Fundamentals of Financial Accounting - With Access
5th Edition
ISBN: 9781259695858
Author: PHILLIPS
Publisher: MCG
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Question
Chapter 9, Problem 9.1E
1.
To determine
The asset section of a classified balance sheet of Incorporation H.
2.
To determine
The fixed asset turnover ratio of Incorporation H for the year 2013 and to find out whether the Incorporation H has generated more or less revenue from each dollar of fixed asset than in 2012.
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Students have asked these similar questions
The following is a list of account titles and amounts (in millions) reported at December 27, 2015, by Hasbro, Inc., a leading manufacturer of games, toys, and interactive entertainment software for children and families:
Accounts Receivable
$
1,235
Equipment
$
415
Accumulated Amortization
840
Goodwill
595
Accumulated Depreciation
360
Inventories
380
Allowance for Doubtful Accounts
15
Land
5
Buildings
180
Licensing Rights
1,860
Cash and Cash Equivalents
980
Prepaid Rent
290
Required:
Prepare the asset section of a classified balance sheet for Hasbro, Inc.
Using Hasbro’s 2015 Net Sales Revenue of $4,450 (million), its Net Fixed Assets of $240 (million) at December 28, 2014, and its Net Fixed Assets computed at December 27, 2015, calculate the fixed asset turnover ratio for 2015.
The following items is taken from December 31, 2020, assets section of the Boeing
Company balance sheet (All dollars are in millions).
Inventory $9,563
Notes receivable – due after Dec 31, 2021, $6,777
Notes receivable – due before Dec 31 2021 $ 328
Accumulated Depreciation – buildings
Patents $ 11,915
$ 16,664
Buildings $ 20,180
Cash
Accounts receivables
Debt investment $ 7,042
$ 5,740
$ $2,266
Instructions
Prepare the assets section of a classified balance sheet, listing the current assts in order of
their liquidity.
Given the following financial statements for Voice-Soft, a voice recognition company, answer the questions on the next page.
Income Statements
Year Ended December 31,
20X2
20X1
Sales
8000
5000
Cost of goods sold (COGS)
7300
4380
EBITDA
700
620
Depreciation and Amortization
200
120
EBIT
500
500
Interest Expense
75
100
EBT
425
400
Taxes (20%)
85
80
Net Income
340
320
Balance Sheets
As of December 31,
20X2
20X1
Assets
Current assets:
Cash
300
20
Short term investments
460
100
Accounts receivable
640
400
Inventories
800
480
Total current assets
2200
1000
Net plant and equipment
1800
1500
Total assets
4000
2500
Liabilities and Stockholders' Equity
Current liabilities:
Notes…
Chapter 9 Solutions
Fundamentals of Financial Accounting - With Access
Ch. 9 - Define long-lived assets. What are the two common...Ch. 9 - Under the cost principle, what amounts should be...Ch. 9 - What is the term for recording costs as assets...Ch. 9 - 4. Waste Management, Inc., regularly incurs costs...Ch. 9 - Distinguish between ordinary repairs and...Ch. 9 - Describe the relationship between the expense...Ch. 9 - Why are different depreciation methods allowed?Ch. 9 - In computing depreciation, three values must be...Ch. 9 - Prob. 9QCh. 9 - After merging with Northwest Airlines, Delta...
Ch. 9 - A local politician claimed, to reduce the...Ch. 9 - What is an asset impairment? How is it accounted...Ch. 9 - What is book value? When equipment is sold for...Ch. 9 - Prob. 14QCh. 9 - Prob. 15QCh. 9 - FedEx Corporation reports the cost of its aircraft...Ch. 9 - Prob. 17QCh. 9 - Prob. 18QCh. 9 - (Supplement 9A) How does depletion affect the...Ch. 9 - (Supplement 9B) Over what period should an...Ch. 9 - Prob. 1MCCh. 9 - Prob. 2MCCh. 9 - Prob. 3MCCh. 9 - A company wishes to report the highest earnings...Ch. 9 - Barber, Inc., depreciates its building on a...Ch. 9 - Thornton Industries purchased a machine on July 1...Ch. 9 - ACME. Inc., uses straight-line depreciation for...Ch. 9 - What assets should be amortized using the...Ch. 9 - Prob. 9MCCh. 9 - The Simon Company and the Allen Company each...Ch. 9 - Classifying Long-Lived Assets and Related Cost...Ch. 9 - Prob. 9.2MECh. 9 - Prob. 9.3MECh. 9 - Computing Book Value (Straight-Line Depreciation)...Ch. 9 - Computing Book Value (Units-of-Production...Ch. 9 - Computing Book Value (Double-Declining-Balance...Ch. 9 - Calculating Partial-Year Depreciation Calculate...Ch. 9 - Prob. 9.8MECh. 9 - Recording the Disposal of a Long-Lived Asset...Ch. 9 - Reporting and Recording the Disposal of a...Ch. 9 - Prob. 9.11MECh. 9 - Prob. 9.12MECh. 9 - Computing and Evaluating the Fixed Asset Turnover...Ch. 9 - (Supplement 9A) Recording Depletion for a Natural...Ch. 9 - Prob. 9.15MECh. 9 - Prob. 9.1ECh. 9 - Prob. 9.2ECh. 9 - Determining Financial Statement Effects of an...Ch. 9 - Prob. 9.4ECh. 9 - Prob. 9.5ECh. 9 - Computing Depreciation under Alternative Methods...Ch. 9 - Computing Depreciation under Alternative Methods...Ch. 9 - Prob. 9.8ECh. 9 - Demonstrating the Effect of Book Value on...Ch. 9 - Prob. 9.10ECh. 9 - Prob. 9.11ECh. 9 - Prob. 9.12ECh. 9 - Prob. 9.13ECh. 9 - Prob. 9.14ECh. 9 - Computing Depreciation and Book Value for Two...Ch. 9 - Prob. 9.16ECh. 9 - Prob. 9.17ECh. 9 - Computing Acquisition Cost and Recording...Ch. 9 - Prob. 9.2CPCh. 9 - Analyzing and Recording Long-Lived Asset...Ch. 9 - Computing Acquisition Cost and Recording...Ch. 9 - Recording and Interpreting the Disposal of...Ch. 9 - Prob. 9.3PACh. 9 - Prob. 9.4PACh. 9 - Computing Acquisition Cost and Recording...Ch. 9 - Recording and Interpreting the Disposal of...Ch. 9 - Analyzing and Recording Long-Lived Asset...Ch. 9 - Prob. 9.4PBCh. 9 - Accounting for Operating Activities (Including...Ch. 9 - Prob. 9.1SDCCh. 9 - Prob. 9.2SDCCh. 9 - Ethical Decision Making: A Mini-Case Assume you...Ch. 9 - Critical Thinking: Analyzing the Effects of...Ch. 9 - Prob. 9.7SDCCh. 9 - Accounting for the Use and Disposal of Long-Lived...
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