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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

How is cost of goods sold computed under a periodic inventory system?
Do reported amounts of ending inventory and net income differ if the adjusting entry method of recording the change in inventory is used instead of the closing entry method?
Refer to the income statement for Krispy Kreme Kreme in Appendix A. What term is used in- stead of cost of goods sold? Does the company present a detailed calculation of its cost of goods sold?
Refer to the balance sheet for Tastykake in TAST Appendix A. What does Tastykake call its in- ventory account? What alternate name could it use?
Refer to the income statement of Harley- Harley- Davidson in Appendix A. Does its income state- Davidson ment report a gross profit figure? If yes, what is the amount?
Prepare journal entries to record each of the following purchases transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Mar. 5 Purchased 500
Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise
Refer to QS 5-1 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used,QS 5-1Prepare journal entries to record each of the
Refer to QS 5-2 and prepare journal entries to record each of the merchandising transactions assuming Recording purchases that the periodic inventory system is used,QS 5-2Prepare journal entries to
Refer to Krispy Kreme’s financial statements in Appendix A to answer the following:Required 1. For the fiscal year ended February 2, 2003, what amount will be credited to Income Summary to
Key figures ($ thousands) for the recent two years of both Krispy Kreme and Tastykake follow:Required 1. Compute the current ratio for both years and both companies.2. Which has the better ability to
On January 20, 2005, Jennifer Nelson, the accountant for Travon Enterprises, is feel¬ ing pressure to complete the annual financial statements. The company president has said he needs up-to-date
Read the article “Weighing the Balance Sheet” in the April 1, 2002, issue ofBusiness Week.Required 1. This article explains how to evaluate whether a company has a financially strong balance
Review this chapter’s opening feature involving Andy Wolf and his startup company, Premier Snowskates.Required 1. What is a conservative estimate for the units of snowskates that will be sold if
Grupo Bimbo (GrupoBimbo.com) is a leader in the baking and foods industry. Key financial information (millions of pesos) for Grupo Bimbo for its recent fiscal years follows:Required 1. Compute the
The adjusted trial balance for Schwepker Marketing Co. follows. Complete the four right-most columns of the table by first entering information for the four closing entries (keyed 1 through 4) and
The following adjusted trial balance contains the accounts and balances of Showers Company as of December 31, 2005, the end of its fiscal year. (1) Prepare the December 31, 2005, closing entries for
Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005. Account Title Debit Credit Cash $ 7,000 Accounts receivable.. 16,500
Use the information in the adjusted trial balance reported in Exercise 4-4 to prepare Webb Trucking Company's (1) income statement, and (2) statement of owner's equity. The K. Webb, Capital account
Use the information in the adjusted trial balance reported in Exercise 4-4 to compute the current ratio as of the balance sheet date. Interpret the current ratio for this company. (Assume that the
Calculate the current ratio in each of the following separate cases. Identify the company case with the strongest liquidity position. (These cases represent competing companies in the same industry.)
These 16 accounts are from the Adjusted Trial Balance columns of a company’s 10-column work sheet. In the blank space beside each account, write the letter of the appropriate financial statement
The following two events occurred for Totten Co. on October 31, 2005, the end of its fiscal year:a. Totten rents a building from its owner for $3,200 per month. By a prearrangement, the company
Hinson Company records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for Hinson Company as of August 31, the end of
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank. A.
On April 1, 2005, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the company’s first month:The company’s chart of accounts
The adjusted trial balance of Kobe Repairs on December 31, 2005, follows:Required 1. Prepare an income statement and a statement of owner's equity for the year 2005, and a classified balance sheet at
The adjusted trial balance for Sharp Construction as of December 31, 2005, follows:J. Sharp invested \($50,000\) cash in the business during year 2005 (the December 31, 2004, credit balance of the J.
The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2005 fiscal year. The June 30, 2004, credit balance of the owner’s capital account was \($52,660,\) and the
The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2005.Required 1. Complete the six-column table by entering adjustments that reflect the
In the blank space beside each numbered balance sheet item. If the item should not appear on the balance A. Current assets E.B. Long-term investments F.C. Plant assets G.D. Intangible assets item,
On July 1, 2005, Lucinda Fogle created a new self-storage business, KeepSafe Co. The following transactions occurred during the company’s first month:July 1 Fogle invested \($20,000\) cash and
Heel-To-Toe-Shoes’ adjusted trial balance on December 31, 2005, follows:Required 1. Prepare an income statement and a statement of owner’s equity for the year 2005, and a classified balance sheet
The adjusted trial balance for Giovanni Co. as of December 31, 2005, follows:J. Giovanni invested \($30,000\) cash in the business during year 2005 (the December 31, 2004, credit balance of the J.
The following unadjusted trial balance is for Crush Demolition Company as of the end of its April 30, 2005, fiscal year. The April 30, 2004, credit balance of the owner’s capital account was
The following six-column table for Solutions Co. includes the unadjusted trial balance as of December 31, 2005:Required1. Complete the six-column table by entering adjustments that reflect the
Visit the Website of a major company that interests you. Use the Investor Relations link at the Website to obtain the toll-free telephone number of the Investor Relations Department. Call the
Grupo Bimbo is a major producer and distributor of bakery products. Access its 2002 annual financial report at the company's Website (GrupoBimbo.com) to answer the following questions.Required1.
What are the overall benefits of a work sheet?
What accounts are listed on the post-closing trial balance?
Identify which of the following assets are classified as (I) current assets or (2) plant assets: (a) land used in operations, (b) office supplies, (c) receivables from customers due in 10 months, (d)
What classes of assets and liabilities are shown on a typical classified balance sheet?10.How is unearned revenue classified on the balance sheet?
Refer to the balance sheet for Krispy Kreme «6. Refer to Harley-Davidson’s financial statements ^arley^in Appendix A. What five noncurrent asset cat- WaSaaEBaan/ in Appendix A. What journal entry
Refer to Tastykake’s balance sheet in Appendix Summary account?A. Identify the accounts listed as current w liabilities.
Argosy Company began the current period with a $14,000 credit balance in the D. Argosy, Capital account. At the end of the period, the company’s adjusted account balances include the following
The following are common categories on a classified balance sheet:A. Current assets D. Intangible assets B. Long-term investments E. Current liabilities C. Plant assets F. Long-term liabilities For
Compute Jamar Company’s current ratio using the following information: Accounts receivable Accounts payable Buildings Cash $15,000 Long-term notes payable. $20,000 10,000 Office supplies. 1,800
The following information is taken from the work sheet for Wayman Company as of December 31, 2005. Using this information, determine the amount for K. Wayman, Capital, that should be reported on its
List the following steps in preparing a work sheet in their proper order by writing numbers 1-5 in the blank spaces provided. a. Prepare an adjusted trial balance on the work sheet. b. Prepare an
The ledger of Avril Company includes the following accounts with normal balances: L. Avril, Capital \($6,000;\) L. Avril, Withdrawals \($400;\) Services Revenue \($10,000;\) Wages Expense \($5,200;\)
On December 31, 2004, Yates Co. prepared an adjusting entry for \($6,700\) of earned but unrecorded management fees. On January 16, 2005, Yates received \($15,500\) cash in management fees, which
For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.) A. To record receipt of
Maja Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. Maja’s annual accounting period ends on December 31, 2005. The following information
A six-column table for JJW Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2005. The last two columns contain the adjusted trial balance as
The adjusted trial balance for Callahay Company as of December 31, 2005, follows:Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year ended
Quisp Co. had the following transactions in the last two months of its year ended December 31:Required1. Prepare entries for these transactions under the method that records prepaid expenses as
Following is the unadjusted trial balance for Alcorn Institute as of December 31, 2005, which initially lecords prepaid expenses and unearned revenues in balance sheet accounts. The Institute pro¬
A six-column table for Daxu Consulting Company follows. The first two columns contain the unad¬ justed trial balance for the company as of December 31, 2005, and the last two columns contain the
The adjusted trial balance for Lightning Courier as of December 31, 2005, follows:Required 1. Use the information in the adjusted trial balance to prepare (a) the income statement for the year Check
Quake Co. had the following transactions in the last two months of its fiscal year ended May 31:Required1. Prepare entries for these transactions under the method that records prepaid expenses and
Refer to Krispy Kreme's financial statements in Appendix A to answer the following: 1. Identify and write down the revenue recognition principle as explained in the chapter. 2. Research Krispy
Access the Cannondale promotional Website (Cannondale.com).1. What is the primary product that Cannondale sells?2. Review its form 10-K. You can access this from the EDGAR system (www.SEC.gov). You
Read the article “It’s Like When Someone Robs a Bank,” in the August 19, 2002, issue of Business Week. (Access the book’s Website for a free link.)Required 1. Describe the type of overall
Melody Kulp of Mellies (see chapter’s opening feature) is aware of Robin Drucker, who operates a collection agency. For a 50% commission, Drucker collects on accounts receivables for her clients’
Where is a prepaid expense reported in the financial statements?
What type of asset(s) requires adjusting entries to record depreciation?
Where is unearned revenue reported in financial statements?
Refer to Harley-Davidson’s balance sheet in Harley- Appendix A. If it made an adjustment for unDav'dsori paid wages at year-end, where would the Accrued Wages Expense be reported on its balance
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR). a. b. To record revenue earned that was
a. On July 1, 2005, Beyonce Company paid \($1,800\) for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2005. Prepare the
a. Carlos Company purchases \($30,000\) of equipment on January 1, 2005. The equipment is expected to last five years and be worth \($5,000\) at the end of that time. Prepare the entry to record one
a. Eager receives \($20,000\) cash in advance for 4 months of legal services on October 1, 2005, and records it by debiting Cash and crediting Unearned Revenue both for \($20,000.\) It is now
Matia Mouder employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday through
During the year, Lola 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
In its first year of operations. Harden Co. earned \($39,000\) in revenues and received \($33,000\) cash from these customers. The company incurred expenses of \($22,500\) but had not paid \($2,250\)
Yang Company reported net income of \($37,925\) and net sales of \($390,000\) for the current year. Calculate Yang's profit margin and interpret the result. Assume that Yang's competitors' average
Diego Consulting initially records prepaid and unearned items in income statement accounts. Given Diego Consulting's accounting practices, which of the following applies to the preparation of
For each ot the following separate cases, prepare adjusting entries required for financial statements for the year ended (or date of) December 31, 2005. (Assume that prepaid expenses are initially
Prepare adjusting journal entries for the year ended tor date of) December 31, 2005, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the
On March 1, 2003, a company paid a $16,200 premium on a 36-month insurance policy for cover¬ age beginning on that date. Refer to that policy and fdl in the blanks in the following table: Balance
Following are two income statements for Kendis Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of
On-The-Mark Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue
Cosmo Company experienced the following events and transactions during July:a. Prepare journal entries (including any adjusting entries as of the end of the month) to record these events using the
Lummus Management Services opens for business and completes these transactions in September:Required 1. Prepare general journal entries to record these transactions (use account titles listed in part
At the beginning of April, Brooke Grechus launched a custom computer programming company called Softways. The company had the following transactions during April:a. Brooke Grechus invested
Shaw Management Services opens for business and completes these transactions in November:Required 1. Prepare general journal entries to record these transactions (use account titles listed in part
The accounting records ot Schmit Co. show the following assets and liabilities as of December 31, 2004, and 2005:Late in December 2005, the business purchased a small office building and land for
Miguel Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts, which all have normal
Czekai Consulting completed the following transactions during June:a. Chris Czekai, the sole proprietor, invested \($80,000\) cash along with office equipment valued at \($30,000\) in the new
Refer to Krispy Kreme’s financial statements in Appendix A for the following questions.Required 1. What amount of total liabilities does it report for each of the fiscal years ended 2002 and
Key comparative figures ($ thousands) for both Krispy Kreme and Tastykake follow:1. What is the debt ratio for Krispy Kreme in the current year and the prior year?2. What is the debt ratio for
Amy Renkmeyer is an aspiring entrepreneur and your friend. She is having difficulty understanding the purposes of financial statements and how they fit together across time.Required Write a one-page
Access EDGAR online (www.SEC.gov) and locate the 10-K report of Amazon.com (ticker AMZN) filed on January 24, 2002. Review its financial statements reported for fiscal years ended 1999, 2000, and
Read the article “Leveraged for Success” in the April 18, 2002, issue of Business Week.Required 1. Explain why debt financing can be a less expensive alternative than equity financing.2. What can
Liang Lu is a young entrepreneur who operates Lu Music Services, offering singing les¬ sons and instruction on musical instruments. Lu wishes to expand but needs a loan. The bank requests Lu to
Assume that Tanya York of York Entertainment wants to grow company revenues by 10% each year for the next five years. York has determined that achieving that revenue growth will require additional
Grupo Bimbo IGrupoBimbo.com1 competes with several companies, including Krispy Kreme and Tastykake. Key financial ratios for the current fiscal year follow:Required 1. Which company is most
Is cash basis accounting consistent with the matching principle? Why or why not?
What is an accrued expense? Give an example.

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