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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Mark Miller started a moving company on January 1, Year 1. On March 1, Year 1, Miller borrowed cash from a local bank by issuing a one-year $80,000 face value note with annual interest based on a 12
Use the following information to prepare a classified balance sheet for Latimer Co. at the end of Year 1:Accounts receivable ................................$36,200Accounts payable
The following information is available for the employees of Yui Company for the first week of January Year 1:1. Sam earns $32 per hour and 1½ times his regular rate for hours over 40 per week. He
The two employees at Oswald Co. receive various fringe benefits. Oswald Co. provides vacation at the rate of $500 per day, and each employee earns one day of vacation per month worked. In addition,
Culver Co. employed Jen Sing in Year 1. Jen earned $5,200 per month and worked the entire year. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings, and the Medicare
Easy Stop has two employees in Year 1. Catherine earns $4,500 per month and Jordan, the manager, earns $11,000 per month. Neither is paid extra if they work overtime. Assume the Social Security tax
Wilkins Enterprises has two hourly employees: Marcia and Clark. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the Social
The following transactions apply to Farmer’s Equipment Sales Corp. for Year 1:1. The business was started when Farmer’s received $60,000 from the issue of common stock.2. Purchased $160,000 of
The Malon Appliance Co. provides a 120-day parts-and-labor warranty on all merchandise it sells. Malon estimates the warranty expense for the current period to be $2,450. During this period, a
To support himself while attending school, Steve Owens sold computers to other students. During the year, Steve purchased computers for $150,000 and sold them for $280,000 cash. He provided his
The following legal situations apply to Zier Corp. for Year 1:1. A customer slipped and fell on a slick floor while shopping in the retail store. The customer has filed a $5 million lawsuit against
The following selected transactions apply to Fast Stop for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the
The Tiger Book Store sells books and other supplies to students in a state where the sales tax rate is 7 percent. The Tiger Book Store engaged in the following transactions for Year 1. Sales tax of 7
Danny Bell started Bell Company on January 1, Year 1. The company experienced the following events during its first year of operation:1. Earned $3,000 of cash revenue for performing services.2.
Union Corporation borrowed $60,000 from the bank on November 1, Year 1. The note had a 6 percent annual rate of interest and matured on April 30, Year 2. Interest and principal were paid in cash on
Don Terry opened Terry Company, an accounting practice, in Year 1. The following summarizes transactions that occurred during Year 1:1. Issued a $120,000 face value discount note to First National
The following accounting information exists for the Aspen and Willow companies:Requireda. Identify the current assets and current liabilities and compute the current ratio for each company.b.
Use the following information to prepare a multistep income statement and a classified balance sheet for Eller Equipment Co. for Year 1.Salaries expense
The following transactions apply to Park Co. for Year 1:1. Received $50,000 cash from the issue of common stock.2. Purchased inventory on account for $180,000.3. Sold inventory for $250,000 cash that
Electronics Service Co. pays salaries monthly on the last day of the month. The following information is available from Electronics for the month ended December 31, Year 1:Administrative salaries
The following selected transactions were taken from the books of Ripley Company for Year 1:1. On February 1, Year 1, borrowed $70,000 cash from the local bank. The note had a 6 percent interest rate
a. Give an example of a contingent liability that is probable and reasonably estimable. How would this type of liability be shown in the accounting records?b. Give an example of a contingent
The following transactions apply to Walnut Enterprises for Year 1, its first year of operations:1. Received $50,000 cash from the issue of a short-term note with a 6 percent interest rate and a
Malco Enterprises issued $10,000 of common stock when the company was started. In addition, Malco borrowed $36,000 from a local bank on July 1, Year 1. The note had a 6 percent annual interest rate
Harden Co. issued a $60,000 face value discount note to National Bank on July 1, Year 1. The note had a 6 percent discount rate and a one-year term to maturity.RequiredShow the effects of the
Sheldon Jones borrowed money by issuing two notes on March 1, Year 1. The financing transactions are described next.1. Borrowed funds by issuing a $52,000 face value discount note to Farmers Bank.
Helen Parish started a design company on January 1, Year 1. On April 1, Year 1, Parish borrowed cash from a local bank by issuing a one-year $120,000 face value note with annual interest based on an
The following information was drawn from the balance sheets of the Kansas and Montana companies:Requireda. Compute the current ratio for each company.b. Which company has the greater likelihood of
Use the following information to prepare a classified balance sheet for Alpha Co. at the end of Year 1.Accounts receivable ........................................$26,500Accounts payable
The following information is available for the employees of Webber Packing Company for the first week of January Year 1:1. Kayla earns $28 per hour and 1½ times her regular rate for hours over 40
The two employees of Silver Co. receive various fringe benefits. Silver Co. provides vacation at the rate of $315 per day. Each employee earns one day of vacation per month worked. In addition,
Sky Co. employed Tom Mills in Year 1. Tom earned $5,100 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings, and the Medicare tax
Old Town Entertainment has two employees in Year 1. Clay earns $3,600 per month, and Philip, the manager, earns $10,800 per month. Neither is paid extra for working overtime. Assume the Social
Zolnick Enterprises has two hourly employees: Kelly and Jon. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the Social
The following transactions apply to Ozark Sales for Year 1:1. The business was started when the company received $50,000 from the issue of common stock.2. Purchased equipment inventory of $380,000 on
The Chair Company provides a 120-day parts-and-labor warranty on all merchandise it sells. The Chair Company estimates the warranty expense for the current period to be $2,650. During this period, a
The following selected transactions apply to Topeca Supply for November and December Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to
Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 8 percent is
Bill Darby started Darby Company on January 1, Year 1. The company experienced the following events during its first year of operation:1. Earned $16,200 of cash revenue.2. Borrowed $12,000 cash from
Abardeen Corporation borrowed $90,000 from the bank on October 1, Year 1. The note had an 8 percent annual rate of interest and matured on March 31, Year 2. Interest and principal were paid in cash
Assume that on October 1, Year 1, Big Company borrowed $10,000 from the local bank at 6 percent interest. The note is due on October 1, Year 2. How much interest does Big pay in Year 1? How much
What is included in the adjustment to record accrued interest expense? How does it affect the accounting equation?
American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following
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.
Sweet’s Bakery makes cakes, pies, and other pastries that it sells to local grocery stores. The company experienced the following transactions during Year 1.1. Started business by acquiring $60,000
Obtain the Target Corporation’s annual report at http://investors.target.com using the instructions in Appendix B, and use it to answer the following questions:a. What method of depreciation does
Bostick Co. acquired the assets of Belk Co. for $1,200,000 in Year 1. The estimated fair market value of the assets at the acquisition date was $1,000,000. Goodwill of $200,000 was recorded at
Doug’s Diner acquired a fast-food restaurant for $1,500,000. The fair market values of the assets acquired were as follows. No liabilities were assumed.Equipment
Metals Exploration Corporation engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities:Jan. 1, Year 1
Delta Manufacturing paid $62,000 to purchase a computerized assembly machine on January 1, Year 1. The machine had an estimated life of eight years and a $2,000 salvage value. Delta’s financial
Tringle Inc. recorded the following transactions over the life of a piece of equipment purchased inYear 1:Jan. 1, Year 1 Purchased the equipment for $38,000 cash. The equipment is estimated to have a
The following transactions pertain to Accounting Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year.Year 11. Acquired
Todd Service Company purchased a copier on January 1, Year 1, for $25,000 and paid an additional $500 for delivery charges. The copier was estimated to have a life of four years or 1,000,000 copies.
Friendly Corporation purchased a delivery van for $28,500 in Year 1. The firm’s financial condition immediately prior to the purchase is shown in the following horizontal statements model:The van
Scott Company began operations when it acquired $40,000 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $40,000 that had a
Three different companies each purchased a machine on January 1, Year 1, for $64,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $6,000. All
Floyd Company made several purchases of long-term assets in Year 1. The details of each purchase are presented here.New Office Equipment1. List price: $50,000; terms: 1/10 n/30; paid within the
Assume the following. Madrid Company purchased a parcel of land on January 1, Year 1, for $600,000. It constructed a building on the land at a cost of $3,000,000. The building was occupied on January
The Transnational Business Inc. (TBI) purchased an asset that cost $60,000 on January 1, Year 1. The asset had a four-year useful life and a $10,000 salvage value.Requireda. Determine the amount of
Tri-Cities Equipment Rentals, LLC rents equipment such as cranes and bulldozers to construction companies, while Sam’s Tax Services, LLC provides income tax and accounting services to individuals
On January 1, Year 1, Mid state Power Company overhauled four turbine engines that generate power for customers. The overhaul resulted in a slight increase in the capacity of the engines to produce
On January 1, Year 1, Mead Machining Co. purchased a compressor and related installation equipment for $72,500. The equipment had a three-year estimated life with a $12,500 salvage value.
Ripley Lumber Company purchased $240,000 of equipment on September 1, Year 1.Requireda. Compute the amount of depreciation expense that is deductible under MACRS for Year 1 and Year 2, assuming that
On January 1, Year 1, Heflin Enterprises purchased a parcel of land for $20,000 cash. At the time of purchase, the company planned to use the land for future expansion. In Year 2, Heflin Enterprises
Pete’s Pizza purchased a delivery van on January 1, Year 1, for $35,000. In addition, Pete’s paid sales tax and title fees of $1,500 for the van. The van is expected to have a four-year life and
Design Service Co. purchased a new color copier at the beginning of Year 1 for $47,000. The copier is expected to have a five-year useful life and a $7,000 salvage value. The expected copy production
At the beginning of Year 1, Hill Manufacturing purchased a new computerized drill press for $75,000. It is expected to have a five-year life and a $15,000 salvage value.Requireda. Compute the
Hinds Company started operations by acquiring $120,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $110,000 cash. The equipment had an
The following events apply to The Soda Shop for the Year 1 fiscal year:1. The company started when it acquired $20,000 cash from the issue of common stock.2. Purchased a new ice cream machine that
Give some examples of long-term operational assets that each of the following companies is likely to own: (a) Sears, (b) Princess Cruise Lines, (c) Southwest Airlines, and (d) Harley-Davidson Co.
Rossie Equipment Manufacturing Co. acquired the assets of Alba Inc., a competitor, in Year 1. It recorded goodwill of $70,000 at acquisition. Because of defective machinery Alba had produced prior to
Flannery Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities:Jan. 1, Year 1
Tower Company owned a service truck that was purchased at the beginning of Year 1 for $31,000. It had an estimated life of three years and an estimated salvage value of $4,000. Tower Company uses
Morris Inc. recorded the following transactions over the life of a piece of equipment purchased in Year 1:Jan. 1, Year 1 Purchased equipment for $90,000 cash. The
The following transactions relate to Academy Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year.Year 11. Acquired
Banko Inc. manufactures sporting goods. The following information applies to a machine purchased onJanuary 1, Year 1:Purchase price .............................$ 70,000Delivery cost
Sabel Co. purchased assembly equipment for $500,000 on January 1, Year 1. Sabel’s financial condition immediately prior to the purchase is shown in the following horizontal statements model:The
Bensen Company started business by acquiring $60,000 cash from the issue of common stock on January 1, Year 1. The cash acquired was immediately used to purchase equipment for $50,000 that had a
Becker Office Service purchased a new computer system in Year 1 for $40,000. It is expected to have a five-year useful life and a $5,000 salvage value. The company expects to use the system more
Three different companies each purchased trucks on January 1, Year 1, for $50,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $5,000. All three
Trinkle Co., Inc. made several purchases of long-term assets in Year 1. The details of each purchase are presented here. New Office Equipment1. List price: $60,000; terms: 2/10 n/30; paid within
Assume the following. Queensland Company purchased a parcel of land on January 1, Year 1, for $400,000. It constructed a building on the land at a cost of $2,000,000. The building was occupied on
The Paris Corp. incurred $3,600,000 of research cost and $800,000 of development cost during the current year.Requireda. Determine the amount of expense recognized on its income statement assuming
Executive Jets, LLC operates a charter flight-service company in the northwestern United States. Classic Steps, LLC is a company that provides dance lessons to students of all ages. Classic Steps has
On January 1, Year 1, Webb Construction Company overhauled four cranes, resulting in a slight increase in the life of the cranes. Such overhauls occur regularly at two-year intervals and have been
On January 1, Year 1, Poultry Processing Company purchased a freezer and related installation equipment for $42,000. The equipment had a three-year estimated life with a $3,000 salvage value.
Crossroads Eye Care Company purchased $60,000 of equipment on March 1, Year 1.Requireda. Compute the amount of depreciation expense that is deductible under MACRS for Year 1 and Year 2, assuming that
On January 1, Year 1, Prairie Enterprises purchased a parcel of land for $28,000 cash. At the time of purchase, the company planned to use the land for a warehouse site. In Year 3, Prairie
City Taxi Service purchased a new auto to use as a taxi on January 1, Year 1, for $36,000. In addition, City paid sales tax and title fees of $1,200 for the vehicle. The taxi is expected to have a
Exact Photo Service purchased a new color printer at the beginning of Year 1 for $38,000. The printer is expected to have a four-year useful life and a $3,500 salvage value. The expected print
At the beginning of Year 1, Copeland Drugstore purchased a new computer system for $52,000. It is expected to have a five-year life and a $7,000 salvage value.Requireda. Compute the depreciation for
Golden Manufacturing Company started operations by acquiring $150,000 cash from the issue of common stock. On January 1, Year 1, the company purchased equipment that cost $120,000 cash, had an
The following events apply to Gulf Seafood for the Year 1 fiscal year:1. The company started when it acquired $60,000 cash by issuing common stock.2. Purchased a new cooktop that cost $40,000 cash.3.
Carver Inc. purchased a building and the land on which the building is situated for a total cost of $700,000 cash. The land was appraised at $320,000 and the building at $480,000.Requireda. What is
Which of the following items should be classified as long-term operational assets?a. Prepaid insuranceb. Coal minec. Office equipmentd. Accounts receivablee. Suppliesf. Copyrightg. Delivery vanh.
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 2016.RequiredWrite a brief memorandum that provides possible answers to
The following selected financial information is available for three companies:Requireda. Divide the class into three sections and divide each section into groups of three to five students. Assign one
Obtain the Target Corporation’s annual report at http://investors.target.com using the instructions in Appendix B. Anyone who has shopped at Target knows that many of its customers use a credit
The following trial balance was prepared for Village Cycle Sales and Service on December 31, Year 1:Account TitleCash

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