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introductory financial accounting for business

Questions and Answers of Introductory Financial Accounting for Business

51 Plant Assets and Accumulated Depreciation Norsk Hydro, the Norwegian-based global supplier of aluminum and aluminum products, had the following in its January 1, 2011, balance sheet (in millions
50 Reconstructing Journal Entries, Posting (Alternate is 49.) Lowe’s Companies, Inc., operates more than 1,700 home improvement retail stores in 50 states and Canada. A condensed income statement
49 Reconstructing Journal Entries, Posting (Alternate is 50.) Procter & Gamble has brands such as Tide, Pampers, and Gillette. A partial income statement from its annual report for the fiscal year
48 Journal Entries, Posting Sony Corporation is a leading international supplier of audio and video equipment. The Sony annual report at the end of the 2011 fiscal year included the following balance
47 Effects of Errors Toyota Motor Corporation is one of the world’s largest automakers. The company reported pretax profit of ¥291,468 million in fiscal 2010 and pretax profit of ¥563,290 million
46 Accumulated Depreciation Johnson Matthey, the British specialty chemical company, had the following balances on its March 31, 2011, balance sheet [£ (British pound) in millions]: Tangible fixed
45 Preparation of Financial Statements from Trial Balance PepsiCo produces snack foods such as Fritos and Lay’s potato chips, as well as beverages such as Pepsi and Mug Root Beer. The company had
44 Transaction Analysis, Trial Balance (Alternates are 37 and 39 through 43.) Columbia Sportswear is one of the largest outdoor apparel, footwear, accessories, and equipment companies in the world.
43 Transaction Analysis, Trial Balance (Alternates are 37, 39 through 42, and 44.) McDonald’s Corporation is a well-known fastfood restaurant company. Examine the accompanying balance sheet
42 Transaction Analysis, Trial Balance, and Closing Entries (Alternates are 37, 39 through 41, 43, and 44.) Husker Auto Glass, Inc., had the accompanying balance sheet values on January 1, 20X0:
41 Journalizing, Posting, and Trial Balance (Alternates are 37, 39, 40, and 42 through 44.) Tsugawa Nursery, a retailer of garden plants and supplies, had the accompanying balance sheet accounts on
40 Journal, Ledger, and Trial Balance (Alternates are 37, 39, and 41 through 44.) Robert Kapela owned and managed a franchise of Ithaca Espresso, Incorporated. The company’s balance sheet accounts
39 Journal, Ledger, and Trial Balance (Alternates are 37 and 40 through 44.) The balance sheet accounts of Red Lake Appliance Company had the following balances on December 31, 20X1: Balance Account
38 Financial Statements Refer to problem 37. Prepare a balance sheet as of November 30, 20X0, and an income statement for the month of November. Prepare the retained earnings column of a statement of
37 Journal, Ledger, and Trial Balance (Alternates are 39 through 44.) The balance sheet accounts of Detroit Machinery, Inc., had the following balances on October 31, 20X0:Cash $ 41,000 Accounts
36 Trial Balance Errors Consider the following trial balance ($ in thousands): Powell Paint Store Trial Balance, Year Ended December 31, 20X0 Cash $ 22 Equipment 33 Accumulated depreciation,
35 Account Numbers, T-Accounts, and Transaction Analysis Consider the following: Vancouver Computing Trial Balance, December 31, 20X0 ($ in thousands) Balance Account Number Account Titles Debit
34 Account Numbers, Journal, Ledger, and Trial Balance Journalize and post the entries required by the following transactions for Francisco Furniture Repair Company. Prepare a trial balance as of
3. During 20X1, YTC purchased ¥40,000 of office supplies and debited Office Supplies, an asset account. At the end of 20X1, ¥10,000 worth of office supplies were left. No entry had recognized the
33 Effects of Errors Analyze the effect of the following errors on the net profit figures of Yokahama Trading Company (YTC) for 20X0 and 20X1. Choose one of three answers: understated (U), overstated
32 Effects of Errors The bookkeeper of Rollins Legal Services included the cost of a new computer, purchased on December 30 for $5,000 and to be paid for in cash in January, as an operating expense
20X2.
31 Closing Accounts and Preparing Financial Statements Bonfiglio Company imports art and artifacts from Italy and Spain and sells them in its Bonfiglio Gallery in London. At the end of 20X2 Bonfiglio
30 Closing Accounts Use the information for Gamma Company in Exercise 29. Prepare closing entries to transfer all temporary accounts to an Income Summary account, and then close the Income Summary
29 Trial Balance Gamma Company had total assets (cash and inventories) of $50,000, total liabilities of $30,000, and stockholders’ equity of $20,000 at the beginning of 20X0. During the year Gamma
28 Reconstruct Journal Entries (Alternate is 27.) Reconstruct the journal entries (omit explanations) that resulted in the postings to the following T-accounts of a small fruit wholesaler: Cash
27 Reconstruct Journal Entries (Alternate is 28.) Reconstruct the journal entries (with explanations) that resulted in the postings to the following T-accounts of Four Seasons Heating Contractors:
26 Journalizing and Posting (Alternate is 25.) Prepare journal entries and post to T-accounts the following transactions of Washington Real Estate Company:a. Acquired office supplies of $900 on open
25 Journalizing and Posting (Alternate is 26.) Prepare journal entries and post to T-accounts the following transactions of Toronto Building Supplies:a. Cash sales, $10,000; items sold cost $4,500b.
24 Prepaid Expenses Continental AG is a large German supplier of auto parts. Assume that Continental had €62.4 million of prepaid expenses on January 1, 2012. (€ stands for euro, the European
23 Matching Transaction Accounts Listed here are a series of accounts that are numbered for identification. Accompanying this problem are columns in which you are to write the identification numbers
22 5-Step Recording Process Suppose you buy a $125 pair of shoes for cash from Nike on November 12, 20X0. The shoes cost Nike $80. Follow the accounting for your purchase through the five steps that
21 True or False Use T or F to indicate whether each of the following statements is true or false: 1. Repayments of bank loans should be charged to Notes Payable and credited to Cash. 2. Cash
20 Debits and Credits For the following transactions, indicate whether the accountant for Jacksonville Company should debit or credit the account in parentheses (use dr. or cr.): 1. Jacksonville sold
19 Debits and Credits Indicate for each of the following transactions whether an accountant will debit or credit the account named in parentheses (use dr. or cr.): 1. Sold merchandise (Merchandise
18 Debits and Credits For each of the following accounts, indicate whether it normally possesses a debit or a credit balance (use dr. or cr.): 1. Sales 2. Supplies Expense 3. Accounts Receivable 4.
17 Manual Versus Computerized Accounting Systems As a new auditor, you have just been assigned to the audit of a company with a highly computerized accounting system. How would you expect an audit
16 Reconstructing Transactions Your supervisor in the accounting department has asked you to trace transactions from the general journal to the general ledger. You are partway into the task when you
15 The Relation of Expense and Retained Earnings Accounts A fellow student asked you the following: “I understand that a debit increases an expense account. I also understand that a debit decreases
14 The Chart of Accounts You have just joined the accounting staff of a fast-food company. You are surprised that this company has a chart of accounts with twice as many accounts as the fast-food
13 Are all data processing systems for accounting computerized? Explain.
12 “In double-entry accounting, errors are not a problem because they are self-correcting.” Do you agree? Explain.
11 What is the role of the Income Summary account when closing the books?
10 “If debits equal credits in a trial balance, you can be assured that no errors were made.” Do you agree? Explain.
9 What is a trial balance and what purpose does it serve?
8 “Accumulated depreciation is the total depreciation expense for the year.” Do you agree? Explain.
7 Give two synonyms for book value.
6 “Revenue and expense accounts are really little stockholders’ equity accounts.” Explain.
5 “The general ledger is the major book of original entry because it is more essential than the general journal.” Do you agree? Explain.
4 Name three source documents for transactions.
3 “Debit and credit are used as verbs, adjectives, or nouns.” Give examples of how credit may be used in these three meanings.
2 “Increases in cash and accounts payable are shown on the right side of their respective accounts.” Do you agree? Explain.
1 “Double entry means that amounts are shown in both the general journal and general ledger.” Do you agree? Explain.
67 Analyzing Financial Statements Using the Internet: Time Warner Go to the Web site for Time Warner (www.timewarner.com). Click on Investor Relations. Find and open the most recent annual report.
66 Analyzing Starbucks’ Financial Statements Find the Starbucks financial statements for 2011 either on Starbucks’ Web site or on the SEC’s EDGAR Web site and answer the following questions: 1.
65 Financial Statement Research Select the financial statements of any company. 1. What was the amount of sales (or total revenues) and the net income for the most recent year? 2. What was the total
64 Financial Ratios Form groups of four to six persons each. Each member of the group should pick a different company and find the most recent annual report for that company. 1. Members should
63 Continuity Convention and Liquidation The following news report appeared in the financial press: The Bulgarian national airline Balkan is to be placed in liquidation after its creditors today
62 Relevance and Faithful Representation Plum Creek Timber Company, Inc., is a Washington State forest products company. Its largest asset is Timber and Timberlands carried on its balance sheet at
61 Revenue Recognition and Ethics Diebold, Incorporated is an Ohio corporation that manufactures and sells automated teller machines (ATMs), bank security systems, and electronic voting machines. Its
60 Financial Ratios (Alternate is 59.) Following is a list of three well-known petroleum companies and selected financial data of the sort typically included in letters sent by stock brokerage firms
59 Financial Ratios (Alternate is 60.) Following is a list of three well-known package delivery companies (UPS and FedEx from the United States and Deutsche Post World Net, owner of DHL, in Germany)
58 Earnings Statement, Retained Earnings General Mills, Inc. is a leading global manufacturer and marketer of branded consumer foods sold through retail stores and a supplier of branded and unbranded
57 Net Income and Retained Earnings McDonald’s Corporation is a well-known fast-food restaurant company. The following data are from its 2011 annual report ($ in millions): McDonald’s Corporation
56 Two Sides of a Transaction For each of the following transactions, show the effects on the entities involved. As was illustrated in the chapter, use the Assets = Liabilities + Owners’ equity (A
55 Balance Sheet Equation (Alternates are 39 and 40.) Merck & Co., Inc., the giant pharmaceutical company, had the following actual data for fiscal year ended December 31, 2011 ($ in millions):
54 Transaction Analysis and Financial Statements, Including Dividends (Alternates are 47, 48, 50, and 52.) Consider the following balance sheet of a wholesaler of children’s toys: Gecko Toy
53 Prepare Financial Statements The Ludmilla Corporation does not use the services of a professional accountant. At the end of its second year of operations, 20X2, the company’s office manager
52 Analysis of Transactions, Preparation of Statements (Alternates are 47, 48, 50, and 54.) Nestlé S.A. is a Swiss company that calls itself the world’s leading nutrition, health, and wellness
51 Accrual Versus Cash-Based Revenue (Alternate is 49.) Refer to the preceding problem. Suppose Heinz measured performance on the cash basis instead of the accrual basis. Compute the cash receipts,
50 Analysis of Transactions, Preparation of Statements (Alternates are 47, 48, 52, and 54.) H.J. Heinz Company’s actual condensed balance sheet data for April 27, 2011, follow ($ in millions): Cash
49 Accrual Versus Cash-Based Revenues (Alternate is 51.) Refer to the preceding problem. Suppose Bekele measured performance on the cash basis instead of on the accrual basis. Compute the cash
48 Analysis of Transactions, Preparation of Statements (Alternates are 47, 50, 52, and 54.) The Bekele Company was incorporated on April 1, 20X0. Bekele had 10 holders of common stock. Rosa Bekele,
47 Analysis of Transactions, Preparation of Statements (Alternates are 48, 50, 52, and 54.) The Montero Company, a wholesale distributor of furnace and air conditioning equipment, began business on
46 Revenue Recognition Footnote 1 to Microsoft’s 2011 annual report contained the following: Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery
45 Fundamental Revenue and Expense R. J. Sen Corporation was formed on June 1, 20X0, when some stockholders invested $100,000 in cash in the company. During the first week of June, the company spent
44 Assessing Materiality On December 31, 2011, ExxonMobil, the large petroleum company, reported total assets of $331,052 million and annual net income of $41,060 million. On the same date, Dayton
43 Earnings and Dividend Ratios Chevron Corporation is one of the largest oil companies in the world. The company’s revenue in 2011 was $573.706 billion. Net income was $26.895 billion. EPS was
42 Earnings and Dividend Ratios GlaxoSmithKline plc, the British pharmaceutical company, reported 2011 earnings of £5,458 million under IFRS. Cash dividends were £3,406 million. The company had an
41 Nonprofit Operating Statement Examine the accompanying statement of the Berlin University Faculty Club. Identify the Berlin University classifications and terms that would not be used by a
40 Balance Sheet Equation (Alternates are 39 and 55.) Xcel Energy, provider of gas and electricity to customers in 12 Midwestern and Rocky Mountain states, has the following actual data ($ in
39 Balance Sheet Equation (Alternates are 40 and 55.) Each of the following three columns is an independent case. For each case, compute the amounts ($ in thousands) for the items indicated by
37 Income Statement A statement of an automobile dealer follows: Freeway Volvo, Inc. Statement of Profit and Loss December 31, 20X0 Revenues Sales $1,050,000 Increase in market value of land and
36 Recording Transactions The Piedmont Company had the following transactions during June 20X1:a. Collections of accounts receivable, $75,000.b. Payment of accounts payable, $45,000.c. Acquisition of
35 Find Unknowns The following data pertain to Liverpool Auto, Ltd. Total assets at January 1, 20X1, were £110,000; at December 31, 20X1, they were £126,000. During 20X1, sales were £360,000, cash
34 Asset Acquisition and Expiration The Greenley Company had the following transactions in July:a. Paid $18,000 cash for rent for the next 6 months on July 1.b. Paid $2,000 cash for supplies on July
33 Nature of Retained Earnings This is an exercise on the relationships between assets, liabilities, and ownership equities. The numbers are small, but the underlying concepts are large. 1. Assume an
32 Cash Versus Accrual Accounting Yankton Company had sales of $240,000 during 20X0, all on account. Accounts receivable for the year grew from $50,000 on January 1 to $110,000 on December 31.
31 Special Meanings of Terms A news story described the disappointing sales of a new model car, the Jupiter. An auto dealer said, “Even if the Jupiter is a little slow to move out of dealerships,
30 Synonyms and Antonyms Consider the following terms: (1) sales, (2) net earnings, (3) accumulated deficit, (4) unexpired costs, (5) prepaid expenses, (6) accounts receivable, (7) statement of
29 Interpretation of the P-E Ratio Would you rather own a company with a high P-E ratio or a low P-E ratio? Why?
dividend?
28 Dividends and Stock Prices Suppose a company was going to pay out one-half of its total assets as a cash dividend. What would you expect to happen to the value of the company’s stock as a result
27 Accrual or Cash Basis Which would you rather have, a cash-basis income statement or an accrual-basis income statement? Why?
26 Quarterly Versus Annual Financial Statements In the United States, it is common to provide abbreviated financial data quarterly with full financial statements provided annually. In some countries
25 The concepts of materiality and costeffectiveness can limit the amount of detailed information included in the financial statements. Explain how an accountant might use each to exclude an item
24 How do accountants judge whether an item is reliable enough for reporting in the financial statements?
23 Accounting numbers should be complete, neutral, and free from material errors. What characteristic of information do these criteria support?
22 What two characteristics of accounting measurements make them relevant? Explain each.
21 “Relevance and faithful representation are both desirable characteristics for accounting measurements, but often it is not possible to have both.” Do you agree? Explain.

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