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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Following is a bank reconciliation for Zocar Enterprises for June 30, Year 1:When reviewing the bank reconciliation, Zocar’s auditor was unable to locate any reference to the NSF check on the bank
After reconciling its bank account, Watson Company made the following adjustments to its cash account:Event No. Event Description1. Corrected overstatement of expense2. Recognized bank collection of
The following information is available for Park Valley Spa for July Year 1:The following is a list of checks and deposits recorded on the books of the Park Valley Spa for July Year 1:Other
Determine whether the following items included in Wong Company’s January Year 1 bank reconciliation will require adjustments to the book balance of Wong’s cash account and indicate the amount of
The following data apply to Pro Beauty Supply Inc. for May Year 1:1. Balance per the bank on May 31: $9,150.2. Deposits in transit not recorded by the bank: $1,510.3. Bank error; check written by
Rick Hall owns a card shop, Hall’s Cards. The following cash information is available for the month of August Year 1: As of August 31, the bank statement shows a balance of $16,140. The August 31
For each of the following fraudulent acts, describe one or more internal control procedures that could have prevented the problems.a. Everyone in the office has noticed what a dedicated employee
Suzanne Hurley discovered significant fraud in the accounting records of a high-profile client. Due to her client’s prestige, the story aired in the mainstream media. Unable to resolve her
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
Fresh Foods established a petty cash fund of $100 on January 2. On January 31, the fund contained cash of $9.20 and vouchers for the following cash payments:Maintenance expense
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
As of June 30, Year 1, the bank statement showed an ending balance of $19,500. The unadjusted Cash account balance was $15,200. The following information is available:1. Deposit in transit: $2,400.2.
Assume you are the owner of a small business that has only two employees.a. Which of the internal control procedures are most important to you?b. How can you overcome the limited opportunity to use
List and describe nine features of a strong internal control system discussed in this chapter.
Fill in the blanks (indicated by the alphabetic letters in parentheses) in the following financial statements. Assume the company started operations January 1, Year 1, and all transactions involve
Mark’s Consulting experienced the following transactions for Year 1, its first year of operations, and Year 2. Assume that all transactions involve the receipt or payment of cash.Transactions for
Pratt Corp. started the Year 2 accounting period with total assets of $30,000 cash, $12,000 of liabilities, and $5,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings
Composite Fabricators, Inc. is a U.S.-based company that develops its financial statements under GAAP. The total amount of the company’s assets shown on its balance sheet for the current year was
Ortho Company experienced the following events during its first- and second-year operations:Year 1 Transactions:1. Acquired $68,000 cash from the issue of common stock.2. Borrowed $36,000 cash from
As of January 1, Year 2, Room Designs Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock, and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on
On January 1, Year 2, the following information was drawn from the accounting records of Carter Company: cash of $800; land of $3,500; notes payable of $600; and common stock of $1,000.Requireda.
Dakota Company experienced the following events during Year 2.1. Acquired $30,000 cash from the issue of common stock.2. Paid $12,000 cash to purchase land.3. Borrowed $10,000 cash.4. Provided
All-Star Automotive Company experienced the following accounting events during Year 1:1. Performed services for $25,000 cash.2. Purchased land for $6,000 cash.3. Hired an accountant to keep the
On January 1, Year 1, Moore, a fast-food company, had a balance in its Cash account of $45,800. During the Year 1 accounting period, the company had (1) net cash inflow from operating activities of
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
Majka Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $28,600, (2) paid cash expenses of
Ollie Company experienced the following events during its first-year operations:1. Acquired $72,000 cash from the issue of common stock.2. Borrowed $26,000 from the First City Bank.3. Earned $59,000
At the end of Year 1, Emma, Inc. had $600 of cash, $400 of liabilities, $200 of common stock, and zero in retained earnings. During Year 2, the company generated $560 of cash revenue and incurred
Ollie Company experienced the following events during its first-year operations:1. Acquired $72,000 cash from the issue of common stock.2. Borrowed $26,000 from the First City Bank.3. Earned $59,000
The following table shows the transactions experienced by J G Gutter Works (JGGW) during Year 7. The table contains missing data which are labeled with alphabetic characters (a) through (j). Assume
Both balance sheets shown in the following table were dated as of December 31, Year 3:Requireda. Based only on the information shown in the balance sheets, can Allen Co. pay a $2,000 cash dividend?b.
Jones Enterprises was started on January 1, Year 1, when it acquired $6,000 cash from creditors and $10,000 from owners. The company immediately purchased land that cost $12,000. The land purchase
This exercise continues the scenario described in Exercise 1-11A shown earlier. Specifically, the Better Corp. Year 1 ending balances become the Year 2 beginning balances. These balances are shown in
Better Corp. (BC) began operations on January 1, Year 1. During Year 1, BC experienced the following accounting events:1. Acquired $7,000 cash from the issue of common stock.2. Borrowed $12,000 cash
Olive Enterprises experienced the following events during Year 1:1. Acquired cash from the issue of common stock.2. Paid cash to reduce the principal on a bank note.3. Sold land for cash at an amount
Ruby Tuesday’s, Inc. operated 646 casual dining restaurants across the United States as of May 31, 2016. Signet Jewelers Limited claims to be the world’s largest retailer of diamond jewelry. Its
The following data were extracted from the 2016 financial statements of Penske Automotive Group, Inc. This company operates automobile dealerships, mostly in the United States, Canada, and Western
The accounting records of Blue Bird Co. showed the following balances at January 1, Year
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 was Target’s inventory
The following accounting information pertains to Mobile and Casper companies. The only difference between the two companies is that Mobile uses FIFO, while Casper uses LIFO.Requireda. Compute the
Sam Todd, owner of Todd Company, is reviewing the quarterly financial statements and thinks the cost of goods sold is out of line with past years. The following historical data are available for
The following income statement was prepared for Rice Company for Year 1:During the year-end audit, the following errors were discovered:1. An $1,800 payment for repairs was erroneously charged to the
Donovan, Inc. had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 120 items at $80 each. Donovan uses the FIFO cost flow assumption and keeps perpetual
The accounting records of Octavia’s Flower Shop reflected the following balances as of January 1, Year 3:Cash ..............................................................$92,500Beginning
Po River Winery Inc. has inventory that cost $500,000. The aging process for the inventory requires several years. At the end of Year 1, the inventory had a market value of $400,000. During Year 2,
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 following accounting information pertains to two retail stores that specialize in selling winter ski gear. Aspen Sports operates only a few locations and has a market strategy of selling only
Beth Malone owned a small company that sold boating equipment. The equipment was expensive, and a perpetual system was maintained for control purposes. Even so, lost, damaged, and stolen merchandise
The ending inventory for Oak Co. was erroneously written down, causing an understatement of $6,500 at the end of Year 2.RequiredWas each of the following amounts overstated, understated, or not
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
Harvey Company carries three inventory items. The following information pertains to the ending inventory:Requireda. Determine the ending inventory that will be reported on the balance sheet, assuming
The following information pertains to James Hardware’s ending inventory for the current year:Requireda. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied
Nash Auto Parts, Inc. had the following transactions for Year 2:Requireda. Determine the quantity and dollar amount of inventory at the end of the year, assuming Nash Auto Parts, Inc. uses the FIFO
The following inventory transactions apply to Duncan Steel Company for Year 2: The beginning inventory consisted of 180 units at $10 per unit. All transactions are cash transactions.Requireda.
Home Gifts Inc. had cash sales of $112,500 for Year 1, its first year of operation. On April 2, the company purchased 150 units of inventory at $180 per unit. On September 1, an additional 200 units
The following information pertains to the inventory of Steelman Company for Year 2:During Year 3, Steelman sold 2,500 units of inventory at $85 per unit and incurred $38,600 of operating expenses.
The Shirt Shop had the following transactions for T-shirts for 2018, its first year of operations:During the year, The Shirt Shop sold 800 T-shirts for $25 each.Requireda. Compute the amount of
The following information pertains to Stanley Company for Year 2: Beginning inventory 90 units @ $15 Units purchased 320 units @ $19 Ending inventory consisted of 40 units. Stanley sold 370 units at
The following accounting information pertains to Boardwalk Taffy and Beach Sweets. The only difference between the two companies is that Boardwalk Taffy uses FIFO, while Beach Sweets uses
Toyland wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year-end. The following historical data were taken from the Year 1 and Year 2 accounting
The following income statement was prepared for Frame Supplies for Year 1:FRAME SUPPLIES Income Statement For the Year Ended December 31, Year 1Sales
Pam’s Creations had the following sales and purchase transactions during Year 2. Beginning inventory consisted of 60 items at $350 each. The company uses the FIFO cost flow assumption and keeps
The accounting records of Wall’s China Shop reflected the following balances as of January 1, Year 3:Cash ..................................... .............................$80,100Beginning
The following information related to accounting for inventory was taken from the 2016 annual report of Costco Wholesale Corporation: Merchandise inventories consist of the following at the end of
The following accounting information pertains to two grocery store chains. One grocery store chain has a market strategy of selling only high-end organic food products while the other grocery store
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
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
Brooks Company carries three inventory items. The following information pertains to the ending inventory:Requireda. Determine the ending inventory that Brooks will report on the balance sheet,
The following information pertains to Hagen Metal Work’s ending inventory for the current year:Requireda. Determine the value of the ending inventory using the lower-of-cost-or-market rule applied
The Hat Store had the following series of transactions for Year 2:Requireda. Determine the quantity and dollar amount of inventory at the end of the year, assuming The Hat Store uses the FIFO cost
The following inventory transactions apply to Green Company for Year 2:The beginning inventory consisted of 180 units at $48 per unit. All transactions are cash transactions.Requireda. Record these
The Brick Company had cash sales of $280,000 for Year 1, its first year of operation. On April 2, the company purchased 210 units of inventory at $390 per unit. On September 1, an additional 160
The following information pertains to the inventory of Parvin Company for Year 3:During Year 3, Parvin sold 2,700 units of inventory at $90 per unit and incurred $41,500 of operating expenses. Parvin
The following information pertains to Mason Company for Year 2:Beginning inventory .................................90 units @ $40Units purchased .......................................310 units @
Assume that inventory is overstated by $1,500 at the end of Year 1 but is corrected in Year 2. What effect will this have on the Year 1 income statement? The Year 1 balance sheet? The Year 2 income
Using Coca-Cola Company’s most current Form 10-K, answer the following questions. To obtain the Form 10-K, you can use the EDGAR system, following the instructions in Appendix A, or it can be found
Ada Fontanez is the president of a large company that owns a chain of athletic shoe stores. The company was in dire financial condition when she was hired three years ago. In an effort to motivate
Bell Farm and Garden Equipment Co. reported the following information for Year 1:Selected information from the balance sheet as of December 31, Year 1, follows:Assume that a major customer returned
The Kroger Co. was founded in 1883 and is one of the largest retailers in the world, based on annual sales. Whole Foods Market claims to be the world’s largest retailer of natural and organic
Presented here is selected information from the 2013 fiscal-year 10-K reports of four companies. The four companies, in alphabetical order, are: AT&T, Inc., a company that provides communications
The following quarterly information is given for Rossie for Year 1 (amounts shown are in millions):Requireda. Divide the class into groups and organize the groups into four sections. Assign each
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 was Target’s gross margin
The following trial balance pertains to Frank’s Hardware as of January 1, Year 2:Account Title Beginning
The following account titles and balances were taken from the adjusted trial balance of Hogan Sales Co. at December 31, Year 2. The company uses the periodic inventory method.Requireda. Prepare a
The following information was drawn from the records of Moore Sales Company:Requireda. Prepare a multistep income statement for each year.b. Prepare a common size income statement for each year.c.
At the beginning of Year 2, the Dotson Company had the following balances in its accounts:Cash ................................. ................................. $14,500Inventory
Singleton Company was started in Year 1 when it acquired $94,000 cash from the issue of common stock. The following data summarize the company’s first three years’ operating activities. Assume
Indicate whether each of the following costs is a product cost or a period cost:a. Cleaning supplies for the office.b. Freight on goods purchased for resale.c. Salary of the marketing director.d.
For each of the following events, determine the amount of freight paid by Cycle Parts House. Also indicate whether the freight is classified as a product or period cost.a. Purchased merchandise with
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:
Rick Dove is the owner of RD Cleaning. At the beginning of the year, RD Cleaning had $4,800 in inventory. During the year, RD Cleaning purchased inventory that cost $26,000. At the end of the year,
Custom Auto Parts (CAP) started the Year 2 accounting period with the balances given in the horizontal financial statements model shown below. During Year 2, CAP experienced the following business
McDowell Company began the Year 3 accounting period with $50,000 cash, $72,000 inventory, $55,000 common stock, and $67,000 retained earnings. During Year 3, McDowell experienced the following
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 returned
The following information was taken from the accounts of Adams’s Eatery, a delicatessen, at December 31, Year 1. The accounts are listed in alphabetical order, and each has a normal
In Year 1, Image Incorporated sold land for $82,000 cash. The land had originally cost $50,000. Also, Image sold inventory that had cost $176,000 for $265,000 cash. Operating expenses amounted to
The beginning account balances for Franchoni’s Body Shop as of January 1, Year 2, follow:Account Titles Beginning ................................. ................................. BalancesCash
Alpine Ski Co. experienced the following events during Year 1, its first year of operation:1. Started the business when it acquired $145,000 cash from the issue of common stock.2. Paid $85,000 cash
Wild Rose Co. experienced the following events for the Year 1 accounting period:1. Acquired $20,000 cash from the issue of common stock.2. Purchased $36,000 of inventory on account.3. Received goods
TRS Company experienced the following events:1. Purchased merchandise inventory for cash.2. Sold merchandise inventory on account. Label the revenue recognition 2a and the expense recognition 2b.3.

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