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principles financial accounting

Questions and Answers of Principles Financial Accounting

“Accounting is ingrained in our society and is vital to our economic system.” Do you agree? Explain.(LO 3)
Who are the internal users of accounting data?How does accounting provide relevant data to the internal users?(LO 3)
Who are the external users of accounting data? Give examples.(LO 3)
What are the three main types of business activity?Give examples of each activity.(LO 3)
Why would a bank want to monitor the dividend payment practices of the corporations to which it lends money?(LO 3)
What is the primary purpose of the statement of cash fl ows?(LO 3)
What are the three main categories of the statement of cash fl ows? Why do you think these categories were chosen?(LO 3)
What is retained earnings? What items increase the balance in retained earnings? What items decrease the balance in retained earnings?(LO 3)
What is the basic accounting equation?(LO 3)
(a) Defi ne the terms assets, liabilities, and stockholders’equity.(b) What items affect stockholders’ equity?(LO 3)
Which of these items are liabilities of White Glove Cleaning Service?(LO 3)(a) Cash. (f) Equipment.(b) Accounts payable. (g) Salaries and wages(c) Dividends. payable.(d) Accounts receivable. (h)
What is the purpose of the management discussion and analysis section (MD&A)? (LO 3)
Why is it important for fi nancial statements to receive an unqualifi ed auditor’s opinion? (LO 3)
What types of information are presented in the notes to the fi nancial statements? (LO 3)
Match each of the following forms of business organization with a set of characteristics:sole proprietorship (SP), partnership (P), corporation (C). (LO 3)(a) _____ Shared control, tax advantages,
Match each of the following types of evaluation with one of the listed users of accounting information. (LO 3)1. Trying to determine whether the company complied with tax laws.2. Trying to determine
In alphabetical order below are balance sheet items for Karol Company at December 31, 2017. Prepare a balance sheet following the format of Illustration 1-7. (LO 3)Accounts payable $65,000 Accounts
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In each
Which is not a required part of an annual report of a publicly traded company? (LO 3)(a) Statement of cash fl ows. (c) Management discussion and analysis.(b) Notes to the fi nancial statements. (d)
Here is a list of words or phrases discussed in this chapter: (LO 3)1. Corporation 4. Partnership 7. Accounts payable 2. Creditor 5. Stockholder 8. Auditor’s opinion 3. Accounts receivable 6.
The following items and amounts were taken from Lonyear Inc.’s 2017 income statement and balance sheet. (LO 3)______ Cash $ 84,700 ______ Accounts receivable $ 88,419 ______ Retained earnings
Here are incomplete fi nancial statements for Donavan, Inc. (LO 3)Assets Cash $ 7,000 Inventory 10,000 Buildings 45,000 Total assets $62,000 DONAVAN, INC.Balance Sheet Liabilities and Stockholders’
Otay Lakes Park is a private camping ground near the Mount Miguel Recreation Area. It has compiled the following fi nancial information as of December 31, 2017. (LO 3)Service revenue (from camping
Kellogg Company is the world’s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffl es and cereal bars.Suppose the following items
Wayne Holtz is the bookkeeper for Beeson Company. Wayne has been trying to get the balance sheet of Beeson Company to balance. It fi nally balanced, but now he’s not sure it is correct. (LO
Suppose the following items were taken from the balance sheet of Nike, Inc. (All dollars are in millions.) (LO 3)1. Cash $2,291.1 7. Inventory $2,357.0 2. Accounts receivable 2,883.9 8. Income taxes
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Walco Corporation and Gunther Enterprises, are presented as follows for 2017. (LO
Identify each of the following organizational characteristics with the business organizational form or forms with which it is associated. (LO 3)(a) Easier to transfer ownership. (d) Tax
Gray Corporation began operations on January 1, 2017. The following information is available for Gray Corporation on December 31, 2017. (LO 3)Accounts payable $ 5,000 Notes payable $ 7,000 Accounts
Financial decisions often place heavier emphasis on one type of fi nancial statement over the others. Consider each of the following hypothetical situations independently. (LO 3)(a) The North Face is
On June 1, 2017, Elite Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets, liabilities, and common stock of the company at June 30, 2017, and the
Presented below is selected fi nancial information for Rojo Corporation for December 31, 2017. (LO 3)Inventory $ 25,000 Cash paid to purchase equipment $ 12,000 Cash paid to suppliers 104,000
Micado Corporation was formed on January 1, 2017. At December 31, 2017, Miko Liu, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. (LO 3)MICADO
Xerox was not having a particularly pleasant year. The company’s stock price had already fallen in the previous year from $60 per share to $30. Just when it seemed things couldn’t get worse,
Purpose: Identify summary information about companies. This information includes basic descriptions of the company’s location, activities, industry, fi nancial health, and fi nancial performance.
Sylvia Ayala recently accepted a job in the production department at Apple. Before she starts work, she decides to review the company’s annual report to better understand its operations.The content
Marci Ling is the bookkeeper for Samco Company, Inc. Marci has been trying to get the company’s balance sheet to balance. She fi nally got it to balance, but she still isn’t sure that it is
IFRS is considered to be more: (LO 3)(a) principles-based and less rules-based than GAAP.(b) rules-based and less principles-based than GAAP.(c) detailed than GAAP.(d) None of the above.
Who are the two key international players in the development of international accounting standards? Explain their role. (LO 3)
What is the benefit of a single set of high-quality accounting standards? (LO 3)
Comparisons of data within a company are an example of the following comparative basis:(a) Industry averages.(b) Intracompany.(c) Intercompany.(d) Both (b) and (c).In horizontal analysis, each item
Sammy Corporation reported net sales of $300,000,$330,000, and $360,000 in the years, 2012, 2013, and 2014, respectively. If 2012 is the base year, what is the trend percentage for 2014?(Gao (c)
Which of the following measures is an evaluation of a firm’s ability to pay current liabilities?(a) Acid-test ratio. (c) Both (a) and (b).(b) Current ratio. (d) None of the above.
Compute the days in inventory for 2014.(a) 64.4 days. (c) 6 days.(b) 60.8 days. (d) 24 days.
Compute the current ratio for 2014.(a) e2oalls (co) 80 ir(ib) pSocOale (a) eS woos
Compute the profit margin ratio for 2014.(a), 1719: (c) 37.9%.(b) 18.1%. Xd) sas 9 es
Compute the return on common stockholders’ equity for 2014.(a) 47.9%. (c) 61.2%.(Bea 1e7 2a (d) 59.4%.
Compute the times interest earned for 2014.(a) 11.2 times. (c) 14.0 times.(b) 65.3 times. (d) 13.0 times.
(a) Kurt Gibson believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Kurt correct?Explain.(b) Are short-term creditors,
(a) If Nimoy Company had net income of $350,000 in 2013 and it experienced a 22.4% increase in net income for 2014, what is its net income for 2014?
If five cents of every dollar of Nimoy revenue is net income in 2013, what is the dollar amount of 2013 revenue?
Maria Fierro Corporation reported the following amounts in 2012, 2013, and 2014.2012 2013 2014 Current assets $220,000 $230,000 $240,000 Current liabilities $160,000 $170,000 $184,000 Total assets
Using the following data from the comparative balance sheet of Dotte Company, illustrate horizontal analysis.December 31, 2014 December 31, 2013 Accounts receivable $ 520,000 $ 350,000 Inventory $
Using the same data presented above in
for Dotte Company, illustrate vertical analysis.
Horizontal analysis (trend analysis) percentages for Kemplar Company’s sales, cost of goods sold, and expenses are shown below.Horizontal Analysis 2014 2013 2012 Sales 97.8 105.3 100.0 Cost of
Vertical analysis (common size) percentages for Dagman Company's sales, cost of goods sold, and expenses are shown below.Vertical Analysis 2014 2013 2012 Sales 100.0 100.0 100.0 Cost of goods sold
The following data are taken from the financial statements of Gladow Company.2014 2013 Accounts receivable (net), end of year $ 550,000 $ 520,000 Net sales on account 3,745,000 3,000,000 Terms for
The following data are from the income statements of Charles Company.2014 2013 Sales $6,420,000 $6,240,000 Beginning inventory 980,000 860,000 Purchases 4,440,000 4,720,000 Ending inventory 1,020,000
Financial information for Gallup Inc. is presented below. Prepare horizontal analysis.December 31, 2014 December 31, 2013 (LO 3)Current assets $128,000 $100,000 PxLS |Plant assets (net) 396,000
Operating data for Conard Corporation are presented below. Prepare vertical analysis.2014 2013 rom Net sales $750,000 $600,000 XLS Cost of goods sold 480,000 408,000 Selling expenses 105,000 84,000 F
The comparative condensed balance sheets of Garcia Corporation are presented|below.Garcia Corporation Comparative Condensed Balance Sheets December 31 2014 2013 Assets Current assets $ 76,000 $
The comparative condensed income statements of Hendi Corporation are shown below.Hendi Corporation Comparative Condensed Income Statements For the Years Ended December 31 2014 2013 Net sales $600,000
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data for the year ending January 30, 2010, are shown below.Nordstrom, Inc.Balance Sheet (partial)(in
Willingham Company has the following comparative balance sheet data.Willingham Company Balance Sheets December 31 2014 2013 Cash $ 10,000 $ 30,000 Accounts receivable (net) 70,000 50,000 Inventory
Selected comparative statement data for Molini Products Company are presented below. All balance sheet data are as of December 31.2014 2013 Net sales $700,000 $680,000 Cost of goods sold 480,000
Rees Corporation experienced a fire on December 31, 2014, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following
Yadier Corporation’s comparative balance sheets are presented below. Compute ratios.Yadier Corporation (LO 5)Balance Sheets December 31 2014 2013 Cash $ 4,300 $ 3,700 Accounts receivable 22,000
For its fiscal year ending October 31, 2014, Douglas Corporation reports the fol- Prepare a correct income lowing partial data shown below. statement.Income before income taxes $550,000 (LO 6)Income
Maulder Corporation has income from continuing operations of $290,000 for the year Prepare income statement.ended December 31, 2014. It also has the following items (before considering income taxes).
Comparative statement data for Lionel Company and Barrymore Company, two comment on profitability. competitors, appear below. All balance sheet data are as of December 31, 2014, and(LO 4, 5) December
The ledger of Gower Corporation at December 31, 2014, contains the following summary data.Net sales $1,600,000 Cost of goods sold $1,100,000 Selling expenses 70,000 Administrative expenses 90,000
Your parents are considering investing in PepsiCo, Inc. common stock. They ask you, asan accounting expert, to make an analysis of the company for them. Fortunately, excerpts from a current annual
PepsiCo’s financial statements are presented in Appendix A. Financial statements of sg The Coca-Cola Company are presented in Appendix B. PEPSICO Instructions(a) Based on the information contained
As the CPA for Bonita Inc., you have been asked to develop some key ratios from the comparative financial statements. This information is to be used to convince creditors that the company is solvent
The Management Discussion and Analysis section of an annual report addresses corporate performance for the year, and sometimes uses financial ratios to support its claims.Address:
Kyle Benson is the CEO of McCarty’s Electronics. Benson is an expert engineer but a novice in accounting. He asks you to explain (1) the bases for comparison in analyzing McCarty’s financial
Assuming the same information as in Question 4, Parmalane should report the following using a one-statement approach under IFRS:(a) net income of $260,000 and comprehensive income of $270,000.(b) net
M-Bot Corporation has 10,000 shares of 8%, $100 par value, cumulative preferred stock outstanding at December 31, 2014. No dividends were declared in 2012 or 2013. If M-Bot wants to pay $375,000 of
Katie Inc. reported net income of $186,000 during 2014 and paid dividends of $26,000 on common stock.It also has 10,000 shares of 6%, $100 par value, noncumulative preferred stock outstanding. Common
The treasury stock purchased in Question 13 is resold by Luz, Inc. for $13,000. What effect does this transaction have on (a) net income, (b) total assets, (c) total paid-in capital, and (d) total
On June 1, Federia Inc. issues 4,000 shares of no-par common stock at a cash price of $6 per share. Journalize the issuance of the shares assuming the stock has a stated
On January 1, 2014, Leonard Corporation purchased 1,000 shares of treasury stock. Other information regarding Leonard Corporation is provided below.2013 2014 Net income $200,000 $210,000 Dividends on
Victoria has prepared the following list of statements about corporations.of a corporation. 1(LO 1) . A corporation is an entity separate and distinct from its owners.2. As a legal entity, a
During its first year of operations, Branden Corporation had the following transactions pertaining to its common stock.Jan. 10 ey alae Instructions(a) Journalize the transactions, assuming that the
Anya 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 his textbooks on
The ledger of Summit Corporation contains the following accounts: Common Stock, Preferred Stock, Treasury Stock, Paid-in Capital in Excess of Par—Preferred Stock, Paid-in Capital in Excess of
Ina recent year, the stockholders’ equity section of Aluminum Company of America(Alcoa) showed the following (in alphabetical order): additional paid-in capital $6,101, common stock $925, preferred
The stockholders’ equity accounts of Terrell Corporation on January 1, 2014, were as follows.Preferred Stock (9%, $50 par, cumulative, 10,000 shares authorized) $ 400,000 Common Stock ($1 stated
On January 1, 2014, Prasad Corporation had the following stockholders’ equity accounts.Common Stock ($25 par value, 48,000 shares issued and outstanding) $1,200,000 Paid-in Capital in Excess of
On January 1, 2014, Primo Corporation had the following stockholders’ equity accounts.Common Stock ($10 par value, 75,000 shares issued and outstanding) $750,000 Paid-in Capital in Excess of
Welles Corporation was organized on January 1, 2014. It is authorized to issue 20,000 shares of 6%, $40 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of $1
On January 1, 2014, Dixon Corporation had the following stockholders’ equity accounts.Common Stock ($4 par value, 250,000 shares issued and outstanding) $1,000,000 Paid-in Capital in Excess of
The ledger of Paisley Corporation at December 31, 2014, after the books have been closed, contains the following stockholders’ equity accounts.Preferred Stock (8,000 shares issued) $ 800,000 Common
The following stockholders’ equity accounts arranged alphabetically are in the section; compute book value _ ledger of Crivello Corporation at December 31, 2014.per share. Common Stock ($3 stated
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B. 3 PEPSICO Instructions(a) Based on the information contained
The stockholders’ meeting for Kissinger Corporation has been in progress for some time.The chief financial officer for Kissinger is presently reviewing the company’s financial statements and is
Jerrod Platt, your uncle, is an inventor who has decided to incorporate. Uncle Jerrod knows that you are an accounting major at U.N.O. In a recent letter to you, he ends with the question,“Tm
A high percentage of Americans own stock in corporations. As a shareholder in a corporation, you will receive an annual report. One of the goals of this course is for you to learn how to navigate
Earnings per share computations related to IFRS and GAAP:(a) are essentially similar.(b) result in an amount referred to as earnings per share.(c) must deduct preferred (preference) dividends when

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