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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

Describe how intangible assets and goodwill affect the analysis of company performance.
Explain the similarities and differences between ASPE and IFRS for recognition, measurement, and reporting for intangible assets and goodwill.
Indicate whether the items below are to be capitalized as an intangible asset or expensed.Which account(s) would each item be recorded to?a. Salaries of research staffb. Costs to test prototypesc.
Harman Beauty Products Ltd. produces organic aromatherapy hand soaps and bath oils to retail health stores across North America. The company purchased the trademark and patented recipes for this
On January 1, 2020, a patent with a book value of $288,000 and a remaining useful life of fourteen years was reported on the December 31, 2019 post-closing trial balance. In 2020, a further $140,000
Indicate how the items below are to be reported as assets in the SFP/BS as at December 31, 2020:a. January 1, copyright obtained for a book developed internally for $25,000, which is estimated to
Trembeld Ltd. was developing a new product, and the following timeline occurred during 2020:January 1 to March 31, 2020 incurred the following costs:Materials $180,000 Direct labour 64,000 April 1,
Crellerin Ltd. has a trademark with a carrying value of $100,500 that has an expected life of fifteen years. At December 31, 2020 year-end, an evaluation of the trademark was completed. The following
Fredickson Ltd. purchased a trade name, a patented process and a customer list for $1.2 million cash. The fair values of these are:Trade name $380,000 Patented process $400,000 Customer list $450,000
Below are three independent situations that occurred for Bartek Corporation during 2020.Bartek’s year-end is December 31, 2020.i. On January 1, 2017, Bartek purchased a patent from Apex Co. for
On September 1, 2020, Verstag Co. acquired the net identifiable assets of Ace Ltd. for a cash payment of $863,000. At the time of the purchase, Ace’s SFP/BS showed assets of $900,000, liabilities
Indicate how each of the following items would be classified:a. Excess of purchase price over the fair value of net identifiable assets of another businessb. Research costsc. Annual franchise fee
On January 1, 2019, Josey Corp. received approval for a patent from the Patent Office.Legal costs incurred were $25,000. On June 30, 2020, Josey incurred further legal costs of $35,000 to defend its
Below is select information for the following independent transactions for Hilde Co., an ASPE company:i. On January 1, 2020, a patent was purchased from another company for $900,000.The useful life
On January 1, 2020, Nickleback Ltd. purchased a patent from Soriato Corp. for $50,000 plus a $60,000, five-year note bearing interest at 8% payable annually. Upon maturity a single lump sum amount of
On January 4, 2020, a research project undertaken by Nasja Ltd. was completed and a patent was approved. The research phase of the project incurred costs of $150,000, and legal costs incurred to
On December 31, 2020, a franchise that is owned by Horten Holdings Ltd. has a remaining life of thirty-two years and a carrying amount of $1,000,000. Management estimates the following information
On January 1, 2020, Boxlight Inc. purchased the net assets from Candelabra Ltd. for$230,000 cash and a note for $50,000. On that date, Candelabra’s list of balance sheet accounts was:Carrying value
The transactions of Lightning Package Delivery Company for March 2012 follow:Required Prepare the journal entries required to record these transactions in the general journal of the company. Mar. 1
Economy Laundry Company had the following transactions in August 2012:Requireda. Prepare journal entries for these transactions.b. Post the journal entries to T-accounts. Enter the account number in
The following account numbers and titles constitute the chart of accounts for the company:Requireda. Prepare general ledger accounts for all of these accounts except Retained Earnings. The Retained
Trim Lawn, Inc., is a lawn care company. Thus, the company earns its revenue from sending its trucks to customers’ residences and certain commercial establishments to care for and shrubbery. Trim
Marc Miller prepared the following trial balance from the ledger of the Quick-Fix TV Repair Company. The trial balance did not balance.The difference in totals in the trial balance caused Miller to
Speedy Laundry Company, Inc., entered into the following transactions in August 2012:Required Prepare journal entries for these transactions in the general journal. Aug. 1 Received cash for capital
The transactions listed below are those of Reliable Computer Repair, Inc., for April 2012:Requireda. Prepare journal entries for these transactions.b. Post the journal entries to T-accounts. Enter
Rapid Pick Up & Delivery, Inc., was organized January 1, 2012. Its chart of accounts is as follows:Reaguireda. Prepare general ledger accounts for all these accounts except Retained Earnings. The
The trial balance of California Tennis Center, Inc., at the end of the first 11 months of its fiscal Problem 2-4A year follows:a. Open three-column general ledger accounts for each of the accounts in
An insurance policy premium of $1,200 was paid on September 1, 2012, to cover a one-year period from that date. An asset was debited on that date.Adjusting entries are prepared once a year, at
Acompany purchased a truck for $20,000 on January 1, 2012. The truck has an estimated salvage value of $5,000 and is expected to last five years.Adjusting entries are prepared only at year-end. The
Real World Question Refer to the financial statements of Wal-Mart Stores, Inc., in the Annual Report Appendix. Approximately what percentage of the depreciable assets under property, plant, and
Select the correct response for each of the following multiple-choice questions:Answer multiplechoice questions , : : Shade (L.O. >) 1. The least common accounting period among the following is:a,
Select the correct response for each of the following multiple-choice questions:Answer multiple-choice sueea) 1. Which of the following types of adjustments belongs to the deferred items class?a.
a. A one-year insurance policy was purchased on August 1 for $2,400, and the following repare and post _ “ , Sera SB Brien eninivor entry was made at that time:What adjusting entry is necessary at
Assume that rent of $12,000 was paid on September 1, 2012, to cover a one-year period from that date. Prepaid Rent raves was debited. If financial statements are prepared only on December 31 PP3"e
At December 31, 2012, an adjusting entry was made as follows: You know that the gross amount of rent paid was $4,500, which was to cover a one-year period.Determine:a. The opening date of the year
Supplies were purchased for cash on May 2, 2012, for $8,000. Show how this purchase would be recorded. Then show the adjusting entry that would be necessary, assuming that $2,500 of a purchase of
Assume that a company acquired a building on January 1, 2012, at a cost of $1,000,000. The building has an estimated useful life of 40 years and an estimated salvage value of $200,000.What adjusting
On September 1, 2012, Professional Golfer Journal, Inc., received a total of $120,000 as payment in advance for one-year subscriptions to a monthly magazine. A liability account was credited to
On April 15, 2012, Riaito Theater sold $90,000 in tickets for the summer musicals to be performed (one per month) during June, July, and August. On July 15, 2012, for receipt of ticket fees,
Guilty & Innocent, a law firm, performed legal services in late December 2012 for clients. The$30,000 of services would be billed to the clients in January 2013. Give the adjusting entry that entry
A firm borrowed $30,000 on November . By December 31, $300 of interest had been incurred.e adjusting entry required on December 31. Prepare adjusting Prepare the adjusting entry interest(L.O. 4)
Convenient Mailing Services, Inc., incurs salaries at the rate of $3,000 per day. The last payday in January is Friday, January 27. Salaries for Monday and Tuesday of the next week have not is; x °
State the effect that each of the following independent situations would have on the amount of annual net income reported for 2012 and 2013.a. No adjustment was made for accrued salaries of $8,000 as
The following data regarding net income (loss) are for the Ford Motor Company for the period 1999-2010. Ford is one of the world’s largest auto manufacturers.Using 1999 as the base year, calculate
Marathon Magazine, Inc., has the following account balances, among others, in its trial balance at December 31 of the current year:Leathe inventory of supplies on hand at December 31 amounts to $720.
Hillside Apartments, Inc., adjusts and closes its books each December 31. Assume the accounts Problem 3-3 for all prior years have been properly adjusted and closed. Following are some of the
The reported net income amounts for Gulf Coast Magazine, Inc., for calendar years 2012 and 2013 were $200,000 and $222,000, respectively. No annual adjusting entries were made at Calculate correct
Prepare a post-closing trial balance.
Prepare a classified balance sheet.
At the end of the accounting period, three trial balances are prepared.
The amounts in the Adjustments columns are always added to the amounts in the Trial Balance columns to determine the amounts in the Adjusted Trial Balance columns.
Ifa net loss occurs, it appears in the Income Statement credit column and Statement of Retained Earnings debit column.
After the closing process is complete, no balance can exist in any revenue, expense, Dividends, or Income Summary account.
The post-closing trial balance may contain revenue and expense accounts.
All accounting systems currently in use are computerized.
The work sheet for Bridges Company shows net income of $40,000. The following four adjustments were ignored:1 Subscriptions Fees earned, $1,200.2 Depreciation of equipment, $4,000.3 Depreciation of
Real World Question Referring to the Annual Report Appendix in your text, identify the classifications (or categories) of assets used by Wal-Mart Stores, Inc., in its balance sheet.
Real World Question Referring to the Annual Report Appendix in your text, identify the classifications (or categories)of liabilities used by Wal-Mart Stores, Inc., in its balance sheet.
The Trial Balance of the Printer Repair Company at December 31, 2012, contains the following account balances listed in alphabetical order to increase your skill in sorting amounts to the proper work
Texban Corporation had a January 1, 2012, balance in its Retained Earnings account of $90,000.For the year 2012, net income was $50,000 and dividends declared and paid were $24,000.Prepare a
Refer to the work sheet prepared in Exercise 4-6. Prepare the adjusting and closing journal entries.The Income Statement column totals on a work sheet prepared at December 31, 2012, are
Summary account would appear as a result of the closing process. Identify what each posting represents,After adjustment, these selected account balances of Cold Stream Campground are:In T-account
The following account balances appeared in the Income Statement columns of the work sheet prepared for Liu Company for the year ended December 31, 2012:Prepare the closing journal entries. Income
Which of the following accounts are likely to appear in the post-closing trial balance for the Blake Company?Accounts Receivable Cash Service Revenue Buildings Salaries Expense Capital Stock
The following data are from the 2010 annual report of The Procter & Gamble Company and its subsidiaries. This company markets a broad range of laundry, cleaning, paper, beauty care, and health
Identify and discuss the underlying assumptions or concepts of accounting.
Identify and discuss the major principles of accounting.
Identify and discuss the modifying conventions(or constraints) of accounting.
Describe the conceptual framework project of the Financial Accounting Standards Board.
Discuss the nature and content of a company’s summary of significant accounting policies in its annual report.
The business entity concept assumes that each business has an existence separate from all parties except its owners.
When the substance of a transaction differs from its legal form, the accountant should record the economic substance.
The matching principle is fundamental to the accrual basis of accounting.
The conceptual framework project resulted in identifying two primary qualitative characteristics that accounting information should possess—relevance and reliability.
Assume the following facts regarding the construction of a bridge:Construction costs this period...... $3,000,000 Total estimated construction costs... 10,000,000 otasalesspricess mre ies emia
Modifying conventions include all of the following except:a. Periodicity.b. Cost-benefit.c. Materiality.d. Conservatism.
Which of the following is not part of the conceptual framework project?. Objectives of financial reporting.. Quantitative characteristics.. Qualitative characteristics.. Basic elements of financial
Identify the three major parts of the conceptual framework project.
What are the two primary qualitative characteristics?
Real World Question A recent annual report of the RPM International Inc. stated:Certain long-term construction contracts are accounted for under the percentage-of-completion method, and therefore we
Real World Question A recent annual report of Chevron Corporation stated:Environmental expenditures that relate to ongoing operations or to conditions caused by past operations are expensed.
Parker Clothing Company sells its products on an installment sales basis. Data for 2012 and 2013 follow:a. Compute the net income for 2013, assuming use of the accrual (sales) basis of revenue
A company has a contract to build a ship at a price of $500 million and an estimated cost of$400 million. Costs of $100 million were incurred. Under the percentage-of-completion how much revenue
A company follows a practice of expensing the premium on its fire insurance policy when the effect on policy is paid. In 2012, the company charged to expense the $6,000 premium paid on a three year
Determine cost of goods sold.
Prepare a classified income statement.
To compute net sales, sales discounts are added to, and sales returns and allowances are deducted from, gross sales.
Under perpetual inventory procedure, the Merchandise Inventory account is debited for each purchase and credited for each sale.
Purchase discounts and purchase returns and allowances are recorded in contra accounts to the Purchases account.
A classified income statement consists of only two categories of items, revenues and expenses.
Describe the criteria for recognizing revenue and determine if a company has earned revenue in a business transaction.
Discuss the problem of measurement uncertainty and alternative accounting treatments for these situations.
Prepare journal entries for a number of different types of sales transactions.
Apply revenue recognition concepts to the determination of profit from long-term construction contracts.
Prepare journal entries for long-term construction contracts.
Apply revenue recognition concepts to unprofitable long-term construction contracts.
Describe presentation and disclosure requirements for revenue-related accounts.
Discuss the earnings approach to revenue recognition and compare it to current IFRS requirements.
PhreeWire Phones offers a number of plans to its mobile telephone customers. For example, a customer can receive a free phone when signing a 3-year contract for airtime and data that requires a
Refer to the previous question.Required: Determine the amount of revenue to be recognized each year under the two different scenarios. Assume that the fair value of the telephone is indeterminable

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