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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

Use the data in BE3-8 and journalize the transactions. (You may omit explanations.) LO9
Selected transactions for Montes Company are presented below in journal form(without explanations). Post the transactions to T-accounts. LO9 Date Account Title Debit Credit May 5 Accounts Receivable
From the ledger balances below, prepare a trial balance for Peete Company at June 30, 2017. All account balances are normal. LO9 Accounts Payable $ 1,000 Service Revenue $8,600 Cash 5,400 Accounts
An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal. LO9 BIRELLIE COMPANY Trial Balance
Boyd Docker recorded the following transactions during the month of April. LO9 Apr. 3 Cash 3,400 Service Revenue 3,400 16 Rent Expense 500 Cash 500 20 Salaries and Wages Expense 300 Cash 300 Post
The following accounts are taken from the ledger of Chillin’ Company at December 31, 2017. LO9 Notes Payable $20,000 Cash $6,000 Common Stock 25,000 Supplies 5,000 Equipment 76,000 Rent Expense
Brady Company entered into these transactions during May 2017, its fi rst month of operations. LO9 1. Stockholders invested $40,000 in the business in exchange for common stock of the company.2.
During 2017, its fi rst year of operations as a delivery service, Persimmon Corp.entered into the following transactions. LO9 1. Issued shares of common stock to investors in exchange for $100,000 in
A tabular analysis of the transactions made during August 2017 by Wolfe Company during its fi rst month of operations is shown below. Each increase and decrease in stockholders’ LO9 equity is
Selected transactions for Front Room, an interior decorator corporation, in its fi rst month of business, are as follows. LO9 1. Issued stock to investors for $15,000 in cash.2. Purchased used car
This information relates to McCall Real Estate Agency. LO9 Oct. 1 Stockholders invest $30,000 in exchange for common stock of the corporation.2 Hires an administrative assistant at an annual salary
Transaction data for McCall Real Estate Agency are presented in E3-8. LO9 Instructions Journalize the transactions. Do not provide explanations.
The T-accounts below summarize the ledger of Salvador’s Gardening Company, Inc.at the end of the fi rst month of operations. LO9 Cash Apr. 1 15,000 Apr. 15 800 12 700 25 3,500 29 800 30 900
Selected transactions from the journal of Baylee Inc. during its fi rst month of operations are presented here. LO9 Date Account Titles Debit Credit Aug. 1 Cash 8,000 Common Stock 8,000 10 Cash 1,700
Here is the ledger for Kriscoe Co. LO9 Cash Oct. 1 7,000 Oct. 4 400 10 980 12 1,500 10 8,000 15 250 20 700 30 300 25 2,000 31 500 Accounts Receivable Oct. 6 800 Oct. 20 700 20 920 Supplies Oct. 4 400
The bookkeeper for Birmingham Corporation made these errors in journalizing and posting. LO9 1. A credit posting of $400 to Accounts Receivable was omitted.2. A debit posting of $750 for Prepaid
The accounts in the ledger of Rapid Delivery Service contain the following balances on July 31, 2017. LO9 Accounts Receivable $13,400 Prepaid Insurance $ 2,200 Accounts Payable 8,400 Service Revenue
Review the transactions listed in E3-1 for Thyme Advertising Company. Classify each transaction as either an operating activity, investing activity, or fi nancing activity, or if no cash is
Review the transactions listed in E3-3 for Persimmon Corp. Classify each transaction as either an operating activity, investing activity, or fi nancing activity, or if no cash is exchanged, as a
Nona Curry started her own consulting fi rm, Curry Consulting Inc., on May 1, 2017. The following transactions occurred during the month of May. LO9 May 1 Stockholders invested $15,000 cash in the
This is the trial balance of Lacey Company on September 30. LO9 LACEY COMPANY Trial Balance September 30, 2017 Debit Credit Cash $19,200 Accounts Receivable 2,600 Supplies 2,100 Equipment 8,000
This trial balance of Washburn Co. does not balance. LO9 WASHBURN CO.Trial Balance June 30, 2017 Debit Credit Cash $ 3,090 Accounts Receivable $ 3,190 Supplies 800 Equipment 3,000 Accounts Payable
The bookkeeper for Roger’s Dance Studio made the following errors in journalizing and posting. LO9 1. A credit to Supplies of $600 was omitted.2. A debit posting of $300 to Accounts Payable was
The fi nancial statements of Apple Inc. in Appendix A at the back of this textbook contain the following selected accounts, all in thousands of dollars. LO9 Common Stock $ 23,313 Accounts Payable
The fi nancial statements of Columbia Sportswear Company are presented in Appendix B. Financial statements of VF Corporation are presented in Appendix C. LO9 Instructions(a) Based on the information
Amazon.com, Inc.’s fi nancial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. LO9 Instructions(a) Based on the information
Saira Morrow operates Dressage Riding Academy, Inc. The academy’s primary sources of revenue are riding fees and lesson fees, which are provided on a cash basis. Saira also boards horses for
Identify the sections of a classifi ed balance sheet. LO8
Use ratios to evaluate a company’s profi tability, liquidity, and solvency. LO8
Discuss fi nancial reporting concepts. LO8
Current assets are listed: LO8(a) by order of expected conversion to cash.(b) by importance.(c) by longevity.(d) alphabetically.
The balance in retained earnings is not affected by: LO8(a) net income.(b) net loss.(c) issuance of common stock.(d) dividends.
Which is an indicator of profi tability? LO8(a) Current ratio.(b) Earnings per share.(c) Debt to assets ratio.(d) Free cash fl ow.
For 2017, Spanos Corporation reported net income $26,000, net sales $400,000, and weightedaverage shares outstanding 4,000. There were preferred dividends of $2,000. What was the 2017 earnings per
Which of these measures is an evaluation of a company’s ability to pay current liabilities? LO8(a) Earnings per share.(b) Current ratio.(c) Both (a) and (b).(d) None of the above.
The following ratios are available for Reilly Inc. and O’Hare Inc.Current Debt to Earnings Ratio Assets Ratio per Share Reilly Inc. 2:1 75% $3.50 O’Hare Inc. 1.5:1 40% $2.75 Compared to O’Hare
Companies can use free cash fl ow to: LO8(a) pay additional dividends.(b) acquire more property, plant, and equipment.(c) pay off debts.(d) All of the above.
What is the primary criterion by which accounting information can be judged? LO8(a) Consistency.(b) Predictive value.(c) Usefulness for decision-making.(d) Comparability.
Neutrality is an ingredient of: LO8 Faithful Representation Relevance(a) Yes Yes(b) No No(c) Yes No(d) No Yes
The characteristic of information that evaluates whether it is large enough to impact a decision. LO8(a) Comparability. (c) Cost.(b) Materiality. (d) Consistency
Suppose the following information (in thousands of dollars) is available for H. J. Heinz Company—famous for ketchup and other fi ne food products—for the year ended April 30, 2017. LO8 Prepaid
Suppose the following data were taken from the 2017 and 2016 fi nancial statements of American Eagle Outfi tters. (All dollars are in thousands.) LO8 2017 2016 Current assets $1,020,834 $1,189,108
Listed here are items taken from the income statement and balance sheet of Bargain Electronics, Inc. for the year ended December 31, 2017. Certain items have been combined for simplifi cation.
What is meant by the term operating cycle? LO8
Define current assets. What basis is used for ordering individual items within the current assets section? LO8
Distinguish between long-term investments and property, plant, and equipment. LO8
How do current liabilities differ from long-term liabilities? LO8
Identify the two parts of stockholders’ equity in a corporation and indicate the purpose of each. LO8
Name ratios useful in assessing (a) liquidity,(b) solvency, and (c) profitability. LO8
What do these classes of ratios measure? LO8(a) Liquidity ratios.(b) Profi tability ratios.(c) Solvency ratios.
Holding all other factors constant, indicate whether each of the following signals generally good or bad news about a company. LO8(a) Increase in earnings per share.(b) Increase in the current
(a) What are generally accepted accounting principles(GAAP)?(b) What body provides authoritative support for GAAP? LO8
(a) What is the primary objective of financial reporting?(b) Identify the characteristics of useful accounting information. LO8
What is the distinction between comparability and consistency? LO8
Describe the constraint inherent in the presentation of accounting information. LO8
Your roommate believes that accounting standards are uniform throughout the world. Is your roommate correct? Explain. LO8
What is the economic entity assumption? Give an example of its violation. LO8
What was Apple’s largest current asset, largest current liability, and largest item under “Assets” at September 27, 2014? LO8
The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in the blanks. LO8 Fundamental Qualities Relevance (a)(b)(c)Faithful Representation (d)Neutral
Mylar Corporation has collected the following information related to its December 31, 2017, balance sheet. LO8 Accounts receivable $22,000 Equipment $180,000 Accumulated depreciation—equipment
The following fi nancial statement items were taken from the fi nancial statements of Gomez Corp. LO8 ____ Trademarks ____ Inventory ____ Notes payable (current) ____ Accumulated depreciation ____
The following information is available for Nguoi Corporation. LO8 2017 2016 Current assets $ 54,000 $ 36,000 Total assets 240,000 205,000 Current liabilities 22,000 30,000 Total liabilities 72,000
The following characteristics, assumptions, principles, and constraint guide the FASB when it creates accounting standards.Relevance Periodicity assumption Faithful representation Going concern
The following are the major balance sheet classifi cations.Current assets (CA) Current liabilities (CL)Long-term investments (LTI) Long-term liabilities (LTL)Property, plant, and equipment (PPE)
The major balance sheet classifications are listed in E2-1. LO8 Instructions Classify each of the following financial statement items based upon the major balance sheet classifications listed in
Suppose the following items were taken from the December 31, 2017, assets section of the Boeing Company balance sheet. (All dollars are in millions.) LO8 Inventory $16,933 Patents $12,528 Notes
Suppose the following information (in thousands of dollars) is available for H. J. Heinz Company—famous for ketchup and other fine food products—for the year ended April 30, 2017. LO8 Prepaid
Suppose the following items were taken from the 2017 financial statements of Texas Instruments, Inc. (All dollars are in millions.) LO8 Common stock $2,826 Accumulated depreciation—Prepaid rent 164
Nordstrom, Inc. operates department stores in numerous states. Selected fi nancial statement data (in millions of dollars) for a recent year follow. LO8 End of Year Beginning of Year Cash and cash
The chief fi nancial offi cer (CFO) of Myeneke Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2017, so that the CFO could get an idea of how
Suppose the following data were taken from the 2017 and 2016 fi nancial statements of American Eagle Outfi tters. (All numbers, including share data, are in thousands.) LO8 2017 2016 Current assets $
Presented below are the assumptions and principles discussed in this chapter. LO8 1. Full disclosure principle 4. Periodicity assumption 2. Going concern assumption 5. Historical cost principle 3.
Comparative fi nancial statement data for Loeb Corporation and Bowsh Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2017. LO8 Loeb Corporation Bowsh
The following are fi nancial statements of Ohara Company. LO8 OHARA COMPANY Income Statement For the Year Ended December 31, 2017 Net sales $2,218,500 Cost of goods sold 1,012,400 Selling and
Condensed balance sheet and income statement data for Danke Corporation are presented as follows. LO8 DANKE CORPORATION Balance Sheets December 31 2017 2016 Assets Cash $ 28,000 $ 20,000 Receivables
Selected fi nancial data of two competitors, Target and Wal-Mart, are presented here. (All dollars are in millions.) Suppose the data were taken from the 2017 fi nancial statements of each company.
After investigating the different forms of business organization, Natalie Koebel decides to operate her business as a corporation, Cookie Creations Inc. She then begins LO8 the process of getting her
The fi nancial statements of Columbia Sportswear Company are presented in Appendix B. Financial statements of VF Corporation are presented in Appendix C. Assume Columbia’s weighted-average number
Suppose the following information was reported by Gap, Inc. LO8 2017 2016 2015 2014 2013 Total assets (millions) $7,065 $7,985 $7,564 $7,838 $8,544 Working capital $1,831 $2,533 $1,847 $1,653 $2,757
As a fi nancial analyst in the planning department for Erin Industries, Inc., you must develop ratios from the comparative fi nancial statements. This information is to be used to convince creditors
B. P. Palmer is the chief executive offi cer of Future Products. Palmer is an expert engineer but a novice in accounting. LO8 Instructions Write a letter to B. P. Palmer that explains (a) the three
Current assets under IFRS are listed generally: LO8(a) by importance.(b) in the reverse order of their expected conversion to cash.(c) by longevity.(d) alphabetically.
In what ways does the format of a statement of financial of position under IFRS often differ from a balance sheet presented under GAAP? LO8
What term is commonly used under IFRS in reference to the balance sheet? LO8
Identify the forms of business organization and the uses of accounting information. (LO 3)
Explain the three principal types of business activity. (LO 3)
Describe the four fi nancial statements and how they are prepared. (LO 3)
Which is not one of the three forms of business organization? (LO 3)(a) Sole proprietorship. (c) Partnership.(b) Creditorship. (d) Corporation.
Which is not one of the three primary business activities? (LO 3)(a) Financing. (c) Advertising.(b) Operating. (d) Investing.
Which of the following is an example of a fi nancing activity? (LO 3)(a) Issuing shares of common stock.(b) Selling goods on account.(c) Buying delivery equipment.(d) Buying inventory.
Net income will result during a time period when: (LO 3)(a) assets exceed liabilities.(b) assets exceed revenues.(c) expenses exceed revenues.(d) revenues exceed expenses.
Which statement presents information as of a specifi c point in time? (LO 3)(a) Income statement.(b) Balance sheet.(c) Statement of cash fl ows.(d) Retained earnings statement.
Which fi nancial statement reports assets, liabilities, and stockholders’ equity? (LO 3)(a) Income statement.(b) Retained earnings statement.(c) Balance sheet.(d) Statement of cash fl ows.
Stockholders’ equity represents: (LO 3)(a) claims of creditors.(b) claims of employees.(c) the difference between revenues and expenses.(d) claims of owners.
As of December 31, 2017, Rockford Corporation has assets of $3,500 and stockholders’ equity of $1,500.What are the liabilities for Rockford Corporation as of December 31, 2017? (LO 3)(a) $1,500.
The following items and amounts were taken from Ricardo Inc.’s 2017 income statement and balance sheet.(LO 3)Cash $ 84,700 Inventory $ 64,618 Retained earnings 123,192 Accounts receivable 88,419
Cozy Bear is a private camping ground near the Mountain Home Recreation Area. It has compiled the following fi nancial information as of December 31, 2017.(LO 3)Service revenue (from camping fees)
What are the three basic forms of business organizations?(LO 3)
What are the advantages to a business of being formed as a corporation? What are the disadvantages?(LO 3)
What are the advantages to a business of being formed as a partnership or sole proprietorship? What are the disadvantages?(LO 3)

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