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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Debits:(a) increase both assets and liabilities.(b) decrease both assets and liabilities.(c) increase assets and decrease liabilities.(d) decrease assets and increase liabilities.
A revenue account:(a) is increased by debits.(b) is decreased by credits.(c) has a normal balance of a debit.(d) is increased by credits.
Accounts that normally have debit balances are:(a) assets, expenses, and revenues.(b) assets, expenses, and common stock.(c) assets, liabilities, and dividends.(d) assets, dividends, and expenses.
The expanded accounting equation is:(a) Assets + Liabilities = Common Stock + RetainedEarnings + Revenues + Expenses + Dividends.(b) Assets = Liabilities + Common Stock + RetainedEarnings + Revenues
Which of the following is not part of the recordingprocess?(a) Analyzing transactions.(b) Preparing an income statement.(c) Entering transactions in a journal.(d) Posting journal entries.
Which of the following statements about a journal isfalse?(a) It is not a book of original entry.(b) It provides a chronological record of transactions.(c) It helps to locate errors because the debit
The purchase of supplies on account should result in:(a) a debit to Supplies Expense and a credit to Cash.(b) a debit to Supplies Expense and a credit toAccounts Payable.(c) a debit to Supplies and a
The order of the accounts in the ledger is:(a) assets, revenues, expenses, liabilities, commonstock, dividends.(b) assets, liabilities, common stock, dividends, revenues,expenses.(c) common stock,
A ledger:(a) contains only asset and liability accounts.(b) should show accounts in alphabetical order.(c) is a collection of the entire group of accountsmaintained by a company.(d) is a book of
Posting:(a) normally occurs before journalizing.(b) transfers ledger transaction data to the journal.(c) is an optional step in the recording process.(d) transfers journal entries to ledger accounts.
Before posting a payment of $5,000, the AccountsPayable of Chola Corporation had a normal balanceof $18,000. The balance after posting this transactionwas:(a) $13,000.(b) $5,000. (c) $23,000.(d)
A trial balance:(a) is a list of accounts with their balances at a giventime.(b) proves the mathematical accuracy of journalizedtransactions.(c) will not balance if a correct journal entry is
A trial balance will not balance if:(a) a correct journal entry is posted twice.(b) the purchase of supplies on account is debited toSupplies and credited to Cash.(c) a $100 cash dividend is debited
The trial balance of Stevens Corporation had accountswith the following normal balances: Cash $5,000,Service Revenue $85,000, Salaries and Wages Payable$4,000, Salaries and Wages Expense $40,000,
Two students are discussing the use of a trial balance.They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing. What would you tell
James Mayaguez recorded the following transactions during the month of April.Post these entries to the Cash T-account of the general ledger to determine the ending balance in cash. The beginning
The following accounts are taken from the ledger of Chillin’ Company at December 31, 2019. 200 Notes Payable 311 Common Stock 157 Equipment 332 Dividends 726 Salaries and $20,000 25,000 76,000
Which statement is correct regarding IFRS?(a) IFRS reverses the rules of debits and credits, that is, debits are on the right and credits are on the left.(b) IFRS uses the same process for recording
The expanded accounting equation under IFRS is as follows:(a) Assets = Liabilities + Common Stock + Retained Earnings + Revenues − Expenses + Dividends.(b) Assets + Liabilities = Common Stock +
A trial balance:(a) is the same under IFRS and GAAP.(b) proves that transactions are recorded correctly.(c) proves that all transactions have been recorded.(d) will not balance if a correct journal
One difference between IFRS and GAAP is that:(a) GAAP uses accrual-accounting concepts and IFRS uses primarily the cash basis of accounting.(b) IFRS uses a different posting process than GAAP.(c)
The general policy for using proper currency signs (dollar, yen, pound, etc.) is the same for bothIFRS and this textbook. This policy is as follows:(a) Currency signs only appear in ledgers and
Accounting is an information system that identifies, records, and communicates the economic events of an organization to interested users. The major users and uses of accounting are as follows. (a)
Ethics are the standards of conduct by which actions are judged as right or wrong.Effective financial reporting depends on sound ethical behavior. Generally accepted accounting principles are a
State the accounting equation, and defi ne its components.
Each business transaction must have a dual effect on the accounting equation. For example, if an individual asset increases, there must be a corresponding (1) decrease in another asset, or (2)
An income statement presents the revenues and expenses and resulting net income or net loss for a specific period of time. A retained earnings statement summarizes the changes in retained earnings
Accounting offers many different jobs in fields such as public and private accounting, governmental accounting, and forensic accounting. Accounting is a popular major because there are many different
In a worksheet, net income is entered in the following columns:(a) income statement (Dr) and balance sheet (Dr).(b) income statement (Cr) and balance sheet (Dr).(c) income statement (Dr) and balance
An account that will have a zero balance after closing entries have been journalized and posted is:(a) Service Revenue.(b) Supplies.(c) Prepaid Insurance.(d) Accumulated Depreciation—Equipment.
Which types of accounts will appear in the post-closing trial balance?(a) Permanent (real) accounts.(b) Temporary (nominal) accounts.(c) Accounts shown in the income statement columns of a
The proper order of the following steps in the accounting cycle is:(a) prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries.(b)
When Ramirez Company purchased supplies worth $5,000, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:(a) Cash is overstated and
Gross profit will result if:(a) operating expenses are less than net income.(b) net sales are greater than operating expenses.(c) net sales are greater than cost of goods sold.(d) operating expenses
Under a perpetual inventory system, when goods are purchased for resale by a company:(a) purchases on account are debited to Inventory.(b) purchases on account are debited to Purchases.(c) purchase
The sales accounts that normally have a debit balance are:(a) Sales Discounts.(b) Sales Returns and Allowances.(c) Both (a) and (b).(d) Neither (a) nor (b).
A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:(a) $700.(b) $686.(c) $685.(d) $650.
Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?(a) Purchases.(b) Freight-In.(c) Cost of Goods
To record the sale of goods for cash in a perpetual inventory system:(a) only one journal entry is necessary to record cost of goods sold and reduction of inventory.(b) only one journal entry is
The steps in the accounting cycle for a merchandising company are the same as those in a service company except:(a) an additional adjusting journal entry for inventory may be needed in a
The multiple-step income statement for a merchandising company shows each of the following features except:(a) gross profit.(b) cost of goods sold.(c) a sales section.(d) an investing activities
If net sales are $400,000, cost of goods sold is $310,000, and operating expenses are $60,000, the gross profit is:(a) $30,000.(b) $90,000.(c) $340,000.(d) $400,000.
A single-step income statement:(a) reports gross profit.(b) does not report cost of goods sold.(c) reports sales revenue and “Other revenues and gains” in the revenues section of the income
Which of the following appears on both a single-step and a multiple-step income statement?(a) Inventory.(b) Gross profit.(c) Income from operations.(d) Cost of goods sold.
In a worksheet using a perpetual inventory system,M Inventory is shown in the following columns:(a) adjusted trial balance debit and balance sheet debit.(b) income statement debit and balance sheet
In determining cost of goods sold in a periodic system:(a) purchase discounts are deducted from net purchases.(b) freight-out is added to net purchases.(c) purchase returns and allowances are
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, cost of goods sold is:(a) $390,000.(b) $370,000.(c) $330,000.(d) $420,000.
When goods are purchased for resale by a company using a periodic inventory system:(a) purchases on account are debited to Inventory.(b) purchases on account are debited to Purchases.(c) purchase
Dirk Company reported the following balances at December 31, 2021: common stock $500,000, paid-in capital in excess of par—common stock $100,000, and retained earnings $250,000. During 2022, the
In 2022, Pennington Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporation’s tax rate is 30%.
Suppose Shaw Communications reported net cash used by operating activities of $104,539,000 and sales revenue of $2,867,459,000 during 2022. Cash spent on plant asset additions during the year was
During 2022, Slivowitz Doubleday Company converted $1,700,000 of its total $2,000,000 of bonds payable into common stock. Indicate how the transaction would be reported on a statement of cash flows,
In its 2018 statement of cash flows, what amount did Apple report for net cash (a) provided by operating activities, (b) used for investing activities, and (c) used for financing activities?
Rizzo’s Delivery Company and Overland’s Express Delivery exchanged delivery trucks on January 1, 2022. Rizzo’s truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of
On March 20, Harbor’s petty cash fund of $100 is replenished when the fund contains $19 in cash and receipts for postage $40, supplies $26, and travel expense $15. Prepare the journal entry to
What was Apple’s balance in cash and cash equivalents at September 29, 2018? Did it report any restricted cash? How did Apple define cash equivalents?
At December 31, 2021, Blanda Company had a credit balance of $15,000 in Allowance for Doubtful Accounts. During 2022, Blanda wrote off accounts totaling $11,000. One of those accounts of $1,800 was
Kerwick Company had net accounts receivable of $100,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $1,000,000. At December 31,
Barrister Company acquires the land and building owned by Noble Company. What types of costs may be incurred to make the asset ready for its intended use if Barrister Company wants to use only the
Rottino Company purchased a new machine on October 1, 2022, at a cost of $150,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for
Linton Company purchased a delivery truck for $34,000 on January 1, 2022. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life
On July 1, 2022, Friedman Inc. invested $720,000 in a mine estimated to have 900,000 tons of ore of uniform grade. During the last 6 months of 2022, 100,000 tons of ore were mined.Instructionsa.
Campanez Company purchases a patent for $140,000 on January 2, 2022. Its estimated useful life is 10 years.a. Prepare the journal entry to record amortization expense for the first year.b. Show how
Information related to plant assets, natural resources, and intangible assets at the end of 2022 for Dent Company is as follows: buildings $1,100,000, accumulated depreciation—buildings $600,000,
During 2022, Paola Corporation reported net sales of $3,500,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,400,000.InstructionsCalculate the asset turnover.
Natalie is thinking of repaying all amounts outstanding to her grandmother. Recall that Cookie Creations borrowed $2,000 on November 16, 2022, from Natalie’s grandmother. Interest on the note is 6%
Nasreen Company issues $2 million, 10-year, 8% bonds at 97, with interest payable each January 1.a. Prepare the journal entry to record the sale of these bonds on January 1, 2022.b. Assuming instead
Frankum Company has issued three different bonds during 2022. Interest is payable annually on each of these bonds.1. On January 1, 2022, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2022, were
The balance sheet for Miley Consulting reports the following information on July 1, 2022.Miley decides to redeem these bonds at 101 after paying annual interest. Prepare the journal entry to record
For the year ending December 31, 2022, Soto Inc. reports net income $170,000 and cash dividends $85,000. Determine the balance in retained earnings at December 31 assuming the balance in retained
On January 1, 2022, Eddy Corporation had retained earnings of $610,000. During the year, Eddy had the following selected events.1. Declared cash dividends $120,000.2. Earned net income $350,000.3.
Newland Company reported retained earnings at December 31, 2021, of $330,000. Newland had 200,000 shares of common stock outstanding at the beginning of 2022.The following transactions occurred
If Coho Company had net income of $382,800 in 2022 and it experienced a 16% increase in net income over 2021, what was its 2021 net income?
AN Staples, Inc. is one of the largest suppliers of office products in the United States. Suppose it had net income of $738.7 million and net sales of $24,275.5 million in 2022. Its total assets were
The return on assets for Ayala Corporation is 7.6%. During the same year, Ayala’s return on common stockholders’ equity is 12.8%. What is the explanation for the difference in the two rates?
Using a financial calculator, provide a solution to each of the following situations.a. Lynn Anglin owes a debt of $42,000 from the purchase of her new sport utility vehicle. The debt bears annual
Pitt Limited is trying to determine its ending inventory as of February 28, 2022, the company’s year-end. The accountant counted everything that was in the warehouse as of February 28, which
The following financial information is related to the 2022 operations of Louisa Cruise Company.Maintenance and repairs expense ..........$ 92,000Utilities expense
The financial statements of Apple Inc. for 2018 are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company’s
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. The complete annual reports of Amazon and Walmart, including
Kathy and James Mohr, local golf stars, opened the Chip-Shot Driving Range Company on March 1, 2022. They invested $25,000 cash and received common stock in exchange for their investment. A caddy
The following is selected information related to Garryowen Company at December 31, 2022. Garryowen reports financial information monthly.a. Determine the total assets of Garryowen Company at December
Ashley Hirano, the bookkeeper for New York Company, has been trying to develop the correct balance sheet for the company. The company’s balance sheet is shown as follows.InstructionsExplain to
Harper Travel Agency purchased land for $85,000 cash on December 10, 2022. At December 31, 2022, the land’s value has increased to $93,000. What amount should be reported for land on Harper’s
In alphabetical order below are balance sheet items for Ellerby Company at December 31, 2022. Prepare a balance sheet, following the format of Illustration 1.10.Accounts payable
The following information relates to La Greca Co. for the year 2022.InstructionsAfter analyzing the data, prepare an income statement and a retained earnings statement for the year ending December
Robyn Howser is the bookkeeper for Madison Company. Robyn has been trying to determine the correct balance sheet for Madison Company, shown as follows.InstructionsPrepare a correct balance sheet.
Wyco Park, a public camping ground near the Four Corners National Recreation Area, has compiled the following financial information as of December 31, 2022.Instructionsa. Determine Wyco Park’s net
The following information is related to Alexis and Ryans, Attorneys at Law.Retained earnings, January 1, 2022 ............$ 23,000Legal service revenue—2022 .......................340,000Total
This information is for Paulo Company for the year ended December 31, 2022.Cash received from revenues from customers ........$600,000Cash received for issuance of common stock
In February 2022, Rachel Paige invested an additional $10,000 in Drumlin Company. Drumlin’s accountant, Liz Cooke, recorded this receipt as an increase in cash and revenues. Is this treatment
The basic accounting equation is Assets = Liabilities + Stockholders’ equity. Replacing the words in that equation with dollar amounts, what is Apple’s accounting equation at September 29, 2018?
From the following ledger balances, prepare a trial balance for the Favre Company at June 30, 2022. List the accounts in the order as indicated in the chapter. All account balances are
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Erika Company Trial Balance December 31, 2022 Debit Credit
The accounts in the ledger of Time Is Money Delivery Service contain the following balances on July 31, 2022.InstructionsPrepare a trial balance with the accounts arranged as illustrated in the
The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to its financial statements, are available at the
The ledger of Herrera, Inc. on March 31, 2022, includes the following selected accounts before adjusting entries.An analysis of the accounts shows the following.1. Insurance expires at the rate of
Javier Computer Services began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month.1. At July 31, the
Primo Industries collected $105,000 from customers in 2022. Of the amount collected, $25,000 was for services performed in 2021. In addition, Primo performed services worth $40,000 in 2022, which

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