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principles financial accounting

Questions and Answers of Principles Financial Accounting

Purpose: To employ comparative data and industry data to evaluate a company’s performance and fi nancial position.Address: http://www.msn.com/en-us/money, or go to www.wiley.com/college/kimmel
The April 25, 2012, edition of the Wall Street Journal contains an article by Spencer Jakab entitled “Amazon’s Valuation Is Hard to Justify.”Instructions Read the article and answer the
Larry Dundee is the chief executive offi cer of Palmer Electronics. Dundee is an expert engineer but a novice in accounting. Dundee asks you, as an accounting student, to explain (a) the bases for
Presentation of comprehensive income must be reported under IFRS in:(a) the statement of stockholders’ equity.(b) the income statement ending with net income. LO15(c) the notes to the financial
In preparing its income statement for 2017, Parmalane assembles the following information.Sales revenue $500,000 Cost of goods sold 300,000 LO15 Operating expenses 40,000 Loss on discontinued
Prepare a statement of cash fl ows using the direct method. LO11
Distinguish among the three activities reported in the statement of cash flows. LO11
Contrast the advantages and disadvantages of the direct and indirect methods of preparing the statement of cash fl ows. Are both methods acceptable? Which method is preferred by the FASB? Which
Why is it necessary to convert accrual-basis net income to cash-basis net income when preparing a statement of cash fl ows? LO11
Why is the statement of cash fl ows useful? LO11
Based on its statement of cash fl ows, in what stage of the product life cycle is Apple? LO11
Describe the direct method for determining net cash provided by operating activities. LO11
Give the formulas under the direct method for computing(a) cash receipts from customers and (b) cash payments to suppliers. LO11
In the direct method, why is depreciation expense not reported in the cash fl ows from operating activities section? LO11
The following T-account is a summary of the Cash account of Alixon Company. LO11 Cash (Summary Form)Balance, Jan. 1 8,000 Receipts from customers 364,000 Payments for goods 200,000 Dividends on stock
Moss Corporation had the following transactions. LO11 1. Issued $160,000 of bonds payable.2. Paid utilities expense.3. Issued 500 shares of preferred stock for $45,000.4. Sold land and a building for
PK Photography reported net income of $100,000 for 2017. Included in the income statement were depreciation expense of $6,300, patent amortization expense of$4,000, and a gain on disposal of plant
The current sections of Sunn Inc.’s balance sheets at December 31, 2016 and 2017, are presented here. Sunn’s net income for 2017 was $153,000. Depreciation expense was$27,000. LO11 2017 2016
The following three accounts appear in the general ledger of Beiber Corp. during 2017. LO11 Equipment Date Debit Credit Balance Jan. 1 Balance 160,000 July 31 Purchase of equipment 70,000 230,000
The 2017 accounting records of Megan Transport reveal these transactions and events. LO11 Payment of interest $ 10,000 Payment of salaries and wages $ 53,000 Cash sales 48,000 Depreciation expense
The following information is taken from the 2017 general ledger of Preminger Company. LO11 Rent Rent expense $ 30,000 Prepaid rent, January 1 5,900 Prepaid rent, December 31 7,400 Salaries Salaries
The following account balances relate to the stockholders’ equity accounts of Molder Corp. at year-end. LO11 2017 2016 Common stock, 10,500 and 10,000 shares, respectively, for 2017 and 2016
The income statement of Munsun Company is presented here. LO11 MUNSUN COMPANY Income Statement For the Year Ended November 30, 2017 Sales revenue $7,600,000 Cost of goods sold Beginning inventory
Data for Munsun Company are presented in P12-3A. LO11 Instructions Prepare the operating activities section of the statement of cash flows using the direct method.
Presented below are the fi nancial statements of Warner Company. LO11 WARNER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 35,000 $ 20,000 Accounts receivable 20,000 14,000
Data for Warner Company are presented in P12-7A. Further analysis reveals the following. LO11 1. Accounts payable pertain to merchandise suppliers.2. All operating expenses except for depreciation
Condensed fi nancial data of Granger Inc. follow. LO11 GRANGER INC.Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 80,800 $ 48,400 Accounts receivable 87,800 38,000 Inventory 112,500
Data for Granger Inc. are presented in P12-9A. Further analysis reveals that accounts payable pertain to merchandise creditors. LO11 Instructions Prepare a statement of cash flows for Granger Inc.
The comparative balance sheets for Spicer Company as of December 31 are presented below. LO11 SPICER COMPANY Comparative Balance Sheets December 31 Assets 2017 2016 Cash $ 68,000 $ 45,000 Accounts
Natalie has prepared the balance sheet and income statement of Cookie & Coffee Creations Inc. and would like you to prepare the statement of cash fl ows.Go to the book’s companion website, at
The fi nancial statements of Apple Inc. are presented in Appendix A. LO11 Instructions Answer the following questions.(a) What was the amount of net cash provided by operating activities for the year
Purpose: Use the Internet to view SEC fi lings. LO11 Address: biz.yahoo.com/i Steps 1. Enter a company’s name.2. Choose Quote. Answer questions (a) and (b).3. Choose Profile; then choose SEC.
The November 23, 2011, edition of the Wall Street Journal Online contains an article by John Jannarone entitled “Backlash from Netfl ix Buybacks.” LO11 Instructions Read the article and answer
Identify the major characteristics of a sole proprietorship. LO5
Identify the major characteristics of a partnership. LO5
Explain the accounting entries for the formation of a partnership. LO5
Identify the bases for dividing net income or net loss. LO5
Identify the major characteristics of a corporation. LO5
Record the issuance of common stock. LO5
Explain the accounting for treasury stock. LO5
Differentiate preferred stock from common stock. LO5
Prepare the entries for cash dividends and stock dividends. LO5
Identify the items that are reported in a retained earnings statement. LO5
Jane Moreno and Javier Sanchez combine their resources and open a Latin American tapas restaurant. Moreno puts in $15,000 cash and kitchen equipment with a book value of$6,000, accumulated
Sarah and Allison have been partners for more than 10 years in their bakery. They invested equal amounts to open up the business. After all these years, they would like to close the books. If the
Todd and Carlo became partners on January 1, 2005, in their joint venture ToLo Sports Bar. Todd put in $50,000, while Carlo’s share was $75,000. The net income for the year is $12,000.If the income
Referring back to 13-3, prepare the partner’s capital statement for the year ended December 2005 for ToLo Sports Bar if both Todd and Carlo withdraw $1,000 from their partnership. LO5
During its first year of operations, Evanston Motel Corporation had the following transactions pertaining to its common stock. LO5 Jan. 10 Issued 80,000 shares for cash at $5 per share.July 1 Issued
Phoenix Hotels and Clubs had the following transactions during the current period. LO5 Mar. 2 Issued 5,000 shares of $1 par value common stock to attorneys in payment of a bill for $27,000 for
On January 1, 2004, the stockholders’ equity section of Parge Hotels Corporation shows: common stock ($5 par value) $1,500,000; paid-in capital in excess of par value$1,000,000; and retained
On January 1, Moyer Hotel Corporation had 75,000 shares of no-par common stock issued and outstanding. The stock has a stated value of $5 per share. During the year, the following occurred. LO5 Apr.
On January 1, 2004, Yorkville Hotels Corporation had Retained Earnings of $580,000.During the year, Yorkville had the following selected transactions. LO5 1. Declared cash dividends $120,000.2.
A June 1999 issue of Money magazine includes an article by David Futrelle entitled“Stock Splits: How the Dumb Get Rich.” LO5 Instructions Read the article and answer the following questions.(a)
SEC filings of publicly traded companies are available to view online. LO5 Address: http//biz.yahoo.com/i Steps 1. Pick a company and type in the company’s name.2. Choose Quote.Instructions Answer
How aix’ Iranporary invx’simenis in markelabk' seeurilies reporleil on the bal ante slux'l?AppendixLO1
Describe the source of the data for debiting Work in Process for (a) direct ma¬ terials, (b) direct labor, and (c) factory overhead.AppendixLO1
What is the difference between a product cost and a period cost?AppendixLO1
Define and give examples of current liabilities.AppendixLO1
Prepare journal entries for short-term notes payable and the disclosure for the current portion of long-term debt.AppendixLO1
Describe the accounting treatment for contingent liabilities and journalize entries for product warranties.AppendixLO1
Determine employer liabilities for pay¬ roll, including liabilities arising from employee earnings and deductions from earnings.AppendixLO1
Describe payroll accounting systems ^ that use a payroll register, employee earnings records, and a general journal.AppendixLO1
Journalize entries for employee fringe benefits, including vacation pay and pensions.AppendixLO1
Use the quick ratio to analyze the ability of a business to pay its current liabilities.AppendixLO1
A business issued a $5,000, 60-day, 12% note to the bank. The amount due at maturity is:A. $4,900 C. $5,100 B. $5,000 D. $5,600 AppendixLO1
A business issued a $5,000, 60-day note to a sup¬ plier, which discounted the note at 12%. The pro¬ ceeds are:A. $4,400 C. $5,000 B. $4,900 D. $5,100 AppendixLO1
Which of the following taxes are employers usu¬ ally not required to withhold from employees?A. Federal income tax B. Federal unemployment compensation tax C. Medicare tax D. State and local income
An employee’s rate of pay is $40 per hour, with time and a half for all hours worked in excess of 40 during a week. The social security rate is 6.0%on the first $100,000 of annual earnings, and the
when should the liability associated with a product warranty be recorded? Discuss.AppendixLO1
General Motors Corp. reported $8.8 billion of product warranties in the cur¬ rent liabilities section of a recent balance sheet. How would costs of repairing a defective product be
The “Questions and Answers Technical Hotline” in the Journal ofAccountancy included the following question:Several years ago, Company B instituted legal action against Company A. Under a
a. Identify the federal taxes that most employers are required to withhold from employees.b. Give the titles of the accounts to which the amounts withheld are credited.AppendixLO1
For each of the following payroll-related taxes, indicate whether there is a ceil¬ ing on the annual earnings subject to the tax: (a) social security tax, (b) Medicare tax, (c) federal income tax,
Why are deductions from employees’ earnings classified as liabilities for the em¬ ployer?AppendixLO1
Taylor Company, with 20 employees, is expanding operations. It is trying to de¬ cide whether to hire one employee full-time for $25,000 or two employees part- time for a total of $25,000. Would any
For each of the following payroll-related taxes, indicate whether they generally apply to (a) employees only, (b) employers only, (c) both employees and em¬ ployers: 1. Social security tax 2.
What are the principal reasons for using a special payroll checking account?AppendixLO1
In a payroll system, what type of input data are referred to as (a) constants, Cb) variables?AppendixLO1
Explain how a payroll system that is properly designed and operated tends to ensure that (a) wages paid are based on hours actually worked and (b) payroll checks are not issued to fictitious
To match revenues and expenses properly, should the expense for employee vacation pay be recorded in the period during which the vacation privilege is earned or during the period in which the
Identify several factors that influence the future pension obligation of an em¬ ployer under a defined benefit pension plan.AppendixLO1
6.1 Consider the results shown in Example 6.1. Give your reasoned comments.
13.1 You are a practising accountant. A friend of your brother has asked you to prepare his accounts. He brings you invoices, copy invoices, various notes on scraps of paper and his bank account
13.2 Assume that you have accepted your brother’s friend as a client. You find he has no proper records of sales. What would you do? How satisfactory would you consider the result to be?
13.3 ‘Owners of businesses who do not keep complete, double entry records are often doing so deliberately so as to get tax relief on personal expenditure.’ Comment on this statement.
13.1 Wren received a legacy of £200,000 on 1 January 20X3 and on that date purchased a small retail business. The completion statement from the solicitor revealed the following:£Freehold shop
13.2 Oliver, who owns a retail shop which is managed by Sykes, finds Sykes stealing from the shop till and dismisses him on 30 September 20X1, the accounting year end. Oliver then supplies the
13.3 Bob Dean has been in business for some years as a grocer. He has hitherto prepared his own accounts, but he has experienced increasing difficulties with his Inspector of Taxes. You have been
13.4 Miss Codd owns a retail business. The only records she maintains are her bank statement and a file of outstanding debtors and unpaid suppliers.The following balances were shown on her balance
13.5 Mr Inc trades as a sole trader and asks you to prepare accounts covering the previous year’s period. He does not keep books of account but, by questioning him, you obtain the follow¬ ing
How do computerized budgeting .systems aid firms in the budgeting proce.s.s?AppendixLO1
How are cost of production reports used for controlling and improving operations?AppendixLO1
A major disadvantage of a corporation is: LO6(a) limited liability of stockholders.(b) additional taxes.(c) transferable ownership rights.(d) None of the above.
Rolman Corporation is authorized to issue 1,000,000 shares of $5 par value common stock. In its fi rst year, the company has the following stock transactions. LO6 Jan. 10 Issued 400,000 shares of
For what reasons might a company like IBM repurchase some of its stock (treasury stock)? LO6
Contrast the effects of a cash dividend and a stock dividend on a corporation’s balance sheet. LO6
Doris Angel asks, “Since stock dividends don’t change anything, why declare them?” What is your answer to Doris? LO6
What was the total cost of Apple’s treasury stock at September 27, 2014? What was the amount of the 2014 cash dividend? What was the size of the 2014 stock split? LO6
(a) What is the purpose of a retained earnings restriction?(b) Identify the possible causes of retained earnings restrictions. LO6
Thom Inc.’s common stock has a par value of $1 and a current market price of $15. Explain why these amounts are different. LO6

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