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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Dan Fineman, the president of King Company, is pleased. King substantially increased its net income in 2025 while keeping its unit inventory relatively the same. However, Howard Gross, chief
In a worksheet, net income is entered in the following columns:a. income statement (Dr) and statement of financial position (Dr).b. income statement (Cr) and statement of financial position (Dr).c.
In the unadjusted trial balance of its worksheet for the year ended December 31, 2025, Kim Company reported Equipment of NT$120,000.The year-end adjusting entries require an adjustment of NT$15,000
The ledger of Desai Catering contains the following balances: Retained Earnings ₹30,000, Dividends ₹2,000, Service Revenue ₹58,000, Salaries and Wages Expense ₹39,000, and Supplies Expense
Je Ju Consultants had the following adjusted trial balance (amounts in thousands).Instructionsa. Prepare closing entries at June 30, 2025.b. Prepare a post-closing trial balance. Je Ju Consultants
Huang Automotive ended its fiscal year on July 31, 2025. The company’s adjusted trial balance as of the end of its fiscal year is as follows.Instructionsa. Prepare the closing entries using page
The adjusted trial balance for Tsai Bowling Alley at December 31, 2025, contains the following accounts (amounts in thousands).Instructionsa. Prepare a classified statement of financial position;
When Lopez Company purchased supplies worth \($600,\) it incorrectly recorded a credit to Supplies for \($6,000\) and a debit to Cash for\($6,000.\) Before correcting this error:a. Cash is overstated
The following are the major statement of financial position classifications.Instructions Classify each of the following accounts taken from Faust Company’s statement of financial position.
In a classified statement of financial position, assets and liabilities are usually shown in the following order:a. current assets, current liabilities, non-current liabilities, and non-current
Current assets are listed:a. in the reverse order of expected conversion to cash.b. by importance.c. by longevity.d. by size.
On December 31, the adjusted trial balance of Shihata Employment Agency shows the following selected data.Analysis shows that adjusting entries were made to (1) accrue NT$5,000 of service revenue and
Using TSMC’s annual report, determine its current liabilities at December 31, 2019, and December 31, 2020. Were current liabilities higher or lower than current assets in these two years?
The sales accounts that normally have a debit balance are:a. Sales Discounts.b. Sales Returns and Allowances.c. Both Sales Discounts, and Sales Returns and Allowances.d. None of the answer choices is
Which of the following statements is false?a. GAAP specifically requires use of a multiple-step income statement.b. Under GAAP, companies can use either a perpetual or periodic system.c. IFRS does
Which of the following statements is true?a. IFRS does not permit the reporting of expenses classified by nature.b. Under both GAAP and IFRS, a company can choose to use either a perpetual or a
The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the end of its fiscal year October 31, 2025: Sales Revenue €820,000, Freight-Out €16,000, Sales
Yangtze Canoes provides the following information for the month ended October 31, 2025 (amounts in Chinese yuan): sales on credit ¥280,000, cash sales ¥100,000, sales discounts ¥5,000, sales
Presented below is information related to Poulsen Industries for the month of January 2025.Instructionsa. Prepare the necessary adjusting entry for inventory.b. Prepare the necessary closing entries.
On January 1, 2025, Scott Enterprises has an inventory of £50,000. At December 31, 2025, Scott had the following account balances.At December 31, 2025, Scott determines that its ending inventory is
The trial balance of Biju Medical Supplies at the end of its fiscal year, August 31, 2025, includes these accounts (amounts in thousands): Inventory Rp17,200; Purchases Rp149,000; Sales Revenue
Presented below are selected accounts for Midler Stores as reported in the worksheet at the end of May 2025. Ending inventory is $75,000.Instructions Complete the worksheet by extending amounts
AP At December 31, 2025, Highland Stores estimates that goods with a selling price of \($4,700\) and a cost of \($1,870\) that were sold on account during the current period will be returned during
Kale Wilson, an auditor with Sneed Chartered Accountants, is performing a review of Platinum Stereos’ inventory account. Platinum did not have a good year, and top management is under pressure to
As a result of a thorough physical inventory, Railway Ltd. determined that it had inventory worth €180,000 at December 31, 2025. This count did not take into consideration the following facts.
Blackburn Appliance Center accumulates the following cost and net realizable value data at December 31.Compute the lower of cost or net realizable value valuation for the company’s total inventory.
Zammit Watches reports net income of €90,000 in 2025. However, ending inventory was understated €5,000. What is the correct net income for 2025? What effect, if any, will this error have on total
Banovic Footwear applied FIFO to its inventory and got the following results for its ending inventory.The net realizable value per unit at year-end was tennis shoes €70, running shoes €71, and
At December 31, 2025, the following information was available for Tai Lin Goods:ending inventory HK\($400,000,\) beginning inventory HK\($580,000,\) cost of goods sold HK\($2,842,000,\) and sales
Bamburgh Hardware reported cost of goods sold as follows.Bamburgh made two errors: (1) 2024 ending inventory was overstated €2,000, and (2) 2025 ending inventory was understated
Lee Athletics overstated its inventory by NT$500,000 at December 31, 2024. It did not correct the error in 2024 or 2025. As a result, Lee’s equity was:a. overstated at December 31, 2024, and
Wu Jewelry reported the following income statement data for a 2-year period.Wu uses a periodic inventory system. The inventories at January 1, 2024, and December 31, 2025, are correct. However, the
This information is available for Sepia Photos for 2023, 2024, and 2025.Instructions Calculate inventory turnover, days in inventory, and gross profit rate for Sepia Photos for 2023, 2024, and 2025.
Data for Tatung Electronics are presented in BE6.3. Compute the cost of the ending inventory under the LIFO method, assuming there are 420 units on hand.BE6.3In its first month of operations, Tatung
The cost of goods sold computations for Gouda Company and Edam Company are shown below.Instructionsa. Compute inventory turnover and days in inventory for each company. (Round inventory turnover to
In a perpetual inventory system:a. specific identification is always used.b. average costs are computed as a simple average of unit costs incurred.c. a new average is computed under the average-cost
Bakkar Kitchens discovers in 2025 that its ending inventory at December 31, 2024, was €7,600 understated. What effect will this error have on(a) 2024 net income,(b) 2025 net income, and (c)the
Punjab Artisans reported the following information for November and December 2025.Punjab’s ending inventory at December 31 was destroyed in a fire.Instructionsa. Compute the gross profit rate for
(a) Using the data in E6.7, compute the cost of the ending inventory and cost of goods sold using LIFO periodic. In addition, answer instructions (b), (c), and (d) from E6.7 as it relates to the
Zapatos Stores uses the retail inventory method for its two departments, Women’s Shoes and Men’s Shoes. The following information for each department is obtained.Instructions Compute the
Park Shoe Shop had goods available for sale in 2025 with a retail price of €120,000. The cost of these goods was €84,000. If sales during the period were €90,000, what is the estimated cost of
Which of the following is the correct accounting under GAAP for cash?a. Cash cannot be combined with cash equivalents.b. Demand deposits are not included as cash.c. Cash equivalents are short-term,
Wyatt Ltd. is unable to reconcile the bank balance at January 31. Wyatt’s reconciliation is as follows.Instructionsa. Prepare a correct bank reconciliation.b. Journalize the entries required by the
Which of the following statements correctly describes the reporting of cash?a. Cash cannot be combined with cash equivalents.b. Restricted cash need not be disclosed.c. Cash is listed last in the
Zhang Company has the following cash balances: Cash in Bank \($15,742,\) Payroll Bank Account \($6,000,\) and Plant Expansion Fund Cash \($25,000\) to be used two years from now.Explain how each
Riverside Fertilizer owns the following assets at the statement of financial position date.What amount should Riverside report as cash in the statement of financial position? Cash in bank savings
(a) “Cash equivalents are the same as cash.” Do you agree? Explain.(b) Where and how should restricted cash funds be reported on the statement of financial position?
The Sun Theater will begin operations in March. The Sun will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Sun showed No. 101 Cash
What is the normal balance for each of the following accounts?(a) Accounts Receivable.(b) Cash.(c) Dividends.(d) Accounts Payable.(e) Service Revenue.(f) Salaries and Wages Expense.(g) Share
Using the data in BE2.5, journalize the transactions. Post journal entries to T-accounts.BE2.5Gonzales SA, a financial advising company, has the following transactions during August of the current
Action Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2025.1. Purchased a 1-year insurance policy on June 1 for $1,800 cash.2. Paid
Jernigan Co. receives $300,000 when it issues a $300,000, 10%, mortgage note payable to finance the construction of a building at December 31, 2017. The terms provide for annual installment payments
Why do accrual-basis financial statements provide more useful information than cash-basis statements?
The income statement of Montee Co. for the month of July shows net income of $1,400 based on Service Revenue $5,500, Salaries and Wages Expense $2,300, Supplies Expense $1,200, and Utilities Expense

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