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financial accounting information

Questions and Answers of Financial Accounting Information

(Learning Objectives 2, 3: Determining depreciation amounts by three methods)West Side’s Pizza bought a used Nissan delivery van on January 2, 20X6, for $19,000. The van was expected to remain in
(Learning Objectives 1, 2, 6: Reporting PPE, depreciation, and investing cash fl ows)Assume that in January 20X6, an Oatmeal House restaurant purchased a building, paying$56,000 cash and signing a
(Learning Objective 2: Selecting the best depreciation method for income tax purposes) On June 30, 20X6, Rockwell Corp. paid $220,000 for equipment that is expected to have an eight-year life. In
(Learning Objectives 2: Changing a PPE’s useful life) Assume G-1 Designing Consultants purchased a building for $400,000 and depreciated it on a straight-line basis over 40 years. The estimated
(Learning Objectives 2, 3: Analyzing the effect of a sale of a PPE; DDB depreciation)Assume that on January 2, 20X6, Maxwell of Michigan purchased fi xtures for $8,800 cash, expecting the fi xtures
(Learning Objectives 1, 2, 3: Measuring a PPE’s cost; using UOP depreciation;trading in a used asset) Honest Truck Company is a large trucking company that operates throughout the United States.
(Learning Objective 4: Recording natural resource assets and depletion) Rocky Mines paid $426,000 for the right to extract ore from a 275,000-ton mineral deposit. In addition to the purchase price,
(Learning Objectives 3, 5: Recording intangibles, amortization, and a change in the asset’s useful life)1. Morris Printers purchased for $900,000 a patent for a new laser printer. Although the
(Learning Objective 5: Computing and accounting for goodwill) Assume Haledan paid $16 million to purchase Northshore.com. Assume further that Northshore had the following summarized data at the time
(Learning Objective 6: Reporting cash fl ows for property and equipment) Assume Shoe Warehouse Corporation completed the following transactions:a. Sold a store building for $650,000. The building had
(Learning Objective 1: Determining the cost of PPE) Lavallee Self Storage purchased land, paying €155,000 cash as a downpayment and signing a €195,000 note payable for the balance. Lavallee also
(Learning Objectives 1, 2: Allocating costs to assets acquired in a lump-sum purchase;disposing of a PPE) Eastwood Manufacturing bought three used machines in a €216,000 lump-sum purchase. An
(Learning Objective 1: Distinguishing capital expenditures from expenses) Assume Delicious Desserts, Inc., purchased conveyor-belt machinery. Classify each of the following expenditures as a capital
(Learning Objectives 1, 2: Measuring, depreciating, and reporting PPE) During 20X6, Tao Book Store paid €488,000 for land and built a store in Lisbon. Prior to construction, the city of Lisbon
(Learning Objectives 2, 3: Determining depreciation amounts by three methods)Southern’s Pizza bought a used Nissan delivery van on January 2, 20X6, for €19,200. The van was expected to remain in
(Learning Objectives 1, 2, 6: Reporting PPE, depreciation, and investing cash fl ows)Assume that in January 20X6, an International Eatery restaurant purchased a building, paying€52,000 cash and
(Learning Objective 2: Selecting the best depreciation method for income tax purposes) On June 30, 20X6, Roy Corp. paid €200,000 for equipment that is expected to have an eight-year life. In this
(Learning Objectives 2: Changing a PPE’s useful life) Assume B–1 Accounting Consultants purchased a building for €435,000 and depreciated it on a straight-line basis over 40 years. The
(Learning Objectives 2, 3: Analyzing the effect of a sale of a PPE; DDB depreciation)Assume that on January 2, 20X6, LaSalle of Lyon purchased fi xtures for €8,300 cash, expecting the fi xtures to
(Learning Objectives 1, 2, 3: Measuring a PPE’s cost; using UOP depreciation;trading in a used asset) EuroTruck Company is a large trucking company that operates throughout the EU. EuroTruck
(Learning Objective 4: Recording natural resource assets and depletion) Mighty Mines paid €432,000 for the right to extract ore from a 425,000-ton mineral deposit. In addition to the purchase
(Learning Objectives 3, 5: Recording intangibles, amortization, and a change in the asset’s useful life)1. Miracle Printers purchased for €700,000 a patent for a new laser printer. Although the
(Learning Objective 5: Computing and accounting for goodwill) Assume Kaledan paid €18 million to purchase Southwest.com. Assume further that Southwest had the following summarized data at the time
(Learning Objective 6: Reporting cash fl ows for property and equipment) Assume Shoes-R-Us Corporation completed the following transactions:a. Sold a store building for €610,000. The building had
(Learning Objective 2: Computing units-of-production depreciation) Buff Gym purchased exercise equipment at a cost of $107,000. In addition, Buff paid $3,000 for a special platform on which to
(Learning Objective 4: Determining the sale price of property and equipment) Wilson Corporation reported the following for property and equipment (in millions, adapted):During 20X7, Wilson paid
(Learning Objectives 2, 3: Determining net income after a change in depreciation method) Norzani, Inc., has a popular line of sunglasses. Norzani reported net income of$66 million for 20X6.
(Learning Objective 1: Capitalizing versus expensing; measuring the effect of an error) All French Press (AFP) is a major French telecommunication conglomerate. Assume that early in year 1, AFP
A capital expenditurea. adds to an asset.c. is a credit like capital (owners’ equity).b. is expensed immediately.d. records additional capital.
Which of the following items should be accounted for as a capital expenditure?a. The monthly rental cost of an offi ce building.b. Taxes paid in conjunction with the purchase of offi ce equipment.c.
Suppose you buy land for $2,900,000 and spend $1,200,000 to develop the property.You then divide the land into lots as follows:How much did each hilltop lot cost you?a. $246,000c. $234,285b.
Which statement about depreciation is false?a. Depreciation should not be recorded in years that the market value of the asset has increased.b. Depreciation is a process of allocating the cost of an
Boston Corporation acquired a machine for $33,000 and has recorded depreciation for two years using the straight-line method over a fi ve-year life and $6,000 residual value.At the start of the third
Boston Corporation acquired a machine for $33,000 and has recorded depreciation for two years using the straight-line method over a fi ve-year life and $6,000 residual value. At the start of the
King Company failed to record depreciation of equipment. How does this omission affect King’s fi nancial statements?a. Net income is overstated and assets are understated.b. Net income is
Jimmy’s DVD, Inc., uses the double-declining-balance method for depreciation on its computers. Which item is not needed to compute depreciation for the fi rst year?a. Original costc. Estimated
Which of the following costs is reported on a company’s income statement?a. Landc. Depreciation expenseb. Accumulated depreciationd. Accounts payable
Which of the following items is reported on the balance sheet?a. Gain on disposal of equipmentc. Cost of goods soldb. Accumulated depreciationd. Net sales revenue Use the following information to
What gain or loss should Hill record on the sale?a. Gain, $1,300c. Gain, $300b. Loss, $900d. Gain, $700
Journalize Hill’s sale of the machine.
What is straight-line depreciation for the year ended December 31, 20X6, and what is the book value on December 31, 20X7?
A company purchased mineral assets costing $840,000, with estimated residual value of $30,000, and holding approximately 300,000 tons of ore. During the fi rst year, 48,000 tons are extracted and
Suppose Timely Delivery pays $64 million to buy Guaranteed Overnight. Guaranteed’s assets are valued at $74 million, and its liabilities total $16 million. How much goodwill did Timely Delivery
(Learning Objectives 1, 2: Identifying the elements of a PPE’s cost) Assume Online,Inc., opened an offi ce in Durban, South Africa. Further assume that Online incurred the following costs in
(Learning Objectives 1, 2: Recording PPE transactions; reporting on the balance sheet) Romano Lakes Resort reported the following on its balance sheet at December 31, 20X6:In early July 20X7, the
(Learning Objective 1: Explaining the concept of depreciation) The board of directors of Gold Structures, Inc., is reviewing the 20X6 annual report. A new board member—a wealthy woman with little
(Learning Objectives 1, 2, 3: Computing depreciation by three methods; identifying the cash-fl ow advantage of accelerated depreciation for tax purposes) On January 9, 20X6, J.T. Outtahe Co. paid
(Learning Objectives 2, 3, 6: Analyzing PPE transactions from a company’s fi nancial statements) Floral, Inc., sells electronics and appliances. The excerpts that follow are adapted from Floral’s
(Learning Objective 4: Accounting for natural resources, and the related expense)Northeastern Energy Company’s balance sheet includes the asset Iron Ore. Northeastern Energy paid $2.5 million cash
(Learning Objectives 2, 3: Recording PPE transactions; reporting on the balance sheet) Rossi Lakes Resort reported the following on its balance sheet at December 31, 20X6:In early July 20X7, the
(Learning Objective 2: Explaining the concept of depreciation) The board of directors of Cooper Structures, Inc., is reviewing the 20X6 annual report. A new board member—a wealthy man with little
(Learning Objectives 2, 3, 6: Analyzing PPE transactions from a company’s fi nancial statements) Parem, Inc., sells electronics and appliances. The excerpts that follow are adapted from Parem’s
(Learning Objective 5: Making closing entries; evaluating retained earnings) The accounts of Sunny Stream Service, Inc., at March 31, 20X6, are listed in alphabetical order.❙ Requirements 1. All
(Learning Objectives 4: Preparing the fi nancial statements) The adjusted trial balance of Sneed Corporation at October 31, 20X6, follows:■ spreadsheet❙ Requirements 1. Prepare Sneed’s 20X6
(Learning Objective 3: Analyzing and recording adjustments) Fairview Apartments, Inc.’s unadjusted and adjusted trial balances at April 30, 20X6, follow:❙ Requirements 1. Make the adjusting
(Learning Objectives 3, 4: Preparing an adjusted trial balance and the fi nancial statements) Consider the unadjusted trial balance of Kings, Inc., at August 31, 20X6, and the related month-end
(Learning Objective 3: Making accounting adjustments) Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases
(Learning Objective 1: Comparing cash basis and accrual basis) Kings Consulting had the following selected transactions in May:❙ Requirements 1. Show how each transaction would be handled using the
(Learning Objective 1: Linking accrual accounting and cash fl ows) Gauge Corporation earned revenues of €33 million during 20X6 and ended the year with net income of €6 million. During 20X6,
(Learning Objective 5: Closing the books; evaluating retained earnings) The accounts of Spa View Service, Inc., at March 31, 20X6, are listed in alphabetical order.Requirements 1. All adjustments
(Learning Objectives 4: Preparing the fi nancial statements) The adjusted trial balance of Schneider Corporation at July 31, 20X6, follows.Requirements 1. Prepare Schneider Corporation’s 20X6
(Learning Objective 3: Analyzing and recording adjustments) Peachtree Apartments, Inc.’s unadjusted and adjusted trial balances at April 30, 20X6, follow.❙ Requirements 1. Make the adjusting
(Learning Objectives 3, 4: Preparing an adjusted trial balance and the fi nancial statements) Consider the unadjusted trial balance of London, Inc., at December 31, 20X6, and the related month-end
(Learning Objective 3: Making accounting adjustments) Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting
(Learning Objective 1: Comparing cash basis and accrual basis) Elders Consulting had the following selected transactions in August:❙ Requirements 1. Show how each transaction would be handled using
(Learning Objective 1: Linking accrual accounting and cash fl ows) Labear Corporation earned revenues of $41 million during 20X7 and ended the year with net income of $5 million.During 20X7, Labear
Salary Payable at the beginning of the month totals $28,000. During the month salaries of $126,000 were accrued as expense. If ending Salary Payable is $15,000, what amount of cash did the company
Unadjusted net income equals $7,500. Calculate what net income will be after the following adjustments:1. Salaries payable to employees, $660 2. Interest due on note payable at the bank, $100 3.
A major purpose of preparing closing entries is toa. zero out the liability accounts.b. close out the Supplies account.c. adjust the asset accounts to their correct current balances.d. update the
Which of the following accounts would not be included in the closing entries?a. Depreciation Expensec. Retained Earningsb. Accumulated Depreciationd. Service Revenue
For 20X6, Matthews Company had revenues in excess of expenses. Which statement describes Matthews’ closing entries at the end of 20X6?a. Revenues will be credited, expenses will be debited, and
What is the effect on the fi nancial statements of recording depreciation on equipment?a. Net income is not affected, but assets and shareholders’ equity are decreased.b. Net income and assets are
The Unearned Revenue account of Super Incorporated began 20X6 with a normal balance of $2,000 and ended 20X6 with a normal balance of $17,000. During 20X6, the Unearned Revenue account was credited
On April 1, 20X6, Rural Insurance Company sold a one-year insurance policy covering the year ended April 1, 20X7. Rural collected the full $2,700 on April 1, 20X6. Rural made the following journal
An adjusting entry recorded April salary expense that will be paid in May. Which statement best describes the effect of this adjusting entry on the company’s accounting equation?a. Assets are
What effect does the adjusting entry in question 3-50 have on Bambi’s net income for February?a. Increase by $200c. Increase by $400b. Decrease by $200d. Decrease by $400
Assume the same facts as in question 3-49. Bambi’s adjusting entry at the end of February should include a debit to Rent Expense in the amount ofa. $200.c. $400.b. $1,000.d. $0.
On January 1 of the current year, Bambi Company paid $1,200 rent to cover six months( January–June). Bambi recorded this transaction as follows:Bambi adjusts the accounts at the end of each month.
In which month should revenue be recorded?a. In the month that cash is collected from the customerb. In the month that goods are shipped to the customerc. In the month that goods are ordered by the
If Dunn Company uses the cash basis of accounting instead of the accrual basis, in what month will Dunn report revenue and in what month will it report expense?Revenue Expensea. March Februaryb.
In which month should Dunn report the $38 revenue on its income statement?a. Januaryc. Marchb. Februaryd. April
In which month should Dunn record the cost of the music as an expense?a. Januaryc. Marchb. Februaryd. April
(Learning Objectives 3, 4: Computing fi nancial statement amounts) The accounts of Greatbrook Company prior to the year-end adjustments follow.Adjusting data at the end of the year include which of
(Learning Objectives 3, 4, 5: Adjusting the accounts; preparing the fi nancial statements;closing the accounts) Refer to Exercise 2-36. Start from the trial balance and the posted T-accounts that
(Learning Objectives 3, 5: Identifying and recording adjusting and closing entries)The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Wallace
(Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of East Shore Corporation at December 31, 20X6:How much net income did
(Learning Objectives 1, 3: Linking deferrals and cash fl ows) Direct, the British wireless phone service provider, collects cash in advance from customers. All amounts are in millions of pounds
(Learning Objective 4: Reporting on the fi nancial statements) This question deals with the items and the amounts that two entities, Mother Elizabeth Hospital (Mother Elizabeth) and City of Rotterdam
(Learning Objectives 3, 4: Measuring fi nancial statement amounts; preparing fi nancial statement amounts) The adjusted trial balances of Victory Corporation at March 31, 20X6, and March 31, 20X5,
(Learning Objective 4: Preparing the fi nancial statements) The adjusted trial balance of Holiday Hams, Inc., follows.❙ Requirement 1. Prepare Holiday Hams, Inc.’s income statement and statement
(Learning Objective 3: Making adjustments in T-accounts) The accounting records of Harris Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, €1,200;
(Learning Objective 3: Journalizing adjusting entries) Folton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 20X6, for each situation. Consider
(Learning Objectives 2, 3: Applying the revenue recognition principles; allocating supplies cost between the asset and the expense) Mighty Minds, Inc., experienced four situations for its supplies.
(Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and cash basis) An accountant made the following adjustments at December 31, the
(Learning Objectives 1, 2: Using the accrual basis of accounting; applying accounting principles) During 20X6 Carlton Network, Inc., which designs network servers, earned revenues of €740 million.
(Learning Objective 1: Linking accrual accounting and cash fl ows) During 20X6 Mountain Sales, Inc., earned revenues of €510,000 on account. Mountain collected €580,000 from customers during the
(Learning Objective 1: Linking accrual accounting and cash fl ows) During 20X6 Nebula Corporation made sales of €4,800 (assume all on account) and collected cash of€4,900 from customers.
(Learning Objectives 3, 5: Identifying and recording adjusting and closing entries)The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Draper
(Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of Sunnydale Corporation at December 31, 20X6:How much net income did
(Learning Objectives 1, 3: Linking deferrals and cash fl ows) Nanofone, the British wireless phone service provider, collects cash in advance from customers. All amounts are in millions of pounds

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