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accounting principles ifrs

Accounting Principles IFRS global edition Paul D Kimmel, Donald E Kieso Jerry J Weygandt - Solutions

The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2017.1. Paid $5,000 of accrued taxes at time plant site was acquired.2. Paid $200 insurance to cover possible accident loss on new factory machinery while the machinery was in transit.3.
Information related to plant assets, natural resources, and intangibles at the end of 2017 for Dent Company is as follows: buildings $1,100,000, accumulated depreciation—buildings $600,000, goodwill $410,000, coal mine $500,000, and accumulated depletion— coal mine $108,000. Prepare a partial
Campanez Company purchases a patent for $140,000 on January 2, 2017. Its estimated useful life is 10 years.(a) Prepare the journal entry to record amortization expense for the first year.(b) Show how this patent is reported on the balance sheet at the end of the first year.
Depreciation information for Corales Company is given in BE10-4. Assuming the declining-balance depreciation rate is double the straight-line rate, compute annual depreciation for the first and second years under the declining-balance method.BE10-4Corales Company acquires a delivery truck at a cost
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.InstructionsUse the company’s annual report to answer the following
Carol and Sam Foyle own Campus Fashions. From its inception Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the Foyles have begun to question their sales policies. First, they have lost some sales because
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also
RLF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken advantage of the discount by paying within 10 days of the invoice date.The number of customers taking the
Presented below is an aging schedule for Halleran Company.At December 31, 2017, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $12,000.Instructions(a) Journalize and post the adjusting entry for bad debts at December 31, 2017.(b) Journalize and post to the allowance
Kerwick Company had accounts receivable of $100,000 on January 1, 2017. The only transactions that affected accounts receivable during 2017 were net credit sales of $1,000,000, cash collections of $920,000, and accounts written off of $30,000.Instructions(a) Compute the ending balance of accounts
Vandiver Company had the following select transactions.Apr. 1, 2017 Accepted Goodwin Company’s 12-month, 12% note in settlement of a $30,000 account receivable.July 1, 2017 Loaned $25,000 cash to Thomas Slocombe on a 9-month, 10% note.Dec. 31, 2017 Accrued interest on all notes receivable.Apr. 1,
Record the following transactions for Redeker Co. in the general journal.2017May 1 Received a $9,000, 12-month, 10% note in exchange for Mark Chamber’s outstanding accounts receivable.Dec. 31 Accrued interest on the Chamber note.Dec. 31 Closed the interest revenue account.2018May 1 Received
Elburn Supply Co. has the following transactions related to notes receivable during the last 2 months of 2017. The company does not make entries to accrue interest except at December 31.Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note.Dec. 11 Sold goods to Ralph Kremer, Inc.,
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.InstructionsUsing the notes to the company’s financial statements,
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete annual reports of Amazon and Wal-Mart, including the notes to the financial statements, are also
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also provided in
At what amount does Apple report cash and cash equivalents in its 2013 consolidated balance sheet?
Jeter Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledgers for Jeter are indicated in the working papers presented below. Also following are a series of transactions
R. Santiago Co. uses special journals and a general journal. The following transactions occurred during May 2017.May 1 R. Santiago invested $40,000 cash in the business.2 Sold merchandise to Lawrie Co. for $6,300 cash. The cost of the merchandise sold was $4,200.3 Purchased merchandise for $7,700
Gomes Company uses special journals and a general journal. The following transactions occurred during September 2017.Sept. 2 Sold merchandise on account to H. Drew, invoice no. 101, $620, terms n/30. The cost of the merchandise sold was $420.10 Purchased merchandise on account from A. Pagan $650,
Pennington Company has a balance in its Accounts Payable control account of $9,250 on January 1, 2017. 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
Kieschnick Company has a balance in its Accounts Receivable control account of $10,000 on January 1, 2017. The subsidiary ledger contains three accounts: Bixler Company, balance $4,000; Cuddyer Company, balance $2,500; and Freeze Company. During January, the following receivable-related
Presented below is the subsidiary accounts receivable account of Jill Longley.InstructionsWrite a memo to Sara Fogelman, chief financial officer, that explains each transaction. Date Ref. Debit Credit Balance 2017 Sept. 2 S31 61,000 61,000 47,000 9. G4 14,000 47,000 27 CR8
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.InstructionsUsing the notes to the company’s financial statements,
LaTour Inc. is based in France and prepares its financial statements (in euros) in accordance with IFRS. In 2017, it reported cost of goods sold of €578 million and average inventory of €154 million. Briefly discuss how analysis of LaTour’s inventory turnover (and comparisons to a company
You are the controller of Small Toys Inc. Pamela Bames, the president, recently mentioned to you that she found an error in the 2016 fi nancial statements which she believes has corrected itself. She determined, in discussions with the Purchasing Department, that 2016 ending inventory was
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete annual reports of Amazon and Wal-Mart, including the notes to the financial statements, are also
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also provided in
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 Apple Inc. in Appendix A as well as its annual report. Instructions for accessing and using the
If your school has a subscription to the FASB Codification, go to http://aaahq.org/ascLogin.cfm to log in and prepare responses to the following.Instructions(a) Access the glossary (“Master Glossary”) to answer the following:(1) What is the definition provided for inventory?(2) What is a
No financial decision-maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This activity demonstrates how to search for financial news on the Web.Address: biz.yahoo.com/i, or go to
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. (Use Wal-Mart’s January 31, 2014, financial statements for comparative purposes.) Instructions for accessing and using the complete annual reports of
PepsiCo’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also provided in
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also provided in Appendix A.InstructionsAnswer the following questions
Presented below are the components in Veasy Company’s income statement. Determine the missing amounts. Sales Cost of Gross Operating Expenses Net Revenue Goods Sold Profit Income (a) $ 75,000 (b) $108,000 (c) $ 9,800 $29,500 ? $28,000 ? $70,000 $83,900 ? ? ? $79,600 $39,500
Explain the meaning of the credit terms 2/10, n/30.
Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2017, to expand operations by acquiring an additional truck and hiring two more assistants. To finance the expansion, Jenna obtained on July 1, 2017, a
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete annual reports of Amazon and Wal-Mart, including the notes to the financial statements, are also
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also provided in Appendix A.InstructionsAnswer the questions below using
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 balance.InstructionsUsing the information in the adjusted trial balance, do the following.(a) Prepare an income
Using Apple’s annual report, determine its current liabilities at September 29, 2012, and September 28, 2013. Were current liabilities higher or lower than current assets in these two years?
Identify, in the sequence in which they are prepared, the three trial balances that are often used to report financial information about a company.
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete annual reports of Amazon and Wal-Mart, including the notes to the financial statements, are also
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. Instructions for accessing and using the company’s complete annual report, including the notes to the financial statements, are also provided in Appendix A.Instructions(a) Using the consolidated
Presented below are the assumptions and principles discussed in this chapter.1. Full disclosure principle.2. Going concern assumption.3. Monetary unit assumption. 4. Time period assumption.5. Historical cost principle.6. Economic entity assumption.InstructionsIdentify by number the accounting
Several timing concepts are discussed on pages 94–95. A list of concepts is provided below in the left column, with a description of the concept in the right column. There are more descriptions provided than concepts. Match the description of the concept to the concept.1. ____ Cash-basis
The accompanying chart shows the qualitative characteristics of useful accounting information. Fill in the blanks. Fundamental Enhancing Qualities Usefulness Qualities Relevance Consistency (a) (f) (Ь) (g) (c) (h) Understandability Faithful Representation (d) Neutral (e)
Using the data in BE3-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Cruz Insurance Co. Cruz uses the accounts Unearned Service Revenue and Service Revenue.BE3-5On July 1, 2017, Major Co. pays $15,120 to Cruz Insurance Co. for a 3-year insurance contract. Both
Define two generally accepted accounting principles that relate to adjusting the accounts.
Much information about specific companies is available on the Internet. Such information includes basic descriptions of the company’s location, activities, industry, financial health, and financial performance.Address: biz.yahoo.com/i, or go to www.wiley.com/college/weygandtSteps1. Type in a
After researching the different forms of business organization. Natalie Koebel decides to operate “Cookie Creations” as a proprietorship. She then starts the process of getting the business running. In November 2016, the following activities take place.Nov. 8 Natalie cashes her U.S. Savings
Journalize the following business transactions.(a) Qing Wei invests $9,000 cash in the business.(b) Insurance of $800 is paid for the year.(c) Supplies of $2,000 are purchased on account.(d) Cash of $7,500 is received for services performed.
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.InstructionsVisit Louis Vuitton’s corporate website and answer the
What is the benefit of a single set of high-quality accounting standards?
This chapter’s Feature Story discusses the fact that although Clif Bar & Company is not a public company, it does share its financial information with its employees as part of its open-book management approach. Further, although it does not publicly share its financial information, it does
This exercise will familiarize you with skill requirements, job descriptions, and salaries for accounting careers.Address: www.careers-in-accounting.com, or go to www.wiley.com/college/weygandtInstructionsGo to the site shown above. Answer the following questions.(a) What are the three broad areas
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. Instructions for accessing and using the complete annual reports of Amazon and Wal-Mart, including the notes to the financial statements, are also
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual reports of PepsiCo and Coca-Cola, including the notes to the financial statements, are also
Financial statement information about four different companies is as follows.Instructions(a) Determine the missing amounts.(b) Prepare the owner’s equity statement for Alpha Company.(c) Write a memorandum explaining the sequence for preparing financial statements and the interrelationship of the
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2017, Greene’s Goods and Solar Enterprises.InstructionsDetermine the missing amounts. Greene's Solar Goods Enterprises Beginning of year: Total assets
Indicate whether each of the following items is an asset (A), liability (L), or part of owner’s equity (OE).________ (a) Accounts receivable________ (b) Salaries and wages payable________ (c) Equipment ________ (d) Supplies ________ (e) Owner’s capital ________ (f) Notes payable
The basic accounting equation is Assets 5 Liabilities 1 Owner’s equity. Replacing the words in that equation with dollar amounts, what is Apple’s accounting equation at September 24, 2013?
Trenton Travel Agency purchased land for $90,000 cash on December 10, 2017. At December 31, 2017, the land’s value has increased to $93,000. What amount should be reported for land on Trenton’s balance sheet at December 31, 2017? Explain.
Myers Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows.Indirect labor ........................... $1.00Indirect materials .................... 0.70Utilities
Detwiler Orchard issues a $700,000, 6%, 15-year mortgage note to obtain needed financing for a new lab. The terms call for annual payments of $72,074 each. Prepare the entries to record the mortgage loan and the first installment payment.
a. The following terms pertain to the forming of a corporation:(1) Charter(2) By-laws.(3) Organization costs.Explain the terms.b. Donna Fleming believes a corporation must be incorporated in the state in which its headquarters’ office is located. Is Donna correct? Explain.
Presented below are two independent transactions. Both transactions have commercial substance.1. Mercy Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of $17,000 for new trucks. The old trucks had a fair value of $38,000.2. Pence Inc. trades its used machine
Numerous companies have established home pages on the Internet, e.g., the soda companies Capt'n Eli Root Beer Company and Cheerwine. InstructionsExamine the home pages of any two companies and answer the following questions.a. What type of information is available?b. Is any accounting-related
Frazier Company issues a 10%, 5-year mortgage note on January 1, 2022, to obtain fi - nancing for new equipment. Land is used as collateral for the note. The terms provide for semiannual installment payments of $48,850. What are the cash proceeds received from the issuance of the note?
In this chapter, you learned how to use many tools for performing a financial analysis of a company. When making personal investments, however, it is most likely that you won’t be buying stocks and bonds in individual companies. Instead, when most people want to invest in stock, they buy mutual
Every company needs to plan in order to move forward. Its top management must consider where it wants the company to be in three to five years. Like a company, you need to think about where you want to be three to five years from now, and you need to start taking steps now in order to get
The FASB has developed the Financial Accounting Standards Board Accounting Standards Codification (or more simply “the Codification”). The FASB’s primary goal in developing the Codification is to provide in one place all the authoritative literature related to a particular topic. To provide
Identify the special journal(s) in which the following column headings appear.a. Sales Discounts Dr.b. Accounts Receivable Cr.c. Cash Dr.d. Sales Revenue Cr.e. Inventory Dr.
Indicate (using “Yes” or “No”) whether each of the following debits and credits is included in the cash payments journal.a. Debit to Cash.b. Credit to Inventory.c. Credit to Cash.d. Debit to Accounts Payable.
Identify in what ledger (general or subsidiary) each of the following accounts is shown.a. Rent Expense.b. Accounts Receivable—Cabrera. c. Notes Payable.d. Accounts Payable—Pacheco.
Prepare the closing entries for the Sales Revenue account, assuming a balance of $200,000 and the Cost of Goods Sold account with a $145,000 balance.
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Ashram Company: Accumulated Depreciation, Depreciation Expense, Owner’s Capital, Owner’s Drawings, and Supplies. Identify the accounts that would be included in a post-closing trial balance.
Roger Richman owns Richman Blankets. a. He asks you to explain how he should treat the following reconciling items when reconciling the company’s bank account. Select from (a) add to bank balance, (b) deduct from bank balance, (c) add to book balance, or (d) deduct from book balance. 1.
Wilkinson Company established a $100 petty cash fund on August 1. On August 31, the fund had $11 cash remaining and petty cash receipts for postage $31, office supplies $42, and miscellaneous expense $16. Prepare journal entries to establish the fund on August 1 and replenish the fund on August 31.
The information below relates to the Cash account in the ledger of Minton Company. Balance September 1—$17,150; Cash deposited—$64,000. Balance September 30—$17,404; Checks written—$63,746. The September bank statement shows a balance of $16,422 on September 30 and the
In January, gross earnings in Burrell Company were $80,000. The 7.65% FICA tax rate consists of the Social Security tax rate of 6.2% on salaries and wages up to $128,400 and the Medicare tax rate of 1.45% on all salaries and wages. Federal income tax withheld was $14,000, and state income tax
For each of the following accounts, indicate the effects of (1) a debit and (2) a credit on the accounts and (3) the normal balance of the account.a. Accounts Payable.b. Advertising Expense.c. Service Revenue.d. Prepaid Insurance.e. Owner’s Capital.f. Owner’s Drawings.
Use the expanded accounting equation to answer each of the following questions. a. The liabilities of Kafka Company are $90,000. Owner’s capital is $150,000, drawings are $40,000, revenues are $450,000, and expenses are $320,000. What is the amount of Kafka Company’s total assets?b. The
Given the basic accounting equation, answer each of the following questions.a. The liabilities of Weber Company are $120,000 and the owner’s equity is $232,000. What is the amount of Weber Company’s total assets?b. The total assets of Weber Company are $190,000 and its owner’s equity is
The following situations involve accounting principles and assumptions.1. Tisinai Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant information, Tisinai reports the buildings at fair value in its accounting reports.2. Kingston
The information shown below was taken from the annual manufacturing overhead cost budget of Itanagar plc.Variable manufacturing overhead costs..........................................£34,650Fixed manufacturing overhead costs...............................................£19,800Normal production

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