Accounting Questions

1)The 2013 financial statements of Leggett Platt, Inc include the following information footnote What are the company's gross accounts and other receivables at the end of 2013? (in millions) 2013 2012 Allowance for doubtful accounts $15.2 $19.2 Total accounts and other receivables net $467.4 $446.2 A) $467. million B) $471.4 million c) $452 million D) $482.6 million E) None above 2)The 2013 income statements of Leggett & Platt. Inc reports net sales of $3, 746.0 million The balanci sheet reports accounts receivable grosso $482.6 million December 31. 2013 and $465. December 31, 2012. The average collection period 2013 was A) 16 days 10 days Di 8 days E) Nome fthe above 3)The 2013 annual report of Oracle Corporation included ti the following ation relatinato their allowance for doubtful accounts Balance allowance the beginning of the vear $323 million accounts written during year 145 million, balance allowance at the end of the year $296 million What did Oracle Corporation report as bad debt expense for the year? Al 7 million $178 million c) $118 million $151 million E) None of the above 4)CocoaBeach Sur Shop receives information that requires the company to increase its expectations of incollectible accounts receivable Which of the following does not occur on the company financial statements? A) Bad debt expense increased B) Accounts receivables (gross)i reduced incomeis reduced D) The allowance account increased E) None o above 5)The 201: statements of BNSF Railway Company report total revenues $22,014 million accounts receivable 1,298 million 2013 and $1 168 million for 2012. The company's accounts receivable turnover for the year is: A) O days B) 8.9times D) 17.9 times E) None above Please put n the empty cells whether the statement True False? Accounts (net) reported in the current asset section company s balance sheet the total amount owed customers withir the next year. Overestimating the allowance for uncollectible accounts receivable can shift income from the current period into one or more future periods The financial statement effects for uncollectible accounts occur when company writes the account because that when the uncertainty resolved In order b report receivable net, companies estimate amount they do not expect collect from their credit customers Part Cost of Goods Sold Using FIFO and LIFO Methods Fischer Inc. had fiscal 2013 Compute the cost goods fiscal FIFO and LIFO methods of accounting for inventory PLEASE SHOW YOUR WORKINGS EXCEL Beginning Inventory, January 2013: 130 units @ $10.00 Purchase 200 units $12.00 Purchase units $9.00 Purchase 110 units $10.50 Ending Inventory, December 31. 2013: 120 units Part I Change of inventory method Please put in the empty cells whether the statement True or False? IFO inventory costino vields more accurate reporting of the inventory balance on the balance sheet Companies using LIFO are required to disclose the amoun at which inventory would have been reported had used F Similarly companies using FIFO required disclose what their inventory would have been company had used the LIFO. Ingeneral ina period offalling prices, LIFO produces higher gross profits FIFO. Increasing inventory turnover rate will improve profitability Part A: Depreciation Expense Calculations The Rialto Theatre purchased projector costing $7. on January 2012. Because of echnologies, estimated to vears after which willbe obsolete have salvage value as collectors item Compute the depreciatic expense for ALL YEARS using a. The straight line method b. Double-declining -balance method Please show your workings Excel. Computing and estimating usefullife Please show your workings Excel. Following are selected disclosures from Cabela's (an outdoor adventure superstore): PROPERTY AND EQUPMENT (in thousands) Depreciable Life in Years 2013 2012 Land and improvements Up to 20 $216,826 $185,916 Buildings and improvements 7to40 780,116 640,666 Furniture, fixtures and equipment 3to15 643,394 551,904 Assets held under capital lease Up to 30 15,611 13.255 Property equipment 1,655,947 1,391,741 Less accumulated depreciation and amortization (550,101) (473,847) 1,105,846 917.894 Construction in progress 181,699 103,762 $1,287,545 $1,021,656 a. Compute the PPF turnover for 2013 (Total revenuei 2013 is $3 205 632 thousand) Does suggest that Cabela capital intensive? (Hint: The median approximately 1.3.) b. believe sheet reflects all the company's operating assets? c. Cabela': expense $93 407 thousand 2013 How much of this related to Land and improvements? How much this expense related to Construction in progress? Explain d. Assuming Cabela's line depreciation estimate the usefu life its depreciable assets e. are Cabela's assets "used up" at vear end 2013? What implication does the ratio have forecasting Cabela's cash flows?