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principles financial accounting

Questions and Answers of Principles Financial Accounting

Information related to Munoz Pizza is presented below. LO6 1. On April 5, purchased merchandise from Freeman Tomato Sauce for $17,000 terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight
On September 1, Roth Seafood had an inventory of 30 golf shirts that bear the restaurant’s logo at a cost of $20 each. The company uses a perpetual inventory system. During September, the following
Presented is information related to Croce Yogurt for the month of January 2004. LO6 Ending inventory per Salary expense $ 61,000 perpetual records $ 21,600 Sales discounts 8,000 Ending inventory
Presented below are selected accounts for Garland Decorating as reported in the work sheet at the end of May 2004. LO6 Adjusted Income Accounts Trial Balance Statement Balance Sheet Dr. Cr. Dr. Cr.
Mike Young, a former professional tennis star, operates Mike’s Tennis Shop at the Jackson Lake Resort. At the beginning of the current season, the ledger of Mike’s Tennis Shop LO6 showed Cash
No financial decision maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This activity
Rita Pelzer was just hired as the assistant treasurer of Yorkshire Store. The company is a specialty chain store with nine retail stores concentrated in one metropolitan area. Among other things, the
Explain what accounting is. LO13
Identify the users and uses of accounting. LO13
Understand why ethics is a fundamental business concept. LO13
Explain the meaning of generally accepted accounting principles and the cost principle. LO13
Explain the meaning of the monetary unit assumption and the economic entity assumption. LO13
State the basic accounting equation, and explain the meaning of assets, liabilities, and stockholders’ equity. LO13
Analyze the effects of business transactions on the basic accounting equation. LO13
Understand what the four financial statements are and how they are prepared. LO13
Presented below is the basic accounting equation. Determine the missing amounts. LO13 Assets Liabilities Stockholders’ Equity (a) $90,000 $50,000 ?(b) ? $45,000 $85,000 (c) $97,000 ? $62,000
Given the accounting equation, answer each of the following questions. LO13 1. The liabilities of Leno Health Drinks are $90,000, and the stockholders’ equity is $280,000.What is the amount of
At the beginning of the year, Italian Pasta Company had total assets of $850,000 and total liabilities of $500,000. Answer the following questions. LO13 1. If total assets increased $150,000 during
Presented below are three business transactions. On a sheet of paper, list the letters (a),(b), (c) with columns for assets, liabilities, and stockholders’ equity. For each column, indicate whether
Classify each of the following items as asset (A), liability (L), revenue (R), or expense (E). LO13 _______ (a) Advertising expense _______ (e) Cash _______ (b) Commission revenue _______ (f ) Rent
Pressing Cleaners has the following balance sheet items. LO13 Accounts payable Accounts receivable Cash Notes payable Cleaning equipment Salaries payable Cleaning supplies Common stock Instructions
Selected transactions for Green Acres Catering Company are listed below.1. Made cash investment to start business. LO13 2. Paid monthly rent.3. Purchased equipment on account.4. Billed customers for
Blaskowski Foodservices entered into the following transactions during May 2004. LO13 1. Purchased kitchen equipment for $22,000 from Wheeler Appliances on account.2. Paid $5,000 cash for May rent on
On April 1, Crossroads Travel Agency, Inc. was established. The following transactions LO13 were completed during the month.1. Stockholders invested $20,000 cash, receiving common stock in
Jennifer Lopez Cheesecake Corporation was formed on July 1, 2004. On July 31, the balance sheet showed Cash $5,000, Accounts Receivable $1,900, Supplies $500, Office Equipment$5,000, Accounts Payable
The actual financial statements of Hilton Hotels, as presented in the company’s 2001 Annual Report, are contained in the Appendix (at the back of the textbook). LO13 Instructions Refer to
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers. LO13 Address: www.careers-in-accounting.com Instructions Go to the site shown above.
Explain the meaning of generally accepted accounting principles and identify the key items of the conceptual framework. LO2
Describe the basic objectives of financial reporting. LO2
Discuss the qualitative characteristics of accounting information and elements of financial statements. LO2
Identify the basic assumptions used by accountants. LO2
Identify the basic principles of accounting. LO2
Identify the two constraints in accounting. LO2
Understand and analyze classified financial statements. LO2
Explain the accounting principles used in international operations. LO2
Identify the various systems of accounting procedures used in the hospitality industry. LO2
Understand accounting and financial management in a hotel. LO2
Understand accounting and financial management in a foodservice operation and a club. LO2
A number of accounting reporting situations are described below. LO2 1. Cuneo Company recognizes revenue at the end of the production cycle, but before sale.The price of the product, as well as the
Presented below are some business transactions that occurred during 2004 for Sammy Sosa Company. LO2(a) Merchandise inventory with a cost of $208,000 is reported at its market value of$260,000. The
Presented below are the assumptions, principles, and constraints discussed in this chapter. LO2 1. Economic entity assumption 6. Matching principle 2. Going concern assumption 7. Full disclosure
Presented below are the assumptions, principles, and constraints used in this chapter. LO2 1. Economic entity assumption 6. Revenue recognition principle 2. Going concern assumption 7. Matching
Dye and Zaur are accountants for SuperResorts. They disagree over the following transactions that occurred during the calendar year 2004. LO2 1. Dye suggests that equipment should be reported on the
Presented below are a number of business transactions that occurred during the current year for Chavez, Inc. LO2 1. Because the general level of prices increased during the current year, Chavez, Inc.
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a
Compute interest and future values. LO15
Compute present values. LO15
Compute present value. LO15
Explain how to account for debt investments. LO15
Explain how to account for stock investments. LO15
Discuss how debt and stock investments are reported in the fi nancial statements. LO15
For each of the following cases, indicate (a) what interest rate columns and(b) what number of periods you would refer to in looking up the future value factor.(1) In Table 1 (future value of
Andrew and Emma Garfi eld invested $8,000 in a savings account paying 5% annual interest when their daughter, Angela, was born. They also deposited $1,000 on each of her birthdays until she was 18
Hugh Curtin borrowed $35,000 on July 1, 2017. This amount plus accrued interest LO15 at 8% compounded annually is to be repaid on July 1, 2022. How much will Hugh have to repay on July 1, 2022?
Sara has just graduated from college. She has determined that to purchase a home in 8 years she needs to accumulate $20,000 for a down payment. If Sara can earn 6% per year on her savings, what is
For each of the following cases, indicate (a) what interest rate columns and(b) what number of periods you would refer to in looking up the discount rate.(1) In Table 3 (present value of 1): LO15
(a) What is the present value of $25,000 due 9 periods from now, discounted at 10%?(b) What is the present value of $25,000 to be received at the end of each of 6 LO15 periods, discounted at 9%?
Messi Company is considering an investment that will return a lump sum of LO15$900,000 6 years from now. What amount should Messi Company pay for this investment to earn an 8% return?
Lloyd Company earns 6% on an investment that will return $450,000 8 years from LO15 now. What is the amount Lloyd should invest now to earn this rate of return?
Robben Company is considering investing in an annuity contract that will return$40,000 annually at the end of each year for 15 years. What amount should Robben Company pay for this investment if it
Kaehler Enterprises earns 5% on an investment that pays back $80,000 at the end LO15 of each of the next 6 years. What is the amount Kaehler Enterprises invested to earn the 5% rate of return?
Dempsey Railroad Co. is about to issue $400,000 of 10-year bonds paying an 11%interest rate, with interest payable semiannually. The discount rate for such securities is LO15 10%. How much can
Assume the same information as BEG-14 except that the discount rate is 12%instead of 10%. In this case, how much can Dempsey expect to receive from the sale of these bonds? LO15
Neymar Taco Company receives a $75,000, 6-year note bearing interest of 4% LO15(paid annually) from a customer at a time when the discount rate is 6%. What is the present value of the note received
Frazier Company issues a 10%, 5-year mortgage note on January 1, 2017, to obtain fi nancing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment
If Colleen Mooney invests $4,765.50 now and she will receive $12,000 at the end of 12 years, what annual rate of interest will Colleen earn on her investment? (Hint: Use LO15 Table 3.)
Tim Howard has been offered the opportunity of investing $36,125 now. The investment will earn 11% per year and at the end of that time will return Tim $75,000. How LO15 many years must Tim wait to
Joanne Quick made an investment of $10,271.38. From this investment, she will receive $1,200 annually for the next 15 years starting one year from now. What rate of interest will Joanne’s
Kevin Morales invests $7,793.83 now for a series of $1,300 annual returns beginning one year from now. Kevin will earn a return of 9% on the initial investment. How many annual payments of $1,300
Carly Simon wishes to invest $18,000 on July 1, 2017, and have it accumulate to$50,000 by July 1, 2027. Use a fi nancial calculator to determine at what exact annual rate of interest Carly must
What are the reasons that companies invest in LO15 securities?
(a) What is the cost of an investment in bonds? LO15(b) When is interest on bonds recorded?
Geena Jaymes is confused about losses and gains on the sale of debt investments. Explain these issues to LO15 Geena:(a) How the gain or loss is computed.(b) The statement presentation of gains and
Heliy Company sells bonds that cost $40,000 for$45,000, including $1,000 of accrued interest. In recording LO15 the sale, Heliy books a $5,000 gain. Is this correct?Explain.
What is the cost of an investment in stock? LO15
To acquire Gaines Corporation stock, Palmer Co. pays$61,500 in cash. What entry should be made for this LO15 investment, assuming the stock is readily marketable?
(a) When should a long-term investment in common stock be accounted for by the equity method? LO15(b) When is revenue recognized under the equity method?
What constitutes “signifi cant infl uence” when an investor’s fi nancial interest is less than 50%? LO15
Distinguish between the cost and equity methods of LO15 accounting for investments in stocks.
What are consolidated fi nancial statements? LO15
What are the valuation guidelines for trading and LO15 available-for-sale investments at a balance sheet date?
Using the data in Question 13, how would Pat report LO15 the data if the investments were long-term and the securities were classifi ed as available-for-sale?
Boise Company’s investments in available-for-sale securities at December 31 show total cost of $202,000 and total fair value of $210,000. Prepare the adjusting entry. LO15
Using the data in Question 15, prepare the adjusting entry, assuming the securities are classifi ed as trading LO15 securities.
Where is Accumulated Other Comprehensive Loss reported on the balance sheet? LO15
Bargain Wholesale Supply owns stock in Cyrus Corporation, which it intends to hold indefi nitely because LO15 of some negative tax consequences if sold. Should the investment in Cyrus be classifi ed
Craig Corporation purchased debt investments for $40,800 on January 1, 2017.On July 1, 2017, Craig received cash interest of $1,660. Journalize the purchase and the LO15 receipt of interest. Assume
On August 1, Snow Company buys 1,000 shares of BCN common stock for $35,600 cash. On December 1, the stock investments are sold for $38,000 in cash. Journalize the purchase and sale of the common
Tote Company owns 25% of Toppe Company. For the current year, Toppe reports net income of $150,000 and declares and pays a $60,000 cash dividend. Record Tote’s LO15 equity in Toppe’s net income
Cost and fair value data for the trading securities of Lecler Company at December 31, 2017, are $62,000 and $59,600, respectively. Prepare the adjusting entry to record the LO15 securities at fair
For the data presented in BEH-4, show the financial statement presentation of the trading securities and related accounts. LO15
In its first year of operations, Machin Corporation purchased available-for-sale stock securities costing $72,000 as a long-term investment. At December 31, 2017, the fair value of the securities is
For the data presented in BEH-6, show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent. LO15
Jan. 1 Purchased 90 10%, $1,000 Martine Co. bonds for $90,000 cash. Interest is payable semiannually on July 1 and January 1.July 1 Received semiannual interest on Martine Co. bonds.July 1 Sold 30
At December 31, 2017, the trading securities for Gwynn, Inc. are as follows.Security Cost Fair Value LO15 A $18,100 $16,000 B 12,500 14,800 C 23,000 18,000 Total $53,600 $48,800 Instructions(a)
Data for investments in stock classified as trading securities are presented in EH-6. Assume instead that the investments are classified as available-for-sale securities LO15 with the same cost and
Weston Company has these data at December 31, 2017, the end of its first year of operations.Securities Cost Fair Value Trading $110,000 $122,000 Available-for-sale 100,000 96,000 LO15 The
On December 31, 2016, the end of its fi rst year of operations, Botani Associates owned the following securities that are held as long-term investments. LO15 Common Stock Shares Cost C Co. 1,000
The following data, presented in alphabetical order, are taken from the records of Manfreid Corporation.Accounts payable $ 150,000 Accounts receivable 90,000 Accumulated depreciation—buildings
Apply the concepts of sustainable income and quality of earnings. LO15

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