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business
introductory financial accounting for business
Questions and Answers of
Introductory Financial Accounting for Business
Celia Clough wonders whether to invest in the shares of SpotsDirect Plc, and she has analysed the financial statements of the company over the last three years to assist her decision.She supplies you
The managing director of Boot & Shoe Ltd, a company in the boot and shoe industry, has just received a statistical bulletin showing the performance of the industry as a whole for the year ended 30
The data summarised in the table below show the performance of two firms, A and B, over five years.Requie:a. Using the information in the table, explain the comparative attractiveness of the two
Bianqa Ltd, a medium-sized company operating in the agrifood sector supplies quality prepared food products in the Irish and UK markets.The average performance of companies in the same industry as
You have been hired as an analyst for PAST Consulting, and your team is working on an independent assessment of Daffy Duck Food Plc (DDF Plc). DDF Plc is a company that specialises in the production
Maps Ltd is a small manufacturing business with premises in the West Midlands, UK. The SFP is shown below, together with other significant figures extracted from the accounts: Maps Ltd Statement of
The following summarised information relates to CGill Ltd:Requie:i. Prepare CGill’s cash flow statement for the year ended 31 October 20x9 using the indirect method.ii. Comment on the financial
An extract from the SPL of Spin Ltd for the year ended 31 March 20x7 is given below, together with the company’s SFP as of 31 March 20x6 and 31 March 20x7.REQUIRED: Prepare a cash flow statement
Theressa and Hilary are in partnership, sharing profits and losses in the ratio 3:2. On 1 May 20x6, they agree to sell their business to “Save the Planet” Ltd. The partnership SFP was as
Bonnie and Clyde have been in partnership for several years sharing profits equally. The partnership accounting year end is 31 December. On 20 February 20x4, they have decided to dissolve the
Marshall, Brendan, and Nick are partners and sharing profits or losses in the ratio of 2:1:1, respectively. On 31 July 20x9, they agree to dissolve the partnership. Their SFP accounts as of 31 July
Farkha, Sakhira, and Sab are in partnership sharing profits and losses: Farkha 5/12, Sakhira 1/3, and Sab 1/4. On 1 September 20x9, Sakhira retired from the partnership, and on the same date, Nazick
Bill, George, and Obama were partners with capitals of£80,000, £100,000, and £20,000, respectively. They shared profits and losses in proportion to their capitals. George retired from the
Chip, Dale, and Duck are partners of a trading firm and share profits and losses in the ratio 3:2:1. The firm’s SFP on 31 December 20x6 was as follows:Dale retired from the partnership on 1 January
Elisabeth and Philip are in partnership, sharing profits and losses in the ratio 2:1.The following trial balance was prepared as of 28 February 20x8:The following matters relate to the partnership
Harisson Fort and Al Pachino, two actors, decided to form a partnership. They agreed that they would have their own regional selling areas and be responsible for their own sales. The partnership
Dixon, Cowell, and Cooper are in partnership sharing profits and losses in the ratio 2:2:1, respectively.During the year ended 31 December 20x5, the net profit of the firm was €30,538. You are also
Stan and Stuart, partners in a manufacturing business, share profits and losses equally. They have the following partnership agreement: Salaries per annum Interest on fixed capital (per annum) Stan
The Fotiades brothers own the SouvlakiHat, a casual Greek restaurant, but they do not keep a full set of accounting records.However, the following information has been produced from the
The owner of Bodyshopp, a retailer, does not keep proper books of accounts, but he was able to supply his accountant with the following information on 1 April 20x8:The following is a summary of his
The trial balance of a business called "Whamm", a sole trader, on 1 January 20x7 is as follows: Debit Credit 000000 Inventory Trade receivables Trade payables Repayments 300 480 150 - Telephone and
You are given the balances of the following accounts as of 1 July 20x7:REQUIRED: You are required to show the double-entries for all the ac- counts above for the year ended 30 June 20x8. Note: This
A supermarket's financial year runs from 1 January to 31 December, and the business maintains a combined rent and rates account. Rent is payable quarterly in advance. Rent was 4,200 for the 12-month
Your local internet caf has an accounting year ending on 31 December. The following amounts have been paid in respect of telephone and internet: Expense Date paid Telephone 2 November 20x7 Telephone
Your local fish and chip shop has an accounting year ending on 31 December. The following amounts have been paid as electricity: Date paid 2 December 20x6 1 March 20x7 4 June 20x7 5 September 20x7 4
Your local newsagent has an accounting year ending on 31 December. The following amounts have been paid for gas heating:
The trade receivables account as of 31 December 20x4 was 39,800. The allowance for doubtful debts on the same date was 3.5% of the balance outstanding from receivables. During 20x5, the company's
At the end of the calendar year 20x7, the allowance for doubt- ful debts account is 2.5% of the trade receivables of 40,000 on that date. During the year 20x8, bad debts of 2,500 were written off. At
A business's allowance for doubtful debts was $900 on 31 December 20x5. During the year ended 31 December 20x6, the business received $200 from a trade receivable towards the settlement of a debt of
This is a continuation of the above question. During the year ended 31 December 20x9, business C was declared bankrupt, and a first payment of 150 was received by the administrator (this payment was
A business has an accounting year ending on 31 December. On 31 December 20x7, the records contained the following accounts: Trade receivables 19,000 Allowance for doubtful debts 1,000 18,900. The
The accounting year end of Phillipps Ltd is on 31 May. On 31 May 20x8, the business had the following balances on the motor vehicles account: k Motor vehicles at cost 30,300 Less: depreciation 7,100
Britney Speers's accounting year end is on 31 December. On 31 December 20x8, her business had the following balances: Motor vehicles k 50,000 Allowance for depreciation on motor vehicles 24,500 Motor
Mr Flo Rida owns a small factory and uses the reducing bal- ance method of depreciation for plant with a 60% write off each year, and maintains a plant account to record all entries concerning the
Northeast Drycleaning Service Ltd has the following accounts on 31 May 20x8. Machinery and plant Allowance for depreciation on motor vehicles 500,000 400,000 On 31 December 20x7, half the machinery
Fairy Ltd commenced business on 1 January 20x6 with two vehicles-X and Y - costing 9,000 and 12,500 respectively. On 21 April 20x7, vehicle X was written off in an accident and Fairy Ltd received 500
Kayne West's accounting year end is on 31 December. On 1 January 20x7, he purchased a vehicle for 1,000 with an ex- pected useful life of three years and an estimated residual value of 343. REQUIRED:
UK Airways Ltd is nearing the end of its first year of operations. The company made inventory purchases of €745,000 during the year as follows:Sales for the year are 5,500 units for €1,500,000 of
The extract SPL of Air Control Specialists Ltd is as follows(in millions):Assume that in early 20x9, it was discovered that the closing inventory for 20x6 was understated by €50 million and that
The records of Fordie Car Manufacturer Ltd include the following for a line of car exhausts on 31 March of the current year:Requie:1. Prepare a partial SPL through gross profit under the WAC, FIFO,
Trade Cars Ltd had opening inventory in February of 150 car wheels that cost £77.00 each. During February, the garage made the following purchases:Requie:1. Calculate the closing inventory and cost
Assume the Harrots store in London began in July with 50(thousand) goods that cost £19.00 each. The sale price of each of these goods was £36.00. During July, Harrots completed these
The House of Frazer Department Stores Ltd operates a number of department stores in the United Kingdom. Let’s assume that the company’s accounting year ends each 31 January.The store in London
Dexons Ltd reported these data (adapted; amounts in billions):Assume that in early 20x9, an error was discovered which involved the closing inventory for 20x6 being overstated by €1 billion and the
Pizza Hat's records include the following accounts with regard to purchases of plastic glasses as of 31 December of the current year:
Silect Ltd, a fabric manufacturer, began March with 73 metres of fabric that cost €23 per yard. During the month, Silect made the following purchases:On 31 March, the closing inventory consists of
Babycare’s accounting year ends each 31 January. Assume you are dealing with a single Babycare store in Leamington Spa, Warwickshire, and that the following transactions need to be recorded:
X Ltd, maker of DVDs and computer consumables, reported the following comparative SPL for the years ended 30 September 20x5 and 20x4:
Calculate the missing SPL amounts for each of the following companies (amounts adapted, and in millions): Company Net Opening Purchases sales inventory Closing Cost of Gross inventory goods profit
ABC Hardware Company began 20x4 with 60,000 units of inventory that cost £36,000. During 20x4, ABC purchased goods on credit for £352,500 as follows:Cash payments to suppliers totalled £330,000
Suppose a division of a computer manufacturing company has these inventory records for January 20x6Company accounting records reveal that operating expenses for January were £2,900, and sales of 310
David Becham, a sole trader, does not have any accounting background, but he has managed to extract the following trial balance from the books of his business as of 30 November 20x9:Requied:Redraft
A university undergraduate student has extracted the follow- ing trial balance. Note: The amounts are correct per the ledger accounts but entered under the incorrect headings of debit balances or
Dixens Ltd, a wholesaler of electrical equipment, starts a busi- ness on 1 January with 100,000 in cash. The following trans- actions took place in January: Jan. 5 Jan. 2 Purchases warehouse for
Below is a list of transactions for July 20x6 for Painting Job Done Ltd in its first month of operations. 20x6 July 1 3 5 6 00 8 Elton Johnie invested 10,000 cash to start Painting Job Done Ltd. He
Five general ledger accounts are shown below in the T-account format. Describe the transactions that took place following the recording of double entries as per below:
The trial balance of Copying Specialist Service Ltd as of 31 July 20x8 was as follows:
Even though a business’s trial balance balanced, the following errors have been detected. You are required to prepare the correcting journal entries.a. A payment of $550 for rent was incorrectly
Show the general journal entries that are needed to record the following transactions of Johnson’s Cleaning Services Ltd.a. The owner transferred $2,000 cash and a computer worth $5,000 to the
1. Show the accounts involved in the transactions below under the five main headings of the financial statements (i.e.assets (A), liabilities (L), equity/capital (C), revenue (R), and expenses
You employ a very inexperienced bookkeeper who, since you started in business a few days ago, has recorded the following in your accounts:Requie:1. Rewrite the accounts as they should have been
Interflow Plumbing Services Ltd began operating from its head office in Birmingham three months ago. Transactions relating to these three months have been as follows:Requie:1. For each transaction,
The transactions below are for the business Consulting Services Ltd owned by Jere Duckin. The business began on 1 September 20x8 and has been operating for one month.The following transactions took
Enrique Inklesias, a sole trader, extracted the following trial balance from his books at the close of business on 31 July 20x9:Requied:1. Prepare the SPL for the year ended 31 July 20x9.2. Prepare
The following transactions relate to Aston Products Ltd, owned by Al Pacinhio.Requied:Present the SFP at the completion of the above transactions. 20x6 June 1 Commenced business with the following:
The following transactions are for Drew Barrynore, who began a business named Hollywood’s Acting Training Ltd. The business began on 1 July 20x4 and has been operating for one month.24 A student,
David Bowies, a sole trader, has extracted the following trial balance as of 31 January 20x7.Requie:1. Prepare the SPL for the year ended 31 January 20x7, and 2. Prepare the SFP as of that date.
Harrison Fords is the owner of Fine Artist Ltd, and during November, the following transactions occurred:RequieD:Prepare an SFP for Harrison Fords as of 30 November. Nov. 2 Nov. in 5 30 Harrison
On 31 October 20x1, Mobile Centre Ltd, owned by Alex Fergusons, had the following assets and liabilities:Cash on hand $200; bank overdraft $12,000;Land and buildings $100,000;Trade receivables
You are given the following information for a retailer, George Mikael, as of 30 June 20x0:During the past year, George Mikael has withdrawn $2,000 cash for his own use, whilst the net profit,
Study carefully the following SFPs and state the transactions that resulted in each change.
1. The owner’s equity of Shun Connery is $150,000 and is equal to one-quarter the amount of total assets. What is the amount of total liabilities?2. The assets of Pierce Brosman amounted to $60,000
Indicate the effect of each of the following transactions upon the total assets of a business by using one of the appropriate phrases as below:“increase total assets”;“decrease total assets”;
A business had the following transactions, among others, during May.1. Paid $2,000 salary to a sales representative for time worked during May.2. Paid $500 for petrol purchased for the delivery van
Red Horse and Associates, a firm of real estate agents, had the following transactions represented during September.1. Arranged the sale of an apartment building owned by a client. The commission for
P3-41. Preparing an Unadjusted Trial Balance and Adjustments SnapShot Company, a commercial photography studio, has just completed its first full year of operations on December 31, 2018. General
P3-40. Journalizing and Posting Transactions, and Preparing a Trial Balance and Adjustments B. Lougee opened Lougee Roofing Service on April I. 2019. Transactions for April are as follow�: Apr. I
E3-39. Preparing Financial Statements and Closing Procedures Solomon Corporation ·s adjusted trial balance for the year ending December 31, 2018. is: SOLOMON CORPORATION Adjusted Trial Balance
E3-38. Inferring Transactions from Finandal Stateml'nts Ethan Allen Interiors Inc .. a leauing manufadurer anu retailer nf honw furni�hings and :it:ccssories. sells products through an exdusive
E3-37. Preparing Closing Procedures The adjusted trial balance of Parker Corporation. prepared December 31. 2018. contains the following selected accounts. Adjusted Account Balances Service fees
E3-36. Inferring Transactions from Financial Statements Abercrombie & Fitch Co. (ANF) is a specialty retailer of casual apparel. The following information is taken from AN F's fiscal 10-K report for
E3-35. Preparing Adjusting Entries Jake Thomas began Thomas Refinishing Service on July I, 2019. Selected accounts are shown below as of July 31. before any adjusting entries have been made.
E3-34. Analyzing Accounts Using Adjusted Data Selected T-account balances for Fields Company are shown below as of January 31, 2019; adjust- ing entries have already been posted. The firm uses a
E3-33. Preparing Adjusting and Closing Entries Across Two Periods Norton Company closes its accounts on December 31 each year. The company works a live-day work week and pays its employees every two
E3-32. Preparing and Journalizing Adjusting Entries For each of the following separate situations, prepare the necessary adjustments (a) using the finan- cial statement effects template, and (b) in
E3-31. Journalizing and Posting Closing Entries The adjusted trial balance as of December 31, 2018, for Brooks Consulting Company contains the following selected accounts. Adjusted Account Balances
M3-30. Preparing Entries Across Two Periods Hatcher Company closes its accounts on December 31 each year. On December 31. 20 I 8. Hatcher accrued $600 of interest income that was earned on an
M3-29. Jnferring Transactions from financial Statements + Amazon.com Inc. is one of the world"s leading e-commerce companies. with almost $120 billion in revenues for the fiscal year ended December
M3-28. Preparing Closing Entries Using Journal Entries and T-Accounts The adjusted trial balance at December 31, 2018, for Smith Company includes the following se- lected accounts.Adjusted Account
M3-27. Applying Closing Procedures Assume you are in the process of closing procedures for Echo Corporation. You have already closed all revenue and expense accounts to the Retained Earnings account.
M3-26. Preparing a Statement of Stockholders' Equity On December 31, 2017, the credit balances of the Common Stock and Retained Earnings ac- counts were $30,000 and $18,000, respectively, for
M3-25. Inferring Transactions from Financial Statements El Puerto de Liverpool (Liverpool) is a large retailer in Mexico. The following accounts are selected from its annual report for the fiscal
M3-24. Adjusting Accounts Selected accounts of Ideal Properties, a real estate management firm, are shown below as of January 3 I, 2019, before any adjusting entries have been made. Unadjusted
M3-23. Journalizing Transactions and Adjusting Accounts Deluxe Building Services offers custodial services on both a contract basis and an hourly basis. On January 1, 2019, Deluxe collected $20,100
M3-22. Journalizing Transactions in Template, Journal Entry Form, and T-Accounts Minute Maid, a firm providing housecleaning services, began business on April I, 2019. The following transactions
13-21. Journalizing Transactions in Template, Journal Entry Form, and T-Accounts - Creative Designs, a firm providing art services for advertisers, began business on June I, 2019. The following
Q3-20. At the beginning of hnuary, the first month of the accounting year, the supplies account hall debi balance of $825. During January, purchases of $36ll worth of supplies were debated to the act
Q3-19. Debning Corporation is an international manufacturer of films and industrial identification pred ucts Included among its prepaid expenses is an account titled Prepaid Catalog Circums years
03-18. What is the purpose of a post-closing trial balance? Which of the following accounts should not appear in the p-closing trial balance: Cash; Uncated Revenue Prepaid Rent: Depreciation Expense:
Q3-17. What are the two major steps in the clowing
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