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business
fundamental accounting

Questions and Answers of Fundamental Accounting

A company trades an old Web server for a new one. The cost of the old server is $30,000, and its accumulated depreciation at the time of the trade is $23,400. The new server has a cash price of
Explain the cost principle for computing the cost of plant assets?
Explain depreciation for partial years and changes in estimates.?
Distinguish between revenue and capital expenditures, and account for them.?
A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was
A company purchased a truck for $35,000 on January 1, 2013. The truck is estimated to have a useful life of four years and an estimated salvage value of $ 1,000. Assuming that the company uses
A company purchased machinery for $10,800,000 on January 1, 2013. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is the depreciation expense on the
A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain dr loss recorded on the sale of this machine isa. $0 gain or
On its recent balance sheet in Appendix A, Arctic Cat Polaris lists its plant assets as "Property and equipment, net." What does "net" mean in this title?
Refer to the information in QS 10-3. Compute the year 2013 depreciation using the units-of-production method
Refer to the facts in QS 10-3. Assume that the Cerritos Band uses straight-line depreciation but realizes at the start of the second year that due to concert bookings beyond expectations, this
Corentine Company acqires an ore mine al a cost of $ 1,400,000. It incurs additional costs of $400,000 to access the mine, which is estimated to hold 1,000,000 Ions of ore. The estimated value of the
On January 4 of this year, Freckles Boutique incurs a $105,000 cost to modernize its store. Improvements iiielude new floors, ceilings, wiring, and wall coverings. 4'hese improvements are estimated
Answer each of the following related lo international accounting standards.a. Accounting for plant assets involves cost determination, depreciation, additional expenditures, and disposals. Is plant
Rizio Co. purchases a machine for $12,500, terms 2/10, n/60, FOB shipping point. The seller prepaid the $U)0 freight charges, adding the amount to the invoice and bringing its total lo $12,860. The
Veradis ('oiiipany owns a building lhal iipjK’ar.s on il.s irrior year-end balance sbcci al ils original $572,000 cost IcHN $420,000 accninnlalcd dcprccialion. I'bc building is depreciated on a
()ki (’ompany pays $204,000 lor e(|uipmenl expected lo Iasi lour years and have a $20,000 salvage value.Prepare journiil enirics lo record Ibe rollowing costs relaled lo (be e(|uipnienl.1. I fill
Dia/, (’ompany owns a milling niaebine dial cost $250,000 and lias iicciimulaled depreciation of $182,000.Prepare Ibe entry lo record (be disposal ol die milling niuebine on .laniiary .4 under each
Kayya Co. piircbases and inslalls a niaebine on .laniiary I, 2014, al a (olal cost of $ 105,000. Straight-line dcprccialion is laken each year for four years assinning a seven-year life and no
On April 2, 201.1, Monlana Mining Co. pays $.1,721,000 for an ore deposit conlaining 1,525,000 Ions. 'I'be company inslalls niaebinery in (be mine costing $21.1,500, with an eslimaled seven-year life
Milano (iailery piircbases (be copyrigbl
On .laniiary I. 20l 1, Kobinson Company piircba.sed iTanklin Company al a price of $2,500,000, The fair inarkel value of die net as.sels piircbased eiiiials $1,800,000, 1. Wbal is Ibe amoiinl of
Lok Co. reports net sales of $5,836,480 for 2012 and $8,679,690 for 2013. Fuul-of-year balances for total assets are 2011, $1,686,000; 2012, $1,800,000; and 2013, $1,982,000. (a) Compute Lok's total
A machine costing $257,500 with a four-year life and an estimated $20,000 salvage value is installed in • Luther Company’s factory on January 1. The factory manager estimates the machine will
Refer to the financial statements of Polaris in Appendix A to answer the following.1. What percent of the original cost of Polaris’ property and equipment remains to be depreciated as of December
Flo Choi owns a small business and manages its accounting. Her company just finished a year ETHICS CHALLENGE in which a large amount of borrowed funds was invested in a new building addition as well
Teams are to select an industry, and each team member is to select a differeni com|)any in lhal industry. Each team member is to act|uire the llnancial statements (Form lO-K) olTlie company selected
Access the Yahoo! (ticker: YllOO) lO-K report for the year ended December 1,201 1, tiled on Februarv 29. 2012. at www.SKt'.gov.Required 1. What amount of goodwill is reported on Yahool’s balance
Each team member is to become an expert on one depreciation method to facilitate teani'mates’ understanding of that method, b’ollow these procedures:a. Each team member is to .select an area for
Review the chapter’s opening feature involving Iti/C’liaii'.eoni. Assume that the cimipany currently has net sales of $K,(K)(),()()(), and that it is planning an expansion that will increase net
Team up wilb one cu' nuuv (.'lassniales lor (liis activity. Klcntily companies in your community or area that must account lor at least mtc of the following assets: natural resource; patent; lease;
Piaggio (www.Piaggio.com). Polaris and .Aretic Cat are all competitius in the global marketplace. comparitive figures for these companies’ recent annual accounting pcrioils follow.Required 1.
Many companies require each employee to take at least one week (five consecutive days) of vacation per year. Why is a "forced vacation" policy good for internal control?
Good internal control procedures for cash include which of the following? (a) All cash disbursements, other than those for very small amounts, are made by check; (b) One employee counts cash received
Assume that we are auditing a company for the first time. Our audit procedures for petty cash require a surprise audit of the petty cash fund. We approach the petty cash custodian to conduct the
Prepare a bank reconciliation for Jamboree Enterprises for the month ended November 30, 2013. The fol¬ lowing information is available to reconcile Jamboree Enterprises’ book balance of cash with
Bacardi Company established a $150 petty cash fund with Eminem as the petty cashier. When the fund balance reached $19 cash, Eminem prepared a petty cash payment report, which followsRequired 1.
Define internal control and identify its purpose and principles.
Define cash and cash equivalents and explain how to report them.
Explain and record petty cash fund transactions
Describe tbe use of documentation and verification to control cash disbursements
A company needs to replenish its $500 petty cash fund. Its petty cash box has $75 cash and petty cash receipts of $420. The journal entry to replenish the fund includesa. A debit to Cash for $75.b. A
Using the information from question 2, what is the reconciled balance on Hapley’s November 30 bank reconciliation?a. $2,052b. $1,895c. $1,742d. $2,201e. $1,184
1. For each of the following items, indicate whether its amount (i) affects the bank or book side of a bank reconciliation and (ii) represents an addition or a subtraction in a bank reconciliation.a.
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29;
Prepare the adjusting journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation in Exercise 8-10.
Match each document in a voucher system in column one with its description in column two Document 1. Purchase requisition 2. Purchase order 3. Invoice 4. Receiving report 5. Invoice approval 6.
The following information is available to reconcile Branch C’ompany’s book balance of cash with its bank statement cash balance as of .Inly 31,2013.a. On July 31, the company’s Cash account has
A company records its purchases using the net method. On August 1, it purchases merchandise on account for $6,000 with terms of 2/10, n/30. The August 1 journal entry to record this transaction
Identify the items making up merchandise inventory.
Perpetual: Assume that Marvel uses a perpetual FIFO inven¬ tory 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
Periodic: A company reports the following beginning inventory and purchases, and it ends the period with 30 units in inventory.Beginning inventory ........... 100 units at $10 cost per unit Purchase
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 LIFO method. (Round per unit
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 weighted average method.
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 specific identification. Of the
Ames Trading Co. has the following products in its ending inventory. Compute lower of cost or market for inventory applied separately to each product.In taking a physical inventory at the end of year
Kauai Store’s inventory is destroyed by a fire on September 5, 2013. The following data for year 2013 are available from the accounting records. Estimate the cost of the inventory destroyed. Jan. I
Use the data in Exercise 6-3 to prepare comparative income statements for the month of January for Laker Company similar to those shown in Exhibit 6.8 for the four inventory methods. Assume expenses
Use the data in Exercise 6-5 to prepare comparative income statements for the month of January for the company similar to those shown in Exhibit 6.8 for the four inventory methods. Assume expenses
Refer to the information in Exercise 6-7 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold using (a) FIFO and (b) LIFO. Then
Vibrant Company had $850,000 of sales in each of three consecutive years 2012-2014, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical
Refer to the information in Problem 6-1A 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: Montoure Company uses a perpetual inventory system. It entered into the following calendar-year 2013 purchases and sales transactions. (For specific identification, units sold consist of
Information: QP Corp. sold 4,000 units of its product at $50 per unit in year 2013 and incurred operating expenses of $5 per unit in selling the units. It began the year with 700 units in inventory
Refer to the information in Problem 6-3B 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
Refer to Polaris’ financial statements in Appendix A to answer the following.Required 1. What amount of inventories did Polaris report as a current asset on December 31, 2011? On December 31,
An owner invests $15,000 cash along with equipment having a market value of $23,000 in a company. Prepare the necessary journal entry.
Describe the link between the income statement and the statement of owner's equity.
(This problem extends the demonstration problem of Chapter 1.) After several months of planning. Jasmine Worthy started a haircutting business called Expressions. The following events occurred during
Explain the steps in processing transactions and the role of source documents.
Describe an account and its use in recording transactions.
Describe a ledger and a chart of accounts.
Define debits and credits and explain double-entry accounting
Prepare and explain the use of a trial balance
Amalia Company received its utility bill for the current period of $700 and immediately paid it. Its journal entry to record this transaction includes aa. Credit to Utility Expense for $700.b. Debit
On May 1, Mattingly Lawn Service collected $2,500 cash from a customer in advance of five months of lawn service. Mattingly’s journal entry to record this transaction includes aa. Credit to
Liang Shue contributed $250,000 cash and land worth $500,000 to open his new business, Shue Consulting. Which of the fol¬ lowing journal entries does Shue Consulting make to record this transaction?
Bonaventure Company has total assets of $1,000,000, liabili¬ ties of $400,000, and equity of $600,000. What is its debt ratio (rounded to a whole percent)?a. 250%b. 167%c. 67%d. 150%e. 40%
Identify the financial statement(s) where each of the following items appears. Use I for income statement, E for statement of owner's equity, and B for balance sheet.a. Office equipmentb. Cash
Identify the normal balance (debit or credit) for each of the following accounts.a. Office Suppliesb. Owner Withdrawalsc. Fees Earnedd. Wages Expensee. Accounts Receivablef. Prepaid Rent g. Wages
Indicate whether a debit or credit decreases the normal balance of each of the following accounts.a. Service Revenueb. Interest Payablec. Accounts Receivabled. Salaries Expensee. Owner Capitalf.
Identify whether a debit or credit yields the indicated change for each of the following accounts.a. To increase Landb. To decrease Cashc. To increase Office Expensed. To increase Fees Earnede. To
A trial balance has total debits of $20,000 and total credits of $24,500. Which one of the following errors would create this imbalance? Explain.a. A $2,250 debit to Utilities Expense in a journal
Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner's equity, and B for balance sheet.a. Services Revenueb. Interest
Order the following steps in the accounting process that focus on analyzing and recording transactions._a. Analyze each transaction from source documents._b. Prepare and analyze the trial balance._c.
Enter the number for the item that best completes each of the descriptions below.1. Asset 3. Account 5. Three 2. Equity 4. Liabilitya. An ____ is a record of increases and decreases in a specific
Enter the number for the item that best completes each of the descriptions below.1. Chart 2. General ledgera. The ___ is a record containing all accounts used by a company.b. A ____of accounts is a
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) identify the normal balance of the account, and (3) enter debit (Dr.) or credit
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment: (1) $10,000 cash, (2) computer equipment worth $80,000, and (3) to assume
Use the information in Exercise 2-7 to prepare an August 31 trial balance for Pose-for-Pics. Begin by opening these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; M.
Examine the following transactions and identify those that create revenues for Valdez Services, a company owned by Brina Valdez. Prepare general journal entries to record those revenue transactions
Examine the following transactions and identify those that create expenses for Valdez Services. Prepare general journal entries to record those expense transactions and explain why the other
Carmen Camry operates a consulting firm called Help Today. On August 31, the company’s records show the following accounts and amounts for the month of August. Use this information to prepare an
Preparing a statement of owner's equity P3: Use the information in Exercise 2-13 to prepare an August statement of owner’s equity for Help Today. (The owner invested $100,000 cash in the company
Preparing a balance sheet P3: Use the information in Exercise 2-13 (if completed, you can also use your solution to Exercise 2-14) to prepare an August 31 balance sheet for Help Today.
Analyzing changes in a company's equity: Compute the missing amount for each of the following separate companies a through d. File Edit View Insert Format Tools Date Window Help COO BP. A 2. B ZU D 1
Preparing general journal entries: Use information from the T-accounts in Exercise 2-18 to prepare general journal entries for each of the seven transactions a through g.
Interpreting the debt ratio and return on assets:a. Calculate the debt ratio and the return on assets using the year-end information for each of the follow¬ ing six separate companies ($
BMW reports the following balance sheet accounts for the year ended December 31, 2011 (euro in millions). Prepare the balance sheet for this company as of December 31, 2011, following the usual IFRS
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.Required 1. Prepare general journal entries to record these transactions

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