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introductory financial accounting for business

Questions and Answers of Introductory Financial Accounting for Business

03-16. Which groups of accounts are closed at the end of the accounting year?
Q3-15. The Bayou Company earns interest amounting to $360 per month on its investments. The company receives the interest every six months December 31 and June 30. Monthly financial statement are
03-14. Globe Travel Agency pays an employee $475 in wages each Friday for the live-day workweek ending on that day. The last Friday of January falls on January 27. What adjusting entry should be made
Q3-13. The publisher of International View, a monthly magazine, received two-year subscriptions total- ing $9.730 on January 1. (a) What entry should be made to second the receipt of the $4,720 (b)
Q3-12. A building was acquired on January 1, 2011 at act of $4,000,000, and its depreciation is cuku lated using the straight-line method. At the end of 2015, the accumulated depreciation contras for
Q3-9. What four different types of adjustments are frequently necessary at the close of an accounting period? Give examples of each type. 03.10. On January 1, Prepaid Insurance was debited with the
Q3-7. What is a chan of accounts? Give an example of a coding system for identifying different types of Q3-8 Why is the adjusting step of the accounting cycle necessary!
Q3-4 What is the nature and purpose of a general jou? 03-5. Explain the process of posting 03-6 What is an adjusting journal entry
Q3-2. What does the term cal your mean? Q3.3. What are three examples of source documents that underlie business transacties?
03-1. What are the live major steps in the accounting cycle? List them in their proper order.
5. When a customer places an order, Custom Cakes requires a deposit equal to the full purchase price. However, Custom Cakes does not recognize revenue until the completed cake is delivered. During
4. A piece of equipment was placed in service on January I, 2017. The cost of the equipment was $20,000, and it is expected to have no value at the end of its eight-year life. Using straight-line
3. Which of the following is an example of an adjusting entry?a. Recording the purchase of supplies on accountb. Recording depreciation expense on a truck C. Recording cash received from customers
2. Posting refers to the process whereby journal entry information is transferred froma. journal to general ledger accounts.b. general ledger accounts to a journal. C. source documents to a
1. An end-of-period journal entry made to reflect accrual accounting is calleda. a posted journal entry.b. an adjusting journal entry. C. an erroneous journal entry.d. a compound journal entry.
C2-72. Financial Records and Ethical Behavior Andrea Frame and her supervisor are sent on an out-of-town assignment by their employer. At the supervisor's suggestion, they stay at the Spartan Inn
C2-71. Constructing Financial Statements from Cash Data Sarah Penney operates the Wildlife Picture Gallery, selling original art and signed prints received on consignment (rather than purchased) from
P2-70. Recording Transactions in J ournal Entries and T-Accounts Use the information in Problem 2-69 to complete the following requirements. REQUIREDa. Prepare journal entries for each of the
P2-69. Analyzing Transactions Using the Financial Statement Effects Template and Preparing Financial Statements Kross, Inc., provides appraisals and feasibility studies. On January I, 2019, its
P2-68. Recording Transactions in Journal Entries and T-Accounts Use the information in Problem 2-67 to complete the fo llowing requirements. REQUIREDa. Prepare journal entries for each of lhe
P2-67. Analyzing Transactions Using the Financial Statement Effects Template and Preparing Financial Statements Schrand Aerobics, Inc., rents studio space (including a sound system) and specializes
P2-66. Preparing the Income Statement, Statement of Stockholders' Equity, and the Balance Sheet L01, 3, 5 The records of Geyer, Inc., show the following information after al l transactions are
P2-65. Analyzing, Reconstructing, and Interpreting Income Statement Data Selected income statement information for Siemens AG, a global technology company, for four fiscal years follows:Cost of Goods
P2-64. Analyzing and Interpreting Income Statement Numbers from Incomplete Data Selected income statement information for Starbucks Corporation, a coffee-related restaurant chain, for four recent
P2-63. Recording Transactions in Journal Entries and T-Accounts Use the information in Problem 2-62 to complete the following requirements. REQUIREDa. Prepare journal entries for each of the
P2-62. Analyzing Transactions Using the Financial Statement Effects Template and Preparing an Income Statement On June I, 2019, a group of pilots in Melbourne, Australia, formed Outback Flights by
P2-6J. Analyzing and Interpreting Income Statement Data Selected income statement information for Nike, Inc., a manufacturer of athletic footwear, for four recent fiscal years ending May 31 follows.
P2-60. Analyzing Balance Sheet Numbers from Incomplete Data and Interpreting Liquidity Measures Selected balance sheet amounts for Alibaba Group Holding Ltd, a China-based online and mobile commerce
P2-59. Analyzing and Interpreting Balance Sheet Data and lnterpreting Liquidity Measures L01, 7 Selected balance sheet amounts for Apple Inc .• a retail company. for four recent fiscal years
P2-58. Recording Transactions in Journal Entries and T-Accounts Use the information in Problem 2-57 to complete the following requirements. REQUIREDa. Prepare journal entries for each of the
P2-57. Analyzing Transactions Using the Financial Statement Effects Template and Preparing an Income Statement On December I, 2018, R. Lambert formed Lambert Services, which provides career and
P2-56. Analyzing and Interpreting Balance Sheet Data and Interpreting Liquidity Measures Selected balance sheet amounts for Sears Holdings Corp., a retail company, for four recent fiscal years
P2-55. Analyzing Balance Sheet Numbers from Incomplete Data and Interpreting Liquidity Measures Selected balance sheet amounts for Kimberly-Clark Corp, a consumer products company, for four recent
P2-54. Analyzing and Interpreting the Financial Performance of Competitors Abercrombie & Fitch Co. and Nordstrom, Inc., are major retailers that concentrate in the higher-end clothing lines.
P2-53. Preparing a Balance Sheet, Computing Net Income, and Understanding Equity Transactions At the beginning of 2018, Barth Company reported the following balance sheet. Assets Cash .. .. .. . ..
P2-52. Comparing Operating Structure Across Industries Review the following selected income statement and balance sheet data from the fiscal years ending in 20 17 and 2018.($ millions) Assets 3M•
P2-SI. Comparing Operating Characteristics Within an Industry Review the following selected income statement and balance sheet data for Verizon Communications Inc. as of December 3 1, 20 17. ($
P2-49, compare and discuss the two companies on the basis of how they fi nance their operations.b. Which company reports the higher ratio of income to assets (net income/total assets)? Suggest a
P2-S0. Comparing Operating Characteristics Within an Industry Selected data from Hewlett-Packard Company at October 31, 2017, follow. ($ millions) Sales Cost of Sales Gross Profit Net Income Assets
P2-49. Comparing Operating Characteristics Across Industries Review the following selected income statement and balance sheet data for fiscal years ending in 2017. Cost of Gross Net ($ millions)
E2-48. Recording Transactions Using Journal Entries and T-Accounts Use the information in Exercise 2-47 to complete the following.a. Prepare journal entries for each of the transactions I through 9.
E2-47. Analyzing Transactions Using the Financial Statement Effects Template Record the effect of each of the following independent transactions using the financial statement effects template
E2-46. Constructing Balance Sheets and Intrepreting Liquidity Measures The following balance sheet data are reported for Bettis Contractors at June 30, 2019. Accounts payable.. Cash... Supplies
E2-45. Recording Transactions Using Journal Entries and T-Accounts Use the information in Exercise 2-44 to complete the following.a. Prepare journal entries for each of the transactions (1) through
E2-44. Analyzing Transactions Using the Financial Statement Effects Template Record the effect of each of the following independent transactions using the financial statements effects template
E2-43. Classifying Balance Sheet and Income Statement Accounts and Computing Debt-to-Equity Following are selected accounts for Kimberly-Clark Corporation for 2017. (S millions) Net sales . . .. .
E2-42. Classifying Balance Sheet and Income Statement Accounts and Computing Quick Ratio El Puerto de Liverpool (Liverpool) is a large retai ler in Mexico. The following accounts are selected from
E2-41. Classifying Balance Sheet and Income Statement Accounts and Computing Current Ratio Shoprite Holdings Ltd is an African food retailer listed on the Johannesburg Stock Exchange. The following
E2-40. Classifying Balance Sheet and Income Statement Accounts Following are selected accounts for The Procter & Gamble Company for June 30, 2017.($ millions) Net sales ............................ .
E2-39. Constructing Financial Statements from Transaction Data Bai man Corporation commences operations at the beginning of January. It provides its services on credit and bills its customers $30,000
E2-38. Constructing Balance Sheets and Applying the Current and Quick Ratios The following balance sheet data are reported for Brownlee Catering at September 30, 20 I 9. Accounts receivable
E2-37. Constructing Balance Sheets and Determining Income Following is balance sheet information for Lynch Services at the end of 2018 and 2017. December 31, 2018 December 31, 2017 Accounts payable..
E2-36. Preparing Balance Sheets, Computing Income, and Applying the Current and Quick Ratios Balance sheet information for Lang Services at the end of 2018 and 2017 is: Accounts receivable. Notes
E2-35. Applying the Accounting Equation to Determine Missing Data For each of the four separate situations / through 4 below, compute the unknown amounts refer- enced by the letters a through d
E2-34. Constructing Balance Sheets and Computing Working Capital The following balance sheet data are reported for Beaver, Inc.. at May 31, 2019. Accounts receivable. Notes payable.. Equipment
M2-33. Posting to T-Accounts Refer to the transactions in M2-31. Set up T-accounts for each of the accounts referenced by the transactions and post the amounts for each transaction to those
M2-32. Journalizing Business Transactions Refer to the transactions in M2-31. Prepare journal entries for each of the transactions (a) through (f).
M2-31. Analyzing Transactions Using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If
M2-30. Analyzing Transactions Using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If
M2-29. Analyzing Transactions Using the Financial Statement Effects Template Report the effects for each of the following independent transactions using the financial statement effects template. If
M2-28. Analyzing Transactions to Compute Net Income Guay Corp., a start-up company, provided services that were acceptable to its customers and billed those customers for $350,000 in 2018. However.
M2-27. Constructing a Retained Earnings Reconciliation from Financial Data Following is financial information from Johnson & Johnson for the year ended December 31, 2017. Prepare the 2017 fiscal-year
M2-26. Analyzing the Effect of Transactions on the Balance Sheet Following the example in a below, indicate the effects of transactions b through i on assets, liabili- ties, and equity, including
M2-25. Analyzing the Effect of Transactions on the Balance Sheet Following the example in a below, indicate the effects of transactions b through i on assets, liabili- ties, and equity, including
M2-24. Determining Company Performance and Retained Earnings Using the Accounting Equation Use your knowledge of accounting relations to complete the following table for L Brands, Inc. (All amounts
M2-23. Classifying Items in Financial Statementse. Notes payablef. Supplies expense 8. Land h. Supplies For each of the following items, indicate whether it is most likely reported on the balance
M2-22. Classifying Items in Financial Statements For each of the following items, indicate whether it is most likely reported on the balance sheet (B). the income statement (I), or the statement of
M2-21. Classifying Items in Financial Statements Next to each item, indicate whether it would most likely be reported on the balance sheet (B), the income statement (I), or the statement of
M2-20. Computing Net Incomee. Common stock i. Taxes expensef. Factory buildings j. Cost of goods sold g. Receivables k. Long-term debt h. Taxes payable 1. Treasury stock Healy Corporation recorded
M2-19. Identifying and Classifying Financial Statement Items For each of the following items, identify whether they would most likely be reported in the balance sheet (B) or income statement (I).a.
M2-18. Analyzing Transaction Effects on Equity Would each of the following transactions increase, decrease, or have no effect on equity?a. Paid cash to acquire supplies.b. Paid cash for dividends to
M2-17. Applying the Accounting Equation to Determine Unknown Values Determine the following for each separate company case:a. The stockholders' equity of Jensen Corporation, which has assets of
M2-16. Applying the Accounting Equation to the Balance Sheet Determine the missing amount in each of the following separate company cases. Assetsa. $375,000b. C. 878,000 Liabilities $105,000 43,000
M2-15. Applying the Accounting Equation to the Balance Sheet Determine the missing amount in each of the following separate company cases. Assets Liabilities Equitya. $200,000 $85,000 $ ?b. C. ?
M2-14. Determining Retained Earnings and Net Income Using the Balance Sheet The following information is reported for Kinney Corporation at the end of 2018. Accounts receivable. Accounts payable....
Q2-13. On December 31, 2018. Miller Company had $700,000 in total assets and owed $220,000 to credi- tors. If this corporation's common stock totaled $300,000, what amount of retained earnings is
Q2-12. Define net working capital. Explain how increasing the amount of trade credit can reduce the net working capital for a company.
Q2-11. What three conditions must be satisfied to require reporting of a liability on the balance sheet?
Q2-10. How does the quick ratio differ from the current ratio?
Q2-8. Assets are recorded at historical costs even though current market values might, arguably, be more relevant to financial statement readers. Describe the reasoning behind historical cost usage.
Q2-7. What does the term current denote when referring to assets?
Q2-6. What does the concept of liquidity refer to? Explain.
Q2-5. What are the two essential characteristics of an asset?
Q2-4. What is the statement of stockholders' equity? What information is conveyed in that statement?
Q2-2. Two important concepts that guide income statement reporting are the revenue recognition princi- ple and the expense recognition principle. Define and explain each of these two guiding
Q2-1. The balance sheet consists of assets, liabilities, and equity. Define each category and provide two examples of accounts reported within each category.
5. Which of the following options accurately identifies the effects a cash sale of an iPhone has on Apple's accounts?a. Accounts receivable increases, sales revenue increases, cost of goods sold
4. Which of the following is true about accrual accounting?a. Accrual accounting requires that expenses always be recognized when cash is paid out.b. Accrual accounting is required under GAAP. C.
3. If an asset declines in value, which of the following must be true?a. A liability also declines.b. Equity also declines.c. Either a liability or equity also declines or another asset increases in
2. Company assets that are excluded from the company financial statementsa. are presumably reflected in the company's stock price.b. include all of the company's intangible assets. C. are known as
1. Which of the following conditions must exist for an item to be recorded as an asset?a. Item is not owned or controlled by the company.b. Future benefits from the item cannot be reliably
C1-50. Management, Auditing, and Ethical Behavior Jackie Hardy, CPA, has a brother, Ted, in the retail clothing business. Ted ran the business as its sole owner for 10 years. During this 10-year
C1-49. Interpreting Financial Statement Information Paula Seale is negotiating the purchase of an extermination firm called Total Pest Control. Seale has been employed by a national pest control
C1-48. Computing and Interpreting Key Ratios Data from the financial statements of JetBlue Airways and Southwest Airlines are presented below. ($ millions) Total liabilities, 2017. Total liabilities,
C1-47. Computing and Interpreting Key Ratios and Formulating an Income Statement Data from the financial statements of The Gap, Inc., and Nordstrom, Inc., are presented below. ($ millions) Nordstrom
C1-46. Preparing Comparative Income Statements and Computing Key Ratios Starbucks Corporation reported the following data in its 2018 and 2017 10-K reports. (S millions) Total assets Total
P1-45. Preparing Income Statements and Computing Key Ratios Facebook, Inc. reported the following amounts in its 2017 and 2016 financial statements. (S millions) Total assets Total liabilities.
P1-44. Presenting an Income Statement and Computing Key Ratios Best Buy Co., Inc., reported the following amounts in its February 3, 2018, and January 28, 2017, financial statements. (S millions)
P1-43. Analyzing and Interpreting Return on Equity $ 550 2,437 281 859 Nokia Corp. manufactures, markets, and sells phones and other electronics. Stockholders' equity for Nokia are 16,218 million in
P1-42. Formulating a Statement of Stockholders' Equity from Raw Data DP Systems, Inc., reports the following selected information at December 31, 2019 ($ millions): Contributed capital, December 31,

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