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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Payroll accounting involves the use of government-supplied forms to account for payroll taxes. Three common forms are the W-2, Form 940, and Form 941. Form a team with three of your classmates and
Altria Group, Inc., has over eight pages dedicated to describing contingent liabilities in the notes to recent financial statements. These pages include extensive descriptions of multiple contingent
The Stockholders' Equity section of the balance sheet may include:A. Common Stock.B. Stock Dividends Distributable.C. Preferred Stock.D. All of the above.
Describe the stockholders' liability to creditors of a corporation.LO11
Why are most large businesses organized as corporations?LO11
Of two corporations organized at approximately the same time and engaged in competing businesses, one issued \(\$ 150\) par common stock, and the other issued \(\$ 1\) par common stock. Do the par
A stockbroker advises a client to "buy preferred stock. . . . With that type of stock, . . . [you] will never have to worry about losing the dividends." Is the broker right?LO11
What are some of the factors that influence the market price of a corporation's stock?LO11
When a corporation issues stock at a premium, is the premium income? Explain.LO11
(a) What are the three conditions for the declaration and the payment of a cash dividend? (b) The dates in connection with the declaration of a cash dividend are February 6, March 9, and April 5.
a. Where should a declared but unpaid cash dividend be reported on the balance sheet?b. Where should a declared but unissued stock dividend be reported on the balance sheet?LO11
a. In what respect does treasury stock differ from unissued stock?b. How should treasury stock be presented on the balance sheet?LO11
A corporation reacquires 8,000 shares of its own \(\$ 10\) par common stock for \(\$ 120,000\), recording it at cost. (a) What effect does this transaction have on revenue or expense of the period?
The treasury stock in Eye Opener 12 is resold for \(\$ 158,000\). (a) What is the effect on the corporation's revenue of the period? (b) What is the effect on stockholders' equity?LO11
What is the primary advantage of combining the retained earnings statement with the income statement?LO11
What are the three classifications of restrictions of retained earnings, and how are such restrictions normally reported in the financial statements?LO11
Indicate how prior period adjustments would be reported on the financial statements presented only for the current period.LO11
When is a statement of stockholders' equity normally prepared?LO11
What is the primary purpose of a stock split?LO11
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables: Aug. 7. Received S175 from Roosevelt McLair and wrote off the remainder owed of
Journalize the following transactions in the accounts of Simmons Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Feb. 10. Sold
Journalize the following transactions in the accounts of Simply Yummy Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: June 2. Sold
Vandalay Industries has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule you completed in Exercise
The following selected transactions were taken from the records of Shaw Company for the first year of its operations ending December 31, 2008:a. Journalize the transactions for 2008 under the direct
The following selected transactions were taken from the records of Kemper Company for the year ending December 31, 2008:a. Journalize the transactions for 2008 under the direct write-off method.b.
Hazard Company wrote off the following accounts receivable as uncollectible for the year ending December 31, 2008:a. Journalize the write-offs for 2008 under the direct write-off method.b. Journalize
The series of seven transactions recorded in the following \(\mathrm{T}\) accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each
The following selected transactions were completed by Cactus Co., a supplier of velcro for clothing: 2007 Dec. 13. Received from Lady Ann's Co., on account, a $60,000, 90-day, 9% note dated December
Journalize the following transactions of Theres Productions: May 3. Received a $150,000, 90-day, 8% note dated May 3 from Xpedx Company on ac- count. Aug. 1. The note is dishonored by Xpedx Company.
Journalize the following transactions in the accounts of Powerplay Co., which operates a riverboat casino: Mar. 1. Received a $45,000, 60-day, 6% note dated March 1 from Pynn Co. on account. 18.
Polo Raiph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company's products include such brands as Polo by Ralph
Use the data in Exercises 8-27 and 8-28 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited, Inc.a. Compute the average accounts receivable turnover ratio for The
Journalize the following transactions in the accounts of Monarch Theater Productions: Aug. 1. Received a $100,000, 90-day, 8% note dated August 1 from Elk Horn Company on account. Sept. 1. Discounted
The following transactions were completed by Clark Management Company during the current fiscal year ended December 31:that \(\$ 16,750\) will be uncollectible. Journalized the adjusting
Steelhead Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Steelhead prepared the following
The following data relate to notes receivable and interest for Generic Optic Co., a cable manufacturer and supplier.{Instructions}Journalize entries to record the transactions. June 12. Received a
The following were selected from among the transactions completed by Hunter Co. during the current year. Hunter Co. sells and installs home and business security systems.{Instructions}Journalize the
The following transactions were completed by The Corion Gallery during the current fiscal year ended December 31:{Instructions}1. Record the January 1 credit balance of \(\$ 41,500\) in a \(T\)
Looks Good Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Looks Good prepared the following
The following data relate to notes receivable and interest for Vidovich Co., a financial services company.{Instructions}Journalize the entries to record the transactions. Mar. 6. Received an $18,000,
The following were selected from among the transactions completed during the current year by Hackworth Co., an appliance wholesale company:{Instructions}Journalize the transactions. Jan. 12. Sold
Which of the following expenditures incurred in connection with acquiring machinery is a proper charge to the asset account?A. Freight C. Both A and B B. Installation costs D. Neither A nor B
An example of an accelerated depreciation method is:A. straight-line B. double-declining-balance C. units-of-production.D. depletion.
A fixed asset priced at \(\$ 100,000\) is acquired by trading in a similar asset that has a book value of \(\$ 25,000\). Assuming that the trade-in allowance is \(\$ 30,000\) and that \(\$ 70,000\)
Which of the following is an example of an intangible asset?A. Patents C. Copyrights B. Goodwill D. All of the above
Immediately after a used truck is acquired, a new motor is installed and the tires are replaced at a total cost of \(\$ 4,150\). Is this a capital expenditure or a revenue expenditure?
Is it necessary for a business to use the same method of computing depreciation (a) for all classes of its depreciable assets, (b) in the financial statements and in determining income taxes?
Refer to the financial statements and the accompanying notes of Cadbury plc, available online.Required:1. Is the company a corporation, a partnership, or a proprietorship? How do you know?2. Use the
Refer to the financial statements and the accompanying notes of Cadbury plc, available online and of The Nestlé Group, given in Appendix A. Nestlé uses the Swiss franc (CHF) in preparing its
The December 22, 2003, edition of Business Week magazine includes an article titled "Is Wilbur Ross Crazy?" You can access the article online.Required:Read the article and then answer the following
Your best friend from home writes you a letter about an investment opportunity that has come her way. A company is raising money by issuing shares and wants her to invest \(\$ 20,000\) (her recent
Technology \(\mathrm{N}\) Motion is a publicly traded company that is facing financial difficulties. To survive, the company needs large new bank loans. As the chief financial officer of the company,
As a team, select an industry to analyze. A list of companies classified by industry can be obtained by accessing www.fpinfomart.ca and then choosing "Companies by Industry." You can also find a list
Total, S.A. is a large, international, publicly traded integrated oil and gas company that explores, produces, refines, markets, and supplies crude oil and petroleum products. It is a major actor in
Lester's Home Healthcare Services was organized on January 1, 2011, by four friends. Each organizer invested \(\$ 10,000\) in the company and, in turn, was issued 8,000 shares. To date, they are the
Injection Plastics Company has been operating for three years. At December.31, 2011, the accounting records reflected the following:During the year 2012, the following summarized transactions were
Refer to P2-3.Injection Plastics Company has been operating for three years. At December.31, 2011, the accounting records reflected the following:During the year 2012, the following summarized
Bayer AG, with headquarters in Leverkusen, Germany, is an international, research-based group of companies active in health, agriculture, polymers, and chemicals. Popular products include Bayer
Refer to P2-5.Bayer AG, with headquarters in Leverkusen, Germany, is an international, research-based group of companies active in health, agriculture, polymers, and chemicals. Popular products
The accounts below, in alphabetical order, are adapted from a recent statement of financial position for Big Burgers Inc. (amounts are in thousands of dollars):Required:1) Construct, in good form, a
At the beginning of year 2012, Lee Delivery Company Inc., which was organized in 2011, applied to your bank for a \(\$ 100,000\) loan to expand the business. The vice-president of the bank asked you
According to a recent annual report of Celestica Inc., the company is a "key player in the new technology-driven global economy." The company provides a broad range of services, including "design,
Determining Financial Statement Effects of Various Transactions and Interpreting the Debtto-Equity Ratio Kadoum Incorporated is a small manufacturing company that makes model trains to sell to toy
Gildan Activewear Inc. specializes in manufacturing and selling T-shirts, sport shirts, and fleece. The following is adapted from a recent statement of financial position (assume that the fiscal year
Gildan Activewear Inc. specializes in manufacturing and selling T-shirts, sport shirts, and fleece. The following is adapted from a recent statement of financial position (assume that the fiscal year
televisions, and projectors. The following is Dell's (simplified) statement of financial position from a recent year:Assume that the following transactions (in millions of dollars) occurred in the
Refer to AP2-5.televisions, and projectors. The following is Dell's (simplified) statement of financial position from a recent year:Assume that the following transactions (in millions of dollars)
The accounts below, in alphabetical order, are adapted from Danier Leather Inc.'s recent statement of financial position (amounts in thousands of dollars):Required:1) Prepare, in good form, a
Chu Delivery Company Inc. was organized in 2010. The following transactions occurred during year 2010:a. Received \(\$ 40,000\) cash from organizers in exchange for shares in the new company.b.
Determining Financial Statement Effects of Several Transactions The following events occurred for Favata Company:a. Received investment of \(\$ 20,000\) cash by organizers.b. Borrowed cash from a
Determining Financial Statement Effects of Several Transactions Nike Inc., with headquarters in Beaverton, Oregon, is one of the world's leading manufacturers of athletic shoes and sports apparel.
Recording Investing and Financing Activities Refer to E2-5.Determining Financial Statement Effects of Several Transactions The following events occurred for Favata Company:a. Received investment of
Analyzing the Effects of Transactions in T-Accounts Grady Service Company Inc. was organized by Chris Grady and five other investors. The following events occurred during the year:a. Received \(\$
Define the following:a. Assetc. Liabilitye. Share capitalb. Current assetd. Current liabilityf. Retained earnings
Explain what the following principle and assumptions mean in accounting:a. Separate-entity assumptionc. Continuity assumptionb. Unit-of-measure assumptiond. Cost principle
How is the debt-to-equity ratio computed and how is it interpreted?
What is a T-account? What is its purpose?
Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) information and communication.1. Separating related operations 2. Report of internal auditors
Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) monitoring.1. Personnel policies 2. Safeguarding inventory in a locked warehouse 3. Hiring of
The following data were gathered to use in reconciling the bank account of Cards Company:a. What is the adjusted balance on the bank reconciliation?b. Journalize any necessary entries for Cards
The following data were gathered to use in reconciling the bank account of DRW Company:a. What is the adjusted balance on the bank reconciliation?b. Journalize any necessary entries for DRW Company
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of \(\$ 600\).b. The amount of cash in the petty cash fund is \(\$ 175\). Issued a check to
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of \(\$ 400\).b. The amount of cash in the petty cash fund is \(\$ 85\). Issued a check to replenish
Locate a copy of the Sarbanes-Oxley Act of 2002 on the Web. Scan the Act and read Section 404.What does Section 404 require of management's internal control report?objs. 4, 5
Amber Meehan works at the drive-through window of Jackpot Burgers. Occasionally, when a drive-through customer orders, Amber fills the order and pockets the customer's money. She does not ring up the
The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance advices and duplicate deposit slips to the
The actual cash received from cash sales was \(\$ 21,099.75\), and the amount indicated by the cash register total was \(\$ 21,114\).26. Journalize the entry to record the cash receipts and cash
The actual cash received from cash sales was \(\$ 8,374.58\), and the amount indicated by the cash register total was \(\$ 8,351.14\). Journalize the entry to record the cash receipts and cash
Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to the bank statement, (c) an
Which of the reconciling items listed in Exercise 7-16 require an entry in the company's accounts?objs. 4, 5
An accounting clerk for Lock-It Co. prepared the following bank reconciliation:a. From the data in the above bank reconciliation, prepare a new bank reconciliation for Lock-It Co., using the format
Identify the errors in the following bank reconciliation:objs. 4, 5 Mkabe Co. Bank Reconciliation For the Month Ended June 30, 2008 Cash balance according to bank statement......vet Add outstanding
Argonaut Co. records all cash receipts on the basis of its cash register tapes. Argonaut Co. discovered during November 2008 that one of its sales clerks had stolen an undetermined amount of cash
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel's toys include Barbie \({ }^{\mathrm{TM}}\) fashion dolls and accessories, Hot Wheels \({ }^{\mathrm{TM}}\), and
During 2007, Kinetic Inc. has monthly cash expenses of \(\$ 175,000\). On December 31, 2007, the cash balance is \(\$ 1,575,000\).a. Compute the ratio of cash to monthly cash expenses.b. Based upon
Delta Air Lines is one of the major airlines in the United States and the world. It provides passengers and cargo services for over 200 domestic U.S. cities as well as 70 international cities. It
Ivan's Restoration Company completed the following selected transactions during October 2008:{Instructions}Journalize the transactions.objs. 4, 5 Oct. 1. Established a petty cash fund of $750. 15.
Pacific Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been
Avalanche Company completed the following selected transactions during April 2008:{Instructions}Journalize the transactions.objs. 4, 5 Apr. 1. Established a petty cash fund of $900. 4. The cash sales

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