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Questions and Answers of Financial Accounting

On June 1, Gamma Company acquired all of the net assets of Pi Company for $140,000 cash. The two companies merged, with Gamma Company surviving. On the date of acquisition, Pi Company’s balance
In your web browser, search for the investor relations page of a public company you are interested in (e.g., Papa Johns investor relations). Select SEC Filings or Annual Report or Financials to
Bott Company acquired 500 shares of Barus Company at $53 per share as a long-term investment. This represents 40 percent of the outstanding voting shares of Barus. During the year, Barus paid
Electronic Arts Inc. “is a global leader in digital interactive entertainment. We develop, market, publish and deliver games, content and services that can be played and watched on game consoles,
Jordan Company purchased 100 percent of the outstanding voting shares of Phil Corporation in the open market for $230,000 cash, and Phil was merged into Jordan Company. On the date of acquisition,
Using the following categories, indicate the effects of the transactions listed in MA-8. Use + for increase and − for decrease and indicate the amounts.Data from in MA-8On January 1 of the current
Cisco Systems, Inc., is a global conglomerate that develops, manufactures, and sells networking hardware (e.g., switches, routers, and cybersecurity), software, telecommunications equipment, and
Financial data for Safety Hire as of 30 June 2015 are:RequiredA. Prepare an income statement for the month of June and a balance sheet in account format for Safety Hire as at 30 June 2015.B. Discuss
Asset, liability, equity, income and expense amounts for Sadoka’s Interior Decorating at 30 June 2016 are presented below:RequiredA. Prepare an income statement for the business for the year ended
Oxfam is a ‘not-for-profit’ entity. Discuss what it means to be a ‘not-for-profit’ entity.
Calculate the two missing amounts for each independent case below. Case ABCDE Total assets $ 90 000 $110 000 ? $93 000 ? Total liabilities $37.000 ? $18.000 ? $55 000 Equity ? $ 82000 $ 53000 $ 50
During October 2016, Cleo organised a new business, Cleo’s Cafe. After each October transaction, Cleo prepared a balance sheet, as shown overleaf.RequiredA. Describe the nature of each of the four
Dawson Industries began operations early in January 2017. On 31 December 2017, records showed the following asset, liability, equity, income and expense amounts:RequiredA. Prepare an income statement
A new business graduate with one subject of accounting prepared the financial statements below for Helen’s Dancing School at the end of the first year of operations.Additional analysis revealed the
Financial balances for the car hire business of John’s Limos on 31 March 2016 are provided below in a table in accounting equation form similar to the chapter illustrations.During April, the
The Marketing Store was established as a sole trader business, specialising in providing marketing services, on 1 January 2016. The owner, Jenny Smart, contributed $100 000 in cash to the business
Financial balances for Ho Ming Wee, Solicitor, on 30 June 2016 are given below in a table in accounting equation form similar to the chapter illustrations.During the early part of July, the business
Emma Lu obtained registration to practice as a naturopath, and spent the month of July 2016 setting up her business — E. Lu, Naturopath. Emma prepared a new balance sheet after each transaction
Tran’s Clothing Alterations began operations on 1 August 2016 and completed the following transactions during the first month.1. Tran deposited $18 000 of her personal funds in a current account at
Baker’s Bread Shop was established on 1 April 2016 with an initial investment of $100 000 by the owner. During the first few weeks of business, the owner employed a part-time accountant (with only
Jason Vu offers tutoring services to first-year university students. He has set up a sole proprietorship business named JV Tutoring. Jason has collected the following information relating to his
Lana Priest set up a home sewing business on 1 July 2016. Usually, Lana collects $20 per hour for sewing on the completion of each day’s work and pays for the maintenance of her machine with cash.
How is profit determined under (a) the cash basis of accounting and (b) the accrual basis of accounting?
The adjusted trial balance columns of the worksheet for Chris’ Cleaning Services are as shown below.RequiredComplete the worksheet and prepare an income statement, a statement of changes in equity
Different equity accounts are used depending on the type of organisation. Illustrate and explain.
Refer to the data presented in exercise 8.2. Assume further that Pike and Smith agree that their opening capital balances in the new partnership should be the same and set the amount at $90 000.Data
Selected accounts taken from the general ledger of Hampsteads showed the following balances at 31 December.RequiredA. Prepare adjusting entries for the accounts based on the following data that are
Using the perpetual inventory system, record transactions (1) to (7) in exercise 6.2 in the general journal, assuming the business is registered for the GST, and that GST has to be added to the
‘The perpetual inventory system is superior to the periodic system.’ Discuss.
Scone Ltd was registered on 1 February 2016. The following events occurred in that year: Feb. 1 50 000 ordinary shares were allotted to the original members. The shares were paid for in full at a
On 1 July 2016, Grafton Ltd was incorporated, and on 4 July a prospectus was issued inviting applications for 80 000 shares payable $4.50 on application, $2.50 on allotment and $2.50 on each of two
Visit the websites of the IASB (www.ifrs.org) and the AASB (www.aasb.com.au).RequiredA. Find out the major issues currently on the agenda for consideration in future accounting standards, and present
Outline the regulatory process in Australia in relation to accounting standard setting, and discuss the influence of international bodies in the standard-setting process.
The statement of cash flows for Carsales.com Ltd, a company listed on the Australian Securities Exchange, follows.RequiredA. Explain the information that would be presented in Note 29 of Carsales.com
Needy Ltd has issued convertible notes under an agreement to maintain net assets, defined in the agreement as assets minus all liabilities except the convertible notes, at an amount not less than 2
In analysing the financial statements of an entity, the following ratios were calculated:Evaluate the entity’s liquidity. Current ratio Quick ratio Receivables turnover Inventory turnover Profit
You are provided with the following information from the statement of cash flows for Precedent Ltd:RequiredCalculate the following cash sufficiency ratios for Precedent Ltd for 2017 and 2016:1. Cash
As the accountant for Sam & Ben’s Ice Cream you are required to perform a bank reconciliation at the end of June 2016. The bank reconciliation statement for the previous month is set out
The owner of Smith Hardware has completed a bank reconciliation and cannot get the bank’s records to agree with the cash records of his business. He concludes that internal control has somehow
The following information relating to Mount Athos Ltd has been obtained from the balance sheet as at 30 June 2018.In addition to the above, it is noted that during the year ended 30 June 2019:(a) 100
Which account would not be included in the debt-to-equity ratio calculation?a. Unearned Revenue.b. Retained Earnings.c. Income Taxes Payable.d. All of the above are included.
Refer to the financial statements and footnotes of Target given in Appendix B at the end of this book. All dollar amounts are in millions.Data from in appendix BRequired:1. What is the amount of
For each of the 10 long-lived assets shown below, indicate its nature and the related cost allocation concept. Use the following abbreviations: L LBE Nature Land Building Equipment Natural
The following is a list of account titles and amounts (dollars in millions) from a recent annual report of Hasbro, Inc., a leading manufacturer of games, toys, and interactive entertainment software
On June 1, the Wallace Corp. received a machine it had ordered with an invoice price of $60,000. Freight costs of $650 were paid by the vendor per the sales agreement. The company exchanged the
How is the fixed asset turnover ratio computed? Explain its meaning.
The following data were included in a recent Apple Inc. annual report ($ in millions):Required:1. Compute Apple’s fixed asset turnover ratio for 2018, 2019, and 2020. Round your answers to two
The following information was reported by Young’s Air Cargo Service for 2020:Compute the company’s fixed asset turnover ratio (rounded to two decimal places) for the year. What can you say about
A recent annual report for Delta Air Lines included the following note:Assume that Delta made extensive repairs on an airplane engine, increasing the fuel efficiency and extending the useful life of
As stated in its recent annual report, “Sysco Corporation . . . is the largest global distributor of food and related products primarily to the foodservice or food-away-from-home industry. We
Best Buy Co., Inc., headquartered in Richfield, Minnesota, is one of the leading consumer electronics retailers, operating more than 1,100 stores across the globe. The following was reported in a
Under the cost measurement concept, what amounts should be included in the acquisition cost of a long-lived asset?
The Gap, Inc., is a global retailer of apparel, accessories, and personal care products for women, men, and children under the Gap, Banana Republic, Old Navy, Athleta, Intermix, Janie and Jack, and
During the current year, Yost Company disposed of three different assets. On January 1 of the current year, prior to the disposal of the assets, the accounts reflected the following:The machines were
What assets should be amortized using the straight-line method?a. Intangible assets with definite livesb. Intangible assets with indefinite livesc. Natural resourcesd. All of the above
The notes to a recent annual report from Lakshmi Financial Services Corporation indicated that the company acquired another company, Sanjeev Insurance Company. Assume that Lakshmi finalized the
Distinguish between ordinary repairs and improvements. How is each accounted for?
In computing depreciation, three pieces of information must be known or estimated; identify and explain the nature of each.
You are a financial analyst charged with evaluating the asset efficiency of companies in the hotel industry. Recent financial statements for Marriott International include the following
Company X is going to retire equipment that is fully depreciated with no residual value. The equipment will simply be disposed of, not sold. Which of the following statements is true?1 – Total
Starn Tool & Manufacturing Company, located in Meadville, PA, provides component machining for robotics, drones, vision systems, and special machines and assemblies for the aerospace, military,
Springer International Publishing, headquartered in Berlin, Germany, is a leading global publisher of scientific, technical, and medical journals and books for researchers in academia, scientific
At the beginning of the year, Palermo Brothers, Inc., purchased a new plastic water bottle-making machine at a cost of $45,000. The estimated residual value was $5,000. Assume that the estimated
Ramirez Foods Company acquired a corn flour milling machine for $20,000 and depreciated it on a straight-line basis over an eight-year useful life with a residual value of $3,000. At the end of the
A recent annual report for FedEx includes the following information:Required:Explain why FedEx uses different depreciation methods for financial reporting and tax purposes. For financial reporting
In your web browser, search for the investor relations page of a public company you are interested in (e.g., Papa Johns investor relations). Select SEC Filings or Annual Report or Financials to
Microsoft Corporation is a leading technology company with products ranging from operating systems, productivity applications, server applications, business solution applications, software
Irish Industries purchased a machine for $65,000 and is depreciating it using the straight-line method over a life of 10 years, with a residual value of $3,000. At the beginning of the sixth year, a
In a recent 10-K report, United Parcel Service states it “is the world’s largest package delivery company, a leader in the United States less-than-truckload industry, and the premier provider of
What is asset impairment? How is it accounted for?
Delta Air Lines owns hundreds of aircraft, with about 60 percent of its fleet consisting of Boeing aircraft, while Airbus aircraft make up about 40 percent. It sold seven used Boeing 767-300 jets to
On January 1 of the current year, the records of Khouri Corporation showed the following regarding a truck:On December 31 of the current year, the delivery truck was a total loss as the result of an
Freeport-McMoRan Copper & Gold Inc., headquartered in Phoenix, Arizona, is a leading international mining company of copper, gold, and molybdenum. Its revenues were over $14 billion in a recent
Yukelson Company owns the building occupied by its administrative office. The office building was reflected in the accounts at the end of last year as follows:During January of this year, on the
Springer Company had three intangible assets at the end of 2023 (end of the accounting year):a. A copyright purchased on January 1, 2023, for a cash cost of $14,500. The copyright is expected to have
Cauce Corporation is preparing its year-end balance sheet. The company records show the following selected amounts at the end of the year:Required:1. Identify current liabilities and compute working
Chukanut Company completed the following transactions during Year 1. Chukanut’s fiscal year ends on December 31.Required:1. Prepare journal entries for each of these transactions.2. Prepare all
Vigeland Company completed the following transactions during Year 1. Vigeland’s fiscal year ends on December 31.Required:1. Prepare journal entries for each of these transactions.2. Prepare all
What is the present value factor for an annuity of five periods and an interest rate of 10 percent?a. 0.62092b. 4.32948c. 3.79079d. 7.72173
Pool Corporation, Inc., sells swimming pool supplies and equipment. It is a publicly traded corporation that trades on the NASDAQ exchange. The majority of Pool’s customers are small, family-owned
Palouse Company completed the salary and wage payroll for the month of March. The payroll provided the following details:Required:1. Provide the journal entry to record the payroll for March,
Roger Company completed the following transactions during Year 1. Roger’s fiscal year ends on December 31.Required:1. Prepare journal entries for each of these transactions.2. Prepare all adjusting
What financial statement is the primary source of information about the liabilities of a company?
Oaks Company has completed the payroll for the month of January, reflecting the following data:Required:1. What was the total labor cost to the company? What was the amount of the employees’
The university golf team needs to buy a car to travel to tournaments. A dealership in Bellevue has agreed to the following terms: $4,000 down plus 20 monthly payments of $750. A dealership in Seattle
Which of the following best describes accrued liabilities?a. Long-term liabilities.b. Current amounts owed to suppliers of inventory.c. Current liabilities to be recognized as revenue in a future
Rainier Company borrowed $600,000 for three months. The annual interest rate on the loan was 11 percent. Rainiers fiscal year ends on December 31. Rainier borrowed the $600,000 one month prior to the
You are researching the housing market in Bloomington, Indiana, and you come upon an advertisement offering to sell a house for $240,000 with a zero interest rate mortgage. All you have to do is
Many businesses borrow money during periods of increased business activity to finance inventory and accounts receivable. Nordstrom, Inc., is one of America’s most prestigious retailers. Each
Brad & Kelly Company has borrowed $100,000 from the bank to be repaid over the next five years, with payments beginning next month. Which of the following best describes the presentation of this
Danali Corporation borrowed $290,000 on October 1. The note carried a 10 percent interest rate with the principal and interest payable on May 1 of next year. Prepare the journal entry to record the
During its first year of operations, Chestnut Company completed the following two transactions. The annual accounting period ends December 31.a. Paid and recorded wages of $89,000 during Year 1;
Define accrued liability. What is an example of an accrued liability?
A company is facing a lawsuit from a customer. It is possible, but not probable, that the company will have to pay a settlement that management estimates to be $2,000,000. How would this fact be
Jose Company sells a wide range of goods through two retail stores operated in adjoining cities. Jose purchases most of the goods it sells in its stores on credit, promising to pay suppliers later.
Dell Computers is a leader in the computer industry with over $90 billion in sales each year. A recent annual report for Dell contained the following note:1. Assume that estimated warranty costs for
Which of the following transactions would usually cause accounts payable turnover to increase?a. Payment of cash to a supplier for merchandise previously purchased on credit.b. Collection of cash
The balance sheet for Yakima Corporation reported the following: noncurrent assets, $240,000; total assets, $360,000; noncurrent liabilities, $176,000; total stockholders’ equity, $94,000. Compute
Columbia Sportswear is an outdoor and active lifestyle apparel and footwear company. Assume that last year, Columbia reported cost of goods sold of $941 million. This year, cost of goods sold was
The present value of an annuity of $10,000 per year for 10 years discounted at 8 percent is what amount?a. $5,002b. $67,101c. $53,349d. $80,000

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