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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

The Feature Story at the beginning of the chapter discussed the company Rent-A-Wreck.Note that the trade name Rent-A-Wreck is a very important asset to the company, as it creates immediate product
Research and development costs are:(a) expensed under GAAP. (c) expensed under both GAAP and IFRS.(b) expensed under IFRS. (d) None of the above.
Under IFRS, value-in-use is defined as:(a) net realizable value. (c) future cash flows discounted to present value.(b) fair value. (d) total future undiscounted cash flows.
Define debits and credits and explain their use in recording business transactions.
Explain what a journal is and how it helps in the recording Seas process.
Explain what posting is and how it helps in the recording process.
Prepare a trial balance and explain its purposes.
The expanded accounting equation is:(a) Assets + Liabilities = Common Stock + Retained Earnings + Dividends + Revenues + Expenses(b) Assets = Liabilities + Common Stock + Retained Earnings +
The order of the accounts in the ledger is:(a) assets, revenues, expenses, liabilities, common stock, dividends.assets, liabilities, revenues, expenses.common stock, assets, revenues, expenses,
Sandra Browne, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Sandra correct? Discuss.State the rules of debit and credit as applied to
Indicate whether the following accounts generally will have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries.Ci) C@ashre(2) Accounts Receivable.(3) Dividends.(4)
Pepsico What are the normal balances for PepsiCo’s Cash, Accounts Payable, and Interest Expense accounts?
For each of the following accounts indicate the effects of (a) a debit and (b) a credit(a) Should business transaction debits and credits be recorded directly in the ledger accounts?(b) What are the
Transactions for the Kaustav Sen Company, which provides welding services, for the month of June are presented below. Identify the accounts to be debited and credited for each transaction.Kaustav Sen
J.A. Motzek Inc. has the following transactions during August of the current year.Indicate (a) the effect on the accounting equation and (b) the debit-credit analysis illustrated on pages 66-71 of
Selected transactions for the Gilles Company are presented in journal form below.T-accounts. Post the transactions to T-accounts. Make one T-account for each item and determine each(LO 6) account's
Selected journal entries for the Gilles Company are presented in BE2-7. Post the standard form of account. transactions using the standard form of account.(LO 6)
From the ledger balances given below, prepare a trial balance for the Starr(LO 7) Company at June 30, 2014. List the accounts in the order shown on page 74 of the text.All account balances are
An inexperienced bookkeeper prepared the following trial balance. Prepare a(LO 7) correct trial balance, assuming all account balances are normal.Cheng Company Trial Balance December 31, 2014 Debit
Graham Kahl recorded the following transactions during the month of April.April 3 Cash 3,700 Service Revenue 3,700 April 16 Rent Expense 600 Cash 600 April 20 Salaries and Wages Expense 500 Cash 500
The following accounts are taken from the ledger of Chillin’ Company at December 31, 2014.200 Notes Payable $20,000 101 Cash $6,000 311 Common Stock 25,000 120 Supplies 5,000 157 Equipment 76,000
Larry Burns has prepared the following list of statements about accounts.. An account is an accounting record of either a specific asset or a specific liability.. An account shows only increases, not
Selected transactions for B. Madar, an interior decorating firm, in its first month of business, are shown below and on page 84.Jan. 2 Invested $15,000 cash in the business in exchange for common
Presented below is information related to Robbins Real Estate Agency.Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of$20,000 in exchange for common stock.2 Hires
Transaction data for Robbins Real Estate Agency are presented in E2-4.Instructions Journalize the transactions. (You may omit explanations.)
Rockford Enterprises had the following selected transactions.1. Kris Rockford invested $5,000 cash in the business in exchange for common stock.2. Paid office rent of $1,100.3. Performed consulting
Presented below is information related to Robbins Real Estate Agency.Oct. 1 Lynn Robbins begins business as a real estate agent with a cash investment of$20,000 in exchange for common stock.2 Hires
Transaction data for Robbins Real Estate Agency are presented in E2-4.Instructions Journalize the transactions. (You may omit explanations.)
Rockford Enterprises had the following selected transactions.1. Kris Rockford invested $5,000 cash in the business in exchange for common stock.2. Paid office rent of $1,100.3. Performed consulting
The T-accounts below summarize the ledger of Padre Landscaping Company at the end of the first month of operations.Cash No. 101 Unearned 4/1 10,000 | 4/15 720 Service Revenue No. 209 4/12 900 | 4/25
Presented below is the ledger for Sparks Co.Cash No. 101 Common Stock No. 311 10/1 5,000 | 10/4 400 10/1 5,000 10/10 650 | 10/12 1,500 10/25 2'000 10/10 3,000 | 10/15 280 are 10/20 500 | 10/30 300
The bookkeeper for Stan Tucci Equipment Repair made a number of errors in journalizing and posting, as described below.1. Acredit posting of $400 to Accounts Receivable was omitted.2. A debit posting
The accounts in the ledger of Tempus Fugit Delivery Service contain the following Prepare a trial balance.balances on July 31, 2014. (LO 2, 7)Accounts Receivable $10,642 Prepaid Insurance $ 1,968
The statement of cash flows classifies each transaction as an operating activity, an Identify cash flow activities.investing activity, or a financing activity. Operating activities are the types of
Prairie Park was started on April 1 by C. J. Amaro and associates. The following Journalize a series of selected events and transactions occurred during April. transactions.(LO 2, 4) Apr. 1
Mark Hockenberry owns and manages a computer repair service, which had the following trial balance on December 31, 2013 (the end of its fiscal year).Byte Repair Service, Inc.Trial Balance December
The trial balance of the Garland Company shown below does not balance.Garland Company Trial Balance May 31, 2014 Debit _ Credit Cash $ 3,850 Accounts Receivable Seo 150 Prepaid Insurance 700
Surepar Disc Golf Course was opened on March 1 by Bill Arnsdorf. The following transactions. selected events and transactions occurred during March:(LO 2, 4) Mar. 1 Invested $60,000 cash in the
Judi Dench is a licensed dentist. During the first month of the operation of her and prepare a trial balance. business, the following events and transactions occurred.(LO 2, 4, 6, 7) April 1
Chamberlain Services was formed on May 1, 2014. The following transactions took — Journalize transactions, post, place during the first month. and prepare a trial balance.Transactions on May 1: (LO
The trial balance of Ron Salem Co. shown below does not balance. Prepare a correct trial balance. Ron Salem Co.Trial Balance (LO 7)June 30, 2014 Debit Credit Cash $ 3,840 Accounts Receivable $ 2,898
The financial statements of PepsiCo, Inc. are presented in Appendix A. The notes accom- &panying the statements contain the following selected accounts, stated in millions of dollars. PEPSICO 3
PepsiCo’s financial statements are presented in Appendix A. Financial statements of BEnCICG The Coca-Cola Company are presented in Appendix B.Instructions (a) Based on the information contained in
Amy Torbert operates Hollins Riding Academy. The academy’s primary sources of revenue=, are riding fees and lesson fees, which are paid on a cash basis. Amy also boards horses for owners, who are
The expanded accounting equation under IFRS is as follows:(a) Assets = Liabilities + Common Stock + Retained Earnings + Dividends + Revenues —Expenses.(b) Assets + Liabilities = Common Stock +
Explain the time period assumption.
Explain the accrual basis of accounting.
Explain the reasons for adjusting entries.
Identify the major types of adjusting entries.
Prepare adjusting entries for deferrals.
Prepare adjusting entries for accruals.
Describe the nature and purpose of an adjusted trial balance.
Each of the following is a major type (or category) of adjusting entries except:(c) accrued expenses.(d) recognized revenues.(a) prepaid expenses.(b) accrued revenues.
Accumulated Depreciation is: (LO 5(a) acontra asset account.(b) an expense account.(c) astockholders’ equity account.(d) a liability account.
Kathy Siska earned a salary of $400 for the last week (LO 6of September. She will be paid on October 1. The adjusting entry for Kathy's employer at September 30 is:(a) No entry is required.(b)
Neutrality is an ingredient of:Faithful Representation Relevance(a) Yes Yes(b) No No(c) Yes No(d) No Yes
What accounting constraint allows a company to ignore GAAP if an item is too small to impact a decision?(a) Comparability. (@ECose(b) Materiality. (d) Consistency.(a) No entry is required.(b)
“Adjusting entries are required by the cost principle of accounting.” Do you agree? Explain.Why may a trial balance not contain up-to-date and complete financial information?
A company fails to recognize revenue for services performed but not yet received in cash or recorded.
Which of the following accounts are involved in the adjusting entry: (a) asset, (b) liability, (c) revenue, or (d)expense? For the accounts selected, indicate whether they would be debited or
pepsico What was PepsiCo’s depreciation and amortization expense for 2010 and 2009?
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Orlow Insurance Co. Orlow uses the accounts Unearned Service Revenue and Service Revenue.
The trial balance of Gleason Company includes the following balance sheet accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of adjusting entry
Partial adjusted trial balance data for Lopez Company is presented in BE3-9.Prepare a retained earnings statement for the year assuming net income is $13,200 for the year and Retained Earnings is
The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in the blanks.Fundamental Qualities Relevance Enhancing Consistency Faithful Understandability
Here are some qualitative characteristics of useful accounting information:useful information. 1. Predictive value 3. Verifiable(LO 9) 2. Neutral 4. Timely Match each qualitative characteristic to
The full disclosure principle dictates that:principle. (a) financial statements should disclose all assets at their cost.(LO 9) (b) financial statements should disclose only those events that can be
Numerous timing concepts are discussed on pages 102-103. A list of concepts is pro-(LO 1, 2) vided below in the left column, with a description of the concept in the right column. There are more
The ledger of Lafayette, Inc. on March 31, 2014, includes the following selected accounts before adjusting entries.(ee Debit Credit Prepaid Insurance 2,400 Supplies 2,500 Equipment 30,000| Unearned
Pegasus Computer Services began operations in July 2014. At the end of the — Prepare adjusting entries month, the company is trying to prepare monthly financial statements. Pegasus has the for
Phelps Co. was organized on April 1, 2014. The company prepares quarterly — Calculate amounts from financial statements. The adjusted trial balance amounts at June 30 are shown below. trial
Fred Mosure has prepared the following list of statements about the time period Explain the time period assumption. assumption.1. Adjusting entries would not be necessary if a company’s life were
On numerous occasions, proposals have surfaced to put the federal government on _ Distinguish between cash and the accrual basis of accounting. This is no small issue. If this basis were used, it
Orwell Company accumulates the following adjustment data at December 31. Identify types of adjustments. Services provided but not recorded total $1,420. RCE RESIGN SCS: . Supplies of $300 have been
The ledger of Villa Rental Agency on March 31 of the current year includes the Prepare adjusting entries selected accounts, shown below, before adjusting entries have been prepared. from selected
Kari Engle, D.D.S., opened a dental practice on January 1, 2014. During the first Prepare adjusting entries.month of operations, the following transactions occurred. (LO 5, 6)1. Performed services
The trial balance for Pioneer Advertising Agency Inc. is shown in Illustration 3-3, page 105. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.1.
A partial adjusted trial balance of Ruiz Company at January 31, 2014, shows the following.Ruiz Company Adjusted Trial Balance January 31, 2014 Debit Credit Supplies $ 850 Prepaid Insurance 2,400
Selected accounts of Welch Company are shown on the next page.Supplies Expense 7/31 800 |Supplies Salaries and Wages Payable leas [LOOM M731 800 | 7/31 1,200 7/10 200 Accounts Receivable Unearned
The trial balances before and after adjustment for Matusiak Company at the end of its fiscal year are presented below.Matusiak Company Trial Balance August 31, 2014 Before After Adjustment Adjustment
The adjusted trial balance for Matusiak Company is given in E3-13.Instructions Prepare the income and retained earnings statements for the year and the balance sheet at August 31.
The following data are taken from the comparative balance sheets of Newman Billiards Club, which prepares its financial statements using the accrual basis of accounting.December 31 2014 2013 Accounts
The following are characteristics, assumptions, principles, or constraints that guide the FASB when it creates accounting standards.Relevance Expense recognition principle Faithful representation
Net Nanny Software International Inc., headquartered in Vancouver, specializes in and qualitative characteristics Internet safety and computer security products for both the home and commercial of
A friend of yours, Ana Gehrig, recently completed an undergraduate degree in science and qualitative characteris- and has just started working with a biotechnology company. Ana tells you that the
Joey Cuono started his own consulting firm, Cuono Company, on June 1, 2014. The trial balance at June 30 is shown below.Cuono Company Trial Balance June 30, 2014 Account Number Debit Credit 101 Cash
Lazy River Resort opened for business on June 1 with eight air-conditioned units.post, and prepare adjusted Its trial balance before adjustment on August 31 is as follows.trial balance, and financial
Costello Advertising Agency Inc. was founded by Pat Costello in January of 2013.financial statements. Presented on the next page are both the adjusted and unadjusted trial balances as of(LO 5, 6, 7)
A review of the ledger of Bellingham Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries.i¢ Salaries and Wages Payable $0. There are
On September 1, 2014, the account balances of Beck Equipment Repair, Inc. were as follows.No. Debits No. Credits 101 Cash $ 4,880 158 Accumulated Depreciation—Equipment $ 2,100 112 Accounts
Lynda Rigg started her own consulting firm, Vektek Consulting, Inc. on May 1, 2014. The trial balance at May 31 is as follows.Vektek Consulting, Inc.Trial Balance May 31, 2014 Account Number Debit
The Badger Motel, Inc. opened for business on May 1, 2014. Its trial balance before adjustment on May 31 is as follows.Badger Motel, Inc.Trial Balance May 31, 2014 Account Number Debit Credit 101
Medina Co., Inc. was organized on July 1, 2014. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown on the next page.Medina Co.,
A review of the ledger of Khan Company at December 31, 2014, produces the Prepare adjusting entries following data pertaining to the preparation of annual adjusting entries. (LO 5, 6)1. Prepaid
On November 1, 2014, the account balances of Samone Equipment Repair, Inc.were as follows.No. Debits No. Credits 101 Cash $ 2,400 158 Accumulated Depreciation—Equipment $ 2,000 112 Accounts
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions(a) Using the consolidated financial statements and related information, identify items
PepsiCo’s financial statements are presented in Appendix A. Financial statements for The Coca-Cola Company are presented in Appendix B.Instructions Based on information contained in these financial
Happy Trails Park, Inc. was organized on April 1, 2013, by Alicia Henry. Alicia is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Alicia prepared the
In reviewing the accounts of Maribeth Co. at the end of the year, you discover that adjusting entries have not been made.Instructions Write a memo to Maribeth Danon, the owner of Maribeth Co., that
Many companies have potential pollution or environmental-disposal problems—not only for electronic gadgets, but also for the lead paint or asbestos they sold. How do we fit these issues into the

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