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business
fundamental accounting

Questions and Answers of Fundamental Accounting

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
The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2012 and 2013.Late in December 2013, the business purchased a small office building and land for
Roshaun Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts, which all have normal
The expanded accounting equation consists of assets, liabilities, capital, withdrawals, revenues, and expenses. It can be used to reveal insights into changes in a company’s financial
Explain the purpose and importance of accounting,
Identify users and uses of, and opportunities in, accounting.
Explain why ethics are crucial to accounting.
Explain generally accepted accounting principles and define and apply several accounting principles.
Identify and describe the three major activities of organizations.
Define and interpret the accounting equation and each of its components.
Explain the relation between return and risk.
Who sets U.S. accounting rules?
How are the objectivity concept and cost principle related?
What are the three basic forms of business organization?
After several months of planning. Jasmine Worthy started a haircutting business called Expressions. The following events occurred during its first month of business.a. On August 1, Worthy invested
9: Cash; Accounts Receivable; Furniture; Store Equipment; Note Payable; J. Worthy, Capital; J. Worthy, With drawals; Revenues; and Expenses. Show the effects of each transaction using the accounting
On December 30, 2012, KPMG signs a $150,000 contract to provide accounting services to one of its clients in 2013 . KPMG has a December 31 year-end. Which accounting principle or assumption requires
Identify three actual businesses that offer services and three actual businesses that offer products.6- Q Describe the internal role of accounting for organizations.
O What information is reported in an income statement?
0 What information is reported in a balance sheet?
0 Define and explain return on assets.
^0 Define return and risk. Discuss the trade-off between them.
Identify the following users as either external users (E) or internal users (I).a. Customersb. Suppliersc. Brokersd. Business presse. Managersf. District attorney g. Shareholders h. Lenders i.
Applying the accounting equationa. Total assets of Charter Company equal $700,000 and its equity is $420,000 . What is the amount of its liabilities?b. Total assets of Martin Marine equal $500,000
Indicate in which financial statement cach item would most likely appear: income statement (I), balance sheet (B), statement of owner's equity (E), or statement of cash flows (CF).a. Assetsd.
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 a
0% return on assets). Sales.... Net income $67,997 million 3,338 million Average total assets. 40,501 million
Answer each of the following questions related to international accounting standards.a. The International Accounting Standards Board (lASB) issues preferred accounting practices that are referred to
Many accounting professionals work in one of the following three areas:A. Managerial accounting B. Financial accounting C. Tax accounting Identify the area of accounting that is most involved in each
Accounting is an information and measurement system that identifies, records, and communicates relevant, reliable, and comparable information about an organization’s business activities. Classify
Part A. Identify the following users of accounting information as either an internal (I) or an external (E) user.Part B. Identify the following questions as most likely to be asked by an internal (I)
Match each of the numbered descriptions with the principle or assumption it best reflects. Enter the letter for the appropriate principle or assumption in the blank space next to each description.A.
Match each of the numbered descriptions with the term or phrase it best reflects. Indicate your answer by writing the letter for the term or phrase in the blank provided.A. Audit C. Ethics E. SEC G.
Answer the following questions. {Hint: Use the accounting equation.)a. Office Store has assets equal to $123,000 and liabilities equal to $47,000 at year-end. What is the total equity for Office
Provide an example of a transaction that creates the described effects for the separate cases a through g.a. Decreases an asset and decreases equity.e. Increases an asset and decreases an asset.b.
Lena Holden began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Holden (the owner) completed these transactions:a. Owner invested
9, using the following headings for columns: Cash; Accounts Re- ceivable; Equipment; Accounts Payable; L. Holden, Capital; L. Holden, Withdrawals; Revenues; and Ex- penses. Then use additions and
Zen began a new consulting firm on January
The accounting equation showed the following balances after each of the company’s first five transactions. Analyze the accounting equation for each transaction and describe each of the five
On October 1, Keisha King organized Real Answers, a new eonsulting firm; on October 3, the owner con¬ tributed $84,000 cash. On October 31, the company’s records show the following items and
Use the information in Exercise 1-14 to prepare an October statement of owner’s equity for Real Answers.
Use the information in Exercise 1-14 (if completed, you can also use your solution to Exercise 1-15) to prepare an October 31 balance sheet for Real Answers.
Use the information in Exercise 1-14 to prepare an October 31 statement of cash flows for Real Answers. Also assume the following:a. The owner's initial investment consists of $38,000 cash and
Indicate the section where each of the following would appear on the statement of cash flows.O. Cash flows from operating activity
Cash flows from investing activity F. Cash flows from financing activity 1. Cash paid for advertising 2. Cash paid for wages 3. Cash withdrawal by owner 4. Cash purchase of equipment 5. Cash paid for
Match each transaction or event to one of the following activities of an organization: financing activities (F), investing activities (I), or operating activities (0). a. b. C. d. e. An owner
Nintendo Company reports the following income statement accounts for the year ended March 31, 2011. (Japanese yen in millions.)Use this information to prepare Nintendo’s income statement for the
Following is selected financial information ofABM Company for the year ended December 31, 2013Required Prepare the 2013 statement of cash flows for ABM Company Cash used by investing activities.. Net
Following is selected financial information for Kasio Co. for the year ended December 31, 2013Required Prepare the 2013 statement of owner’s equity for Kasio. K. Kasio, Capital, Dec. 31, 2013....
Holden Graham started The Graham Co., a new business that began operations on May
The Graham Co. completed the following transactions during its first month of operations.Required May 1 H. Graham invested $40,000 cash in the company. 1 The company rented a furnished office and
Arrange the following asset, liability, and equity titles in a table like Exhibit
9: Cash; Accounts Receivable; Office Equipment; Accounts Payable; H. Graham, Capital; H. Graham, Withdrawals; Revenues; and Expenses
Show effects of the transactions on the accounts of the accounting equation by recording increases and decreases in the appropriate columns. Do not determine new account balances after each
Prepare an income statement for May, a statement of owner’s equity for May, a May 31 balance sheet, and a statement of cash flows for May.
Helga Ander started a new business and completed these transactions during December.Required Dec. 1 Helga Ander transferred $65,000 cash from a personal savings account to a checking account in the
Use additions and subtractions to show the effects of each transaction on the accounts in the accounting equation. Show new balances after each transaction.
Use the increases and decreases in the columns of the table from part 2 to prepare an income statement, a statement of owner’s equity, and a statement of cash flows—each of these for the current
Assume that the owner investment transaction on December 1 was $49,000 cash instead of $65,000 and that Ander Electric obtained another $16,000 in cash by borrowing it from a bank. Explain the effect
Isabel Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.a. I. Lopez invests $70,000 cash and office equipment valued at
9, using the following headings for the columns: Cash; Ac¬ counts Receivable; Office Supplies; Office Equipment; Building; Accounts Payable; Notes Payable; I. Lopez, Capital;
Lopez, Withdrawals; Revenues; and Expenses.2 . Use additions and subtractions within the table created in part I to show the dollar effects of each trans¬ action on individual items of the
Coca-Cola and PepsiCo both produce and market beverages that are direct competitors. Key financial figures (in $ millions) for these businesses over the past year follow.Required Key Figures ($
Compute return on assets for (a) Coca-Cola and (b) PepsiCo.
Which company is more successful in its total amount of sales to consumers?
Which company is more successful in returning net income from its assets invested?Analysis Component
Write a one-paragraph memorandum explaining which company you would invest your money in and why. (Limit your explanation to the information provided.)
A start-up company often engages in the following transactions in its first year of operations. Classify those transactions in one of the three major categories of an organization’s business
An organization undertakes various activities in pursuit of business success. Identify an organization’s three major business activities, and describe each activity.The following financial
Answer the following questions about Company V:a. What is the amount of equity on December 31, 2012?b. What is the amount of equity on December 31, 2013?c. What is the net income or loss for the year
Answer the following questions about Company W:a. What is the amount of equity on December 31, 2012?b. What is the amount of equity on December 31, 2013?c. What is the amount of liabilities on
Calculate the amount of owner investments for Company X during 2013
Calculate the amount of assets for Company Y on December 31, 2013
Calculate the amount of liabilities for Company Z on December 31, 2012
Following is selected financial information ofATV Company for the year ended December 31, 2013Required Prepare the 2013 statement of owner’s equity for ATV Company. A.T. Vee, Capital, Dec. 31, 2013
Holly Nikolas launched a new business. Holly’s Maintenance Co., that began operations on June
The following transactions were completed by the company during that first month.June 1 H. Nikolas invested $130,000 cash in the company.2 The company rented a furnished office and paid $6,000 cash
21 The company completed $7,900 of maintenance services for Paula’s Beauty Shop on credit.24 The company completed $675 of maintenance services for Build-It Coop on credit.25 The company received
26 The company made payment of $2,400 cash for equipment purchased on June
9: Cash; Accounts Re¬ ceivable; Equipment; Accounts Payable; H. Nikolas, Capital; H. Nikolas, Withdrawals; Revenues; and Expenses.2 . Show the effects of the transactions on the accounts of the
9: Cash; Accounts Re- ceivable; Office Supplies; Office Equipment; Excavating Equipment; Accounts Payable; R. Truro, Capital; R. Truro, Withdrawals; Revenues; and Expenses.2 . Use additions and
Nico Mitchell started a new business, Nico's Solutions, and completed the following transactions during its first year of operations.a. N. Mitchell invests $90,000 cash and office equipment valued at
9, using the following headings for the columns: Cash; Ac¬ counts Receivable; Office Supplies; Office Equipment; Building; Accounts Payable; Notes Payable; N. Mitchell, Capital; N. Mitchell,
Carbondale Company manufactures, markets, and sells snowmobile and snowmobile equipment and accessories. The average total assets for Carbondale is $3,000,000. In its most recent year, Carbondale
5% re¬ turn on assets?3 . What are the total expenses for Carbondale Company in its most recent year?4 . What is the average total amount of liabilities plus equity for Carbondale Company?
A start-up company often engages in the following activities during its first year of operations. Classify each of the following activities into one of the three major activities of an
Investing O. Operating 1. Providing client services. 2. Obtaining a bank loan. 3. Purchasing machinery. 4. Research for its products. 5. Supervising workers. 6. Owner investing money in business. 7.
Describing organizational activities C5 Identify in outline format the three major business activities of an organization. For each of these activi¬ ties, identify at least two specific transactions
On October 1, 2013, Adria Lopez launched a computer services company. Success Systems, that is organized as a proprietorship and provides consulting services, computer system installations, and cus¬
9 using the following headings for columns: Cash; Accounts Receivable; Computer Supplies; Computer System; Office Equipment; Accounts Payable; A. Lopez, Capital; A. Lopez, Withdrawals; Revenues; and
Key financial figures for Polaris’ fiscal year ended December 31, 2011, follow.Required Key Figure Liabilities Equity... Net income.. Revenues In Thousands $1,228,024 227,575 2,656,949
What is the total amount of assets invested in Polaris?
What is Polaris’ return on assets for 2011? Its assets at December 31, 2010, equal $1,061,647 (in thousands).
How much are total expenses for Polaris for the year ended December 31, 2011 ?
Does Polaris’ return on assets for 2011 seem satisfactory if competitors average an 18% return?Fast Forward
Access Polaris’ financial statements (Form 10-K) for years ending after December 31, 2011, from its Website (Polaris.com) or from the SEC Website (www.SEC.gov) and compute its return on assets for
Craig Thome works in a public accounting firm and hopes to eventually be a partner. The man¬ agement of Allnet Company invites Thome to prepare a bid to audit Allnet’s financial statements. In
KTM (KTM.com) is a leading manufacturer of offroad and street motorcycles, and it completes to some extent with both Polaris and Arctic Cat. Key financial figures for KTM follow.Required 1 . Identify
What is the difference between an interestbearing note and a discount note?
The following accounts and corresponding balances were drawn from Widjaja Company's 2012 and 2011 year-end balance sheets.During the year, \(\$ 68,000\) of unearned revenue was recognized as having

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