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business
fundamental accounting

Questions and Answers of Fundamental Accounting

Heineken N.V. reports the following information for its Loans and Borrowings as of December 31, 2010, including proceeds and repayments for the year ended December 31, 2010 (euros in millions).1.
Complete the following descriptions by filling in the blanks. 1. Equity securities giving an investor significant influence are accounted for using the. 2. Available-for-sale debt securities are
Complete the following descriptions by filling in the blanks. 1. The controlling investor is called the , and the investee is called the. 2. A long-term investment classified as equity securities
The Carrefour Group reports the following description of its trading securities (titled “financial assets reported at fair value in the income statement”).Note 10 to Carrefour’s 2010 financial
Complete the following descriptions by filling in the blanks. 1. Debt securities reflect a deposit. 2. Equity securities reflect an relationship such as investments in notes, bonds, and certificates
Complete the following descriptions by filling in the blanks 1. Consolidated show the financial position, results of operations, and cash flows of all entities under the parent's control, including
Prescrip Co. began operations in 2012. The cost and fair values for its long-term investments portfolio in available-for-sale securities are shown below. Prepare Prescrip’s December 31, 2013,
Ticker Services began operations in 2011 and maintains long-term investments in available-for-sale securi¬ ties. The year-end cost and fair values for its portfolio of these investments follow.
On May 8, 2013, Jett Company (a U.S. company) made a credit sale to Lopez (a Mexican company). The terms of the sale required Lopez to pay 800,000 pesos on February 10, 2014. Jett prepares quarterly
Rose Company had no short-term investments prior to year 2013. It had the following transactions involv¬ ing short-term investments in available-for-sale securities during 2013.Required 1. Prepare
Doering Company, a U.S. corporation with customers in several foreign countries, had the following selected transactions for 2013 and 2014.2013Pesos (Mexico) ............ $0.1055 Yen (Japan)
Slip Systems had no short-term investments prior to 2013. It had the following transactions involving short-term investments in available-for-sale securities during 2013.Required 1. Prepare journal
Paris Enterprises, which began operations in 2013, invests in long-term available-for-sale securities. Following is a series of transactions and events involving its long-term investment
Troyer’s long-term available-for-sale portfolio at December 31, 2012, consists of the followingTroyer enters into the following long-term investment transactions during year 2013.The fair values of
Datamix, a U.S. corporation with customers in several foreign countries, had the following .selected trans¬ actions for 2013 and 2014.2013 May 26 Sold merchandise for 6.5 million yen to Fuji Company
Refer to the opening feature in this chapter about Catherine and David Cook and their com¬ pany, myYearbook (now rebranded as MeetMe). Assume that they must acquire the Japanese rights to certain
If Skechers sells goods to Famous Footwear with terms FOB shipping point, which company reports these goods in its inventory while they are in transit?
An art gallery purchases a painting for $11,400 on terms FOB shipping point. Additional costs in obtaining and offering the artwork for sale include $130 for transportation-in, $150 for import
A company takes a physical count of inventory at the end of 2012 and finds that ending inventory is understated by $10,000. Would this error cause cost of goods sold to be overstated or understated
Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during calendar year 2013 follow:Additional tracking data for specific identification: (1) January 15
Refer to the information in Demonstration Problem 1 to answer the following requirements.Required 1. Calculate the cost of goods available for sale.2. Apply the four different methods of inventory
Identify the costs of merchandise inventory.
Analyze the effects of inventory methods for both financial and tax reporting.
Analyze the effects of inventory errors on current and future financial statements
Assess inventory management using both inventory turn¬ over and days’ sales in inventory
Perpetual: Assume that Marvel uses a perpetual specific identi¬ fication inventory system. Its ending inventory consists of 20 units from beginning inventory, 40 units from the July 3 pur¬ chase,
Periodic: Assume that Marvel uses a periodic FIFO inventory system. What is the dollar value of its ending inventory?a. $2,940d. $2,852b. $2,685e. $2,705c. $2,625 Use the following information from
Information: A company reports the following beginning inventory and purchases for the month of January. On January 26, the company sells 350 units. 150 units remain in ending inventory at January
Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on LIFO. (Round per unit costs and
Refer to the information in QS 6-1 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit
Refer to the information in QS 6-1 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Information: Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. During December, Monson sells 15 units for $20 each on December
Refer to the information in QS 6-8 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method. (Round per
Refer to the information in QS 6-8 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Refer to the information in QS 6-8 and assume the perpetual inventory system is u.sed. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Of
Refer to the information in QS 6-8 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method. (Round per unit
Information: Laker Company reported the following January purchases and sales data for its only product.Required The Company uses a perpetual inventory system. Determine the cost assigned to ending
Refer to the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using {a) specific
Information: Hemming Co. reported the following current-year purchases and sales for its only product.Required Check Ending inventory: LIFO, Hemming uses a perpetual inventory system. Determine the
Refer to the information in Exercise 6-7. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using
Information: Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March. (For specific identification, the March 9 sale consisted
Refer to the information in Problem 6-3A and assume the periodic inventory system is used. Problem 6-4A*Periodic: Alternative cost flows Required p.|1. Compute cost of goods available for sale and
Information: Seminole Company began year 2013 with 23,000 units of product in its .lanuary 1 inventory costing $15 each. It made successive purchases of its product in year 2013 as follows. The
Wayward Company wants to prepare interim financial statements for the first quarter. The company wishes to avoid making a physical count of inventory. Waywiird’s gross profit rate averages 34%. The
Information: TDS Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for April. (For specific identification, the April 9 sale consisted of 8
Refer to the information in Problem 6-1B and assume the periodic inventory system is used.Required 1. Compute cost of goods available for sale and the number of units available for sale.2. Compute
Information: Seneca Co. began year 2013 with 6,500 units of product in its January 1 inventory costing $35 each. It made successive purchases of its product in year 2013 as follows. The company uses
Success Systems P2 A3: PartA Adria Lopez of Success Systems is evaluating her inventory to determine whether it must be adjusted based on lower of cost or market rules. Her company has three
Access the September 24, 2011, 10-K report for Apple, Inc. (Ticker AAPL), filed on October 26, 2011, from the EDGAR filings at www.SEC.gov.Required 1. What products are manufactured by Apple?2. What
Where do we get the amounts to enter in the Unadjusted Thai Balance columns of a work sheet?
Why are revenue and expense accounts called temporary? Identify and list the types of temporary accounts.
What accounts are listed on the post-closing trial balance?
Classify the following assets as (1) current assets, (2) plant assets, or (3) intangible assets:(a) land used in operations, (b) office supplies, (c) receivables from customers due in 10 months, id)
Cite at least two examples of assets classified as investments on the balance sheet.
Explain why temporary accounts are closed each period.
Explain and prepare a classified balance sheet
Compute the current ratio and describe what it reveals about a company’s financial condition.
Describe and prepare closing entries
Prepare reversing entries and explain their purpose.
Explain and prepare a post-closing trial balance.
The following information is available for the R. Kandamil Company before closing the accounts. After all of the closing entries are made, what will be the balance in the R. Kandamil, Capital
Which of the following errors would cause the balance sheet and statement of owner’s equity columns of a work sheet to be out of balance?a.Entering a revenue amount in the balance sheet and state¬
Based on the following information from Repicor Company’s balance sheet, what is Repicor Company’s current ratio?Currentassets. $ 75,000 Investments. 30,000 Plant assets. 300,000 Current
How do reversing entries simplify recordkeeping?
Complete the following descriptions related to temporary and permanent accounts.1. Permanent accounts report on activities related to_future accounting periods, and they carry their ending balances
Classifying balance sheet items: The following are common categories on a classified balance sheet.A. Current assets D. Intangible assets B. Long-term investments E. Current liabilities F. Long-term
List the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provideda. _Total the statement columns, compute net income (loss), and complete
In preparing a work sheet, indicate the financial statement Debit column to which a normal balance in the following accounts should be extended. Use IS for the Income Statement Debit column and BS
Prepare closing entries from the ledger : The ledger of Mai Company includes the following accounts with normal balances: D. Mai, Capital$9,000; D. Mai, Withdrawals $800; Services Revenue $13,000;
Identify post-closing accounts: Identify the accounts listed in QS 4-9 that would be included in a post-closing trial balance
Use the information in the adjusted trial balance reported in Exercise 4-4 to compute the current ratio as of the balance sheet date (round the ratio to two decimals). Interpret the current ratio for
The following data are taken from the unadjusted trial balance of the Westcott Company at December 31, 2013. Each account carries a normal balance and the accounts are shown here in alphabetical
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classifica¬ tion. If the item should not appear on the balance sheet, enter a Z in the blank.A.
On April 1, 2013, Jiro Nozomi created a new travel agency. Adventure Travel. The following transactions occurred during the company’s first month.The company’s chart of accounts followsRequired
The adjusted trial balance of Karise Repairs on December 31, 2013, follows.Required 1. Prepare an income statement and a statement of owner’s equity for the year 2013, and a classified balance
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classifica¬ tion. If the item should not appear on the balance sheet, enter a Z in the blank.A.
On July 1, 2013, Lula Plume created a new self-storage business. Safe Storage Co. The following transac¬ tions occurred during the company’s first monthThe company’s chart of accounts
Refer to Polaris’s financial statements in Appendix A to answer the following Required 1. For the year ended December 31, 2011, what amount is credited to Income Summary to summarize its revenues
Assume that one of your classmates states that a company’s books should be ongoing and therefore not closed until that business is terminated. Write a half-page memo to this classmate explaining
Access Motley Fool’s discussion of the current ratio at Fooi.com/SchoolA^aluation/ CurrentAndOuickRatio.htm. (If the page changed, search that site for the current ratio.)Required 1. What level for
Enter the letter for each term in the blank space beside the definition that it most closely matches.A. Sales discount B. Credit period C. Discount period D. FOB destination E. FOB shipping point F.
Prepare journal entries to record each of the following purchases transactions of a merchandising^ QS 5-3 company. Show supporting calculations and assume a perpetual inventory system. Nov. 5
Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2011, follows. The company applies IFRS, as adopted by the
Use the following information (in alphabetical order) from a service company and from a merchandiser to compute net income. For the merchandiser, also compute gross profit, the goods available for
The operating cycle of a merchandiser with credit sales includes the following five activities. Starting with merchandise acquisition, identify the chronological order of these five activities a. b.
The following supplementary records summarize Tosca Company’s merchandising activities for year 2013. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized
L’Oreal reports the following income statement accounts for the year ended December 31,2011 (euros in millions). Prepare the income statement for this company for the year ended December 31, 2011,
Barkley Company’s adjusted trial balance on March 31, 2013, its fiscal year-end, followsOn March 31, 2012, merchandise inventory was $37,500. Supplementary records of merchandising activities for
Success Systems PI P2 P3 P4: Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting
Phoenix Company can invest in each of three cheese-making projects: Cl, C2, and C3. Each project requires an initial investment of $228,000 and would yield the following annual cash flows.(1)
Fill in each of the blanks below with the correct term.1. A-arises from a past decision and cannot be avoided or changed; it is irrelevant to future decisions.2. -refer to the incremental revenue
Farrow Co. expects to sell 150,000 units of its product in the next period with the following results.The company has an opportunity to sell 15,000 additional units at $12 per unit. The additional
Factor Company is Planning to add a new Product to its line. To manufacture this product, the company needs to buy a new machine at a $480,000 cost with an expected four year life and a $20,000
Jones Products manufactures and sells to wholesalers approximately 400,000 packages per year of under¬ water markers at $6 per package. Annual costs for the production and sale of this quantity are
Adria Lopez is considering the purchase of equipment for Success Systems that would allow the company to add a new product to its computer furniture line. The equipment is expected to cost $300,000
Assume Polaris invested $2.12 million to expand its manufacturing capacity. Assume that these assets have a ten-year life, and that Polaris requires a 10% internal rate of return on these
A company is considering an investment expected to yield $70,000 after six years. If this company demands an 8% return, how much is it willing to pay for this investment
Assume that you win a $150,000 cash sweepstakes. You decide to deposit this cash in an account earning 8% annual interest, and you plan to quit your job when the account equals $555,000. How many
A company is considering an investment paying $10,000 every six months for three years. The first payment would be received in six months. If this company requires an 8% annual return, what is the

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