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introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Ben Company has a used executive charter plane that originally cost \(\$ 1,000,000\). Straight-line depreciation on the plane has been recorded for six years, with a \(\$ 100,000\) expected salvage
Jeffrey Company owns several retail outlets. During the year, it expanded operations and entered into the following transactions:Jan. 2 Signed an eight-year lease for additional retail space for an
Ari Company's December 31 post-closing trial balance contains the following normal balances:Required Prepare a December 31 classified balance sheet for Ari Company. Cash. Accounts payable.
During the first few days of the year, Jules Company entered into the following transactions:1. Purchased a parcel of land with a building on it for \(\$ 900,000\) cash. The building, which will be
Eric Company uses straight-line depreciation for its equipment. On January 1, 2013, Eric purchased a new piece of equipment for \(\$ 168,000\) cash. The equipment's estimated useful life was eight
The following items represent expenditures (or receipts) related to the construction of a new home office for Ryan Investment Company.Required From the given data, compute the proper balances for
In an expansion move, James Company paid \(\$ 2,190,000\) for most of the property, plant, and equipment of a small manufacturing firm that was going out of business. Before agreeing to the price,
On January 2, 2018, Javier Company purchased an electroplating machine to help manufacture a part for one of its key products. The machine cost \(\$ 437,500\) and was estimated to have a useful life
Ediza Delivery Service had the following transactions related to its delivery truck:Year 1 Mar. 1 Purchased for \(\$ 32,500\) cash a new delivery truck with an estimated useful life of five years and
Crystal Company has a used delivery truck that originally cost \(\$ 24,200\). Straight-line depreciation on the truck has been recorded for three years, with a \(\$ 3,500\) expected salvage value at
Selected transactions of Global Publishers, Inc., for 2019 are given below:Jan. 2 Paid \(\$ 170,000\) to purchase copyrights to a series of romantic novels. The copyrights expire in 40 years,
Conner Corporation's December 31 post-closing trial balance contains the following normal account balances:Required Prepare a December 31 classified balance sheet for Conner Corporation, Cash....
During the first few days of the year, Coastal Company entered into the following transactions:1. Purchased a parcel of land with a building on it for \(\$ 3,500,000\) cash. The building, which will
Pinecrest Company uses straight-line depreciation in accounting for its machines. On January 2, 2013, Pinecrest purchased a new machine for \(\$ 258,000\) cash. The machine's estimated useful life
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Answer the following questions.a. What was the total cost of Columbia's
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book, and the financial statements of Under Armour, Inc. can be found in Appendix B (the
Lyle Fleming, president of Fleming, Inc., wants you to resolve his dispute with Mia Gooden over the amount of a finder's fee due Gooden. Fleming hired Gooden to locate a new plant site to expand the
Best Buy Co., Inc., is headquartered in Minneapolis, Minnesota. The company sells brand name consumer electronics, personal computers, home office products, major appliances, entertainment software,
The 2017 annual report of General Mills, Inc., for fiscal year 2017 is available on this book's Website. Review the consolidated statements of earnings, the consolidated balance sheets, and Notes 2
Peggy Zimmer, a friend of yours taking her first accounting class, is confused as to why there is a separate accumulated depreciation account. She argues that it would be much simpler to just credit
Linda Tristan, assistant controller for Ag-Growth, Inc., a biotechnology firm, has concerns about the accounting analysis for the firm's purchase of a land site and building from Hylite Corporation.
Unlike Tesla Motors' emphasis on electric engines, Cummins, Inc. is best known for its design and manufacturing of diesel engines. Go to the Cummins' Website at http://cummins.com and navigate to the
Waste Management is a leading provider of comprehensive trash and waste removal, recycling, and waste management services. In 2002, the Securities and Exchange Commission sued several members and
Xiley Company encountered the following situations:a. The person who opens the mail for Xiley, Bill Stevens, stole a check from a customer and cashed it. To cover up the theft, he debited Sales
Each of the following lettered paragraphs briefly describes an independent situation involving some aspect of internal control.Required Answer the questions at the end of each paragraph or numbered
Blue Company sells plumbing supplies to plumbing contractors on account. The procedures that Blue uses to handle checks received from customers via the mail are described below:a. Blue instructs its
On July 31, Arthur Company's Cash in Bank account had a balance of \(\$ 8,112.62\). On that date, the bank statement indicated a balance of \(\$ 10,170.62\). A comparison of returned checks and bank
The bank reconciliation made by Thurman, Inc., on August 31 showed a deposit in transit of \(\$ 1,170\) and two outstanding checks, No. 597 for \(\$ 650\) and No. 603 for \(\$ 710\). The reconciled
Tina Company has the following items at year-end.Required Identify the amount of the above items that should be reported as cash and cash equivalents on Tina Company's balance sheet. Currency and
Bart Simons has worked for Dr. Homer Spring for many years. Bart has been a model employee. He has not taken a vacation in over four years, always stating that work was too important. One of Bart's
Listed below are(a) four potential errors or problems that could occur in the processing of cash transactions and(b) internal control principles. Review each error or problem and identify an internal
The Seattle First Company's bank statement for the month of September indicated a balance of \(\$ 13,375\). The company's cash account in the general ledger showed a balance of \(\$ 10,030\) on
Shorte LLP is a new law firm struggling to manage its cash flow. Like many new businesses, the firm has not yet developed a sufficient client base to cover its operating costs. Additionally, the firm
Walt Company encountered the following situations:a. Jenny Farrell, head of the receiving department, created a fictitious company named Speedy Forms and used it to send invoices to Walt Company for
The Mountain amusement ride has the following system of internal control over cash receipts. All persons pay the same price for a ride. A person taking the ride pays cash to the cashier and receives
Ocean Stores is a retailer of men's clothing. Most customers pay cash for their purchases. The procedures that Ocean uses for handling cash are described below:a. Each department begins the day with
On May 31, the Cash in Bank account of James Company, a sole proprietorship, had a balance of \(\$ 5,950.30\). On that date, the bank statement indicated a balance of \(\$ 7,868.50\). A comparison of
The bank reconciliation made by Adam Company, a sole proprietorship, on March 31 showed a deposit in transit of \(\$ 1,300\) and two outstanding checks, No. 797 for \(\$ 550\) and No. 804 for \(\$
Janzen Company has the following items at year-end:Required Identify the amount of the above items that should be reported as cash and cash equivalents on Janzen Company's balance sheet. Currency
Jerry Finch has worked for Jane Hardware for many years. Jerry has been a model employee. He has not taken a vacation in over three years, always stating that work was too important. One of Jerry's
Listed below are(a) four potential errors or problems that could occur in the processing of cash transactions and(b) internal control principles. For each error or problem, identify an internal
The Chicago Skate Company's bank statement for the month of June indicated a balance of \(\$ 4,320\). The company's cash account in the general ledger showed a balance of \(\$ 2,464\) on June 30.
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this book.Required Use the financial statements and the accompanying notes to the financial
The financial statements for Columbia Sportswear Company can be found in Appendix A and Under Armour, Inc,'s financial statements can be found in Appendix B at the end of this book.Required Use the
Quality Electronics Company is a distributor of microcomputers and related electronic equipment. The company has grown very rapidly. It is located in a large building near Chicago, Illinois. Jack
Refer to the consolidated balance sheets in the fiscal year 2017 annual report of General Mills, Inc. available on this book's website.Requireda. What was the amount of cash and cash equivalents as
You were recently hired as the head of a company's ethics division. As one of your first acts, you decide to prepare a letter to the company's Chairman of the Board explaining the importance of
Gina Pullen is the petty cash cashier for a large family-owned restaurant. She has been presented on numerous occasions with properly approved receipts for reimbursement from petty cash that she
Corporate Social Responsibility and fraud prevention are often related. One way that the two are connected is in the creation of a culture of honesty and the ethical treatment of employees. This is
Internal control follows the concept of reasonable assurance. Pete Simmons, the chief compliance officer of Salem Company, stated that he does not want simply reasonable assurance. He wants absolute
Wayne James Nelson, a manager in the office of the Arizona State Treasurer, was found guilty of trying to defraud the state of nearly \(\$ 2\) million. Nelson's scheme involved issuing checks to
The 2017 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world's largest and
The following conditions of material weaknesses were reported in a prior year independent auditors' report on internal control of the U.S. Department of Transportation Highway Trust Fund (HTF):1.
The financial statements for the Columbia Sportswear Company can be found in Appendix A at the end of this textbook.Required Answer the following questions using Columbia's Consolidated Financial
The financial statements for Columbia Sportswear Company can be found in Appendix A at the end of this textbook, and the financial statements of Under Armour, Inc. can be found in Appendix
Margaret Company is a wholesaler that uses the perpetual inventory system. On January 1, 2018, Margaret had 3,000 units of its product at a cost of \(\$ 5\) per unit. Transactions related to
Purpose: To use annual financial report filings to learn about how a company accounts for its inventory.Select any publicly traded company not discussed in this chapter and go to its Website. Find
The fiscal year 2017 annual report of General Mills, Inc. is available on this book's Website.Requireda. What percentage of total assets is represented by General Mills' investment in inventory in
Pactiv Corporation is a leader in the consumer and foodservice packaging market. In December 2009 the company announced a change in the accounting for inventories.
Reed Kohler is in his final year of employment as controller for Quality Sales Corporation; he hopes to retire next year. As a member of top management, Kohler participates in an attractive company
The Corporate Social Responsibility highlight in this chapter discussed how Best Buy is working to make sure its supply chain complies with the company's high ethical standards. One of the ways this
The chapter highlights an inventory fraud case at Crazy Eddie. Unfortunately there have been many other serious inventory frauds where the auditors were fooled by illegal acts. A few of these cases
The 2017 financial statements of LVMH Moet Hennessey-Louis Vuitton S.A. are presented in Appendix C at the end of this book. LVMH is a Paris-based holding company and one of the world's largest and
Unger Company uses the LIFO inventory costing method to value inventory. The following financial data were obtained from its accounting records for the current year:Compute(a) the current ratio
Which of the following is not one of the three elements of the fraud triangle?a. Pressureb. Rationalizationc. Embezzlementd. Opportunity
Which of the following is not a common internal control concept?a. Establish clear lines of responsibilityb. Provide physical and electronic controlsc. Collusion among employeesd. Separate work
Which of the following are considered good internal control practice?a. Job rotationb. Required vacationsc. Only promoting from withind. Both \(a\) and \(b\)
Burton Company should utilize all except one of the following concepts related to placing control numbers on business documents. Which concept should Burton not use?a. Write the control number on the
An operational audit is:a. Just another word for a financial statement audit.b. Only performed by independent auditors.c. Used to assess the quality and efficiency of operational performance.d.
Which of the following statements is correct regarding the reporting of cash?a. Restricted cash is always shown as a noncurrent asset.b. Cash is shown as the first asset on the balance sheet.c.
The treasurer is responsible for each of the following except:a. Prepare the deposit slip.b. Send deposit slips and checks to the bank.c. Prepare the bank reconciliation.d. File a copy of the deposit
What is a bank reconciliation?a. A formal financial statement that lists all of a firm's bank account balancesb. A merger of two banks that previously were competitorsc. A statement sent monthly by a
Which of the following statements about a petty cash fund is not true?a. The fund is managed on an imprest basis.b. The fund is used to pay for minor items such as postage and delivery charges.c. The
Describe the three elements of the fraud triangle and how they relate to each other.
Explain why supervision is an important internal control.
Define and contrast prevention controls and detection controls. Which are more desirable?
Yates Company is reviewing its internal procedures to try to improve the company's internal control. It specifically wants to separate work functions. What three types of work functions must be
Janet Jones is considered one of the rising stars at Finch Company. Janet is very hard working and has not taken a vacation in three years. Explain why this is a violation of good internal control.
Why does the control environment provide the foundation for the entire internal control system?
In what way did the Sarbanes-Oxley Act impact the need for internal control?
How are a financial statement audit and an operational audit similar and different?
What types of items are included in cash? What are the two important characteristics of an item of cash?
Which of the following are considered to be cash: paper money, certificates of deposit, postdated checks, traveler's checks, funds in a checking account, and money orders?
What is a remittance advice? What types of data are included on a remittance advice?
What is electronic funds transfer (EFT)? What are retail EFT and wholesale EFT?
In preparing a bank reconciliation, how should you determine (a) deposits not recorded in the bank statement and (b) outstanding checks?
Which of the items listed in Discussion Question 15 require a journal entry on the company's books?
What is an imprest petty cash fund? How is such a fund established and replenished?
Carter Manufacturing Company makes a variety of consumer products. For the year just ended (and the two prior years), sales of private-label product to Mega-Mart ( 1,200 stores nationwide) have made
Each of the following is part of the fraud triangle except:a. pressure.b. opportunity.c. concealment.d. rationalization.
Having one person responsible for the related activities of ordering merchandise, receiving the merchandise, and paying for the merchandise:a. provides increased security over the firm's assets.b. is
Internal controls do each of the following except:a. protect assets from theft.b. evaluate the performance of employees.c. guarantee the accuracy of the accounting records.d. increase the likelihood
Which of the following is true?a. Internal auditors are independent of the company they audit.b. Internal audits provide appraisals of a company's internal control.c. The company being audited cannot
Which of the following is not one of the five components:a. segregation of dutiesb. risk assessmentc. monitoring activitiesd. control activities
Cash includes each of the following except:a. a postdated checkb. currency.c. money orders.d. funds in a checking account.
Cash Restricted cash:a. must be shown as a current asset.b. must be shown as a noncurrent asset.c. is shown as a liability.d. is reported separate from unrestricted cash.
Electronic funds transfer (EFT) involves transferring cash from one lo-a. armored trucks.b. computers.c. bicycle messengers.d. the mail service.
Good internal control over cash received on account involves the mailroom doing each of the following activities except:a. Open the mail.b. Prepare the deposit receipt.c. Prepare the remittance
Effective cash management involves all the following except:a. Manage accounts receivable.b. Manage inventory.c. Invest excess cash.d. Conduct internal audits.
Explain how each of the following procedures strengthens a company's internal control:a. After preparing a check for a cash disbursement, the accountant for Timber Lumber Company cancels the

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