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business
principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

'During the taking of its physical inventory on December 31, 2008, Genesis Company incorrectly counted its inventory as \(\$ 126,000\) instead of the correct amount of \(\$ 135,000\). Indicate the
During the taking of its physical inventory on December 31, 2008, Poindexter Company incorrectly counted its inventory as \(\$ 769,000\) instead of the correct amount of \(\$ 740,000\). Indicate the
A business using the retail method of inventory costing determines that merchandise inventory at retail is \(\$ 675,000\). If the ratio of cost to retail price is \(80 \%\), what is the amount of
A business using the retail method of inventory costing determines that merchandise inventory at retail is \(\$ 280,000\). If the ratio of cost to retail price is \(65 \%\), what is the amount of
Based upon the following data, estimate the cost of ending merchandise inventory:objs. 4, 5 Sales (net) Estimated gross profit rate Beginning merchandise inventory Purchases (net) Merchandise
Based upon the following data, estimate the cost of ending merchandise inventory:objs. 4, 5 Sales (net) Estimated gross profit rate Beginning merchandise inventory Purchases (net) Merchandise
Beginning inventory, purchases, and sales data for portable MP3 players are as follows:The business maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the
Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory
Beginning inventory, purchases, and sales data for cell phones for July are as follows:Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of
Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory
The following units of a particular item were available for sale during the year:The firm uses the perpetual inventory system, and there are 70 units of the item on hand at the end of the year. What
The units of an item available for sale during the year were as follows:There are 140 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.1. In each space below, place the correct sign [less than \(()\), or equal \((=)\) ] for each
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 7.objs. 4, 5 Commodity Inventory Quantity
During 2008, the accountant discovered that the physical inventory at the end of 2007 had been understated by \(\$ 8,175\). Instead of correcting the error, however, the accountant assumed that an
A business using the retail method of inventory costing determines that merchandise inventory at retail is \(\$ 1,260,000\). If the ratio of cost to retail price is \(74 \%\), what is the amount of
On the basis of the following data, estimate the cost of the merchandise inventory at September 30 by the retail method:objs. 4, 5 September 1 Cost Merchandise inventory $ 220,000 Purchases (net)
The merchandise inventory was destroyed by fire on August 19. The following data were obtained from the accounting records:a. Estimate the cost of the merchandise destroyed.b. Briefly describe the
Kroger, Albertson's, Inc., and Safeway Inc. are the three largest grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent balance
The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are as follows:{Instructions}1. Record the inventory, purchases, and cost of
The beginning inventory at Continental Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.{Instructions}1. Record the inventory, purchases, and cost of
Del Mar Appliances uses the periodic inventory system. Details regarding the inventory of appliances at August 1, 2007, purchases invoices during the year, and the inventory count PR 6-3A Periodic
The beginning inventory and data on purchases and sales for a three-month period are shown in Problem 6-1B.{Instructions}1. Record the inventory, purchases, and cost of merchandise sold data in a
Concord Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2008, purchases invoices during the year, and the inventory count at December 31,
Data on the physical inventory of Satchell Co. as of December 31, 2008, are presented in the working papers. The quantity of each commodity on hand has been determined and recorded on the inventory
The following is an excerpt from a conversation between Jack O'Brien, the warehouse manager for Murrieta Wholesale Co., and its accountant, Carole Timmons. Murrieta Wholesale operates a large
The Neiman Marcus Group, inc., is a high-end specialty retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the Internet. Recent balance
(a) Why did Congress pass the Sarbanes-Oxley Act of 2002? (b) What was the purpose of the Sarbanes-Oxley Act of 2002?obj. 2
Define internal control.obj. 2
(a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?obj. 2
How does a policy of rotating clerical employees from job to job aid in strengthening the control procedures within the control environment? Explain.obj. 2
Why should the responsibility for a sequence of related operations be divided among different persons? Explain.obj. 2
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain.obj. 2
In an attempt to improve operating efficiency, one employee was made responsible for all purchasing, receiving, and storing of supplies. Is this organizational change wise from an internal control
The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business's system of internal control is
Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain.obj. 2
Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of supporting documents for
The accounting clerk pays all obligations by prenumbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation?obj. 2
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference?obj. 2
What is the purpose of preparing a bank reconciliation?obj. 2
Do items reported as credits on the bank statement represent (a) additions made by the bank to the company's balance or (b) deductions made by the bank from the company's balance? Explain.obj. 2
Spectacle Inc. has a petty cash fund of \(\$ 2,000\). (a) Since the petty cash fund is only \(\$ 2,000\), should Spectacle Inc. implement controls over petty cash? (b) What controls, if any, could be
(a) How are cash equivalents reported in the financial statements? (b) What are some examples of cash equivalents?obj. 2
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Salaries Payablec. Dividendse. Unearned Rentb. Landd. Accumulated Depreciationf.
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Capital Stockc. Prepaid Insurancee. Interest Payableb. Buildingd. Cashf. Miscellaneous
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.a. Cash received for services not yet renderedc. Insurance paidb. Salaries owed
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.a. Rent expense owed but not yet paidc. Supplies on handb. Fees earned but not
The supplies account had a beginning balance of \(\$ 1,245\) and was debited for \(\$ 2,860\) for supplies purchased during the year. Journalize the adjusting entry required at the end of the year
The balance in the unearned fees account, before adjustment at the end of the year, is \(\$ 23,676\). Journalize the adjusting entry required assuming the amount of unearned fees at the end of the
On August 1, 2007, Myopic Co. received \(\$ 6,900\) for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December \(31,2007\).obj. 3
At the end of the current year, \(\$ 7,234\) of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.obj. 3
At the end of the current year, \(\$ 1,772\) of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.obj. 3
Yarbrough Realty Co. pays weekly salaries of \(\$ 11,875\) on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming
Hobbs Realty Co. pays weekly salaries of \(\$ 24,840\) on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period
The estimated amount of depreciation on equipment for the current year is \(\$ 6,450\). Journalize the adjusting entry to record the depreciation.obj. 3
The estimated amount of depreciation on equipment for the current year is \(\$ 1,820\). Journalize the adjusting entry to record the depreciation.obj. 3
For the year ending February 28, 2007, Miracle Medical Co. mistakenly omitted adjusting entries for (1) depreciation of \(\$ 2,276\), (2) fees earned that were not billed of \(\$ 9,638\), and (3)
For the year ending June 30, 2008, Ambulatory Medical Services Co. mistakenly omitted adjusting entries for (1) \(\$ 1,034\) of supplies that were used, (2) unearned revenue of \(\$ 6,481\) that was
Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expense.1. Fees earned but not yet received.2. Taxes owed but payable in the following
The following accounts were taken from the unadjusted trial balance of Hartford Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If
The balance in the supplies account, before adjustment at the end of the year, is \(\$ 2,975\). Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is
The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the following \(\mathrm{T}\) accounts:obj.
At December 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,
The balance in the unearned fees account, before adjustment at the end of the year, is \(\$ 49,500\). Journalize the adjusting entry required if the amount of unearned fees at the end of the year is
At the end of August, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items
The adjusting entry for accrued fees was omitted at December 31, the end of the current year. Indicate which items will be in error, because of the omission, on (a) the income statement for the
Ash Realty Co. pays weekly salaries of \(\$ 20,625\) on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that
The wages payable and wages expense accounts at March 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following \(\mathrm{T}\) accounts:obj.
The estimated amount of depreciation on equipment for the current year is \(\$ 3,275\). Journalize the adjusting entry to record the depreciation.obj. 3
If the net income for the current year had been \(\$ 262,800\) in Exercise 3-23, what would have been the correct net income if the proper adjusting entries had been made?obj. 3Exercise 3-23The
On December 31, a business estimates depreciation on equipment used during the first year of operations to be \(\$ 18,100\).a. Journalize the adjusting entry required as of December 31.b. If the
At the end of June, the first month of operations, the following selected data were taken from the financial statements of Teryse Weire, Attorney at Law, P.C.:In preparing the financial statements,
Lincoln Service Co., which specializes in appliance repair services, is owned and operated by Molly Jordan. Lincoln Service Co.'s accounting clerk prepared the unadjusted trial balance at December
At the end of October, the first month of operations, the following selected data were taken from the financial statements of Lauren Powell, Attorney at Law, P.C.:In preparing the financial
Which of the following accounts in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet) would be extended to the Balance Sheet columns?A. Utilities Expense C. Dividends B.
Which of the following entries closes the dividends account at the end of the period?A. Debit the dividends account, credit the income summary account.B. Debit the retained earnings account, credit
Which of the following accounts would not be closed to the income summary account at the end of a period?A. Fees Earned B. Wages Expense C. Rent Expense D. Accumulated Depreciation
Which of the following accounts would not be included in a post-closing trial balance?A. Cash B. Fees Earned C. Accumulated Depreciation D. Capital Stock
Why do some accountants prepare an end-of-period spreadsheet (work sheet)?obj. 1
Is the end-of-period spreadsheet (work sheet) a substitute for the financial statements? Discuss.obj. 1
Describe the nature of the assets that compose the following sections of a balance sheet:(a) current assets, (b) property, plant, and equipment.obj. 1
What is the difference between a current liability and a long-term liability?obj. 1
What types of accounts are referred to as temporary accounts?obj. 1
Why are closing entries required at the end of an accounting period?obj. 1
What is the difference between adjusting entries and closing entries?obj. 1
Describe the four entries that close the temporary accounts.obj. 1
What is the purpose of the post-closing trial balance?obj. 1
(a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.obj. 1
What is the natural business year?obj. 1
Why might a department store select a fiscal year ending January 31, rather than a fiscal year ending December 31?obj. 1
The fiscal years for several well-known companies are as follows:obj. 1 Company Fiscal Year Ending Company Fiscal Year Ending Kmart January 30 Toys "R" Us, Inc. February 3 JCPenney January 26
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to (a) an
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to (a) an
Jody Padget owns and operates Padget Advertising Services. On January 1, 2007, retained earnings had a balance of \(\$ 550,600\). During the year, Jody invested an additional \(\$ 50,000\) in
Ali Khalid owns and operates AAA Delivery Services. On January 1, 2007, retained earnings had a balance of \(\$ 854,450\). During the year, no additional capital stock was issued and dividends of
The following accounts appear in an adjusted trial balance of Ramrod Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c)
The following accounts appear in an adjusted trial balance of Fastback Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c)
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Velocity Delivery Services Co.:Journalize the four entries
After the accounts have been adjusted at April 30 , the end of the fiscal year, the following balances were taken from the ledger of Magnolia Landscaping Co.:Journalize the four entries required to
Balances for each of the following accounts appear in an adjusted trial balance. Identify each as (a) asset, (b) liability, (c) revenue, or (d) expense.1. Accounts Receivable 7. Rent Revenue 2. Fees

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