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Questions and Answers of Financial Accounting

Using the following data for Ousel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:Accounts payable
Using the following data for Ousel Travel Service as well as the statement of owner’s equity shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30, 2016:Accounts payable
The following data were taken from the balance sheet of Beatty Company: a. Determine for each year (1) the working
What do the following data taken from a comparative balance sheet indicate about the company’s ability to borrow additional funds on a long-term basis in the current year as compared to the
The financial statements for Nike, Inc., are provided in Appendix C at the end of the text.a. Determine the free cash flow for the year ended May 31, 2010. Assume that 90% of additions to property,
On the basis of the details of the following fixed asset account, indicate the items to be reported on the statement of cash flows:
On January 1, 2012, Valuation Allowance for Available-for-Sale Securities had a zero balance. On December 31, 2012, the cost of the available-for-sale securities was $62,400, and the fair value was
On January 1, 2012, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2012, the cost of the trading securities portfolio was $33,200, and the fair value was $39,500.
Fabulator, Inc. produces and sells fashion clothing. On July 1, 2012, Fabulator, Inc. issued $120,000,000 of 20-year, 14% bonds at a market (effective) interest rate of 11%, receiving cash of
Assume the same data as in Appendix 1 Exercise 14–19, except that the current interest rate is 13%.Data From Exercise 14-19:On January 1, 2012, you win $110,000,000 in the state lottery. The
The financial statements for Nike, Inc., are presented in Appendix C at the end of the text. What is the major source of financing for Nike?
OfficeMax and Staples are two companies competing in the retail office supply business. OfficeMax had a net income of $667,000 for a recent year, while Staples had a net income of $738,671,000.
List the errors in the following Stockholders’ Equity section of the balance sheet prepared as of the end of the current year.
The following is an excerpt from a conversation between two employees of Omni Technologies, Jay Bach and Cora Hardaway. Jay is the accounts payable clerk, and Cora is the cashier.Jay: Cora, could I
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel’s toys include Barbie™ fashion dolls and accessories, Hot Wheels™, and Fisher-Price brands. For a recent year,
Journalize the entries to record the following:a. Check No. 6300 is issued to establish a petty cash fund of $1,200.b. The amount of cash in the petty cash fund is now $200. Check No. 6527 is issued
Artic Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2012, purchases invoices during the year, and the inventory count at December 31,
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are shown in Problem 7-1A.Instructions1. Record the inventory, purchases, and cost of
The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records:
The following data were taken from recent annual reports of Apple Computer, Inc., a manufacturer of personal computers and related products, and American Greetings Corporation, a manufacturer and
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit 8.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 8.
Selected transactions during June between Salinas Company and Brokaw Company are listed in Problem 6-6B.InstructionsJournalize the entries to record the transactions for (1) Salinas Company and (2)
Selected transactions for Wild Adventures Company during December of the current year are listed in Problem 6-5B.InstructionsJournalize the entries to record the transactions of Wild Adventures
Selected transactions for Britt Co. during October of the current year are listed in Problem 6-4B.InstructionsJournalize the entries to record the transactions of Britt Co. for October using the
The following selected transactions were completed by Lawn Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:Mar. 1. Sold merchandise on
Selected transactions during May between Sky Company and Big Co. are listed in Problem 6-6A.InstructionsJournalize the entries to record the transactions for (1) Sky Company and (2) Big Co. assuming
Selected transactions for The Grill Company during April of the current year are listed in Problem 6-5A.InstructionsJournalize the entries to record the transactions of The Grill Company for April
Using the data shown in Exercise 6-38, journalize the entries for the transactions assuming that Burton Company uses the perpetual inventory system.Data From Exercise 6-38:The following selected
Based on the data presented in Exercise 6-8, journalize the closing entries.Data From Exercise 6-8:On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system:(a) Accounts Payable,(b) Advertising
Based on the data presented in Exercise 6-23, journalize Boyle Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice within the
For the fiscal year, sales were $6,750,000, sales discounts were $120,000, sales returns and allowances were $90,000, and the cost of merchandise sold was $4,000,000.a. What was the amount of net
Group ProjectThe two leading software application providers for supply chain management (SCM) and customer relationship management (CRM) software are I2 Technologies and Salesforce .com,
Internet-based accounting software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuites are running their core products on the Internet. NetSuite Inc. is
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2012. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages
Based on the data in Exercise 4-25, prepare an income statement, statement of owner’s equity, and balance sheet for Zeidman Security Services Co.Data From Exercise 4-25:Zeidman Security Services
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payableb. Accumulated Depreciationc. Anthony Adams, Capitald. Anthony Adams, Drawinge. Cashf.
From the list at the top of the next page, identify the accounts that should be closed to Income Summary at the end of the fiscal year:a. Accounts Payableb. Accumulated Depreciation—Equipmentc.
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement
The following accounts appear in an adjusted trial balance of F-18 Consulting. Indicate whether each account would be reported in the (a) current asset; (b) property, plant, and equipment; (c)
Judy Flint owns and operates Derby Advertising Services. On January 1, 2011, Judy Flint, Capital had a balance of $290,000. During the year, Judy invested an additional $100,000 and withdrew $40,000.
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, statement
At the end of June, the first month of operations, the following selected data were taken from the financial statements of Beth Cato, an attorney:Net income for June
Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense.a. Cash received for use of land next monthb. Fees earned but not receivedc.
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Buildingb. Cashc. Interest Expensed. Miscellaneous Expensee. Pam Ingersoll, Capitalf.
If the working papers correlating with this textbook are not used, omit Problem 2-5B.The following records of A-Aall Electronic Repair are presented in the working papers:• Journal containing
The following errors took place in journalizing and posting transactions:a. Rent of $12,500 paid for the current month was recorded as a debit to Rent Expense and a credit to Prepaid Rent.b. A
The following preliminary unadjusted trial balance of Seats-For-You Co., a sports ticket agency, does not balance:
Indicate which of the following errors, each considered individually, would cause the trial balance totals to be unequal:a. A fee of $15,000 earned and due from a client was not debited to Accounts
Based upon the data presented in Exercise 2-13, (a) prepare an unadjusted trial balance, listing the accounts in their proper order. (b) Based upon the unadjusted trial balance, determine the net
Southwest Tours Co. is a travel agency. The nine transactions recorded by Southwest Tours during May 2012, its first month of operations, are indicated in the following T accounts:
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
For each of the following errors, considered individually, indicate whether the error would cause the trial balance totals to be unequal. If the error would cause the trial balance totals to be
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.1. Accounts Payable2.
State for each account whether it is likely to have (a) debit entries only, (b) credit entries only, or (c) both debit and credit entries. Also, indicate its normal balance.1. Accounts Receivable2.
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a financing activity:1. Cash
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different proprietorships:
Universal Services was organized on October 1, 2012. A summary of the revenue and expense transactions for October follows:Fees earned
Financial information related to Lost Trail Company, a proprietorship, for the month ended June 30, 2012, is as follows:Net income for June
From the following list of selected items taken from the records of Hoosier Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Accounts Receivable2.
Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business.b. Purchased supplies for cash.c. Purchased supplies on account.d.
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) owner’s equity:a. cashb. wages expensec. accounts payabled. fees earnede. suppliesf. land
a. Land with an assessed value of $400,000 for property tax purposes is acquired by a business for $525,000. Ten years later, the plot of land has an assessed value of $700,000 and the business
Canadian Company has completed its accounting information processing cycle for the year ended December 31, 2017. Reversing entries are under consideration on January 1, 2018, for two different
Company Chad outstanding 30,000 common shares. On January 1, 2018, Company D purchased some of these shares as a non-current investment at $25 per share. At the end of 2018, Company C reported the
The following list of items relate to the business of Jay Street Wear:1. Cash paid into the business by Jay to begin operations2. Racks purchased to display merchandise to customers3. Building leased
Discuss the significance of the following assumptions in the preparation of an entity’s financial statements:(a) Entity assumption(b) Accrual basis assumption(c) Going concern assumption(d) Period
Craig's Car Detailing Service had the following accounts and acount balances in the adjusted trial balance columns of its workshet for the year ended 30 June 2017.RequiredRecord the required
Refer to the information in exercise 12.1. Complete requirements A and B but this time include the impact of a 10% GST.Data from in exercise 12.1Centenary Ceramics deals in ceramic pots and
Refer to the data in exercise 12.6. Assume that the firm is registered for the GST, i.e. consulting fees owing will be $517 000 (including GST) and debts to be written off are $10 010 (including
The information below has been extracted from the financial statements of Crystal Craft Ltd.RequiredA. Calculate the following for years 2016 and 2017:1. Receivables turnover ratio2. Average
The information below relates to barrels of oil held in the inventory of Olsen’s Ltd during 2015.Owing to an oil glut, the net realisable value for a barrel of the same grade of oil was $40 per
In groups of three, obtain the latest statement of cash flows for a company (other than JB Hi-Fi Limited). Financial reports are available from company websites, and usually from internet sites
On 1 March, Hinkle Ltd borrowed $4000 at 10% simple interest for 3 years. Calculate the amount of interest payable over the 3 years.
Using table A.1, calculate the following future values:1. $10 000 invested at 8% for 5 years, compounded yearly2. $10 000 invested at 8% for 5 years, compounded half-yearly3. $10 000 invested at 8%
Refer to exercise A.1. How much interest would be due if compound interest were involved?Data from in Exercise A.1On 1 March, Hinkle Ltd borrowed $4000 at 10% simple interest for 3 years. Calculate
Using table A.2, determine the following future values:1. $10 000 invested at the end of each year for 5 years at 12%, compounded yearly2. $5000 invested at the end of each 6 months for 5 years at 8%
An investor wants to know how much a $5000 investment made today will amount to in 15 years if it earns 10% interest, compounded yearly.
An investor wants to know how much she will have if she makes annual payments of $5000 at the end of the year for 10 years assuming the money will earn 8%.
Using table A.3, determine the present values of the following situations:1. $10 000 in 5 years at 12%, compounded yearly2. $10 000 in 5 years at 10%, compounded half-yearly3. $10 000 in 5 years at
Using table A.4, calculate the present values of the following situations:1. $10 000 to be paid at the end of each year for 5 years, assuming 10% interest and yearly compounding2. $5000 to be paid at
Donna wants to establish an investment fund for her only daughter, who currently is 8 years old. She wants to know how much she must invest today for the amount to accumulate to $50 000 in 10 years
An investor wants to receive $5000 at the end of each year for the next 5 years (including the current year). How much must he invest today to achieve his objective assuming the money earns 8%?
The summarised statements of financial position for two business entities are presented below:Sharp Photographics is considering the possibility of acquiring the businesses of Framers & Son and
Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or extraordinary (E). a. Loss on the disposal
A company reports the following:Income before income tax $4,000,000Interest expense 400,000Determine
A company reports the following:Net sales
A company reports the following:Net sales
a. Why is it advantageous to have a high inventory turnover? b. Is it possible to have a high inventory turnover and a high number of days’ sales in inventory? Discuss.
Indicate whether each of the following would be added to or deducted from net income in determining net cash flow from operating activities by the indirect method: a. Increase in notes payable
Identify the type of cash flow activity for each of the following events (operating, investing, or financing): a. Redeemed bonds b. Purchased patents c. Purchased buildings d.
Identify whether each of the following would be reported as an operating, investing, or financing activity on the statement of cash flows. a. Purchase of investments
Identify whether each of the following would be reported as an operating, investing, or financing activity on the statement of cash flows. a. Payment of accounts payable
Select a public corporation you are familiar with or which interests you. Using the Internet, develop a short (1 to 2 pages) profile of the corporation. Include in your profile the following
Apple Inc. designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod) and mobile phones (iPhone) along with related
The general merchandise retail industry has a number of segments represented by the following companies:
Dell, Inc. and Hewlett-Packard Development Company, L.P. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two different strategies. Dell follows
The beginning inventory at RTE Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.Instructions 1. Record the inventory, purchases, and cost of

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