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financial accounting

Questions and Answers of Financial Accounting

From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system:(a) Accounts Payable,(b) Advertising
The units of an item available for sale during the year were as follows:There are 48 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
Identify each of the following as relating to(a) The control environment,(b) Control procedures, or(c) Information and communication.1. Management’s philosophy and operating style2. Report of
The note receivable dishonored in Discussion Question 9 is paid on December 30 by the maker, plus interest for 30 days at 9%. What entry should be made to record the receipt of the payment?Refer to
Bellows has a capital balance of $200,000 after adjusting assets to fair market value. Rodriguez contributes $360,000 to receive a 60% interest in a new partnership with Bellows. Determine the amount
Hiro has a capital balance of $75,000 after adjusting assets to fair market value. Marone contributes $25,000 to receive a 40% interest in a new partnership with Hiro.Determine the amount and
A corporation with both preferred stock and common stock outstanding has a substantial credit balance in its retained earnings account at the beginning of the current fiscal year. Although net
Under U.S. GAAP, LIFO is an acceptable inventory method. Listed below is financial statement information for three companies that use LIFO. All table numbers are in millions of dollars.*Autos and
A company reports the following:Net sales ................................................................. $1,200,000Average accounts receivable (net) ............................
Apple Inc.’s iTunes® provides digital products, such as music, video, and software, which can be downloaded to portable devices such as the iPhone® and iPod®. Purchases made on iTunes are made
Using the following revenue journal for Zeta Services Inc., identify each of the posting references, indicated by a letter, as representing(1) Posting to general ledger accounts or(2) Posting to
Using the following cash payments journal, identify each of the posting references, indicated by a letter, as representing(1) A posting to a general ledger account,(2) A posting to a subsidiary
The following purchase transactions occurred during February for Crystal Catering Service:Feb. 11. Purchased party supplies for $440, on account from Celebration Supplies Inc.14. Purchased party
From the list below, identify the accounts that should be closed to Income Summary at the end of the fiscal year:a. Accounts Payableb. Accumulated Depreciation—Equipmentc. Depreciation
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement
The following accounts appear in an adjusted trial balance of Hampshire Consulting.Indicate whether each account would be reported in the(a) Current asset;(b) Property, plant, and equipment;(c)
Electro Repairs & Service, an electronics repair store, prepared the unadjusted trial balance shown below at the end of its first year of operations.For preparing the adjusting entries, the
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance
Indicate whether each of the following activities would be reported on the statement ofcash flows as(a) An operating activity,(b) An investing activity, or(c) A financing activity:1. Cash received
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Receivable2.
On January 1, 2016, a company agrees to pay $20,000 in three years. If the annual interest rate is 10%, determine how much cash the company can borrow with this agreement.
Otto Co. borrows money on April 30, 2016, by promising to make four payments of $13,000 each on November 1, 2016; May 1, 2017; November 1, 2017; and May 1, 2018.1. How much money is Otto able to
Refer to Apple’s statement of comprehensive income in Appendix A. What is the amount of change in foreign currency translation, net of tax effects, for the year ended September 26, 2015? Is this
Refer to Google’s statement of comprehensive income in Appendix A. What was the amount of its 2015 change in net unrealized gains (losses) for its AFS investments?
Refer to the income statement of Samsung in Appendix A. How can you tell that it uses the consolidated method of accounting?
Key figures for the recent two years of both Apple and Google follow.Required1. Compute profit margins for (a) Apple and (b) Google for the two years of data shown.2. Which company is more successful
Review this chapter’s opening feature involving Anna Stork and Andrea Sreshta and their LuminAID business.Required1. Explain how a classified balance sheet can help Anna and Andrea know what bills
Use the following information (in random order) from a merchandising company and from a service company. Hint: Not all information may be necessary for the solutions.a. For the merchandiser only,
Refer to Apple’s financial statements in Appendix A. On September 26, 2015, what percent of current assets is represented by inventory?
Comparative figures for Apple and Google follow.Required:1. Compute the accounts receivable turnover for Apple and Google for each of the two most recent years using the data shown.2. Using the
Identify the following assets a through i as reported on the balance sheet as intangible assets (IA), natural resources (NR), or other (O).____ a. Oil well____ b. Trademark____ c. Leasehold____ d.
What is the combined amount (in percent) of the employee and employer Social Security tax rate? (Assume wages do not exceed $118,500 per year.)
Access the February 25, 2016, filing of the December 31, 2015, annual 10-K report of McDonald’s Corporation (ticker: MCD), which is available from SEC.gov.Required1. Identify the current
Explain the concept of accrued interest on bonds at the end of an accounting period.
Enviro Company issues 8%, 10-year bonds with a par value of $250,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 5%, which implies a selling price
Garcia Company issues 10%, 15-year bonds with a par value of $240,000 and semiannual interest payments. On the issue date, the annual market rate for these bonds is 14%, which implies a selling
Vodafone Group Plc reports the following information among its bonds payable as of March 31, 2015 (pounds in millions).a. What is the par value of the 4.625% bond issuance? What is its book
Refer to the information in QS 10-19 for Vodafone Group Plc. The following price quotes relate to its bonds payable. The price quote indicates that the 4.625% bonds have a market price of 111.67
On January 1, 2017, Shay issues $700,000 of 10%, 15-year bonds at a price of 97¾. Six years later, on January 1, 2023, Shay retires 20% of these bonds by buying them on the open market at 104½. All
Refer to Apple’s fiscal 2015 balance sheet in Appendix A. How many shares of common stock are authorized? How many shares of common stock are issued?
Compute the dividend yield for each of these four separate companies. Which company€™s stock would probably not be classified as an income stock? Explain. в Annual Cash Dividend per Share
Assume that you are a cashier and your manager requires that you immediately enter each sale when it occurs. Recently, lunch hour traffic has increased and the assistant manager asks you to avoid
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven
Co.€™s general ledger and its first seven transactions a through g, which are posted to them. Identify the explanation from 1 through 7 below that best describes each transaction a through
Prepare general journal entries for the following transactions of Valdez Services.1. a. Brina Valdez invested $20,000 cash in the company in exchange for common stock.b. The company provided services
1. Prepare general journal entries for the following transactions of Valdez Services.a. The company paid $2,000 cash for payment on a 6-month-old account payable for office supplies.b. The company
In a recent year’s financial statements, Home Depot reported the following: Total liabilities = $30,624 million and Total assets = $39,946 million. Compute and interpret Home Depot’s debt ratio
Determine the ending balance of each of the following T-accounts.a.b.c.d.e.f. Cash 50 100 300 60 20 Accounts Payable 2,000 8,000 2,700
Samsung (Samsung.com) is a leading global manufacturer, and it competes to varying degrees with both Apple and Google. Key financial figures for Samsung follow.Required1. Identify any concerns you
The fraud triangle asserts that the following three factors must exist for a person to commit fraud:A. OpportunityB. PressureC. RationalizationIdentify the fraud risk factor (A, B, or C) in each of
Identify the letter for the principle or assumption from A through F in the blank space next to each numbered situation that it best explains or justifies.A. General accounting principleB.
Classify each of the following items as assets (A), liabilities (L), or equity (EQ)._____ 1. Land_____ 2. Common stock_____ 3. Equipment_____ 4. Accounts payable_____ 5. Accounts receivable_____ 6.
In a recent year’s financial statements, Home Depot reported the following results. Compute and interpret Home Depot’s return on assets (assume competitors average an 11.0% return on
Identify the letter of the term or phrase from A through H that best matches descriptions 1 through 4.A. SASBB. PrinciplesC. Social aspectD. Company sustainabilityE. SASB conceptual frameworkF.
For each transaction a through f, identify its impact on the accounting equation (select from 1 through 6 below)._____ a. The company pays cash toward an account payable._____ b. The company
All business decisions involve aspects of risk and return.RequiredRank order the following investment activities from 1 through 4, where “1” is most risky and “4” is least risky._____ a.
All business decisions involve aspects of risk and return.RequiredRank order the following investment activities from 1 through 4, where “1” reflects the highest expected return and “4” the
Of two corporations organized at approximately the same time and engaged in competing businesses, one issued $80 par common stock, and the other issued $1 par common stock. Do the par designations
The following table shows key operating statistics for the four largest public accounting firms:a. Determine the revenue per partner and revenue per professional staff for each firm. Round to the
What is the purpose of the statement of retained earnings?
Key figures for the recent two years of both Apple and Google follow.Required1. Compute profit margins for (a) Apple and (b) Google for the two years of data shown.2. Which company is more successful
While reviewing the March 31, 2016, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement
Santana Rey created Business Solutions on October 1, 2015. The company has been successful, and Santana plans to expand her business. She believes that an additional $86,000 is needed and is
Refer to the 2013 balance sheet for Google in Appendix A. What is the par value per share of its preferred stock? Suggest a rationale for the amount of par value it assigned.
Refer to Apple’s fiscal 2013 balance sheet in Appendix A. How many shares of common stock are authorized? How many shares of voting common stock are issued?
Heineken N.V. reports the following information for its loans and borrowings as of December 31, 2013, including proceeds and repayments for the year ended December 31, 2013 (euros in millions).Loans
Vodafone Group Plc reports the following information among its bonds payable as of March 31, 2013 (pounds in millions).a. What is the par value of the 4.625% bond issuance? What is its book
Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes).
Paloma Co. Stars has four employees. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid
Volvo Group reports the following information for its product warranty costs as of December 31, 2013, along with provisions and utilizations of warranty liabilities for the year ended December 31,
Stark Company has five employees. Employees paid by the hour receive a $10 per hour pay rate for the regular 40-hour workweek plus one and one-half times the hourly rate for each overtime hour beyond
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $117,000 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $117,000 paid to each employee, and FICA
Which of the following items are normally classified as current liabilities for a company that has a 15-month operating cycle?1. Portion of long-term note due in 15 months.2. Note payable maturing in
Refer to Samsung’s balance sheet in Appendix A. List Samsung’s current liabilities as of December 31, 2013.
Solstice Company determines on October 1 that it cannot collect $50,000 of its accounts receivable from its customer P. Moore. It uses the direct write-off method to record this loss as of October
You are a financial adviser with a client in the wholesale produce business that just completed its first year of operations. Due to weather conditions, the cost of acquiring produce to resell has
Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system.Nov. 5 Purchased 600
Refer to Google’s income statement in Appendix A. What title does it use for cost of goods sold?
Refer to the balance sheet and income statement for Apple in Appendix A. What does the company title its inventory account? Does the company present a detailed calculation of its cost of goods sold?
Adidas AG reports the following balance sheet accounts for the year ended December 31, 2013 (euros in millions). Prepare the balance sheet for this company as of December 31, 2013, following usual
Cal Consulting initially records prepaid and unearned items in income statement accounts. Given this company’s accounting practices, which of the following applies to the preparation of adjusting
Refer to Google’s most recent balance sheet in Appendix A. Identify the eight accounts listed as current liabilities.
Refer to Samsung’s most recent balance sheet in Appendix A. Identify and list its nine current assets.
Refer to Samsung’s balance sheet in Appendix A. If it made an adjustment for unpaid wages at year-end, where would the accrued wages be reported on its balance sheet?
Access EDGAR online (www.SEC.gov) and locate the 2013 10-K report of Amazon.com (ticker AMZN) filed on January 30, 2014. Review its financial statements reported for years ended 2013, 2012, and 2011
Answer each of the following questions related to international accounting standards.a. What type of journal entry system is applied when accounting follows IFRS?b. Identify the number and usual
Indicate whether a debit or credit decreases the normal balance of each of the following accounts.a. Interest Payableb. Service Revenuec. Salaries Expensed. Accounts Receivablee. Common Stockf.
Identify the normal balance (debit or credit) for each of the following accounts.a. Fees Earned (Revenues)b. Office Suppliesc. Dividendsd. Wages Expensee. Accounts Receivablef. Prepaid Rentg. Wages
A chart of accounts is a list of all ledger accounts and an identification number for each. One example of a chart of accounts is near the end of the book on pages CA and CA-1. Using that chart,
Classify each of the following accounts as an asset (A), liability (L), or equity (EQ) account.a. Cashb. Prepaid Rentc. Office Suppliesd. Prepaid Insurancee. Office Equipmentf. Common Stockg.
Review the Apple balance sheet in Appendix A. Identify three accounts on its balance sheet that carry debit balances and three accounts on its balance sheet that carry credit balances.
Samsung (Samsung.com) is a leading global manufacturer, and it competes to varying degrees with both Apple and Google. Key financial figures for Samsung follow.Key Figure*
Classify each of the following items as assets (A), liabilities (L), or equity (EQ).____________1. Land____________2. Common stock____________3. Equipment____________4. Accounts payable____________5.
Identify the dollar amounts of Google’s 2013 assets, liabilities, and equity as reported in its statements in Appendix A near the end of the book.
Refer to the financial statements of Apple in Appendix A near the end of the book. To what level of significance are dollar amounts rounded? What time period does its income statement cover?
Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2015, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,456,448.Required1. Prepare the

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