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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Define cost of sales. Define operating expense.LO1.
What are the components of operating expense?LO1.
What other expenses are part of profit or loss?LO1.
How is gross profit calculated?LO1.
Describe the difference between profit or loss and other comprehensive income.LO1.
Canel Company had $950 000 in profit for the recent accounting period. Income tax expense was $225 LO1. 000. Interest expense was $100 000. Sales were $2 500 000 and cost of sales was 40% of sales.
A1 Taya Corporation reported revenue of £l 250 000 for 2009. Tax expense was £145 000 and operating expenses were £850 000. Which of the following is true?a. The company had a profit of £255
A1 Taya Corporation reported revenue of £l 250 000 for 2009. Tax expense was £145 000 and operating expenses were £850 000. What was operating profit?a. £255 000b. £400 000c. £655 000d. The
The cost of an automobile purchased from the manufacturer by an automobile dealership for resale to a customer and then sold would be in which expense category on the statement of comprehensive
Where would the company president’s salary typically appear on the statement of comprehensive income?a. Cost of salesb. Operating expensesc. Selling expensed. Other income and expenses LO1.
When revenue increases, what is the effect on equity?LO1.
When expenses decrease, what is the effect on equity?LO1.
When dividends increase, what is the effect on equity?LO1.
When a reserve is increased, what is the effect on equity?LO1.
A company has retained earnings of €855 000 and liabilities were €700 000 as of 30 June 2010, its fiscal year end. In fiscal 2011, profit was €175 000, dividends were €110 000 and liabilities
A company has retained earnings of €855 000 and liabilities were €700 000 as of 30 June 2010, its fiscal year end. In fiscal 2011, profit was €175 000, dividends were €110 000 and liabilities
A company has retained earnings of €855 000 and liabilities were €700 000 as of 30 June 2010, its fiscal year end. In fiscal 2011, profit was €175 000, dividends were €110 000 and liabilities
A company has retained earnings of €855 000 and liabilities were €700 000 as of 30 June 2010, its fiscal year end. In fiscal 2011, profit was €175 000, dividends were €110 000 and liabilities
Shown below is information for Gulf Research LLC for the year ended 31 December 2010. Use the 31 December 2009 statement of financial position shown in Figure 3.2 to construct the statement of
What is expenditure? What is cost? What is expense?LO1.
Describe the difference between cost and expense.LO1.
On what financial statements does an expense appear?LO1.
On what financial statements does a cost appear?LO1.
A truck dealership purchases a truck for resale to a customer. Where does the cost of the truck appear in the financial statements if the truck has been sold?a. Cost of goods soldb. Inventoriesc.
A truck dealership purchases a truck to use for delivery of parts. Where does the cost of this truck appear in the financial statements?a. Cost of goods soldb. Inventoriesc. Property, plant and
A truck dealership purchases a truck to sell to a customer. Where does the cost of this truck appear in the financial statements if the truck has not been sold?a. Cost of goods soldb. Inventoriesc.
Rashid Corporation purchased fuel for its delivery trucks that it used. Where does the cost of the fuel appear in the financial statements?a. On the statement of financial position as an assetb. On
Rashid Corporation purchased chemicals for use in the manufacturing of a cleaning solvent. After manufacture, the cleaning solvent was sold to customers. Where does the cost of the chemicals 3^ppga^r
Rashid Corporation purchased chemicals for use in manufacturing a cleaning solvent. After manufacture, the cleaning solvent remained unsold. Where does the cost of the chemicals appear in the
Rashid Corporation purchased supplies of £ll 000 during the year. At the end of the year, only £1500 of these supplies remained on hand. What amount related to the total supplies purchased should
Rashid Corporation purchased supplies of £ll 000 during the year. At the end of the year, only £1500 of these supplies remained on hand. What amount related to the total supplies purchased should
What are the elements of the expanded statement of financial position?(Appendix)
Explain the difference between current assets and noncurrent assets. What are examples of current assets? What are examples of noncurrent assets?(Appendix)
Explain the difference between current liabilities and noncurrent liabilities. What are examples of current liabilities? What are examples of noncurrent liabilities?(Appendix)
What is an operating cycle?(Appendix)
What are the components of equity?(Appendix)
What is a reserve? Provide examples. How are reserves created?(Appendix)
What are the categories and line items of the expanded statement of comprehensive income?(Appendix)
What is gross profit and how is it calculated? What is an alternative name for gross profit? What two types of businesses would calculate gross profit?(Appendix)
What is operating income and how is it calculated?(Appendix)
What is the difference between cost of sales and operating expenses?(Appendix)
What is expenditure? What is cost? What is expense? Explain the difference between these terms.(Appendix)
What is the difference between inventories and cost of sales?(Appendix)
How is a gain different from revenue?(Appendix)
What is long-term debt? Are debt securities classified as long-term debt? D01
Describe the process that businesses follow to sell new issues of long-term debt.D01
What do bond ratings attempt to measure?D01
Name the long-term liabilities described in Chapter 10. How do they differ from the long-term liabilities described in this chapter?D01
Name four long-term debt obligations and describe the distinguishing features of each.D01
How is total interest for long-term debt calculated?D01
Describe the two-stage allocation procedure used to apportion the total interest associated with a long-term debt among accounting periods. What is the relationship between this two-stage procedure
What is meant by restructuring a long-term debt? Why does restructuring occur?D01
What are bond ratings, and how are they related to the cost of issuing debt? What are “junk bonds,” and how do they differ from “fallen angels”?D01
What is the face amount of a long-term debt security? How is the face amount related to the discount or premium on the obligation?D01
How do premiums and discounts on long-term debt securities affect interest expense?D01
Describe the differences between the accounting for long-term notes receivable by investors and the accounting for long-term notes payable by issuers.D01
How are premiums and discounts presented in the balance sheet?D01
How does a firm “lever” its capital structure? When is leverage advantageous? When is it disadvantageous? Who receives the advantage or bears the disadvantage of leverage?D01
Name and describe two kinds of leases.D01
USING ASSET VALUES TO ESTABLISH THE AMOUNT OF A LIABILITY.Micro Service Company acquired a new truck for one of its service personnel. Because Micro is a good customer, the dealer accepted a 3-year
LONG-TERM DEBT INFORMATION IN THE WALL STREET JOURNAL. The Wall Street Journal, as currently published, is divided into three sections—a news sec- tion, a “Marketplace” section, and a “Money
DEBT COVENANTS AND FINANCIAL REPORTING STANDARDS. Debtholders receive note contracts, one for each note, that describe the payments promised by the issuer of the debt. In addition, the issuing
EVALUATION OF LEVERAGE. Gearing Manufacturing, Inc., is planning a $1,000,000 expansion of its production facilities. The expansion could be financed by the sale of $1,250,000 in 8% notes or by the
LEVERAGE. Cook Corporation issued financial statements at December co 31, 19x8, that include the following information:The levels of assets, liabilities, stockholders’ equity, and operating income
iNTEREST EXPENSE AND ALTERNATIVE NOTES. Jacobi Corporation wishes to borrow $100,000 to finance the acquisition of new equipment at the beginning of 19x1. Two alternative notes are under
INTEREST-BEARING NOTE WITH ANNUAL INTEREST PAYMENTS. Kiwi Corporation issued at par a 2-year, $200,000, 8% interest-bearing note on September 1, 19x7. Interest is paid annually on August 31. The
INTEREST AMORTIZATION AND INTEREST MATCHING FOR ZERO-COUPON NOTE USING T-ACCOUNTS. Kerwin Company borrowed $10,000 on a 2-year, zero-coupon note. The note was issued on January 1, 19x8. The face
SINGLE-PRINCIPLE-PAYMENT INTEREST-BEARING NOTE. Lubeck Nursery issued at par a 3-year, $100,000, 9% interest-bearing note on March 1, 19x6. Interest is paid annually.REQUIRED:1. Prepare the entry to
ISSUING AT PAR, A PREMIUM, OR A DISCOUNT USING T-ACCOUNTS.Kartel Company is planning to issue 50 notes, each having a face amount of $10,000.REQUIRED:1. Prepare the T-account entry to record the sale
INTEREST PAYMENTS AND INTEREST EXPENSE FOR NOTES. On January 1, 19x8, Philips Corporation issued notes with a total face amount of $800,000 and a stated (or coupon) rate of 9%.REQUIRED:1. Calculate
NOTE PREMIUM AND DISCOUNT. Markway, Inc., is contemplating selling notes. The issue is to be composed of 150 notes, each with a face amount of $2,000.REQUIRED:. How much is Markway able to borrow if
INTEREST PAYMENTS AND INTEREST EXPENSE FOR NOTES. Klamath Manufacturing sold 10-year notes with a total face amount of $400,000 and a stated rate of 8.4%. The notes sold for $424,000 on January 1,
INTEREST PAYMENTS AND INTEREST EXPENSE FOR NOTE ISSUE USING TACCOUNTS. On January 1, 19x6, Harrington Corporation sold $100,000 of 10-year, 9% notes. The notes sold for $96,000 and pay interest
COMPLETING A NOTE LIABILITY TABLE. Cagney Company sold $200,000 of notes on January 1, 19x5. A portion of the note liability table appears below: INTEREST CHANGE IN PERIOD ENDING INTEREST EXPENSE
USING A PREMIUM NOTE LIABILITY TABLE. For Dingle Corporation, the following note liability table was prepared when a $400,000 issue of 5-year, 7% notes was sold on January 1, 19x2, for $420,000:
USING A DISCOUNT NOTE LIABILITY TABLE. Panamint Candy Company prepared the following note liability table for $500,000 of 5-year, 9.2% notes issued and sold by Panamint on January 1, 19x38, for
COMPLETING A NOTE LIABILITY TABLE. Sondrini Corporation sold a$200,000 note issue at a premium. A portion of the note liability table appears below: INTEREST PERIOD INTEREST ENDING EXPENSE CASH
ZERO COUPON NOTE. Johnson Company sold for $90,000 a $102,400, 2-year zero-coupon note on January 1, 19x7. The note matures on December 31, 19x8.REQUIRED:1. Prepare the entry to record the sale of
ZERO-COUPON NOTE USING T-ACCOUNTS. Dodge City Products borrowed $100,000 cash by issuing a 36-month, $120,880 zero-coupon note on January 1, 19x7. The note matures on December 31, 19x9.REQUIRED:1.
EARLY RETIREMENT OF NOTES. On July 1, 19x1, O’Bryans Wholesale Distributors issued for $506,000 a number of 5-year, 7.8% notes with a total face amount of $500,000. The notes pay interest
OPERATING LEASES AND CAPITAL LEASES. On January 1, 19x6, Moody Company leased a warehouse for $20,000 per year. The first annual payment is due December 31, 19x6. The present value of the lease
NOTES SOLD AFTER THE BEGINNING OF THE YEAR. Haus Corporation sold a 10-year, $120,000, 10% note issue on April 1, 19x6, at a $5,000 premium. Interest payments are to be made on September 30 and March
NOTES SOLD AFTER THE BEGINNING OF AN INTEREST PERIOD. Beckford Markets, a grocery chain, sold a 5-year, $900,000, 8% note issue on February 1, 19x2, 1 month after the interest period began. The
REPORTING LONG-TERM DEBT. Fridley Manufacturing’s accounting records reveal the following account balances after adjusting entries at December 31, 19x2:REQUIRED:Prepare the liabilities portion of
ENTRIES FOR, AND FINANCIAL STATEMENT PRESENTATION OF A NOTE.Perez Company borrowed $60,000 from the First National Bank on April 1, 19x6, on a 3-year, 8.7% note. Interest is paid annually on March
PREPARING A LIABILITY TABLE FOR A NOTE. On January 1, 19x3, Distel Company borrowed $25,900 on a 3-year, 8.5% interest-bearing note with a face amount of $25,000. The note requires annual interest
NOTE COMPUTATIONS AND ENTRIES USING T-ACCOUNTS. On January 1, 19x1, Sisek Company issued 10-year, $800,000, 9.75% notes, interest payable at 4.875% semiannually. Cash in the amount of $792,800 was
PREPARING A PREMIUM NOTE LIABILITY TABLE. Edmonton-Alston Corporation issued 5-year, 9.5% notes with a total face amount of $700,000 on January 1, 19x2, for $726,000. The notes pay interest on June
PREPARING A DISCOUNT NOTE LIABILITY TABLE. St. Cloud Manufacturing, Inc., issued 5-year, 9.2% notes with a total face amount of $500,000 on January 1, 19x4, for $484,000. The notes pay interest on
PREPARING AND USING A LIABILITY TABLE. Girves Development Corporation has agreed to construct a plant in a new industrial park. To finance the construction, the county government has sold $5,000,000
ZERO-COUPON NOTE USING T-ACCOUNTS. On January 1, 19x1, Felix Products borrowed $80,000 cash on a $105,800, 24-month zero-coupon note.REQUIRED:1. Record the borrowing in Felix’s T-accounts. 2.
PREPARING A LIABILITY TABLE FOR A ZERO-COUPON NOTE. On January 1, 19x2, Georgetown Distributors borrowed $2,180,000 on a 4-year zero-coupon note. The face amount of the note is
RECORDING CAPITAL AND OPERATING LEASES. Trippler Company has decided to lease its new office building. The following information is available for the lease: Lease: Payments Length of lease Economic
NOTES SOLD AFTER THE BEGINNING OF THE YEAR. Eagle Watch Company sold $800,000 of 5-year, 8.5% notes on November 1, 19x2, at a $7,000 discount.Interest payments are to be made on April 30 and October
NOTES SOLD AFTER THE BEGINNING OF AN INTEREST PERIOD. Zangas Fashions sold $1,000,000 of 7.8%, 10-year notes on March 1, 19x6, 2 months after the interest period began. The interest payments are to
The ratio of long-term operating assets to total assets differs from one business to another. Consider the ratios for a typical manufacturing business and a typical retailing business. Which business
How do operating assets differ from nonoperating assets? What benefits do operating assets provide to the firm? Lo1
How are property, plant, and equipment, intangibles, and natural resources different from one another? Lo1
How do the cost concept and the matching concept affect accounting for operating assets? Lo1
How is the service potential concept applied over the useful life of an oper-ating asset? Lo1

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