1.
Find the amount of current assets and current liabilities.
2.
Find the amount of single largest current asset and current liability.
3.
Find the amount in the allowance for doubtful accounts.
4.
Find the par value of the company’s common stock and the numbers of shares were issued and outstanding.
5.
Find the total amount of inventory and find the principal categories of inventory
6.
Find the costing method used for inventories.
7.
Find the total property, plant, and equipment before and after
8.
Find the accumulated depreciation and find the method used by the company to
9.
Find the long-term debt and find the due period.
10.
Find the amount of
11.
Find the accumulated other comprehensive income/loss balance.
12.
Find the non-controllable interest balance.
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Chapter 4 Solutions
INTERMEDIATE ACCOUNTING(LL) W/CENGAGENO
- Analyzing Starbuckss Income Statement and Cash Flow Statement Disclosures Review Starbuckss financial statements and notes in Appendix A. Required: (Note: You do not need to make any calculations.) 1. Does the company use a multiple-step or a single-step format on its income statement? Explain. 2. What was the net earnings attributable to Starbucks for 2017? What was the basic earnings per common share for 2017? 3. What was the amount of the income taxes related to income before income taxes for 2017? 4. What was the amount of general and administrative expenses in 2017? 5. What amount of depreciation and amortization expense is reported separately on the income statement for 2017? How much depreciation and amortization expense is added back to net income on the 2017 statement of cash flows? What item on the income statement includes the majority of the difference? 6. What amount of dividends on common stock was paid and declared in 2017? If these amounts differ, where is the difference on the balance sheet? 7. Are Starbuckss revenues seasonal? If so, in which two quarters did Starbucks generate the most revenues in 2016 and 2017? 8. Did Starbucks use the direct or indirect method to determine the net cash provided by operating activities in 2017? What was the amount? 9. What was the net cash used in investing activities in 2017? 10. What cash was used for financing activities in 2017?arrow_forwardPerform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts $ 353,739.57 $ 343,050.56 Sales Revenues: Storefront $ 80,649.00 $ 91,411.50 Total Sales Revenue $ 434,388.57 $ 434,462.06 Cost of Goods Sold: Ingredients $ 69,736.39 $ 64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups $ 3,875.55 $ 3,755.55 Cost of Goods Sold: Beverages $ 5,466.50 $ 5,681.50 Total COGS $ 76,078.44 $ 74,082.69 Gross Profit $ 358,310.13 $ 360,379.37 Interest Revenue $…arrow_forwardA Financial Analysis Statement Calculate the 2021 (year ended 12/31/21) current ratio for Twitter. Calculate the 2021 (year ended 12/31/2021) current ratio for Meta. Which company has a better current ratio and why? Explain in a short paragraph. Calculate the 2021 accounts receivable turnover ratio for Twitter. Calculate the 2021 accounts receivable turnover ratio for Meta. Calculate the average collection period for each company. Show answer as number of days plus 2 decimals. Which company has a better receivable turnover ratio and why? Explain in a short paragraph. Calculate the 2021 return on assets for Twitter. Calculate the 2021 return on assets for Meta. Which company has a better return on assets and why? Explain in a short paragraph. Calculate the 2021 debt-to-equity ratio for Twitter. Calculate the 2021 debt-to-equity ratio for Facebook. Describe in a short paragraph what the debt-to-equity ratio measures and why this would be important to a potential creditor.…arrow_forward
- Using EDGAR (Electronic Data Gathering, Analysis, and Retrieval system), find the annual report (10-K) for Six Flags Entertainment Corporation for the year ended December 31, 2019. Locate the "Consolidated Statement of Operations" (income statement) and "Consolidated Balance Sheets." You may also find the annual report at the company's website. Required: 1. What amount does the company report for total liabilities in the current year? 2. What amount does the company report for current liabilities and long-term liabilities? 3. Determine the amount the company reports for short-term lease liabilities and long-term lease liabilities. 4. Find Note 8. Long-Term Indebtedness. What amount does the company report for 2024 notes and 2027 notes? 5. What is the approximate interest rate the company is paying on its debt? (Hint: Divide interest expense in the income statement by the amount of long-term debt plus the current portion of long-term debt.) (Enter your answer as a percentage rounded to…arrow_forwardThe following accounts are from XYZ, Inc. Balance Sheet as of December 31, 2020: Requirements: 1. What is the amount of XYZ's total Non-Current assets as of December 31, 2020? 2. Identify the accounts listed above that are Current liabilities. 3. What is the amount of XYZ's retained earnings as of December 31, 2020? (Hint: use the extended accounting equation) 4. Prepare a balance sheet for XYZ as of December 31, 2020.arrow_forwardPrepare a classified balance sheet (Statement of Financial Position) for Yu Company from the following account balances as of Dec. 31, 2017. Use report form with supporting notes.arrow_forward
- Using the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Black Water Industries?arrow_forwardThe following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.arrow_forwardIdentify summary information about Netflix, Inc. company. This information includes basic descriptions of the company's location, activities, industry, financial health, and financial performance. Go to the Yahoo! Finance website, type in Netflix, Inc., and then use the links (such as Financials) to locate the information necessary to answer the following questions with regard to December 31, 2019. Your answer is partially correct. What is the company's net income? Over what period was this measured? Net income of $ thousand during the year ended December 31, 2019arrow_forward
- Financial Reporting Analysis: Use Unilever Caribbean Limited 2022 annual report to apply to this question.a) Evaluate the company’s latest annual financial statements (balance sheet, income statement, and cash flow statement) and comment on the company's financial performance and position. In your response, use the requirements of IAS 1 as a guide.b) Identify and discuss key accounting principles and standards applied in the company’s financial reporting process indicating their reasons for choosing these and how they were applied. Comment briefly on the appropriateness of thechoices made given the company’s industry, location and type (e.g. MNC,regional conglomerate, etc.) c) Critically analyze any significant accounting policies and estimates disclosed in the notes to the financial statements. In your answer, indicate whether the company complied with the accounting standards and conventions.arrow_forwardPreparing financial statements Presented here are the accounts of Pembroke Bookkeeping Company for the year ended December 31, 2018: Requirements Prepare Pembroke Bookkeeping Company’s income statement. Prepare the statement of retained earnings. Prepare the balance sheet.arrow_forwardconduct horizontal and vertical analyses for the balance sheet and income statement accounts and report any significant observations for a two-year period. Debt Financing Use basic financial analysis to examine any horizontal changes in Starbucks’ short- and long-term debt over time. Use basic financial analysis to examine any vertical changes in Starbucks’ short- and long-term debt over time. Analyze Starbucks’ method of debt financing. In your analysis, you should address both current and long-term liabilities, including the issuance of bonds.arrow_forward
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