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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

The management of Creek Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2014, the accounting records provide the data shown at the top
Yuan Li Inc. is a retailer operating in Edmonton, Alberta. Yuan Li uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the inventory
Lemansky Co. began operations on July 1. It uses a perpetual inventory system.$ 47,000 532,000 740,000 140,000 During July, the company had the following purchases and sales.Date July 1 July 6 July
Bristol Company lost all of its inventory in a fire on December 26, 2014. The inventory loss using gross accounting records showed the following gross profit data for November and December.profit
Hooked on Books uses the retail inventory method to estimate its monthly ending using retail method. inventories. The following information is available for two of its departments at October(LO 8)
The notes that accompany a company’s financial statements provide informative‘ details that would clutter the amounts and descriptions presented in the statements. Refer to the financial
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 April 10, 2014, fire damaged the office and warehouse of Ehlert Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2014:
Suppose you own a number of wine shops selling mid-level as well as expensive bottled wine. You have been experiencing significant losses from theft at your stores. You suspect that it is a
Franklin Company has the following four items in its ending inventory as of December 31, 2014. The company uses the lower-of-cost-or-net realizable value approach for inventory valuation following
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
Which of the following items in a cash drawer at (LO 8November 30 is not cash?(a) Money orders.(b) Coins and currency.(c) A customer check dated December 1.(d) A customer check dated November 28.
Match each situation with the fraud triangle factor”—opportunity, financial pressure, or rationalization’ —that best describes it.tf.pag 2) 4.An employee's monthly credit card payments are
On March 20, Batavia’s petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $52, freight-out $26, and travel expense $10.Prepare the journal entry to
Louis Whited is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.
Using the data in BE7-11, indicate (a) the items that will result in an adjustment to the depositor’s records and (b) why the other items do not require adjustment.
Jerry Holman is concerned with control over mail receipts at Midtown Design system of internal Sporting Goods. All mail receipts are opened by Don Judd. Don sends the checks to the control over cash
Markee Company established a $100 petty cash fund on August 1.On August Make journal entries for petty 31, the fund had $6 cash remaining and petty cash receipts for postage $31, office sup- cash
Jon Rapp owns Rapp Blankets. Jon asks you to explain how he should treat — Explain treatment of items the following reconciling items when reconciling the company’s bank account. in bank
Sue Ernesto is the owner of Ernesto’s Pizza. Ernesto’s is operated strictly ona carryout Identify the principles of basis. Customers pick up their orders at a counter where a clerk exchanges the
The following control procedures are used at Aldean Company for over-the-counter — Identify internal control cash receipts. weaknesses over cash receipts 1. To minimize the risk of robbery, cash in
The following control procedures are used in Morgan’s Boutique Shoppe for cash Identify internal control disbursements. weaknesses over cash disbursements and suggest improvements.(LO 2, 4)1. The
Listed below are five procedures followed by Parson Company.1. Several individuals operate the cash register using the same register drawer.2. A monthly bank reconciliation is prepared by someone who
Listed below are five procedures followed by Bingham Company.1. Employees are required to take vacations.2. Any member of the sales department can approve credit sales.3. Blake Nayak ships goods to
LaSalle Company established a petty cash fund on May 1, cashing a check for $100. Prepare journal entries for a The company reimbursed the fund on June 1 and July 1 with the following results. petty
Kickapoo Company uses an imprest petty cash system. The fund was established — Prepare journal entries for a on March 1 with a balance of $100. During March, the following petty cash receipts were
Lisa Ceja is unable to reconcile the bank balance at January 31. Lisa’s reconciliation Prepare bank reconciliation is as follows. and adjusting entries.(LO 7)Cash balance per bank $3,660.20 Add:
On April 30, the bank reconciliation of Perrin Company shows three outstanding Determine outstanding checks.checks: no. 254, $650; no. 255, $720; and no. 257, $410. The May bank statement and the (LO
The information below relates to the Cash account in the ledger of Wasson Company.Balance September 1—$17,150; Cash deposited—$64,000.Balance September 30—$17,404; Checks written—$63,746.The
The bank portion of the bank reconciliation for Rintala Company at November 30, 2014, was as follows.Rintala Company Bank Reconciliation November 30, 2014 Cash balance per bank $14,367.90 Add:
Cayemberg Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.Cash in Bank Per Books Per Bank Balance,
Aglife Genetics Company of Lancaster, Wisconsin, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2014, the company’s Cash account per its general ledger showed the
The bank portion of the bank reconciliation for Goulet Company at October 31, 2014, was as follows.Goulet Company Bank Reconciliation October 31, 2014 Cash balance per bank $6,000 Add: Deposits in
Tizani Company's bank statement from Eastern National Bank at August 31, 2014, shows the information below.Balance, August 1 $11,284 Bank credit memoranda:August deposits 47,521 Collection of note
Stupendous Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions(a) What comments, if any, are made about cash in the report of the independent
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
Identity thieves determine your identity by going through your mail or trash, stealing your credit cards, redirecting mail through change of address forms, or acquiring personal information you share
Non-U.S companies that follow IFRS:(a) do not normally use the principles of internal control activities described in this textbook.(b) often offset cash with accounts payable on the balance
State whether each of the following is true or false. For those that are false, explain why.(a) A proposed new financial accounting standard would not allow cash equivalents to be reported in
Use the same information as in question 4, except that Hughes has a debit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. In this
Foti Co. accepts a $1,000, 3-month, 6% promissory (LO 6 note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows.(a) Notes Receivable | 1POUS |Accounts
Ginter Co. holds Kolar Inc.’s $10,000, 120-day, 9% note. (LO 8 The entry made by Ginter Co. when the note is collected, assuming no interest has been previously accrued, is:(a) Cash | 10,300 |Notes
Texaco Oil Company issues its own credit cards.Assume that Texaco charges you $40 interest on an account is written off under the allowance method.Clarify this point for Roger Holloway.
Compute the missing amounts for each of the following notes.Annual Total Principal Interest Rate Time Interest(a) ? 9% 120days $ 450(b) $30,000 10% 3 years ?(c) $60,000 ? 5months $3,000(d) $45,000 8%
pepsico What percentage does PepsiCo’s allowance for doubtful accounts represent as a percentage of its gross receivables?
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.(a) Sold
Record the following transactions on the books of Galaxy Co.(a) On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, Advanced $8,000 to an employee.terms 2/10, n/30.Record
During its first year of operations, Energy Company had credit sales of $3,000,000;$600,000 remained uncollected at year-end. The credit manager estimates that $31,000 of On July 11, Kingston Inc.
At the end of 2014, Endrun Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Marcello is not
Compute interest and find the maturity date for the following notes.Date of Note Principal Interest Rate (%) Terms(a) June 10 $80,000 6% 60 days(b) July 14 $64,000 7% 90 days(c) April 27 $12,000 8%
Presented below are data on three promissory notes. Determine the missing amounts.Date of Maturity Annual Total Note Terms Date Principal Interest Rate Interest(a) April 1 60 days ? $600,000 5% ?(b)
The financial statements of Minnesota Mining and Manufacturing Company (3M)report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion
Presented below are selected transactions of Menge Company. Menge sells in large Journalize entries related to quantities to other companies and also sells its product in a small retail outlet.
Presented below are two independent situations. Journalize entries for recognizing accounts (a) On January 6, Bennett Co. sells merchandise on account to Jackie Inc. for $7,000, terms 2/10, n/30. On
The ledger of Elburn Company at the end of the current year shows Accounts — Journalize entries to record Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances allowance for
Record the following transactions for Taylor Co. in the general journal.2014 May 1 Received a $7,500, 1-year, 9% note in exchange for Len Monroe's outstanding accounts receivable.Accrued interest on
Bieber Company had the following select transactions.May 1,2014 Accepted Crane Company's 1-year, 12% note in settlement of a $16,000 account receivable.Loaned $25,000 cash to Sam Howard on a 9-month,
At December 31, 2013, Dean Co. reported the following information on its balance to bad debt expense. sheet.(LO 2, 3, 9)Accounts receivable $960,000 Less: Allowance for doubtful accounts 70,000
Presented below is an aging schedule for Sycamore Company.H»o-c-|_| Home| Insert Page Layout Fo Worksheet.xls rmulas Data Review View Number of Days Past Due ES eee eS a ee ee ee 1-30 31-60 61-90
Mineo Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end.Baea) * Worksheet.xls Home| Insert
At December 31, 2014, the trial balance of Roberto Company contained the following amounts before adjustment.Debits Credits Accounts Receivable $385,000 |Allowance for Doubtful Accounts $ 800 Sales
Hilo Company closes its books monthly. On September 30, selected ledger account balances are:Notes Receivable $31,000 Interest Receivable 170 Notes Receivable include the following.Date Maker Face
On January 1, 2014, Derek Company had Accounts Receivable $139,000, Notes Prepare entries for various Receivable $30,000, and Allowance for Doubtful Accounts $13,200. The note receivable is
At December 31, 2013, Globe Trotter Imports reported the following information Prepare journal entries related on its balance sheet. to bad debt expense.Accounts receivable $220,000 (LO 2, 3, 9)Less:
Information related to Shin Company for 2014 is summarized below. Compute bad debt amounts.Total credit sales $920,000 (LO 3)Accounts receivable at December 31 369,000 xis Bad debts written off
Presented below is an aging schedule for Garry Owen Company.AD: Cg) = Worksheet.xls _ Home| Insert Page Layout Formulas Data Review View __ wis Dra eaee S.6 ee =e ieee ae RY ere Sy: re ee or D Fila
The following represents selected information taken from a company’s aging schedule to estimate uncollectible accounts receivable at year-end.BS iciucy > Worksheet.xls Home| Insert Page Layout
At December 31, 2014, the trial balance of Mariette Company contained the following amounts before adjustment.Debits Credits Accounts Receivable $250,000 Allowance for Doubtful Accounts $ 1,400 Sales
Gehrig Co. closes its books monthly. On June 30, selected ledger account balances are:Notes Receivable $60,000 Interest Receivable 435 Notes Receivable include the following.Date Maker Face Term
On January 1, 2014, Valdez Company had Accounts Receivable $91,000 and Allowreceivable transactions. ance for Doubtful Accounts $8,100. Valdez Company prepares financial statements annu-(LO 2, 4, 5,
CAF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken
PepsiCo, Inc.’s financial statements are presented in Appendix A. Financial statements of PEPSICO The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information in these
Purpose: To learn more about factoring from websites that provide factoring services.Address: www.ccapital.net, or go to www.wiley.com/college/weygandt Steps: Go to the website, click on invoice
Hilda and Tim Piwek own Campus Fashions. From its inception, Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several
Lily Pao, a friend of yours, overheard a discussion at work about changes her employer wants to make in accounting for uncollectible accounts. Lily knows little about accounting, and she asks you to
Individuals need to evaluate their personal credit positions using the same thought processes used by business people. Some of you might consider the idea of not having a credit card a ridiculous
Erin Danielle Company purchased equipment and incurred the following costs.Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Installation and testing 400 Total costs $25,800 What
Ann Torbert purchased a truck for $11,000 on Janu- (LO 2)ary 1, 2013. The truck will have an estimated salvage value of $1,000 at the end of 5 years. Using the unitsof-activity method, the balance in
Jefferson Company purchased a piece of equipment on January 1, 2014. The equipment cost $60,000 and has an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense
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 ratio?(a)
What are the similarities and differences between the terms depreciation, depletion, and amortization?Spectrum Company hires an accounting intern who says that intangible assets should always be
Pepsico What classifications and amounts are shown in PepsiCo’s Note 4 to explain its total property, plant, and equipment (net) of $19,058 million?
The following expenditures were incurred by Rosenberg Company in purchasing land: cash price $64,000, accrued taxes $3,000, attorneys’ fees $2,500, real estate does not come close to accumulating
Assume the same information as BE9-15, except that the fair value of the old delivery equipment is $36,000. Prepare the entry to record the exchange.
Match the statement with the term most directly associated with it.Goodwill Intangible assets Research and development costs Amortization Franchises i Rights, privileges, and competitive advantages
Steve Grant, the new controller of Greenbriar Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. His findings are as
Nelson Company, organized in 2014, has the following transactions related to intangible assets.1/2/14 Purchased patent (8-year life) $560,000 4/1/14 Goodwill purchased (indefinite life) 360,000
In recent years, Freeman Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus,
At the beginning of 2012, Mansen Company acquired equipment costing $80,000.It was estimated that this equipment would have a useful life of 6 years and a residual value of $8,000 at that time. The
At December 31, 2013, Walton Company reported the following as plant assets.Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation—buildings 12,100,000 14,400,000 Equipment
Dirkson Company and Hawkins Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the
In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each
At the beginning of 2012, Bellamy Company acquired equipment costing $60,000.It was estimated that this equipment would have a useful life of 6 years and a residual value of $6,000 at that time. The
At December 31, 2013, Durango Company reported the following as plant assets.Land $ 2,000,000 Buildings $28,500,000 Less: Accumulated depreciation—buildings 12,100,000 16,400,000 Equipment
Nina Corporation and Vernon Corporation, two corporations of roughly the same size, are both involved in the manufacture of canoes and sea kayaks. Each company depreciates its plant assets using the
The financial statements and the Notes to Consolidated Financial Statements of PepsiCo, PEPSICO Inc, are presented in Appendix A.Instructions Refer to PepsiCo’s financial statements and answer the
PepsiCo’s financial statements are presented in Appendix A. Financial statem ents of The Coca-Cola Company are presented in Appendix B. PEPSICO Instructions(a) Compute the asset turnover ratio for
Givens Company and Runge Company are two companies that are similar in many respects. One difference is that Givens Company uses the straight-line method and Runge Com- =, pany uses the
The following was published with the financial statements to American Exploration Company.Property, Plant, and Equipment—The Company accounts for its oil and gas exploration and production

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