QUESTION 6 E18.7 E18.7 (LO 3) Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below. Compute liquidity ratios. End of Year Beginning of Year Cash and cash equivalents $ 795 $ 72 Accounts receivable (net) 2,035 1,942 Inventory 898 900 Other current assets 326 303 Total current assets $4,054 $3,217 Total current liabilities $2,014 $1,601 For the year, net credit sales were $8,258 million, cost of goods sold was $5,328 million, and net cash provided by operating activities was $1,251 million. Instructions Compute the current ratio, accounts receivable turnover, average collection period, inventory turnover, and days in inventory at the end of the current year.arrow_forwardAcc 202 Finance reporting Tutorial A conceptual framework can be defined as a system of ideas and objectives that lead to the creation of a consistent set of rules and standards. Specifically in accounting, the rule and standards set the nature, function and limits of financial accounting and financial statements. Question I. What is conceptual framework in accounting? II. Discuss whether a conceptual framework is necessary. III. Outline the advantages and disadvantages of a conceptual framework. IV. Summarize the finance reporting af the chapter 1 - chapter 8 of the conceptual framework.arrow_forwardResul X HCS/X What X SAAM X 18851 HCS380 Week 4 Horizontal and Vertical Analysis ::- % 5 Cove X G how X Hosp X G beau x + DIRECTIONS: Using these data from Rollaird Company's comparative balance sheets, perform a horizontal analysis. Use Ch. 13, "Financial Analysis: The Big Picture," as guidance. Dec. 31, 2022 Dec. 31, 2021 Accounts Receivable 460,000 400,000 Inventory 780,000 650,000 Total Assets 3,164,000 2,800,000 NOTE: When entering your numbers, use whole numbers in the equation, and 1 decimal point for the answer, as seen in the example below. The text box will highlight red if incorrect after clicking the Submit button (bottom right corner). Example: 30000 ÷ 500000 = 6.0 % Inventory Bi F6 6 *4" & 7 F8 ** 8 F9 F10 ( 9 DOD F11 ) 0 = I % 54°F Mostly clear DA 888 Home End Insert = F12 10:05 5/23/arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Accounting (Text Only)AccountingISBN:9781285743615Author:Carl Warren, James M. Reeve, Jonathan DuchacPublisher:Cengage Learning
AccountingAccountingISBN:9781337272094Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.Publisher:Cengage Learning,
Intermediate Accounting: Reporting And AnalysisAccountingISBN:9781337788281Author:James M. Wahlen, Jefferson P. Jones, Donald PagachPublisher:Cengage Learning
Accounting Information SystemsFinanceISBN:9781337552127Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan HillPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning
Accounting (Text Only)
Accounting
ISBN:9781285743615
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Cengage Learning
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:Cengage Learning
Accounting Information Systems
Finance
ISBN:9781337552127
Author:Ulric J. Gelinas, Richard B. Dull, Patrick Wheeler, Mary Callahan Hill
Publisher:Cengage Learning
Financial ratio analysis; Author: The Finance Storyteller;https://www.youtube.com/watch?v=MTq7HuvoGck;License: Standard Youtube License