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principles financial accounting

Questions and Answers of Principles Financial Accounting

The adjusted trial balance of Karise Repairs 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
The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent $1,000, Services Revenue $55,600, and Wages Expense $5,000. Adjustments are required for(a) prepaid rent
Use the adjusted accounts for Stark Company from Exercise 3-16 to prepare the(1) income statement(2) statement of owner’s equity for the year ended December 31(3) balance sheet at December 31. The
Use the following information to compute profit margin for each separate company a through e. Which of the five companies is the most profitable according to the profit margin ratio? Interpret the
On July 1, Lula Plume created a new self-storage business, Safe Storage Co. The following transactions occurred during the company’s first month.July 2 Plume invested $30,000 cash and buildings
These 16 accounts are from the Adjusted Trial Balance columns of a company’s work sheet. Determine the letter of the financial statement column (A, B, C, or D) where a normal account balance is
List the following steps in preparing a work sheet in the proper order.a. Total the statement columns, compute net income (loss), and complete the work sheet.b. Extend adjusted balances to
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. Oro Tybalt invested $5,000 cash in the business during the year. The O. Tybalt, Capital account balance
Key figures for the recent two years of both Apple and Google follow.Required1. Compute current ratios for(a) Apple(b) Google for the two years reported above.2. In the current year, which company
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the
For each of the following separate cases, prepare the required December 31 year-end adjusting entries.a. Depreciation on the company’s wind turbine equipment for the year is $5,000.b. The Prepaid
For each separate case, record an adjusting entry (if necessary).a. Lonzo Co. receives $3,000 cash in advance for six months of recycling services on September 1 and records it by debiting Cash and
For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended December 31. Entries can draw from the following partial chart of accounts:
Use the information in QS 2-14 to prepare a December 31 balance sheet for Lawson Consulting. The ending I. Lawson, Capital account balance as of December 31 is $13,000.Data from Question 2-14Lawson
Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1. On July 31, the company’s records show the following selected accounts and amounts for the month
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven
Identify whether a debit or credit results in the indicated change for each of the following accounts.a. To increase Landb. To decrease Cashc. To increase Consulting Revenued. To increase Salaries
Use the information in Exercise 2-25 to prepare a December 31 balance sheet for Help Today. The ending C. Camry, Capital account balance as of December 31 is $106,470.Data from Exercise 2-25Carmen
Pablo Management has five employees, each of whom earns $250 per day. They are paid on Fridays for work completed Monday through Friday of the same week. Near year-end, the five employees worked
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both: The April 30 adjusting entry. The
Natsu Company’s annual accounting period ends on October 31. The following information concerns the adjusting entries that need to be recorded as of that date. Entries can draw from the following
A company had the following assets and liabilities at the beginning and end of this year.Determine net income or net loss for the business during the year for each of the following separate cases.a.
Use the information in Exercise 2-25 to prepare a December statement of owner’s equity for Help Today. The C. Camry, Capital account balance at December 1 was $0, and the owner invested $102,000 in
Use the information in QS 2-14 to prepare a December income statement for Lawson Consulting. The company began operations on December 1.Data from Question 2-14Lawson Consulting had the following
Use the information in QS 2-14 to prepare a December statement of owner’s equity for Lawson Consulting. The I. Lawson, Capital account balance at December 1 was $0. Net income for December is
For each of the following, (1) identify the account as an asset, liability, equity, revenue, or expense; (2) identify the normal balance of the account; and (3) enter debit or credit to identify the
Indicate whether a debit or credit decreases the normal balance of each of the following accounts.a. Interest Payable b. Accounts Receivablec. Prepaid Insuranced. Buildingse. Accounts Payablef.
Groro Co. bills a client $62,000 for services provided and agrees to accept the following three items in full payment:(1) $10,000 cash,(2) $80,000 of equipment,(3) $28,000 note payable owed on the
Use the information in Problem 1-3B to prepare the statement of owner’s equity for Audi Company for the current year ended December 31. The owner invested $100 cash during the year.Data from
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.a. Lita Lopez invested $70,000 cash and equipment valued at $10,000 in
Jarvis began operations on January 1, Year 1. Jarvis made an owner investment of $10,000 early in Year 1. There have been no additional owner investments. In its first two years of operations, it
Refer to Apple’s financial statements in Appendix A for the following questions.Required1. What amount of total liabilities does Apple report for each of the fiscal years ended(a) September 28,
Identify the items from the following list that are likely to serve as source documents.a. Sales receipt b. Trial balance c. Balance sheetd. Prepaid insurance accounte. Invoice from
Business transactions completed by Hannah Venedict during the month of September are as follows.a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new business named
Identify the item that best completes each of the descriptions below.1. Chart2. General ledger3. Journal4. Account5. Source documenta. A(n)____ of accounts is a list of all accounts a company uses,
Identify the normal balance (debit or credit) for each of the following accounts.a. Rideshare Revenue b. Office Suppliesc. Cashd. Wages Expensee. Accounts Receivablef. Prepaid Rentg. Wages
Complete the following spreadsheet in preparation of the statement of cash flows. Prepare the spreadsheet as in Exhibit 16A.1 under the indirect method. Identify the debits and credits in the
Selected comparative financial statements of Tripoly Company follow.Required1. Compute trend percents for all components of both statements using 2015 as the base year. Round percents to one
Match each of the descriptions with the term or phrase it best reflects.A. AuditB. GAAPC. EthicsD. FASBE. SECF. Public accountantsG. Net incomeH. IASB1. An assessment of whether financial statements
Identify the following users as either External users or Internal users.a. Customersb. Suppliersc. External auditorsd. Business presse. Managersf. District attorneyg. Shareholdersh. Lendersi.
For each of the separate cases in Exercise 3-13, determine the financial statement impact of each required year-end adjusting entry. Fill in the table below by indicating the amount and direction (+
Common categories of a classified balance sheet include Current Assets, Long-Term Investments, Plant Assets, Intangible Assets, Current Liabilities, Long-Term Liabilities, and Equity. For each of the
Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by
Review financial news sources such as Yahoo! Finance (finance.yahoo.com) and Google Finance (google.com/finance). Identify a company that has recently purchased 50% or more of another company’s
Visit the website of a major company that interests you. Use the “Investor Relations” link at the website to obtain the toll-free telephone number of the Investor Relations Department. Call the
Teamwork is important in today’s business world. Successful teams schedule convenient meetings, maintain regular communications, and cooperate with and support their members. This assignment aims
Arrange an interview (in person or by phone) with the manager of a retail shop in a mall or in the downtown area of your community. Explain to the manager that you are a student studying
Refer to the December 31, 2015, balance sheet of Samsung in Appendix A. What long-term assets discussed in this chapter are reported by the company?
In the blank next to the following terms, place the letter A through D corresponding to the best description of that term.1. Activity2. Activity driver3. Cost pool4. Cost objectA. Measurement
Key figures for Apple and Google follow.Required1. Compute the recent two years€™ cash flow on total assets ratios for Apple and Google.2. What does the cash flow on total assets ratio
Compute the debt-to-equity ratio for each of the following companies. Which company appears to have a riskier financing structure? Explain. Atlanta Company Spokane Company Total liabilities ..
Peachtree Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of May.May 1
Key figures for Apple and Google follow.Required1. Compute common-size percents for each of the companies using the data provided. (Round percents to one decimal.)2. Which company retains a higher
Key figures for Apple and Google follow.Required1. Compute the debt-to-equity ratios for Apple and Google for both the current year and the prior year.2. Use the ratios you computed in part 1 to
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $118,500 paid to each employee, and FICA
What amount of income tax is withheld from the salary of an employee who is single with two withholding allowances and earns $725 per week? What if the employee earns $625 and has no withholding
1. Compute the additional annual net income or loss expected under (a) Plan A and (b) Plan B.2. Should the company pursue either plan? Discuss both the financial and non-financial factors relevant to
At December 31, 2017, Hawke Company reports the following results for its calendar year.Cash sales ............................ $900,000Credit sales ............................. 300,000Its year-end
Review the opening feature of this chapter that highlights Vlad Tenev and Baiju Bhatt and their company Robinhood. Their company plans to open a kiosk in the Ferry Building in San Francisco to sell
The July transactions of Acorn Industries are described in Problem 7-2B.Problem 7-2B,Acorn Industries completes these transactions during July of the current year (the terms of all its credit sales
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven
On October 1, 2017, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and
The December 31, 2017, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2017) follows.Required1. Record and post the necessary closing
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.Aug. 1 Purchased merchandise with an
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.Sept. 15 Purchased merchandise with an
The operating cycle of a merchandiser with credit sales includes the following five activities. Starting with merchandise acquisition, identify the chronological order of these five activities.a.
Refer to the information in Exercise 5-12 and indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement, understatement, or no effect on
Refer to the information in Exercise 6-3 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory and to cost of goods sold usingRefer to Exercise
Identify the most likely role in an accounting system played by each of the numbered items 1 through 10 by assigning a letter from the list A through E on the left.A. Source documentsB. Input
1. Compute the ratio of segment revenue divided by segment assets for each of the segments of Apple and Google for the most recent year shown.2. Interpret and comment on your results from part 1.Key
Ski-Doo Company manufactures, markets, and sells snowmobiles and snowmobile equipment and accessories. The average total assets for Ski-Doo is $3,000,000. In its most recent year, Ski-Doo reported
Neva Nadal started a new business, Nadal Computing, and completed the following transactions during its first year of operations.a. Neva Nadal invested $90,000 cash and office equipment valued at
Sanyu Sony started a new business and completed these transactions during December.Dec. 1 Sanyu Sony transferred $65,000 cash from a personal savings account to a checking account in the name of Sony
Create the following table similar to the one in Exhibit 1.9.EXHIBIT 1.9: Summary of Transactions Using the Accounting EquationThen use additions and subtractions to show the dollar effects of each
Create the following table similar to the one in Exhibit 1.9.EXHIBIT 1.9: Summary of Transactions Using the Accounting EquationThen use additions and subtractions to show the dollar effects of each
Match each of the numbered descriptions 1 through 9 with the term or phrase it best reflects. Indicate your answer by writing the letter A through H for the term or phrase in the blank provided.A.
The following describe several different business organizations. Determine whether each description best refers to a sole proprietorship (SP), partnership (P), or corporation (C).a. Micah and Nancy
Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each month. During June, Ming Chen (the owner) completed these transactions.a. Owner
Gabi Gram started The Gram Co., a new business that began operations on May 1. The Gram Co. completed the following transactions during its first month of operations.May 1 G. Gram invested $40,000
Lita Lopez started Biz Consulting, a new business, and completed the following transactions during its first year of operations.a. Lita Lopez invested $70,000 cash and office equipment valued at
The shareholders’ equity accounts of Tsui, Inc. at December 31, 2013, are as follows:Preferred shares, $3 noncumulative, unlimited number authorized, 4,000 issued
Tsung Company signs a contract to sell the use of its patented manufacturing technology to Herlitz Corp. for 12 years. The contract for this transaction stipulates that Herlitz Corp. pays Tsung
Lee Company must perform an impairment test on its equipment. The equipment will pro- duce the following cash flows: Year 1, $35,000; Year 2, $45,000; Year 3, $55,000. Lee requires a minimum rate of
Sam Waterston owns a garage and is contemplating purchasing a tire retreading machine for $16,100. After estimating costs and revenues, Sam projects a net cash flow from the retreading machine of
Assume the same information as in BEPV–15, except that you can only afford to make annual payments of $6,500. If you decide to trade in your present car to help reduce the amount of financing
You would like to purchase a car that costs $32,000, and the dealer offers financing over a five- year period at 3%. If repayments are to be made annually, what would your annual payments be?
You have borrowed $18,000. If the annual rate of interest is 4%, how long will it take you to repay the note if you are making semi-annual blended principal plus interest payments of $1,702?
The municipality of Lansdown issued a three-year, 5% mortgage note payable for $185,000 to finance the purchase of three salt trucks. The terms provide for equal quarterly blended principal plus
Phang Ltd. issues a six-year, $1,058,871 mortgage note on January 1, 2014, to obtain financing for new equipment. The terms provide for semi-annual instalment payments of $112,825. What is the
Assume the same information as BEPV–10, except that the interest rate is 9% instead of 8%. What is the annual payment that Marsdon will receive from its customer? Refer in BEPV-10, Marsdon
Marsdon Company receives a six-year, $50,000 note that bears interest at 8% from a customer. The customer will make annual blended principal plus interest payments at the end of each year. What is
Assume the same information as in BEPV–8, except that the market interest rate is 6% instead of 5%. In this case, how much can New Line expect to receive from the sale of these bonds? Refer to
New Line Railroad Co. is about to issue $100,000 of 10-year bonds that pay a 5.5% annual inter- est rate, with interest payable semi-annually. The market interest rate is 5%. How much can New Line
For each of the following cases, indicate in the chart below the appropriate discount rate (i) and the appropriate number of periods (n) to be used in present value calculations. Show calculations.
Tarzwell Ltd. is considering investing in an annuity contract that will return $25,000 at the end of each year for 15 years. What amount should Tarzwell Ltd. pay for this investment if it earns a 6%
If Jin Fei invests $3,152 now, she will receive $10,000 at the end of 15 years. What annual rate of interest will Jin earn on her investment? Round your answer to the nearest whole number.
Xin Su has been offered the opportunity to invest $44,401 now. The investment will earn 7% per year, and at the end of that time will return Xin $100,000. How many years must Xin wait to receive
Wong Ltd. is considering an investment that will return a lump sum of $600,000 five years from now. What amount should Wong Ltd. pay for this investment in order to earn a 4% return?
In the €œAll About You€ feature, you learned that there are on-line investment services that provide advice to investors. These services offer stock quotes, company research
Match each of the following terms with the most appropriate description. Terms Description 1. Intracompany (a) An analysis tool that expresses relationships among selected items of financial

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