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principles financial accounting

Questions and Answers of Principles Financial Accounting

Ingram Corporation has the following accounts (in euros) at December 31: Share Capital—Ordinary, €10 par, 5,000 shares issued, €50,000; Share Premium—Ordinary €10,000;Retained Earnings
Sorocaba Co. had the following transactions during the current period.Mar. 2 Issued 5,000 shares of $1 par value ordinary shares to attorneys in payment of a bill for$30,000 for services provided in
Assume that Horicon Corp acquired 25% of the common stock of Sheboygan Corp. on January 1, 2014, for$300,000. During 2014 Sheboygan Corp. reported net income of $160,000 and paid total dividends of
Using the information in Self-Test Question 6, what entry would Horicon make to record the receipt of the dividend from Sheboygan?(a) Debit Cash and credit Revenue from Stock Investments.(b) Debit
You have a controlling interest if: (LO 3)(a) you own more than 20% of a company’s stock.(b) you are the president of the company.(c) you use the equity method.(d) you own more than 50% of a
In the balance sheet, a debit balance in Unrealized (LO 5)Gain or Loss—Equity is reported as a(n):(a) increase to stockholders’ equity.(b) decrease to stockholders’ equity.(c) loss in the
What are the reasons that corporations invest in securities?(a) What is the cost of an investment in bonds?(b) When is interest on bonds recorded?
Using the data in Question 13, how would Tina report the data if the investment were long-term and the securities were classified as non-trading?
PEPsico What does PepsiCo state regarding its accounting policy involving consolidated financial statements?
For the data presented in BE12-6, show the financial statement presentation of the non-trading securities and related accounts. Assume the non-trading securities are noncurrent.
Gurnee Corporation has the following long-term investments: (1) Common stock of Kornas Co. (10% ownership) held as non-trading securities, cost $108,000, fair value$115,000. (2) Common stock of
Data for the Paula and Shannon companies are given in BE12-9. Instead of paying $190,000, assume that Paula pays $200,000 to acquire the 100% interest in Shannon Company. Complete the worksheet for
and for the excess of cost over book value.
Some of McEleveen Corporation’s investment securities are classified as trading securities and some are classified as non-trading. The cost and fair value of each category at December 31, 2014,
Identify where each of the following items would be reported in the financial statements.. Loss on sale of investments in stock.. Unrealized gain on non-trading securities.. Fair value
Mr. Wellington is studying for an accounting test and has developed the following Understand debt and stock questions about investments.1:Au BWN What are three reasons why companies purchase
At December 31, 2014, the trading securities for Oglesbee, Inc. are as follows.Security Cost Fair Value A $17,500 $16,000 B 12,500 14,000 G 23,000 19,000 $53,000 $49,000 Instructions(a) Prepare the
Zippydah Company has the following data at December 31, 2014.Securities Cost Fair Value Trading $120,000 $124,000 Non-trading 100,000 94,000 The non-trading securities are held as a long-term
On January 1, 2014, Lennon Corporation acquires 100% of Ono Inc. for $220,000 in cash. The condensed balance sheets of the two corporations immediately following the acquisition are as follows.Lennon
Pagnucci Carecenters Inc. provides financing and capital to the health-care intransactions and show dustry, with a particular focus on nursing homes for the elderly. The following selected financial
In January 2014, the management of Stefan Company concludes that it has suftransactions, prepare ficient cash to permit some short-term investments in debt and stock securities. During adjusting
On December 31, 2013, Ogallala Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.Common Stock Shares Cost
The following securities are in Amberwood Company's portfolio of long-term non-trading securities at December 31, 2013.Cost 1,000 shares of Reginald Corporation common stock $52,000 1,400 shares of
The following data, presented in alphabetical order, are taken from the records of Radar Corporation.Accounts payable $ 240,000 Accounts receivable 140,000 Accumulated depreciation—buildings
Robinson Corporation purchased all the outstanding common stock of Hoffman Prepare consolidated Plastics, Inc. on December 31, 2014. Just before the purchase, the condensed balance worksheet and
Cheese Farms is a grower of hybrid seed corn for Steenbergen Genetics Corpora- Journalize debt investment tion. It has had two exceptionally good years and has elected to invest its excess funds in
In January 2014, the management of Gina Company concludes that it has suf- Journalize investment transficient cash to purchase some short-term investments in debt and stock securities. During
On December 31, 2013, Eli Associates owned the following securities, held as long-term investments.Common Stock Shares Cost Trowbridge Co. 4,000 $100,000 Holly Co. 5,000 30,000 Oriental Motors Co.
Patel Company purchased all the outstanding common stock of Singh Company on December 31, 2014. Just before the purchase, the condensed balance sheets of the two companies were as follows. :Patel
The annual report of PepsiCo, Inc. is presented in Appendix A. © pepsico Y ae Esiaoon sir Cqentan Instructions(a) See Note 1 to the financial statements and indicate what the consolidated financial
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The PEPSICO Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in
At the beginning of the question-and-answer portion of the annual stockholders’ meeting of Kemper Corporation, stockholder Mike Kerwin asks, “Why did management sell the holdings in UMW Company
The Securities and Exchange Commission (SEC) .is the primary regulatory agency of U.S. financial markets. Its job is to ensure that the markets remain fair for all investors. The following SEC sites
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following.(a) What is the definition of a trading security?(b)
The following asset is not considered a financial asset under IFRS:(a) trading securities. (c) held-for-collection securities.(b) equity securities. (d) inventories.
What questions about cash are answered by the statement of cash flows?Distinguish among the three types of activities reported in the statement of cash flows.
Pepsico In its 2010 statement of cash flows, what amount did PepsiCo report for net cash (a) provided by operating activities, (b) used for investing activities, and (c) used for financing activities?
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.(a) Purchase of equipment.(b) Sale of building.(c)(d)
Classify each item as an operating, investing, or financing activity. Assume all items involve cash unless there is information to the contrary.(a) Purchase of equipment.(b) Sale of building.(c)(d)
The following T-account is a summary of the Cash account of Wiegman Company.Cash (Summary Form)Balance, Jan. 1 8,000 Receipts from customers 364,000 | Payments for goods 200,000 Dividends on stock
The T-accounts for Equipment and the related Accumulated Depreciation—Equipment for Ada Company at the end of 2014 are shown here.Equipment Accumulated Depreciation—Equipment Beg. bal. 80,000 |
Columbia Sportswear Company had accounts receivable of $205,025,000 at the Compute receipts from beginning of a recent year, and $267,653,000 at year-end. Sales revenues were $1,085,307,000
Kinsey Corporation reported income taxes of $360,000,000 on its 2014 income Compute cash payments for statement, income taxes payable of $277,000,000 at December 31, 2013, and $525,000,000 income
Yaddof Corporation reports operating expenses of $70,000 excluding deprecia- Compute cash payments for tion expense of $15,000 for 2014. During the year, prepaid expenses decreased $6,800 and
An analysis of comparative balance sheets, the current year’s income statement, and the general ledger accounts of Solomon Corp. uncovered the following items. Assume all items involve cash unless
Tim Latimer Corporation had the following transactions.1. Sold land (cost $12,000) for $10,000.2. Issued common stock at par value for $22,000.3. Recorded depreciation on buildings for $14,000.4.
The current sections of Nasreen Inc.'s balance sheets at December 31, 2013 and 2014, are presented here. Nasreen’s net income for 2014 was $153,000. Depreciation expense was$24,000.2014 2013
The three accounts shown below appear in the general ledger of Chaudry Corp.during 2014.Equipment Date Debit Credit Balance Hance 1 Balance 160,000 fuly 31 Purchase of equipment 70,000 230,000 Sept.
Meera Corporation’s comparative balance sheets are presented below.Meera Corporation Comparative Balance Sheets December 31 _ 2014 © _ 2013 —Cash $ 14,700 $ 10,700 Accounts receivable 20,800
Here are comparative balance sheets for Syal Company.Syal Company Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 73,000 $ 33,000 Accounts receivable 85,000 71,000 Inventory 170,000
Cassandra Corporation's comparative balance sheets are presented below.Cassandra Corporation Comparative Balance Sheets December 31 Cash Accounts receivable Investments Equipment Accumulated
The 2014 accounting records of Liz Ten Transport reveal these transactions and events.Payment of interest $10,000 Collection of accounts receivable $190,000 Cash sales 50,000 Payment of salaries and
The following information is taken from the 2014 general ledger of Okonedo Company.Rent Rent expense $ 40,000 Prepaid rent, January 1 5,600 Prepaid rent, December 31 9,000 Salaries Salaries and wages
You are provided with the following transactions that took place during a recent fiscal year.Statement of Cash Inflow, Cash Flow Outflow, or Transaction Activity Affected No Effect?(a) Recorded
The following account balances relate to the stockholders’ equity accounts of Chipo Corp. at year-end.2014 2013 |Common stock, 10,500 and 10,000 shares, respectively, for 2014 and 2013 $155,000
The income statement of Toby Zed Company is presented here.Toby Zed Company Income Statement For the Year Ended November 30, 2014 Sales revenue $7,500,000 Cost of goods sold Beginning inventory
Data for Toby Zed Company are presented in P13-3A.section—direct method.(LO 6)Cash from oper. $1,215,000 Prepare the operating activities Instructions Prepare the operating activities section of
Rattigan Company's income statement contained the condensed information below.section—indirect method. Rattigan Company(LO 3) Income Statement For the Year Ended December 31, 2014 Service revenue
Data for Rattigan Company are presented in P13-5A.section—direct method. Instructions(LO 6) Cash from oper. Prepare the operating activities section of the statement of cash flows using the direct
Presented below and on the next page are the financial statements of Rajesh Company.& Rajesh Company Comparative Balance Sheets i December 31 Prepare a statement of cash flows—indirect method, and
Data for Rajesh Company are presented in P13-7A. Further analysis reveals the Prepare a statement of cash following. flows—direct method, and 1. Accounts payable pertain to merchandise suppliers.
Condensed financial data of Sinjh Inc. follow. Prepare a statement of cash flows—indirect method.Sinjh Inc. (LO 3)Comparative Balance Sheets December 31 Assets 2014 2013 Cash $100,350 $ 48,400
The comparative balance sheets for Strackman Lux Company as of December 31 are presented below.Strackman Lux Company Comparative Balance Sheets December 31 Assets 2014 2013 Cash $ 59,520 $ 45,000
Condensed financial data of Jhutti Company appear below. Prepare a worksheet—indirect thod. Jhutti Company methoa Comparative Balance Sheets December 31(LO 5)Assets _ 2014 — _ 2013 Cash $ 90,300
You are provided with the following transactions that took place during a recent fiscal year.Statement of Cash Inflow, Cash Flow Outflow, or Transaction Activity Affected No Effect?(a) Recorded
The following selected account balances relate to the plant asset accounts of Raji Inc. at year-end._2014 _2013 Accumulated depreciation—buildings $337,500 $300,000 Accumulated
The income statement of Asquith Company is presented on the next page.Additional information:1. Accounts receivable decreased $230,000 during the year, and inventory increased$120,000.2. Prepaid
The income statement of Anne Droid Inc. reported the following condensed information.Anne Droid Inc.Income Statement For the Year Ended December 31, 2014 Service revenue $551,000 Operating expenses
Presented below are the financial statements of Rocastle Company.Rocastle Company Comparative Balance Sheets December 31 Assets _2014 —Cash $ 18,000 Accounts receivable 25,000 Inventory 45,000
Data for Rocastle Company are presented in P13-7B. Further analysis reveals the following.1. Accounts payable pertains to merchandise creditors.2. All operating expenses except for depreciation are
Condensed financial data of Minnie Hooper Company are shown below. Prepare a statement of cash flows—indirect method.Minnie Hooper Company Og)Comparative Balance Sheets December 31 Assets _ 2014
Data for Minnie Hooper Company are presented in P13-9B. Further analysis Prepare a statement of cash reveals that accounts payable pertain to merchandise creditors. flows—direct method.(LO
Presented on the next page are the comparative balance sheets for Vernet Company Prepare a statement of cash at December 31.Vernet Company Comparative Balance Sheets December 31 Assets _ 2014 — _
PepsiCo’s financial statements are presented in Appendix A. Financial statements of By The Coca-Cola Company are presented in Appendix B. PEPSICO Instructions(a) Based on the information contained
Purpose: Learn about the SEC.Address: www.sec.gov/index.html, or go to www.wiley.com/college/weygandt From the SEC homepage, choose About the SEC.Instructions Answer the following questions.(a) How
Purpose: Use the Internet to view SEC filings.Address: biz.yahoo.com/i/ or go to www.wiley.com/college/weygandt Steps:1. Type in a company name.2. Choose Profile.3. Choose SEC Filings. (This will
Bart Sampson, the owner-president of Computer Services Company, is unfamiliar with the statement of cash flows that you, as his accountant, prepared. He asks for further explanation.Instructions
In this chapter, you learned that companies prepare a statement of cash flows in order to keep track of their sources and uses of cash and to help them plan for their future cash needs.Planning for
Which of the following is correct?(a) Under IFRS, the statement of cash flows is optional.(b) IFRS requires use of the direct approach in preparing the statement of cash flows.(c) The majority of
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at
A credit sale of $750 is made on June 13, terms 2/10, net/30. A return of $50 is granted on June 16. The amount received as payment in full on June 23 is:(a) $700. (c) $685.(b) $686. (d) $650.
Which of the following accounts will normally appear in the ledger of a merchandising company that uses a perpetual inventory system?(a) Purchases. (c) Cost of Goods Sold.(b) Freight-In. (d) Purchase
The multiple-step income statement for a merchandising company shows each of the following features except:(a) gross profit.(b) cost of goods sold.(c) asales revenue section.(d) investing activities
If sales revenues are $400,000, cost of goods sold is$310,000, and operating expenses are $60,000, the gross profit is:(a) $30,000. (c) $340,000.(b) $90,000. (d) $400,000.
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is$50,000, cost of goods sold is:(a) $390,000. (c) $330,000.(b) $370,000. (d) $420,000.
In a worksheet, Inventory is shown in the following columns:(a) Adjusted trial balance debit and balance sheet debit.Income statement debit and balance sheet debit.Income statement credit and balance
Karen Lloyd believes revenues from credit sales may be earned before they are collected in cash. Do you agree? Explain.(a) What is the primary source document for recording (1) cash sales, (2) credit
Regis Co. has sales revenue of $109,000, cost of goods sold of $70,000, and operating expenses of $23,000.
What is its gross profit and its gross profit rate?
Kathy Ho Company reports net sales of $800,000, gross profit of $570,000, and net income of $240,000.
What are its operating expenses?
pepsico Determine PepsiCo’s gross profit rate for 2010 and 2009. Indicate whether it increased or decreased from 2009 to 2010.
Presented below are the components in Clearwater Company’s income statement.Determine the missing amounts.Regis Co. has sales revenue of $109,000, cost of goods sold of $70,000, and operating
Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system.Journalize perpetual inventory entries.(LO 2, 3)Journalize sales
Orlaida Company has the following merchandise account balances: Sales Revenue$192,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Inventory $40,000.Prepare the entries to record the
01> Explain where each of the following items would appear on (1) a multipleincome statements. step income statement, and on (2) a single-step income statement: (a) gain on sale of equip-(LO 5) ment,
Assume Jose Company has the following reported amounts: Sales revenue profit, income from $506,000, Sales returns and allowances $13,000, Cost of goods sold $330,000, Operating operations, and gross
Assume that Guardian Company uses a periodic inventory system and has these cost of goods purchased. account balances: Purchases $430,000; Purchase Returns and Allowances $13,000;(LO 6) Purchase
and also that Guardian Company has and gross profit. beginning inventory of $60,000, ending inventory of $90,000, and net sales of $680,000.(LO 6) Determine the amounts to be reported for cost of
Prepare the journal entries to record these transactions on Huntington Comtransactions. pany’s books using a periodic inventory system.(LO 6) (a) On March 2, Huntington Company purchased $900,000

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