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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

For a company using the allowance method of accounting for uncollectible accounts, which of the following directly affects its reported net income: (1) the establishment of the allowance, (2) the
Why might a retailer agree to sell by credit card when such a substantial discount is taken by the credit card agency in paying the retailer?
Define liabilities, current liabilities, and long-term liabilities.
What is an operating cycle? Which type of company is likely to have the shortest operating cycle, and which is likely to have the longest operating cycle? Why?
Describe the differences between clearly determinable, estimated, and contingent liabilities. Give one or more examples of each type.
In what instances might a company acquire notes receivable?
How is the maturity value of a note calculated?
What is a dishonored note receivable and how is it reported in the balance sheet?
Under what circumstances does the account Discount on Notes Payable arise? How is it reported in the financial statements? Explain why.
Real World Question Refer to "A Broader Perspective" on page 337. What factors are taken into account by the General Electric Company in determining the adjusting entry to establish the desired
Real World Question Refer to "A Broader Perspective" on page 337. Explain how the General Electric Company writes off uncollectible accounts.
Real World Question Refer to the annual reports of The Coca-Cola Company and Maytag Corporation in the annual report booklet. Determine the percentage of accounts receivable on December 31, 1996,
In the following table, indicate how to increase or decrease (debit or credit) each account, and indicate its normal balance (debit or credit). by (debit Increased Decreased Normal by (debit Balance
a. Silver Company purchased \(\$ 56,000\) of merchandise from Milton Company on account Before paying its account, Silver Company returned damaged merchandise with an invoice price of \(\$ 11,680\).
What is the last payment date on which the cash discount can be taken on goods sold on March 5 for \(\$ 51,200\); terms \(3 / 10 / E O M, n / 60\) ? Assume that the bill is paid on this date and
You have purchased merchandise with a list price of \(\$ 36,000\). Because you are a wholesaler, you are granted trade discounts of \(30 \%, 20 \%\), and \(10 \%\). The cash discount terms are 2/EOM,
Lasky Company sold merchandise with a list price of \(\$ 60,000\) on July 1, 1999. For each of the following independent assumptions, calculate (1) the gross selling price used to record the sale and
Raiser Company purchased goods at a gross selling price of \(\$ 2,400\) on August 1, 1999 . Discount terms of \(2 / 10, n / 30\) were available. For each of the following independent situations
Stuart Company purchased goods for \(\$ 84,000\) on June 14,1999 , under the following terms: \(3 / 10\), n \(/ 30\); FOB shipping point, freight collect. The bill for the freight was paid on June 15
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 \(\$ 300\), purchase
In each case, use the following information to calculate the missing information: Gross sales. Sales discounts Sales returns and allowances Net sales. Merchandise inventory, January 1 Purchases
In each of the following equations supply the missing term(s):a. Net sales \(=\) Gross sales - \(\qquad\) + Sales returns and allowances).b. Cost of goods sold \(=\) Beginning inventory + Net cost of
Given the balances in this partial trial balance, indicate how the balances would be treated in the work sheet. The ending inventory is \(\$ 96\). (The amounts are unusually small for ease in
Using the data in Exercise 6-11 prepare closing entries for the preceding accounts. Do not close the Income Summary account.
Speedy Laundry Company, Inc., entered into the following transactions in August 1999:Aug. 1 Received cash for capital stock issued to owners, \(\$ 400,000\).3 Paid rent for August on a building and
The transactions listed below are those of Reliable Computer Repair, Inc., for April 1999:Apr. 1 Cash of \(\$ 500,000\) was received for capital stock issued to the owners.3 Rent was paid for April,
Rapid Pick Up \& Delivery, Inc., was organized January 1, 1999. Its chart of accounts is as follows:a. 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 year follows:Required post to three-column ledger The trial balance of California Tennis Center,
Bill Baxter prepared a trial balance for Special Party Rentals, Inc., a company that rents tables, chairs, and other party supplies. The trial balance did not balance. The trial balance he prepared
The transactions of Lightning Package Delivery Company for March 1999 follow:Prepare the journal entries required to record these transactions in the general journal of the Mar. 1 The company was
Economy Laundry Company had the following transactions in August 1999:Requireda. Prepare journal entries for these transactions.b. Post the journal entries to T-accounts. Enter the account number in
Clean-Sweep Janitorial, Inc., a company providing janitorial services, was organized July 1, 1999. The following account numbers and titles constitute the chart of accounts for the
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 lawns and shrubbery.
Marc Miller prepared the following trial balance from the ledger of the Quick-Fix TV Repair Company. The trial balance did not balance.Required Marc Miller prepared the following trial balance from
John Jacobs lost his job as a carpenter with a contractor when a recession hit the construction industry. Jacobs had been making \(\$ 50,000\) per year. He decided to form his own company, Jacobs
Refer to the balance sheets of John H. Harland Company in the separate annual report booklet. Perform horizontal and vertical analyses of the assets section of the balance sheets for December 31,
In The Home Depot's recent Annual Report, the following passages appear:The primary key to our success is our 39,000 employees who wear those orange aprons you see in our stores.Few great
Refer to "An Ethical Perspective" on page 80. Write out the answers to the following questions:a. What motivated Larry to go along with unethical and illegal actions? Explainb. What are Larry's
In teams of two or three students, interview in person or by speakerphone a new staff member who has worked for a CPA firm for only one or two years. Seek information on the advantages and
Using the annual reports booklet that came with the text, your small student group should perform horizontal and vertical analysis on the balance sheet and income statement of one of the four
With one or two other students and using library resources, write a report on the life of Luca Pacioli, sometimes referred to as the father of accounting. Pacioli was a Franciscan monk who wrote a
Visit the following website:\section*{http://www.roberthalf.com}Click on Job Listings. Read the information and then click on All Types and All Locations. Then click on Run Search. Read through the
Visit the following website:\section*{http://www.roberthalf.com}Click on Career Corner. Then click on Key Findings from the (latest year) Salary Guide. Print the Salary Guide by clicking on the
Every adjusting entry affects at least one income statement account and one balance sheet account.
All calendar years are also fiscal years, but not all fiscal years are calendar years.
The accumulated depreciation account is an asset account that shows the amount of depreciation for the current year only.
The Unearned Delivery Fees account is a revenue account.
If all of the adjusting entries are not made, the financial statements are incorrect.
An insurance policy premium of \(\$ 1,200\) was paid on September 1,1999 , to cover a one-year period from that date. An asset was debited on that date. Adjusting entries are prepared once a year, at
The Supplies on Hand account has a balance of \(\$ 1,500\) at year-end. The actual amount of supplies on hand at the end of the period was \(\$ 400\). The necessary adjusting entry is: a. Supplies
A company purchased a truck for \(\$ 20,000\) on January 1, 1999. The truck has an estimated salvage value of \(\$ 5,000\) and is expected to last five years. Adjusting entries are prepared only at
A company received cash of \(\$ 24,000\) on October 1 , 1999 , as subscriptions for a one-year period from that date. A liability account was credited when the cash was received. The magazine is to
When a company earns interest on a note receivable or on a bank account, the debit and credit are as follows: Debit a. Accounts Receivable Interest Receivable b. c. Interest Revenue d. Interest
If \(\$ 3,000\) has been earned by a company's workers since the last payday in an accounting period, the necessary adjusting entry would be:a. Debit an expense and credit a liability.b. Debit an
Which events during an accounting period trigger the recording of normal journal entries? Which event triggers the making of adjusting entries?
Describe the difference between the cash basis and accrual basis of accounting.
Why are adjusting entries necessary? Why not treat every cash disbursement as an expense and every cash receipt as a revenue when the cash changes hands?
"Adjusting entries would not be necessary if the 'pure cash basis of accounting were followed (assuming no mistakes were made in recording cash transactions as they occurred). Under the cash basis,
Why don't accountants keep all the accounts at their proper balances continuously throughout the period so that adjusting entries would not have to be made before financial statements are prepared?
What is the fundamental difference between deferred items and accrued items?
Identify the types of adjusting entries included in each of the two major classes of adjusting entries.
Give an example of a journal entry for each of the following:a. Equal growth of an expense and a liability.b. Earning of revenue that was previously recorded as unearned revenue.c. Equal growth of an
A fellow student makes the following statement: "You can easily tell whether a company is using the cash or accrual basis of accounting. When an amount is paid for future rent or insurance services,
You notice that the Supplies on Hand account has a debit balance of \(\$ 2,700\) at the end of the accounting period. How would you determine the extent to which this account needs adjustment?
Some assets are converted into expenses as they expire and some liabilities become revenues as they are earned. Give examples of asset and liability accounts for which this statement is true. Give
Give the depreciation formula to compute straight-line depreciation for a one-year period.
What does the term accrued liability mean?
What is meant by the term service potential?
When assets are received before they are earned, what type of an account is credited? As the amounts are earned, what type of account is credited?
What does the word accrued mean? Is there a conceptual difference between interest payable and accrued interest payable?
Matching expenses incurred with revenues earned is more difficult than matching expenses paid with revenues received. Do you think the effort is worthwhile?
Refer to "A Broader Perspective" on page 115. What type of adjusting entry is involved? How do you think the managements of some companies might react to having to record postretirement benefits in
Real World Question Refer to the financial statements of The Coca-Cola Company in its annual report in the annual report booklet. Approximately what percentage of the depreciable assets under
Real World Question Refer to the financial statements of Maytag Corporation in the annual report booklet. What percentage of depreciable property, plant, and equipment has been depreciated as of
Select the correct response for each of the following multiple-choice questions:1. The cash basis of accounting;a. Recognizes revenues when sales are made or services are rendered.b. Recognizes
Select the correct response for each of the following multiple-choice questions 1. The least common accounting period among the following is:a. One month.b. Two months.c. Three months.d. Twelve
Select the correct response for each of the following multiple-choice questions:
a. A one-year insurance policy was purchased on August 1 for \(\$ 2,400\), and the following entry was made at that time:What adjusting entry is necessary at December 31, the end of the accounting
What adjusting entry is necessary at December 31, the end of the accounting year?b. Show how the T-accounts for Prepaid Insurance and Insurance Expense would appear after the entries are posted.
At December 31, 1999, 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
Supplies were purchased for cash on May 2, 1999, for \(\$ 8,000\). Show how this purchase would be recorded. Then show the adjusting entry that would be necessary, assuming that \(\$ 2,500\) of the
Assume that a company acquired a building on January 1, 1999, at a cost of \(\$ 1,000,000\). The building has an estimated useful life of 40 years and an estimated salvage value of \(\$ 200,000\).
On September 1, 1999, 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, 1999, Rialto Theater sold \(\$ 90,000\) in tickets for the summer musicals to be performed (one per month) during June, July, and August. On July 15, 1999, Rialto Theater discovered that
Guilty \& Innocent, a law firm, performed legal services in late December 1999 for clients. The \(\$ 30,000\) of services would be billed to the clients in January 2000. Give the adjusting entry that
A firm borrowed \(\$ 30,000\) on November 1. By December 31, \(\$ 300\) of interest had been incurred. Prepare the adjusting entry required on December 31.
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
State the effect that each of the following independent situations would have on the amount of annual net income reported for 1999 and 2000.a. No adjustment was made for accrued salaries of \(\$
In the following table, indicate the effects of failing to recognize each of the indicated adjustments by writing " \(O\) " for overstated and " \(U\) " for understated. Failure to Recognize 1.
The following data regarding net income (earnings) are for the Chrysler Corporation for the period 1986-95. Chrysler Corporation is one of the world's largest auto manufacturers.Using 1986 as the
The trial balance of Caribbean Vacation Tours, Inc., at December 31 of the current year includes, among other items, the following account balances:1. The balance in the Prepaid Insurance account is
Among the account balances shown in the trial balance of Dunwoody Mail Station, Inc., at December 31 of the current year are the following:1. The inventory of supplies on hand at December 31 amounts
Nevada Camping Equipment Rental Company occupies rented quarters on the main street of Las Vegas. To get this location, the company rented a store larger than needed and subleased (rented) a portion
The reported net income amounts for Safety Waste Control Company were 1999, \$200,000; and \(2000, \$ 230,000\). No annual adjusting entries were made at either year-end for any of these
On June 1, 1999, Richard Cross opened a swimming pool cleaning and maintenance service, Cross Pool Company. He vaguely recalled the process of making journal entries and establishing ledger accounts
Among other items, the trial balance of Filmblaster, Inc., a movie rental company, at December 31 of the current year includes the following account balances:Examination of the records shows that
Marathon Magazine, Inc., has the following account balances, among others, in its trial balance at December 31 of the current year:1. The inventory of supplies on hand at December 31 amounts to \(\$
Hillside Apartments, Inc., adjusts and closes its books each December 31. Assume the accounts for all prior years have been properly adjusted and closed. Following are some of the company's account
The reported net income amounts for Gulf Coast Magazine, Inc., for calendar years 1999 and 2000 were \(\$ 200,000\) and \(\$ 222,000\), respectively. No annual adjusting entries were made at either
Jupiter Publishing Company began operations on December 1, 1999. The company's bookkeeper intended to use the cash basis of accounting. Consequently, the bookkeeper recorded all cash receipts and

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