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business
fundamental accounting

Questions and Answers of Fundamental Accounting

Adria Lopez created Success Systems on October 1, 2013. The company has been successful, and Adria plans to expand her business. She believes that an additional $86,000 is needed and is investigating
Refer to Polaris’ financial statements in Appendix A to answer the following.1. How many shares of common stock are issued and outstanding at December 31, 2011 and 2010? How do these numbers
Review 30 to 60 minutes of financial news programming on television. Take notes on companics that are catching analysts’ attention. You might hear reference to over- and undervaluation of firms and
Financial information for KTM Corporation (www.KTM.com) follows:Required 1. Compute book value per share for KTM.2. Compute earnings per share (EPS) for KTM.3. Compare KTM’s dividends per share
Record entries for these transactions assuming the allowance method is used:Jan. 10 The $300 account of customer Cool Jam is determined uncollectible.April 12 Cool Jam unexpectedly pays in full the
Irwin purchases $7,000 of merchandise from Stamford on December 16, 2013 . Stamford accepts Irwin's $7,000, 90-day, 12% note as payment. Stamford's accounting period ends on December 31, and it does
Using the information in Quick Check 8, prepare Stamford's March 16, 2014, entry if Irwin dishonors the note.
What is the maturity date of a 60-day note signed by the maker on September 15?
Clayco Company completes the following selected transactions during year 2013.July 14 Writes off a $750 account receivable arising from a sale to Briggs Company that dates to 10 months ago. (Clayco
Describe accounts receivable and how they occur and are recorded.
Assume the same facts as in QS 9-3, except that Warner estimates uncollectibles as 0.5% of sales. Prepare the December 31 year-end adjusting entry for uncollectibles ?
Refer to the information in QS 9-9. On October 30, P. Moore unexpectedly paid his account in full to Solstice Company. Record Solstice’s entry(ies) to reflect this recovery of this bad debt.
At December 31, Folgeys Coffee Company reports the following results for its calendar year.Its year-end unadjusted trial balance includes the following items.a. Prepare the adjusting entry to record
Prepare journal entries to record these selected transactions for Vitalo Company.Nov. 1 Accepted a $6,000, 180-day, 8% note dated November 1 from Kelly White in granting a time extension on her
Refer to the information in Exercise 9-13 and prepare the journal entries for the following selected transac¬ tions of Dulcinea Company for 2013.2013 Jan. 27 Received Lee’s payment for principal
Archer Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on
Refer to Polaris’ financial statements in Appendix A to answer the following.1. What is the amount of Polaris’ accounts receivable as of December 31, 2011 ?2. Compute Polaris’ accounts
Many commercials include comments similar to the following: “We accept VISA” or “We do not accept American Express.” Conduct your own research by contacting at least five companies via
Key information from Piaggio (www.Piaggio.com). which manufactures two-, three- and four- wheel vehicles, and is Europe’s leading manufacturer of motorcycles and scooters, follows.1. Compute the
Describe a note receivable, the computation of its maturity date, and the recording of its existence.
Explain how receivables can be converted to cash before maturity.
If your company pays a $4,800 premium on April 1, 2013, for two years' insurance coverage, how much insurance expense is reported in 2014 using cash basis accounting?
The following information relates to Fanning’s Electronics on December 31, 2013. The company, which uses the calendar year as its annual reporting period, initially records prepaid and unearned
Use the following adjusted trial balance to answer questions 1-3.1. Prepare the annual income statement i'rom the adjusted trial balance of Choi Company.2, Prepare a statement ol'owner’s equity
Explain the importance of periodic reporting and the time period assumption.
Explain accrual accounting and how it improves financial statements
Identify the types of adjustments and their purpose.
Explain how accounting adjustments link to financial statements.
Compute profit margin and describe its use in analyzing company performance.
Explain the alternatives in accounting for prepaids.
On May 1, 2013, a two-year insurance policy was purchased for $24,000 with coverage to begin immediately. What is the amount of insurance expense that appears on the company’s income statement for
On November 1, 2013, Stockton Co. receives $3,600 cash from Hans Co. for consulting services to be provided evenly over the period November 1, 2013, to April 30, 2014—at which time Stockton
If a company had $15,000 in net income for the year, and its sales were $300,000 for the same year, what is its profit margin?a. 20%b. 2,000%c. $285,000d. $315,000e. 5%
Adjusting for depreciation:a. Bargains Company purchases $20,000 of equipment on January 1, 2013. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR).a. To record expiration of prepaid insurance. ^b.
In its first year of operations, Roma Co. earned $45,000 in revenues and received $37,000 cash from these customers. The company incuited expenses of $25,500 but had not paid $5,250 of them at
Adjusting entries affect at least one balance sheet account and at least one income statement account. For the following entries, identify the account to be debited and the account to be credited.
During the year, $ereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company
Calvin Consulting initially records prepaid and unearned items in income statement accounts. Given this QS 3-1 company’s accounting practices, which of the following applies to the preparation of
Pablo Management has five pait-time employees, each of whom earns $250 per day. They are normally paid on Fridays for work completed Monday through Friday of the same week. Assume that December 28,
adidas AG reports the following balance sheet accounts for the year ended December 31, 2011 (euros in millions). Prepare the balance sheet for this company as of December 31, 2011, following usual
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2013. The last two columns contain the adjusted trial balance as
Gomez Co. had the following transactions in the last two months of its year ended December 31.Required 1. Prepare entries for these transactions under the method that records prepaid expenses as
After the success of the company’s first two months, Adria Lopez continues to operate Success Systems. (Transactions for the first two months are described in the serial problem of Chapter 2.) The
Refer to Polaris’ financial statements in Appendix A to answer the following.1. Identify and write down the revenue recognition principle as explained in the chapter.2. Review Polaris’ footnotes
Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it asSmith agrees
The class should be divided into teams. Teams are to select an industry (such as automobile COMMUNICATING IN manufacturing, airlines, defense contractors), and each team member is to select a
Access EDGAR online (www.SEC.gov) and locate the 10-K report of The Gap, Inc., (ticker GPS) filed on March 26, 2012. Review its financial statements reported for the year ended January 28, 2012, to
The following transactious and events affect the partners capital accounts in several successive partnerships. Prepare a table with six columns, one for each of the five partners along with a total
Identify characteristics of partnerships and similar organizations.
For each of the following separate cases, recommend a form of business organization. With each recom¬ mendation, explain how business income would be taxed if the owners adopt the form of
Angela Moss and Autumn Barber organize a partnership on January 1. Moss’s initial net investment is $75,000, consisting of cash ($17,500), equipment ($82,500), and a note payable reflecting a bank
Assume that the partners of Exercise 12-5 agreed to share net income and loss by granting annual salary allowances of $50,000 to Kramer and $40,000 to Knox, 10% interest allowances on their
Assume that the Turner, Roth, and Lowe partnership of Exercise 12-10 is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much of the remaining $28,000
Gibbs, Cook, and Chan are partners and share income and loss in a 5:1:4 ratio. The partnership’s capital balances are as follows: Gibbs, $606,000; Cook, $148,000; and Chan, $446,000. Gibbs decides
A company pays its one employee $3,000 per month. This company's FUTA rate is 0.8% on the first $7,000 earned; its SUTA rate is 4.0% on the first $7,000; its Social Security tax rate is
2% of the first $110,100; and its Medicare tax rate is 1.45% of all amounts earned. The entry to record this company's March payroll includes what amount for total payroll taxes expense?6. Identify
A car is sold for $15,000 on June 1, 2013, with a one-year warranty on parts. Warranty expense is estimated at 1.5% of selling price at each calendar year-end. On March 1, 2014, the car is returned
What three items determine the amount deducted from an employee's wages for federal income taxes?
What amount of income tax is withheld from the salary of an employee who is single with three withholding allowances and earnings of $675 in a week? (Hint: Use the wage bracket withholding table in
Which of the following steps are executed when a company draws one check for total payroll and deposits it in a special payroll bank account? (a) Write a check to the payroll bank account for the
The following transactions and events took place at Kern Company during its recent calendar-year ’ reporting period (Kern does not use reversing entries).a. In September 2013, Kern sold $140,000 of
Describe current and long-term liabilities and their char¬ acteristics.
Identify and describe known current liabilities.
Explain how to account for contingent liabilities
Identify and describe the details of payroll reports, records, and procedures
On December 1, a company signed a $6,()()(), 9()-day, 5% note payable, with principal plus interest due on March 1 of the fol¬ lowing year. What amount of interest expense should be ac¬ crued at
An employee earned $50,000 during the year. FICA tax for social security is 6.2% and FICA tax for Medicare is 1.45%. The employer’s share of FICA taxes isa. Zero, since the employee’s pay exceeds
A company sells big screen televisions for $3,000 each. Each television has a two-year warranty that covers the replacement of defective parts. It is estimated that 1 % of all televisions sold will
Employees earn vacation pay at the rate of 1 day per month. During October, 150 employees qualify for one vacation day each. Their average daily wage is $175 per day. What is the amount of vacation
" What amount of income tax is withheld from the salary of an employee who is single with two withholding allow¬ ances and earning $725 per week? What if the employee earned $625 and has no
Which of the following items are normally classified as a current liability for a company that has a 15-month operating cycle?1. Note payable due in 18 months. 4. Salaries payable.2. Note payable
Answer each of the following related to international accounting standards.a. In general, how similar or different are the definitions and characteristics of current liabilities between IFRS and U.S.
Using the data in situation a of Exercise 11-6, prepare the employer’s September 30 journal entries to re¬ cord salary expense and its related payroll liabilities for this employee. The
Using the data in situation a of Exercise 11 -6, prepare the employer’s September 30 journal entries to re¬ cord the employer’s payroll taxes expense and its related liabilities. (Round amounts
Use the following infonnation from separate companies a through/to compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? (Round ratios
Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 30% of the current month’s net income. The
Mester Company has 10 employees. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.8% and SUTA taxes
Provision for product warranty Warranty provisions are estimated with consideration of historical claims statistics, the warranty period, the average time-lag between faults occurring and claims to
Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. Francisco
31 Recorded the employer’s payroll taxes resulting from the March payroll. The company has a merit rating that reduces its state unemployment tax rate to 4.0% of the first $7,000 paid each
Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $110,100 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid
Tavella Company’s first weekly pay period of the year ends on January 8. On that date, the column totals Jn Tavella’s payroll register indicate its sales (^mploye^s earned $34,74;^, itsToffifl
Bug-Off Exterminators provides pest control services and sells extermination products manufac¬ tured by other companies. The following six-column table contains the company’s unadjusted trial
Refer to the financial statements of Polaris in Appendix A to answer the following.1. Compute times interest earned for the fiscal years ended 2011, 2010, and 2009. Comment on Polaris’ abil¬ ity
Cameron Bly is a sales manager for an automobile dealership. He earns a bonus each year based ETHICS on revenue from the number of autos sold in the year less related warranty expenses. Actual
Assume that your team is in business and you must borrow $6,000 cash for short-term needs.You have been shopping banks for a loan, and you have the following two options.Q2 PI A. Sign a $6,000,
Review the chapter’s opening feature about Karen Cooper, and her start-up company, DECISION SmartIT Staffing. Assume that she is considering expanding her business to open an office in
KTM, Polaris, and Arctic Cat are all competitors in the global marketplace. Comparative figures for KTM (www.KTM.com). along with selected figures from Polaris and Arctic Cat, follow.Required 1.
Identify the account charged for each of the following; (a) the purchase price of a vacant lot to be used in operations and (b) the cost of paving that same vacant lot.
Compute the amount recorded as the cost of a new machine given the following payments related to its purchase; gross purchase price, $700,000; sales tax, $49,000; purchase discount taken, $21,000;
On January 1, 2013, a company pays $77,000 to purchase office furniture with a zero salvage value. The furniture's useful life is somewhere between 7 and 10 years. What is the year 2013 straight-line
A company purchases a machine for $96,000 on January 1, 2013. Its useful life is five years or 100,000 units of product, and its salvage value is $8,000. During 2013, 10,000 units of product are
In early January 2013, a company acquires equipment for $3,800. The company estimates this equipment to have a useful life of three years and a salvage value of $200. Early in 2015, the company
Explain the difference between revenue expenditures and capital expenditures and how both are recorded.
What is a betterment? How is a betterment recorded?
A company acquires equipment on January 10, 2013, at a cost of $42,000. Straight-line depreciation is used with a five-year life and $7,000 salvage value. On June 27, 2014, the company sells this
Give an exannple of a natural resource and of an intangible asset.
On January 6, 2013, a company pays $120,000 for a patent with a remaining 17-year legal life to produce a toy expected to be marketable for three years. Prepare entries to record its acquisition and
On July 14, 2013, Tulsa Company pays $600,000 to acquire a fully equipped factory. The purchase * involves the following assets and informationRequired 1. Allocate the total $600,000 purchase cost

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