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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

Presentation of Shareholders' Equity Steven's Restorations Ltd. was organized in January 2018. During 2018, Steven's engaged in the following shareholders' equity activities:a. Secured approval for a
Issuing Common and Preferred Shares}Tom Soong, a biochemistry professor, organized Biointernational Inc. earlier this year. The firm will manufacture antibiotics using gene-splicing technology.
Statement of Shareholders' Equity}At the end of 2017, Stanley Utilities Inc. had the following equity accounts and balances:During 2018, Stanley Utilities engaged in the following transactions
Common Dividends}Thompson Payroll Service Ltd. began in 2018 with unlimited authorized and 820,000 issued and outstanding no par common shares. During 2018, Thompson entered into the following
Stock Dividends and Stock Splits}Murphy Products Ltd.'s statement of financial position includes total assets of \(\$ 1,326,000\) and the following equity account balances at December 31,
Preferred Dividends Saleem Corporation had the following preferred shares outstanding at the end of a recent year:\section*{Required:}1. Determine the amount of annual dividends on each issue of
Ratio Analysis}Consider the following information taken from the shareholders' equity section:\section*{Required:}1. Calculate the following (Note: Round answers to two decimal places):How do you
Proprietorship Accounting}Dan Hawalchuk, proprietor, opened a financial counselling business on January 1, 2018. The business generated a profit of \(\$ 70,000\) for the year ended December 31, 2018.
Partnership Accounting}Michelle Maw and Marc Joness, partners, opened a new consulting business starting January 1, 2018. Profit for the year ended December 31, 2018, was \(\$ 60,000\). Michelle and
Ethics and Equity}Ivan and Gordon are middle managers at a large, publicly traded corporation. Ivan tells Gordon that the company is about to sign an exclusive product distribution agreement with a
Share Transactions and Ethics}Marilyn Cox is the office manager for DTR Inc. DTR constructs, owns, and manages apartment complexes. Marilyn has been involved in negotiations between DTR and
Common and Preferred Shares}Expansion Company Ltd. now has \(\$ 2,500,000\) of equity ( 100,000 common shares). Current income is \(\$ 400.000\) and Expansion Company needs \(\$ 500,000\) of
Leverage}Enrietto Aquatic Products Ltd.'s offer to acquire Fibreglass Products for \(\$ 2,000,000\) cash has been accepted. Enrietto has \(\$ 1,000,000\) of liquid assets that can be converted into
Continuing Problem: Front Row Entertainment}After purchasing the five venues in June 2018, Front Row Entertainment needed additional cash to renovate and operate these venues. While the company had
Professional and Ethical Behaviour}You are the accounting manager who reports directly to the CFO of a large multinational private manufacturing company. The goal of the company's management has been
Explain the purpose of a statement of cash flows.- The statement of cash flows is one of the primary financial statements whose purpose is to provide information about a company's cash receipts
Classify cash inflows and outflows as operating, investing, and financing activities.- The statement of cash flows is divided into three main sections based on the fundamental business activities
Explain the relationship between changes in cash and the changes in the statement of financial position accounts.- Because of timing issues between the recognition of revenues and expenses and the
Report and analyze the cash flows from operating activities using the indirect method.- The indirect method for reporting cash flows from operating activities begins with net income and adjusts it
Report and analyze cash flows from investing activities.- The cash flows from the investing activities section reports the net cash flow related to buying and selling property, plant, and equipment;
Report and analyze cash flows from financing activities.- The cash flows from the financing activities section reports the net cash flow related to the borrowing and repayment of the principal amount
Analyze information contained in the statement of cash flows.- Effective analysis of the statement of cash flows requires an examination of the statement of cash flows itself; a comparison of the
(Appendix 11A) Prepare the cash flows from operating activities using the direct method.- The direct method for reporting cash flows from operating activities lists cash inflows and cash outflows for
(Appendix 11B) Use a spreadsheet to prepare the statement of cash flows.- A spreadsheet provides a means of systematically analyzing changes in the statement of financial position amounts, along with
What is a statement of cash flows?(Appendix)
How do investors, creditors, and others typically use the information in the statement of cash flows?(Appendix)
How is a statement of cash flows different from a statement of earnings?(Appendix)
What are cash equivalents? How are cash equivalents reported on the statement of cash flows?(Appendix)
What are the three categories into which inflows and outflows of cash are divided? Describe what is included in each of these three categories.(Appendix)
Why are companies required to report noncash investing and financing activities? How are these activities reported?(Appendix)
Why are direct exchanges of long-term debt for items of property, plant, and equipment included in supplementary information for the statement of cash flows even though the exchanges do not affect
Describe the relationship between changes in cash and changes in noncash assets, liabilities, and shareholders' equity.(Appendix)
What are two ways to report a company's net cash flow from operating activities? Briefly describe each method.(Appendix)
Why are depreciation, depletion, and amortization added to net income when the indirect method is used to report net cash flows from operating activities?(Appendix)
Where do the components of the changes in retained earnings appear on the statement of cash flows? Assume the indirect method is used to prepare the statement of cash flows.(Appendix)
How is the sale of equipment at a loss reported on the statement of cash flows? Assume the indirect method is used to prepare the statement of cash flows.(Appendix)
What does an increase in inventory imply? How would this increase in inventory be reported under the indirect method?(Appendix)
What does an increase in accounts payable imply? How would this increase in accounts payable be reported under the indirect method?(Appendix)
Does the fact that the cash flow from operating activities is normally positive imply that cash and cash equivalents usually increase each year?(Appendix)
What are the most common sources of cash inflows from financing and investing activities?(Appendix)
What are the most common cash outflows related to investing and financing activities?(Appendix)
What statement of financial position account changes might you expect to find for a company that must rely on sources other than operations to fund its cash outflows?(Appendix)
From what source(s) should most companies secure the majority of cash inflows? Why?(Appendix)
Why should companies attempt to secure cash for investment in property, plant, and equipment from long-term or permanent sources?(Appendix)
(Appendix 11A) When using the direct method, which items usually constitute the largest components of cash inflows from operating activities?LO21
(Appendix 11 A) Describe how to compute each of the cash inflows and cash outflows from operating activities under the direct method.LO23
(Appendix 11A) Why is depreciation expense not generally reported on the statement of cash flows when using the direct method?LO24
(Appendix I1B) Why do companies often use a spreadsheet to prepare the statement of cash flows? LO25
The ledger of Keo Company includes the following unadjusted balances: Prepaid Insurance$4,000, Service Revenue $58,000. and Salaries Expense $25,000. Adjusting entries are required for (a) expired
The ledger of Rowen Company contains the following balances: Common Stock $30,000:Dividends $2,000: Service Revenue $50,000; Salaries Expense $23,000; and Supplies Expense$4,000. Prepare the closing
The income statement for Mosquera Golf Club for the month ending July 31 shows Green Fee Revenue $14,600, Salaries Expense $8,200, Maintenance Expense $2,500. and Net Income $3,900. Prepare the
At Rafeul Huda Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.1. A collection on account from a customer for $780
The balance sheet debit column of the work sheet for Kren Company includes the following accounts: Accounts Receivable $12,500: Prepaid Insurance $3,600: Cash $18,400: Supplies$5,200. and Short-term
At October 31. Prasad Company made an accrued expense adjusting entry of $1,200 for salaries. Prepare the reversing entry on November 1. and indicate the balances in Salaries Payable and Salaries
The adjusted trial balance columns of the work sheet for Cajon Company are as follows.Instructions Complete the work sheet. CAJON COMPANY Work Sheet (partial) For the Month Ended April 30, 2006
Work sheet data for Cajon Companj are presented in E:.4-l. No common stock was issued during April.Instructions Prepare an income statement, a retained earnings statement, and a classified balance
Work sheet data lor Cajon Company are presented in E4-1.Instructions(a) Journalize the closing entries at April 30.lb) PbSl the closing .nines to Income Summan and Retained Earnings. Use T
Selected work sheet data for Jane Freeman Company are presented below.Instructions (a) Fill in the missing amounts.(b) Prepare the adjusting entries that were made. Account Titles Trial Balance
The adjusted trial balance of Lanza Company at the end of its fiscal year is:Instructions (a) Prepare the closing entries using page J 15.(b) Post to Retained Earnings and No. 350 Income Summary
The adjusted trial balance for Lanza Company is presented in E4-6.Instructions(a) Prepare an income statement and a retained earnings statement for the year. There were no issuances of stock during
Selected accounts for Roth Salon are presented below. All June 30 postings are from closing entries.Instructions (a) Prepare the closing entries that were made.(b) Post the closing entries to Income
Kogan Company has an inexperienced accountant. During the first 2 weeks on the job.the accountant made the following errors in journalizing transactions. All entries were posted as made.1. A payment
The adjusted trial balance for Rego Bowling Alley Inc. at December 31, 2006, contains the following accounts.Instructions (a) Prepare a classified balance sheet: assume that $13,600 of the mortgage
On December 31. the adjusted trial balance of Garg Employment Agency shows the following selected data.Analysis shows that adjusting entries were made to (1) accrue $4,200 of commission revenue and
The trial balance columns of the work sheet for Undercover Roofing Inc. at March 31, 2006. are as follows.Other data:1. A physical count reveals only $140 of roofing supplies on hand.2. Depreciation
The adjusted trial balance columns of the work sheet for Eagle Company, owned by Alfred Eagle, are as follows.Instructions (a) Complete the work sheet by extending the balances to the financial
The completed financial statement columns of the work sheet for Lathrop Company arc shown below and on the next page.Instructions (a) Prepare an income statement, a retained earnings statement, and a
Nish Kumar Management Services Inc. began business on January 1. 2006. with a capital investment of $120.000. The company manages condominiums for owners (Service Revenue)and rents space in its own
Eve Tsai opened Tsai's Window Washing Corp. on July 1. 2006. During July the following transactions were completed.July 1 Issued $12,000 of common stock for $12,000 cash.1 Purchased used truck for
Tom Brennan. CPA. was retained by 24/7 (able Inc. to prepare financial statements for April 2006. Brennan accumulated all the ledger balances per 24/7's records and found the following.Tom Brennan
Sherlock Holmes began operations as a private investigator on January 1 . 2006. The trial balance columns of the work sheet for Sherlock Holmes P.I. at March 31 are as follows..Other data:1. Supplies
The adjusted trial balance columns of the work sheet for Mr. Watson Company are as follows.Instructions (a) Complete the work sheet by extending the balances to the financial statement columns.(b)
The completed financial statement columns of the work sheet for Hubbs Company are shown below and on page 181.Instructions (a) Prepare an income statement, a retained earnings statement, and a
London Amusement Park Inc. has a fiscal year ending on September 30. Selected data from the September 30 work sheet are presented below.Instructions (a) Prepare a complete work sheet.(b) Prepare a
Mike Young opened Young's Carpet Cleaners Inc. on March 1. During March, the following transactions were completed.Mar. 1 Issued $10,000 of common stock for $10,000 cash.1 Purchased used truck for
Gross profit will result if:a. operating expenses are less than net income.b. sales revenues are greater than operating expenses.v& sales revenues are greater than cost of goods sold.d. operating
Under a perpetual inventory system, when goods are purchased for resale by a company:a. purchases on account are debited to Merchandise Inventory.b. purchases on account are debited to Purchases.c.
A credit sale of $750 is made on June 13. terms 2/10, (SO 3)net/30. A return of $50 is granted on June 16. The amount received as pavment in full on June 23 is:a. $700.Jo. $686.c. $685.d. $650.
Identify the distinguishing features of an income statement for a merchandiser.
Goods costing $2,000 are purchased on account on July 1 5 with credit terms of 2/10, n/30. On July 1 8 a $200 credit memo is received from the supplier lor damaged goods,(iive the journal entry on
Indicate the columns of the work sheet in which (a) merchandise inventory and (h) cost of goods sold will be shown.
Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system.(a) On March 2, Benson Company sold $800,000 of merchandise to Edgebrook
From the information in BE5-3. prepare the journal entries to record these transactions on Edgebrook Company's books under a perpetual inventory system.
Piccola Company provides the following information for the month ended October 31, 2006: Sales on credit $280,000, cash sales $100,000 sales discounts $13,000, sales returns and allowances$21,000.
Orlaida Company has the following merchandise account balances: Sales $192,000.Sales Discounts $2,000, Cost of Goods Sold $105,000. and Merchandise Inventory $40,000. Prepare the entries to record
Explain where each of the following items would appear on (1) a multiplestep income statement, and on (2) a single-step income statement: (a) gain on sale of equipment,(b) casualty loss from
Assume Jose Company has the following account balances: Sales $506,000. Sales Returns and Allowances $15,000. Cost of Goods Sold $350,000, Selling Expenses $70,000. and Administrative Expenses
Assume that E. Guard Company uses a periodic inventory system and has these account balances: Purchases $400,000; Purchase Returns and Allowances $11,000; Purchase Discounts$8,000: and Freight-in
Assume the same information as in BE5-10 and also that E. Guard Company has beginning inventory of $60,000. ending inventory of $90,000, and net sales of $630,000. Determine the amounts to be
Prepare the journal entries to record these transactions on H. Hunt Company's books using a periodic inventory system.(a) On March 2, H. Hunt Company purchased $900,000 of merchandise from B.
On September 1. Eden Office Supplj had an inventory oi 30 pocket calculators at a cost of SIS each. The company uses a perpetual inventorj system. During September, the following transactions
On June 10. Lippizan Company purchased $6,000 of merchandise from Bristol Company FOB shipping point, terms 2/10, n/30. Lippizan pays the freight costs of $400 on June 11. Damaged goods totaling $300
Presented below are transactions related to Rebecca Company.1. On December 3, Rebecca Company sold $480,000 of merchandise to Simonis Co., terms 2/10, n/30, FOB shipping point. The cost of the
The adjusted trial balance of Schinzer Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2006: Sales $800,000, Freight-out $16,000, Sales Returns and
Presented is information related to Taylor Co. for the month of January 2006.Instructions (a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closing entries. Ending
In its income statement for the year ended December 31. 2006. Bach Company reported the following condensed data.Instructions (a) Prepare a multiple-step income statement.(b) Prepare a single-step
An inexperienced accountant for Gulliver Company made the following errors in recording merchandising transactions.1. A $175 refund to a customer for faulty merchandise was debited to Sales $175 and
Presented below is financial information for two different companies.Instructions Determine the missing amounts. Lee Company $90,000 Chan Company (d) $ 5,000 95.000 (e) 41.500 Sales Sales returns (a)
The trial balance of J. Harlow Company at the end of its fiscal year. August 31. 2006.includes these accounts: Merchandise Inventory $17,200: Purchases $144,000: Sales $190,000;Freight-in $4,000:
Below is a series of cost of goods sold sections for companies X. F, L, and S.Instructions Fill in the lettered blanks to complete the cost of goods sold sections. X F L Beginning inventory Purchases

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