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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Alpha Refrigeration Company trades in an old machine on a new model when the fair market value of the old machine is greater than its book value. Should Alpha rec- ognize a gain on disposal? If the
Riko Company experienced a gain on disposal when ex- changing similar machines. In accordance with generally accepted accounting principles, the gain was not recog- nized. How will Riko's future
Tire following expenditures were inclined by Rosenberg Company in purchasing land:cash price $50,000. accrued taxes $3,000. attorneys' Ices $2,500, real estate broker's commission$2,000. and clearing
Jawson Company incurs the following expenditures in purchasing a truck: cash price$25,000. accident insurance $2,000, sales taxes $1,500. motor vehicle license $100. and painting and lettering $400.
Weller Company acquires a delivery truck at a cost of $40,000. The truck is expected to have a salvage value of $6,000 at the end of its 4-year useful life. Compute annual depreciation for the first
Pioneer Company purchased land ami a building on .lanuarv I. 2005. Management's best estimate of the value of the land was $100,000 and of the building $200,000. Management told the accounting
Depreciation information for Weller Company is given in BE10-3. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second
Yellow Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 150.000 miles. Taxi no. 10 cost $30,500 and is expected to have a
On January 1. 2006. the Vasquez Company ledger shows Equipment $32,000 and Accumulated Depreciation $9,000. The depreciation resulted from using the straight-line method with a useful life of 10
Prepare journal entries to record the following.(a) Perez Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No salvage
Tong Company sells office equipment on September 30. 2006. for $20,000 cash. The office equipment originally cost $72,000 and as of January 1, 2006. had accumulated depreciation of $42,000.
Arma Mining Co. purchased for $7 million a mine that is estimated to have 28 million tons of ore and no salvage value. In the first year. 6 million tons of ore are extracted and sold.(a) Prepare the
Felipe Company purchases a patent for $150,000 on January 2, 2006. Its estimated useful life is 10 years.(a) Prepare the journal entry to record patent expense for the first year.(b) Show how this
Information related to plant assets, natural resources, and intangibles at the end of 2006 for Lumas Company is as follows: buildings $1,100,000; accumulated depreciation—buildings $650,000;
In its 2003 annual report McDonald's Corporation reported beginning total assets of$24.0 billion; ending total assets of $25.5 billion; property, plant, and equipment (at cost) of$31.4 billion; and
Cordero Company exchanges old delivery equipment for similar new delivery equipment.The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its
The following expenditures relating to plant assets were made by Devereaux Company Determine cost of plant during the first 2 months of 2006. acquisitions.1. Paid $5,000 of accrued taxes at the time
On March 1, 2006, Tanger Company acquired real estate on which it planned to construct a small office building. The company paid $90,000 in cash. An old warehouse on the property was razed at a cost
Wheeler Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2006, at a cost of $148,000. Over its 4-year useful life, the bus is expected to be
Solo Company purchased a new machine on October 1, 2006, at a cost of $96,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for
Steve Grant, the new controller o( Greenberg Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2006. His findings are as
On July 1. 2006, Sutton Inc. invested $480,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2006, 100.000 tons of ore were mined and
The following are selected 2006 transactions of Yosuke Corporation.Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.May 1 Purchased for $60,000 a
Ziegler Company, organized in 2006, has the following transactions related to intangible assets.Instructions Prepare the necessary entries to record these intangibles. All costs incurred were for
During 2006 Otaki Corporation reported net sales of $4,200,000 and net income of$1,500,000. Its balance sheet reported average total assets of $1,400,000.Instructions Calculate the asset turnover
Presented below are two independent transactions.1. Global Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a
Astro Company exchanges similar equipment with Logan Company. Also Jay Company exchanges similar equipment with Moon Company. The following information pertains to these two exchanges.Instructions
Brown's Delivery Company and Roether's Express Delivery exchanged similar delivery trucks on January 1. 2006. Brown's truck cost S22.OO0. It has accumulated depreciation of SI 3.000 and a fair market
Ripley Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Instructions Analyze the foregoing
In recent years. Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each
A On January 1. 2006, Solomon Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was $38,500. Related expenditures included:sales
At December 31, 2006, Walton Company reported the following as plant assets.June 1 Sold land purchased on June 1. 1997. for $1,800,000. The land cost $300,000.July 1 Purchased equipment for
Yount Co. has delivery equipment that cost $50,000 and that has been depreciated$22,000. Record the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for
The intangible assets section of Glover Company at December 31. 2006. is presented below.The patent was acquired in January 2006 and has a useful life of 10 years The copyright was acquired in
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Buck Company in 200(->.1. Buck developed a new manufacturing
Duks Corporation and llewes Corporation, two corporations of roughly the same asset turnover ratio. size, are both involved in the manufacture ot canoes and sea kayaks. Each company depreciates us
Foxx Company was organized on January 1. During the first year of operations, the Determine acquisition costs of following plant asset expenditures and receipts were recorded in random
In recent years, Freeman Transportation purchased three used buses. Because of fre- Compute depreciation under quent turnover in the accounting department, a different accountant selected the
On January 1. 200ft. Thao Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was $35,000. Related expenditures included:sales tax
At the beginning of 2004. Murphy Company acquired equipment costing $80,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of$8,000 at that time. The
At December 31. 2006, Angelos Companj reported the following as plant assets.During 2007. the following selected cash transactions occurred.April 1 Purchased land for $2,130,000.May 1 Sold equipment
Spencer Co. has office furniture that cost $80,000 and that has been depreciated$50,000. Record the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for
The intangible assets section of Whitley Company at December 31. 2006. is presented Prepare entries to record below.The patent was acquired in January 2006 and has a useful life of 10 years. The
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Goslin Company in 2006.1. Goslin developed a new manufacturing
Nina Company and Vernon Corporation, two corporations of roughly the same size.asset turnover ratio. are both involved in the manufacture of in-line skates. Each company depreciates its plant assets
Which of the following is not a use of the statement of cash flows?a. Aids in the prediction of future cash flowb. Provides a measure of the future obligations of the companyc. Helps estimate the
Which of the following would be classified as a cash outflow from an operating activity?a. Purchase of an investmentb. Payment of dividendsc. Purchase of equipmentd. Payment of goods purchased from
Which of the following is an example of a cash inflow from an operating activity?a. Collection of cash relating to a noteb. Sale of property, plant, and equipmentc. Collection of an account
Which of the following is an example of a cash outflow from a financing activity?a. Payment of cash dividends to shareholdersb. Payment of interest on a note payablec. Payment of wages to employeesd.
Which of the following is true?a. An increase in cash may result from an increase in liabilities.b. An increase in cash may result from a decrease in shareholders' equity.c. An increase in cash may
Which of the following is true?a. Cash flow from operating activities must be prepared using the indirect method.b. The indirect method adjusts sales for changes in novicash items to produce net cash
Mullinix Inc. reported the following information: net income, \(\$ 40,000\); decrease in accounts receivable, \(\$ 10,000\); decrease in accounts payable, \(\$ 8,000\); and depreciation expense, \(\$
Which item is added to net income when computing cash flows from operating activities?a. Gain on the disposal of property, plant, and equipmentb. Increase in wages payablec. Increase in inventoryd.
Cornett Company reported the following information: cash received from the issuance of common shares, \(\$ 125,400\); cash received from the sale of equipment, \(\$ 26,500\); cash paid to purchase an
Refer to the information in Exercise 11-9. What amount should Cornett report on its statement of cash flows as net cash flows from financing activities?a. \(\$ 82,600\)b. \(\$ 95,400\)c. \(\$
Chausseur Building Supply Inc. reported net cash provided by operating activities of \(\$ 243,000\), capital expenditures of \(\$ 112,900\), cash dividends of \(\$ 35,800\), and average maturities of
Smoltz Company reported the following information for the current year: cost of goods sold, \(\$ 315,100\); increase in inventory, \(\$ 14,700\); and increase in accounts payable, \(\$ 8,200\). What
Roma Inc. reported the following information for the current year: operating expenses, \(\$ 210,000\); increase in prepaid expenses, \(\$ 4,900\); and decrease in accrued liabilities, \(\$ 6,100\).
Refer to the information in Exercise 11-7. Calculate the quality of earnings ratio.a. 1.1b. 1.2c. 1.3d. 1.4
ABC Inc. reported the following information for the current year: net income \(\$ 100,000 ; \$ 5,000\) in accounts receivable; \(\$ 5,000\) in inventory; \(\$ 6,000\) in accounts payable. Cash flow
Classification of Cash Flows}\section*{CORNERSTONE 11-1}OBJECTIVE E 2 CORNERSTONE 11-1 OBJECTIVE\section*{-} CORNERSTONE 11-1 Stanfield Inc. reported the following items in its statement of cash
Classification of Cash Flows}Patel Company reported the following items on its statement of cash flows presented using the indirect method.a. Issuance of common sharesb. Cash paid for interest debtc.
Classification of Cash Flows}A review of the statement of financial position of Petarch Company Ltd. revealed the following changes in the account balances:a. Increase in long-term investmentb.
Analyzing the Accounts}Refer to the information in Exercise 11-18.\section*{Required:}Indicate whether each of the changes above produces a cash inflow or a cash outflow, or is a noncash
Computing Net Cash Flow from Operating Activities}An analysis of the statement of financial position and statement of earnings of Sanchez Company revealed the following: net income, \(\$ 12,750\);
Computing Net Cash Flow from Operating Activities}Brandon Inc. reported the following items in its statement of financial position and statement of earnings: net income, \(\$ 92,600\); gain on
Computing Net Cash Flow from Investing Activities}Deng Inc. reported the following information for equipment and investments:In addition, Deng sold equipment costing \(\$ 12,500\) with accumulated
Computing Net Cash Flow from Financing Activities}Hibou Company reported the following information for 2018:\section*{Required:}Compute net cash flow from financing activities.\section*{Cornerstone
Analyzing the Statement of Cash Flows}Rollins Inc. is considering expanding its operations into different provinces; however, this expansion will require significant cash flow as well as additional
(Appendix 11A) Cash Receipts from Customers}Sayed Ltd. had accounts receivable of \(\$ 391,400\) at January 1, 2018, and \(\$ 418,650\) at December 31, 2018. Net income for 2018 was \(\$ 550,000\)
(Appendix 11A) Cash Payments to Suppliers}Blackmon Company reported net income of \(\$ 805,000\) and cost of goods sold of \(\$ 1,525,000\) on its 2018 statement of earnings. In addition, Blackmon
(Appendix 11A) Cash Payments for Operating Expenses}Luna Inc. reported operating expenses of \(\$ 174,500\), excluding depreciation expense of \(\$ 36,200\) for 2018. During 2018, Luna reported a
Uses of the Statement of Cash Flows Listed below are the three major financial statements and some of the ways in which they are used by investors, creditors, and others.\section*{Required:}Match
Classification of Cash Flows}Foster Company reported the following items in its statement of cash flows presented using the indirect method.a. Interest paid on long-term note payableb. Proceeds from
Analyzing Statement of Financial Position Accounts}A review of the statement of financial position of Dixon Company revealed the following changes in the account balances:a. Increase in retained
Determining Net Cash Flow from Operating Activities}Presented below are selected statement of financial position information and the statement of earnings information for Burch
Determining Net Cash Flow from Investing Activities Orlando Inc. reported the following information:In addition, Orlando sold furniture costing \(\$ 8,000\) with accumulated depreciation of \(\$
Determining Net Cash Flow from Financing Activities}Madison Company reported the following information:Madison reported net income of \(\$ 26,000\) for the year ended December 31, 2018. In addition,
Analyzing the Statement of Cash Flows}Manning Company reported the following information for 2018: cash provided by operating activities, \(\$ 425,000\); cash used by investing activities, \(\$
(Appendix 11A) Determining Net Cash Flow from Operating} Activities-Direct Method Presented below are selected statement of financial position information and the statement of earnings information
Classification of Cash Flows}A review of the financial records for Roget Ltd. uncovered the following items:a. Collected accounts receivableb. Paid cash to purchase equipmentc. Received cash from the
Classification of Cash Flows}The following are several items that might be disclosed on a company's statement of cash flows presented using the indirect method.a. Net incomeb. Depreciation expensec.
Analyzing the Accounts}A review of the statement of financial position of Matvei Company revealed the following changes in the account balances:a. Increase in accounts receivableb. Increase in
Analyzing the Accounts}Casey Company engaged in the following transactions:a. Made credit sales of \(\$ 615,000\). The cost of the merchandise sold was \(\$ 417,500\)b. Collected accounts receivable
Analyzing the Accounts The controller for Kim Sales Inc. provides the following information on transactions that occurred during the year:a. Purchased supplies on credit, \(\$ 28,400\)b. Paid \(\$
Reporting Net Cash Flow from Operating Activities The following information is available for Cornelius Corp.:\section*{Required:}1. Compute the net cash flows from operating activities using the
Reporting Net Cash Flow from Operating Activities}The following information is available for Bernadetti Corporation for 2018:\section*{Required:}1. Compute the net cash flows from operating
Determining Cash Flows from Investing Activities}Burns Company's 2018 and 2017 statements of financial position presented the following data for equipment:During 2018, equipment costing \(\$ 35,000\)
Determining Cash Flows from Investing Activities}Airco owns several aircraft and its statement of financial position indicated the following amounts for its aircraft accounts at the end of 2018 and
Determining Cash Flows from Financing Activities}Solomon Construction Company reported the following amounts on its statement of financial position at the end of 2018 and 2017 for notes
Determining Cash Flows from Financing Activities}Nichols Inc. reported the following amounts on its statement of financial position at the end of 2018 and 2017 for equity:\section*{Required:}Assume
Partial Statement of Cash Flows}Service Company had net income during the current year of \(\$ 115,500\). The following information was obtained from Service's statement of financial
Analyzing the Statement of Cash Flows}Information for Jackson Inc. and Fleury Company is given below:\section*{Required:}1. Compute Jackson's and Fleury's free cash flow and cash flow adequacy ratio.
Preparing the Statement of Cash Flows}The comparative statements of financial position for Bihar Products Company are presented below.\section*{Additional Information:}1. Net income for 2018 was \(\$
(Appendix 11A) Preparing Net Cash Flows from Operating ActivitiesDirect Method}Colassard Industries has the following data available for preparation of its statement of cash
(Appendix 11A) Preparing a Statement of Cash Flows-Direct Method The controller of Norstrom Software Corp. provides the following information as the basis for a statement of cash
(Appendix 11A) Preparing a Statement of Cash Flows-Direct Method Financial statements for Rowe Publishing Company are presented below.\section*{Required:}Prepare a statement of cash flows for 2018 ,
(Appendix 11B) Using a Spreadsheet to Prepare a Statement of Cash}\section*{Flows}Comparative statements of financial position for Vancouver Health Club are presented below.\section*{Required:}Using
Classifying and Analyzing Business Activities CTT Ltd. reported the following business activities during 2018:a. Purchased property, plant, and equipment for cashb. Purchased merchandise inventory
Reporting Net Cash Flow from Operating Activities The statement of earnings for Colombo Manufacturing Company is presented belowThe following statement of financial position changes occurred during

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