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business
financial accounting information

Questions and Answers of Financial Accounting Information

Which statement is true?a. Financial statements are part of corporate annual reportsb. Corporate annual reports are part of fi nancial statementsc. Chairman’s letters are part of fi nancial
(Learning Objective 4: Analyzing a company’s fi nancial statements) Summarized versions of Espinola Corporation’s fi nancial statements follow for two recent years.❙ Requirement 1 Complete
(Learning Objective 4: Preparing a statement of cash fl ows) The following data come from the fi nancial statements of The High Tide Company at the year ended May 31, 20X7 (in millions).❙
(Learning Objectives 4, 5: Preparing an income statement, a statement of changes in equity, and a balance sheet; using accounting information to make decisions) The assets and liabilities of Post
(Learning Objectives 2, 4, 5: Preparing a balance sheet; applying the entity assumption; making business decisions) Jeana Hart is a realtor. She organized her business as a corporation on September
(Learning Objective 3, 4: Using the accounting equation; evaluating business operations) Compute the missing amount (?) for each company—amounts in millions.Which company has the:■ Highest net
(Learning Objectives 1, 2, 4: Applying accounting vocabulary, concepts, and principles to the income statement; evaluating business operations) Assume that Division X of Perez Corporation experienced
(Learning Objective 4: Analyzing a company’s fi nancial statements) Summarized versions of Cora Corporation’s fi nancial statements are given for two recent years.❙ Requirement 1 Determine the
(Learning Objective 4: Preparing a statement of cash fl ows) The following data come from the fi nancial statements of the Water Sport Company for the year ended May 31, 20X7 (in millions):..❙
(Learning Objectives 4, 5: Preparing an income statement, a statement of changes in equity and a balance sheet; using accounting information to make decisions) The assets and liabilities of Post
(Learning Objectives 2, 4, 5: Preparing a balance sheet; applying the entity assumption; making business decisions) Sandy Healey is a realtor. She organized the business as a corporation on April 16,
(Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Compute the missing amount (?) for each company—amounts in millions.At the end of the year, which company
(Learning Objectives 1, 2, 4: Applying accounting vocabulary, concepts, and principles; evaluating business operations) Assume that Division A of Smith Corporation experienced the following
The shareholders’ equity of Diakovsky Company at the beginning and end of 20X6 totaled $15,000 and $20,000, respectively. Assets at the beginning of 2010 were $27,000.If the liabilities of
Cash paid to purchase a building appears on the statement of cash fl ows among thea. Shareholders’ equity.c. Financing activities.b. Investing activities.d. Operating activities.
Which of the following is not an enhancing qualitative characteristic?a. Understandabilityc. Comparabilityb. Verifi abilityd. Materiality
Advanced Instruments had retained earnings of $155,000 at December 31, 20X5.Net income for 20X6 totaled $100,000, and dividends for 20X6 were $25,000. How much retained earnings should Advanced
Pinker Corporation began the year with cash of $30,000 and a computer that cost$25,000. During the year Pinker earned sales revenue of $135,000 and had the following expenses: salaries, $57,000;
Another name for the balance sheet is thea. statement of fi nancial position.c. statement of profi t and loss.b. statement of operations.d. statement of earnings.
The fi nancial statement that reports revenues and expenses is called thea. statement of cash fl ows.c. statement of changes in equity.b. income statement.d. balance sheet.
Revenues area. decreases in liabilities resulting from paying off loans.b. increases in paid-in capital resulting from the owners investing in the business.c. increases in retained earnings resulting
All of the following are current assets excepta. Inventory.c. Cash.b. Sales Revenue.d. Accounts Receivable.
The amount a company expects to collect from customers appears on thea. statement of cash fl ows.b. balance sheet in the current assets section.c. income statement in the expenses section.d. balance
During March, assets increased by $19,000 and liabilities increased by $6,000.Shareholders’ equity must havea. increased by $13,000.c. increased by $25,000.b. decreased by $13,000.d. decreased by
Assets are usually reported at theira. historical cost.c. appraised value.b. current market value.d. none of the above (fi ll in the blank).
The shareholders’ equity of Diakovsky Company at the beginning and end of 20X6 totaled $15,000 and $20,000, respectively. Assets at the beginning of 2010 were $27,000.If the liabilities of
Cash paid to purchase a building appears on the statement of cash fl ows among thea. Shareholders’ equity.c. Financing activities.b. Investing activities.d. Operating activities.
Which of the following is not an enhancing qualitative characteristic?a. Understandabilityc. Comparabilityb. Verifi abilityd. Materiality
Advanced Instruments had retained earnings of $155,000 at December 31, 20X5.Net income for 20X6 totaled $100,000, and dividends for 20X6 were $25,000. How much retained earnings should Advanced
Pinker Corporation began the year with cash of $30,000 and a computer that cost$25,000. During the year Pinker earned sales revenue of $135,000 and had the following expenses: salaries, $57,000;
Another name for the balance sheet is thea. statement of fi nancial position.c. statement of profi t and loss.b. statement of operations.d. statement of earnings.
The fi nancial statement that reports revenues and expenses is called thea. statement of cash fl ows.c. statement of changes in equity.b. income statement.d. balance sheet.
Revenues area. decreases in liabilities resulting from paying off loans.b. increases in paid-in capital resulting from the owners investing in the business.c. increases in retained earnings resulting
All of the following are current assets excepta. Inventory.c. Cash.b. Sales Revenue.d. Accounts Receivable.
The amount a company expects to collect from customers appears on thea. statement of cash fl ows.b. balance sheet in the current assets section.c. income statement in the expenses section.d. balance
During March, assets increased by $19,000 and liabilities increased by $6,000.Shareholders’ equity must havea. increased by $13,000.c. increased by $25,000.b. decreased by $13,000.d. decreased by
Assets are usually reported at theira. historical cost.c. appraised value.b. current market value.d. none of the above (fi ll in the blank).
Which type of business organization provides the least amount of protection for bankers and other creditors of the company?a. Partnershipc. Corporationb. Proprietorshipd. Both a and b
The primary objective of fi nancial reporting is to provide informationa. useful for making investment and credit decisions.b. about the profi tability of the enterprise.c. to the federal
(Learning Objectives 4, 5: Evaluating a business; advising a business) This exercise should be used in conjunction with Exercises 1-36B through 1-38B.The owner of Carson Copy Center now seeks your
(Learning Objective 4: Preparing a statement of cash fl ows) Refer to the data in Exercises 1-36B and 1-37B.❙ Requirement 1 Prepare the statement of cash fl ows of Carson Copy Center, Inc., for the
(Learning Objective 4: Preparing a balance sheet) Refer to the data in Exercise 1-36B.❙ Requirement 1 Prepare the balance sheet of Carson Copy Center, Inc., at July 31, 20X7.
(Learning Objective 4: Preparing an income statement and a statement of changes in equity) Assume a Carson Copy Center ended the month of July 20X7 with these data:❙ Requirement 1 Prepare the
(Learning Objective 4: Preparing a statement of cash fl ows) Fortune, Inc., began 20X6 with €83,000 in cash. During 20X6, Fortune earned net income of €440,000, and adjustments to reconcile net
(Learning Objective 4: Preparing an income statement and a statement of changes in equity) This exercise should be used with Exercise 1-33B.❙ Requirements 1 Prepare the income statement of Eliza
(Learning Objectives 3, 4: Using the accounting equation; preparing a balance sheet) Amounts of the assets and liabilities of Eliza Bennet Banking Company, as of May 31, 20X6, are given as follows.
(Learning Objectives 4, 5: Evaluating business operations; making business decisions)Assume Lesley, Inc., is expanding into Sweden. The company must decide where to locate and how to fi nance the
(Learning Objective 3: Applying the accounting equation) Answer these questions about two companies.1 Sapphire, Inc., began the year with total liabilities of €90,000 and total
(Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Winkler, Inc.’s comparative balance sheet at January 31, 20X7, and 20X6, reports(in millions):❙
(Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Tinman Doughnuts has current assets of €270 million; property, plant and equipment of €470 million; and
(Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Compute the missing amount in the accounting equation for each company(amounts in billions):■ writing
(Learning Objectives 4, 5: Evaluating a business; advising a business) This exercise should be used in conjunction with Exercises 1-24A through 1-26A.The owner of Earl Copy Center seeks your advice
(Learning Objective 4: Preparing a statement of cash fl ows) Refer to the data in Exercises 1-24A and 1-25A.❙ Requirement 1 Prepare the statement of cash fl ows of Earl Copy Center, Inc., for the
(Learning Objective 4: Preparing a balance sheet) Refer to the data in Exercise 1-24A.❙ Requirement 1 Prepare the balance sheet of Earl Copy Center, Inc., for July 31, 20X6.
(Learning Objective 4: Preparing an income statement and a statement of changes in equity) Assume an Earl Copy Center ended the month of July 20X6 with these data:❙ Requirement 1 Prepare the income
(Learning Objective 4: Preparing a statement of cash fl ows) Lucky, Inc., began 20X6 with $87,000 in cash. During 20X6, Lucky earned net income of $410,000, and adjustments to reconcile net income to
(Learning Objective 4: Preparing an income statement and a statement of changes in equity) This exercise should be used with Exercise 1-21A. Refer to the data of Ellen Samuel Banking Company in
(Learning Objectives, 4, 5: Recording transactions directly in T-accounts; preparing and using a trial balance) During the fi rst month of operations (March 20X6), Silver Entertainment Corporation
(Learning Objectives 2, 3, 4: Understanding how accounting works; journalizing transactions; posting; preparing and using a trial balance) During the fi rst month of operations, O’Shea Plumbing,
(Learning Objectives 2, 3: Analyzing and recording transactions) During December, Swanson Auction Co. completed the following transactions:Swanson’s business uses the following accounts: Cash,
(Learning Objectives 1, 2, 3: Analyzing transactions; understanding how accounting works; journalizing transactions) Smith Real Estate Co. experienced the following events during the organizing phase
(Learning Objectives 3, 4: Using the accounting equation; preparing a balance sheet) Amounts of the assets and liabilities of Ellen Samuel Banking Company, as of January 31, 20X6, are given as
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions; posting) This problem can be used in conjunction with Problem 2-68B. Refer to Problem 2-68B.❙ Requirements
(Learning Objective 1: Analyzing transactions with the accounting equation; preparing the fi nancial statements) The following amounts summarize the fi nancial position of Rodriguez Resources on May
(Learning Objective 4: Analyzing a trial balance) The trial balance of Advantage Specialties, Inc., follows:■ writing assignment Rebecca Smith, your best friend, is considering making an investment
(Learning Objectives 4, 5: Recording transactions directly in T-accounts; preparing and using a trial balance) During the fi rst month of operations (November 20X6), Stein Services Corporation
(Learning Objectives 2, 3, 4: Understanding how accounting works; journalizing transactions; posting; preparing and using a trial balance) During the fi rst month of operations, Simmons Heating and
(Learning Objectives 4, 5: Evaluating business operations; making business decisions)Assume Facebook is expanding into Ireland. The company must decide where to locate and how to fi nance the
(Learning Objectives 2, 3: Understanding how accounting works; analyzing and recording transactions) During December, Smith Auction Co. completed the following transactions:Smith’s business uses
(Learning Objectives 1, 2, 3: Analyzing transactions; understanding how accounting works; journalizing transactions) Demers Real Estate Co. experienced the following events during the organizing
(Learning Objectives 2, 3: Recording transactions; posting) This problem can be used in conjunction with Problem 2-61A. Refer to Problem 2-61A.❙ Requirements 1. Journalize the June transactions of
(Learning Objective 1: Analyzing transactions with the accounting equation; preparing the fi nancial statements) The following amounts summarize the fi nancial position of Mason Resources, Inc., on
(Learning Objective 4: Analyzing a trial balance) The trial balance of Luxury Specialties, Inc., follows.■ writing assignment All of the A and B problems can be found within MyAccountingLab, an
(Learning Objective 3: Using the accounting equation) Answer these questions about two companies.1 Clay, Inc., began the year with total liabilities of $50,000 and total shareholders’ equity of
Gartex, a new company, completed these transactions. What will Gartex’s total assets equal?1. Shareholders invested $54,000 cash and inventory worth $27,000.2. Sales on account, $15,000.a.
A business’s receipt of a $120,000 building, with a $60,000 mortgage payable, and issuance of $60,000 of ordinary shares willa. increase shareholders’ equity by $60,000.b. increase assets by
Which statement is false?a. A trial balance is the same as a balance sheet.b. A trial balance can verify the equality of debits and credits.c. A trial balance can be taken at any time.d. A trial
If the credit to record the payment of an account payable is not posted,a. expenses will be understated.c. cash will be understated.b. liabilities will be understated.d. cash will be overstated.
The journal entry to record a payment on account willa. debit Cash and credit Expenses.b. debit Accounts Payable and credit Retained Earnings.c. debit Accounts Payable and credit Cash.d. debit
(Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Nelson, Inc.’s comparative balance sheet at January 31, 20X7, and 20X6, reports(in millions):❙
If the credit to record the purchase of supplies on account is not posted,a. expenses will be overstated.b. liabilities will be understated.c. shareholders’ equity will be understated.d. assets
The journal entry to record the purchase of supplies on accounta. debits Supplies and credits Accounts Payable.b. credits Supplies and debits Cash.c. credits Supplies and debits Accounts Payable.d.
The journal entry to record the receipt of land and a building and issuance of ordinary sharesa. debits Land and credits Share Capital.b. debits Land and Building and credits Share Capital.c. debits
Which statement is false?a. Assets are increased by debits.c. Liabilities are decreased by debits.b. Revenues are increased by credits.d. Dividends are increased by credits.
Which of the following is not an asset account?a. Salary Expensec. Share Capitalb. Service Revenued. None of the above accounts is an asset
Where do we fi rst record a transaction?a. Journalc. Accountb. Trial balanced. Ledger
Which of the following transactions will increase an asset and increase shareholders’equity?a. Borrowing money from a bankb. Purchasing supplies on accountc. Performing a service on account for a
(Learning Objectives 3, 4: Using the accounting equation; evaluating business operations) Hombran Doughnuts has current assets of $290 million; property, plant and equipment of $490 million; and
Which of the following transactions will increase an asset and increase a liability?a. Purchasing offi ce equipment for cashc. Payment of an account payableb. Issuing sharesd. Buying equipment on
What is the effect on total assets and shareholders’ equity of paying the telephone bill as soon as it is received each month?Total assets Shareholders’ equitya. No effect No effectb. Decrease No
Purchasing a building for $110,000 by paying cash of $15,000 and signing a note payable for $95,000 willa. increase both total assets and total liabilities by $95,000.b. increase both total assets
Purchasing computer equipment for cash willa. decrease both total assets and shareholders’ equity.b. increase both total assets and total liabilities.c. have no effect on total assets, total
Receiving cash from a customer on account willa. increase total assets.c. increase shareholders’ equity.b. decrease liabilities.d. have no effect on total assets.
Performing a service on account willa. increase shareholders’ equity.c. increase total liabilities.b. increase total assets.d. both a and b.
(Learning Objective 3, 4: Using the accounting equation; evaluating business operations) Compute the missing amount in the accounting equation for each company(amounts in billions):Which company
Purchasing a laptop computer on account willa. increase total liabilities.c. increase total assets.b. have no effect on shareholders’ equity.d. all of the above.
A shareholder’s investment of cash into the business willa. decrease total liabilities.c. have no effect on total assets.b. decrease total assets.d. increase shareholders’ equity.
(Learning Objective 1: Analyzing transactions) This question concerns the items and the amounts that two entities, Nashua Co., and Ditka Hospital, should report in their fi nancial statements.During
(Learning Objectives 1, 4: Analyzing transactions; using a trial balance) The trial balance of Circle 360, Inc., at October 31, 20X6, does not balance.❙ Requirements 1. How much out of balance is
(Learning Objective 5: Computing fi nancial statement amounts) The manager of Pierce Furniture needs to compute the following amounts.a. Total cash paid during October.b. Cash collections from

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