Questions from Financial Accounting


Q: For all quality of earnings cases except Liberty, when making ratio

For all quality of earnings cases except Liberty, when making ratio calculations that include balance sheet accounts, use ending and not average balances. The ratio calculations for Liberty are alread...

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Q: The following information was taken from the 2019 financial statements of Nordstrom

The following information was taken from the 2019 financial statements of Nordstrom and Macy's. Using this information, compute the following ratios for 2019: ROE, ROA, capital structure leverage, pro...

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Q: Nick's Fish Market purchased Maine lobster on account on October 10,

Nick's Fish Market purchased Maine lobster on account on October 10, 2020, for a gross price of $76,000. Nick also purchased Alaskan king crab on account on October 11, 2020, for a gross price of $36,...

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Q: Baymont Corporation purchased inventory on account on March 3, 2020,

Baymont Corporation purchased inventory on account on March 3, 2020, for a gross price of $50,000. The company purchased additional inventory on account on March 10, 2020, for a gross price of $140,00...

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Q: The following information was extracted from annual reports of 3M (dollars

The following information was extracted from annual reports of 3M (dollars in millions): Compute the missing information.

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Q: The following information comes from the records of Telly's Supply:

The following information comes from the records of Telly's Supply: An inventory count taken at year-end indicates that inventory with a cost of $50,000 is on hand as of December 31, 2020. Assume that...

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Q: Designer Shoe Warehouse reported the following items in its fiscal 2019 financial

Designer Shoe Warehouse reported the following items in its fiscal 2019 financial report (dollars in millions): Assume that counting errors caused the ending inventory in 2018 to be understated by $50...

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Q: Marian's Furs specializes in full-length mink coats. As of

Marian's Furs specializes in full-length mink coats. As of January 1, Marian had four top-ofthe-line coats. Although the four coats are equivalent, they were purchased the previous year at different c...

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Q: Vinnie's House of Televisions has 75 identical 27-inch color monitors

Vinnie's House of Televisions has 75 identical 27-inch color monitors in stock on January 1, 2021. Vinnie maintains records of the serial number of each monitor to track its costs. Vinnie purchased th...

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Q: Watkins Corporation began operations on January 1, 2019. The 2019

Watkins Corporation began operations on January 1, 2019. The 2019 and 2020 schedules of inventory purchases and sales are as follows: Complete the following schedule, and briefly discuss the trade-off...

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