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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Stover Company’s financial statements report the following. Stover recently discovered that in mak¬ ing physical counts of inventory, it had made the following errors: Inventory on December 31,
True Blue Corp. sold 5,500 units of its product at $45 per unit in year 2005 and incurred operating expenses of $6 per unit in selling the units. It began the year with 600 units in inventory and
Hector Company’s financial statements report the following. Hector recently discovered that in mak¬ ing physical counts of inventory, it had made the following errors: Inventory on December 31,
Rikkers Corp. sold 2,500 units of its product at $98 per unit in year 2005 and incurred operating expenses of $14 per unit in selling the units. It began the year with 740 units in inventory and made
Review the chapter’s opening feature highlighting Mike Becker and his company, FunKo. Assume that FunKo consistently maintains an inventory level of $500,000, meaning that its average and ending
A company that records credit purchases in a purchases journal and records purchases returns in a geneial journal made the following errors. Indicate when each error should be discovered.1 ’
Wise Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30):Required 1. Prepare a sales journal like that in Exhibit 7.5 and a cash
Refer to the chapter’s opening feature about Devin Lazerine and his Rap-Up magazine.Required 1. What is the current circulation (to the nearest one hundred thousand) of Rap-Up magazine?2. Assume
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
Senona Company reports beginning inventory of 10 units at $50 each. Every week for four weeks it purchases an additional 10 units at respective costs of $51, $52, $55, and $60 per unit for weeks 1
1. At year-end, Jolie Co. had shipped $850 of merchandise FOB destination to China Co. Which company should include the $850 of merchandise in transit as part of its year-end inventory?2. Jolie
Take a step back in time and imagine Krispy Kreme in its infancy as a company. The Required I* Read the hlstory of Krispy Kreme at KrispyKreme.com/historv.htinl. Can you determine from tion?1017
Access the September 27, 2002, filing of the June 30, 2002, 10-K report for Henley Limited Partnership (formerly the Boston Celtics Limited Partnership) at www.SEC.gov.Required 1. Locate the June 30,
Read the article “Take Me Online to the Ball Game,” in the April 9, 2001, issue of Business Week. (This book’s Website provides a free link.)Required 1. What is the business relation between
Revisit the chapter’s opening feature involving Michael Koch and his company Koch Entertainment LLC. Assume that Koch has decided to organize all future business endeavors with artists as general
Access Grupo Bimbo’s Website at GrupoBimbo.com. Research the ophy, and commitments of the company using the “about Grupo Bimbo” link.Required I» Grupo Bimbo was founded when and where?2. Can
A partnership is terminated in the event (a) a partnership agreement is not in writing,(b) a partner dies, (c) a partner exercises mutual agency.
What does the term unlimited liability mean when applied to a general partnership?
Which of the following forms of organization do not provide limited liability to all of its owners: (a) S corporation, (b) limited liability company, (c) limited partnership?
Kent and Davis are partners in operating a store. Without consulting Kent. Davis enters into a con¬ tract to purchase merchandise for the store. Kent contends that he did not authorize the order and
Next to the following list of eight characteristics of business organizations, write a brief description of how each characteristic applies to general partnerships. Characteristic 1. Life 2. Owners'
For each of the following separate cases, recommend a form of business organization. With each rec¬ ommendation, explain how business income would be taxed if the owners adopt the form of organi¬
Hunt Sports Enterprises LP is organized as a limited partnership consisting of two individual part- ners: Soccer LP and Football LP. Both partners separately operate a minor league soccer team and a
Clarion Contractors completed the following transactions and events involving the purchase and op¬ eration of equipment in its business:Required Prepare journal entries to record these transactions
Chen Company completed the following transactions and events involving its delivery trucks:Required Prepare journal entries to record these transactions and events. 2004 Jan. 1 Paid $19,415 cash plus
Part 1. On July 1, 2000, Sweetman Company signed a contract to lease space in a building for 15 years. The lease contract calls for annual (prepaid) rental payments of \($70,000\) on each July 1
Rent-Center, an equipment rental business, has the following balance sheet on December 31, 2005:Normal annual net income averages 20% of equity in this industry. Rent-Center regularly expects to earn
Xpress Delivery Service completed the following transactions and events involving the purchase and operation of equipment for its business:Required Prepare journal entries to record these
Field Instruments completed the following transactions and events involving its machinery:Required Prepare journal entries to record these transactions and events. 2004 Jan. 1 Paid $106,600 cash plus
Pack Casual Wear has the following balance sheet on December 31, 2005:Normal annual net income averages 32% of equity in this industry. Pack regularly expects to earn $230,000 annually. The balance
Refer to the financial statements of Krispy Kreme in AppendixA to answer the following:1. What percent of the original cost of Krispy Kreme’s property, plant, and equipment remains to be de¬
Key comparative figures ($ thousands) for Krispy Kreme and Tastykake follow:Required 1. Compute total asset turnover for the most recent two years for both Krispy Kreme and Tastykake using the data
Flo Choi owns a small business and manages its accounting. Her company just fin¬ ished a year in which a large amount of borrowed funds was invested in a new building addition as well as in
Access Adaptec’s (ticker: ADPT) 10-K report for its fiscal year ended March 31, 2002, filed on June 24, 2002, at www.SEC.gov to answer the following.Required 1. Read the overview of Adaptec’s
Read the article “How Much Is the Goodwill Worth?” in the September 16, 2002, issue of Business Week. (The book’s Website provides a free link.)Required 1. Explain how goodwill is calculated in
Grupo Bimbo, Krispy Kreme, and Tastykake are all competitors in the global marketplace. Key comparative figures (in millions) for these companies' recent annual accounting periods follow.Required 1.
What is a liability? Identify its crucial characteristics.
Is every expected future payment a liability?
If a liability is payable in 15 months, is it classified as current or long term?
Why does a creditor prefer a note payable to a past-due account payable?
Identify whether the employer or employee or both incurs each of the following: (a) FICA taxes, (b) FUTA taxes, (c) SUTA taxes, and (d) withheld income taxes.
Estimated liabilities involve an obligation to pay which of these? (a) An uncertain but reasonably estimated amount owed on a known obligation or (b) A known amount to a specific entity on an
A future payment is reported as a liability on the balance sheet if payment is contingent on a future event that (a) is reasonably possible but the payment cannot be reasonably estimated; (b) is
Under what circumstances is a future payment reported in the notes to the financial statements as a contingent liability?
What two 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?
If $894.40 is the total of a sale that includes its sales tax of 4%, what is the selling price of the item only?
AWhat is a wage bracket withholding table?
Refer to Krispy Kreme’s financial statements in Appendix A. As an alternative to short-term notes, Krispy Kreme meets short-term borrowing needs through revolving lines of credit. Briefly explain
Refer to Tastykake’s balance sheet in Appendix A. What accounts related to income taxes are on its balance sheet? Explain the meaning of each income tax ac¬ count you identify.
Refer to Harley-Davidson’s balance sheet in Harley- Appendix A. Which current liability account re- Davidson ports its payroll-related liabilities (if any) as of December 31, 2002?
Which of the following items are normally classified as a current liability for a company that has a 15-month operating cycle?1. Salaries payable. 4. Note payable maturing in 2 years.2. Note payable
Ticketmaster receives $4,000,000 in advance ticket sales for a four-date tour of the Rolling Stones. Record the advance ticket sales on October 31. Record the revenue earned for the first concert
The following items appear on the balance sheet of a company with a two-month operating cycle. Identify the proper classification of each item as follows: C if it is a current liability, L if it is a
Prepare any necessary adjusting entries at December 31, 2005, for Yacht Company’s year-end financial statements for each of the following separate transactions and events: 1. During December, Yacht
For the year ended December 31, 2005, Winter Company has implemented an employee bonus pro¬ gram equal to 3% of Winter’s net income, which employees will share equally. Winter’s net income
Perfect Systems borrows $94,000 cash on May 15, 2005, by signing a 60-day, 12% note.1. On what date does this note mature?2. Suppose the face value of the note equals $94,000, the principal of the
MRI Co. has one employee, and the company is subject to the following taxes:Compute MRI’s amounts for each of these four taxes as applied to the employee’s gross earnings for September under each
Using the data in situation a of Exercise 11-6, prepare the employer’s September 30 journal entries to record (1) salary expense and its related payroll liabilities for this employee and (2) the
WWchecom^v^rff°?1r fr°m Separa‘e Companies “ through/to compute times interest earned. Which company indicates the strongest ability to pay interest expense as it comes due? Net Income (Loss)
The payroll records of Clix Software show the following information about Trish Farqua, an em¬ ployee, for the weekly pay period ending September 30, 2005. Farqua is single and claims one al¬
LaShonda Blake, an unmarried employee, works 48 hours in the week ended January 12. Her pay rate is $12 per hour, and her wages are subject to no deductions other than FICA—Social Security, PICA
Tytus Co. entered into the following transactions involving short-term liabilities in 2004 and 2005.Required 1. Determine the maturity date for each of the three notes described.2. Determine the
Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes):Required 1. Compute times interest earned for Ace Co.2. Compute times
Legal Stars pays its employees each week. Its employees’ gross pay is subject to these taxes:The company is preparing its payroll calculations for the week ended August 25. Payroll records show the
Bargen Co. entered into the following transactions involving short-term liabilities in 2004 and 2005.Required 1. Determine the maturity date for each of the three notes described.2. Determine the
Shown here are condensed income statements for two different companies (both are organized as LLCs and pay no income taxes):Required 1. Compute times interest earned for Virgo.2. Compute times
Sea Biz Company pays its employees each week. Employees’ gross pay is subject to these taxes:The company is preparing its payroll calculations for the week ended September 30. Payroll records show
Refer to the financial statements ofKrispy Kreme in AppendixA to answer the following:1. Compute times interest earned for the fiscal years ended 2003, 2002, and 2001. Comment on Krispy Kreme’s
Key comparative figures ($ thousands) for both Krispy Kreme and Tastykake follow:Required Key Figures Net income Income taxes Krispy Kreme Tastykake Current One Year Two Years Current One Year Two
Cann°" Bly 1S a sales manager for an automobile dealership. He earns a bonus each yeai based on revenue from the number of autos sold in the year less related warranty expenses. Actual warranty
Dustin Clemens is the accounting and finance manager for a manufacturer. At year- end, he must determine how to account for the company’s contingencies. His manager, Tom Pretti, objects to
Access the March 12, 2003, filing of the December 31, 2002, annual 10-K report of McDonald’s Corporation (Ticker: MCD), which is available from www.SEC.gov.Required 1. Identify the current
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:A. Sign a $6,000, 90-day,
Read the article “Bed, Board—and Big Trouble” in the October 23, 2002, online issue of Business Week. (This book’s Website provides a free link.)Required 1. What arrangement does the motel
Check your phone book or the Social Security Administration Website (www.ssA.gov) to locate the Social Security office near you. Visit the office to request a personal earnings and esti¬ mate form.
Grupo Bimbo, Krispy Kreme, and Tastykake are all competitors in the global marketplace. Key comparative figures for Grupo Bimbo (GrupoBimbo.com) for the year ended December 31, 2002 (along with
An internal control system consists of all policies and procedures used to protect assets, ensure reli- a e accounting, promote efficient operations, and urge adherence to company policies.1. What is
Good accounting systems help with the management and control of cash and cash equivalents.1. Define and contrast the terms liquid asset and cash equivalent.2. Why would companies invest their idle
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.
The following annual account balances are taken from Next Level Sports at December 31:What is the change in the number of days’ sales uncollected between years 2005 and 2004? According to this
What internal control procedures would you recommend in each of the following situations?1. A concession company has one employee who sells T-shirts and sunglasses at the beach. Each day, the
Some of Castel Co.’s cash receipts from customers are sent to the company with the regular mail. Castel’s recordkeeper opens these letters and deposits the cash received each day. (a) Identify
Bemis Company is a rapidly growing start-up business. Its recordkeeper, who was hired one year ago, left town after the company’s manager discovered that a large sum of money had disappeared over
Prepare a table with the following headings for a monthly bank reconciliation dated September 30:For each item 1 through 12, place an x in the appropriate column to indicate whether the item should
Management uses a voucher system to help control and monitor cash disbursements. Identify at least four key documents that are part of a voucher system of control. Explain each document’s purpose,
Trade Imports uses the perpetual system in accounting for merchandise inventory and had the following transactions during the month of October. Prepare entries to record these transactions assuming
For each of these five separate cases, identify the principle of internal control that is violated.Recommend what the business should do to ensure adherence to principles of internal control.1.
Shawnee Co. set up a petty cash fund for payments of small amounts. The following transactions in¬ volving the petty cash fund occurred in May (the last month of the company’s fiscal
Inoke Galleiy had the following petty cash transactions in February of the current year:Required I.Prepare the journal entry to establish the petty cash fund.2« Prepare a petty cash payments report
Pepco Co. establishes a petty cash fund for payments of small amounts. The following transac¬ tions involving the petty cash fund occurred in January (the last month of the company’s fiscal
RPM Music Center had the following petty cash transactions in March of the current year:Required 1. Prepare the journal entry to establish the petty cash fund.2. Prepare a petty cash payments report
The following information is available to reconcile Style Co.’s book balance of cash with its bank statement cash balance as of December 31, 2005:Required 1. Prepare the bank reconciliation for
Refer to Krispy Kreme’s financial statements in Appendix A to answer the following:1. For both fiscal year-end 2003 and 2002, identify the total amount of cash and cash equivalents. Determine the
Key comparative figures ($ thousands) for both Krispy Kreme and Tastykake follow:Required Compute days’ sales uncollected for both companies for each of the two years shown. Comment on any trends
Carol Benton, Sue Knox, and Marcia Diamond work for a family physician, Dr. Gwen Conrad, who is in private practice. Dr. Conrad is knowledgeable about office management practices and has segregated
Assume you are a business consultant. The owner of a company sends you an e-mail expressing concern that the company is not taking advantage of its discounts offered by vendors. The company currently
Read the article “To Cure Fraud, Start at the Top” in the October 18, 2002, issue of Business Week. (The book’s Website provides a free link.)Required:1. Which fraud case does Pergola (the
Refer to the chapter’s opening feature, “Sweet Success,” describing the entrepreneurial efforts of Dylan Lauren and Jeff Rubin with Dylan’s Candy Bar.Required List the seven principles of
Visit a part of your college that serves the student community with either products or services. Some examples are food services, libraries, and book stores. Identify and describe between four and

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