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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Classification of Cash Flows}Rolling Meadows Country Club Limited is a privately owned corporation that operates a golf club. Rolling Meadows reported the following inflows and outflows of cash
Preparing a Statement of Cash Flows}Hellas Company reported the following comparative statements of financial position:\section*{Additional information:}1. Net income for 2018 was \(\$ 20,500\).2.
Preparing a Statement of Cash Flows Monon Cable Television Company reported the following financial statements for 2018:Problem Monor Cable Television Company Statements of Financial Position
(Appendix 11A) Preparing Net Cash Flows from Operating Activities-Direct Method Yogurt Plus, a restaurant, collected the following information on inflows and outflows for 2018:Yogurt Plus had a cash
(Appendix 11A) Preparing Net Cash Flows from Operating Activities-Direct Method Refer to the information for Colombo Manufacturing Company in Problem 11-55A.\section*{Required:}Prepare the cash flows
(Appendix 11B) Using a Spreadsheet to Prepare a Statement of Cash Flows Jane Bahr, the controller of Endicott \& Ko, prepared the following statements of financial position at the end of 2018 and
Classifying and Analyzing Business Activities Cowell Company had the following business activities during 2018:\section*{Required:}1. Indicate whether each activity should be classified as a cash
Reporting Net Cash Flow from Operating Activities The statement of earnings for Morsi Products is presented below.The following statement of financial position changes occurred during the year:-
Preparing a Statement of Cash Flows Volusia Company reported the following comparative statements of financial position for 2018:\section*{Required:}Prepare a statement of cash flows for Volusia,
Preparing a Statement of Cash Flows}SDPS Inc. provides airport transportation services in northern Quebec. A statement of earnings for 2018 and statements of financial position for 2018 and 2017
(Appendix 11A) Preparing Net Cash Flows from Operating Activities-Direct Method Befuddled Corporation collected the following information on inflows and outflows for 2018:\section*{Required:}1.
(Appendix 11A) Preparing Net Cash Flows from Operating Activities-Direct Method}Refer to the information for Morsi Products in Problem 11-63B.\section*{Required:}Prepare the cash flows from operating
The Statement of Cash Flows and Credit Analysis}June's Camera Shop sells cameras and photographic supplies of all types to retail customers. June's also repairs cameras and provides colour prints. To
Profitability Declines and the Statement of Cash Flows}The Audio Barn Ltd. is a retail seller of audio equipment in a moderate-sized city. Although initially very successful, The Audio Barn's sales
Preparing a Prospective Statement of Cash Flows}Jane and Harvey Zucker have decided to open a retail athletic supply store, Fitness Outfitters Inc. They will stock clothing, shoes, and supplies used
Income, Cash Flow, and Future Losses}On January 1, 2018, National Bank loaned \(\$ 5,000,000\) under a two-year, zero coupon note to a real estate developer. The bank recognized interest revenue on
Continuing Problem: Front Row Entertainment}The statement of earnings and comparative statement of financial position for Front Row Entertainment are shown below:\section*{Required:}1. Prepare a
Professional and Ethical Behaviour}You have recently been recruited for a summer intern position at Orangeberry Ltd. (OBL). OBL is a private company that specializes in selling home electronics for
Classification of Cash Flows}Fannin Company is a manufacturer of premium athletic equipment. Fannin reported the following inflows and outflows of cash during 2018 .\section*{Required:}1. Prepare a
(Appendix 11B) Using a Spreadsheet to Prepare a Statement of Cash Flows Flit Limousine Service Inc. began operations in late March 2018. At the end of 2018, the following statement of financial
A number of accounting reporting situations arc described below.1. Church Company recognizes revenue at the end of the production cycle, but before sale. The price of the product, as well as the
Presented below are some business transactions that occurred during 2006 for Vicki Prowitz Company.(a) Merchandise inventory with a cost of $208,000 is reported at its market value of$260,000. The
Presented below are the assumptions, principles, and constraints discussed in this chapter.1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Time period
Consider the following transactions of Parolini Company for 2006.1. Sold a 6-month insurance policy to Orosco Corporation for $9,000 on March 1.2. Leased office space to Easley Supplies for a 1-year
The ledger of Jean Sartre Corporation at December 31. 2006. contains the following summary information.The income tax rate for all items is 30%. Sartre Corp. had 10.000 shares of common stock
Presented below, in alphabetical order, is information related to Wilkinson Corporation for the year 2006.Wilkinson had 35.500 shares outstanding for the entire vear.Instructions (a) Prepare in good
Net sales, net income, total assets, and total common stockholders' equity information lor the year 2003 is available for the following three companies.Instructions (a) Compute the following
Net sales, net income, total assets, and total common stockholders' equity information for year 2003 is available for the following three companies.Instructions (a) Compute the following
As of December 31, 2006, Aruba Corporation has a current ratio of 2.6:1 and working capital of $800,000. Aruba's total debt is 60% of its total assets. All of Aruba's long-term assets, which are
Presented below is partial balance sheet information related to Batten Ltd., a United Kingdom company. All financial information has been translated from pounds to dollars.Instructions (a) Restate
Internal control is used in a business to enhance the ;i curacy and reliability of its accounting records and to:a. safeguard its assets.b. prevent fraud.c. produce correct financial statements.(I.
Tlie principles of internal control do not include:a. establishment ol responsibility.b. documentation proceduresc. management responsibility.d. independent internal verification.(SO 7)
Physical controls do not include: (SO 7)a. safes and vaults to store cash.b. independent hank reconciliationsc. locked warehouses tor inventoriesd. hank safet) deposit boxes lor important papers.
Which of the following items in a cash drawer at November 30 is not cash'.' (SO 7)a. Money orders.b. Coins and currency.c A customer check dated December 1.d. A customer check dated November 28
Permitting only designated personnel to handle cash receipts is an application of the principle of:a. segregation of duties.b. establishment of responsibility.c. independent check.d. other
The use of prenumbered checks in disbursing cash is an application of the principle of:a. establishment of responsibility.b. segregation of duties.c. physical, mechanical, and electronic controls.d.
A check is written to replenish a $100 petty cash fund when the fund contains receipts of $94 and $3 in cash. In recording the check,a. Cash Over and Short should be debited for $3.b. Petty Cash
The control features of a bank account do not include:a. having bank auditors verify the correctness of the bank balance per books.b. minimizing the amount of cash that must be kept on hand.(SO
The reconciling item in a bank reconciliation that will result in an adjusting entry by the depositor is: (SO 7)a. outstanding checks.b. deposit in transit.c. a bank error.cL bank service charges.
The statement that correctly describes the reporting of cash is: (SO 7)a. Cash cannot be combined with cash equivalents.b. Restricted cash funds may be combined with Cash.c. Cash is listed first in
(Appendix) "Internal control is concerned only with enhancing the accuracy of the accounting records." Do you agree?Explain.
(Appendix) What principles of internal control apply to most business enterprises?
(Appendix) At the corner grocery store, all sales clerks make change out of one cash register drawer. Is this a violation of internal control? Why?
(Appendix) Pam Duffy is reviewing the principle of segregation of duties. What are the two common applications of this principle?
(Appendix) How do documentation procedures contribute to good internal control?
(Appendix) What internal control objectives are met by physical, mechanical, and electronic controls?
(Appendix) (a) Explain the control principle of independent internal verification, (b) What practices are important in applying this principle?
(Appendix) The management of Yaeger Company asks you, as the company accountant, to explain (a) the concept of reasonable assurance in internal control and (b) the importance of the human factor in
(Appendix) Yorkville Fertilizer Co. owns the following assets at the balance sheet date.What amount should be reported as cash in the balance sheet? Cash in bank savings account Cash on hand Cash
(Appendix) What principle(s) of internal control is (are) involved in making daily cash counts of over-the-counter receipts?
(Appendix) Aurora Department Stores has just installed new electronic cash registers in its stores. How do cash registers improve internal control over cash receipts?
(Appendix) At Oswego Wholesale Company, two mail clerks open all mail receipts. How does this strengthen internal control?
(Appendix) "To have maximum effective internal control over cash disbursements, all payments should be made by check."Is this true? Explain.
(Appendix) Ted Rampolla Company's internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a checkwriter after comparing the check with the approved invoice.
(Appendix) How do the principles of (a) physical, mechanical, and electronic controls and (b) other controls apply to cash disbursements?
(Appendix) (a) What is a voucher system? (b) What principles of internal control apply to a voucher system?
(Appendix) What is the essential feature of an electronic funds transfer(EFT) procedure?
(Appendix) (a) Identify the three activities that pertain to a petty cash fund, and indicate an internal control principle that is applicable to each activity, (b) When are journal entries required
(Appendix) "The use of a bank contributes significantly to good internal control over cash." Is this true? Why or why not?
(Appendix) Faye Uhlik is confused about the lack of agreement between the cash balance per books and the balance per the bank. Explain the causes for the lack of agreement to Faye, and give an
(Appendix) What are the four steps involved in finding differences between the balance per books and balance per bank?
(Appendix) Pauline Duch asks your help concerning an NSF check.Explain to Pauline (a) what an NSF check is, (b) how it is treated in a bank reconciliation, and (c) whether it will require an
(Appendix) (a) "Cash equivalents are the same as cash." Do you agree? Explain, (b) How should restricted cash funds be reported on the balance sheet?
Pam Duffy is the new owner of Duffy Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Pam the two purposes of internal control and give
The internal control procedures in Naperville Company provide that:(a) Employees who have physical custody of assets do not have access to the accounting records.(b) Each month the assets on hand are
Sycamore Company has the following internal control procedures over cash receipts.Identify the internal control principle that is applicable to each procedure.1. All over-the-counter receipts are
Helen Hunt Company has the following internal control procedures over cash disbursements.Identify the internal control principle that is applicable to each procedure.1. Company checks are
On March 20, Batavia's petty cash fund of $100 is replenished when the fund contains%*) in cash and receipts lor postage $52. freight-out $26, and travel expense $10. Prepare the journal entry to
Louis St. Pierre is uncertain about the control features of a bank account. Explain the control benefits of (a) a signature card, (b) a cheek, and (c) a bank statement. (SO 4)
The following reconciling items are applicable to the bank reconciliation for Hinckley Company: ( I ) outstanding checks. (2) bank debit memorandum for service charge. (3) bank credit memorandum lor
Using the data in BE8-7, indicate (a) the items that will result in an adjustment to the depositors records and (b) win the other items do not require adjustment. (SO 1)
At Julj 31, Shabbona Companj has the following bank information: cash balance per bank $7,420, outstanding checks $762, deposits in transit $l.r>20. and a bank service charge $20.Determine the
Piano Company has the following cash balances: Cash in Bank $15,742, Payroll Bank Account $6,000. and Plant Expansion Fund Cash $25,000. Explain how each balance should be reported on the balance
(Appendix) Sue Ernesto is the owner of Ernesto's Pizza. Ernesto's is operated strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for
(Appendix) The following control procedures are used at Sandwich Company for over-the-counter cash receipts.1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked
(Appendix) The following control procedures are used in Morgan's Boutique Shoppe for cash disbursements.1. The company accountant prepares the bank reconciliation and reports any discrepancies to
(Appendix) At Teresa Speck Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in
(Appendix) LaSalle-Peru Company uses an imprest petty cash system. The fund was established on March 1 with a balance of S100. During March the following petty cash receipts were found in the petty
(Appendix) Lisa Ceja is unable to reconcile the bank balance at January 31. Lisa's reconciliation is as follows.Instructions (a) Prepare a correct bank reconciliation.(b) Journalize the entries
(Appendix) On April 30. the bank reconciliation of Ottawa Company shows three outstanding checks: no. 254. $650, no. 255. $720, and no. 25". $410. The May bank statement and i:cash payments journal
(Appendix) The following information pertains to Worthy Video Company.1. Cash balance per bank, July 31, $7,263.2. July bank service charge not recorded by the depositor $28.3. Cash balance per
(Appendix) The information below relates to the Cash account in the ledger of Dick Wasson Company.Balance September 1—$17,150; Cash deposited—$64,000.Balance September 30—$17,404; Checks
(SO 1) Net sales for the month are $800,000. and bad debts are expected to be 1.5% of net sales. The company uses the percentage of sales basis. If the Allowance for Doubtful Accounts has a credit
(SO 1) In 2006. Roso Carlson Company had net credit sales of$750,000. On January 1. 2006. Allowance for Doubtful Accounts had a credit balance of $18,000. During 2006,$30,000 oi uncollectible
(SO 1) An analysis and aging oi the accounts receivable oi Prince Company at December 31 reveals the following data.The cash realizable value of the accounts receivable at December 31. after
(SO 1) One of the following statements about promissory notes S is incorrect. The incorrect statement is:a. The party making the promise to pay is called the maker.b. The party to whom payment is to
(SO 1)Blinka Retailers accepted $50,000 of Citibank VISA credit card charges for merchandise sold on July 1.Citibank charges 4% for its credit card use. The entrj to record this transaction by Blinka
(SO 1)Foti Co. accepts a $1.000, 3-month. 12% promissory note (SO in settlement of an account with Ba a. Notes Receivable 1.030 Accounts Receivable 1,030 b. Notes Receivable 1.000 Accounts Receivable
(SO 1) Ginter Co. holds Kolar Inc/s $10,000, 120-day, 9% note.The entry made by Ginter Co. when the note is collected.assuming no interest has been previously accrued, is: a. Cash Notes Receivable b.
(Appendix) What is the difference between an account receivable and a note receivable?
(Appendix) What are some common types of receivables other than accounts receivable and notes receivable?
(Appendix) Texaco Oil Company issues its own credit cards. Assume that Texaco charges you $40 on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue.
(Appendix) What are the essential features of the allowance method of accounting for bad debts?
(Appendix) Michael Sondgeroth cannot understand why cash realizable value does not decrease when an uncollectible account is written off under the allowance method. Clarify this point for Michael
(Appendix) Distinguish between the two bases that may be used in estimating uncollectible accounts.
(Appendix) Borke Company has a credit balance of $3,200 in Allowance for Doubtful Accounts. The estimated bad debts expense under the percentage of sales basis is $4. 100. The total estimated
(Appendix) How are bad debts accounted for under the direct writeoff method? What are the disadvantages of this method?
(Appendix) Freida Company accepts both its own credit cards and national credit cards. What are the advantages of accepting both types of cards?
(Appendix) An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate. Why are companies selling their receivables?
(Appendix) WestSide Textiles decides to sell $800,000 of its accounts receivable to First Factors Inc. First Factors assesses a service charge of 3% of the amount of receivables sold.Prepare the

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