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financial accounting

Questions and Answers of Financial Accounting

On January 1, 2021, Lyle’s Limeade issues 4%, 10-year bonds with a face amount of $90,000 for $82,985, priced to yield 5%. Interest is paid semiannually. What amount of interest expense will be
On January 1, 2021, Lizzy’s Lemonade issues 5%, 20-year bonds with a face amount of $100,000 for $88,443, priced to yield 6%. Interest is paid semiannually. What amount of interest expense will be
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,799 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $64,008 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $76,860 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 6%. Interest is paid
Pretzelmania, Inc., issues 7%, 15-year bonds with a face amount of $70,000 for $63,948 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 8%. Interest is paid
Pretzelmania, Inc., issues 7%, 10-year bonds with a face amount of $70,000 for $70,000 on January 1, 2021. The market interest rate for bonds of similar risk and maturity is 7%. Interest is paid
Suppose a company signs a three-year lease agreement. The lease payments have a present value of $40,000. Prior to signing the lease, the company had total assets of $600,000, total liabilities of
On April 1, 2021, Primer Corp. signs a five-year lease to use office space. The present value of the monthly lease payments is $100,000. Record the lease.
On January 1, 2021, Beaver Tours financed the purchase of a new building by borrowing $600,000 from the bank using a 30-year, 6% note payable. Payments of $3,597.30 are due at the end of each month,
On January 1, 2021, Corvallis Carnivals borrows $30,000 to purchase a delivery truck by agreeing to a 5%, five-year loan with the bank. Payments of $566.14 are due at the end of each month, with the
What is a lease and how does a lease affect a company’s balance sheet?
Quattro Technologies, a hydraulic manufacturer in the aeronautics industry, has reported steadily increasing net income over the past few years. The company reported net income of $120 million in
Western Manufacturing is involved with several potential contingent liabilities. Your assignment is to draft the appropriate accounting treatment for each situation described below. Western’s
A very helpful site to learn about individual publicly traded companies is finance.yahoo.com. Go to this website and look up a well-known publicly traded company. Once you find the company page,
Eugene Wright is CFO of Caribbean Cruise Lines. The company offers luxury cruises. It’s near year-end, and Eugene is feeling kind of queasy. The economy is in a recession, and demand for luxury
Financial information for American Eagle is presented in Appendix A at the end of the book, and financial information for Buckle is presented in Appendix B at the end of the book.Required:1.
At the end of 2022, the following information is available for Great Adventures.• Additional interest for five months needs to be accrued on the $30,000, 6% loan obtained on August 1, 2021. Recall
Authors Academic Press faces three potential contingency situations, described below. Authors’ fiscal year ends December 31, 2021.Required:Determine the appropriate means of reporting each
Compact Electronics is a leading manufacturer of digital camera equipment. Assume the following transactions occur during the year ended December 31, 2021.Required:Record any amounts as a result of
Eskimo Joe’s, designer of the world’s second best-selling T-shirt (just behind Hard Rock Cafe), borrows $21 million cash on November 1, 2021. Eskimo Joe’s signs a six-month, 7% promissory note
Listed below are several terms and phrases associated with current liabilities. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.1.
Dinoco Petroleum faces three potential contingency situations, described below. Dinoco’s fiscal year ends December 31, 2021, and it issues its 2021 financial statements on March 15,
The ink-jet printing division of Environmental Printing has grown tremendously in recent years. Assume the following transactions related to the ink-jet division occur during the year ended December
Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $41 million cash on October 1, 2021, to provide working capital for anticipated
Listed below are several terms and phrases associated with current liabilities. Pair each item from List A (by letter) with the item from List B that is most appropriately associated with it.1. An
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:During January 2021, the following transactions occur:January 2 Sold gift cards totaling $8,000. The
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:During January 2021, the following transactions occur:January 2 Sold gift cards totaling $8,000. The
Lindy Appliance begins operations in 2021 and offers a one-year warranty on all products sold. Total appliance sales in 2021 are $1,600,000, and Lindy estimates future warranty costs in 2022 to be 2%
Computer Wholesalers restores and resells notebook computers. It originally acquires the notebook computers from corporations upgrading their computer systems, and it backs each notebook it sells
Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2021 of a circuit flaw in an amplifier that poses a potential fire
Vail is one of the largest ski resorts in the United States. Suppose that on October 1, 2021, Vail sells gift cards (lift passes) for $100,000. The gift cards are redeemable for one day of skiing
Apple Inc. is the number one online music retailer through its iTunes music store. Apple sells iTunes gift cards in $15, $25, and $50 increments. Assume Apple sells $21 million in iTunes gift cards
Aspen Ski Resorts has 100 employees, each working 40 hours per week and earning $20 an hour. Although the company does not pay any health or retirement benefits, one of the perks of working at Aspen
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit
On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $21 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit
On November 1, 2021, Aviation Training Corp. borrows $60,000 cash from Community Savings and Loan. Aviation Training signs a three-month, 7% note payable. Interest is payable at maturity.
For each of the transactions below, determine the effect on(a) The current ratio(b) The acid-test ratio.1. Provide services to customers on account.2. Borrow cash from the bank by signing a long-term
On September 1, 2021, Southwest Airlines borrows $41 million, of which $10 million is due next year. Show how Southwest Airlines would record the $41 million debt on its December 31, 2021, balance
On May 31, Marty’s Ice Cream Shop sells gift cards for $5,000. Customers redeem $1,200 in June, $2,100 in July, and $1,400 in August. Marty’s experience is that any unredeemed gift cards as of
Mike Samson is a college football coach making a base salary of $652,800 a year ($54,400 per month). Employers are required to withhold a 6.2% Social Security tax up to a maximum base amount and a
How do retailers like McDonald’s, American Eagle, and Apple Inc. account for the sale of gift cards?
Companies are increasingly making their accounting information, especially their annual reports, available through their websites. Select a well-known publicly traded company and go to its website.
Companies often are under pressure to meet or beat Wall Street earnings projections in order to increase stock prices and also to increase the value of stock options. Such pressure may cause some
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. The summary of significant accounting policies is located in note A to the financial statements. Locate
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. The summary of significant accounting policies is located in note 2 to the financial statements.
Tony and Suzie see the need for a rugged all-terrain vehicle to transport participants and supplies. They decide to purchase a used Suburban on July 1, 2022, for $12,000. They expect to use the
Togo’s Sandwich Shop had the following long-term asset balances as of January 1, 2021:Togo’s purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a
On January 1, 2021, the general ledger of TNT Fireworks includes the following account balances:During January 2021, the following transactions occur:January 1 Purchase equipment for $19,500. The
On January 1, 2021, Weaver Corporation purchased a patent for $237,000. The remaining legal life is 20 years, but the company estimates the patent will be useful for only six more years. In January
Togo’s Sandwiches acquired equipment on April 1, 2021, for $18,000. The company estimates a residual value of $2,000 and a five-year service life.Required:Calculate depreciation expense using the
Refer to the situation described in BE7–19. Assume the sum of estimated future cash flows is $32 million instead of $38 million. What amount of impairment loss should Vegetarian Delights
Eddie’s Galleria sells billiard tables. The company has the following purchases and sales for 2021.Eddie is worried about the company’s financial performance. He has noticed an increase in the
Horizon Corporation manufactures personal computers. The company began operations in 2012 and reported profits for the years 2012 through 2019. Due primarily to increased competition and price
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU)
At the beginning of October, Bowser Co.’s inventory consists of 50 units with a cost per unit of $50. The following transactions occur during the month of October.October 4 Purchase 130 units of
For the current year, Parker Games has the following inventory transactions related to its traditional board games.Required:1. Using FIFO, calculate ending inventory and cost of goods sold.2. Using
Greg’s Bicycle Shop has the following transactions related to its top-selling Mongoose mountain bike for the month of March.Required:1. Calculate ending inventory and cost of goods sold at March
A company like Golf USA that sells golf-related inventory typically will have inventory items such as golf clothing and golf equipment. As technology advances the design and performance of the next
Home Furnishings reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory.Required:1. Calculate the total recorded cost of
During the year, Trombley Incorporated has the following inventory transactions.For the entire year, the company sells 81 units of inventory for $30 each.Required:1. Using FIFO, calculate(a) Ending
How is cost of inventory determined? How is net realizable value determined?
You have recently been hired as the assistant controller for Stanton Industries. Your immediate superior is the controller who, in turn, reports to the vice president of finance. The controller has
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. Determine whether the trend in net sales has been increasing or decreasing for the past three years.2.
Outdoor Expo provides guided fishing tours. The company charges $300 per person but offers a 20% discount to parties of four or more. Consider the following transactions during the month of May.May 2
The general ledger of Pop’s Fireworks includes the following account balances in 2021:In addition, the following transactions occurred during 2021 and are not yet reflected in the account balances
On January 1, 2021, the general ledger of 3D Family Fireworks includes the following account balances:During January 2021, the following transactions occur:January 2 Provide
Refer to the information in E5–19, but now assume that the balance of the Allowance for Uncollectible Accounts on December 31, 2021, is $1,100 (debit) (before adjustment).Required:1. Record the
Suzuki Supply reports the following amounts at the end of 2021 (before adjustment).Required:1. Record the adjustment for uncollectible accounts using the percentage-of-receivables method. Suzuki
Refer to the information in BE5–17, but now assume that the balance of Allowance for Uncollectible Accounts before adjustment is $4,000 (debit). The company still estimates future uncollectible
On October 1, 2021, Oberley Corporation loans one of its employees $40,000 and accepts a 12 month, 9% note receivable. Calculate the amount of interest revenue Oberley will recognize in 2021 and 2022.
Spade Agency separates its accounts receivable into three age groups for purposes of estimating the percentage of uncollectible accounts.1. Accounts not yet due = $25,000; estimated uncollectible =
Refer to the information in BE5–6, but now assume that the balance of Allowance for Uncollectible Accounts before adjustment is $600 (debit). The company still estimates future uncollectible
Financial accounting information can often be found at financial websites. These websites are useful for collecting information about a company’s stock price, analysts’ forecasts, dividend
Between his freshman and sophomore years of college, Jack takes a job as ticket collector at a local movie theatre. Moviegoers purchase a ticket from a separate employee outside the theatre and then
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. What does the Report of Independent Registered Public Accounting Firm indicate about American
Below is a summary of all transactions of Dreamworks Bedding Supplies for the month of August 2021.Cash TransactionsCash collections from:Customers
Refer to the information in E4–16.Required:Calculate cash flows from financing activities.E4-16Below are cash transactions for Goldman Incorporated, which provides consulting services related to
Refer to the information in E4–16.Required:Calculate cash flows from investing activities.E4-16Below are cash transactions for Goldman Incorporated, which provides consulting services related to
Below are cash transactions for Goldman Incorporated, which provides consulting services related to mining of precious metals.a. Cash used for purchase of office supplies, $2,400.b. Cash provided
Below are several transactions for Meyers Corporation for 2021.+Required:1. For each transaction, determine the amount of cash flows (indicate inflows with a “+” and outflows with a “−”).
Halle’s Berry Farm establishes a $200 petty cash fund on September 4 to pay for minor cash expenditures. The fund is replenished at the end of each month. At the end of September, the fund contains
You have recently been hired as the assistant controller for Stanton Temperton Corporation, which rents building space in major metropolitan areas. Customers are required to pay six months of rent in
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. For the most recent year, what amount does Buckle report for current assets? What is the ratio of
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. For the most recent year, what amount does American Eagle report for current assets? What is the
You may refer to the opening story of Tony and Suzie and their decision to start Great Adventures in AP 1–1. More of their story and the first set of transactions for the company in July are
You may refer to the opening story of Tony and Suzie and their decision to start Great Adventures in AP 1–1. More of their story and the first set of transactions for the company in July are
Refer to the information in BE3–12.(1) Record the lending for Falcon on July 1, 2021.(2) Record the adjusting entry for Falcon on December 31, 2021.(3) Calculate the 2021 year-end adjusted balances
Fill in the blank associated with each adjusting entry:a. Prepaid expense: Debit Supplies Expense; credit _______.b. Deferred revenue: Debit __________; credit Service Revenue.c. Accrued expense:
Provide an example of an accrued revenue. Describe the adjusting entry associated with an accrued revenue.
Provide an example of an accrued expense. Describe the adjusting entry associated with an accrued expense.
Provide an example of a deferred revenue. Describe the adjusting entry associated with a deferred revenue.
Provide an example of a prepaid expense. Describe the adjusting entry associated with a prepaid expense.
Larry has been the chief financial officer (CFO) of Maxima Auto Service for the past 10 years. The company has reported profits each year it’s been in business. However, this year has been a tough
Financial information for Buckle is presented in Appendix B at the end of the book.Required:1. Determine the amounts Buckle reports for total assets, total liabilities, and total stockholders’
Financial information for American Eagle is presented in Appendix A at the end of the book.Required:1. Calculate American Eagle’s percentage change in total assets and percentage change in net
Tony and Suzie graduate from college in May 2021 and begin developing their new business. They begin by offering clinics for basic outdoor activities such as mountain biking or kayaking. Upon
Gator Investments provides financial services related to investment selections, retirement planning, and general insurance needs. At the end of the year on December 31, 2021, the company reports the
Account classifications include assets, liabilities, stockholders’ equity, dividends, revenues, and expenses.Required:For each transaction, indicate whether the related account would be classified

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