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Question
large oil and gas companies tend to select a variation of the full-cost method to account for exploration and production costs.
Answer
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for bob and jane, the assets and liabilities and the effective income tax rates are as follows at december 31, 2012 . excess of estimated amount of current effective estimated estimate of values over income income account tax bases current value tax bases tax rates taxes cash $30,000 $30,000 marketable securities 50,000 60,000 10,000 20% options -0- 20,000 20,000 20% residence 120,000 160,000 40,000 10% royalties -0- 10,000 10,000 20% furnishings 30,000 25,000 (5,000) auto 10,000 8,000 (2,000) mortgage payable (60,000) (60,000) auto loan (4,000) (4,000) required: a. compute the estimated tax liability on the differences between the estimated current value of the assets and liabilities and their tax bases. b. present a statement of financial condition for bob and jane at december 31, 2012 .
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personal financial statements predominately use historical cost information.
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purple tortoise bus company had the following operating results in the past two years: 20122011operating revenues$457,000$310,000operating expenses437,000285,000operating property212,000180,000net income6,00012,000long-term debt170,000140,000estimated passenger miles4,500,0003,500,000load factor63%71%required:a.for each year: 1>calculate the operating ratio and comment on the trend. 2>calculate the long-term debt to operating property ratio. what does this tell about debt use? 3>calculate the operating revenue to operating property ratio. comment on the trend. 4>calculate the revenue and income per passenger mile and discuss. b.what does the load factor indicate?
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the interest rate that is assumed to be earned on pension funds can have a material influence on the pension expense and the pension liability. the higher the rate of interest assumed to be earned on pension funds, the higher the pension expense and the higher the pension liability.
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which of the following is not a purpose of the statement of cash flows? a. to show cash flow from operations b. to show cash flow from financing activities c. to show cash flow from investing activities d. to show all investing and financing transactions e. to show operating expenses for a period of time
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jones clothing store presented the following statement of cash flows for the year ended december 31, 2012 . jones clothing store statement of cash flows for the year ended december 31, 2012 cash received: from sales to customers $200,000 interest income 10,000 loans from banks 50,000 from sale of property, plant, and equipment 100,000 from issuance of common stock 150,000 from issuance of bonds 100,000 total cash received $610,000 cash payments: for dividends $20,000 for purchase of stock of another company 150,000 for purchase of equipment 200,000 for acquisition of inventory 80,000 to employees 60,000 total cash payments $510,000 net increase in cash $100,000 required: a. prepare a statement of cash flows in proper form. b. comment on the major flows of cash.
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the statement of cash flows was added as a required financial statement to overcome deficiencies of the income statement and balance sheet. required: briefly describe the purpose of each of these three financial statements. indicate in your answer how the statement of cash flows helped overcome the shortcomings of the other two statements.
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sale of equipment for cash is an operating activity.
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the purchase of equipment using cash is an investing activity.
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cash flow per share is usually higher than earnings per share.
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the operating cash flow/total debt ratio is one that indicates a firm's ability to meet its current maturities of debt.
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within an individual account, there may be an explanation of both a source and a use of cash.
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the statement of cash flows is presented on a working capital basis.
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depreciation expense reduces operating income but does not require the use of cash.
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the income statement does not fairly represent the cash from operations.
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the statement of cash flows became a required statement in which year? a. 1995 b. 1978 c. 1971 d. 1987 e. 1993
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deferred policy acquisition costs represent the cost of obtaining policies. under statutory accounting practices, these costs are charged to expense as they are incurred.
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for insurance companies, unrealized gains and losses, not recognized on the income statement, will be recorded in the account accumulated other comprehensive income.
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statutory accounting has emphasized the balance sheet in its concern for protecting the policyholders by focusing on the financial solvency of the insurance corporation.
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insurance companies provide two types of services. one service is an identified contract service-mortality protection or loss protection. the second service consists of investment management service.
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the regulated utility is building into the cost base an amount for an assumed rate of return on equity funds by increasing the balance sheet account (construction work in progress) for an assumed rate of return on equity funds.
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electric utilities that have substantial construction work in progress are usually viewed as being less risky investments than electric utilities that do not have substantial construction work in progress.
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a basic issue, still unresolved, relates to whether oil and gas exploration cost should be expensed or capitalized.
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a profitable utility will maintain a high operating ratio.
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a good statistic for analysis of asset utilization for a bus line is the passenger load factor.
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most regulated utilities have very high receivables.
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equity capital to total assets for a bank is a measure of leverage.
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the loan loss coverage ratio is computed by dividing the provision for loans by net loans.
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there are basically four types of insurance organizations. which of the following is not one of these four types? a. group b. stock companies c. mutual companies d. fraternal benefit societies e. assessment companies