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financial accounting

Questions and Answers of Financial Accounting

Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/ day). The current two-week pay period ends on December 28, 2021, and employees are paid $5,600. The next two-week pay
Below are transactions for Hurricane Company during 2021.1. On October 1, 2021, Hurricane lends $9,000 to another company. The other company signs a note indicating principal and 12% interest will be
The general ledger of Jackrabbit Rentals at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year:1. January 12 Provide services to
The December 31, 2021, unadjusted trial balance for Demon Deacons Corporation is presented below. At year-end, the following additional information is available:1. The balance of Prepaid Rent,
Below are the restated amounts of net income and retained earnings for Volunteers Inc. and Raiders Inc. for the period 2012?2021. Volunteers began operations in 2013, while Raiders began several
The December 31, 2021, adjusted trial balance for Fightin? Blue Hens Corporation is presented below. Required: 1. Prepare an income statement for the year ended December 31, 2021. 2. Prepare a
Seminoles Corporation?s fiscal year-end is December 31, 2021. The following is a partial adjusted trial balance as of December 31. Required:1. Prepare the necessary closing entries.2. Calculate the
The following account balances appear in the 2021 adjusted trial balance of Blue Devils Corporation: Cash, $5,000; Accounts Receivable, $9,000; Supplies, $19,000; Equipment, $120,000; Accumulated
Laker Incorporated?s fiscal year-end is December 31, 2021. The following is an adjusted trial balance as of December 31. Required: 1. Prepare the necessary closing entries.2. Calculate the ending
The December 31, 2021, adjusted trial balance for Fightin? Blue Hens Corporation is presented below. Required:1. Record the necessary closing entries at December 31, 2021.2. Prepare a post-closing
On January 1, 2021, Red Flash Photography had the following balances: Cash, $12,000; Supplies, $8,000; Land, $60,000; Deferred Revenue, $5,000; Common Stock $50,000; and Retained Earnings, $25,000.
On January 1, 2021, the general ledger of Dynamite Fireworks includes the following account balances: During January 2021, the following transactions occur:January 2 Purchase rental space for one
Consider the following situations for Shocker:1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred
Consider the following situations for Shocker:1. On November 28, 2021, Shocker receives a $4,500 payment from a customer for services to be rendered evenly over the next three months. Deferred
Beaver Construction purchases new equipment for $50,400 cash on April 1, 2021. At the time of purchase, the equipment is expected to be used in operations for seven years (84 months) and have no
The general ledger of Zips Storage at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year:1. January 9 Provide storage services for
The general ledger of Red Storm Cleaners at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year:1. March 12 Provide services to
The general ledger of Pipers Plumbing at January 1, 2021, includes the following account balances: The following is a summary of the transactions for the year:1. January 24 Provide plumbing services
Crimson Tide Music Academy offers lessons in playing a wide range of musical instruments. The unadjusted trial balance as of December 31, 2021, appears below. December 31 is the company?s fiscal
Golden Eagle Company prepares monthly financial statements for its bank. The November 30 adjusted trial balance includes the following account information: The following information is known for
Jaguar Auto Company provides general car maintenance to customers. The company?s fiscal year-end is December 31. The December 31, 2021, trial balance (before any adjusting entries) appears
Boilermaker Unlimited specializes in building new homes and remodeling existing homes. Remodeling projects include adding game rooms, changing kitchen cabinets and countertops, and updating
During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2021, you come across several items needing further consideration. Currently,
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
The information necessary for preparing the 2021 year-end adjusting entries for Gamecock Advertising Agency appears below. Gamecock’s fiscal year-end is December 31.1. On July 1, 2021, Gamecock
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
Horned Frogs Fine Cooking maintains its books using cash-basis accounting. However, the company recently borrowed $50,000 from a local bank, and the bank requires the company to provide annual
Minutemen Law Services maintains its books using cash-basis accounting. However, the company decides to borrow $100,000 from a local bank, and the bank requires Minutemen to provide annual financial
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
The following information was reported by Young's Air Cargo Service for 2015: Compute the company's fixed asset turnover ratio for the year. What can you say about Young's ratio when compared to
Anderson Corporation has partially completed the fallowing worksheet for the year ended December 31, 2017: Required 1. Use additional columns for adjusted trial balance, statement of earnings,
On March 10, 2017, General Solutions Inc. purchased 5,000 of MicroTech's common shares for $50 per share. The fallowing information pertains to MicroTech's price per share: General Solutions sold its
Using the data in Ml3-3, assume that Jamar Company purchased the voting shares of Anglis Corporation for the portfolio of securities held for trading instead of holding them in their portfolio of
On September 15, 2017, MultiMedia Corporation purchased 10,000 common shares of Community Broadcasting Company for $32 per share. The following information applies to Community Broadcasting's price
For each of the following long-lived assets, indicate its nature and the related cost allocation concept. Use the following symbols: Cost Allocation Concept Nature Land DR Depreciation B Building DP
Give one example of (a) an adjusting entry that should be reversed and (b) one that should not be reversed.
What are reversing entries? When are reversing entries useful?
Why are adjusting entries entered on the worksheet?
What is the basic purpose of the worksheet?
Global Corporation has completed all information processing including the annual financial statement.sat December 31, 2017. The adjusting entries recorded at that date were as
Nally Company is in the process of completing the information processing cycle at the end of the accounting year, December 31, 2018. The worksheet and financial statements have been prepared. The
Define ledger. What is its purpose?
Define journal. What is its purpose?
What are (a) The book of original entry(b) The book of final entry?
Mobile Services Inc. provides wireless communications services to a variety of customers. The following information relates to the company's investments in SAS in 2018 and 2017: Required 1.?Compute
On January 4, 2018, Pronti Company acquired all of the net assets of Scott Company for $120,000 cash. The statements of financial position for each company prior to the acquisition
Kukenberger Inc., reported the following in its portfolio of SAS: Required 1. Determine the economic return from investing ratio for 2018, 2019, and 2020.2. What do your results suggest about
N.M.S.?Company?held available-for-sale securities and?reported?the?following information?at the endof?each year: Compute?the?economic?return?from?investing?ratio for?2018,?2019,?and?2020. What do the
During 2018, Oscar Company purchased some of the 90,000 common shares of Selma Inc. as a non-current investment. The fiscal year for each company ends on December 31. The following transactions
Use the data in E13-7 to answer the following q,uestions.Required:1. How would the investing section of the statement of cash flows for 2017 be affected by the preceding transactions?2. How would the
Using the following categories, indicate the effects of the transactions listed in M13-7. Use + for increase and - for decrease and indicate the amounts. M 13-7 On January 1, 2018, PurchaseAgent.com
Felicia Company acquired some of the 60,000 outstanding common shares of Nueces Corporation during 2017, as a non-current investment. The fiscal year for both companies ends December 31. The
On January 1, 2018, PurchaseAgent.com acquired 35 percent (800,000 shares) of the common shares of E-Transaction Corporation. The accounting period for both companies ends December 31. Prepare the
Selma International, Inc., reported the following information regarding its investment portfolio in the company's 2017 annual report: Required 1.?Compute?the?economic?return from
Using the following categories, indicate the effects of the transactions listed in Ml3-3 assuming the securities are trading securities. Use + for increase and - for decrease and indicate the
On June 1, 2017, Kappa Company acquired all of the net assets of Delta Company for $120,000 cash. The statements of financial position for both companies prior to the acquisition fallow: Required 1.
On August 4, 2016, Osaka Corporation purchased 1,000 common shares of Tremblay Ltee for $45,000. The following information applies to Tremblay's shares: Tremblay declares?and pays?cash dividends
Using the following categories, indicate the effects of the transactions listed in Ml3-3 assuming the securities are available for sale. Use+ for increase and - for decrease, and indicate the
Using the data in E13-3, assume that MetroMedia management designated Mitek's shares as an investment in SAS instead of investments at FVTPL. Prepare any journal entries that are required by the
On June 30, 2017, MetroMedia Inc. purchased 10,000 of Mitek's common shares for $20 per share. Management purchased the shares for speculative pm-poses and designated them as investments at FVPTL.
On March 1, 2017, HiTech Industries purchased 10,000 common shares of Integrated Services Company for $20 per share. The following information applies to integrated's price per share: Required 1.
During 2017, Jamar Company acquired some of the 50,000 outstanding common shares of Anglis Corporation as investments available for sale. The accounting period for both companies ends December 31.
Recording a Bond Investment James Company purchased $800,000, 8 percent bonds issued by Heidi Company on January 1, 2017. The purchase price of the bonds was $900,000. Interest is payable
Starbucks Corporation provides high-quality coffee products. Assume that as par t of its expansion strategy, Starbucks plans to open numerous new stores internationally over the next five years. The
Canadian Tire Corporation is Canada's largest retailer of sporting goods, offering a comprehensive assortment of products, operating stores from coast to coast under the names Sport Chek, Sports
Pool Corporation inc. is the world's largest wholesale distributor of swimming pool supplies and equipment. Assume Pool Corporation purchased for cash 400,000 shares of The Walt Disney Company on
Krispy Kreme operates and franchises a worldwide chain of quick-service drive-in doughnut stores. Customers drive up to a parking space and order doughnuts through an intercom speaker system. The
In 2017, Pringle Company reported earnings per share of $9.50 when its common shares were selling for $228 each. In 2018, its earnings increased by 13 percent. If all other relationships remain
A manufacturer reported an inventory turnover ratio of 8.6 during 2017. During 2018, management introduced a new inventory control system that was expected to reduce average inventory levels by 25
Compute the financial leverage percentage for 2018 given the following data: 2018 2017 Return on equity Return on assets 26% 21% 8% 6% Profit margin 12% 12%
Compute the return on equity ratio for 2018 given the following data: 2018 2017 Net earnings Shareholders' equity $ 183,000 $ 159,000 1,100,000 1,250,000 Total assets 2,460,000 2,630,000 Interest
A consumer products company reported a 5.4 percent increase in sales from 2017 to 2018. Sales in 2017 were $29,600. In 2018, the company reported cost of sales in the amount of $9,107. What was the
Average Corporation has the following shares outstanding at the end of 2016:Preferred shares, $3, no par value; 8,000 outstanding
The following account balances were selected from the records of Blake Corporation at December 31, 2017, after all adjusting entries were completed: The?stock?price was?$22.63?per?share?on
On April 15, 2017, the board of directors for Auction.coin declared a cash dividend of 65 cents per share payable to shareholders of record on May 20. The dividends are payable on June 14. The
The financial statements of Planet Media Inc. included the following selected information at December 31, 2018:Common shares................$1,600,000Retained earnings...............C100,000Net
Kelly Incorporated was issued a charter on January 15, 2017, that authorized the following share capital:Common shares, no par value, 100,000 shares.Preferred shares,
Chamandy Corporation issued a $25,000,000, 7 percent note on July 1, 2018, at a market rate of 6 percent. The note was dated July 1, 2018, with interest to be paid each June 30. The note matures in
Northland Corporation had $400,000, 10-year bonds outstanding on December 31, 2017 (end of the fiscal year). interest is payable each December 31. The bonds were issued (sold) on January 1, 2017. The
On January 1, 2018, Seton Corporation sold a $10,000,000, 5.5 percent bond issue. The bonds were dated January 1, 2018, had a yield of 6 percent, pay interest each December 31, and mature 10 years
Refer to E10-14. Use the approach presented in Appendix 10B.Data from 10-14Shuttle Company issued $5,000,000, three-year, 4.1 percent bonds on January 1, 2017. The bond interest is paid each December
The effects of specific events that occur over the life of a bond are reported on the statement of cash flows. Determine whether each of the following events affects the statement of cash flows. If
Shuttle Company issued $5,000,000, three-year, 4.1 percent bonds on January 1, 2017. The bond interest is paid each December 31, the end of the company's fiscal year. The bond was sold to yield 4
Eagle Corporation issued $10,000,000, 6.5 percent bonds dated April 1, 2018. The market rate of interest was 7 percent, with interest paid each March 31. The bonds mature in three years, on March 31,
On January 1, 2018, Bochini Corporation sold a $10 million, 8.25 percent bond issue. The bonds were dated January 1, 2018, had a yield of 8 percent, pay interest each December 31, and mature 10 years
Thompson Corporation is planning to issue $100,000, five-year, 6 percent bonds. Interest is payable semi-annually each June 30 and December 31. All of the bonds will be sold on July 1, 2017; they
Wagdy Company issued $600,000, 10-year, 6 percent bonds on July 1, 2017. The bonds sold for $580,000. Interest is payable semi-annually each June 30 and December 31. Record the sale of the bonds, and
On January 1, 2017 Kaizen Corporation issued a $500 million note that matures in 10 years. The note has a stated interest rate of 6 percent. When the note was issued, the market rate was 6 percent.
On October 1, 2017, Rocco Inc. purchased new equipment for $50,000 and was considering three different options for payment of this amount:1. Pay the full amount on September
RKO Company issued $850,000, 10-year, 8 percent bonds on January 1, 2018. The bonds sold for $910,000. Interest is payable annually each December 31. Record the sale of the bonds on January 1, 2018,
Coffman Company issued $1,000,000, 10-year, 4.5 percent bonds on January 1, 2018. The bonds sold for $940,000. Interest is payable semi-annually each June 30 and December 31. Record the sale of the
Nordic Company issued bonds with the following provisions: Maturity value: $60,000,000 interest: 7.9 percent per annum payable semi-annually each June 30 and December 31 Terms: Bonds
Tran Company issued $900,000, 10-year, 6 percent bonds on July 1, 2017. Interest is payable semiannually on June 30 and December 31. Determine the issuance price of the bonds assuming a market yield
Grocery Corporation sold $500,000, 7 percent notes on January 1, 2017, at a market rate of 8 percent. The notes were dated January 1, 2017, with interest to be paid each December 31; they mature 10
Willams Company borrowed $600,000 from a local bank to be repaid in 20 semi-annual installments, including interest at an annual rate of 6 percent. Determine the amount of each installment and the
Pool Corporation Inc. is the world's largest wholesale distributor of swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange under the symbol
Toronto Taxi Inc. owns a van that was purchased on January 1, 2011, for $45,000. The van has been depreciated using the straight-line method over 10 years and has a residual value of $5,000. On
On January 1, 2018, Wong Corporation signed a mortgage note for $5,000,000 at 8 percent for a term of five years. Mortgage payments are made semi-annually on June 30 and on December 31. Each mortgage
Sandox Corp. owns equipment that was purchased on January 1, 2014, for $90,000. The equipment has been depreciated using the straight-line method over five years and has a residual value of $10,000.
Clearwater Seafoods Inc. is a leader in the global seafood market. Its main operations include harvesting, processing, distributing, and marketing of seafood products primarily in Canada, the United

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