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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

Does each partner have to contribute an equal amount of assets in order to split profit and losses?
Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current book value is $7,500 and the market value is $9,000. At what value should the partnership record
What types of bases for dividing partnership net income or net loss are available?
Juan contributes marketable securities to a partnership. The book value of the securities is $7,000 and they have a current market value of $10,000. What amount should the partnership record in
Angela and Agatha are partners in Double A Partners. When they withdraw cash for personal use, how should that be recorded in the accounting records?
Which one of the following would not be considered in the development of a partnership agreement?A. Profit and loss levelsB. Processing disputesC. Stock optionsD. Asset contributions
On February 3, 2016 Sam Singh invested $90,000 cash for a 1/3 interest in a newly formed partnership. Prepare the journal entry to record the transaction.
A well written partnership agreement should include each of the following except ________.A. How to settle disputesB. The name of the partnershipC. Division of responsibilitiesD. Partner’s
Why do partnerships dissolve?
What type of assets may a partner not contribute to a partnership?A. Accounts receivableB. FurnitureC. EquipmentD. Personal credit cards
What are the four steps involved in liquidating a partnership?
How does a newly formed partnership handle the contribution of previously depreciated assets?A. Continues the depreciation life as if the owner had not changedB. Starts over, using the contributed
When a partner withdraws from the firm, which accounts are affected?
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50% each. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should the
What is the first step in a partnership liquidation (termination and sale of assets)?
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $30,000 to the partnership for a 1/3 share. What amount should Thandie’s
When a partnership liquidates, do partners get paid first or do creditors get paid first?
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $90,000 to the partnership for a 1/3 share. What amount should the partnership
Coffee Partners decides to close due to the increased competition from the national chains. If after liquidating the noncash assets there is not enough cash to cover accounts payable, what happens?
Thandie and Marco are partners with capital balances of $60,000. They share profits and losses at 50%. Chris contributes $60,000 to the partnership for a 1/3 share. What amount should the partnership
When a partnership dissolves, the first step in the dissolution process is to ________.A. Allocate the gain or loss on sale based on income sharing ratioB. Pay off liabilitiesC. Sell noncash assetsD.
When a partnership dissolves, the last step in the dissolution process is to ________.A. Allocate the gain or loss on sale based on income sharing ratioB. Pay off liabilitiesC. Sell noncash assetsD.
Prior to proceeding with the liquidation, the partnership should ________.A. Prepare adjusting entries without closingB. Complete the accounting cycle for final operational periodC. Prepare only
Consider the following two independent scenarios:Scenario A. Acehil owns and manages a consortium of apartments in the Edmonton Metropolitan Region. As part of a recent inspection by the fire
The following are independent scenarios.Scenario A Kalua Inc. is a small manufacturing plant. All produced goods pass through one key piece of machinery that was purchased in 20X2 for $6 million. The
The following information is available for a machine owned by Sorano Inc. at 31 December 20X4:Machine original cost ....................................................... $12
Bitum Incorporated purchased equipment in 20X1 and at that time the estimated useful life of the equipment was estimated to be 12 years. Management’s estimated maintenance costs would be less than
Tinoy Corporation manufactures bath toys for toddlers. Tinoy has 3 machines it utilizes in the manufacturing process. Between 20X5 and 20X9 production volume has been consistent with each machine
Use Figure 12.15 to complete the following problem. Roland Inc. employees’ monthly gross pay information and their W-4 Form withholding allowances follow.Roland’s payroll deductions include FICA
What are the two FASB required conditions for a contingent liability to be recognized?
Use information from EB9. Compute the interest expense due when Airplanes Unlimited honors the note. Show the journal entry to recognize payment of the short-term note on October 18.Data from in
On January 1, 2018, King Inc. borrowed $150,000 and signed a 5-year, note payable with a 10% interest rate. Each annual payment is in the amount of $39,569 and payment is due each Dec. 31. What is
Roo Incorporated issued 50 bonds with a face value of $1,000 and a stated rate of 6% when the market rate was 6%. What is the journal entry to record the sale of the bonds?
The effective-interest method of bond amortization finds the difference between the ________ times the ________ and the ________ times the ________.A. Stated interest rate, principal, stated interest
Paydirt Limestone, Incorporated was organized several years ago and was authorized to issue 3,000,000 shares of $40 par value 9% preferred stock. It is also authorized to issue 3,750,000 shares of $2
The difference between equity financing and debt financing is thatA. Equity financing involves borrowing money.B. Equity financing involves selling part of the company.C. Debt financing involves
You are the accountant for Trumpet and Trombone Manufacturing, Inc. and you oversee the preparation of financial statements for the year just ended 6/30/2020. You have the following information from
Research online to find a company that bought back shares of its own stock (treasury stock) within the last 6–12 months. Why did it repurchase the shares? What happened to the company’s stock
Nutritious Pet Food Company’s board of directors declares a 2-for-1 stock split on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par value
Stockholders’ equity consists of which of the following?A. Bonds payableB. Retained earnings and accounts receivableC. Retained earnings and paid-in capitalD. Discounts and premiums on bond payable
Nutritious Pet Food Company’s board of directors declares a large stock dividend (50%) on June 30 when the stock’s market value per share is $30. At that time, there are 10,000 shares of $1 par
What does owners’ equity mean for the owner?
Montana Incorporated began the year with a retained earnings balance of $50,000. The company paid a total of $5,000 in dividends and experienced a net loss of $25,000 this year. What is the ending
Birmingham Company has been in business for five years. Last year, it experienced rapid growth and hired a new accountant to oversee the physical assets and record acquisitions and depreciation. This
What types of transactions reduce owner’s equity? What types of transactions reduce retained earnings? What do they have in common?
Jesse and Mason Fabricating, Inc. general ledger has the following account balances at the end of the year:What is the total ending balance as reported on the company’s Statement of
Chelsea Company is a sole proprietorship. Ashley, Incorporated is a corporation. Which company would report stockholder’s equity and retained earnings and not simply owner’s equity? Why? What is
If a company’s board of directors designates a portion of earnings for a particular purpose due to legal or contractual obligations, they are designated as ________.A. Retained earnings payableB.
Sometimes financial statements contain errors. What type of liabilities may need correction as a prior period adjustment?
Roxanne’s Delightful Candies, Inc. began the year with a retained earnings balance of $45,000. The company had a great year and earned a net income of $80,000. However, the company’s controller
Tart Restaurant Holdings, Incorporated began the year with a retained earnings balance of $950,000. The company paid a total of $14,000 in dividends and experienced a net loss of $20,000 this year.
Corrections of errors that occurred on a previous period’s financial statements are called ________.A. RestrictionsB. DeficitsC. Prior period adjustmentsD. Restatements
Retained earnings may be restricted or appropriated. Explain the difference between the two and give an example of when each may be used.
Jupiter Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for
Josue Fabricating, Inc.’s accountant has the following information available to prepare the Statement of Stockholder’s Equity for the year just ended.What is the total balance on the company’s
Owner’s equity represents which of the following?A. The amount of funding the company has from issuing bondsB. The sum of the retained earnings and accounts receivable account balancesC. The total
Which financial statements do you need to calculate EPS?
Longmont Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for
Trumpet and Trombone Manufacturing, Inc. began the year with a retained earnings balance of $545,000. The company had a great year and earned a net income of $190,000 this year and paid dividends of
Which of the following is a measurement of earnings that represents the profit before interest, taxes, depreciation and amortization are subtracted?A. Net incomeB. Retained earningsC. EBITDAD. EPS
Where is EPS disclosed for publicly traded companies?
James Corporation earned net income of $90,000 this year. The company began the year with 600 shares of common stock and issued 500 more on April 1. They issued $5,000 in preferred dividends for the
Brunleigh Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred
Which of the following measures the portion of a corporation’s profit allocated to each outstanding share of common stock?A. Retained earningsB. EPSC. EBITDAD. NOPAT
Should investors rely on EPS as an investing tool? Why or why not?
Errol Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends
The measurement of earnings concept that consists of a company’s profit from operations after taxed are subtracted is ________.A. ROIB. EPSC. EBITDAD. NOPAT
What information do you need to calculate the weighted average common shares outstanding?
Bastion Corporation earned net income of $200,000 this year. The company began the year with 10,000 shares of common stock and issued 5,000 more on April 1. They issued $7,500 in preferred dividends
Which is the only ratio required to be reported on the face of a company’s financial statements? What are the two ways the ratio is required to be reported?
Review the following transactions and prepare any necessary journal entries for Lands Inc.A. On December 10, Lands Inc. contracts with a supplier to purchase 450 plants for its merchandise inventory,
Review the following transactions, and prepare any necessary journal entries.A. On July 16, Arrow Corp. purchases 200 computers (Equipment) at $500 per computer from a supplier, on credit. Terms of
Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan include a repayment of principal in ten equal installments, paid annually from March 1. The annual
Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year).A. A business
Consider the following situations and determine (1) which type of liability should be recognized (specific account), and (2) how much should be recognized in the current period (year).A. A business
Research a Major League Baseball team’s season ticket prices. Pick one season ticket price level and answer the following questions:• What team did you choose, and what are the ticket prices for
Which of the following is not considered a current liability?A. Accounts PayableB. Unearned RevenueC. The component of a twenty-year note payable due in year 20D. Current portion of a noncurrent note
Why is Accounts Payable classified as a current liability?
Match each of the following accounts with the appropriate transaction or description. A. Sales Tax Payable B. Income Taxes Payable C. Current portion of a long-term note payable D. Interest
Consider the following accounts and determine if the account is a current liability, a noncurrent liability, or neither.A. CashB. Federal income tax payable this yearC. Long-term note payableD.
Perfume Depot sells two different tiers of perfume products to customers. They charge $30 for tier 1 perfume and $100 for tier 2 perfume. The sales tax rate is 4.5%. During the month of October,
Stork Enterprises delivers care packages for special occasions. They charge $45 for a small package, and $80 for a large package. The sales tax rate is 6%. During the month of May, Stork delivers 38
A company regularly purchases materials from a manufacturer on credit. Payments for these purchases occur within the company’s operating cycle. They do not include interest and are established with
On which financial statement are current liabilities reported?
The following is selected financial data from Block Industries:How much does Block Industries have in current liabilities?A. $19,800B. $18,300C. $12,300D. $25,800 Cash Accounts
Lamplight Plus sells lamps to consumers. The company contracts with a supplier who provides them with lamp fixtures. There is an agreement that Lamplight Plus is not required to provide cash payment
Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc.A. On October 3, Sewing Masters Inc. purchases 800 yards of fabric (Fabric Inventory) at $9.00 per
Pianos Unlimited sells pianos to customers. The company contracts with a supplier who provides it with replacement piano keys. There is an agreement that Pianos Unlimited is not required to provide
Review the following transactions, and prepare any necessary journal entries for Renovation Goods.A. On May 12, Renovation Goods purchases 750 square feet of flooring (Flooring Inventory) at $3.00
Toyota is a car manufacturer that has issued several recalls over the years. One major recall centered on faulty air bags from Takata. A prior recall focused on unintentional pedal acceleration.
Review the following transactions and prepare any necessary journal entries for Olinda Pet Supplies.A. On March 2, Olinda Pet Supplies receives advance cash payment from a customer for forty dog food
Review the following transactions and prepare any necessary journal entries for Woodworking Magazine. Woodworking Magazine provides one issue per month to subscribers for a service fee of $240 per
Review the following transactions and prepare any necessary journal entries for Bernard Law Offices.A. On June 1, Bernard Law Offices receives an advance cash payment of $4,500 from a client for
Review the following transactions, and prepare any necessary journal entries for Juniper Landscaping Services.A. On November 5, Juniper receives advance cash payment from a customer for landscaping
You own a farm and grow seasonal products such as pumpkins, squash, and pine trees. Most of your business revenues are earned during the months of October to December. The rest of your year supports
A ski company takes out a $400,000 loan from a bank. The bank requires eight equal repayments of the loan principal, paid annually. Assume no interest is paid or accumulated on the loan until the
How is the sales tax rate usually determined? Does the company get to keep the sales tax as earned revenue?
Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises.A. On April 7, Tolbert Enterprises contracts with a supplier to purchase 300 water bottles for
Review the following transactions and prepare any necessary journal entries.A. On January 5, Bunnet Co. purchases 350 aprons (Supplies) at $25 per apron from a supplier, on credit. Terms of the
Payroll Comparison Research Paper: Search the Internet for local public K–12 school districts, community colleges, and public universities that publish their employees’ salary (pay) schedules.

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