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accounting principles 14th edition

Questions and Answers of Accounting Principles 14th Edition

The trial balance of Gaolee Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.Adjustment data:1. Supplies on hand totaled $2,600.2. Depreciation is
On June 10, Diaz Company purchased $8,000 of merchandise on account from Taylor Company, FOB shipping point, terms 2/10, n/30. Diaz pays the freight costs of $400 on June 11. Goods totaling $300 are
At the beginning of the current season on April 1, the edger of Yolanda's Discorama showed Cash $1,800, Inventory $2,500, and Owner's Capital $4,300. The following transactions were completed during
At the end of Donaldson Department Store's fiscal year on November 30, 2022, these accounts appeared in its adjusted trial balance.Additional facts:1. Per a physical count, merchandise
The following transactions are for R. Humphrey Company.1. On December 3, R. Humphrey Company sold $570,000 of merchandise to Frazier Co., on account, terms 1/10, n/30, FOB destination. R. Humphrey
Presented below is selected information related to Hoerl Co. for the month of January 2022.a. Prepare the necessary adjusting entry for inventory.b. Prepare the necessary closing entries. Ending
The adjusted trial balance of Sang Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $820,000, Freight-Out $16,000, Sales Returns and
Distinguish between FOB shipping point and FOB destination. Identify the freight terms that will result in a debit to Inventory by the buyer and a debit to Freight-Out by the seller.
Tim Jarosz Company had the following account balances at year-end before adjustment: Cost of Goods Sold $60,000, Inventory $15,000, Utilities Expense $29,000, Sales Revenue $115,000, Sales Discounts
Presented below is selected information for Kaila Company for the month of March 2022.a. Prepare a multiple-step income statement.b. Compute the gross profit rate. Cost of goods
Explain the meaning of the credit terms 2/10, n/30.
Nelson Company provides the following information for the month ended October 31, 2022: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and allowances $11,000.
In its income statement for the year ended December 31, 2022, Anhad Company reported the following condensed data.a. Prepare a multiple-step income statement.b. Prepare a single-step income
Explain where each of the following items would appear on a multiple-step income statement: gain on disposal of equipment, interest expense, casualty loss from vandalism, and cost of goods sold.
Financial information is presented here for two different companies.a. Fill in the missing amounts. Assume that there are no nonoperating activites.b. Calculate the gross profit rate for each
Celina Harris believes revenues from credit sales may be recorded before they are collected in cash. Explain why Celina is correct or incorrect.
The trial balance columns of the worksheet using a perpetual inventory system for Balistreri Company at June 30, 2022, are as follows.Other data:Utilities expense incurred on account, but not yet
Explain why the Inventory account will usually require adjustment at year-end for a merchandiser that uses the perpetual inventory system.
On January 1, 2022, Brooke Hanson Company had inventory of $50,000. At December 31, 2022, Brooke Hanson had the following account balances.At December 31, 2022, Brooke Hanson determines that its
Assume that Morgan Company uses a periodic inventory system and has these account balances: Purchases $450,000, Purchase Returns and Allowances $13,000, Purchase Discounts $9,000, and Freight-In
The following are selected accounts for T. Swift Company as reported in the worksheet at the end of May 2022. Ending inventory is $75,000.Complete the worksheet by extending amounts reported in the
The adjusted trial balance of A. Wiencek Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $19,500; Purchases $149,000; Sales Revenue $190,000; Freight-In
On December 1, 2022, Annalise Company had the account balances shown below.The following transactions occurred during December.Dec. 3 Purchased 4,000 units of inventory on account at a cost of
What title does Apple use for gross profit? By how much did its 2019 gross profit change, and in what direction, when compared to 2018?
Identify the accounts that are added to or deducted from Purchases in a periodic system to determine the cost of goods purchased. For each account, indicate whether it is added or deducted.
On July 15, a company purchases on account goods costing $3,000 with credit terms of 2/ 10, n/ 30. On July 18, the company receives a $200 credit memo from the supplier for damaged goods. Give the
Early in 2022, Yeng Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2021 and 2022 are shown below.Determine the inventory
The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of
The management of Gresa Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average-cost. The company requests your help in determining the results of
Which of the following should not be included in the inventory of a company using IFRS?a. Goods held on consignment from another company. b. Goods shipped on consignment to another company
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
Which method of inventory costing is prohibited under IFRS?a. Specific identificationb. LIFO.c. FIFO.d. Average-cost.
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
Vanida Company understated its 2021 ending inventory by $27,000. Determine the impact this error has on ending inventory, cost of goods sold, and owner's equity in 2021 and 2022.
You are the controller of Small Toys Inc. Pamela Barnes, the president, recently mentioned to you that she found an error in the 2021 financial statements which she believes has corrected itself. She
The management of Danica Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2022, the accounting records show these data.Units purchased
Leah Clement believes that the allocation of cost of goods available for sale should be based on the actual physical flow of the goods. Explain to Leah why this may be both impractical and
Larkin Company reports net income of $90,000 in 2022. However, ending inventory was understated $7,000. What is the correct net income for 2022? What effect, if any, will this error have on total
In the unadjusted trial balance of its worksheet for the year ended December 31, 2022, Knox Company reported Equipment of $120,000. The year-end adjusting entries require an adjustment of $15,000 for
The adjusted trial balance for Carter Bowling Alley at December 31, 2022, contains the following accounts.a. Prepare a classified balance sheet; assume that $30,000 of the note payable will be paid
Companies that use IFRS:a. May report all their assets on the statement of financial position at fair value.b. May offset assets against liabilities and show net assets and net liabilities on their
Amazon.com, lnc.'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
Explain the purpose of the worksheet.
In a worksheet, net income is entered in the following columns:a. Income statement (Dr.) and balance sheet (Dr.).b. Income statement (Cr.) and balance sheet (Dr.).c. Income statement (Dr.) and
The adjusted trial balance columns of the worksheet for Nguyen Company, owned by C. Nguyen, are as follows.Instructions.a. Complete the worksheet by extending the balances to the financial statement
The trial balance columns of the worksheet for Dixon Company at June 30, 2022, are as follows.Instructionsa. Prepare the closing entries using page Jl5.b. Post to Owner's Capital and No. 350 Income
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
The trial balance columns of the worksheet for Warren Roofing at March 31, 2022, are as follows.Other data 1. A physical count reveals only $480 of roofing supplies on hand.2. Depreciation for
Natalie had a very busy December. At the end of the month, after journalizing and posting the December transactions and adjusting entries, Natalie prepared the following adjusted trial
PepsiCo, Inc.'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 CocaCola,
Current assets under IFRS are listed generally:a. By importance.b. In the reverse order of their expected conversion to cash.c. By longevity.d. Alphabetically.
The completed financial statement columns of the spreadsheet for Bray Company are shown as follows.Instructions.a. Prepare an income statement, an owner's equity statement, and a classified balance
Rusthe Management Services began business on January 1, 2022, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office
An account that will have a zero balance after closing entries have been journalized and posted is:a. Service Revenue.b. Supplies.c. Prepaid Insurance.d. Accumulated Depreciation-Equipment.
The following information is available for Sutter Bowling Alley at December 31, 2022.Prepare a classified statement of financial position. Assume that $13,900 of the notes payable will be paid in
Anya Clark opened Anya's Cleaning Service on July 1, 2022. During July, the following transactions were completed.July 1 Anya invested $20,000 cash in the business.1
When a net loss has occurred, Income Summary is:a. Debited and Owner's Capital is credited.b. Credited and Owner's Capital is debited.c. Debited and Owner's Drawings is credited.d. Credited and
Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2022, to expand operations by acquiring an additional
The adjustments columns of the worksheet for Becker Company are shown below.Instructionsa. Prepare the adjusting entries.b. Assuming the adjusted trial balance amount for each account is normal,
Horace Culpepper, CPA, was retained by Pulsar Cable to prepare financial statements for April 2022. Horace accumulated all the ledger balances per Pulsar's records and found the following.Horace
The closing process involves separate entries to close (1) expenses, (2) Owner's Drawings, (3) revenues, and (4) Income Summary. The correct sequencing of the entries is:a. (4), (3), (2), (1).b. (1),
Which types of accounts will appear in the post-closing trial balance?a. Permanent (real) accounts.b. Temporary (nominal) accounts.c. Accounts shown in the income statement columns of a worksheet.d.
The proper order of the following steps in the accounting cycle is:a. Prepare unadjusted trial balance, journalize transactions, post to ledger accounts, journalize and post adjusting entries.b.
The adjusted trial balance for Phoebe Company is presented Instructionsa. Prepare an income statemen t and an owner's equity statement for the year. Phoebe did not make any capital investments
Which of the following accounts would not appear in the post-closing trial balance? Interest Payable, Equipment, Depreciation Expense, Owner's Drawings, Unearned Service
When Ramirez Company purchased supplies worth $5,000, it incorrectly recorded a credit to Supplies for $5,000 and a debit to Cash for $5,000. Before correcting this error:a. Cash is overstated and
Cash of $100 received at the time the service was performed was journalized and posted as a debit to Cash $100 and a credit to Accounts Receivable $100. Assuming the incorrect entry is not reversed,
The following are the major balance sheet classifications: Current assets (CA) Long-term investments (LTI) Property, plant, and equipment (PPE) Intangible assets (IA) Match each of the following
Ap selected accounts for Tamora's Salon are presented here. All June 30 postings are from closing entries.Instructions.a. Prepare the closing entries that were made.b. Post the closing entries to
Blair Natt Company discovered the following errors made in January 2022.1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.2. A collection
Identify, in the sequence in which they are prepared, the three trial balances that are used in the accounting cycles.
These financial statement items are for Basten Company atyear-end, July 31, 2022.a. Prepare an income statement and an owner's equity statement for the year. The owner did not make any new
The following are the major balance sheet classifications.InstructionsClassify each of the following accounts taken from Faust Company's balance sheet. Current assets (CA) Long-term investments
The following items were taken from the financial statements of P. Jimenez Company. (All amounts are in thousands.)Instructions.Prepare a classified balance sheet in good form as of December 31,
Define current assets. What basis is used for arranging individual items within the current assets section of the balance sheet?
Using Apple's annual report, determine its current liabilities at September 29, 2018, and September 28, 2019. Were current liabilities higher or lower than current assets in these two years?
A review of the ledger of Gina Company at December 31, 2022, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $10,340. The company has
Fiske Computer Services began operations in July 2022. At the end of the month, the company prepares monthly financial statements. It has the following information for the month.1. At July 31, the
The following is the basic accounting equation. Determine the missing amounts. Assets a. $90,000 b. ? c. $94,000 Liabilities $50,000 $44,000 ? + Owner's Equity ? $70,000 $53,000
Identify and describe the activities in the accounting process.
"Bookkeeping and accounting are the same." Explain why this statement is true or false.
Benton Travel Agency purchased land for $90,000 cash on December 10, 2022. At December 31, 2022, the land's value has increased to $92,000. What amount should be reported for land on Benton's balance
The basic accounting equation is Assets = Liabilities + Owner's equity. Replacing the words in that equation with dollar amounts, what is Apple's accounting equation at September 28, 2019?
In February 2022, Ola Gott invested an additional $12,000 in her business, Gott's Pharmacy, which is organized as a proprietorship. Gott's accountant, Sal Costa, recorded this receipt as an increase
Why do accrual-basis financial statements provide more useful information than cash-basis statements?
"Adjusting entries are required by the historical cost principle of accounting." Explain why this statement is true or false.

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