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introductory financial accounting for business

Questions and Answers of Introductory Financial Accounting for Business

The Square Foot Grill, Inc. issued $200,000 of 10-year, 6 percent bonds on January 1, Year 2, at 102.Interest is payable in cash annually on December 31. The straight-line method is used for
Tyler Co. issued $250,000 of 6 percent, 10-year, callable bonds on January 1, Year 1, at their face value. The call premium was 2 percent (bonds are callable at 102). Interest was payable annually on
Apple, Inc. manufactures and markets mobile phones, personal computers, and related software. The following data were taken from the company’s 2018 and 2015 annual reports. All dollar amounts are
Advance Auto Parts, Inc. is “. . . a leading automotive aftermarket parts provider in North America. . . . We were founded in 1929 as Advance Stores Company. . . . As of January 2, 2016 . . . we
The following three companies issued the following bonds:1. Carr, Inc. issued $100,000 of 8 percent, five-year bonds at 102¼ on January 1, Year 1. Interest is payable annually on December 31.2. Kim,
In the liabilities section of its 2017 balance sheet, Bank of America reported “Deposits in U.S. offices: Noninterest-bearing” in U.S. offices of over $430 billion. Bank of America is a very
Electronic Arts, Inc. (commonly know as EA Sports) develops, markets, and publishes electronic games. Union Pacific Corporation is one of the largest railway networks in the nation, with 32,122 miles
The following ratios are for four companies in different industries. Some of these ratios have been discussed in the textbook, others have not, but their names explain how the ratio was computed.
The following transactions apply to Cheng Co. for Year 1, its first year of operations:1. Issued $60,000 of common stock for cash.2. Provided $94,000 of services on account.3. Collected $84,500 cash
Jung Company accepted credit cards in payment for $8,650 of services performed during March, Year 1. The credit card company charged Jung a 4 percent service fee. The credit card company paid Jung as
Luna Company accepted credit cards in payment for $6,000 of services performed during July. The credit card company charged Luna a 4 percent service fee; it paid Luna as soon as it received the
Cachet Enterprises loaned $30,000 to Craft Co. on September 1, Year 1, for one year at 6 percent interest. RequiredShow the effects of the following transactions in a horizontal statements model
Rainey Enterprises loaned $20,000 to Small Co. on June 1, Year 1, for one year at 6 percent interest.RequiredShow the effects of the following transactions in a horizontal statements model like the
Applied Business Systems has a small number of sales on account but is mostly a cash business. Consequently, it uses the direct write-off method to account for uncollectible accounts. During Year 1,
Juno Inc. experienced the following events for the first two years of its operations: Year 1:1. Issued $5,000 of common stock for cash.2. Provided $80,000 of services on account.3. Provided $22,000
Leach Inc. experienced the following events for the first two years of its operations: Year 1:1. Issued $10,000 of common stock for cash.2. Provided $78,000 of services on account.3. Provided
Grover Inc. uses the allowance method to account for uncollectible accounts expense. Grover Inc. experienced the following four accounting events in Year 1:1. Recognized $92,000 of revenue on
AutoZone, Inc. claims to be the nation’s leading auto parts retailer. It sells replacement auto parts directly to the consumer. BorgWarner, Inc. has over 30,000 employees and produces automobile
Presented here are the average days to collect accounts receivable for four companies in different industries. The data are for 2017.RequiredWrite a brief memorandum that provides possible answers to
Chen Company established a $200 petty cash fund on January 1, Year 1.Requireda. Is the establishment of the petty cash fund an asset source, use, or exchange transaction?b. Show the establishment of
Mountain Timber Company established a $180 petty cash fund on January 1, Year 1.Requireda. Is the establishment of the petty cash fund an asset source, use, or exchange transaction?b. Show the
The accounting firm of Brooke & Doggett, CPAs, recently completed the audits of three separate companies. During these audits, the following events were discovered, and Brooke & Doggett is
The following excerpt was taken from Alphabet, Inc.’s 10-K report for its 2017 fiscal year. Alphabet, Inc. is the parent company of Google, Inc.CONTROLS AND PROCEDURESEvaluation of Disclosure
During Year 1, Hardy Merchandising Company purchased $40,000 of inventory on account. Hardy sold inventory on account that cost $24,500 for $38,000. Cash payments on accounts payable were $22,000.
Consider the following events:1. A petty cash fund of $200 was established on April 1, Year 1.2. Employees were reimbursed when they presented petty cash vouchers to the petty cash custodian.3. On
Bill Lewis owns a construction business, Lewis Supply Co. The following cash information is available for the month of October, Year 1. As of October 31, the bank statement shows a balance of
The following data apply to Woods Sports Inc. for April, Year 1:1. Balance per the bank on April 30: $13,750.2. Deposits in transit not recorded by the bank: $3,600.3. Bank error; check written by
Sandy’s Accounting Service began operation on January 1, Year 1. The company experienced the following events for its first year of operations:Events Affecting Year 1:1. Provided $96,000 of
Stubbs Company failed to count $55,000 of inventory in its Year 1 year-end physical count.RequiredWrite a memo explaining how Stubbs Company’s balance sheet will be affected in Year 1. Assume
Bosh Company failed to count $22,000 of inventory in its Year 1 year-end physical count.RequiredExplain how this error will affect Bosh’s Year 1 financial statements, assuming that Bosh uses the
The ending inventory for Carver Co. was incorrectly adjusted, which caused it to be understated by $15,300 for Year 2.RequiredWas each of the following amounts overstated, understated, or not
The following note related to accounting for inventory was taken from the 2016 annual report of Wal-Mart Stores, Inc.:Inventories The Company values inventories at the lower of cost or market as
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year 3: Cash $80,100Beginning inventory 33,000 (220 units @ $150)Common stock 50,000Retained
Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com using the instructions in Appendix B, and use it to answer the
The following cash transactions occurred in six real-world companies:1. In January, 2018 Ford Motor Company announced that it was acquiring Autonomic and TransLoc to enhance its development of
Petre Company was started on January 1, Year 1 when it acquired $30,000 from the sale of common stock. During Year 1, the company experienced the following three accounting events:(1) Earned cash
The December 31, Year 1, balance sheet for Deen Company showed total stockholders’ equity of $156,000. Total stockholders’ equity increased by $65,000 between December 31, Year 1, and December
The December 31, Year 1, balance sheet for James Company showed total stockholders’ equity of $156,000. Total stockholders’ equity increased by $65,000 between December 31, Year 1, and December
National Service Company experienced the following accounting events during Year 1:1. Paid $4,000 cash for salary expense.2. Borrowed $8,000 cash from State Bank.3. Received $30,000 cash from the
Match the financial statements with the appropriate statement to describe them.Financial StatementsDescriptions1. Balance SheetA. Summarizes the activity under the cash account within the
Match the financial statements with the appropriate statement to describe them.Financial StatementsDescriptions1. Statement of Cash FlowsA. Summarizes the activity under the cash account within the
Jan Perkins is a business consultant. She analyzed the business processes of one of her clients, Diamond Companies, in November, Year 1. She prepared a report containing her recommendation for
What causes a net loss?
Explain the matching concept.
What is U.S. GAAP? What is IFRS?
Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com using the instructions in Appendix B, and use it to answer the
The Candle Shop experienced the following events during its first year of operations, Year 1:1. Acquired cash by issuing common stock.2. Paid a cash dividend to the stockholders.3. Paid cash for
The following data are based on information in the 2018 annual report of Cracker Barrel Old Country Store. As of August 3, 2018, Cracker Barrel operated 655 restaurants and gift shops in 45 states.
The following data are based on information in the 2017 annual report of YUM! Brands, Inc. YUM! Brands is the parent company of KFC, Pizza Hut, and Taco Bell. As of December 31, 2017, the parent
During Year 1, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense.RequiredRecord the events in accounts under an accounting equation before satisfying the
During Year 1, Star Corporation earned $5,000 of cash revenue and accrued $3,000 of salaries expense.RequiredRecord the events in accounts under an accounting equation before satisfying the
The following events apply to Lewis and Harper, a public accounting firm, for the Year 1 accounting period:1. Performed $70,000 of services for clients on account.2. Performed $40,000 of services for
The following events apply to Parker and Moates, a public accounting firm, for the Year 1 accounting period:1. Performed $96,000 of services for clients on account.2. Performed $65,000 of services
In Year 1, Hall Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Hall incurred $39,000 of other operating expenses on account. Hall paid
Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com using the instructions in Appendix B, and use it to answer the
The following data were taken from Netflix, Inc.’s 2017 annual report. All dollar amounts are in millions.Requireda. For each year, compute Netflix’s debt-to-assets ratio, return-on-assets ratio,
The following data were taken from the 2017 annual reports of Biogen Idec, Inc. and Amgen, Inc. Both companies are leaders in biotechnology. All dollar amounts are in millions.Requireda. For each
On April 1, Year 1, Maine Corporation paid $18,000 cash in advance for a one-year lease on an office building. Assume that Maine records the prepaid rent as an asset and that the books are closed on
On June 1, Year 1, Ark Corporation paid $8,400 to purchase a 24-month insurance policy. Assume that Ark records the purchase as an asset and that the books are closed on December 31.Requireda. Show
Brandon Baily started a personal financial planning business when he accepted $120,000 cash as advance payment for managing the financial assets of a large estate. Baily agreed to manage the estate
Warren, Attorney at Law, experienced the following transactions in Year 1, the first year of operations: 1. Purchased $1,500 of office supplies on account.2. Accepted $36,000 on February 1, Year
The following transactions pertain to the operations of Ewing Company for Year 2:1. Acquired $30,000 cash from the issue of common stock.2. Provided $65,000 of services on account.3. Paid $22,000
The following events apply to Tracey’s Restaurant for the Year 1 fiscal year:1. Started the company when it acquired $21,000 cash from the issue of common stock.2. Purchased a new cooktop that cost
The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2:RequiredUse the accounts and balances from Barker Company to construct an income statement,
Alcorn Service Company was formed on January 1, Year 1.Events Affecting the Year 1 Accounting Period1. Acquired $20,000 cash from the issue of common stock.2. Purchased $800 of supplies on account.3.
The following information is available for two different types of businesses for the Year 1 accounting year. Hopkins CPAs is a service business that provides accounting services to small businesses.
The following information is available for two different types of businesses for the Year 1 accounting year. Diamond Consulting is a service business that provides consulting services to small
Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http:// investors.target.com using the instructions in Appendix B, and use it to answer the
Sara Bayer started a small merchandising business in Year 1. The business experienced the following events during its first year of operation. Assume that Bayer uses the perpetual inventory system.1.
The Kroger Co. was founded in 1883 and is one of the largest retailers in the world, based on annual sales. Publix Super Markets, Inc. operates 1,167 grocery stores throughout the southeastern and
The following information was drawn from the Year 1 accounting records of Cozart Merchandisers. 1. Inventory with a list price of $40,000 was purchased under terms 2/10, net/30.2. Cozart
The following information is available for Billings and Phoenix companies:Requireda. Prepare a common size income statement for each company.b. Compute the return on assets and return on equity for
Tippah Antiques uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Tippah’s records for Year 2: beginning
Far East Retailers uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Far East’s records for Year 2: beginning
The following account titles and balances were taken from the accounting records of Hogan Sales Co. at December 31, Year 2. The company uses the periodic inventory method.Account Title
Obtain Target Corporation’s annual report for its 2018 fiscal year (year ended February 2, 2019) at http://investors.target.com using the instructions in Appendix B, and use it to answer the
The following data were extracted from the 2017 financial statements of Penske Automotive Group, Inc. This company operates automobile dealerships, mostly in the United States, Canada, and Western
Ruby Tuesday’s, Inc. operated 605 casual dining restaurants across the United States as of June 6, 2017. Signet Jewelers Limited claims to be the world’s largest retailer of diamond jewelry. Its

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