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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

Mr. Soukup has prepared the following list of statements about service companies Answer general questions and merchandisers. about merchandisers.1. Measuring net income for a merchandiser is
Information related to Duffy Co. is presented below. Journalize purchases transactions. 1. On April 5, purchased merchandise from Thomas Company for $25,000, terms 2/10, net/30, FOB shipping point.
Presented below is information related to Taylor Co. for the month of January 2014.Ending inventory per Insurance expense $ 12,000 perpetual records $ 21,600 Rent expense 20,000 Ending inventory
Presented below is information for Bach Company for the month of March 2014.Cost of goods sold $212,000 Rent expense $ 32,000 Freight-out 9,000 Sales discounts 6,600 Insurance expense 6,000 Sales
In its income statement for the year ended December 31, 2014, Michael Company reported the following condensed data.Operating expenses $ 725,000 Interest revenue $ 33,000 Cost of goods sold 1,256,000
Presented below is financial information for two different companies.Lee Company Chan Company Sales revenue $90,000 (d)Sales returns (a) $ 5,000 Net sales 81,000 98,000 Cost of goods sold 56,000
Financial information is presented below for three different companies.(LO 5) Athena Harry Panama Cosmetics Grocery Wholesalers Sales revenue $90,000 $ (e) $122,000 Sales returns and allowances (a)
The trial balance of Roman Company at the end of its fiscal year, August 31, 2014, section. includes these accounts: Inventory $17,200; Purchases $149,000; Sales Revenue $190,000;(LO 6) Freight-In
On January 1, 2014, Clover Corporation had inventory of $50,000. At December 31, statement items. 2014, Clover had the following account balances.(LO 6) Freight-in $ 4,000 Purchases 509,000 Purchase
Below isa series of cost of goods sold sections for companies Alpha, Beta, Chi, and section. Decca.(LO 6) Alpha Beta Chi Decca Beginning inventory $ 150 $ 70 $1,000 $ (j)Purchases 1,620 1,060 (g)
Presented below is information related to Chile Co. Journalize purchase transactions. 1. On April 5, purchased merchandise from Graham Company for $16,000, terms 2/10, net/30, FOB shipping point. (LO
Presented below are selected accounts for Higley Company as reported in the work- Complete worksheet.sheet at the end of May 2014. (LO 7)Adjusted Income Accounts Trial Balance Statement Balance Sheet
The trial balance columns of the worksheet for Adelle Company at June 30, 2014, — Prepare a worksheet.are as follows. (LO 7)Adelle Company Worksheet For the Month Ended June 30, 2014 Trial Balance
Starz Department Store is located near the Towne Shopping Mall. At the end of the company’s calendar year on December 31, 2014, the following accounts appeared in two of its trial
Maggie Sharrer Company borrows $88,500 on September 1, 2014, from Sandwich State Bank by signing an $88,500, 12%, one-year note. What is the accrued interest at December 31, 2014?(a) $2,655. (c)
Becky Sherrick Company has total proceeds from sales of $4,515. If the proceeds include sales taxes of 5%, the amount to be credited to Sales Revenue is:(a) $4,000. (c) $4,289.25.(b) $4,300. (d) No
Sensible Insurance Company collected a premium of $18,000 for a 1-year insurance policy on April 1.What amount should Sensible report as a current liability for Unearned Insurance Premiums at
The term used for bonds that are unsecured is:(a) callable bonds. (c) debenture bonds.(b) indenture bonds. (d) bearer bonds.
Colson Inc. converts $600,000 of bonds sold at face value into 10,000 shares of common stock, par value$1. Both the bonds and the stock have a market value of$760,000. What amount should be credited
At the end of Apex Department Store’s fiscal year on December 31, 2014, these and gross profit under accounts appeared in its adjusted trial balance.periodic approach. LO6 Freight-In $ 5,600( )
For 2014, Corn Flake Corporation reported net income of $300,000. Interest expense was $40,000 and income taxes were $100,000. The times interest earned ratio was:(a) 3 times. (c) 7.5 times.(b) 4.4
Valerie Fons operates a retail clothing operation. She purchases all merchandise and assess profitability. inventory on credit and uses a periodic inventory system. The Accounts Payable account(LO 6)
On January 1, Besalius Inc. issued $1,000,000, 9%bonds for $938,554. The market rate of interest for these bonds is 10%. Interest is payable annually on December 31. Besalius uses the
On January 1, Dias Corporation issued $1,000,000, 10%, 5-year bonds with interest payable on July 1 and January 1. The bonds sold for $1,081,105. The market rate of interest for these bonds was 8%.
At the beginning of the current season, the ledger of Village Tennis Shop showed trial balance and partial Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions income
On January 1, Hurley Corporation issues $500,000, 5-year, 12% bonds at 96 with interest payable on July 1 and January 1. The entry on July 1 to record payment of bond interest and the amortization of
(c) credit to Discount on Bonds Payable $4,000.(d) credit to Discount on Bonds Payable $2,000.For the bonds issued in Question 17 above, what is the carrying value of the bonds at the end of the
The trial balance of Mr. Rosiak Fashion Center contained the following accounts Complete accounting cycle at November 30, the end of the company’s fiscal year. beginning with a worksheet.(LO 4, 5,
Book Nook Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Book Nook’s inventory consisted of books
Data for Sandi Teter are presented in BE10-5. Prepare the journal entries to record (a) Sandi's pay for the period and (b) the payment of Sandi’s wages. Use January 15 for the end of the pay period
Shaffer Inc. is considering two alternatives to finance its construction of a new$2 million plant.(a) Issuance of 200,000 shares of common stock at the market price of $10 per share.(b) Issuance of
The balance sheet for Prism Consulting reports the following information on July 1, 2014.Long-term liabilities Bonds payable Less: Discount on bonds payable$1,000,000 40,000 $960,000 Prism decides to
The Moulton Store is located in midtown Metropolis. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year on
Presented below is the partial bond discount amortization schedule for Cardosa Corp. Cardosa uses the effective-interest method of amortization.Interest Semiannual Interest to Expense to Discount
Dan Noll’s gross earnings for the week were $1,780, his federal income tax withholding was $303, and his FICA total was $136.Instructions(a) What was Noll’s net pay for the week?(b) Journalize
At the end of Stampfer Department Store's fiscal year on November 30, 2014, these sold and gross profit under accounts appeared in its adjusted trial balance.periodic approach. Eeciohtein $ 7,500(LO
The following financial data were reported by 3M Company for 2009 and 2010(dollars in millions).3M Company eke] elale@ ops) aletaiacm ( el-) a dr-1))2010 2009 Current assets Cash and cash equivalents
Psang Inc. operates a retail operation that purchases and sells home entertainment and assess profitability. products. The company purchases all merchandise inventory on credit and uses a periodic(LO
At the beginning of the current season on April 1, the ledger of Tri-State Pro Shop showed Cash $3,000; Inventory $4,000; and Common Stock $7,000. These transactions occurred during April 2014.Apr. 5
On January 1, 2014, the ledger of Shumway Company contains the following liability accounts.Accounts Payable $52,000 Sales Taxes Payable 5,800 Unearned Service Revenue 14,000 During January, the
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions Answer the following questions using PepsiCo’s Consolidated Statement of Income.(a)
Otto Electronics issues a $800,000, 8%, 10-year mortgage note on December 31, 2013. The proceeds from the note are to be used in financing a new research laboratory.The terms of the note provide for
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information contained in these
On July 1, 2014, Kingston Company issued $3,600,000, 9%, 10-year bonds at issuance of bonds, payment $3,375,680. This price resulted in an effective-interest rate of 10% on the bonds. Kingston of
Three years ago, Debbie Sells and her brother-in-law Mike Mooney opened Family Depart- =, ment Store. For the first two years, business was good, but the following condensed income results for 2013
Guehler Electric sold $2,000,000, 9%, 10-year bonds on January 1, 2014. The ecrual traight-li ; : ideale ial EE bonds were dated January 1 and pay interest July 1 and January 1. Guehler Electric uses
The following situation is in chronological order.. Dexter decides to buy a surfboard.. He calls Boardin USA Co. to inquire about their surfboards.. Two days later, he requests Boardin USA Co. to
Jaggar Company sold $3,000,000, 8%, 10-year bonds on July 1, 2014. The bonds bond premium and discount. were dated July 1, 2014, and pay interest July 1 and January 1. Jaggar Company uses the(LO: 5),
The following is taken from the Millette Company balance sheet. Prepare entries to record interest payments, straight-line Millette Company premium amortization, and Balance Sheet (partial)
There are many situations in business where it is difficult to determine the proper period in which to record revenue. Suppose that after graduation with a degree in finance, you take a job as a
On January 1, 2014, the ledger of Zaur Company contains the following liability Prepare current liability accounts. entries, adjusting entries, and current liabilities section. Accounts Payable
Which of the following would not be a line item of a company reporting costs by nature?(a) Depreciation expense. (c) Interest expense.(b) Salaries expense. (d) Manufacturing expense
On June 1, 2014, Sator Corp. issued $1,200,000, 8%, 5-year bonds at face value. Prepare entries to record The bonds were dated June 1, 2014, and pay interest semiannually on June 1 and Decem-
Which of the following would not be a line item of a company reporting costs by function?(a) Administration. (c) Utilities expense.(b) Manufacturing. (d) Distribution.
Explain the difference between the “nature-of-expense” and “function-of-expense”classifications.
Atlantis Company reported the following amounts (in euros) in 2014: net income,€150,000; unrealized gain related to revaluation of buildings, €10,000; and unrealized loss on non-trading
Tinker Bell Company has the following:Units Unit Cost 11.Inventory, Jan. 1 8,000 Slut Purchase, June 19 13,000 12 Purchase, Nov. 8 5,000 13 If Tinker Bell has 9,000 units on hand at December 31, the
Using the data in Question 4 above, the cost of the ending inventory under LIFO is:(a) $113,000. (c) $99,000.(b) $108,000. (d) $100,000.
The following is taken from the Plankton Corporation balance sheet.Plankton Corporation Balance Sheet (partial)December 31, 2013 Current liabilities Interest payable (for 6 months from July 1 to
Rickety Company purchased 1,000 widgets and has 200 widgets in its ending inventory at a cost of $91 each and a current replacement cost of $80 each. The ending inventory under
The financial statements of PepsiCo, Inc. and the notes to consolidated financial statements appear in Appendix A.Instructions Refer to PepsiCo’s financial statements and answer the following
Harold Company overstated its inventory by $15,000 at (LO
Songbird Company has sales of $150,000 and cost of (LO &goods available for sale of $135,000. If the gross profit rate is 30%, the estimated cost of the ending inventory under the gross profit method
In a perpetual inventory system:(a) LIFO cost of goods sold will be the same as ina periodic inventory system.(b) average costs are based entirely on unit cost averages.(LO! (LO ja new average is
Dayne Company identifies the following items for possible inclusion in the taking of a physical inventory. Indicate whether each item should be included or excluded from the inventory taking.Identify
On January 1, 2012, Fleming Corporation issued $2,400,000 of 5-year, 7% bonds at 96; &, Instructions the bonds pay interest semiannually on July 1 and January 1. By January 1, 2014, the market rate
Ron Seiser, president of Seiser Corporation, is considering the issuance of bonds to finance an expansion of his business. He has asked you to (1) discuss the advantages of bonds over common stock
Pena Appliance Center accumulates the following cost and market data at December 31.Inventory Cost Market Categories Data Data Cameras $12,000 $12,100 Camcorders 9,500 9,200 DVD players 14,000 12,800
Some employees are encouraging and setting up preventive health-care programs. Here are the percentages for five unhealthy behaviors for individuals with some college education: current cigarette
Abbott's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.Date Number of Units Unit Price May 7 50 $11 July 28 30 iS On June 1, Abbott's sold
Archer Company issued (in pounds) £4,000,000 par value, 7% convertible bonds at 99 for cash. The net present value of the debt without the conversion feature is £3,800,000. Prepare the journal
The accounting records of Connor Electronics show the following data.3,000 units at $5 8,000 units at $7 9,400 units at $10 Beginning inventory Purchases Sales Determine cost of goods sold during the
(a) Wahl Company sells three different categories of tools (small, medium, and large). The cost and market value of its inventory of tools are as follows.Cost Market Value Small $ 64,000 $ 73,000
Early in 2014, Racine Company switched to a just-in-time inventory system.Its sales, cost of goods sold, and inventory amounts for 2013 and 2014 are shown below.2013 2014 Sales $3,120,000 $3,713,000
Sherper's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Sherper’s purchases of Xpert snowboards during September is shown below. During the
Zambian Co. uses a periodic inventory system. Its records show the following for the month of May, in which 68 units were sold.Units Unit Cost Total Cost May 1 Inventory 30 $9 $270 15 Purchases 25
Eastland Company reports the following for the month of June.Units Unit Cost Total Cost June 1 Inventory 200 $5 $1,000[2 Purchase 300 6 1,800 23 Purchase 500 7 3,500 30 Inventory 160 Instructions(a)
Kinshasa Camera Shop uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.Item Units Unit Cost Cameras:Minolta 8 $170 Canon 6 150 Light
Delhi Hardware reported cost of goods sold as follows.2013 Beginning inventory $ 20,000 Cost of goods purchased 150,000 Cost of goods available for sale 170,000 Ending inventory 30,000 Cost of goods
Horner Watch Company reported the following income statement data for a 2-year period.2013 Sales revenue $210,000 Cost of goods sold Beginning inventory 32,000 Cost of goods purchased 173,000 Cost of
This information is available for Sepia Photo Corporation for 2012, 2013, and 2014.2012 2013 2014 Beginning inventory $ 100,000 $ 330,000 $ 400,000 Ending inventory 330,000 400,000 480,000 Cost of
The cost of goods sold computations for Silver Company and Gold Company are shown below.Silver Company Gold Company Beginning inventory $ 47,000 $ 71,000 Cost of goods purchased 200,000 290,000 Cost
and E6-8?(c) Why is the average unit cost not $6 [($5 + $6 + $7) + 3 = $6]?*E6-17 Information about Sherper’s Boards is presented in E6-4. Additional data regarding Sherper’s sales of Xpert
Adler Company reported the following information for November and December 2014.estimate inventory.(LO 8) November December Cost of goods purchased $500,000 $ 610,000 Inventory, beginning-of-month
The inventory of Florence Company was destroyed by fire on March 1. From an using the gross profit method — examination of the accounting records, the following data for the first 2 months of the
Peacock Shoe Store uses the retail inventory method for its two departments, Women’s at cost using retail method. Shoes and Men’s Shoes. The following information for each department is
Columbus Limited is trying to determine the value of its ending inventory at Februamounts to be recorded ary 28, 2014, the company’s year-end. The accountant counted everything that was in the ED
Dyna Distribution markets CDs of the performing artist King James. At the beginning of March, Dyna had in beginning inventory 1,500 King James CDs with a unit cost of$7. During March, Dyna made the
Milo Company had a beginning inventory of 400 units of Product Kimbo at a cost of $8 per unit. During the year, purchases were:Feb. 20 300 units at $9 Aug. 12 600 units at $11 May 5 500 units at $10
The management of Red Robin Co. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. They request your help in determining the results of
You are provided with the following information for Matthew Inc. for the month ended October 31, 2014. Matthew uses a periodic method for inventory.Unit Cost or Date Description Units Selling Price
Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the
Dominican Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May, the company had the following purchases and sales for its Model 25 Sureshot camera.Purchases Date
Fram Company lost 70% of its inventory in a fire on March 25, 2014. The gross profit method. accounting records showed the following gross profit data for February and March.oe March XLS February (to
Thai Department Store uses the retail inventory method to estimate its monthly using retail method. ending inventories. The following information is available for two of its departments at(LO 8)
Banff Limited is trying to determine the value of its ending inventory as of Februamounts to be recorded ary 28, 2014, the company’s year-end. The following transactions occurred, and the in
Doom’s Day Distribution markets CDs of the performing artist Marilynn. At the beginning of October, Doom’s Day had in beginning inventory 2,000 of Marilynn’s CDs with a unit cost of $7. During
Collins Company had a beginning inventory on January 1 of 100 units of Product 4-18-15 at a cost of $21 per unit. During the year, the following purchases were made.Mar. 15 300 units at $24 300 units
The management of Gilbert Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of
You are provided with the following information for Lahti Inc. for the month ended June 30, 2014. Lahti uses the periodic method for inventory.Unit Cost or Date Description Quantity Selling Price

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