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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

Two items are omitted from each of the following summaries of balance sheet and income statement data for two corporations for the year 2014, Steven Craig and Georgia Enterprises.Steven Georgia Craig
The following information relates to Karen Weigel Co. for the year 2014.Retained earnings, January 1, 2014 $48,000 Advertising expense $ 1,800 Dividends during 2014 5,000 Rent expense 10,400 Service
Lynn Dreise is the bookkeeper for Sanculi Company. Lynn has been trying to get the balance sheet of Sanculi Company to balance. Sanculi’s balance sheet is shown on the next page.Sanculi Company
Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.Revenues during 2014—camping fees $140,000
Presented below is financial information related to the 2014 operations of Donna Marie Cruise Company.Maintenance and repairs expense Utilities expense Salaries and wages expense Advertising expense
Presented below is information related to Williams and Douglas, Attorneys at Law.Retained earnings, January 1, 2014 Legal service revenue—2014 Total expenses—2014 Assets, January 1, 2014
This information is for Belleview Company for the year ended December 31, 2014.Cash received from revenues from customers Cash received for issuance of common stock Cash paid for new equipment Cash
Kinney’s Repair Inc. was started on May 1. A summary of May transactions is presented below.. Stockholders invested $10,000 cash in the business in exchange for common stock.. Purchased equipment
On May 1, Blue Sky Flying School, a company that provides flying lessons, was started with an investment of $45,000 cash in the business. Following are the assets and liabilities of the company on
Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The Analyze transactions following transactions occurred during the month of June. and prepare financial June 1
Financial statement information about four different companies is as follows. Determine financial statement amounts and prepare Crosby Stills Nash Young ee retained earnings statement. Company
Angelic Cosmetics Co., a company that provides individual skin care treatment, was started on June 1 with an investment of $25,000 cash. Following are the assets and liabilities of the company at
Jessi Paulis started a consulting firm, Paulis Consulting, on May 1, 2014. The following transactions occurred during the month of May.May 1 Paulis invested $8,000 cash in the business in exchange
Financial statement information about four different companies is shown on the next page.Instructions(a) Determine the missing amounts. (Hint: For example, to solve for (a), Assets — Liabilities =
The actual financial statements of PepsiCo, Inc., as presented in the company’s 2010 Annual Report, are contained in Appendix A (at the back of the textbook).Instructions Refer to PepsiCo’s
PepsiCo’s financial statements are presented in Appendix A. The Coca-Cola Company’s financial statements are presented in Appendix B.Instructions Refer to the financial statements and answer the
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers.Address: www.careers-in-accounting.com, or go to www.wiley.com/college/weygandt
Lucy and Nick Lars, local golf stars, opened the Chip-Shot Driving Range Company on March 1, 2014. They invested $20,000 cash and received common stock in exchange for their investment. A caddy shack
Erin Danielle, the bookkeeper for New York Company, has been trying to get the balance sheet to balance. The company’s balance sheet is shown below.New York Company Balance Sheet me) and alow \V/
After numerous campus interviews, Jeff Hunter, a senior at Great Northern College, received two office interview invitations from the Baltimore offices of two large firms. Both firms offered to cover
When companies need money, they go to investors or creditors. Before investors or creditors will give a company cash, they want to know the company’s financial position and performance. They want
Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?(a) Mergers and acquisition activity.(b) Financial markets.(c)
X Company began the accounting period with$60,000 of merchandise, and net cost of purchases was $240,000. A physical inventory showed$72,000 of merchandise unsold at the end of the period. The cost
Wal-Mart Based on the financial statements of WalMart Stores, Inc., in the Annual Report Appendix, what were the 2011 operating, selling, general and administrative expenses? For each of the three
Wal-Mart Based on the financial statements of Wal-Mart Stores, Inc., in the Annual Report Appendix, what was the 2011 cost of goods sold?For each of the three years shown, what percentage of net
You have purchased merchandise with a list price of $36,000. Because you are a wholesaler, Exercise 6-4 you are granted a trade discount of 49.6%, The cash discount terms are 2/EOM, n/60. How will
Lasky C ompany sold merchandise with a list price of $60,000 on July 1. For each of the fol- Exercise 6-5 lowing independent assumptions, calculate (1) the gross selling price used to record the sale
Raiser C ompany purchased goods at a gross selling price of $2,400 on August 1. Discount Exercise 6-6 terms of 2/10, n/30 were available. For each of the following independent situations, determine
Stuart Company purchased goods for $84,000 on June 14, under the following terms: 3/10, n/30; FOB shipping point, freight collect. The bill for the freight was paid on June 15, $1,200. Prepare
Cramer Company uses periodic inventory procedure. Determine the cost of goods sold for the company assuming purchases during the period were $40,000, transportation-in was $300, Determine cost of
In each of the following equations supply the missing term(s): a. Net sales Gross sales -- ( +Sales returns and allowances). b. Cost of goods sold = Beginning inventory + Net cost of purchases c.
Given the balances in this partial trial balance, indicate how the balances would be treated in the Prepare a partial work sheet. The ending inventory is $96. (The amounts are unusually small for
Using the data in Exercise 6—11 prepare closing entries for the preceding accounts. Do not close Prepare and post the Income Summary account.
Under the perpetual procedure, cost of goods sold is determined as a result of the closing entries made at the end of the period.
Jack Company began the accounting period with inventory of 3,000 units at $30 each. During the period, the company purchased an additional 5,000 units at$36 each and sold 4,600 units. Assume the use
Cost of ending inventory using the FIFO is:a. $104,400.b. $122,400.c. $120,000.d. $147,600.e. None of the above.
Cost of goods sold using the FIFO is:a. $165,600.b. $150,000.c. $147,600.d. $122,400.e. None of the above.
Cost of ending inventory using the LIFO is:$104,400.$114,750.$156,000.$122,400. co Roop - None of the above.
Cost of goods sold using the LIFO is:A0b155,250.b. $114,000.c. $147,600.d. $165,600.e. None of the above.
Cost of ending inventory using weighted-average 1S:$114,750.$157,600.$122,400.$109,650.None of the above.
Cost of goods sold using weighted-average 1s:a. $147,200.b. $160,350.Cae miloon. OUd. $114,000.e. None of the above.
Why does an error in ending inventory affect two accounting periods?What is the meaning of taking a physical inventory?
Which cost elements are included in inventory?
What practical problems arise by including the costs of such elements?
Which accounts that are used under the periodic inventory procedure are not used under the perpetual inventory procedure?
What entries are necessary under the perpetual inventory procedure when goods are sold?
Why is there closer control over inventory under the perpetual inventory procedure than under the periodic inventory procedure?
Why is the perpetual inventory procedure being used increasingly in business?
What are the main advantages of using the FIFO and LIFO?
Wal-Mart Based on the notes to the financial statements of Wal-Mart Stores, Inc. contained in the Annual Report Appendix, what inventory methods were used?
The objectives of the internal control structure of a company include all of the following except:a. Compliance with company policies and federal law.b. Protection of its assets.c. Increase in
The adjusted cash balance is:a. $1,794.60.b. $1,719.60.c. $1,638.00.d. $1,713.00.e. $1,876.20.
Describe the characteristics of property, plant, and equipment assets that distinguish them from other assets.
Identify the criteria for recognizing property, plant, and equipment assets.
Determine the costs to include in the measurement of property, plant, and equipment at acquisition.
Determine the cost of a property, plant, and equipment asset when the asset is acquired through a lump-sum purchase, a deferred payment, or a non-monetary exchange.
Identify the effect of government grants in determining the cost of a property, plant, and equipment asset.
Determine the cost of a self-constructed asset, including treatment of related interest charges.
Identify the accounting treatment for asset retirement obligation.
Apply the cost model.
Apply the revaluation model.
Apply the fair value model.
Explain and apply the accounting treatment for post-acquisition costs related to property, plant, and equipment assets.
Identify key differences between IFRS and ASPE.
Dixon Ltd. has recently purchased a piece of specialized manufacturing equipment. The following costs were incurred when this equipment was installed in the company’s factory facilities in
Argyris Mining Inc. completed construction of a new silver mine in 2020. The cost of direct materials for the construction was $2,200,000 and direct labour was $1,600,000.In addition, the company
Cheng Manufacturing Ltd. recently purchased a group of assets from a bankrupt company during a liquidation auction. The total proceeds paid for the assets were $220,000 and included a specialized
Prabhu Industries Ltd. recently exchanged a piece of manufacturing equipment for another piece of equipment owned by Zhang Inc. Prabhu Industries was required to pay an amount of cash to finalize the
Lo-Dun Inc. is a publicly traded financial services company. The company recently acquired two assets in the following transactions:Transaction 1: Lo-Dun acquired a new computer system to assist with
Pei Properties recently purchased a vacant office condo where it plans to operate an employment-training centre. The total purchase price of the condo was $625,000 with an expected useful life of 30
Finucane Manufacturing Inc. owns a large factory building that it purchased in 2016. At the time of purchase, the company decided to apply the revaluation model to the property;the first revaluation
Kappi Capital Inc. holds a number of investment properties that it accounts for under IAS 40 using the fair value method. The company purchased a new rental property on January 1, 2020, for
Sun Systems Ltd. operates a manufacturing facility where specialized electronic components are assembled for use in consumer products. The facility was purchased in 2014 for a cost of $800,000,
Identify the purpose of depreciation, and discuss the elements that are required to calculate depreciation.
Calculate depreciation using straight-line, diminishing-balance, and units-of-production methods.
Discuss the reasons for separate component accounting and the accounting problems that may arise from this approach.
Calculate depreciation when partial periods or changes in estimates are required.
Discuss indicators of impairment and calculate the amount of impairment.
Identify the criteria required to classify an asset as held for sale.
Prepare journal entries for assets held for sale.
Discuss other derecognition issues.
Identify the presentation and disclosure requirements for property, plant, and equipment.
Identify key differences between IFRS and ASPE.
Machado Inc. purchased a new robotic drill for its assembly line operation. The total cost of the asset was $125,000, including shipping, installation, and testing. The asset is expected to have a
Cortazar Ltd. purchased a used delivery van for $10,000 on June 23, 2020. The van is expected to last for three years and have a residual value of $1,000. The company’s yearend is December 31, and
Equipment purchased for $39,000 by Escarpit Inc. on January 1, 2018 was originally estimated to have a five-year useful life with a residual value of $4,000. Depreciation has been recorded for the
Michaux Ltd. purchased an office building on January 1, 2006, for $450,000. At that time, it was estimated that the building would last for 30 years and would have a residual value of $90,000. Early
In December 2020, the management of Bombal Inc. reviewed its property, plant, and equipment and determined that one machine showed evidence of impairment. The following information pertains to this
Repeat the requirements of the previous question, assuming the company reports under ASPE 3063.
Reyes Technologies Ltd. has defined its computer repair division as a cash-generating unit under IFRS. The company reported the following carrying amounts for this division at December 31,
Landolfi Inc. owns a property that has a carrying value on December 31, 2021, of $520,000(cost $950,000, accumulated depreciation $430,000).Required:For each of the following independent situations,
Schulz Ltd. purchased a machine in 2017 for $65,000. In late 2020, the company made a plan to dispose of the machine. At that time, the accumulated depreciation was $25,000 and the estimated fair
Describe intangible assets and goodwill and their role in accounting and business.
Describe intangible assets and explain how they are recognized and measured.
Describe purchased intangibles and explain how they are initially measured.
Describe internally developed intangibles and explain how they are initially measured.
Describe how intangible assets are subsequently measured.
Describe how intangible assets are evaluated for impairment and derecognized.
Describe goodwill and explain how it is recognized and measured.
Identify the disclosure requirements for intangible assets and goodwill.

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