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principles financial accounting

Questions and Answers of Principles Financial Accounting

Which is the better investment—common stock with a par value of $5 per share or common stock with a par value of $20 per share? LO6
Identify the events that result in credits and debits to retained earnings. LO6
What three conditions must be met before a cash dividend is paid? LO6
Three dates associated with Petrie Company’s cash dividend are May 1, May 15, and May 31. LO6 Discuss the signifi cance of each date and give the entry at each date.
Explain the circumstances under which debt fi nancing will increase the return on common stockholders’ equity. LO6
Under what circumstances will the return on assets and the return on common stockholders’ equity be equal? LO6
Indicate whether each of the following transactions would increase (+), decrease(−), or not affect (N/A) total assets, total liabilities, and total stockholders’ equity. LO6
Sparks Corporation has 3,000 shares of 8%, $100 par value preferred stock outstanding at December 31, 2017. At December 31, 2017, the company declared a$105,000 cash dividend. Determine the dividend
The stockholders’ equity section of Lachlin Corporation’s balance sheet at December 31 is presented here. LO6 LACHLIN CORPORATION Balance Sheet (partial)Stockholders’ equity Paid-in capital
Mesa Corporation recently hired a new accountant with extensive experience in accounting for partnerships. Because of the pressure of the new job, the accountant was unable to review what he had
The following financial information is available for Flintlock Corporation. LO6(in millions) 2017 2016 Average common stockholders’ equity $2,532 $2,591 Dividends declared for common stockholders
Kojak Corporation decided to issue common stock and used the $300,000 proceeds to redeem all of its outstanding bonds on January 1, 2017. The following information is available for the company for
Spahn Company manufactures backpacks. During 2017, Spahn issued bonds at 10% interest and used the cash proceeds to purchase treasury stock. The following fi nancial information is available for
Because Natalie has been so successful with Cookie Creations and her friend Curtis Lesperance has been just as successful with his coffee shop, they conclude that they could benefi t from each
After establishing their company’s fi scal year to be October 31, Natalie and Curtis began operating Cookie & Coffee Creations Inc. on November 1, 2017. On that date, they issued both preferred and
Hawkeye Corporation’s balance sheet at December 31, 2016, is presented below. LO6 HAWKEYE CORPORATION Balance Sheet December 31, 2016 Cash $ 24,600 Accounts payable $ 25,600 Accounts receivable
The stockholders’ equity section of Apple Inc.’s balance sheet is shown in the Consolidated Statement of Financial Position in Appendix A. Instructions for accessing and using the company’s
The fi nancial statements of Columbia Sportswear Company are presented in Appendix B. Financial statements of VF Corporation are presented in Appendix C. LO6 Instructions(a) Based on the information
The fi nancial statements of Amazon.com, Inc. are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. LO6 Instructions(a) Based on the information in
Marriott Corporation split into two companies: Host Marriott Corporation and Marriott International. Host Marriott retained ownership of the corporation’s vast hotel and other properties, while
Purpose: Use the stockholders’ equity section of an annual report and identify the major components. LO6 Address: www.annualreports.com Steps 1. Select a particular company.2. Search by company
During a recent period, the fast-food chain Wendy’s International purchased many treasury shares. This caused the number of shares outstanding to fall from 124 million to 105 million. The following
Earl Kent, your uncle, is an inventor who has decided to incorporate. Uncle Earl knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with the question, “I’m fi
If your school has a subscription to the FASB Codifi cation, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following. LO6(a) What is the stock dividend?(b) What is a
Under IFRS, the amount of capital received in excess of par value would be credited to: LO6(a) Retained Earnings. (c) Share Premium.(b) Contributed Capital. (d) Par value is not used under IFRS.
Which item in not considered part of reserves? LO6(a) Unrealized loss on available-for-sale investments. (c) Retained earnings.(b) Revaluation surplus. (d) Issued shares.
Under IFRS, a statement of comprehensive income must include: LO6(a) accounts payable. (c) income tax expense.(b) retained earnings. (d) preference stock.
On May 10, Jaurez Corporation issues 1,000 shares of $10 par value ordinary shares for cash at $18 per share. Journalize the issuance of the shares. LO6
Meenen Corporation has the following accounts at December 31, 2017 (in euros): Share Capital—Ordinary, €10 par, 5,000 shares issued, €50,000; Share Premium—Ordinary €10,000; Retained
Discuss how liabilities are reported and analyzed.1 Explain how to account for current liabilities.2 Describe the major characteristics of bonds.3 Explain how to account for bond transactions.4
Describe the accounting for long-term notes payable.
On January 1, Xiang Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on January 1. The entry on December 31 to record accrued bond interest and the amortization of bond
Global Airlines Company issued $900,000 of 8%, 10-year bonds on January 1, 2017, at face value. Interest is payable annually on January 1.INSTRUCTIONS Prepare the journal entries to record the
Trawler Company borrowed $500,000 on December 31, 2017, by issuing a $500,000, 7% mortgage note payable. The terms call for annual installment payments of $80,000 on December 31. (This exercise is
Snyder uses the straight-line method of amortization.INSTRUCTIONS(a) For the 11% bonds, prepare journal entries for the following items.(1) The issuance of the bonds on January 1, 2016.(2) Accrue
The balance sheet for Gelher Company reports the following information on July 1, 2017.GELHER COMPANY Balance Sheet (partial)Long-term liabilities Bonds payable $2,000,000 Less: Discount on bonds
Presented here are liability items for O’Brian Inc. at December 31, 2017. Prepare the liabilities section of O’Brian’s balance sheet.Accounts payable $157,000 FICA taxes payable $ 7,800 Notes
Presented below is the partial bond discount amortization schedule for Rohr Corp., which uses the effective-interest method of amortization.Interest Bond Interest Interest to Expense to Discount
Grouper Company provides you with the following balance sheet information as of December 31, 2017.Current assets $11,500 Current liabilities $12,000 Long-term assets 26,500 Long-term liabilities
On August 1, 2017, Gonzaga Corporation issued $600,000, 7%, 10-year bonds at face value. Interest is payable annually on August 1. Gonzaga’s year-end is December 31.Instructions Prepare journal
Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2017, balance sheet and notes to the financial statements.Accounts payable $4,263.9 Mortgage payable $6,746.7
Suppose McDonald’s 2017 financial statements contain the following selected data (in millions).Current assets $ 3,416.3 Interest expense $ 473.2 Total assets 30,224.9 Income taxes 1,936.0 Current
Suppose 3M Company reported the following financial data for 2017 and 2016(in millions).017 2016 Current assets Cash and cash equivalents $ 3,040 $1,849 Accounts receivable, net 3,250 3,195
Underwood Boutique reported the following financial data for 2017 and 2016.UNDERWOOD BOUTIQUE Balance Sheet (partial)September 30 (in thousands)2017 2016 Current assets Cash and short-term deposits
Suppose you have been presented with selected information taken from the fi nancial statements of Southwest Airlines Co., shown on the next page.Instructions(a) Calculate each of the following ratios
The following information is taken from Lassen Corp.’s balance sheet at December 31, 2016.Current liabilities Interest payable $ 96,000 Long-term liabilities Bonds payable (4%, due January 1, 2027)
Hetty Grey has just approached a venture capitalist for fi nancing for her new business venture, the development of a local ski hill. On July 1, 2016, Hetty was loaned$150,000 at an annual interest
Recall that Cookie Creations borrowed $2,000 from Natalie’s grandmother. Natalie now is thinking of repaying all amounts outstanding on that loan. She needs to know the amounts of interest payable
Aimes Corporation’s balance sheet at December 31, 2016, is presented below.AIMES CORPORATION Balance Sheet December 31, 2016 Cash $ 30,000 Accounts payable $ 13,750 Inventory 30,750 Interest
Refer to the fi nancial statements of Apple Inc. in Appendix A.Instructions Answer the following questions.(a) What were Apple’s total current liabilities at September 27, 2014? What was the
Hechinger Co. and Home Depot are two home improvement retailers. Compared to Hechinger, founded in the early 1900s, Home Depot is a relative newcomer. But in recent years, while Home Depot was
For many years, Borders Group and Barnes and Noble were the dominant booksellers in the United States. They experienced rapid growth, and in the process they forced many small, independent bookstores
Corrieten Company purchased equipment and incurred these costs:Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Installation and testing 400 Total costs $25,800 What amount should be
Pierce Company incurred $150,000 of research and development costs in its laboratory to develop a new product. It spent $20,000 in legal fees for a patent granted on January 2, 2017. On July 31,
Lake Coffee Company reported net sales of $180,000, net income of $54,000, beginning total assets of$200,000, and ending total assets of $300,000. What was the company’s asset turnover?(a) 0.90 (c)
Kant Enterprises purchased a truck for $11,000 on January 1, 2016. The truck will have an estimated salvage value of $1,000 at the end of 5 years. If you use the units-of-activity method, the balance
Will Smith, the new controller of Alexandria Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his
Lake Company, organized in 2017, has the following transactions related to intangible assets.1/2/17 Purchased patent (8-year life) $560,000 4/1/17 Goodwill purchased (indefi nite life) 360,000 7/1/17
DuPage Company purchases a factory machine at a cost of $18,000 on January 1, 2017. Du-Page expects the machine to have a salvage value of $2,000 at the end of its 4-year useful life.During its
On January 1, 2014, Skyline Limousine Co. purchased a limousine at an acquisition cost of $28,000. Skyline depreciated the vehicle by the straight-line method using a 4-year service life and a $4,000
Explain how transactions related to plant assets and intangibles are reported in the statement of cash flows under the indirect method.
Victor Mineli, the new controller of Santorini Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2017. Here are his
Shown below are the T-accounts relating to equipment that was purchased for cash by a company on the first day of the current year. The equipment was depreciated on a straight-line basis with an
Lymen International is considering a significant expansion to its product line.The sales force is excited about the opportunities that the new products will bring. The new products are a significant
Peete Company was organized on January 1. During the fi rst year of operations, the following plant asset expenditures and receipts were recorded in random order.Debit 1. Excavation costs for new
At December 31, 2017, Arnold Corporation reported the following plant assets.Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation—buildings 11,925,000 14,575,000 Equipment
Pine Company had the following assets on January 1, 2017.Purchase Useful Life Item Cost Date (in years) Salvage Value Machinery $71,000 Jan. 1, 2007 10 $ -0-Forklift 30,000 Jan. 1, 2014 5 -0-Truck
The intangible assets section of Amato Corporation’s balance sheet at December 31, 2017, is presented here.Patents ($60,000 cost less $6,000 amortization) $54,000 Copyrights ($36,000 cost less
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Inland Corporation.1. Inland developed a new
Blythe Corporation and Jacke Corporation, two companies of roughly the same size, are both involved in the manufacture of shoe-tracing devices. Each company depreciates its plant assets using the
In recent years, Jayme Company has purchased three machines. Because of frequent employee turnover in the accounting department, a different accountant was in charge of selecting the depreciation
Megan Corporation purchased machinery on January 1, 2017, at a cost of $250,000.The estimated useful life of the machinery is 4 years, with an estimated salvage value at the end of that period of
Now that she is selling mixers and her customers can use credit cards to pay for them, Natalie is thinking of upgrading her website so that she can sell mixers online, to broaden her range of
Natalie is also thinking of buying a van that will be used only for business. Natalie is concerned about the impact of the van’s cost on her income statement and balance sheet. She has come to you
What amount is received as payment in full on June 23?(a) $700. (c) $685.(b) $686. (d) $650.
On June 10, Vareen Company purchased $8,000 of merchandise from Harrah Company, FOB shipping point, terms 3/10, n/30. Vareen pays the freight costs of $400 on June 11.Damaged goods totaling $300 are
The fair value of these goods in $70. On June 19, Vareen pays Harrah Company in full, less the purchase discount. Both companies use a perpetual inventory system.INSTRUCTIONS(a) Prepare separate
In its income statement for the year ended December 31, 2017, Marten Company reported the following condensed data.Interest expense $ 70,000 Net sales $2,200,000 Operating expenses 725,000 Interest
The adjusted trial balance for the year ended December 31, 2017, for Dykstra Company is shown below.DYKSTRA COMPANY Adjusted Trial Balance For the Year Ended December 31, 2017 Debit Credit Cash $
Presented here are the components in Salas Company’s income statement. Determine the missing amounts.Sales Cost of Gross Operating Net Revenue Goods Sold Profit Expenses Income$ 71,200 (b) $ 30,000
From the information in BE5-3, prepare the journal entries to record these transactions on McLeena Company’s books under a perpetual inventory system.
The following information relates to Karen Weigel Inc. for the year 2017.Retained earnings, January 1, 2017 $48,000 Advertising expense $ 1,800 Dividends during 2017 5,000 Rent expense 10,400 Service
Indicate whether the following statements are true or false.1. A merchandising company reports gross profit but a service company does not.2. Under a periodic inventory system, a company determines
Assume information similar to that in DO IT! 5-2. That is: On October 5, Iverson Company buys merchandise on account from Lasse Company. The selling price of the goods is $5,000, and the cost to
The following information is available for Berlin Corp. for the year ended December 31, 2017:Other revenues and gains $ 12,700 Sales revenue $592,000 Other expenses and losses 13,300 Operating
Clean Lake Corporation’s accounting records show the following at year-end December 31, 2017:Purchase Discounts $ 5,900 Beginning Inventory $31,720 Freight-In 8,400 Ending Inventory 27,950
Owen Wise, Inc. reported the following in its 2017 and 2016 income statements.2017 2016 Net sales $150,000 $120,000 Cost of goods sold 90,000 72,000 Operating expenses 32,000 16,000 Income tax
Presented below is information for Lieu Co. for the month of January 2017.Cost of goods sold $212,000 Rent expense $ 32,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales
Financial information is presented here for two companies.Yoste Noone Company Company Sales revenue $90,000 ?Sales returns and allowances ? $ 5,000 Net sales 84,000 100,000 Cost of goods sold 58,000
Suppose in its income statement for the year ended June 30, 2017, The Clorox Company reported the following condensed data (dollars in millions).Salaries and wages expense $ 460 Research and
In its income statement for the year ended December 31, 2017, Laine Inc. reported the following condensed data.Operating expenses $ 725,000 Interest revenue $ 33,000 Cost of goods sold 1,256,000 Loss
The following selected accounts from the Blue Door Corporation’s general ledger are presented below for the year ended December 31, 2017:Advertising expense $ 55,000 Interest revenue $ 30,000
Below is a series of cost of goods sold sections for companies B, M, O, and S.B M O S Beginning inventory $ 250 $ 120 $ 700 $ (j)Purchases 1,500 1,080 (g) 43,590 Purchase returns and allowances 80
Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city
The trial balance of People’s Choice Wholesale Company contained the following accounts shown at December 31, the end of the company’s fi scal year.PEOPLE’S CHOICE WHOLESALE COMPANY Trial
Zhou Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The
Because Natalie has had such a successful fi rst few months, she is considering other opportunities to develop her business. One opportunity is to become the exclusive distributor of a line of fi ne
Recently, it was announced that two giant French retailers, Carrefour SA and Promodes SA, would merge. A headline in the Wall Street Journal blared, “French Retailers Create New Wal-Mart Rival.”
Three years ago, Karen Suez and her brother-in-law Reece Jones opened Gigasales Department Store. For the fi rst 2 years, business was good, but the following condensed income statement results for
The following situation is presented in chronological order.1. Aikan decides to buy a surfboard.2. He calls Surfi ng Hawaii Co. to inquire about their surfboards.3. Two days later, he requests Surfi

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