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business
fundamental accounting

Questions and Answers of Fundamental Accounting

Blanchard Company’s sales manager (in Exercise 21-10) predicts that annual sales of the company’s prod¬ uct will soon reach 40,000 units and its price will increase to $200 per unit. According
Refer to the information from Exercise 21-19. Use the information to determine the (1) weighted- average contribution margin, (2) break-even point in units, and (3) number of units of each product
The following costs result from the production and sale of 1,000 drum sets manufactured by Tom Thompson Company for the year ended December 31, 2013. The drum sets sell for $500 each. The company has
Astro Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the current year as shown here. During a planning session for year 2014’s activities, the production
This year Bertrand Company sold 40,000 units of its only product for $25 per unit. Manufacturing and selling the product required $200,000 of fixed manufacturing costs and $325,000 of fixed selling
Rivera Co. sold 20,000 units of its only product and incurred a $50,000 loss (ignoring taxes) for the cur¬ rent year as shown here. During a planning session for year 2014’s activities, the
This year Best Company earned a disappointing 5.6% after-tax return on sales (net income/sales) from marketing 100,000 units of its only product. The company buys its product in bulk and repackages
Access and review the entrepreneurial infonnation at Business Owner’s Toolkit rToolkit.coml. Access and review its New Business Cash Needs Checklist under the Start Up menu bar or similar
Multiproduct break-even analysis is often viewed differently when actually applied in prac¬ tice. You are to visit a local fast-food restaurant and count the number of items on the menu. To apply
Pepper Company completed the following selected transactions and events during March of this year.(Terms of all credit sales for the company are 2/10, n/30.)Mar. 4 Sold merchandise on credit to
Identify the principles and components of accounting information systems.
Explain the goals and uses of special journals.
Describe the use of controlling accounts and subsidiary ledgers.
The sales journal is used to recorda. Credit salesb. Cash salesc. Cash receiptsd. Cash purchasese. Credit purchases
The purchases journal is used to recorda. Credit salesb. Cash salesc. Cash receiptsd. Cash purchasese. Credit purchases
subsidiary ledger that contains a separate account for each supplier (creditor) to the company is thea. Controlling accountb. Accounts payable ledgerc. Accounts receivable ledgerd. General ledgere.
Enterprise resource planning softwarea. Refers to programs that help manage company operations.b. Is another name for spreadsheet programs.c. Uses batch processing of business information.d. Is
Enter the letter of each system principle in the blank next to its best description.A. Control principle D. Flexibility principle B. Relevance principle E. Cost-benefit principle C. Compatibility
Fill in the blanks to complete the following descriptions.1. With_processing, source documents are accumulated for a period and then processed all at the same time, such as once a day, week, or
Identify the most likely role in an accounting system played by each of the numbered items 1 through 12 by assigning a letter from the list A through E on the left.A. Source documents B. Input
Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Wilcox recently completed
Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.Prepare
Refer to QS 7-7 and for each of the May transactions identify the journal in which it would be recorded. QS 7-8 Assume the company uses a sales journal, purchases journal, cash receipts journal, cash
Warton Company posts its sales invoices directly and then binds them into a Sales Journal. The company had the following credit sales to these customers during July.Required 1. Open an accounts
Nestle, a Switzerland-based company, uses a sales journal, a purchases Journal, a cash receipts journal, a cash disbursements journal, and a general journal in a manner similar to that explained in
A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be di.scovered.1. Made an
The April transactions of Wiset Company are described in Problem 7-1 A.Required 1. Prepare a general journal, a purchases journal like that in Exhibit 7.9, and a cash disbursements journal like that
Acorn Industries completes these transactions during July of the current year (the terms of all its credit sales are 2/10, n/30).July 1 Purchased $6,500 of merchandise on credit from Teton Company,
Required 1. Prepare a sales journal like that in Exhibit 7.5 and a cash receipts journal like that in Exhibit 7.7. Num¬ ber both journals as page 3. Then review the transactions of Acorn Industries
The July transactions of Acorn Industries are described in Problem 7-lB.Required 1. Prepare a general journal, a purchases journal like that in Exhibit 7.9, and a cash disbursements journal like that
Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the ac¬ countant for Colo Company, which operates with monthly accounting periods. All of the
Refer to Polaris’s financial statements in Appendix A to answer the following.1. Identify the note that reports on Polaris’ business segments.2. Describe the focus and activities of each of
Umlauf’s comparative balance sheets, income statement, and additional information follow.Additional Informationa. Equipment costing $21,375 with accumulated depreciation of $11,100 is sold for
Distinguish between operating, investing, and flnancing ” activities, and describe how noncash investing and financing activities are disclosed.
Acompany uses the indirect method to determine its cash flows from operating activities. Use the following information to de¬ termine its net cash provided or used by operating activities.Netincome.
A machine with a cost of $175,000 and accumulated depre¬ ciation of $94,000 is sold for $87,000 cash. The amount re¬ ported as a source of cash under cash flows from investing activities isa.
A company settles a long-term note payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from
The following information is available regarding a company’s annual salaries and wages. What amount of cash is paid for salaries and wages?Salaries and wages expense.$255,000 Salaries and wages
The following information is available for a company. What amount of cash is paid for merchandise for the cument year?Cost of goods sold.$545,000 Merchandise inventory, prior year-end. 105,000
Use the following balance sheets and income statement to answer1. How much cash is received from sales to customers for year 2013?2. What is the net increase or decrease in cash for year 2013? CRUZ,
Hampton Company reports the following information for its recent calendar year.Required Prepare the operating activities section of the statement of cash flows for Hampton Company using the indirect
Arundel Company disclosed the following information for its recent calendar year.Required 1. Prepare the operating activities section of the statement of cash flows using the indirect method.2. What
Refer to the information reported about Golden Corporation in Problem 16-4A.Required Prepare a complete statement of cash flows using a spreadsheet as in Exhibit 16A.1; report operating activities
What docs a relatively high accounts receivable turnover indicate about a company’s short-term liquidity?
Match the ratio to the building block of financial statement analysis to which it best relates. A. Liquidity and efficiency B. Solvency C. Profitability D. Market prospects -2345 1. Equity ratio 6.
Refer to Simon Company’s financial information in Exercises 17-7 and 17-9. Evaluate the company’s effi¬ ciency and profitability by computing the following for 2014 and 2013: (1) profit margin
Refer to Simon Company’s financial information in Exercises 17-7 and 17-9. Additional information about the company follows. To help evaluate the company’s profitability, compute and interpret
Selected year-end financial statements of Cabot Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $48,900; total assets, $189,400;
Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1, and an acid-test ratio of 1.4:1. During the month, it completed the following transactions (the
Selected year-end financial statements of Overton Corporation follow. (All sales were on credit; selected balance sheet amounts at December 31, 2012, were inventory, $17,400; total assets, $94,900;
Use the following selected data from Success Systems’ income statement for the three months ended March 31, 2014, and from its March 31, 2014, balance sheet to complete the requirements below:
Refer to Polaris financial statements in Appendix A to answer the following.1. Using fiscal 2009 as the base year, compute trend percents for fiscal years 2009, 2010, and 2011 for revenues, cost of
A team approach to learning financial statement analysis is often useful.Required 1. Each team should write a description of horizontal and vertical analysis that all team members agree with and
KTM (www.KTM.com). which is a leading manufacturer of offroad and street motorcycles, along with Polaris and Arctic Cat, are competitors in the global marketplace. Key figures for KTM follow (in Euro
When the contract rate is above the market rate, do bonds sell at a premium or a discount? Do purchasers pay more or less than the par value of the bonds?
Are these bonds issued at a discount or a premium? Explain your answer. On December 31,2012, a company issues 16%, 10-year bonds with a par value of $100,000. Inter¬ est is paid on June 30 and
How is the interest portion of an installment note payment computed?
Explain the types and payment patterns of notes?
Explain and compute the present value of an amount(s) to be paid at a future date(s).?
Describe interest accrual when bond payment periods differ from accounting periods?
Describe accounting for leases and pensions
Compare bond financing with stock financing
Describe Assess debt features and their implications
A company issues 8%, 20-year bonds with a par value of $500,000. The current market rate for the bonds is 8%. The amount of interest owed to the bondholders for each semiannual interest payment isa.
Rogers Company signs a five-year capital lease with Packer Company for office equipment. The annual lease payment is $10,000, and the interest rate is 8%.Required 1. Compute the present value of
Refer to the bond details in Problem 14-2B, except assume that the bonds are issued at a price of $4,192,932.Required 1. Prepare the January 1, 2013, journal entry to record the bonds’ issuance.2.
Break into teams and complete the following requirements related to effective interest amortization for a premium bond.1. Each team member is to independently prepare a blank table with proper
Braun Company signs a five-year capital lease with Verdi Company for office equipment. The annual lease payment is $20,000, and the interest rate is 10%.RequiredProblem 14-11 B°Capital lease
Refer to Polaris’ financial statements in Appendix A to answer the following.1. Identify the items, if any, that make up Polaris’ long-term debt as reported on its balance sheet at December 31,
Is it more common for a company to issue common stock with a par value of $10 or $.001 ? Explain why.
A company issues 7000 shares of its $10 par value common stock in exchange for equipment valued at $105,000. The entry to record this transaction includes a credit to (a) Paid-In Capital in Excess of
What is a premium on stock issuance?
Who is protected by the minimum legal capital requirement?
Barton Corporation began operations on January 1, 2012. The following transactions relating to stock¬ holders’ equity occurred in the first two years of the company’s operations.2012 Jan. 1
Precision Company began year 2013 with the following balances in its stockholders’ equity accounts.All outstanding common stock was issued for $15 per share when the company was created. Prepare
Identify characteristics of corporations and their organization.
Explain characteristics of, and distribute dividends be¬ tween, common and preferred stock
Explain the items reported in retained earnings.
A corporation issues 6,000 shares of $5 par value common stock for $8 cash per share. The entry to record this transaction includes:a. A debit to Paid-In Capital in Excess of Par Value for $18,000.b.
A company has 5,000 shares of $100 par preferred stock and 50,000 shares of $10 par common stock outstanding. Its total stockholders’ equity is $2,000,000. Its book value per common share
Of the following statements, which are true for the corporate form of organization?1. Ownership rights cannot be easily transferred.2. Owners have unlimited liability for corporate debts.3. Capital
Issuance of preferred stock PI P2 :a. Prepare the journal entry to record Tamasine Company’s issuance of 5,000 shares of $100 par value 7% cumulative preferred stock for $102 cash per share.b.
Prepare journal entries to record the following transactions for Emerson Corporation.July 15 Declared a cash dividend payable to common stockholders of $165,000.August 15 Date of record is August 15
The stockholders’ equity section of Jun Company’s balance sheet as of April 1 follows. On April 2, Jun declares and distributes a 10% stock dividend. The stock’s per share market value on April
The stockholders’ equity section of Montel Company’s balance sheet follows. The preferred stock’s call price is $40. Determine the book value per share of the common stock. Preferred stock-5%
Air France-KLM reports the following equity information for its fiscal year ended March 31, 2012 (euros in millions). Prepare its journal entry, using its account titles, to record the issuance of
Match each description 1 through 6 with the characteristic of preferred stock that it best describes by writ¬ ing the letter of that characteristic in the blank next to each description.A. Callable
On June 30, 2013, Sharper Corporation’s common stock is priced at $62 per share before any stock divi¬ dend or split, and the stockholders’ equity section of its balance sheet appears as
The stockholders’ equity of TVX Company at the beginning of the day on Febmary 5 follows:On February 5, the directors declare a 20% stock dividend distributable on February 28 to the February 15
On October 10, the stockholders’ equity of Sherman Systems appears as follows:1. Prepare journal entries to record the following transactions for Sherman Systems,a. Purchased 5,000 shares of its
The equity section of Cyril Coiporation’s balance sheet shows the following:Determine the book value per share of the preferred and common stock under two separate situations.1. No prefeiTed
Alexander Corporation reports the following components of stockholders’ equity on December 31, 2013:In year 2014, the following transactions affected its stockholders’ equity accountsRequired:1.
Kinkaid Co. is. incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of
Kohler Corporation reports the following components of stockholders’ equity on December 31, 2013:In year 2014, the following transactions affected its stockholders’ equity accounts.Jan. 1
At September 30, the end of Beijing Company’s third quarter, the following stockholders’ equity accounts are reported.In the fourth quarter, the following entries related to its equity are
The equity sections from Atticus Group’s 2013 and 2014 year-end balance sheets follow.The following transactions and events affected its equity during year 2014.Jan. 5 Declared a $0.50 per share
Raphael Corporation’s common slock is currently selling on a stock exchange at $85 per share, and its current balance sheet shows the following stockholders’ equity section:Required (Round per
Weiss Company is incorporated at the beginning of this year and engages in a number of transactions. The following journal entries impacted its stockholders’ equity during its first year of
At December 31, the end of Chilton Communication’s third quarter, the following stockholders’ equity accounts are reported:In the fourth quarter, the following entries related to its equity are
Soltech Company’s common stock is currently selling on a stock exchange at $90 per share, and its cur¬ rent balance sheet shows the following stockholders’ equity section.Required (Round per

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