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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Lower of Cost and Net Realizable Value}OBJECTIVE 5 Garcia Company's inventory at the end of the year was recorded in its accounting records at \(\$ 17,800\). Due to technological changes in the
Inventory Analysis}Callahan Company reported the following information for the current year:\section*{Required:}1. Compute Callahan's (a) gross profit ratio, (b) inventory turnover ratio, and (c)
Inventory Errors}Haywood Inc. reported the following information for 2018:A physical count of inventory at the end of the year showed that ending inventory was actually \(\$
(Appendix) Recording Purchase and Sales Transactions Refer to the information for Raymond Company in Brief Exercise 6-30. and assume that the company uses the periodic inventory system.Required:
(Appendix) Inventory Costing Methods: Periodic Inventory Systems. Refer to the information for Tyler Company in Brief Exercise 6-31. and assume that the com- pany uses the periodic inventory system.
Applying the Cost of Goods Sold Model}Wong Company sells a single product. At the beginning of the year, Wong had 150 units in stock at a cost of \(\$ 8\) each. During the year, Wong purchased 825
Applying the Cost of Goods Sold Model}The following amounts were obtained from the accounting records of Steed Company.\section*{Required:}Compute the missing amounts.Exercise 2016 2017 2018
Perpetual and Periodic Inventory Systems OBJECTIVE 28 Below is a list of inventory systems options.a. Perpetual inventory systemb. Periodic inventory systemc. Both perpetual and periodic inventory
Recording Purchases Compass Inc. purchased 1,250 bags of insulation from Glassco Corp. The bags of insulation cost \(\$ 5.50\) each. Compass paid Tremblay Trucking \(\$ 320\) to have the bags of
Recording Purchases}OBJECTIVE Doha Enterprises uses the perpetual system to record inventory transactions. In a recent month, Doha engaged in the following transactions.a. On April 1, Doha purchased
Recording Purchases and Shipping Terms}On May 12, Digital Distributors received three shipments of merchandise. The first was shipped FOB shipping point, had a total invoice price of \(\$ 142,500\),
Recording Sales and Shipping Terms Milano Company shipped the following merchandise during the last week of December 2018. All sales were on credit.\section*{Required:}1. Compute the total amount of
Recording Purchases and Sales}Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of 2018, there were
Inventory Costing Methods}Crandall Distributors uses a perpetual inventory system and has the following data available for inventory, purchases, and sales for a recent year.\section*{Required:}1.
Inventory Costing Methods}On June 1, Welding Products Company had a beginning inventory of 210 cases of welding rods that had been purchased for \(\$ 88\) per case. Welding Products purchased 1,150
Financial Statement Effects of FIFO and Weighted Average}The chart below lists financial statement items that may be affected by the use of either the FIFO or weighted average inventory costing
Effects of Inventory Costing Methods Borgia Enterprises has the following statement of earnings data available for 2018:Borgia uses a perpetual inventory accounting system and the weighted average
Inventory Costing Methods}Neyman Ltd. has the following diata for purchases and sales of inventory:All sales were made at a sales price of \(\$ 450\) per unit. Assume that Neyman uses a perpetual
Effects of FIFO and Weighted Average}Sheepskin Company sells to colleges and universities a special paper that is used for diplomas. Sheepskin typically makes one purchase of the special paper each
Lower of Cost and Net Realizable Value}Meredith's Appliance Store has the following data for the items in its inventory at the end of the accounting period:\section*{Required:}1. Compute the carrying
Lower of Cost and Net Realizable Value}Silk Road Systems sells a limited line of specially made products, using television advertising campaigns in large cities. At year-end, Silk Road has the
Analyzing Inventory}The recent financial statements of Tunis Clothing Ltd. include the following data.\section*{Required:}1. Calculate Tunis's gross profit ratio (rounded to two decimal places),
Effects of an Error in Ending Inventory Waymire Company prepared the partial statements of earnings presented below for 2018 and 2017.During 2019, Waymire's accountant discovered that ending
Recording Purchases Compass Inc. purchased 1,250 bags of insulation from Glassco Corporation on account. The bags of insulation cost \(\$ 5.50\) each. Compass paid Tremblay Trucking \(\$ 320\) to
(Appendix) Recording Purchases and Sales Printer Supply Company sells computer printers and printer supplies. One of its products is a toner cartridge for laser printers. At the beginning of 2018,
(Appendix) Inventory Costing Methods: Periodic Inventory System OBJECTIVE 9 Maidstone Company had 400 units in beginning inventory at a cost of \(\$ 24\) each. Maidstone's 2018 purchases were as
(Appendix) Inventory Costing Methods: Periodic Inventory System The inventory accounting records for Langer Enterprises contained the following data:\section*{Required:}1. Calculate the cost of
(Appendix) Inventory Costing Methods: Periodic System Harrington Company had the following data for inventory during a recent year:Assume that Harrington uses a periodic inventory accounting
Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Rabren Supply Company.\section*{Required:}Compute the missing amounts.\section*{OBJECTIVE 2
Recording Sale and Purchase Transactions}Alpharack Company sells a line of tennis equipment to retailers. Alpharack uses the perpetual inventory system and engaged in the following transactions
Inventory Costing Methods Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December for one of the items the company sells:Anderson's uses a
Inventory Costing Methods Gavotte Products uses a perpetual inventory system. For 2017 and 2018, Gavotte has the following data:\section*{Required:}1. For each year, compute cost of goods sold, the
Lower of Cost and Net Realizable Value Sue Stone, the president of Canoe Home Products, has prepared the following information for the company's television inventory at the end of 2018
Inventory Costing and LCNRV}Ortman Enterprises sells a chemical used in various manufacturing processes. On January 1, 2018, Ortman had 5,000,000 litres on hand, for which it had paid \(\$ 0.50\) per
Effects.of an Inventory Error}The statements of earnings for Graul Corporation for the three years ended in 2018 appear below.During 2018, Graul discovered that the 2016 ending inventory had been
(Appendix) Inventory Costing Methods Anderson's Department Store has the following data for inventory, purchases, and sales of merchandise for December for one of the items the company
(Appendix) Inventory Costing Methods Jet Black Products uses a periodic inventory system. For 2017 and 2018, Jet Black has the following data:All purchases and sales are for
Applying the Cost of Goods Sold Model}The following amounts were obtained from the accounting records of Wachter Sports Products.\section*{Required:}Compute the missing amounts.\section*{Problem Net
Recording Sale and Purchase Transactions}Jordan Footwear sells athletic shoes and uses the perpetual inventory system. During June 2018 (its first month of operations), Jordan engaged in the
Inventory Costing Methods}Fayed Company began operations in February 2018. Fayed's accounting records provide the following data for the remainder of 2018 for one of the items the company sells:Fayed
Inventory Costing Methods}Terpsichore Company uses a perpetual inventory system. For 2017 and 2018, Terpsichore has the following data:Required:1. For each year, compute cost of goods sold, the cost
Lower of Cost and Net Realizable Value}Kevin Spears, the accountant of Tyler Electronics Corp., has prepared the following information for the company's inventory at the end of 2018:\section*{Problem
Inventory Costing and LCNRV}J\&J Enterprises sells paper cups to fast-food franchises. On January 1, 2018, J\&J had 5,000 cups on hand, for which it had paid \(\$ 0.10\) per cup. During 2018
Effects of an Inventory Error The statements of earnings for Picard Company for the three years ended in 2018 appear below.During 2018, Picard discovered that the 2016 ending inventory had been
(Appendix) Inventory Costing Methods}Fayed Company began operations in February 2018. Fayed's accounting records provide the following data for the remainder of 2018 for one of the items the company
(Appendix) Inventory Costing Methods}Grencia Company uses a periodic inventory system. For 2013 and 2014, Grencia has the following data (assume all purchases and sales are for
Inventory Valuation and Ethics}Mary Cravens is an accountant for City Appliance Corporation. One of Mary's responsibilities is developing the ending inventory amount for the calculation of cost of
Inventory Costing When Inventory Quantities Are Small}A number of companies have adopted a just-in-time procedure for acquiring inventory. These companies have arrangements with their suppliers that
Inventory Purchase Price Volatility}In 2018, Steel Technologies Inc. changed from the weighted average to the FIFO method for its inventory costing. Steel Technologies' annual report indicated that
The Effect of Reductions in Inventory Quantities}Hanna Motor Company, one of the country's largest automobile manufacturers, disclosed the following information about its inventory in the notes to
Errors in Ending Inventory}From time to time, business news will report that the management of a company has misstated its profits by knowingly establishing an incorrect amount for its ending
Ethics and Inventory}An electronics store has a large number of computers in its inventory that use outdated technology. These computers are reported at their cost. Shortly after the December 31
Continuing Problem: Front Row Entertainment}In addition to developing online fan communities, Cam and Anna believe that they could increase Front Row Entertainment's revenue by selling
Professional and Ethical Behaviour}You have been working at Better Buy Ltd. for the last year. Better Buy is a large Canada-wide electronics company, with its head office in Ontario. Better Buy has
Define, classify, and explain the accounting for property, plant, and equipment; intangibles; and natural resources.- Property, plant, and equipment (along with intangibles and natural resources) are
Explain how the cost principle applies to recording the cost of property, plant, and equipment.- The cost of an asset is any expenditure necessary to acquire the asset and to prepare the asset for
Explain the concept of depreciation.- Depreciation is the process of allocating the cost of a tangible depreciable capital asset to expense over the asset's useful life.- Depreciation is not an
Compute depreciation expense using various depreciation methods.- The straight-line method allocates an equal amount of the asset's cost to each year of the asset's useful life by dividing the
Distinguish between capital and revenue expenditures.- Revenue expenditures are expenditures that do not increase the future benefit of an asset and are expensed as incurred.- Capital expenditures
Explain and account for revisions in depreciation.- When new or additional information becomes available, a company will revise its calculation of depreciation expense.- A revision in depreciation
Explain the concept and recording of asset impairment.- Impairment exists when the recoverable amount of an asset is less than the carrying value of the asset.- An impairment loss, the excess of the
Explain the process of recording the disposal of property, plant, and equipment.- When a tangible depreciable capital asset is disposed of (either voluntarily or involuntarily), a gain or loss is
Evaluate the use of property, plant, and equipment.- The efficiency with which a company uses its property, plant, and equipment can be analyzed by using the tangible capital asset turnover ratio
Explain the measurement and reporting of intangible assets.- Intangible assets are recorded at cost, which is any expenditure necessary to acquire the asset and prepare it for use.- If the intangible
Explain the measurement and reporting of natural resources.}- The cost of natural resources is any cost necessary to acquire and prepare the resource for separation from the earth.- As the natural
How do capital assets differ from other assets? What benefits do capital assets provide to the company?(Appendix)
What are the different types of capital assets? How do they differ from one another?(Appendix)
How does the cost concept affect accounting for capital assets? Under this concept, what is included in the cost of a tangible capital asset?(Appendix)
How is the cost of a tangible capital asset measured in a cash transaction? In a noncash transaction?(Appendix)
What is the effect on the financial statements if a company incorrectly records an expense as an asset?(Appendix)
How does the matching concept affect accounting for capital assets?(Appendix)
What factors must be known or estimated in order to compute depreciation expense?(Appendix)
How do the accelerated and straight-line depreciation methods differ?(Appendix)
What objective should guide the selection of a depreciation method for financial reporting purposes?(Appendix)
What objective should be of primary importance in the selection of a depreciation method for income tax reporting?(Appendix)
What accounting concepts should be considered when evaluating the accounting for expenditures that are made for tangible capital assets after acquisition? Be sure to distinguish between revenue and
What is the proper accounting for depreciation when new or additional information becomes available that causes a company to change its estimates of useful life or residual value?(Appendix)
What is an impairment of a tangible capital asset? How is a depreciable capital asset impairment recorded in the financial statements?(Appendix)
How is the sale of equipment at an amount greater than its book value recorded? How would your answer change if the equipment is sold at an amount less than its book value?(Appendix)
What information do the tangible capital asset turnover ratio, the average age of tangible capital assets, and the return on total assets provide users of financial statements?(Appendix)
Describe the benefits that intangible assets provide to a company.(Appendix)
What factors should be considered when selecting the amortization period for an intangible asset?(Appendix)
What basis underlies the computation of depletion?(Appendix)
Which of the following is not a step in the accounting process?a. identification.b. verification.c. recording.d. communication.
Generally accepted accounting principles are:a. the guidelines used to resolve ethical dilemmas.b. established by the Internal Revenue Service.c. primarily established by the Financial Accounting
The cost principle states that:a. assets should be initially recorded at cost and adjusted when the market value changes.b. activities of an entity be kept separate and distinct from its owner.c.
Which of the following statements about basic assumptions is incorrect?a. Basic assumptions are the same as accounting principles.b. The economic entity assumption states that there should be a
Performing services on account will have the following effects on the basic accounting equation:a. increase assets and decrease stockholders' equity.b. increase assets and increase stockholders'
As of December 31, 2005, Tetrick Company has assets of $3,500 and stockholders' equity of $2,000. What are the liabilities for Tetrick Company as of December 31.2005?a. $1,500.b. $1,000.c. $2,500.d.
Jackie Remmers Inc. purchased land for $81,000 cash on December 10. 2005. At December 31. 2006. the land's value has increased to $95,000. What amount should be reported for land on Jackie Remmers'
What is the monetary unit assumption? What impact does inflation have on the monetary unit assumption?
Teresa Speck is the owner of a successful printing shop.Recently her business has been increasing, and Teresa has been thinking about changing the organization of her business from a proprietorship
Which of the following items are liabilities of Richard Westphal Company?(a) Cash. (b) Accounts payable. (c) Inventory. (d) Accounts receivable. (e) Supplies. (f) Equipment. (g) Salaries payable. (h)
Are the following events recorded in the accounting records? Explain your answer in each case.(a) The president of a corporation dies.(b) Supplies are purchased on account.(c) An employee is fired.
Listed below are some items found in the financial statements of Jan Way Inc. Indicate in which financial statement the following items would appear.(a) Advertising expense. (d) Cash.(b) Equipment.
In February 2005, Maggie Sharrer invested $12,000 in Gardentech, Inc. Gardentech's accountant, Jori Aloisio, recorded this receipt as an increase in cash and revenues.Is this treatment appropriate?
Rebecca Sherrick Inc. had a stockholders' equity balance of $164,000 at the beginning of the period. At the end of the accounting period, the stockholders' equity balance was $198,000.(a) Assuming
Summarized operations for the Alica Cosky Co. for the month of July are as follows.Revenues earned: for cash $45,000; on account$95,000.Expenses incurred:$43,000.for cash $26,000; on account
Given the accounting equation, answer each of the following questions.(a) The liabilities of Shumway Company are $100,000 and the stockholders' equity is $232,000.What is the amount of Shumway
Follow the same format as BE1-4 above. Determine the effect on assets, liabilities, and stockholders' equity of the following three transactions.(a) Invested cash in the business.(b) Paid a cash

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