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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Describe how an unearned revenue arises. Give an example.
Music-Mart records \($1,000\) of accrued salaries on December 31. Five days later, on January 5 (the next payday), salaries of \($7,000\) are paid. What is the January 5 entry?
Jordan Air has the following information in its unadjusted and adjusted trial balances:What are the adjusting entries that Jordan Air likely recorded? Unadjusted Debit Adjusted Credit Debit Credit
An owner invests \($15,000\) cash along with equipment having a market value of \($23,000\) in a proprietorship. Prepare the necessary journal entry.
Explain what a compound journal entry is.
Why are posting reference numbers entered in the journal when entries are posted to ledger accounts?
If a \($4,000\) debit to Equipment in a journal entry is incorrectly posted to the ledger as a \($4,000\) credit, and the ledger account has a resulting debit balance of \($20,000,\) what is the
If a wrong amount is journalized and posted to the accounts, how should the error be corrected?
Review the Tastykake balance sheet in Appen¬ dix A. Identify two different liability accounts that include the word payable in the account title.
Locate Harley-Davidson’s income statement in Appendix A. What is the title of its revenue Davidson account?
Identify the items from the following list that are likely to serve as source documents:a. Bank statementb. Sales ticketc. Income statementd. Trial balancee. Telephone billf. Invoice from supplierg.
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. Service fees earnedb. Owner
Indicate whether a debit or credit decreases the normal balance of each of the following accounts:a. Office Suppliesb. Repair Services Revenuec. Interest Payabled. Accounts Receivable e. Salaries
Identify whether a debit or credit yields the indicated change for each of the following accounts:a. To increase Store Equipmentb. To increase Owner Withdrawalsc. To decrease Cashd. To increase
Identify whether the normal balances (in parentheses) assigned to the following accounts are correct or incorrect.a. Office supplies (Debit)b. Owner Withdrawals (Credit)c. Fees Earned (Debit)d. Wages
Prepare journal entries for each of the following selected transactions:a. On January 13, Chico Chavez opens a landscaping business called Showcase Yards by investing Preparing 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. Office Supplies b. Services
For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) enter debit (Dr.) or credit (Cr.) to identify the kind of entry that would increase
Tavon Co recently notified a client that it must pay a \($48,000\) fee for services provided. Tavon agreed to accept the following three items in full payment:(1) \($7,500\) cash,(2) computer
Use the information in each of the following separate cases to calculate the unknown amount:a. During October, Shandra Company had \($97,500\) of cash receipts and \($101,250\) of cash disbursements.
Use the information in Exercise 2-4 to prepare an August 31 trial balance for Pose-for-Pics. Open these T-accounts: Cash; Office Supplies; Prepaid Insurance; Photography Equipment; H. Paris, Capital;
Record the transactions below for Dejonge Company by recording the debit and credit entries di¬ rectly in the following T-accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment;
Examine the following transactions and identify those that create revenues for Jade Services, a company owned by Mia Jade. Prepare general journal entries to record those transactions and explain why
Examine the following transactions and identify those that create expenses for Jade Services. Prepare general journal entries to record those transactions and explain why the other transactions did
On October 1, Ming Lue organized a new consulting firm called Tech Today. On October 31, the company’s records show the following items and amounts. Use this information to prepare an October
A sole proprietorship had the following assets and liabilities at the beginning and end of a recent year:Determine the net income earned or net loss incurred by the business during the year for each
Use information from the T-accounts in Exercise 2-15 to prepare general journal entries for each of the seven transaction a through g.Exercise 2-15Assume the following T-accounts reflect Joy Co.’s
You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of a computer for
Roberto Ricci opens a computer consulting business called Viva Consultants and completes the following transactions in its first month of operations:April 1 Ricci invests \($100,000\) cash along with
Shelton Engineering completed the following transactions in the month of June.a. Shania Shelton, the owner, invested \($105,000\) cash, office equipment with a value of \($6,000,\) and \($45,000\) of
Santo Birch opens a Web consulting business called Show-Me-the-Money Consultants and completes the following transactions in March:Required;1. Prepare general journal entries to record these
The accounting records of Crist Crate Services 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
Carlos Beltran started an engineering firm called Beltran Engineering. He began operations and com¬ pleted seven transactions in May, which included his initial investment of $17,000 cash. After
Business transactions completed by Eric Piburn during the month of September are as follows:a. Piburn invested \($23,000\) cash along with office equipment valued at \($12,000\) in a new sole pro¬
The following financial statement information is from five separate companies:Required 1. Answer the following questions about Company A:a. What is the equity amount on December 31, 2004?b. What is
The following is selected financial information for Valdez Energy Company for the year ended December 31, 2005: revenues, \($65,000;\) expenses, \($50,000;\) net income, \($15,000\).Required; Prepare
The following is selected financial information for Amico as of December 31, 2005: liabilities, \($34,000;\) equity, \($56,000;\) assets, \($90,000\).Required; Prepare the balance sheet for Amico as
The following is selected financial information of Trimark for the year ended December 31, 2005:Required Prepare the 2005 calendar-year statement of cash flows for Trimark. Cash used by investing
The following is selected financial information for Boardwalk for the year ended December 31, 2005:Required Prepare the 2005 calendar-year statement of owner’s equity for Boardwalk. B. Walk,
Curtis Hamilton started a new business and completed these transactions during December:Dec. 1 Curtis Hamilton transferred \($56,000\) cash from a personal savings account to a checking account in
Miranda Right started Right Consulting, a new business, and completed the following transactions during its first year of operations:a. M. Right invests \($60,000\) cash and office equipment valued
Zia manufactures, markets, and sells cellular telephones. The average total assets for Zia is \($250,000.\) In its most recent year, Zia reported net income of \($55,000\) on revenues of
The following financial statement information is from five separate companies:Required 1. Answer the following questions about Company V:a. What is the amount of equity on December 31, 2004?b. What
Selected financial information for Online Co. for the year ended December 31. 2005, follows:Required Use the information provided to prepare the 2005 calendar-year income statement for Online Co.
The following is selected financial information for RWB Company as of December 31, 2005:Required Use the information provided to prepare the balance sheet for RWB as of December 31, 2005. Liabilities
Selected financial information of BuyRight Co. for the year ended December 31, 2005, follows:Required Use this information to prepare the 2005 calendar-year statement of cash flows for BuyRight. Cash
The following is selected financial information of ComEx for the year ended December 31, 2005:Required Prepare the 2005 calendar-year statement of owner’s equity for ComEx. C. Tex, Capital, Dec.
Ken Stone launched a new business, Ken’s Maintenance Co., that began operations on June 1. The following transactions were completed by the company during that first month:June 1 K. Stone invested
Swender Excavating Co., owned by Patrick Swender, began operations in July and completed these transactions during that first month:July 1 P. Swender invested \($60,000\) cash in the business as its
Tiana Moore started a new business, Tiana’s Solutions, that completed the following transactions during its first year of operations:a. T. Moore invests \($95,000\) cash and office equipment valued
A1 &T and GTE produce and market telecommunications products and are competitors. Key financial figures (in $ millions) for these businesses over the past year follow:Required1. Compute return on
Aspen Company manufactures, markets, and sells snowmobile equipment. The average total assets for Aspen Company is \($2,000,000.\) In its most recent year, Aspen reported net income of \($100,000\)
Key financial figures for Krispy Kreme’s fiscal year ended February 2, 2003, follow:Required 1. What is the total amount of assets invested in Krispy Kreme?2. What is Krispy Kreme’s return on
Key comparative figures ($ thousands) for both Krispy Kreme and Tastykake follow:Required1. What is the total amount of assets invested in(a) Krispy Kreme and (b) Tastykake?2. What is the return on
Juanita Cruz works in a public accounting firm and hopes to eventually be a partner. The management of Allnet Company invites Cruz to prepare a bid to audit Allnet’s financial statements. In
Refer to this chapter’s opening feature about The Chocolate Farm. Assume that the Macmillans wish to expand The Chocolate Farm to include a store devoted to selling food decorations related to the
Visit the EDGAR database at (www.SEC.gov), Access the Form 10-K report of World Wrestling Entertainment (ticker WWE) filed on July 26, 2002.Required 1. On page 16 of the 10-K report you will find
Business Week publishes a ranking of the top 1,000 companies based on several per¬ formance measures. This issue is called the Business Week Global 1000. Obtain the July 14, 2003, publication of
Refer to this chapter’s opening feature about The Chocolate Farm. Assume the Macmillans decide to open a small retail store to supplement their chocolate operations.Required1. The Macmillans obtain
Grupo Bimbo (GrupoBimbo.com) is a leader in the baking industry and also competes with both Krispy Kreme and Tastykake. Key financial figures for Grupo Bimbo follow:Required 1. Identify any concerns
Identify some advantages of technology for accounting.
Who sets U.S. accounting rules?
How are the objectivity and cost principles related?
Describe a transaction increasing equity and one decreasing it.
Discuss the three major sections of the statement of cash flows.
Why do organizations license and monitor accounting and accounting-related professionals?
What are at least three questions business owners might be able to answer by looking at accounting information?
What type of accounting information might be useful to those who carry out the marketing activities of a business?
Identify at least three tasks you would expect to be performed by government accounting professionals.
What does the objectivity principle prescribe for information reported in financial statements? Why?
A business reports its own office stationery on the balance sheet at its \($430\) cost, although it cannot be sold for more than \($10\) as scrap paper. Which accounting principle(s) justifies this
Why is the revenue recognition principle needed? What does it prescribe?
Identify three types of organizations that can be formed as either profit-oriented entities or government (or non-profit)
Describe the three major activities in organizations.
Identify the dollar amounts of Tastykake’s 2002 assets, liabilities, and equity shown in its statements in Appendix A near the end of the book.
Access the SEC EDGAR database Harley- (www.SEC.gov) and retrieve Harley-Davidson’s Davidson 2002 10-K (filed 2003-03-28). Identify its auditor. What responsibility does its independent auditor
Identify the following users as either external users (E) or internal users (I).a. Managersb. Controllersc. Business pressd. FBI and CIAe. Sales stafff. Brokersg. Consumer grouph. Customersi.
(a) Identify the meaning of these accounting-related acronyms: GAAP, SEC, and FASB, and then briefly explain the importance of each to accounting, (b) Identify the international accounting standards
Identify at least three main areas of opportunities for accounting professionals. For each area, identify at least three job possibilities linked to accounting.
An important responsibility of many accounting professionals is to design and implement internal control procedures for organizations. Explain the puipose of internal control procedures.
Identify which general accounting principle best describes each of the following practices:a. Marilyn Choi owns both Sailing Passions and Dockside Supplies. In preparing financial state¬ ments for
a. Total assets of HLC Financial Co. equal \($40,000\) and its equity is \($10,000.\) What is the amount of its liabilities?b. Total assets of Deep Valley Co. equal \($55,000\) and its liabilities
Use Harley-Davidson’s December 31, 2002, financial statements, in Appendix A near the end of the book, to answer the following:a. Identify the dollar amounts of Harley’s 2002 (1) assets, (2)
Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B), statement of owner’s equity (E), or statement of cash flows (CF).a. Assetsb.
In a recent year’s financial statements, Boeing Company, which is the largest aerospace company in the United States, reported the following. Compute and interpret Boeing’s return on assets
Match each of the numbered descriptions with the principle it best reflects. Indicate your answer by writing the letter for the appropriate principle in the blank space next to each description.A.
Many accounting professionals work in one of the following three areas:A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area of accounting that is most involved in each
Much of accounting is directed at servicing the information needs of those users that are external to an organization. Identify at least three external users of accounting information and indicate
Assume the following role and describe a situation in which ethical considerations play an important part in guiding your decisions and actions:a. You are a student in an introductory accounting
Mulan began a new consulting firm on January 5. The accounting equation showed the following balances after each of the company’s first five transactions. Analyze the accounting equation for each
Pamela Maben began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Maben (the owner) completed these transactions:a. Owner invested
On October 1, Sasha Shandi organized Best Answers a new consulting firm. On October 31, the com¬ pany’s records show the following items and amounts. Use this information to prepare an October
Use the information in Exercise 1-13 to prepare an October statement of owner’s equity for Best Answers.Exercise 1-13On October 1, Sasha Shandi organized Best Answers a new consulting firm. On
Use the information in Exercise 1-13 to prepare an October 31 statement of cash flows for Best Answers. Also assume the following:a. The owner’s initial investment consists of \($38,000\) cash and
Indicate the section where each of the following would appear on the statement of cash flows.A. Cash flows from operating activity B. Cash flows from investing activity C. Cash flows from financing
Geneva Group reports net income of \($20,000\) for 2005. At the beginning of 2005, Geneva Group had \($100,000\) in assets. By the end of 2005, assets had grown to \($150,000.\) What is Geneva
Precision Company began year 2008 with the following balances in its stockholders’ equity accounts.All outstanding common stock was issued for \($15\) per share when the company was created.
Stokely and Leder are forming a partnership. Stokely invests a building that has a market value of \($250,000;\) and the partnership assumes responsibility for a \($50,000\) note secured by a
Katherine, Alliah, and Paulina form a partnership. Katherine contributes \($150,000,\) Alliah contributes \($150,000,\) and Paulina contributes \($100,000.\) Their partnership agreement calls for the
Jamison and Blue form a partnership with capital contributions of \($600,000\) and \($800,000,\) respectively. Their partnership agreement calls for Jamison to receive \($120,000\) per year in

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