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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Below are the financial accounts of Dodge Realty, Inc. The company has just completed its 10th year of operations ended December 31, 20x8.Required 1. Prepare the income statement, statement of
The following are the accounts of Creative Advertising, Inc., an agency that develops marketing materials for print, radio, and television. The agency’s first year of operations ended on January
Costco Wholesale Corporation is America’s largest membership retail company. According to its letter to stockholders:Our mission is to bring quality goods and services to our members at the lowest
Southwest Airlines Co. is one of the most successful airlines in the United States. Its annual report contains this statement: “We are a company of People, not Planes. That is what distinguishes us
In May 2001, unable to get credit from enough of its lenders, housewares retailer Lechters, Inc., filed for Chapter 11 bankruptcy. It then secured new bank financing in the amount of $86 million.
H&R Block, Inc. is a well-known income tax services firm. Information for 2004 and 2003 from the company’s annual report is presented below.16 (All numbers are in thousands.) Three students who
The summer after finishing her junior year in college, Beth Murphy started a lawn service business in her neighborhood. On June 1, she deposited $2,700 in a new bank account in the name of her
Refer to the CVS annual report in the Supplement to Chapter 1 to answer the questions below. Keep in mind that every company, while following basic principles, adapts financial statements and
Refer to the CVS annual report and the financial statements of Southwest Airlines Co. in the Supplement to Chapter 1 to answer these questions:1. Which company is larger in terms of assets and in
Discuss the ethical choices in the situations below. In each instance, describe the ethical dilemma, determine the alternative courses of action, and tell what you would do.1. You are the payroll
Microsoft and Intel are two very successful high-tech corporations. Access their websites by going to the Needles/Powers Online Study Center at http://college.hmco.com/pic/needlesfa9e for a link to
Public companies report quarterly and annually on their success or failure in making a net income. The following item appeared in The Wall Street Journal: “Coca-Cola Co.’s fourth-quarter net
Which of the following events would be recognized and entered in the accounting records of Tanaka Corporation? Why?Jan. 10 Tanaka Corporation places an order for office supplies.Feb. 15 Tanaka
Tell whether each of the following accounts is an asset, a liability, a revenue, an expense, or none of these:a. Accounts Payableb. Suppliesc. Dividendsd. Fees Earnede. Supplies Expensef. Accounts
Tell whether the normal balance of each account in SE 3 is a debit or a credit.Transaction Analysis
For each transaction that follows, indicate which account is debited and which account is credited.May 2 Leon Stoker started a computer programming business, Stoker’s Programming Service, Inc., by
Set up T accounts and record each transaction in SE 5.Determine the balance of each account.Preparing a Trial Balance
From the T accounts created in SE 6, prepare a trial balance dated May 31, 20x7.Timing and Cash Flows
Use the T account for Cash below to record the portion of each of the following transactions, if any, that affect cash. How do these transactions affect the company’s liquidity?Jan. 2 Provided
Prepare a general journal form like the one in Exhibit 4 and label it Page 4.Record the following transactions in the journal:Sept. 6 Billed a customer for services performed, $3,800.16 Received
Prepare ledger account forms like the ones in Exhibit 5 for the following accounts: Cash (111), Accounts Receivable (113), and Service Revenue(411). Post the transactions that are recorded in SE 9 to
Calculate cash return on assets for 20x7 using the following data: A company has net cash flows from operating activities of $3,000 in 20x7, beginning total assets of $26,000, and ending total assets
Develop a brief answer to each of the following questions.1. Which is the most important issue in recording a transaction: recognition, valuation, or classification?2. What is an example of how a
Develop a brief answer to each of the following questions.1. Which account would be most likely to have an account balance that is not normal?2. A company incurs a cost for a part that is needed to
Which of the following events would be recognized and recorded in the accounting records of Villa Corporation on the date indicated?Jan. 15 Villa Corporation offers to purchase a tract of land for
Davis Parts Shop, Inc., uses a large amount of supplies in its business. The following table summarizes selected transaction data for supplies that Davis Parts Shop purchased:Determine the total
You are given the following list of accounts with dollar amounts:Insert each account name at the top of its corresponding T account and enter the dollar amount as a normal balance in the account.
The following ledger accounts are for the Tuner Service Corporation:Complete the following table, using X’s to indicate each account’s classification and normal balance (whether a debit or a
Analyze transactions a–g, using the example that follows.a. Sarah Linton established Kitty-Kat Beauty Parlor, Inc., by incorporating and investing $2,400 in exchange for 240 shares of $10 par value
The following accounts are applicable to Dale’s Lawn Service, Inc., a company that maintains condominium grounds:1. Cash 2. Accounts Receivable 3. Supplies 4. Equipment 5. Accounts Payable 6. Lawn
Open the following T accounts: Cash; Repair Supplies; Repair Equipment;Accounts Payable; Common Stock; Dividends; Repair Fees Earned;Salaries Expense; and Rent Expense. Record the following
After recording the transactions in E 9, prepare a trial balance in proper sequence for Ceramics Repair Service, Inc., as of June 30, 20xx.
The list that follows presents the accounts (in alphabetical order) of the Chapala Metal Corporation as of March 31, 20xx. The list does not include the amount of Accounts Payable.Prepare a trial
Which of the following errors would cause a trial balance to have unequal totals? Explain your answers.a. A payment to a creditor was recorded as a debit to Accounts Payable for$129 and as a credit
The trial balance for Kilda Services, Inc., at the end of July appears at the top of the opposite page. It does not balance because of a number of errors. Kilda’s accountant compared the amounts in
Managers and accountants often encounter transactions with which they are unfamiliar. Use your analytical skills to analyze and record in journal form the following transactions, which have not yet
Open a general journal form like the one in Exhibit 4, and label it Page 10.After opening the form, record the following transactions in the journal:Dec. 14 Purchased equipment for $12,000, paying
Julio Company wants to know if its liquidity performance has improved.Calculate cash return on assets for 20x6 and 20x7 using the following data:By this measure has liquidity improved? Why is it
The Anderson Construction Corporation builds foundations for buildings and parking lots. The following alphabetical list shows Anderson Construction’s account balances as of April 30, 20xx:Required
The following accounts are applicable to Walter’s Chimney Sweeps, Inc.:1. Cash 8. Common Stock 2. Accounts Receivable 9. Retained Earnings 3. Supplies 10. Dividends 4. Prepaid Insurance 11. Service
Bob Lutz opened a secretarial school called Best Secretarial Training, Inc.a. Lutz contributed the following assets to the business in exchange for 13,600 shares of $1 par value common stock:Cash
Hiroshi Mori began an upholstery cleaning business on October 1 and engaged in the following transactions during the month:Oct. 1 Began business by depositing $12,000 in a bank account in the name of
The Acorn Nursery School Corporation provides baby-sitting and childcare programs. On January 31, 20xx, the company had the following trial balance:During the month of February, the company completed
The Buy-It Design Corporation creates radio and television advertising for local businesses in the twin cities. The following alphabetical list shows Buy-It Design’s account balances as of January
Nomar Parra bid for and won a concession to rent bicycles in the local park during the summer. During the month of June, Parra completed the following transactions for his bicycle rental
Yury Wagoner Corporation is a marketing firm. The company’s trial balance on July 31, 20xx, appears at the top of the next page. During the month of August, the company completed the following
Is it revenue or a reduction of an expense? That is the question companies that receive manufacturer’s rebates for purchasing a large quantity of product must answer. Food companies like Sara Lee,
Mellon Bank is a large bank holding company. Selected accounts from the company’s 2004 annual report are as follows (in millions):9 Cash and Due from Banks $2,775 Securities Available for Sale
You have been promoted recently and now have access to the firm’s monthly financial statements. Business is good. Revenues are increasing rapidly, and income is at an all-time high. The balance
Demetrius Carver hired an attorney to help him start Carver Repair Service Corporation. On March 1, Carver deposited $14,375 cash in a bank account in the name of the corporation in exchange for 575
Refer to the Summary of Significant Accounting Policies in the notes to the financial statements in CVS Corporation’s annual report in the Supplement to Chapter 1 to answer these questions:1. How
Refer to the financial statements of CVS and Southwest Airlines Co. in the Supplement to Chapter 1. Compute cash return on assets for the past two years for both companies and comment on the results.
Jerry Hasbrow, a sales representative for Penn Office Supplies Corporation, is compensated on a commission basis and received a substantial bonus for meeting his annual sales goal. The company’s
WorldCom changed its name to MCI. Go to www.CFO.com and enter the words “extreme makeover” into the search box. From a review of the article, identify the major steps the new CFO carried out to
The dot.com business has raised many issues about accounting practices, some of which are of great concern to both the SEC and the FASB. Important ones relate to the valuation and classification of
Match the concepts of accrual accounting on the right with the assumptions or actions on the left: 1. Assumes expenses should be assigned to the accounting period in which they are used to produce
The Prepaid Insurance account began the year with a balance of $460.During the year, insurance in the amount of $1,040 was purchased. At the end of the year (December 31), the amount of insurance
The Supplies account began the year with a balance of $380. During the year, supplies in the amount of $980 were purchased. At the end of the year (December 31), the inventory of supplies on hand was
The depreciation expense on office equipment for the month of March is$100. This is the third month that the office equipment, which cost $1,900, has been owned. Prepare the adjusting entry in
Wages are paid each Saturday for a six-day workweek. Wages are currently running $1,380 per week. Prepare the adjusting entry required on June 30, assuming July 1 falls on a Tuesday.Adjustment for
During the month of August, deposits in the amount of $1,100 were received for services to be performed. By the end of the month, services in the amount of $760 had been performed. Prepare the
The adjusted trial balance for Shimura Company on December 31, 20x6, contains the following accounts and balances: Retained Earnings, $4,300;Dividends, $175; Service Revenue, $1,300; Rent Expense,
Using the data in SE 7, prepare required closing entries for Shimura Company.Determination of Cash Flows
Unearned Revenue had a balance of $650 at the end of November and$450 at the end of December. Service Revenue was $2,550 for the month of December. How much cash was received for services provided
Calculate profit margin for 20x7 using the following data: A company has net income of $7,000 and net sales of $82,000 in 20x7.
List the users of accounting information. Describe the kinds of information needed by each user group. Explain why one set of accounting information is unlikely to satisfy the needs of all users.
The two main branches of accounting are management accounting and financial accounting.(a) Explain the purpose of each of these branches of accounting.(b) Contrast the distinguishing features of the
List the desirable qualities that should be possessed by accounting information. Is there any reason why accounting information might not possess all of these qualities?
Imagine that you are trying to decide whether or not to invest in the shares of a large company. To help you make this decision you have obtained the company's published financial statements for the
Consider the list of qualitative characteristics which accounting information ought to possess. If you had to choose the single most important characteristic, which one would it be? Give reasons for
What services might a firm of practising accountants provide to:(a) a small business?(b) a large company?
(a) Explain the role of accounting standards. Where do they come from?(b) Explain the role of accounting conventions. Where do they come from?
Make a list of the principal accounting conventions. Briefly explain the effect that each convention has on the preparation of financial statements.
Consider each of the situations listed below. Identify the accounting convention(s) which would be used to determine the appropriate accounting treatment of each situation.(a) A business is preparing
Over the last thirty years a business has acquired a number of buildings. The latest balance sheet for the business (drawn up in accordance with the usual accounting conventions) shows one of the
The financial statements of a business show a profit of £10,000 for the year.The owner of the business is perplexed by this, since his business bank balance has increased by only £2,000 during the
Ian owns his own computer retailing business. For each of the following items, state whether or not the item should be included in Ian's balance sheet at 31 December 1999 and, if so, under which
A business has the following assets and liabilities on 30 September 2000:How much is the owner's capital on 30 September 2000? Trade debtors -CA Trade creditors -CL Bank overdraft -L Cash in hand-CA
On 1 May 1998, a business had assets totalling £23,560 and liabilities totalling £11,650. On 30 April 1999, assets were £25,880 and liabilities were£9,890. During the year to 30 April 1999, the
Jill started a business on 1 January. Her first few business transactions were as follows:Required:Draw up Jill's balance sheet as it would appear after all of these transactions have occurred. 1
Explain the relationship (if any) between profit and drawings.
(a) Why must the assets of a business be equal at all times to the claims on those assets? Doesn't this mean that the business can never improve its financial position?(b) What important information
Kevin started a business on 3 April. His first transactions were as follows:Required:Draw up Kevin's balance sheet as at 30 April. 3 April Kevin paid 40,000 into a business bank account. He also
A business had opening stock on 1 July 1998 which had cost £2,950. During the year to 30 June 1999, the business bought goods costing £23,870 (of which goods costing £560 were returned to
Sylvia owns her own business, preparing accounts to 31 December each year.In the year to 31 December 1999 she sold goods to one of her regular customers for £2,800. She would normally have sold
A business which prepares accounts to 31 December each year paid insurance premiums as follows:Required:Calculate the amount which should be shown for insurance in the profit and loss account for the
Terry began trading on 1 June 1997. His transactions during the year to 31 May 1998 included the following:(a) He borrowed £5,000 from his bank, on the understanding that no repayments would be made
Vivienne's assets and liabilities on 1 January 1999 were as follows:Land and buildings £50,000; Equipment £10,000; Long-term bank loan£20,000; Trade debtors £4,600; Trade creditors £6,320; Bank
State which ledger account should be debited and which should be credited for each of the following transactions: (a) Purchase of land and buildings, paid for by cheque. (b) Rent paid in cash. (c)
Damon started a business on 1 November. His first month's transactions were as follows:Required:Record these transactions in Damon's ledger and extract a trial balance as at 30 November. 1 November
Following on from the previous example, the cost of Damon's closing stock at 30 November was £7,980. There were no accruals or prepayments and depreciation of the equipment may be
Emma prepares accounts to 31 March annually. Her trial balance at 31 March 2000 is as follows:Further information: 1.The cost of Emma's closing stock on 31 March 2000 is £3,480. 2.Accrued expenses
An inexperienced book-keeper has drawn up a trial balance as at 30 June 2000 (see below) and cannot understand why the trial balance totals do not agree.Required:Prepare a corrected trial balance.
The following information relates to a business which prepares accounts to 30 September each year:Required:Write up ledger accounts from this information and calculate the amount which should be
George's balance sheet at 31 May 1998 anda summary of his transactions for the year to 31 May 1999 are shown below:Notes:1.Prepayments consist of Business rates £750 and Insurance
Explain the relationship between expenditure, assets and expenses.
"Providing for depreciation ensures that funds will be available to replace fixed assets when this becomes necessary". Do you agree with this statement?
A fixed asset costing £138,600 is acquired on 1 October 1995. The asset has an estimated useful life of four years and an estimated residual value of£50,000.(a) Calculate the amount of depreciation
Katherine prepares accounts to 31 May each year. On 1 June 1998 her ledger included the following balances:On 1 September 1998, Katherine bought a new motor vehicle for £9,400, paying by cheque. On
A Premiership football club pays a £4 million transfer fee to acquire the services of a new player, who signs a five-year contract with the club. With reference to appropriate accounting

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