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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

On January 1, Year 1, three companies purchased the same make and model copy machine. However, each company made different assumptions regarding the useful life and salvage value of its particular
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 debt-to-assets
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
The following information was drawn from the Year 5 balance sheets of two companies:During Year 5, Steelman’s net income was $45,800, while Bingum’s net income was $22,300.Requireda. Compute the
Oaks Company had the following balances in its accounting records as of December 31, Year 1:The following accounting events apply to Oaks’s Year 2 fiscal year:Jan. 1 Acquired an additional $70,000
On January 1, Year 4, Franklin Company paid $200,000 cash to purchase a new theme ride. The ride has a $5,000 salvage value and a six-year useful life. Assume that Franklin earns $70,000 of cash
Iowa Service Company was formed on January 1, Year 1. Events Affecting the Year 1 Accounting Period1. Acquired cash of $60,000 from the issue of common stock.2. Purchased $1,200 of supplies on
The following accounts and balances were drawn from the records of Shearer Company at December 31, Year 2:Cash
The following events pertain to Weaver Cleaning Company:1. Acquired $15,000 cash from the issue of common stock.2. Provided services for $6,000 cash.3. Provided $18,000 of services on account.4.
Gossett Company had the following beginning balances in its accounting records as of January 1, Year 1:The following accounting events apply to Gossett for Year 1:Jan. 1 Acquired an additional
The following information was drawn from the Year 3 balance sheets of two companies:During Year 3, Williamson’s net income was $35,800, while Hendrix’s net income was $22,900.Requireda. Compute
The following information was drawn from the balance sheets of two companies:Requireda. Compute the debt-to-assets ratio to measure the level of financial risk of both companies.b. Compare the two
On January 1, Year 1, Yallow Cab Inc. paid $29,000 cash to purchase a taxi cab. The taxi had a threeyear useful life and a $5,000 salvage value.Requireda. Determine the amount of depreciation expense
The following events apply to Highland Grill for the Year 1 fiscal year:1. Started the company when it acquired $40,000 cash by issuing common stock.2. Purchased a new stove that cost $24,000 cash.3.
Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also, show the effects of the events on the financial
On January 1, Year 2, KimCom Boat Rentals purchased a boat that is to be used to produce rental income. The boat cost $120,000. It has an expected useful life of 10 years and a $20,000 salvage value.
Indicate whether each of the following statements is true or false.a. Prepaid rent appears on the balance sheet.b. The book value of a long-term asset appears on the statement of changes in
The following is a partial list of transactions FRC Company experienced during its Year 4 accounting period:1. Collected cash for services to be performed in the future.2. Paid cash to purchase
a. Describe a year-end adjustment that results in a decrease in liabilities.b. Describe a year-end adjustment that reduces the book value of a long-term asset.c. Describe a year-end adjustment that
The following transactions pertain to the operations of Blair Company for Year 1:1. Acquired $30,000 cash from the issue of common stock.2. Performed services for $12,000 cash.3. Paid a $7,200 cash
Patal Inc. experienced the following accounting events during its Year 1 accounting period:1. Paid cash to settle an account payable.2. Collected a cash advance for services that will be provided
Identify each of the following events as an accrual, deferral, or neither:a. Incurred other operating expenses on account.b. Recorded expense for salaries owed to employees at the end of the
On October 1, Year 1, Stokes Company paid Eastport Rentals $4,800 for a 12-month lease on warehouse space.Requireda. Record the deferral and the related December 31, Year 1, adjustment for Stokes
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 1, as
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
Interior Design Consultants (IDC) experienced the following events in Year 1, its first year of operation:1. On October 1, Year 1, IDC collected $24,000 for consulting services it agreed to provide
Jake Lewis received $800 in advance for tutoring fees when he agreed to help Laura Dalton with her introductory accounting course. Upon receiving the cash, Jake mentioned that he would have to record
Forestry Services Inc. experienced the following events in Year 1, its first year of operation:1. Performed counseling services for $18,000 cash.2. On February 1, Year 1, paid $12,000 cash to rent
On March 1, Year 1, Windy Mill Co. paid $48,000 for 12 months rent on its factory. In addition, on September 1, Year 1, the company paid $18,000 for a one-year insurance policy on the
Janitorial Professionals Inc. experienced the following events in Year 1, its first year of operation: 1. Performed services for $20,000 cash. 2. Purchased $4,000 of supplies on account. 3. A
Handy Andy Inc. began the Year 1 accounting period with $9,000 cash, $5,000 of common stock, and $4,000 of retained earnings. Handy Andy was affected by the following accounting events during Year
The following information was drawn from the Year 8 balance sheets of two companies:Company Assets = Liabilities + Common Stock + Retained EarningsMorris 500,000 = 125,000
Porser Company had the following balances in its accounting records as of December 31, Year 1:Assets
On January 1, Year 2, Shapiro Company paid $70,000 cash to purchase a truck. The truck has a $10,000 salvage value and a five-year useful life. Assume that Shapiro earns $18,000 of cash revenue per
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 $800 of supplies on account.3.
The following accounts and balances were drawn from the records of Barker Company at December 31, Year 2:Supplies ..................... .........................................$ 1,000 Beginning
The following events pertain to Super Cleaning Company:1. Acquired $10,000 cash from the issue of common stock.2. Provided $15,000 of services on account.3. Provided services for $5,000 cash.4.
Simpson Company had the following balances in its accounting records as of December 31, Year 1:Assets Liabilities and EquityCash ....................................................$
The following information was drawn from the Year 5 balance sheets of two companies:During Year 5, Butler’s net income was $25,200, while Lynch’s net income was $43,200.Requireda. Compute the
The following information was drawn from the balance sheets of two companies:Requireda. Compute the debt-to-assets ratio to measure the level of financial risk of both companies.b. Compare the two
On January 1, Year 1, Your Ride Inc. paid $36,000 cash to purchase a taxi cab. The taxi had a four-year useful life and a $4,000 salvage value.Required:a. Determine the amount of depreciation expense
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
On January 1, Year 2, LCJ Rental Cars purchased a car that is to be used to produce rental income. The car cost $35,000. It has an expected useful life of five years and a $5,000 salvage value. The
Indicate whether each of the following statements is true or false:a. The unearned revenue account appears on the income statement.b. Supplies expense appears on the statement of cash flows.c.
The following is a partial list of transactions Bok Company experienced during its Year 3 accounting period:1. Paid cash to purchase supplies.2. Paid cash to purchase insurance coverage for the
Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE), balance sheet (BS), or statement of cash flows (CF). Some
a. Describe a year-end adjustment that results in an increase in liabilities.b. Describe a year-end adjustment that results in a decrease in assets.c. Describe a year-end adjustment that results in a
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
Norell Inc. experienced the following accounting events during its Year 1 accounting period:1. Recognized revenue on account.2. Issued common stock.3. Paid cash to purchase supplies.4. Collected a
On October 1, Year 1, Josh Smith, attorney, accepted a $10,800 cash advance from his client, James Company, for services to be performed over the next six months.Requireda. Record the deferral and
Hart, Attorney at Law, experienced the following transactions in Year 1, the first year of operations:1. Accepted $36,000 on April 1, Year 1, as a retainer for services to be performed evenly over
Clark Bell started a personal financial planning business when he accepted $36,000 cash as advance payment for managing the financial assets of a large estate. Bell agreed to manage the estate for a
Yard Designs (YD) experienced the following events in Year 1, its first year of operation:1. On October 1, Year 1, YD collected $54,000 for consulting services it agreed to provide during the coming
Lan, an accounting major, and Pat, a marketing major, are watching a Matlock rerun on late-night TV. Of course, there is a murder, and the suspect wants to hire Matlock as the defense attorney.
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
Life, Inc. experienced the following events in Year 1, its first year of operation:1. Performed counseling services for $36,000 cash.2. On February 1, Year 1, paid $18,000 cash to rent office space
On June 1, Year 1, Hamlin, Inc. paid $12,000 for 12 months rent on its warehouse in Huntsville, Alabama. In addition, on October 1, Year 1, Hamlin paid $3,000 for a one-year insurance policy on the
Yard Professionals Inc. experienced the following events in Year 1, its first year of operation:1. Performed services for $35,000 cash.2. Purchased $6,000 of supplies on account.3. A physical count
Pizza Express Inc. began the Year 2 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Pizza Express was affected by the following accounting events during
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
Marco’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
Blix Corp. started the Year 2 accounting period with total assets of $50,000 cash, $20,000 of liabilities, and $20,000 of retained earnings. During the Year 2 accounting period, the Retained Earnings
The following unrelated events are typical of those experienced by business entities:1. Pay cash for operating expenses.2. Pay an office manager’s salary with cash.3. Receive cash for services that
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 changes
Corrugated Boxes 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
Amelia Company experienced the following events during its first- and second-year operations: Year 1 Transactions:1. Acquired $75,000 cash from the issue of common stock.2. Borrowed $28,000 cash
As of January 1, Year 2, Shundra Inc. had a balance of $4,500 in Cash, $2,500 in Common Stock, and $2,000 in Retained Earnings. These were the only accounts with balances in the ledger on January 1,
On January 1, Year 1, the following information was drawn from the accounting records of Zeke Company: cash of $200; land of $1,800; notes payable of $600; and common stock of $1,000.Requireda.
Tennessee Company experienced the following events during Year 2:1. Acquired $50,000 cash from the issue of common stock.2. Paid $15,000 cash to purchase land.3. Borrowed $25,000 cash.4. Provided
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
On January 1, Year 1, Palmer, a fast-food company, had a balance in its Cash account of $32,000. 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 James Company showed total stockholders’ equity of $156,000. Total stockholders’ equity increased by $65,000 between December 31, Year 1, and December
Petre Company was started on January 1, Year 1. During Year 1, the company experienced the following three accounting events: (1) earned cash revenues of $14,500, (2) paid cash expenses of
Forrest Inc. experienced the following events during its first-year operations: 1. Acquired $65,000 cash from the issue of common stock. 2. Borrowed $20,000 from the First City Bank. 3. Earned
At the end of Year 1, Jameson Co. had $800 of cash, $500 of liabilities, $300 of common stock, and zero in retained earnings. During Year 2, the company generated $650 of cash revenue and
Leaf Company experienced the following events during its first-year operations: 1. Acquired $65,000 cash from the issue of common stock. 2. Borrowed $18,000 from the First City Bank. 3. Earned
The following table shows the transactions experienced by Walter Enterprises during Year 7. The table contains missing data which are labeled with alphabetic characters (a) through (i). Assume all
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 Smith Co. pay a $2,000 cash dividend?b.
Lewis Enterprises was started when it acquired $4,000 cash from creditors and $6,000 from owners. The company immediately purchased land that cost $9,000. The land purchase was the only transaction
This exercise continues the scenario described in Exercise 1-11B shown earlier. Specifically, Green Gardens’s Year 1 ending balances become the Year 2 beginning balances. At the beginning of Year
Green Gardens, Inc. began operations on January 1, Year 1. During Year 1, Green Gardens experienced the following accounting events.1. Acquired $20,000 cash from the issue of common stock.2. Borrowed
Morrison Co. experienced the following events during Year 1: 1. Acquired cash from the issue of common stock. 2. Borrowed cash. 3. Collected cash from providing services. 4. Purchased land with
Middleton Co. paid $80,000 cash to purchase land from Saws Lumber Company. Saws originally paid $80,000 for the land. Required a. Did this event cause the balance in Middleton’s cash account
Riley Company paid $60,000 cash to purchase land from Clay Company. Clay originally paid $60,000 for the land.Requireda. Did this event cause the balance in Riley’s cash account to increase,
As of December 31, Year 1, Moss Company had total cash of $195,000, notes payable of $90,500, and common stock of $84,500. During Year 2, Moss earned $42,000 of cash revenue, paid $24,000 for cash
As of December 31, Year 1, Dunn Company had total cash of $156,000, notes payable of $85,600, and common stock of $52,400. During Year 2, Dunn earned $36,000 of cash revenue, paid $20,000 for cash
Calculate the missing amounts in the following table: Stockholders' Equity Common Stock Retained Earnings Company Assets Liabilities $ 50,000 $30,000 $62,000 A 50,000 85,000 215,000 10,000 25,000
Match the terms (identified as a through g) with the definitions and phrases (marked 1 through 7). For example the term “a. Assets” matches with definition 7. Economic resources that will be used
Karen White helped organize a charity fund to help cover the medical expenses of her friend, Vicky Hill, who was seriously injured in a bicycle accident. The fund was named the Vicky Hill Recovery
Explain the term stakeholder. Distinguish between stakeholders with a direct versus an indirect interest in the companies that issue financial reports.
This chapter defined and discussed accrual transactions. Complete the following requirements using the most recent financial statements available on the Internet for Netflix, Inc. Obtain the
Corola Corporation reported $34,000 of net income and $25,000 of net cash flow from operating activities All revenue is earned on account.RequiredWrite a brief memo that explains how earning revenue
The following data are based on information in the 2016 annual report of Buffalo Wild Wings, Inc. As of December 25, 2016, there were 1,240 Buffalo Wild Wings restaurants. The parent company owned
The following data are based on information in the 2016 annual report of Cracker Barrel Old Country Store. As of July 29, 2016, Cracker Barrel operated 640 restaurants and gift shops in 43 states.
The following information is drawn from the accounting records of Kristy Company:Divide the class into groups of four or five students. Organize the groups into four sections. Assign each section of
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. Which accounts on Target’s
The following information was drawn from the records of Tristan Company:Accounts payable (ending) ......................................................$12,000 Cash collected from accounts
Matchstix was started on January 1, Year 1.Year 1 Transactions1. Acquired $50,000 cash by issuing common stock.2. Earned $24,000 of revenue on account.3. On October 1, Year 1, borrowed $22,000 cash
Waddell Company had the following balances in its accounting records as of December 31, Year 1:The following accounting events apply to Waddell Company’s Year 2 fiscal year:Jan. 1 Acquired
Electronic Enterprises (EE) experienced eight accounting events during Year 6. These events affected EE’s financial statements as shown in the following horizontal financial statements

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