Question 1

In 2016, Nordstrom, Inc. reported the following (in millions):
  What amount did Nordstrom report as total assets?

Accepted Answer

A)  $ 4,616 million 
B)  $ 3,950 million 
C)  $ 7,307 million 
D)  $ 13,170 million 
E)  None of the above 
A)  $ 4,616 million 
B)  $ 3,950 million 
C)  $ 7,307 million 
D)  $ 13,170 million 
E)  None of the above

Question 2

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are:
-Land

Accepted Answer

A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows 
A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows

Question 3

Identify which of the following items would be reported in the balance sheet.
  Items reported in the balance sheet would include:

Accepted Answer

A)  a, b, c, e, and f 
B)  b, e, f, h, and i 
C)  c, d, e, h, and i 
D)  a, c, e, f, and h 
E)  c, e, f, h, and i 
A)  a, b, c, e, and f 
B)  b, e, f, h, and i 
C)  c, d, e, h, and i 
D)  a, c, e, f, and h 
E)  c, e, f, h, and i

Question 4

choose the best match from the following:
-Common stock

Accepted Answer

A) Assets 
B) Liabilities 
C)  Equity 
A) Assets 
B) Liabilities 
C)  Equity

Question 5

Compute the missing amounts for Nike Inc. for 2016 and 2015, in the table below:

Accepted Answer

The answer of Compute the missing amounts for Nike Inc....

Question 6

Assets are listed on the balance sheet in order of liquidity and liabilities are listed in order of maturity.

Accepted Answer

A) True 
 B)False

Question 7

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are:
-Insurance expense

Accepted Answer

A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows 
A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows

Question 8

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are:
-Retained earnings

Accepted Answer

A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows 
A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows

Question 9

In addition to purchased assets like inventories and equipment, companies also may report on their balance sheets intangible assets such as the value of a brand name.

Accepted Answer

A) True 
 B)False

Question 10

Liabilities and equities are both claims against the assets of a company.

Accepted Answer

A) True 
 B)False

Question 11

Interest expense appears in which financial statement?

Accepted Answer

A)  Statement of stockholders' equity 
B)  Balance sheet 
C)  Income statement 
D)  Statement of cash flows 
E)  All of the above 
A)  Statement of stockholders' equity 
B)  Balance sheet 
C)  Income statement 
D)  Statement of cash flows 
E)  All of the above

Question 12

Use the accounts below for Delphi Automotive PLC for December 31, 2016 to prepare an income statement and a balance sheet.

Accepted Answer

The answer of Use the accounts below for Delphi Automotive...

Question 13

Miguel decided to open a lemonade stand on Saturdays. Match Miguel's business activities to the following balance sheet items. (Note: each balance sheet item can only be used once).
-Mr. Wisner, a potential customer had no cash with him. Miguel agrees to let Mr. Wisner pay for his lemonade next Monday.

Accepted Answer

A)  Long-term liability 
B)  Accounts payable 
C)  Accounts receivable 
D)  Long-term asset 
E)  Inventory
F) Cash 
A)  Long-term liability 
B)  Accounts payable 
C)  Accounts receivable 
D)  Long-term asset 
E)  Inventory
F) Cash

Question 14

Retained earnings articulate across time which means that last period's retained earnings plus current period net income (or loss) is equal to the current period's retained earnings.

Accepted Answer

A) True 
 B)False

Question 15

Consider the effects of the independent transactions, a through h, on a company's balance sheet, income statement, statement of cash flows, and statement of stockholders' equity.
a. The company purchased inventory on credit.
b. The company sold all inventory purchased in transaction a) on credit (and for more than its cost).
c. The company collected cash from customers from transaction b).
d. The company purchased equipment with cash.
e. The company paid cash for a note payable that came due.
f. The company paid cash for interest on borrowings.
g. Wages were earned by company employees but not yet paid.
h. The company paid cash in dividends.
Complete the table below to explain the effects and financial statement linkages. Use "+" to indicate the account increases and "-" to indicate the account decreases.

Accepted Answer

The answer of Consider the effects of the independent transactions,...

Question 16

Consider the transactions listed. Match them to the financial statement effects listed
-Pay accounts payable

Accepted Answer

A)  Decrease assets and decrease equity 
B)  Decrease liabilities and decrease assets 
C)  Increase assets and decrease assets 
D)  Increase assets and increase equity 
A)  Decrease assets and decrease equity 
B)  Decrease liabilities and decrease assets 
C)  Increase assets and decrease assets 
D)  Increase assets and increase equity

Question 17

Miguel decided to open a lemonade stand on Saturdays. Match Miguel's business activities to the following balance sheet items. (Note: each balance sheet item can only be used once).
-The items in (c) will not be paid for until next month.

Accepted Answer

A)  Long-term liability 
B)  Accounts payable 
C)  Accounts receivable 
D)  Long-term asset 
E)  Inventory
F) Cash 
A)  Long-term liability 
B)  Accounts payable 
C)  Accounts receivable 
D)  Long-term asset 
E)  Inventory
F) Cash

Question 18

In 2016, Southwest Airlines had negative net working capital of $(2,346) million and current assets of $4,498 million.
The firm's current liabilities are:

Accepted Answer

A)  $2,152 million 
B)  $6,844 million 
C)  $2,346 million 
D)  $5,236 million 
E)  There is not enough information to calculate the amount. 
A)  $2,152 million 
B)  $6,844 million 
C)  $2,346 million 
D)  $5,236 million 
E)  There is not enough information to calculate the amount.

Question 19

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are:
-Cash

Accepted Answer

A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows 
A) Balance Sheet 
B) Statement of Stockholders' Equity 
C) Income Statement 
D) Statement of Cash Flows

Question 20

Which of the following is included as a component of stockholders' equity?

Accepted Answer

A)  Buildings 
B)  Retained earnings 
C)  Prepaid property taxes 
D)  Accounts payable 
E)  Dividends 
A)  Buildings 
B)  Retained earnings 
C)  Prepaid property taxes 
D)  Accounts payable 
E)  Dividends

In 2016, Nordstrom, Inc. reported the following (in millions): What amount did Nordstrom report as total assets?

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Land

Identify which of the following items would be reported in the balance sheet. Items reported in the balance sheet would include:

choose the best match from the following: -Common stock

Compute the missing amounts for Nike Inc. for 2016 and 2015, in the table below:

Assets are listed on the balance sheet in order of liquidity and liabilities are listed in order of maturity.

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Insurance expense

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Retained earnings

In addition to purchased assets like inventories and equipment, companies also may report on their balance sheets intangible assets such as the value of a brand name.

Liabilities and equities are both claims against the assets of a company.

Interest expense appears in which financial statement?

Use the accounts below for Delphi Automotive PLC for December 31, 2016 to prepare an income statement and a balance sheet.

Retained earnings articulate across time which means that last period's retained earnings plus current period net income (or loss) is equal to the current period's retained earnings.

Consider the transactions listed. Match them to the financial statement effects listed -Pay accounts payable

Miguel decided to open a lemonade stand on Saturdays. Match Miguel's business activities to the following balance sheet items. (Note: each balance sheet item can only be used once). -The items in (c) will not be paid for until next month.

In 2016, Southwest Airlines had negative net working capital of $(2,346) million and current assets of $4,498 million. The firm's current liabilities are:

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Cash

Which of the following is included as a component of stockholders' equity?

Financial Accounting for MBAS

Transactions, Adjustments, and Financial Statements

Analyzing and Interpreting Financial Statements

Revenues, Receivables, and Operating Expenses

Inventory, Accounts Payable, and Long-Term Assets

Current Liabilities and Long-Term Liabilities

Stock Transactions, Dividends, and EPS

Intercorporate Investments

Leases, Pensions, and Income Taxes

Cash Flows

Forecasting Financial Statements

Using Financial Statements for Valuation

Filters

Exam 2: Introducing Financial Statements

In 2016, Nordstrom, Inc. reported the following (in millions): What amount did Nordstrom report as total assets?

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Land

Identify which of the following items would be reported in the balance sheet. Items reported in the balance sheet would include:

choose the best match from the following: -Common stock

Compute the missing amounts for Nike Inc. for 2016 and 2015, in the table below:

Assets are listed on the balance sheet in order of liquidity and liabilities are listed in order of maturity.

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Insurance expense

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Retained earnings

In addition to purchased assets like inventories and equipment, companies also may report on their balance sheets intangible assets such as the value of a brand name.

Liabilities and equities are both claims against the assets of a company.

Interest expense appears in which financial statement?

Use the accounts below for Delphi Automotive PLC for December 31, 2016 to prepare an income statement and a balance sheet.

Retained earnings articulate across time which means that last period's retained earnings plus current period net income (or loss) is equal to the current period's retained earnings.

Consider the transactions listed. Match them to the financial statement effects listed -Pay accounts payable

Miguel decided to open a lemonade stand on Saturdays. Match Miguel's business activities to the following balance sheet items. (Note: each balance sheet item can only be used once). -The items in (c) will not be paid for until next month.

In 2016, Southwest Airlines had negative net working capital of $(2,346) million and current assets of $4,498 million. The firm's current liabilities are:

Identify the financial statements in which you would find each of the items listed below. Some items may appear on more than one statement. Indicate all financial statements that apply to each item. The possible choices are: -Cash

Which of the following is included as a component of stockholders' equity?

Financial Accounting for MBAS

Transactions, Adjustments, and Financial Statements

Analyzing and Interpreting Financial Statements

Revenues, Receivables, and Operating Expenses

Inventory, Accounts Payable, and Long-Term Assets

Current Liabilities and Long-Term Liabilities

Stock Transactions, Dividends, and EPS

Intercorporate Investments

Leases, Pensions, and Income Taxes

Cash Flows

Forecasting Financial Statements

Using Financial Statements for Valuation

Filters