New Semester Started Get 50% OFF Study Help! --h --m --s Claim Now

Question Answers

Textbooks

Find textbooks, questions and answers

Oops, something went wrong!

Change your search query and then try again

Result Not Found

Books FREE
Study Help
Tutors
AI Study Planner NEW
Sell Books

Search
Sign In
Register

study help
business
accounting principles 14th edition

Accounting Principles 14th Edition Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell - Solutions

Huebner Corporation leases new equipment for 10 years on December 31, 2022. The present value of the lease payments is $192,000. After recording this lease, Huebner has assets of $1,800,000, liabilities of $1,100,000, and stockholders' equity of $700,000. (a) Prepare the entry to record
Talkington Electronics issues a $400,000, 8%, 15-year mortgage note on December 31, 2021. The proceeds from the note are to be used in financing a new research laboratory. The terms of the note provide for annual installment payments, exclusive of real estate taxes and insurance, of $59,612.
Laudie Company issued $400,000 of 9%, 10-year bonds on January 1, 2022, at face value. Interest is payable annually on January 1, 2023.InstructionsPrepare the journal entries to record the following events.a. The issuance of the bonds.b. The accrual of interest on December 31, 2022.c. The payment
Randle Inc. issues $300,000, 10-year, 8% bonds at 98. Prepare the journal entry to record the sale of these bonds on March 1, 2022.
Quigley Corporation's trial balance at December 31, 2022, is presented below. All 2022 transactions have been recorded except for the items described below.1. On January 1, 2022, Quigley issued 1,000 shares of $20 par, 6% preferred stock for $22,000.2. On January 1, 2022, Quigley also issued 1,000
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website. Instructions a. What were Apple's total long-term liabilities (non-current liabilities) at September 28,
The accounting for bonds payable is:a. Essentially the same under IFRS and GAAP.b. Differs in that GAAP requires use of the straight-line method for amortization of bond premium and discount.c. The same except that market prices may be different because the present value calculations are different
Eubank Corporation issues $500,000 of bonds for $520,000. (a) Prepare the journal entry to record the issuance of the bonds, (b) Show how the bonds would be reported on the balance sheet at the date of issuance.
Price Company issues $400,000, 20-year, 7% bonds at 101. Prepare the journal entry to record the sale of these bonds on June 1, 2022.
On January 1, 2022, Klosterman Company issued $500,000, 10%, 10-year bonds at face value. Interest is payable annually on January 1.InstructionsPrepare journal entries to record the following.a. The issuance of the bonds.b. The accrual of interest on December 31, 2022.c. The payment of interest on
Kershaw Electric sold $6,000,000, 10%, 10-year bonds on January 1, 2022. The bonds were dated January 1, 2022, and paid interest annually on January 1. The bonds were sold at 98.Instructionsa. Prepare the journal entry to record the issuance of the bonds on January 1, 2022.b. At December 31, 2022,
Meera Corporation issued 4,000, 8%, 5-year, $1,000 bonds dated January 1, 2022, at 100. Interest is paid each January 1. a. Prepare the journal entry to record the sale of these bonds on January l, 2022. b. Prepare the adjusting journal entry on December 31, 2022, to record interest
On January 1, 2022, Forrester Company issued $400,000, 8%, 5-year bonds at face value. Interest is payable annually on January 1.InstructionsPrepare journal entries to record the following.a. The issuance of the bonds.b. The accrual of interest on December 31, 2022.c. The payment of interest on
The following section is taken from Mareska's balance sheet at December 31, 2021.Interest is payable annually on January 1. The bonds are callable on any annual interest date.Instructions.a. Journalize the payment of the bond interest on January 1, 2022.b. Assume that on January l, 2022, after
Amazon.com, Inc .'s financial statements are presented in Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. The complete annual reports of Amazon and Walmart, including the notes to the financial statements, are available at each company's respective
The joint projects of the FASB and IASB could potentially:a. Change the definition of liabilities.b. Change the definition of equity.c. Change the definition of assets.d. All of the answers are correct.
These transactions took place for Redeker Co.Instructions.Record the transactions in the general journal. The company does not make entries to accrue interest except at December 31. 2021 May 1 Dec. 31. Dec. 31 2022 May 1 Received a $9,000, 12-month, 10% note in exchange for an outstanding account
On January 10, 2022, Perez Co. sold merchandise on account to Robertsen Co. for $15,600, n/30. On February 9, Robertsen Co. gave Perez Co. a 10% promissory note in settlement of this account. Prepare the journal entry to record the sale and the settlement of the account receivable. (Omit cost of
Suppose the financial statements of 3M Company report net credit sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M's accounts receivable turnover. Compute 3M's average collection period for accounts
Vandiver Company had the following selected transactions.Apr. l, 2022 Accepted Goodwin Company's 12-month, 6% note in settlement of a $30,000 account receivable.July 1, 2022 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.Dec. 31, 2022
Kerwick Company had accounts receivable of $100,000 on January 1, 2022. The only transactions that affected accounts receivable during 2022 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.Instructionsa. Compute the ending balance of accounts
What percentage does Coca-Cola's 2019 allowance for doubtful accounts represent as a percentage of its gross trade accounts receivables?
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's website.Instructionsa. What was the total cost and book value of property, plant, and equipment at September 28, 2019?b.
The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2022.1. Paid $5,000 of accrued taxes at the time the plant site was acquired.2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in
Which of the following statements is correct?a. Both IFRS and GAAP permit revaluation of property, plant, and equipment and intangible assets (except for goodwill).b. IFRS permits revaluation of property, plant, and equipment and intangible assets ( except for goodwill).c. Both IFRS and GAAP permit
PepsiCo, lnc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
a. On January 1, 2022, Emporia Country Club purchased a new riding mower for $15,000. The mower is expected to have an 8-year life with a $3,000 salvage value. What journal entry would Emporia make at December 31, 2022, if it uses straight-line depreciation?b. Pinewood Corporation purchased a piece
Research and development costs are:a. Expensed under GAAP.b. Expensed under IFRS.c. Expensed under both GAAP and IFRS.d. None of the answers choices is correct.
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each bus, and various methods have been used. Information concerning the buses is summarized in
On March 1, 2022, Westmorlan Company acquired real estate on which it planned to construct a small office building, by paying $75,000 in cash. An old warehouse on the property was demolished at a cost of $8,600; the salvaged materials were sold for $1,700. Additional expenditures before
At the beginning of 2020, Mazzara Company acquired equipment costing $120,000. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $12,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of
On January 1, 2022, Evers Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $48,000. Related expenditures also paid in cash included: sales tax $1,700, shipping costs $150, insurance during shipping $80, installation and
Pinson Company and Estes Company are two proprietorships that are similar in many respects. One difference is that Pinson Company uses the straight-line method and Estes Company uses the declining-balance method at double the straight-line rate. On January 2, , both companies acquired the
Chisenhall Company purchased land and a building on January 1, 2022. Management's best estimate of the value of the land was $100,000 and of the building $200,000. However, management told the accounting department to record the land at $220,000 and the building at $80,000. The building is being
The intangible assets section of Sappelt Company at December 31, 2022, is presented here.The patent was acquired in January 2022 and has a useful life of 10 years. The franchise was acquired in January 2019 and also has a useful life of 10 years. The following cash transactions may have affected
Financial Statement At December 31, 2022, Grand Company reported the following as plant assets.During 2023, the following selected cash transactions occurred.April 1 Purchased land for $2,130,000. May 1 Sold equipment that cost $7S0,000 when purchased on January l, 2019. The equipment was sold
Yello Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January l, 2022, at a cost of $148,000. Over its 4-year useful life, the bus is expected to be driven 100,000 miles. Salvage value is expected to be $8,000.Instructions.a. Compute the depreciable
Ceda Co. has equipment that cost $80,000 and that has been depreciated $S0,000.InstructionsRecord the disposal under the following assumptions.a. It was discarded with no cash received.b. It was sold for $21,000.c. It was sold for $31,000.
Companies invest substantial sums to ensure that their product is well-known to the consumer. Test your knowledge of who owns some famous brands and their impact on the financial statements. Instructions a. Provide an answer to the four multiple-choice questions below. 1. Which
The adjusted trial balance of Feagler Company for the year ended December 31, 2022, is as follows.Prepare a multiple-step income statement and an owner's equity statement for 2022, and a classified balance sheet as of December 31, 2022. Cash Accounts Receivable Note Receivable (due February 20,
Due to rapid employee turnover in the accounting department, the following transactions involving intangible assets were improperly recorded by Goins Company in 2022. 1. Goins developed a new manufacturing process, incurring research and development costs of $136,000. The company also
On January 1, 2022, the Morgantown Company ledger shows Equipment $32,000 nd Accumulated Depreciation $9,000. The depreciation resulted from using the straight-line method with a useful life of 10 years and a salvage value of $2,000. On this date, the company concludes that the equipment has a
Here are selected 2022 transactions of Ridge Company. Jan. 1 Retired a piece of machinery that was purchased on January 1, 2012. The machine cost $62,000 and had a useful life of 10 years with no salvage value. June 30 Sold a computer that was purchased on January 1, 2019. The computer cost $45,000
Gunkelson Company sells equipment on September 30, 2022, for $18,000 cash. The equipment originally cost $72,000 and as of January l , 2022, had accumulated depreciation of $42,000. Depreciation for the first 9 months of 2022 is $5,250. Prepare the journal entries to (a) update depreciation to
On January 1, 2022, the ledger of Accardo Company contains these liability accounts.During January, these selected transactions occurred.Jan. 5 Sold merchandise for cash totaling $20,520, which includes 8% sales taxes.12 Performed services for customers who had made advance payments of
These are selected 2022 transactions for Pedigo Corporation. Jan. 1 May l Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite. Purchased a patent with an estimated useful life of 5 years and a legal life of 20 years for $75,000.Instructions Prepare all
Morgan Company's balance sheet at December 31, 2021, is presented below.During January 2022, these transactions occurred. (Morgan Company uses the perpetual inventory system.)1. Morgan paid $250 interest on the note payable on January l , 2022. The note is due December 31, 2023.2. Morgan purchased
Medlen Company, has these account balances at December 31, 2022.In addition, Medlen is involved in a lawsuit. Legal counsel feels it is probable Medlen will pay damages of $25,000 in 2023.a. Prepare the current liabilities section of Medlen's December 31, 2022, balance sheet.b. Medlen's current
Mann Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2022, are presented below.Abel and Hager are married. They claim O and 4 withholding allowances, respectively. The following
Olathe Company exchanges old delivery equipment for new delivery equipment. The book value of the old delivery equipment is $31,000 (cost $61,000 less accumulated depreciation $30,000). Its fair value is $33,000, and cash of $5,000 is paid. Prepare the entry to record the exchange.
Under IFRS, a contingent liability is:a. Disclosed in the notes if certain criteria are met. b. Reported on the face of the financial statements if certain criteria are met.c . The same as a provision.d. Not covered by IFRS.
Under IFRS, obligations related to warranties are considered:a. Contingent liabilities.b. Provisions.c. Possible obligations.d. None of the answer choices is correct.
For the year ended December 31, 2022, Denkinger Electrical Repair Company reports these summary payroll data.Denkinger's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.6% federal unemployment. Gross earnings subject
Suppose the following financial data were reported by 3M Company for 2021 and 2022 (dollars in millions).a. Calculate the current ratio and working capital for 3M for 2021 and 2022.b. Suppose that at the end of 2022, 3M management used $200 million cash to pay off $200 million of accounts payable.
Elliott's Hardware reported cost of goods sold as follows.Elliott's made two errors: (1) 2021 ending inventory was overstated $3,000, and (2) 2022 ending inventory was understated $5,000.InstructionsCompute the correct cost of goods sold for each year. Beginning inventory Cost of goods
Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2022, Moreno sells 15,000 subscriptions beginning with the December issue. Moreno prepares financial statements quarterly and recognizes subscription revenue at the
Bao Company lost all of its inventory in a fire on December 26, 2022. The accounting records showed the following inventory-related data for November and December.Bao is fully insured for fire losses but must prepare a report for the insurance company.Instructionsa. Compute the gross profit rate
Gallardo Co. is involved in a lawsuit as a result of an accident that took place September 5, 2022. The lawsuit was filed on November 1, 2022, and claims damages of $1,000,000.Instructionsa. At December 31, 2022, Gallardo's attorneys feel it is remote that Gallardo will lose the lawsuit. How should
At December 31, 2022, the following information was available for E. Hetzel Company: ending inventory $40,000, beginning inventory $56,000, cost of goods sold $270,000, and sales revenue $380,000. Calculate inventory turnover and days in inventory for E. Hetzel Company.
Smart Watch Company reported the following income statement data for a 2-year period.Smart uses a periodic inventory system. The inventories at January 1, 2021, and December 31, 2022, are correct. However, the ending inventory at December 31, 2021, was overstated $6,000.Instructionsa. Prepare
This information is available for Abdullah's Photo Corporation for 2020, 2021, and 2022.Instructionsa. Calculate the inventory turnover for 2020, 2021, and 2022. (Round to one decimal place.)b. Calculate the days in inventory for 2020, 2021, and 2022. (Round to one decimal place.)c. Calculate the
Elsa's Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Elsa's purchases of Xpert snowboards during September is shown below. During the same month, 121 Xpert snowboards were sold.a. Compute ending inventory at September 30 using FIFO, LIFO, and
Shereen Company reported the following information for November and December 2022.Shereen's ending inventory at December 31 was destroyed in a fire.Instructionsa. Compute the gross profit rate for November.b. Using the gross profit rate for November, determine the estimated cost of inventory lost
Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2022. The subsidiary ledger contains three accounts: Hale Company, balance $3,000; Janish Company, balance $1,875; and Valdez Company. During January, the following payable-related transactions
Sayaovang Company discovers in 2022 that its ending inventory at December 31, 2021, was $7,000 understated. What effect will this error have on (a) 2021 net income, (b) 2022 net income, (c) The combined net income for the 2 years?
Presented below is the post-closing trial balance for Horner Co.The subsidiary ledgers contain the following information: (1) accounts receivable- B. Hannigan $2,500, I. Kirk $7,500, and T. Hodges $5,000; (2) accounts payable-T. Igawa $12,000, D. Danford $18,000, and K. Thayer $13,000. The cost of
Cinderella Shoe Shop had goods available for sale in 2022 with a retail price of $120,000. The cost of these goods was $84,000. If sales during the period were $80,000, what is the ending inventory at cost using the retail inventory method?
Non-U.S companies that follow IFRS:a. Do not normally use the principles of internal control activities described in this text.b. Often offset cash with accounts payable on the balance sheet.c. Are not required to follow SOX.d. None of the answer choices is correct.
PepsiCo's financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
You are the assistant controller in charge of general ledger accounting at Linbarger Bottling Company. Your company has a large loan from an insurance company. The loan agreement requires that the company's cash account balance be maintained at $200,000 or more, as reported monthly. At June 30, the
The Sarbanes-Oxley Act applies to:a. All U.S. companies listed on U.S. exchanges.b. All companies that list stock on any stock exchange in any country.c. All European companies listed on European exchanges.d. All U.S. companies listed on U.S. exchanges and all European companies listed on European
High-quality international accounting requires both high-quality accounting standards and:a. A reconsideration of SOX to make it less onerous.b. High-quality auditing standards.c . Government intervention to ensure that the public interest is protected.d. The development of new principles of
On July 31, 2022, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the Cash account revealed the following facts.1. The bank service charge for July was $25.2. The bank
The bank portion of the bank reconciliation for Langer Company at November 30, 2022, was as follows.The adjusted cash balance per bank agreed with the cash balance per books at November 30. The December bank statement showed the following checks and deposits.The bank statement contained two
What was Apple's balance in cash and cash equivalents at September 28, 2019? Did it report any restricted cash? How did Apple define cash equivalents?
Which of the following statements is false?a. Receivables include equity securities purchased by the company.b. Receivables include credit card receivables.c. Receivables include amounts owed by employees as a result of company loans to employees.d. Receivables include amounts resulting from
The financial statements of Louis Vuitton are presented in Appendix F. The complete consolidated financial statements, including the notes to its financial statements, are available at the company's website.Instructions.Use the company's 2019 consolidated financial statements to answer the
One of Natalie's friends, Curtis Lesperance, runs a coffee shop where he sells specialty coffees and prepares and sells muffins and cookies. He is eager to buy one of Natalie's fine European mixers, which would enable him to make larger batches of muffins and cookies. However, Curtis cannot afford
Winter Company's balance sheet at December 31, 2021, is presented below.During January 2022, the following transactions occurred. Winter uses the perpetual inventory method. Jan. 1 Winter accepted a 4-month, 8% note from Merando Company in payment of Merando's $1,200 account. 3
In recording a factoring transaction:a. IFRS focuses on loss of control.b. GAAP focuses on loss of control and risks and rewards.c. IFRS and GAAP allow partial derecognition.d. IFRS allows partial derecognition.
T-lere is information related to Mingenback Company for 2022.Instructions.a. What amount of bad debt expense will Mingenback Company report if it uses the direct write-off method of accounting for uncollectibles?b. Assume that Mingenback Company uses the percentage-of-receivables basis to record
Presented below is an aging schedule for Halleran Company at December 31, 2021.At December 31, 2021, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000.Instructionsa. Journalize and post the adjusting entry for uncollectibles at December 31, 2021. b. Journalize and
Nordstrom issues its own credit cards. Assume that Nordstrom charges you $40 interest on an unpaid balance. Prepare the journal entry that Nordstrom makes to record this revenue.
In 2022, Wainwright Company has net credit sales of $1,300,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of $107,000. Compute Wainwright Company's (a) Accounts receivable turnover and (b) Average
At December 31, 2022, the trial balance of Darby Company contained the following amounts before adjustment.a. Based on the information given, which method of accounting for bad debts is Darby Company using- the direct write-off method or the allowance method? How can you tell?b. Prepare the
At the beginning of the current period, Rose Corp. had balances in Accounts Receivable of $200,000 and in Allowance for Doubtful Accounts of $9,000 ( credit). During the period, it had net credit sales of $800,000 and collections of $763,000. It wrote off as uncollectible accounts receivable of
The adjusted trial balance of Gibson Company for the year ended December 31, 2022, is as follows.InstructionsPrepare a multiple-step income statement, owner's equity statement, and a classified balance sheet. The notes payable is due on January 10, 2023. The notes receivable is due on June 30,
On January 1, 2022, Harter Company had Accounts Receivable $139,000, Notes Receivable $25,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Willingham Company. It is a 4-month, 9% note dated December 31, 2021. Harter Company prepares financial statements annually at
On December 31, 2021, when its Allowance for Doubtful Accounts had a zero balance, Ling Co. estimated that 2% of its net accounts receivable of $450,000 will become uncollectible and records the necessary adjustment to Allowance for Doubtful Accounts. On May 11, 2022, Ling Co. determined that the
How are uncollectible accounted for under the direct write-off method? What are the disadvantages of this method?
On December 1, 2022, Rodriguez Distributing Company had the following account balances.Dec. 6 Paid $1,600 for salaries and wages due employees, of which $600 is for December and $1,000 is for November salaries and wages payable8. Received $2,200 cash from customers in payment of account
Which of the following would not be included in the definition of inventory under IFRS?a. Photocopy paper held for sale by an office supply store.b. Stereo equipment held for sale by an electronics store.c. Used office equipment held for sale by the human relations department of a plastics
Kern's Book Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions occurred.June 1 Purchased books on account for $1,600 from Binsfeld Publishers, terms
Big Box Store is located in midtown Madison. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on November 30, 2022, the following accounts appeared in two of its trial balances.Instructionsa. Prepare a
Which of the following would not be a line item of a company eporting costs by nature?a. Depreciation expense.b. Salaries expense.c. Interest expense. d. Manufacturing expense.
PepsiCo, lnc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are available at each company's respective
Which of the following would not be a line item of a company reporting costs by function?a. Administration.b. Manufacturing.c. Utilities expense.d. Distribution.
On September 1, Nixa Office Supply had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, the following transactions occurred.Sept. 6 Purchased calculators from York Co. at a total cost of $1,980, terms n/30, FOB
Amazon.com, lnc.'s financial statements are presented in Appendix D. Financial statements of Walmart Inc. are presented in Appendix E. (Use Walmart's January 31, 2020, financial statements for comparative purposes.) The complete annual reports of Amazon and Walmart, including the notes to the
Which of the following statements is false?a. IFRS specifically requires use of a multiple-step income statement.b. Under IFRS, companies can use either a perpetual or periodic system.c. IFRS does not require the use of a single-step income statement.d. IFRS does not prohibit the revaluation of

Showing 400 - 500 of 586

1
2
3
4
5
6

Step by Step Answers

Services

Sitemap
Fun
Definitions
Become Tutor
Used Textbooks
Study Help Categories
Recent Questions
Expert Questions
Campus Wear
Sell Your Books

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship
Online Quiz
Give Feedback, Get Rewards

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Student Discount
Campus Ambassador

Secure Payment

Download Our App

© 2026 SolutionInn. All Rights Reserved