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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

El 2-20 The following accounts appear in the ledger ofTiger Inc. after the books are closed at section. December 31.(SO 7)Common Stock, no par, $1 stated value, 400,000 shares authorized;300,000
E12-21 Kelly Groucutt Company reported the following balances at December 31, 2007:section. common stock $400,000; paid-in capital in excess of par value $100,000; retained earnings(SO 7) $250,000.
P12-5B On December 31, 2007, Bradstrom Company had 1,500,000 shares of $10 par com¬mon stock issued and outstanding. The stockholders’ equity accounts at December 31,2007, had the following
P12-6B The post-closing trial balance of Chen Corporation at December 31, 2008, contains the following stockholders’ equity accounts.Preferred Stock (15,000 shares issued) $ 750,000 Common Stock
P12-7B The following stockholders’ equity accounts arranged alphabetically are in the ledger of Rizzo Corporation at December 31,2008.Common Stock ($5 stated value) $2,500,000 Paid-in Capital from
(a) What is the company’s name?
(b) What classes of capita! stock has the company issued?
(c) For each class of stock:
(1) How many shares are authorized, issued, and/or outstanding?
(2) What is the par value?
(d) What are the company’s retained earnings?
(e) Has the company acquired treasury stock? How many shares?
(a) Who are the stakeholders in this situation?
(b) Are the president’s motives and actions ethical?
(c) Can Healy shield itself against losses of Dryden Inc.?
(a) What CPA firm performed the audit of PepsiCo’s financial statements?
(b) What was the amount of PepsiCo’s earnings per share in 2005?
(c) What are the company’s net sales to foreign countries?
(d) What were net sales in 2001?
(e) How many shares of treasury stock did the company have at the end of 2005?
(0 How much cash did PepsiCo spend on capital expenditures in 2005?
(g) Over what life does the company depreciate its buildings?
(h) What was the total amount of dividends paid in 2005?
Q: What are the potential benefits and challenges presented by reporting assets like plant and equipment at market value rather than historical cost?
Q: What might Yale Express’s vice president have done to produce more accurate financial statements without waiting months for Republic’s outstanding transportation bills?
Q: Who else benefits from a shorter closing process?
P4-5B Lee Choi opened Choi’s Window Washing, Inc. on July 1,2008. During July the follow¬ing transactions were completed.July 1 Issued $12,000 of common stock for $12,000 cash.1 Purchased used
P4-4B Pettengill Management Services Inc. began business on January 1,2008, with an invest¬ment of $100,000. The company manages condominiums for owners (Service Revenue) and rents space in its own
P4-3B The completed financial statement columns of the worksheet for Molinda Company Prepare financial statements, are shown below and on the next page.
P4-2B The adjusted trial balance columns of the worksheet for Sparks Company Inc. owned by Billy Sparks, are as follows.
P4-1B The trial balance columns of the worksheet for Everlast Roofing Inc. at March 31,2008, are as follows.
P4-6A Joe Edmonds, CPA, was retained by Clark Cable Inc. to prepare financial statements for April 2008. Edmonds accumulated all the ledger balances per Clark’s records and found the following.
P4-5A Laura Eddy opened Eddy’s Carpet Cleaners Inc. on March 1. During March, the fol¬lowing transactions were completed.Mar. 1 Issued stock for $10,000 in cash.1 Pui chased used truck for $6,000,
P4-4A Disney Amusement Park, Inc. has a fiscal year ending on September 30. Selected data from the September 30 worksheet are presented below.
P4-3A The completed financial statement columns of the worksheet for Woods Company, Inc.are shown below.?
P4-2A The adjusted trial balance columns of the worksheet for Porter Company are as follows.
P4-1A Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.
E4-19 On December 31, the adjusted trial balance of Oslo Employment Agency shows the fol- Prepare closing and reversing lowing selected data.Accounts Receivable $24,000 Commission Revenue $92,000
E4-18 LaBamba Company pays salaries of $10,000 every Monday for the preceding 5-day Use reversing entries.week (Monday through Friday). Assume December 31 falls on a Tuesday, so LaBamba’s em- (sq
E4-17 These financial statement items are for B. Snyder Company Inc. at year-end,July 31,2008. Prepare financialstatements.Salaries payable $ 2,080 Note payable (long-term) $ 1,800 Salaries expense
E4-16 The following items were taken from the financial statements of R. Stevens Company. Prepare a classified balance(All dollars are in thousands.) sheet.Long-term debt $ 943 Accumulated
E4-15 The following are the major balance sheet classifications.
E4-14 The adjusted trial balance for Karr Bowling Alley at December 31, 2008, contains the following accounts.
E4-13 Mason Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1. A
E4-12 Max Weinberg Company discovered the following errors made in January 2008.1. A payment of Salaries Expense of $600 was debited to Equipment and credited to Cash, both for $600.2. A collection
E4-11 Selected accounts for Nina’s Salon are presented below. All June 30 postings are from closing entries.Salaries Expense 6/10 3,200 6/30 8,800 6/28 5,600 Supplies Expense 6/12 600 6/30 1,300
E4-10 Josh Borke has prepared the following list of statements about the accounting cycle.1. “Journalize the transactions” is the first step in the accounting cycle.2. Reversing entries are a
E4-9 The adjusted trial balance for Apachi Company is presented in E4-8.Instructions(a) Prepare an income statement and a retained earnings statement for the year. There were no issuances of common
E4-8 Apachi Company ended its fiscal year on July 31, 2008. The company’s adjusted trial entries, and prepare a post- balance as of the end of its fiscal year is as shown at the top of page 179?
E4-7 Emil Skoda Company had the following adjusted trial balance.?
E4-6 Selected worksheet data for Nicholson Company are presented below.?
E4-5 The adjustments columns of the worksheet for Mears Company are shown below?
E4-4 Worksheet data for Goode Company are presented in E4-2.Instructions(a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Retained Earnings. UseT
E4-3 Worksheet data for Goode Company are presented in E4-2. No common stock was is¬sued during April.Instructions Prepare an income statement, a retained earnings statement, and a classified
E4-2 The adjusted trial balance columns of the worksheet for Goode Company are as follows.
E4-1 The trial balance columns of the worksheet for Briscoe Company at June 30,2008, are as(SOI) follows.
BE4-12 At October 31, Nathan Company made an accrued expense adjusting entry of $1,400 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries Payable and
BE4-11 The following are the major balance sheet classifications:Current assets (CA) Current liabilities (CL)Long-term investments (LTI) Long-term liabilities (LTL)Property, plant, and equipment
BE4-10 The balance sheet debit column of the worksheet for Diaz Company includes the fol¬lowing accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $15,400; Supplies$5,200, and
BE4-9 At Batavia Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.1. A collection on account from a customer for
BE4-8 The steps in the accounting cycle are listed in random order below. List the steps in proper sequence, assuming no worksheet is prepared, by placing numbers 1-9 in the blank spaces.(a) Prepare
BE4-7 Using the data in BE4-3, identify the accounts that would be included in a post-closing trial balance.
BE4-6 The income statement for Crestwood Golf Club for the month ending July 31 shows Green Fee Revenue $13,600, Salaries Expense $8,200, Maintenance Expense $2,500, and Net Income $2,900. Prepare
BE4-5 Using the data in BE4-4, enter the balances in T accounts, post the closing entries, and rule and balance the accounts.
BE4-4 The ledger of Swann Company contains the following balances: Retained Earnings$30,000; Dividends $2,000; Service Revenue $50,000; Salaries Expense $27,000; and Supplies Expense $4,000. Prepare
BE4-3 The following selected accounts appear in the adjusted trial balance columns of the worksheet for Batan Company: Accumulated Depreciation; Depreciation Expense; Common Stock; Dividends; Service
BE4-2 The ledger of Ley Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $58,000, and Salaries Expense $25,000. Adjusting entries are required for (a)
BE4-1 The steps in using a worksheet are presented in random order below. List the steps in the proper order by placing numbers 1-5 in the blank spaces.(a) _Prepare a trial balance on the
20. At December 31, accrued salaries payable totaled $3,500.On January 10, total salaries of $8,000 are paid, (a) Assume that reversing entries are made at January 1. Give the January 10 entry, and
19. Sanchez Company prepares reversing entries. If the ad¬justing entry for interest payable is reversed, what type of an account balance, if any, will there be in Interest Payable and Interest
18. (a) What is the term used to describe the owner’s equity section of a corporation? (b) Identify the two owners’equity accounts in a corporation and indicate the pur¬pose of each.
17. Distinguish between long-term investments and prop¬erty, plant, and equipment.
16. Define current assets. What basis is used for arranging individual items within the current assets section?
15. What is meant by the term “operating cycle?”
14. What standard classifications are used in preparing a classified balance sheet?
13. How do correcting entries differ from adjusting entries?
12. Identify, in the sequence in which they are prepared, the three trial balances that are often used to report financial information about a company.
11. Indicate, in the sequence in which they are made, the three required steps in the accounting cycle that involve journalizing.
10. Distinguish between a reversing entry and an adjusting entry. Are reversing entries required?
9. Which of the following accounts would not appear in the post-closing trial balance? Interest Payable; Equipment;Depreciation Expense; Dividends; Unearned Revenue;Accumulated
8. What are the content and purpose of a post-closing trial balance?
7. Describe the nature of the Income Summary account and identify the types of summary data that may be posted to this account.
6. Identify the account(s) debited and credited in each of the four closing entries, assuming the company has net income for the year.
5. Why is it necessary to prepare formal financial state¬ments if all of the data are in the statement columns of the worksheet?
4. If a company’s revenues are $125,000 and its expenses are $113,000, in which financial statement columns of the worksheet will the net income of $12,000 appear? When expenses exceed revenues, in
3. What is the relationship, if any, between the amount shown in the adjusted trial balance column for an ac¬count and that account’s ledger balance?
2. Explain the purpose of the worksheet.
1. “A worksheet is a permanent accounting record and its use is required in the accounting cycle.” Do you agree?Explain.
11. On December 31, Frank Voris Company correctly made (SO 7)an adjusting entry to recognize $2,000 of accrued salaries payable. On January 8 of the next year, total salaries of$3,400 were paid.
10. Current assets are listed: (SO 6)a. by liquidity.b. by importance.c. by longevity.d. alphabetically.
9. In a classified balance sheet, assets are usually classified (SO 6)using the following categories:a. current assets; long-term assets; property, plant, and equipment; and intangible assets.b.
8. Cash of $100 received at the time the service was pro¬vided was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not
7. All of the following are required steps in the accounting cycle except:a. journalizing and posting closing entries.b. preparing financial statements.c. journalizing the transactions.d. preparing a
6. Which types of accounts will appear in the post-closing 10.trial balance?a. Permanent (real) accounts.b. Temporary (nominal) accounts.c. Accounts shown in the income statement columns of a work
5. The closing process involves separate entries to close (1)expenses, (2) dividends, (3) revenues, and (4) income summary. The correct sequencing of the entries is:a. (4), (3), (2), (1)b. (1), (2),
4. When a net loss has occurred. Income Summary is:a. debited and Retained Earnings is credited.b. credited and Retained Earnings is debited. 9.c. debited and Common Stock is credited.d. credited and
3. An account that will have a zero balance after closing (SO 2entries have been journalized and posted is:a. Service Revenue.b. Advertising Supplies.c. Prepaid Insurance.d. Accumulated Depreciation.
2. In a worksheet, net income is entered in the following (SO 1columns:a. income statement (Dr) and balance sheet (Dr).b. income statement (Cr) and balance sheet (Dr).c. income statement (Dr) and
1. Which of the following statements is incorrect concern¬ing the worksheet?a. The worksheet is essentially a working tool of the accountant.b. The worksheet is distributed to management and other
3. November 9 (subsequent salary entry): Salaries paid are $4,000. Of this amount, $1,200 applied to accrued wages payable and $2,800 was earned be¬tween November 1 and November 9.

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