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business
accounting principles ifrs

Questions and Answers of Accounting Principles IFRS

Yello Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2017, at a cost of $148,000. Over its 4-year useful life, the bus is expected to be
The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2017.1. Paid $5,000 of accrued taxes at time plant site was acquired.2. Paid $200
Information related to plant assets, natural resources, and intangibles at the end of 2017 for Dent Company is as follows: buildings $1,100,000, accumulated depreciation—buildings $600,000,
Campanez Company purchases a patent for $140,000 on January 2, 2017. Its estimated useful life is 10 years.(a) Prepare the journal entry to record amortization expense for the first year.(b) Show how
Depreciation information for Corales Company is given in BE10-4. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements,
Carol and Sam Foyle own Campus Fashions. From its inception Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
RLF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken
Presented below is an aging schedule for Halleran Company.At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000.Instructions(a) Journalize and post
Kerwick Company had accounts receivable of $100,000 on January 1, 2017. The only transactions that affected accounts receivable during 2017 were net credit sales of $1,000,000, cash collections of
Vandiver Company had the following select transactions.Apr. 1, 2017 Accepted Goodwin Company’s 12-month, 12% note in settlement of a $30,000 account receivable.July 1, 2017 Loaned $25,000 cash to
Record the following transactions for Redeker Co. in the general journal.2017May 1 Received a $9,000, 12-month, 10% note in exchange for Mark Chamber’s outstanding accounts receivable.Dec. 31
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.Nov. 1 Loaned
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements,
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
At what amount does Apple report cash and cash equivalents in its 2013 consolidated balance sheet?
Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter
R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2017.May 1 R. Santiago invested $40,000 cash in the business.2 Sold merchandise to Lawrie
Gomes Company uses special journals and a general journal. The following transactions occurred during September 2017.Sept. 2 Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30.
Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2017. The subsidiary ledger contains three accounts: Hale Company, balance $3,000; Janish Company,
Kieschnick Company has a balance in its Accounts Receivable control account of $10,000 on January 1, 2017. The subsidiary ledger contains three accounts: Bixler Company, balance $4,000; Cuddyer
Presented below is the subsidiary accounts receivable account of Jill Longley.InstructionsWrite a memo to Sara Fogelman, chief financial officer, that explains each transaction. Date Ref. Debit
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements,
LaTour Inc. is based in France and prepares its financial statements (in euros) in accordance with IFRS. In 2017, it reported cost of goods sold of €578 million and average inventory of €154
You are the controller of Small Toys Inc. Pamela Bames, the president, recently mentioned to you that she found an error in the 2016 fi nancial statements which she believes has corrected itself. She
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following.Instructions(a) Access the glossary (“Master
No financial decision-maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This activity
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. (Use Wal-Mart’s January 31, 2014, financial
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. Instructions for accessing and using the company’s complete annual report, including the notes to the
Presented below are the components in Veasy Company’s income statement. Determine the missing amounts. Sales Cost of Gross Operating Expenses Net Revenue Goods Sold Profit Income (a) $ 75,000 (b)
Explain the meaning of the credit terms 2/10, n/30.
Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2017, to expand operations by acquiring an additional
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. Instructions for accessing and using the company’s complete annual report, including the notes to the
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial
Using Apple’s annual report, determine its current liabilities at September 29, 2012, and September 28, 2013. Were current liabilities higher or lower than current assets in these two years?
Identify, in the sequence in which they are prepared, the three trial balances that are often used to report financial information about a company.
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. Instructions for accessing and using the company’s complete annual report, including the notes to the
Presented below are the assumptions and principles discussed in this chapter.1. Full disclosure principle.2. Going concern assumption.3. Monetary unit assumption. 4. Time period assumption.5.
Several timing concepts are discussed on pages 94–95. A list of concepts is provided below in the left column, with a description of the concept in the right column. There are more descriptions
The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in the blanks. Fundamental Enhancing Qualities Usefulness Qualities Relevance Consistency (a) (f)
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Cruz Insurance Co. Cruz uses the accounts Unearned Service Revenue and Service
Define two generally accepted accounting principles that relate to adjusting the accounts.
Much information about specific companies is available on the Internet. Such information includes basic descriptions of the company’s location, activities, industry, financial health, and financial
After researching the different forms of business organization. Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business
Journalize the following business transactions.(a) Qing Wei invests $9,000 cash in the business.(b) Insurance of $800 is paid for the year.(c) Supplies of $2,000 are purchased on account.(d) Cash of
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements,
What is the benefit of a single set of high-quality accounting standards?
This chapter’s Feature Story discusses the fact that although Clif Bar & Company is not a public company, it does share its financial information with its employees as part of its open-book
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers.Address: www.careers-in-accounting.com, or go to
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
Financial statement information about four different companies is as follows.Instructions(a) Determine the missing amounts.(b) Prepare the owner’s equity statement for Alpha Company.(c) Write a
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2017, Greene’s Goods and Solar
Indicate whether each of the following items is an asset (A), liability (L), or part of owner’s equity (OE).________ (a) Accounts receivable________ (b) Salaries and wages payable________ (c)
The basic accounting equation is Assets 5 Liabilities 1 Owner’s equity. Replacing the words in that equation with dollar amounts, what is Apple’s accounting equation at September 24, 2013?
Trenton Travel Agency purchased land for $90,000 cash on December 10, 2017. At December 31, 2017, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s
Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.Indirect labor
Detwiler Orchard issues a $700,000, 6%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $72,074 each. Prepare the entries to record the mortgage
a. The following terms pertain to the forming of a corporation:(1) Charter(2) By-laws.(3) Organization costs.Explain the terms.b. Donna Fleming believes a corporation must be incorporated in the
Presented below are two independent transactions. Both transactions have commercial substance.1. Mercy Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of
Numerous companies have established home pages on the Internet, e.g., the soda companies Capt'n Eli Root Beer Company and Cheerwine. InstructionsExamine the home pages of any two companies and
Frazier Company issues a 10%, 5-year mortgage note on January 1, 2022, to obtain fi - nancing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment
In this chapter, you learned how to use many tools for performing a financial analysis of a company. When making personal investments, however, it is most likely that you won’t be buying stocks and
Every company needs to plan in order to move forward. Its top management must consider where it wants the company to be in three to five years. Like a company, you need to think about where you want
The FASB has developed the Financial Accounting Standards Board Accounting Standards Codification (or more simply “the Codification”). The FASB’s primary goal in developing the Codification is
Identify the special journal(s) in which the following column headings appear.a. Sales Discounts Dr.b. Accounts Receivable Cr.c. Cash Dr.d. Sales Revenue Cr.e. Inventory Dr.
Indicate (using “Yes” or “No”) whether each of the following debits and credits is included in the cash payments journal.a. Debit to Cash.b. Credit to Inventory.c. Credit to Cash.d. Debit to
Identify in what ledger (general or subsidiary) each of the following accounts is shown.a. Rent Expense.b. Accounts Receivable—Cabrera. c. Notes Payable.d. Accounts Payable—Pacheco.
Prepare the closing entries for the Sales Revenue account, assuming a balance of $200,000 and the Cost of Goods Sold account with a $145,000 balance.
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Ashram Company: Accumulated Depreciation, Depreciation Expense, Owner’s Capital, Owner’s
Roger Richman owns Richman Blankets. a. He asks you to explain how he should treat the following reconciling items when reconciling the company’s bank account. Select from (a) add to bank
Wilkinson Company established a $100 petty cash fund on August 1. On August 31, the fund had $11 cash remaining and petty cash receipts for postage $31, office supplies $42, and miscellaneous expense
The information below relates to the Cash account in the ledger of Minton Company. Balance September 1—$17,150; Cash deposited—$64,000. Balance September 30—$17,404; Checks
In January, gross earnings in Burrell Company were $80,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of
For each of the following accounts, indicate the effects of (1) a debit and (2) a credit on the accounts and (3) the normal balance of the account.a. Accounts Payable.b. Advertising Expense.c.
Use the expanded accounting equation to answer each of the following questions. a. The liabilities of Kafka Company are $90,000. Owner’s capital is $150,000, drawings are $40,000, revenues are
Given the basic accounting equation, answer each of the following questions.a. The liabilities of Weber Company are $120,000 and the owner’s equity is $232,000. What is the amount of Weber
The following situations involve accounting principles and assumptions.1. Tisinai Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more
The information shown below was taken from the annual manufacturing overhead cost budget of Itanagar plc.Variable manufacturing overhead costs..........................................£34,650Fixed

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