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principles financial accounting

Questions and Answers of Principles Financial Accounting

The records of Alaska Company provide the following information for the year ended December 31.Required1. Use the retail inventory method to estimate the company’s year-end inventory at cost.2. A
This Comprehensive Problem requires account balances from the April month-end, which are available in Connect or in the Working Papers. Assume it is Monday, May 1, the first business day of the
Peachtree Company uses a sales journal, purchases journal, cash receipts journal, cash payments journal, and general journal. Prepare a purchases journal like the one in Exhibit 7.9. Journalize the
A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Enter A, B, or C indicating when each error should be
Key comparative figures for Apple and Google follow.Required1. Compute days’ sales uncollected (rounded to one decimal) for the current year and the prior year for(a) Apple(b) Google.2. Which
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.Feb. 2 Wrote a $400 check to
At the end of May, the sales journal of Mountain View appears as follows.Mountain View also recorded an allowance (price reduction) given to Anna Page with the following entry.Required1. Open an
Kiona Co. set up a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal year).May 1
Santana Rey receives the March bank statement for Business Solutions on April 11, 2022. The March 31 bank statement shows an ending cash balance of $67,566. The general ledger Cash account, No. 101,
Following are five separate cases involving internal control issues.a. Chi Han receives all incoming customer cash receipts for her employer and posts the customer payments to their respective
The following information is available to reconcile Branch Company’s book balance of cash with its bank statement cash balance as of July 31.a. On July 31, the company’s Cash account has a
Blues Music Center had the following petty cash transactions in March of the current year. Blues uses the perpetual system to account for merchandise inventory.Mar. 5 Wrote a $250 check to establish
Refer to the information reported about Gazelle Corporation in Problem 16-3B.In Prob 16-3BGazelle Corporation’s current-year income statement, comparative balance sheets, and additional information
Chavez Company most recently reconciled its bank statement and book balances of cash on August 31 and it reported two checks outstanding, No. 5888 for $1,028 and No. 5893 for $494. Check No. 5893 was
Using the information in Exercise 8-12, prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation.Data from Exercise 8-12Del Gato
The following information is available to reconcile Severino Co.’s book balance of cash with its bank statement cash balance as of December 31.a. The December 31 cash balance according to the
Shamara Systems most recently reconciled its bank balance on April 30 and reported two checks outstanding at that time, No. 1771 for $781 and No. 1780 for $1,425.90. Check No. 1780 was still
Determine whether each procedure described below is an internal control strength or weakness.1. The same employee is in charge of recordkeeping and depositing cash receipts.2. All large payments are
Waupaca Company establishes a $350 petty cash fund on September 9. On September 30, the fund shows $104 in cash along with receipts for the following expenditures: transportation-in, $40; postage
For a through g, indicate whether its amount(1) Affects the bank or book side of a bank reconciliation,(2) Is an addition or a subtraction in a bank reconciliation,(3) Requires a journal entry. a.
Prepare a table with the following headings for a monthly bank reconciliation dated September 30. Indicate whether each item should be added to or subtracted from the book or bank balance and whether
Palmona Co. establishes a $200 petty cash fund on January 1. On January 8, the fund shows $38 in cash along with receipts for the following expenditures: postage, $74; transportation-in, $29;
Prepare journal entries to record transactions for Vitalo Company.Nov. 1 Accepted a $6,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable.Dec. 31
Rizio Co. purchases a machine for $12,500, terms 2∕10, n∕60, FOB shipping point. Rizio paid within the discount period and took the $250 discount. Transportation costs of $360 were paid by Rizio.
Refer to Apple’s financial statements in Appendix A to answer the following.1. What percent of the original cost of Apple’s Property, Plant and Equipment account remains to be depreciated as
On January 1, Manning Co. purchases and installs a new machine costing $324,000 with a five-year life and an estimated $30,000 salvage value. Management estimates the machine will produce 1,470,000
On February 19 of the current year, Quartzite Co. pays $5,400,000 for land estimated to contain 4 million tons of recoverable ore. It installs and pays for machinery costing $400,000 on March 21. The
Nagy Company makes a lump-sum purchase of several assets on January 1 at a total cash price of $1,800,000. The estimated market values of the purchased assets are building, $890,000; land, $427,200;
On July 23 of the current year, Dakota Mining Co. pays $4,715,000 for land estimated to contain 5,125,000 tons of recoverable ore. It installs and pays for machinery costing $410,000 on July 25. The
On January 1 of this year, Diaz Boutique pays $105,000 to modernize its store. Improvements include new floors, ceilings, wiring, and wall coverings. These improvements are estimated to yield
At December 31, Folgeys Coffee Company reports the following results for its calendar year.Its year-end unadjusted trial balance includes the following items.1. Prepare the adjusting entry to record
Nichole Mustard and Credit Karma are introduced in the chapter’s opening feature. Assume that they are considering two options. Plan A. The company would begin selling access to a premium
The following annual account balances are from Armour Sports at December 31.a. What is the change in the number of days’ sales uncollected between Year 1 and Year 2?b. From the analysis in part a,
Prepare journal entries for the following credit card sales transactions. The company uses the perpetual inventory system.1. Sold $20,000 of merchandise, which cost $15,000, on Mastercard credit
Vail Company recorded the following transactions during November.1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts
Comparative figures for Apple and Google follow.Required1. Compute the accounts receivable turnover for the two most recent years for (a) Apple and (b) Google.2. Which company more quickly collects
Key figures for Samsung follow.1. Compute Samsung’s accounts receivable turnover for the current year.2. In the current year, does Samsung’s accounts receivable turnover underperform or
On August 2, Jun Co. receives a $6,000, 90-day, 12% note from customer Ryan Albany as payment on his $6,000 account receivable. Prepare Jun’s journal entry assuming the note is honored by the
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each
Fishing Guides Co. has four employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid
Shown here are condensed income statements for two different companies (assume no income taxes).Required1. Compute times interest earned for Ellis Company and for Seidel Company.2. What happens to
Tavella Company’s first weekly pay period of the year ends on January 8. On that date, Tavella’s sales employees earned $34,745, office employees earned $21,225, and delivery employees earned
Assume that your team is in business and you must borrow $6,000 cash for short-term needs. You have been shopping banks for a loan, and you have the following two options.A. Sign a $6,000, 90-day,
What is the combined amount (in percent) of the employee and employer Social Security tax rate? (Assume wages do not exceed $137,700 per year.)
Shown here are condensed income statements for two different companies (assume no income taxes).Required1. Compute times interest earned for Miller Company and for Weaver Company.2. What happens to
Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1,
BMX Company has one employee. FICA Social Security taxes are 6.2% of the first $137,700 paid to its employee, and FICA Medicare taxes are 1.45% of gross pay. For BMX, its FUTA taxes are 0.6% and SUTA
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes
Watts and Lyon are forming a partnership. Watts invests $42,000 and Lyon invests $63,000. The partners agree that Watts will work one-third of the total time devoted to the partnership and Lyon will
Stark Company has five employees. Employees paid by the hour earn $10 per hour for the regular 40-hour workweek and $15 per hour beyond the 40 hours per week. Hourly employees are paid every two
Cook, Jing, and Schwartz formed the CJS Partnership by making investments of $144,000, $216,000, and $120,000, respectively. They predict annual partnership net income of $240,000 and are considering
Bell and Green are forming a partnership. Bell invests $104,000 and Green invests $156,000. The partners agree that Bell will work one-fourth of the total time devoted to the partnership and Green
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. The partners agreed to share net income and loss by giving annual salary allowances of $50,000 to Ramer and $40,000
Lenny Florita, an unmarried employee, works 48 hours in the week ended January 12. His pay rate is $14 per hour, and his wages have deductions for FICA Social Security, FICA Medicare, and federal
Jen Novinska and Jeff Quinlan form a partnership. Novinska contributes the following items (at market value). Prepare the partnership’s journal entry to record Novinska’s investment.
Ramer and Knox began a partnership by investing $60,000 and $90,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income is
Mike Derr and Mark Finger form a partnership. Derr contributes the following items (at market value). Prepare the partnership’s journal entry to record Derr’s investment.
Dave Krug contributed $1,000 cash along with inventory and land to a new partnership. The inventory had a market value of $2,000. The land had a market value of $5,000. The partnership also accepted
This activity requires teamwork to reinforce understanding of accounting for partnerships.Required1. Assume that Baker, Warner, and Rice form the BWR Partnership by making capital contributions of
Amy and Lester are partners in operating a store. Without consulting Amy, Lester enters into a contract to purchase $10,000 of merchandise for the store. Amy says she did not authorize the order and
On December 1, Home Store sells a mower (that costs $200) for $500 cash with a one-year warranty that covers parts. Warranty expense is estimated at 8% of sales. On January 24 of the following year,
Use the following comparative figures for Apple and Google.Required1. Compute the basic EPS for each company using these data.2. Compute the dividend yield for each company using these data.3.
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio (in percents: Turner, 10%; Roth, 40%; and Lowe, 50%). The partners decide to liquidate the partnership. Immediately
Assume that the Turner, Roth, and Lowe partnership of Exercise 12-13 is a limited partnership. Turner and Roth are general partners. Lowe is a limited partner, meaning any remaining deficiency in
At December 31, the end of Chilton Communication’s third quarter, the following stockholders’ equity accounts are reported.In the fourth quarter, the following entries related to its equity are
Kohler Corporation reports the following components of stockholders’ equity at December 31 of the prior year.During the current year, the following transactions affected its stockholders’ equity
On October 10, the stockholders’ equity section of Sherman Systems appears as follows.1. Prepare journal entries to record the following transactions for Sherman Systems.a. Purchased 5,000 shares
Use the following financial information for Samsung.Required1. Compute earnings per share (EPS) for Samsung.2. If Samsung buys back outstanding shares from investors, would we expect EPS to increase
For each transaction, determine the impact—increase, decrease, or no effect—on total assets, total liabilities, and total equity. Issued $12,000 of common stock for cash Issued $23,000 of common
Rose Company had no short-term investments prior to this year. It had the following transactions this year involving short-term stock investments with insignificant influence.Apr. 16 Purchased 3,500
On January 1, 2021, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on
The plant assets section of the comparative balance sheets of Anders Company is reported below.Refer to the balance sheet data above from Anders Company. During 2021, equipment with a book value of
Selected comparative financial statements of Haroun Company follow.Required1. Compute trend percents for all components of both statements using 2015 as the base year. Round percents to one
Summary information from the financial statements of two companies competing in the same industry follows.Required1. For both companies compute the(a) Current ratio,(b) Acid-test ratio,(c) Accounts
Tuscan Inc. had a retained earnings balance of $60,000 at December 31 of the prior year. In the current year, Tuscan reported the following results. Calculate the retained earnings balance at
Brin Company issues bonds with a par value of $800,000. The bonds mature in 10 years and pay 6% annual interest in semiannual payments. The annual market rate for the bonds is 8%.1. Compute the price
Kelley Company reports $960,000 of net income and declares $120,000 of cash dividends on its preferred stock for the year. At year-end, the company had 400,000 weighted-average shares of common
The following information shows Carperk Company’s individual investments in securities during its current year, along with the December 31 fair values.a. Investment in Brava Company bonds: $420,500
Foxburo Company expects to pay a $2.34 per share cash dividend this year on its common stock. The current market value of Foxburo stock is $32.50 per share. Compute the expected dividend yield. If a
Montclair Company is considering a project that will require a $500,000 loan. It presently has total liabilities of $220,000 and total assets of $620,000.1. Compute Montclair’s(a) current
Analyze Rowan’s entries (1 through 3) from QS 15-16 by showing each entry’s effect on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each.Data
Brooks Co. purchases debt investments as trading securities at a cost of $66,000 on December 27. This is its first and only purchase of such securities. At December 31, these securities had a fair
Prepare Natura Co.’s journal entries to record the following transactions involving its short-term investments in held-to-maturity debt securities, all of which occurred during the current year.a.
During the current year, Reed Consulting acquired long-term available-for-sale debt securities on July 1 at a $70,000 cost. At its December 31 year-end, these securities had a fair value of $58,000.
In each separate case, indicate whether the company has a finance lease or an operating lease.1. The lessor retains title to the asset, and the lease term is 3 years on an asset that has a 10-year
Prepare journal entries to record the following transactions involving both the short-term and long-term investments of Cancun Corp., all of which occurred during the current year.a. On February 15,
Prepare journal entries to record the following transactions and events of Kodax Company.Year 1Jan. 2 Purchased 30,000 shares of Grecco Co. common stock for $411,000 cash. Grecco has 90,000 shares of
If a stock investment with insignificant influence costs $10,000 and is sold for $12,000, how should the difference between these two amounts be recorded?
Each team member is to become an expert on a specific classification of long-term investments. This expertise will be used to facilitate other teammates’ understanding of the concepts and
Roak Company and Clay Company are similar firms that operate in the same industry. Clay began operations two years ago and Roak started five years ago. In the current year, both companies pay 6%
Prepare general journal entries for the following transactions of a new company called Pose-for-Pics. Use the following partial chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; M.
Prepare compound journal entries for each transaction.a. The owner, J. Cruz, invests $6,500 cash and $3,500 of equipment in the company.b. The company acquires $2,000 of supplies by paying $500 cash
Santana Rey created Business Solutions on October 1, 2021. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up
Costs of $5,000 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $200. Additional necessary costs of $400 were
(a) Calculate the current ratio for each of the following competing companies.(b) Which competitor is in the best position to pay its short-term obligations? Current Assets.. Current
Using Sierra Company’s adjusted trial balance from QS 4-16, prepare its December 31 closing entries.Data from Question 4-16Use the following adjusted trial balance of Sierra Company to prepare its
(a) Use the information in the adjusted trial balance reported in Exercise 4-11 to compute the current ratio for Wilson Trucking.(b) Assuming Spalding (a competitor) has a current ratio of 1.5, which
For each account, identify whether it is included or excluded from a post-closing trial balance.a. Accounts Receivable b. Salaries Expensec. Cashd. Lande. Income Tax Expensef. Salaries Payable
The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31.1. Use the following information about the company’s adjustments to complete a
Santo Company’s adjusted trial balance on December 31 follows.Required1. Prepare an income statement and a statement of owner’s equity for the year, and a classified balance sheet at December 31.

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