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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Win is it necessary to prepare formal financial statements if all of the data are m the statement columns ol the work sheet?
Identify the account(s) debited and credited in each ot the tour closing entries, assuming the compan) has net income lor the yeai
Describe the nature ol the Income Summarj account .
Which of the following accounts would not appear in the post-closing trial balance'.' Interest Payable: Equipment:Depreciation Expense: Dividends. Unearned Revenue;Accumulated
What is meant b\ the term "operating cycle?"
How does a report form balance sheet differ from an account form balance sheet?
Sang Nam Company prepares reversing entries. If the adjusting entry for interest payable is reversed, what type of an account balance, if any, will there be in Interest Payable and Interest Expense
Explain the nature of debt securities and the markets in which they are issued.- Debt securities are issued in exchange for borrowed cash.- In return for the borrowed cash, the borrower typically
Account for the issuance of notes payable and bonds payable.- The issue price of long-term debt is typically quoted as a percentage of face value.- At the time of issuance the borrower records the
Use the effective interest rate method to account for premium/discount amortization on bonds payable.- IFRS requires the effective interest rate method to be used to amortize any premium or
Use the straight-line method to account for premium/discount amortization on bonds payable.- In the straight-line method, equal amounts of premium or discount are amortized to interest expense each
Calculate the after-tax cost of financing with debt and explain financial leverage.- Since interest expense is deductible for tax purposes, the presence of interest expense lowers the taxes owed.-
Compare and contrast operating and finance leases.- A finance lease is a noncancellable agreement that is, in substance, a purchase of the leased asset.- If a lease includes one of the following
Analyze a company's long-term liabilities using the times interest earned, debt-to-equity, and other debt ratios.- Although long-term creditors are concerned with a company's short-term liquidity,
Understand the nature of provisions and employee benefit obligations.- Provisions are recorded for future obligations using estimates and present value concepts.- Costs of employee benefit plans must
Calculate the market price of bonds payable using present value techniques.- Bonds are issued at the present value of future cash flows.- The interest payments and repayment of the bond principal (or
Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2006. The trial balance at June 30 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts
Spring River Resort Inc. opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is as follows.In addition to those accounts listed on the
Costello Advertising Agency Inc. was founded by John Costello in January of 2005. Presented below are both the adjusted and unadjusted trial balances as of December 31. 2005.Instructions (a)
A review of the ledger of Bellingham Corporation at December 31. 2006. produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries Payable $0. There are eight
On September 1. 2006. the account balances of Beck Equipment Repair Corp. were as follows.During September the following summary transactions were completed.Sept. 8 Paid $1,400 for salaries due
Vektek Consulting Inc. began operating on May 1, 2006. The trial balance at May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for Vektek Consulting
The Thayer Motel Inc. opened for business on May 1, 2006. Its trial balance before adjustment on May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts
Mendoza Co. was organized on July 1. 2006. Quarterly financial statements are prepared.The unadjusted and adjusted trial balances as of September 30 are shown below.Instructions (a) Journalize the
A review of the ledger of Khan Company at December 31, 2006. produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $9,800. The company has
On November 1. 2006. the account balances of Samone Equipment Repair Corp. were as follows.During November the following summary transactions were completed.Nov. 8 Paid $1,100 for salaries due
Salzer Graphics Company was organized on January l, 2006, by Jill Salzer. At the end of the first 6 months of operations, the trial balance contained the following accounts.Analysis reveals the
Shumway Company accumulates the following adjustment data at December 31.1. Services provided but not recorded total $750.2. Store supplies of $450 have been used.3. Utility expenses of $225 are
The ledger of Welch Rental Agency Inc. on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared.An analysis of the accounts shows the
Greg Mabasa, D.D.S., opened a dental practice on January 1, 2006. During the first month of operations the following transactions occurred.1. Performed services for patients who had dental plan
The trial balance for Pioneer Advertising Agency Inc.. is shown in Illustration 3-3 (p. 97).In lieu of the adjusting entries shown in the text at October 31. assume the following adjustment data.1.
The income statement of Olympic Corp. for the month of July shows net income of$1,400 based on Service Revenue $5,500, Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense $600. In
A partial adjusted trial balance of Ruiz Company at January 3 1 , 2006, shows the following.Instructions Answer the following questions, assuming the year begins January 1.(a) If the amount in
Selected accounts of Engle Company are shown below.Instructions After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31. (Hint: July
The trial balances before and after adjustment for Villa Company at the end of its fiscal year are presented below.Instructions Prepare the adjusting entries that were made. VILLA COMPANY Trial
The adjusted trial balance for Villa Company is given in E3-9.Instructions Prepare the income statement and a retained earnings statement for the year and the balance sheet at August 31.
The following data are taken from the comparative balance sheets o\' Midway Billiards Club, which prepares its financial statements using the accrual basis of accounting.Ices arc billed to members
At Concord Company, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when received. During January of the current year, the following transactions
Anniston Company purchased equipment and incurred the following costs:7-1 Anniston Company purchased equipment and incurred the following costs:What is the cost of the equipment?a. \(\$ 52,000\)b.
The cost principle requires that companies record tangible capital assets at:a. fair valueb. book valuec. historical costd. market value
When depreciation expense is recorded each period, what account is debited?a. Depreciation Expenseb. Cashc. Accumulated Depreciationd. The tangible capital asset account involved
Fontaine Inc. acquired a machine for \(\$ 600,000\) on January 1, 2018. The machine has a salvage value of \(\$ 10,000\) and a five-year useful life. Fontaine expects the machine to run for 15,000
Refer to the information in Exercise 7-4. What amount would Fontaine record as depreciation expense for the year ending December 31, 2019, if the double-decliningbalance method were used?a. \(\$
Refer to the information in Exercise 7-4. What amount would Fontaine record as depreciation expense for 2018 if the units-of-production method were used? (Note: Round your answer to the nearest
Which of the following statements is true regarding depreciation methods?a. The use of a declining balance method of depreciation will produce lower depreciation charges in the early years of an
Normal repair and maintenance of an asset is an example of what?a. Revenue expenditureb. Capital expenditurec. An expenditure that will be depreciatedd. An expenditure that should be avoided
Chang Ltd. purchased a piece of equipment in 2018. Chang depreciated the equipment on a straight-line basis over a useful life of 10 years and used a residual value of \(\$ 12,000\). Chang's
Bradley Company purchased a machine for \(\$ 34,000\) on January 1, 2017. It depreciates the machine using the straight-line method over a useful life of eight years and a \(\$ 2,000\) residual
Murnane Company purchased a machine on February 1, 2013, for \(\$ 100,000\). In January 2018, when the book value of the machine is \(\$ 70,000\), Murnane believes the machine is impaired due to
Jerabek Inc. decided to sell one of its tangible capital assets that had a cost of \(\$ 55,000\) and accumulated depreciation of \(\$ 35,000\) on July 1, 2018. On that date, Jerabek sold the asset
Which of the following statements is true?a. The tangible capital asset turnover ratio assists managers in determining the estimated future capital expenditures that are needed.b. The average age of
Which of the following is not an intangible asset?a. Patentb. Trademarkc. Research and developmentd. Goodwill
Mysore Company acquired a patent on January 1, 2018, for \(\$ 75,000\). The patent has a remaining legal life of 15 years, but Mysore expects to receive benefits from the patent for only five years.
Howton Paper Company purchased \(\$ 1,400,000\) of timberland in 2017 for its paper operations. Howton estimates that there are 10,000 hectares of timberland and it cut 2,000 hectares in 2018 . The
Cost of a Tangible Capital Asset Borges Ltd. recently purchased land to use for the construction of its new manufacturing facility and incurred the following costs: purchase price, $85,000; real
Acquisition Cost Cox Company recently purchased a machine by paying $8,500 cash and signing a six-month, 10% note for $10,000. In addition to the purchase price, Cox incurred the following costs
Straight-Line Depreciation Irons Delivery Inc. purchased a new delivery truck for $45,000 on January 1, 2018. The truck is expected to have a $3,000 residual value at the end of its five-year useful
Declining Balance Depreciation OBJECTIVE 34 CORNERSTONE 7.3 Refer to the information in Exercise 7-19. Irons uses the double-declining-balance method of depreciation.\section*{Required:}Prepare the
Units-of-Production Depreciation}Refer to the information in Exercise 7-19. Irons uses the units-of-production method of depreciation. Irons expects the truck to run for 160,000 kilometres. The
Revision of Depreciation}On January 1, 2016, Shapiro Inc. purchased a machine for \(\$ 115,000\). Shapiro depreciated the machine with the straight-line depreciation method over a useful life of 10
Impairment}Brown Industries has two machines that it believes may be impaired. Information on the machines is shown below.\section*{Required:}For each machine, determine if the machine is impaired.
Disposal of a Tangible Capital Asset}On August 30, Lhasa Manufacturing Company decided to sell one of its fabricating machines, which was 15 years old, for \(\$ 6,000\). The machine, which originally
Analyze Property, Plant, and Equipment}At December 31, 2018, Clark Corporation reported beginning net property, plant, and equipment of \(\$ 94,150\); ending net property, plant, and equipment of
Cost of Intangible Assets}CORNERSTONE 7.9 Advanced Technological Devices Inc. acquired a patent for \(\$ 120,000\). It spent an additional \(\$ 24,744\) defending the patent in legal
Amortization of Intangible Assets}OBJECTIVE 10 CORNERSTONE 7.9 straight-line basis over its remaining economic life of 12 years.\section*{Required:}Prepare the journal entry to record the
Depletion of Natural Resources}Brandon Oil Company recently purchased oil and natural gas reserves in northern Manitoba for \(\$ 1,850,000\). Brandon spent \(\$ 10,000,000\) preparing the oil for
Understanding Capital Assets}Descriptions of capital assets are listed below.a. Naturally occurring materials that have economic valueb. Tangible assets that can be seen and touchedc. Do not have
Acquisition Cost}Desert State University installed an HD video board with an invoice price of \(\$ 5,000,000\) in its football stadium. Desert State paid an additional \(\$ 100,000\) of delivery and
Depreciation Concepts}Listed below are concepts and terminology related to depreciation.+Required:Match each concept with the related terminology.\section*{OBJECTIVE 4 Brief Exercise Concepts 1. The
Depreciation Methods}On January 1, 2017, Loeffler Company acquired a machine at a cost of \(\$ 200,000\). Loeffler estimates that it will use the machine for four years or 8,000 machine hours. It
Expenditures after Acquisition}Listed below are several transactions:a. Paid \(\$ 80\) cash to replace a minor part of an air-conditioning systemb. Paid \(\$ 40,000\) to fix structural damage to a
Revision of Depreciation}On January 1, 2017, the Kelley Company ledger showed a building with a cost of \(\$ 250,000\) and related accumulated depreciation of \(\$ 96,000\). The depreciation resulted
Disposal of a Capital Asset}Jolie Company owns equipment with a cost of \(\$ 85,500\) and accumulated depreciation of 76,200 .\section*{Required:}Prepare the journal entry to record the disposal of
Analyzing Fixed Assets Pitt reported the following information for 2017 and 2018:Required:Compute Pitt's tangible capital asset turnover ratio and the average age of tangible depreciable capital
Cost and Amortization of Intangible Assets OBJECTIVE 10 On January 2, 2018, Frazier Company purchased a restaurant franchise for \(\$ 85,000\). The terms of the franchise agreement allowed Frazier to
Depletion of Natural Resources}Luper Company acquired a tract of land that contained iron deposits for \(\$ 2,500,000\). Luper spent \(\$ 120,000\) to access the iron ore. Luper estimates that
Statement of Financial Position Presentation Listed below are items that may appear on a classified statement of financial position.1. Land 2. Amounts due from customers 3. Office building 4. Truck
Statement of Financial Position Classification}Micro-Technologies Inc., a computer manufacturer, has the following items on its statement of financial position-office furniture, delivery truck,
Acquisition Cost}Items that may relate to property, plant, and equipment follow:1. Purchase price of a machine 2. Delinquent property taxes at the time of purchase 3. Interest on debt used to
Cost of a Tangible Capital Asset}Lauro Cleaners purchased an automatic dry cleaning machine for \(\$ 145,000\) from TGF Corporation on April 1, 2018. Lauro paid \(\$ 45,000\) in cash and signed a
Cost of a Tangible Capital Asset}Colson Photography Service purchased a new digital imaging machine on April 15 for \(\$ 11,200\). During installation Colson incurred and paid in cash the following
Cost of Tangible Capital Assets}Mooney Sounds, a local stereo retailer, needed a new store because it had outgrown the leased space it had used for several years. Mooney acquired and remodelled a
Cost and Depreciation}OBJECTIVE 24 On January 1, 2018, Quick Stop, a convenience store, purchased a new soft-drink cooler. Quick Stop paid \(\$ 25,780\) cash for the cooler. Quick Stop also paid \(\$
Characteristics of Depreciation Methods}\section*{YOUDECIDE}OBJECTIVE 3 Below is a common list of depreciation methods and characteristics related to depreciation.\section*{Depreciation Methods}a.
Depreciation Methods}Muskoko Corporation purchased a copying machine for \(\$ 8,700\) on January 1, 2018. The machine's residual value was \(\$ 425\) and its estimated life was five years or
Depreciation Methods}Clearcopy, a printing company, acquired a new press on January 1, 2018. The press cost \(\$ 173,400\) and had an estimated life of eight years or \(4,500,000\) pages and an
Depreciation Methods}Quick-as-Lightning, a delivery service, purchased a new delivery truck for \(\$ 45,000\) on January 1 , 2018. The truck is expected to have an estimated useful life of 10 years
Inferring Original Cost}Bengal Construction Company purchased a piece of heavy equipment on January 1, 2018, which it is depreciating using the straight-line method. The equipment's estimated useful
Choice among Depreciation Methods}Walnut Ridge Production Ltd. purchased a new computerized video editing machine at a cost of \(\$ 450,000\). The system has an estimated residual value of \(\$
Revision of Depreciation}On January 1, 2016, Blizzards-R-Us purchased a snow-blowing machine for \(\$ 73,000\). The machine was expected to have an estimated residual value of \(\$ 5,000\) at the end
Capital versus Revenue Expenditure}Waleed Company, a privately owned business, supplies water to several communities. Waleed has just performed an extensive overhaul on one of its water pumps. The
Expenditures after Acquisition}The following expenditures were incurred during the year:a. Paid \(\$ 4,000\) for an overhaul of an automobile engineb. Paid \(\$ 20,000\) to add capacity to a cellular
Expenditures after Acquisition}Rimouski Manufacturing placed a robotic arm on a large assembly machine on January 1, 2018. At the time, the assembly machine, which was acquired on January 1, 2011,
Expenditures after Acquisition and Depreciation}National Bank installed a wireless encryption device in January 2014. The device cost \(\$ 180,000\). At the time the device was installed, National
Impairment}On January 1, 2011, Tofino Company acquired a pie-making machine for \(\$ 75,000\). The machine was estimated to have a useful life of 10 years with no residual value. Tofino uses the
Disposal of Tangible Capital Asset}Perfect Auto Rentals sold one of its cars on January 1, 2018. Perfect had acquired the car on January 1, 2016, for \(\$ 23,400\). At acquisition Perfect assumed
Disposal of Tangible Capital Asset}Pacifica Manufacturing retired a computerized metal stamping machine on December 31, 2018. Pacifica sold the machine to another company and did not replace it. The
Depreciation and Disposal of Tangible Capital Assets}Slavko Company reported the following information regarding its equipment:\section*{Required:}1. What journal entry did Slavko make to record
Analyze Tangible Capital Assets}Lanka Industries is a technology company that operates in a highly competitive environment. In 2015 , management had significantly curtailed its capital expenditures
Acquisition and Amortization of Intangible Assets \\ TLM Technologies had these transactions related to intangible assets during 2018:}\section*{Required:}1. Prepare the journal entries necessary to

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