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Question 1
Claymore Corporation maintains its book on a cash basis. During 2013, the company collected $825,000 in fees from its clients and paid $512,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable:
In addition, 2013 depreciation expense on office equipment and furniture is $55,000.
Required:
Determine accrual basis income for 2013.
Question 2
The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions):
Required:
Based on the information presented above, prepare the 12/31/13 Balance Sheet for Krafty Foods Be sure to classify assets and liabilities as current and non-current.
Question 3
The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Marriott International Inc. for the 2010 fiscal year. Certain amounts have been replaced with question marks to test your understanding of balance sheets. In addition, you are provided with the following information from an analysis of Marriott's financial position at the same date:
Current ratio = 1.352259; Acid-test ratio = 0.5769692; Debt to equity ratio = 4.6675078.
Compute the missing amounts (rounded to the nearest $ in millions) in the Marriott balance sheet. Present your answer in balance sheet format.
Question 4
The trial balance of Rollins Inc. included the following accounts as of December 31, 2013:
Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%.
Required:
A. Prepare a 2013 multiple-step income statement for Rollins Inc. with basic earnings per share disclosure.
B. Prepare a 2013 separate statement of comprehensive income for Rollins Inc.
Question 5
Cash flow from operating activities
The accounting records of Rockness Company provided the data below ($ in 000s)
Required:
Prepare a reconciliation of net income to net cash flows from operating activities.
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Claymore Corporation maintains its book on a cash basis. During 2013, the company collected $825,000 in fees from its clients and paid $512,000 in expenses. You are able to determine the following information about accounts receivable, supplies, prepaid rent, salaries payable, and interest payable:
In addition, 2013 depreciation expense on office equipment and furniture is $55,000.
Required:
Determine accrual basis income for 2013.
Question 2
The following information, based on the 12/31/13 Annual Report to Shareholders of Krafty Foods ($ in millions):
Required:
Based on the information presented above, prepare the 12/31/13 Balance Sheet for Krafty Foods Be sure to classify assets and liabilities as current and non-current.
Question 3
The following balance sheet information (in $ millions) comes from the Annual Report to Shareholders of Marriott International Inc. for the 2010 fiscal year. Certain amounts have been replaced with question marks to test your understanding of balance sheets. In addition, you are provided with the following information from an analysis of Marriott's financial position at the same date:
Current ratio = 1.352259; Acid-test ratio = 0.5769692; Debt to equity ratio = 4.6675078.
Compute the missing amounts (rounded to the nearest $ in millions) in the Marriott balance sheet. Present your answer in balance sheet format.
Question 4
The trial balance of Rollins Inc. included the following accounts as of December 31, 2013:
Rollins had 100,000 shares of stock outstanding throughout the year. Income tax expense has not yet been accrued. The effective tax rate is 40%.
Required:
A. Prepare a 2013 multiple-step income statement for Rollins Inc. with basic earnings per share disclosure.
B. Prepare a 2013 separate statement of comprehensive income for Rollins Inc.
Question 5
Cash flow from operating activities
The accounting records of Rockness Company provided the data below ($ in 000s)
Required:
Prepare a reconciliation of net income to net cash flows from operating activities.
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