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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Meera Ltd. issued 4,000, 8%, 5-year, £1,000 bonds dated January 1, 2025, at 100.Interest is paid each January 1.a. Prepare the journal entry to record the sale of these bonds on January 1, 2025.b.
Nasreen Company issues €2 million, 10-year, 8% bonds at 97, with interest payable each January 1.a. Prepare the journal entry to record the sale of these bonds on January 1, 2025.b. Assuming
Frankum SpA has issued three different bonds during 2025. Interest is payable annually on each of these bonds.1. On January 1, 2025, 1,000, 8%, 5-year, €1,000 bonds dated January 1, 2025, were
The statement of financial position for Miley Consulting reports the following information on July 1, 2025.Miley decides to redeem these bonds at 101 (face value of bonds £1,000,000) after paying
Hanschu plc issues an £800,000, 10%, 10-year mortgage note on December 31, 2025, to obtain financing for a new building. The terms provide for annual installment payments of £130,196.Prepare the
Presented below are non-current liability items for Suarez AG at December 31, 2025.Prepare the non-current liabilities section of the statement of financial position for Suarez. Bonds payable, due
Zhu Ltd. issues HK$5 million, 10-year, 9% bonds at 96, with interest payable annually on January 1. The straight-line method is used to amortize bond discount.a. Prepare the journal entry to record
Golden plc issues £4 million, 5-year, 10% bonds at 102, with interest payable annually January 1. The straight-line method is used to amortize bond premium.a. Prepare the journal entry to record the
On January 1, 2025, Klosterman Ltd. issued £500,000, 10%, 10-year bonds at face value.Interest is payable annually on January 1.Instructions Prepare journal entries to record the following.a. The
On January 1, 2025, Forrester SA issued R$400,000, 8%, 5-year bonds at face value.Interest is payable annually on January 1.Instructions Prepare journal entries to record the following.a. The
Pueblo Company issued €500,000 of 5-year, 8% bonds at 97 on January 1, 2025. The bonds pay interest annually.Instructionsa. 1. Prepare the journal entry to record the issuance of the bonds.2.
The following section is taken from Ohlman Ltd.’s. statement of financial position at December 31, 2024.Bond interest is payable annually on January 1. The bonds are callable on any interest
Presented below are two independent situations.1. Longbine plc redeemed £130,000 face value, 12% bonds on June 30, 2025, at 102. The carrying value of the bonds at the redemption date was £117,500.
Jernigan Co. receives €240,000 when it issues a €240,000, 6%, mortgage note payable to finance the construction of a building at December 31, 2025. The terms provide for annual installment
The adjusted trial balance for Zhang Ltd. at the end of 2025 contained the following accounts.Instructions Prepare the non-current liabilities section of the statement of financial position. Interest
Suppose Lin Ltd.’s 2025 financial statements contain the following selected data (in millions).Instructions Compute the following ratios and provide a brief interpretation of each.a. Debt to assets
Presented below are two independent situations.1. Flinthills Car Rental leased a car to Jayhawk Company for 11 months. Terms of the lease agreement call for monthly payments of $500.2. On January 1,
Lorance SpA issued €400,000, 7%, 20-year bonds on January 1, 2025, for €360,727.This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1.
LRNA Ltd. issued £380,000, 7%, 10-year bonds on January 1, 2025, for £407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. LRNA
Adcock A/S issued €600,000, 9%, 20-year bonds on January 1, 2025, at 103. Interest is payable annually on January 1. Adcock uses straight-line amortization for bond premium or discount.Instructions
Gridley Ltd. issued £800,000, 11%, 10-year bonds on December 31, 2024, for £730,000. Interest is payable annually on December 31. Gridley uses the straight-line method to amortize bond premium or
Which of the following is false?a. Under GAAP, current liabilities are presented before non-current liabilities.b. Under GAAP, an item is a current liability if it will be paid within the next 12
A company is involved in a lawsuit where it is probable that it will have to pay a fine. The company does not dispute the facts, only the amount it should be required to pay. At year-end, the
An analysis of transactions for Kang & Co. was presented in E1.8.Instructions Prepare an income statement and a retained earnings statement for August and a statement of financial position at August
Matt Stiner started a delivery service, Stiner Deliveries Ltd., on June 1, 2025. The following transactions occurred during the month of June.June 1 Shareholders invested £10,000 cash in the
On December 31, Kohl Company correctly made an adjusting entry to recognize \($2,000\) of accrued salaries payable. On January 8 of the next year, total salaries of \($3,800\) were paid. Assuming the
Patel Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1. A payment
If beginning inventory is HK\($600,000,\) cost of goods purchased is HK\($3,800,000,\) and ending inventory is HK\($500,000,\) cost of goods sold is:a. HK\($3,900,000\).b. HK\($3,700,000\).c.
In its income statement for the year ended December 31, 2025, Mancini Films reported the following condensed data.Instructionsa. Prepare an income statement.b. Prepare a comprehensive income
Rickety Company purchased 1,000 widgets and has 200 widgets in its ending inventory at a cost of HK\($91\) each and a net realizable value of HK\($80\) each. The ending inventory under LCNRV is:a.
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.Instructions Refer to the financial statements and answer the following
Writing Financial statement information about four different companies is as follows.Instructionsa. Determine the missing amounts. (Hint: For example, to solve for (a), Assets − Liabilities =
The financial statements of TSMC are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company’s website.Instructions Refer
Identify the activities and users associated with accounting.
At the beginning of the year, Ortiz Eyewear had total assets of £900,000 and total liabilities of £440,000. Answer the following questions.a. If total assets decreased £100,000 during the year and
Ai Fang Co. opened as a new computer services business on August 1, 2025. During August, the following transactions occurred.1. Shareholders invested ¥20,000 cash in the business in exchange for
Explain the building blocks of accounting: ethics, principles, and assumptions.
On May 1, 2025, Park Flying School Ltd., a company that provides flying lessons, was started with an investment of ₩45,000 cash in the business. Following are the assets and liabilities of the
The historical cost basis results in:a. initially recording assets at cost and adjusting when the current value changes.b. keeping activities of an entity separate and distinct from its owner.c.
Follow the same format as in Practice Brief Exercise 2. Determine the effect on assets, liabilities, and equity for the following three transactions.a. Performed accounting services for clients for
Anya and Nick Ramon, local golf stars, opened the Chip-Shot Driving Range Ltd. on March 1, 2025, investing £25,000 of their cash savings in the business in exchange for ordinary shares. A caddy
Which of the following statements is false?a. GAAP is based on a conceptual framework that is similar to that used to develop IFRS.b. FASB and the IASB are working on a joint project related to the
Analyze the effects of business transactions on the accounting equation.
Diehl Cleaners has the following statement of financial position items.Instructions Classify each item as an asset, liability, or equity.Analyze the effect of transactions. Accounts payable Cash
Erin Danielle, the bookkeeper for Liverpool Ltd., has been trying to determine the correct statement of financial position for the company. The company’s statement of financial position is shown
Which of the following is true?a. Financial frauds have not occurred in U.S. companies because GAAP has detailed accounting and disclosure requirements.b. Transaction analysis is basically the same
Describe the five financial statements and how they are prepared.
Presented below in alphabetical order are statement of financial position items for Feagler Gardening at December 31, 2025. Prepare a statement of financial position following the format of
Presented below is selected information related to Tsui Repairs at December 31, 2025.Tsui reports financial information monthly (amounts in thousands).a. Determine the total assets of Tsui Repairs at
Explain the career opportunities in accounting.
Collins Computer Timeshare entered into the following transactions during May 2025.1. Purchased computers for R\($20,000\) from Digital Equipment on account.2. Paid R\($4,000\) cash for May rent on
Remmers Travel Agency purchased land for £85,000 cash on December 10, 2025. At December 31, 2025, the land’s value has increased to £93,000. What amount should be reported for land on Remmers’
As of December 31, 2025, Stoneland AG has assets of €3,500 and equity of €2,000. What are the liabilities for Stoneland AG as of December 31, 2025?a. €1,500.b. €1,000.c. €2,500.d. €2,000.
Performing services on account will have the following effects on the components of the basic accounting equation:a. increase assets and decrease equity.b. increase assets and increase equity.c.
Kinney A.Ş. had the following assets and liabilities on the dates indicated.Kinney began business on January 1, 2024, with an investment of ₺100,000.Instructions From an analysis of the change in
Two items are omitted from each of the following summaries of statement of financial position and income statement data for two proprietorships for the year 2025, Greene’s Goods and Solar
Listed below are some items found in the financial statements of Min-Seo Promotions. Indicate in which financial statement(s) the following items would appear.a. Service revenue.b. Equipment.c.
Presented below is information for Bach Chocolatiers for the month of March 2025.Instructionsa. Prepare an income statement.b. Prepare a comprehensive income statement.c. Compute the gross profit
In 2025, Endeaver Cameras had net sales of £860,000 and cost of goods sold of £533,200. Operating expenses were £221,000, and interest expense was £7,000.Instructionsa. Compute Endeaver’s gross
The trial balance columns of the worksheet for Barbosa Apparel at June 30, 2025, are as follows.Other data:Operating expenses incurred on account, but not yet recorded, total R$1,640.Instructions
During 2025, Xia Lin Company’s assets decreased ¥500,000 and its liabilities decreased¥900,000. Its equity therefore:a. increased ¥400,000.b. decreased ¥1,400,000.c. decreased ¥400,000.d.
The following information relates to Karen Weigel Co. for the year 2025.Instructions After analyzing the data, prepare(a) an income statement and(b) a comprehensive income statement for the year
Lynn Dreise is the bookkeeper for Sanculi SpA. Lynn has been trying to get the statement of financial position of Sanculi to balance correctly. Sanculi’s statement of financial position is shown as
Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2025.Instructionsa. Determine Bear Park’s net income for 2025.b. Prepare a
On the last day of the period, Jim Otto Company buys a $900 machine on credit. This transaction will affect the:a. income statement only.b. statement of financial position only.c. income statement
Presented below is financial information related to the 2025 operations of Delgado Cruises SA.Instructions Prepare the 2025 income statement and comprehensive income statement for Delgado Cruises
Which of the following items are liabilities of Designer Jewelry Stores?a. Cash.b. Accounts payable.c. Dividends.d. Accounts receivable.e. Supplies.f. Equipment.g. Salaries and wages payable.h.
Presented below is information related to Ling an Co.Instructions Prepare the 2025 retained earnings statement for Ling an Co.Prepare a cash flow statement. Retained earnings, January 1, 2025 Share
The financial statement that reports assets, liabilities, and equity is the:a. income statement.b. retained earnings statement.c. statement of financial position.d. statement of cash flows.
This information is for Java Growers for the year ended December 31, 2025 (amounts in thousands).Instructions Prepare the 2025 statement of cash flows for Java Growers.Identify cash flow activities.
The statement of cash flows classifies each transaction as an operating activity, an investing activity, or a financing activity. Operating activities are the types of activities the company performs
In February 2025, Xia Sun invested an additional £10,000 in Midtown plc. Midtown’s accountant, Jon Shin, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate?
“A company’s net income appears directly on the income statement and the retained earnings statement, and it is included indirectly in the company’s statement of financial position.” Do you
The basic accounting equation is Assets = Liabilities + Equity. Replacing the words in that equation with numeric amounts, what is TSMC’s accounting equation at December 31, 2020?
Describe how accounts, debits, and credits are used to record business transactions.
Feng Disc Golf Course was opened on March 1. The following selected events and transactions occurred during March (amounts in thousands). Mar. 1 3 Lee Feng invested 20,000 cash in the business in
Transactions for Thorn Consulting for the month of June are presented below. Identify the accounts to be debited and credited for each transaction. June 1 2 Oleg Thorn invests 5,000 cash in a small
Indicate how a journal is used in the recording process.
Emily Stansbury is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.Emily uses the following chart of accounts: No. 101
Using the data in BE2.2, journalize the transactions. Identify and explain steps in recording process.BE2.2Transactions for Thorn Consulting for the month of June are presented below. Identify the
Explain how a ledger and posting help in the recording process.
Kochi Services was formed on May 1, 2025. The following transactions took place during the first month (amounts in thousands).Transactions on May 1:1. Rahul Shah invested ₹40,000 cash in the
The following accounts are taken from the ledger of Chillin’ Company at December 31, 2025. 200 Notes Payable R$20,000 101 Cash R$ 6,000 311 Share Capital-Ordinary 28,000 126 Supplies 7,000 157
Shea Jonas, a fellow student, is unclear about the basic steps in the recording process.Identify and briefly explain the steps in the order in which they occur.Indicate basic and debit-credit
The expanded accounting equation is:a. Assets + Liabilities = Share Capital + Retained Earnings + Dividends + Revenues + Expenses.b. Assets = Liabilities + Share Capital + Retained Earnings +
State the rules of debit and credit as applied to(a) asset accounts,(b) liability accounts, and(c) the equity accounts (revenue, expenses, dividends, and share capital—ordinary).
Gonzales SA, a financial advising company, has the following transactions during August of the current year, its first month of operations. Indicate(a) the effect on the accounting equation and(b)
Lennon Industries had the following transactions.1. Borrowed €5,000 from the bank by signing a note.2. Paid €3,900 cash for a computer.3. Purchased €650 of supplies on account.Instructionsa.
Ong Enterprises had the following selected transactions.1. Shareholders invested NT\($40,000\) cash in the business in exchange for ordinary shares.2. Paid office rent of NT\($8,400.3. Performed
Selected transactions from the journal of Wong Consultants are presented below (amounts in ¥thousands).Instructionsa. Post the transactions to T-accounts.b. Prepare a trial balance at August 31,
The order of the accounts in the ledger is:a. assets, revenues, expenses, liabilities, share capital—ordinary, dividends.b. assets, liabilities, share capital—ordinary, dividends, revenues,
The T-accounts below summarize the ledger of Negrete Landscaping at the end of the first month of operations (amounts in €).Instructionsa. Prepare the complete general journal (including
Presented below is the ledger for Shumway Co. (amounts in thousands of ¥).Instructionsa. Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide
The trial balance of Jeong Company had accounts with the following normal balances: Cash \($5,000,\) Service Revenue \($85,000,\) Salaries and Wages Payable \($4,000,\) Salaries and Wages Expense
Beyers Security provides security services. Selected transactions for Beyers are presented below.Instructionsa. Journalize the transactions. Do not provide explanations.b. Post the transactions to
On July 1, 2025, Major Ltd. pays £15,120 to Orlow Insurance for a 3-year insurance contract.Both companies have fiscal years ending December 31. For Major Ltd., journalize and post the entry on July
The bookkeeper for Abduli Marble asks you to prepare the following accrual adjusting entries at December 31.1. Interest on notes payable of €400 is accrued.2. Services performed but not recorded
Partial adjusted trial balance data for Kwun Photos is presented in BE3.11. Prepare a retained earnings statement for the year assuming net income is ₩14,200 for the year and Retained Earnings is
The trial balance of Beowulf Travel includes the following statement of financial position accounts, which may require adjustment. For each account that requires adjustment, indicate(a) the type of
On December 31, 2025, Waters Electricians prepared an income statement and statement of financial position, but failed to take into account three adjusting entries. The statement of financial

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