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principles financial accounting

Questions and Answers of Principles Financial Accounting

E5-16 This information relates to Martinez Co.1. On April 5 purchased merchandise from D. Norlan Company for $20,000, terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight costs of $900
E5-15 Below is a series of cost of goods sold sections for companies B, F, L, and R.B F L R Beginning inventory $ 150 $ 70 $1,000 $ 0)Purchases 1,600 1,080 (g) 43,590 Purchase returns and allowances
E5-14 On January 1,2008, Rachael Ray Corporation had merchandise inventory of $50,000.At December 31,2008, Rachael Ray had the following account balances.
E5-12 Presented below is financial information for two different companies.
E5-10 An inexperienced accountant for Blaufuss Company made the following errors in recording merchandising transactions.1. A $175 refund to a customer for faulty merchandise was debited to Sales
E5-9 In its income statement for the year ended December 31,2008, Pele Company reported the following condensed data.Administrative expenses $ 435,000 Cost of goods sold 1,289,000 Interest expense
E5-8 Presented below is information related to Rogers Co. for the month of January 2008.Ending inventory per Salary expense $61,000 perpetual records $21,600 Sales discounts 10,000 Ending inventory
E5-7 Peter Kalle Company had the following account balances at year-end: cost of goods sold$60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales dis¬counts
E5-6 The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2008: Sales $800,000, Freight-out $16,000, Sales Returns and
E5-4 On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June 11. Damaged goods
E5-2 Information related to Steffens Co. is presented below.1. On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight
E5-1 Mr. Wellington has prepared the following list of statements about service companies Answer general questions on and merchandisers. inventory.1. Measuring net income for a merchandising company
BE5-13 Presented below is the format of the worksheet presented in Appendix 5B.
BE5-12 Prepare the journal entries to record these transactions on Allied Company’s books using a periodic inventory system.(a) On March 2, Allied Company purchased $1,000,000 of merchandise from
BE5-11 Assume the same information as in BE5-10 and also that Alshare Company has be¬ginning inventory of $60,000, ending inventory of $90,000, and net sales of $630,000. Determine the amounts to be
BE5-10 Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; and
BE5-9 Assume Baja Company has the following account balances: Sales $510,000, Sales Returns and Allowances $15,000, Cost of Goods Sold $350,000, Selling Expenses $70,000, and Administrative Expenses
BE5-8 Explain where each of the following items would appear on (1) a multiplestep income statement, and on (2) a single-step income statement: (a) gain on sale of equipment,(b) casualty loss from
BE5-6 Bleeker Company has the following merchandise account balances: Sales $195,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Merchandise Inventory $40,000.Prepare the entries to
BE5-5 At year-end the perpetual inventory records of Garbo Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was$96,500. Record the
BE5-4 From the information in BE5-3, prepare the journal entries to record these transactions on Churchill Company’s books under a perpetual inventory system.
BE5-3 Prepare the journal entries to record the following transactions on Monroe Company’s books using a perpetual inventory system.(a) On March 2, Monroe Company sold $900,000 of merchandise to
BE5-1 Presented below are the components in Waegelain Company’s income statement.Determine the missing amounts.Sales(a) $75,000(b) $108,000(c) ?Cost of Goods Sold?$70,000$71,900 Gross
23. Indicate the columns of the worksheet in which (a) mer¬chandise inventory and (b) cost of goods sold will be shown.
20. How does the single-step form of income statement dif¬fer from the multiple-step form?
17. Identify the distinguishing features of an income state¬ment for a merchandising company.
14. What merchandising account(s) will appear in the post¬closing trial balance?
12. Explain why the Merchandise Inventory account will usually require adjustment at year-end.
8. Goods costing $2,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 the company received a $200 credit from the supplier for damaged goods. Give the journal entry
7. Explain the meaning of the credit terms 2/10, n/30.
13. In a worksheet, Merchandise Inventory is shown in the (SO 9)following columns:a. Adjusted trial balance debit and balance sheet debit.b. Income statement debit and balance sheet debit.c. Income
11. If beginning inventory is $60,000, cost of goods pur- (SO 7)chased is $380,000, and ending inventory is $50,000, cost of goods sold is:a. $390,000.b. $370,000.c. $330,000.d. $420,000.
9. Which of the following appears on both a single-step and a multiple-step income statement?a. merchandise inventory.b. gross profit.c. income from operations.d. cost of goods sold.
5. Which of the following accounts will normally appear in (SO 2)the ledger of a merchandising company that uses a per¬petual inventory system?a. Purchases.b. Freight-in.c. Cost of Goods Sold.d.
4. A credit sale of $750 is made on June 13, terms 2/10, (SO 3)net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:a. $700.b. $686.c. $685.d. $650.
3. What is included in cost of goods available for sale?
1. Name two basic systems of accounting for inventory.
2. What are nonoperating activities? How do companies report them in the income statement?
1. Determine PepsiCo’s gross profit rate for 2005 and 2004. Indicate whether it increased or decreased from 2004 to 2005. The answer to this question appears on page 243.
1. Why do merchandising companies usually need to make an adjustment to the Merchandise Inventory account?
2. Why is it important to use the Sales Returns and Allowances account, rather than simply reducing the Sales account, when purchasers return goods?
1. Under a perpetual inventory system, what are the two entries that a selling company must record at the time of each sale?
3. Under the perpetual inventory system, what entries do companies make to record purchases, purchase returns and allowances, purchase discounts, and freight costs?
1. How does a merchandising company measure net income differently from a service company?
12 If a perpetual system keeps track of inventory on a daily basis, why do companies ever need to do a physical count?
11 All About You: When Is a Sale a Sale? (p. 215)
10 For IBM, What Is Operating? (p. 213)
9 Should Publishers Have Liberal Return Policies? (p. 205)
8 Morrow Snowboards Improves Its Stock Appeal (p. 199)
7 Determine cost of goods sold under a periodic inventory system.
6 Explain the computation and importance of gross profit.
5 Distinguish between a multiple-step and a single-step income statement.
4 Explain the steps in the accounting cycle for a merchandising company.
3 Explain the recording of sales revenues under a perpetual inventory system.
2 Explain the recording of purchases under a perpetual inventory system.
1 Identify the differences between service and merchandising companies.
(d) Prepare a resume assuming that you have accomplished the five to 10 specific steps you identi¬fied in part (a). Also, provide evidence that would give assurance that the information is reliable
(c) A company’s annual report provides information about a company’s accomplishments. In or¬der for investors to use the annual report, the information must be reliable; that is, users must have
(b) In order to get the job you want, you will need a resume. Your resume is the equivalent of a company’s annual report. It needs to provide relevant and reliable information about your past
(a) Where would you like to be working in three to five years? Describe your plan for getting there by identifying between five and 10 specific steps that you need to take in order to get there.
(c) What are Mary’s alternatives?
(b) What are the ethical issues involved in this case?
(a) Who are the stakeholders in this situation?
(g) Which of these two companies is larger by size ofsales? Which one reported higher net income?
(0 What is this competitor’s name? What were its sales? What was its net income?
(e) Choose one of these competitors.
(d) What are the names of four of the company’s competitors?
(c) What was the company’s net income?
(b) What was the company’s total sales?
(a) What is the company’s industry?
BYP2-3 Much information about specific companies is available on the World Wide Web.Such information includes basic descriptions of the company’s location, activities, industry, fi¬nancial health,
BYP2-2 PepsiCo’s financial statements are presented in Appendix A. Coca-Cola’s financial statements are presented in Appendix B.Instructions(a)Based on the information contained in the financial
(3) Inventory is increased.
(2) Accounts Payable is decreased.
(1) Accounts Receivable is decreased.
(b) Identify the probable other account in the transaction and the effect on that account when-
(2) What is the normal balance for each account?
(1) What is the increase and decrease side for each account?
(a) Answer the following questions.
BYP2-1 The financial statements of PepsiCo are presented in Appendix A. The notes accom¬panying the statements contain the following selected accounts, stated in millions of dollars.Accounts Payable
P2-5B The Quinn Theater, owned by Mike Quinn, will begin operations in March. The Quinn will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger
P2-4B The trial balance of Don Kelso Co. shown below does not balance.DON KELSO CO.Trial Balance June 30, 2008 Debit Credit Cash $ 2,840 Accounts Receivable $ 3,231 Supplies 800 Equipment 3,000
P2-2B Rosa Perez is a licensed architect. During the first month of the operation of her busi¬ness, the following events and transactions occurred.April 1 Stockholders invested $30,000 cash in
P2-1B Surepar Miniature Golf and Driving Range was opened on March 1 by Jerry Glover.The following selected events and transactions occurred during March.Mar. 1 Invested $50,000 cash in the business
P2-4A The trial balance of the Sterling Company shown below does not balance.STERLING COMPANY Trial Balance May 31,2008 Debit Credit Cash $5,850 Accounts Receivable $2,750 Prepaid Insurance 700
P2-3A Jack Shellenkamp owns and manages a computer repair service, which had the follow¬ing trial balance on December 31,2007 (the end of its fiscal year).
P2-2A Jane Kent is a licensed CPA. During the first month of operations of her business, Jane Kent, Inc., the following events and transactions occurred.May 1 Stockholders invested $25,000 cash in
P2-1A Frontier Park was started on April 1 by C. J. Mendez and associates. The following se¬lected events and transactions occurred during April.Apr. 1 48 11 12 13 17 20 25 30 30 Stockholders
E2-14 The accounts in the ledger of Sanford Delivery Service contain the following balances Prepare a trial balance.on July 31,2008. (SO 2 7)Accounts Receivable $ 7,642 Prepaid Insurance $1,968
E2-13 The bookkeeper for Sam Kaplin Equipment Repair made a number of errors in jour¬nalizing and posting, as described below.1. A credit posting of $400 to Accounts Receivable was omitted.2. A
E2-12 Selected transactions for Tina Cordero Company during its first month in business are presented below.Sept. 1 Invested $10,000 cash in the business in exchange for common stock.5 Purchased
E2-11 Presented below and on the next page is the ledger for Heerey Co.Cash No. 101 Common Stock No. 311 10/1 5,000 10/4 400 10/1 5,000 10/10 650 10/12 1,500 10/25 2,000 10/10 4,000 10/15 250 10/20
E2-10 TheT accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.Cash No. 101 Unearned Revenue No. 205 4/1 15,000 4/15 600 4/30 1,000 4/12 900
E2-9 Selected transactions from the journal of Teresa Gonzalez, investment broker, are pre¬sented below.Date Account Titles and Explanation Ref. Debit Credit Aug. 1 Cash 5,000 Common Stock
E2-7 Rowand Enterprises had the following selected transactions.1. Aaron Rowand invested $4,000 cash in the business in exchange for common stock.2. Paid office rent of $1,100.3. Performed consulting
E2-6 Konerko Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $2,500 cash for a computer.3. Purchased $700 of supplies on account.Instructions(a)
E2-5 Transaction data for Hanshew Real Estate Agency are presented in E2-4.Instructions Journalize the transactions. (You may omit explanations.)
E2-4 Presented below is information related to Hanshew Real Estate Agency.Oct. 1 Pete Hanshew begins business as a real estate agent with a cash investment of $15,000 in exchange for common stock.2
E2-3 Data for D. Reyes, Inc., interior decorating, are presented in E2-2.Instructions Journalize the transactions using journal page Jl. (You may omit explanations.)
E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of Identify debits, credits, and business, are as follows. normal balances.Jan. 2 Invested $10,000 cash

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