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financial accounting

Questions and Answers of Financial Accounting

Party Wagon, Inc., provides musical entertainment at weddings, dances, and various other functions. The company performs adjusting entries monthly, but prepares closing entries annually on December
Gerdes Psychological Services, Inc., closes its temporary accounts once each year on December 31. The company recently issued the following income statement as part of its annual report:The firm’s
Indicate whether a debit or credit is required to close each of the following accounts. Use the symbols D if a debit is required, C if a credit is required, and N if the account is not closed at the
Mate Ease is an Internet dating service. All members pay in advance to b e listed in the database. Advance payments are credited to an account entitled Unearned Member Dues. Adjusting entries are
River R at, Inc., operates a ferry that takes travelers across the Wild River. The company adjusts its accounts at the end of each month. Selected account balances appearing in the April 30 adjusted
Campus Theater adjusts its accounts every month. The company’s unadjusted trial balance dated August 31, 2015, is on page 176. Additional information is provided for use in preparing the
The following information was reported in a recent balance sheet issued by Microsoft Corporation:1. The book value of property and equipment is listed at $90 billion (net of depreciation). Related
When American Airlines sells tickets for future flights, it debits Cash and credits an account entitled Air Traffic Liability (as opposed to crediting Passenger Revenue Earned). This account,
Milford Corporation pays its employees on the fifteenth of each month. Accrued, but unpaid, salaries on December 31, 2015, totaled $175,000. Salaries earned by Milford’s employees from January 1
Dr. Schekter, DVM, opened a veterinary clinic on May 1, 2015. The business transactions for May are shown below:May 1 Dr. Schekter invested $400,000 cash in the business in exchange for 5,000 shares
Moon Corporation and Star Corporation are in the same line of business and both were recently organized, so it may be assumed that the recorded costs for assets are close to current market values.
Listed below in random order are the items to be included in the balance sheet of Tri-State Lodge at December 31, 2015:Instructionsa. Prepare a balance sheet at December 31, 2015. Include a proper
Listed below in random order are the items to be included in the balance sheet of Rocky Mountain Lodge at December 31, 2015:Instructionsa. Prepare a balance sheet at December 31, 2015. Include a
McKesson Corporation ’s annual report for the year ended March 31, 2012, includes income statements for three years: ending on March 31, 2010, 2011, and 2012. Net income for these three years is as
Wiley Company had total revenues of $300,000 for a recent month. During the month the company incurred operating expenses of $205,000 and purchased land for $55,000. Compute the amount of Wiley’s
Foster, Inc., purchased a truck by paying $5,000 and borrowing the remaining $30,000 required to complete the transaction. Briefly state how this transaction affects the company’s basic accounting
Walters Company purchased a piece of machinery on credit for $20,000. Briefly state the way this transaction affects the company’s basic accounting equation.
Match the organizations on the left with the functions on the right. Each function should be used only once. Organization Function Institute of Internal Auditors a. The group that creates and
You recently invested $15,000 of your savings in a security issued by a large company. The security agreement pays you 8 percent per year and has a maturity three years from the day you purchased it.
The post-closing trial balances of two proprietorships on January 1, 2020, are presented below (amounts in thousands).Bon-Joon and Joon-Ho decide to form a partnership, BJH Company, with the
Summarized operations for Carston Gardens for the month of July are as follows.Revenues recognized: for cash £30,000; on account £70,000.Expenses incurred: for cash £26,000; on account
In February 2020, Xia Sun invested an additional £10,000 in Midtown plc. Midtown’s accountant, Jon Shin, recorded this receipt as an increase in cash and revenues. Is this treatment appropriate?
Remmers Travel Agency purchased land for £85,000 cash on December 10, 2020. At December 31, 2020, the land’s value has increased to £93,000. What amount should be reported for land on Remmers’
The comparative condensed statements of fi nancial position of Garcia SLU are presentedbelow.Instructionsa. Prepare a horizontal analysis of the statement of fi nancial position data for Garcia using
Refer to the financial statements of TSMC presented in Appendix A to answer the following questions. The complete annual report, including notes to the financial statements, is available at the
Meera Ltd.’s comparative statements of financial position are presented below.Additional information:1. Net income was £22,590. Dividends declared and paid were £16,500.2. All other changes in
The three accounts shown below appear in the general ledger of Chaudry NV during 2020.InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash
Tim Latimer Ltd. had the following transactions.1. Sold land (cost £12,000) for £10,000.2. Issued ordinary shares at par value for £18,000.3. Recorded depreciation on buildings for £14,000.4.
On January 1, 2020, Chamblin AG had the following equity balances.Share Capital—Ordinary (400,000 shares issued) .................. CHF800,000Share Premium—Ordinary
The post-closing trial balance of Russo SpA at December 31, 2020, contains the following equity accounts.Share Capital—Preference (12,000 shares issued) ..................... € 600,000Share
On June 1, Federia Ltd. issues 4,500 no-par ordinary shares at a cash price of HK$600 per share. Journalize the issuance of the shares assuming the shares have a stated value of HK$200 per share.
Contrast the effects of a cash dividend and a share dividend on a company’s statement of financial position.
On May 1, 2020, Herron Industries AG issued CHF600,000, 9%, 5-year bonds at face value. The bonds were dated May 1, 2020, and pay interest annually on May 1. Financial statements are prepared
Lorance SpA issued €400,000, 7%, 20-year bonds on January 1, 2020, for €360,727. This price resulted in an effective-interest rate of 8% on the bonds. Interest is payable annually on January 1.
Sport Pro Magazine sold 12,000 annual subscriptions of its monthly magazine on August 1, 2020, for €18 each. Prepare Sport Pro’s August 1, 2020, journal entry and the December 31, 2020, annual
On March 1, 2020, Rollinger Group acquired real estate on which it planned to construct a small offi ce building. The company paid €86,000 in cash. An old warehouse on the property was razed at a
Compute interest and find the maturity date for the following notes (NT$ in thousands). Interest Rate (%) Date of Note Principal NT$80,000 Terms 60 days 90 days June 10 b. a. 6% 7% 8% July 14 April
Kingston Publishers uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are £420,000 at
Assume the same information as BE8.4. On March 4, 2021, Chin Appliances receives payment of ¥6,200 in full from Megan Gray. Prepare the journal entries to record this transaction.
Compute the missing items for each of the following notes. Total Annual Interest Rate Principal Time Interest 120 days 3 years 5 months € 450 a. 9% 10% b. €30,000 c. €60,000 d. €45,000
On December 1, 2020, Papadopoulos Seasonings had the following account balances.During December, the company completed the following transactions.Dec. 7 Received €3,600 cash from customers in
This information is for Java Growers for the year ended December 31, 2020 (amounts in thousands).Cash received from revenues from customersRp600,000Cash received for issuance of ordinary
Presented below is financial information related to the 2020 operations of Delgado Cruises SA.Maintenance and repairs expenseR$ 97,000Utilities expense10,000Salaries and wages
Lynn Dreise is the bookkeeper for Sanculi SpA. Lynn has been trying to get the statement of financial position of Sanculi to balance correctly. Sanculi’s statement of fi nancial position is shown
Bear Park Ltd., a camping ground in the Lake District, has compiled the following financial information as of December 31, 2020.Instructionsa. Determine Bear Park’s net income for 2020.b. Prepare a
The following information relates to Karen Weigel Co. for the year 2020.InstructionsAfter analyzing the data, prepare(a) An income statement(b) A comprehensive income statement for the year 2020.
An analysis of transactions for Kang & Co. was presented in E1.8.InstructionsPrepare an income statement and a retained earnings statement for August and a statement of financial position at
Presented below is selected information related to Tsui Repairs at December 31, 2020. Tsui reports financial information monthly (amounts in thousands).a. Determine the total assets of Tsui Repairs
Transactions made by Callahan Ltd., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation, similar to
Franklin Company has the following four items in its ending inventory as of December 31, 2020. The company uses the lower-of-cost-or-market approach for its LIFO inventory valuation.Compute the
On December 1, Discount Electronics has three DVD players left in stock. All are identical, all are priced to sell at NT$4,500. One of the three DVD players left in stock, with serial #1012, was
At December 31, 2020, the following information was available for Tai Lin Goods: ending inventory HK$400,000, beginning inventory HK$580,000, cost of goods sold HK$2,842,000, and sales revenue
Presented below is financial information for two different companies (amounts in thousands).Instructionsa. Determine the missing amounts.b. Determine the gross profit rates. (Round to one decimal
The following items were taken from the financial statements of J. Kung Enterprises. (All amounts are in thousands.)InstructionsPrepare a classified statement of financial position in good form as
The following data are taken from the comparative statements of financial position of Newman Billiards Club, which prepares its financial statements using the accrual basis of accounting.Members are
The trial balances before and after adjustment for Matusiak OAO at the end of its fiscal year are presented below.InstructionsPrepare the adjusting entries that were made. Matusiak OAO Trial Balance
Action Quest Games adjusts its accounts annually. The following information is available for the year ended December 31, 2020.1. Purchased a 1-year insurance policy on June 1 for $1,800 cash.2. Paid
Yilmaz A.Ş. encounters the following situations:1. Yilmaz collects 1,300 from a customer in 2020 for services to be performed in 2021.2. Yilmaz incurs utility expense which is not yet paid in cash
Carillo Painting collected £108,000 from customers in 2020. Of the amount collected, £25,000 was for services performed in 2019. In addition, Carillo performed services worth £36,000 in 2020,
At the end of its first year, the trial balance of Wolowitz Company shows Equipment €30,000 and zero balances in Accumulated Depreciation Equipment and Depreciation Expense. Depreciation for the
Define two IFRSs that relate to adjusting the accounts.
Selected transactions for Ling Couture during its first month in business are presented below.Sept. 1 Shareholders invested NT$10,000 cash in the business in exchange for ordinary shares.5 Purchased
Selected transactions for Sophie’s Dog Care are as follows during the month of March.March 1 Paid monthly rent of $1,200.3 Performed services for $160 on account.5 Performed services for cash of
Data for Acosta Decor are presented in E2.2.InstructionsJournalize the transactions using journal page J1. (You may omit explanations.)Refer dataSelected transactions for Acosta Decor, an interior
Selected transactions for Acosta Decor, an interior design company, in its first month of business are as follows.Jan. 2 Marie Acosta invested €10,000 cash in business in exchange for ordinary
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Chang Ltd. Trial Balance December 31, 2020 Credit Debit
From the ledger balances given below, prepare a trial balance for Amaro Company at June 30, 2020. List the accounts in the order shown in the text. All account balances are normal. Accounts Payable
Selected journal entries for Wang Enterprises are presented in BE2.7. Post the transactions using the standard form of account.Data from BE2.7Selected transactions for Wang Enterprises are presented
Selected transactions for Wang Enterprises are presented in journal form below. Post the transactions to T-accounts. Make one T-account for each account and determine each account’s ending balance.
Journalize the following business transactions.a. Alberto Rivera invests €7,000 cash in the business in exchange for ordinary shares.b. Insurance of €800 is paid for the year.c. Supplies of
Erin Danielle, the bookkeeper for Liverpool Ltd., has been trying to determine the correct statement of financial position for the company. The company’s statement of financial position is shown
Financial statement information about four different companies is as follows.Instructionsa. Determine the missing amounts. For example, to solve for (a), Assets − Liabilities = Equity =
Matt Stiner started a delivery service, Stiner Deliveries Ltd., on June 1, 2020. The following transactions occurred during the month of June.June 1 Shareholders invested £10,000 cash in the
On May 1, 2020, Park Flying School Ltd., a company that provides flying lessons, was started with an investment of W45,000 cash in the business. Following are the assets and liabilities of the
Given the accounting equation, answer each of the following questions.a. The liabilities of Shumway Ltd. are £120,000 and the equity is £232,000. What is the amount of Shumway Ltd.’s total
Presented below is the basic accounting equation (in thousands). Determine the missing amounts. Liabilities ¥50,000 ¥45,000 Equity Assets a. ¥88,000 b. ? ¥70,000 c. с. ¥94,000 ¥60,000
You are holding a concert in your area. Assume you organize as a partnership, with each member of your group contributing $5,000 in exchange for an ownership interest and a share of the profits.
Sherlock Sports Authority purchased inventory costing $30,000 by signing a 4%, short-term, one-year note payable. The purchase occurred on July 31, 2018. Sherlock pays annual interest each year on
Which option is better: receive $160,000 now or $50,000, $25,000, $55,000, $30,000, and $40,000, respectively, over the next five years? The cash flows are at the end of each year except for
Annual cash inflows from two competing investment opportunities are given. Each investment opportunity will require the same initial investment.Requirement1. Assuming a 12% interest rate, which
Annual cash inflows from two competing investment opportunities are given. Each investment opportunity will require the same initial investment.Requirement1. Assuming a 12% interest rate, which
What is the present value of bonds with a face value of $6,000, a stated interest rate of 7%, a market rate of 5%, and a maturity date three years in the future? Interest is paid semiannually. Use
The present value of $3,000 at the end of seven years at 8% interest isa. $2,228.b. $1,749.c. $3,000.d. $15,618.
Hodson Corp. purchased ten $1,000 8% bonds of Eagle Corporation when the market rate of interest was 6%. Interest is paid semiannually, and the bonds will mature in four years. Using the PV function
Haddock Corp. purchased fifteen $1,000 7% bonds of Galvan Corporation when the market rate of interest was 8%. Interest is paid semiannually, and the bonds will mature in nine years. Using the PV
McGee Leasing leased a car to a customer. McGee will receive $300 a month, at the end of each month, for 36 months. Use the PV function in Excel® to calculate the asnwers to the following
Calculate the present value of the following amounts:1. $6,000 at the end of twenty years at 10%2. $6,000 a year at the end of the next twenty years at 10%
Callie Tarres is the general manager of Brennon Company, which provides data-management services for physicians in the Columbus, Ohio, area. Brennon Company is having a rough year. Net income trails
Insurance companies and pension plans hold large quantities of bond investments. Rainy Day Corp. purchased $1,500,000 of 8% bonds of Quantrill, Inc., for 95 on January 1, 2018. These bonds pay
The beginning balance sheet of Lansing Corporation included the following long-term asset:Equity-method Investment in Rockaway Software .....................................................
Illinois Exchange Company completed the following long-term investment transactions during 2018:2018May 12Purchased 21,000 shares, which make up 45% of the common stock of Exeter Corporation at
During the fourth quarter of 2018, Harvestology, Inc. generated excess cash, which the company invested in equity securities as follows:2018Nov 17Purchased 1,300 common shares as an investment in
Insurance companies and pension plans hold large quantities of bond investments. Sea Insurance Corp. purchased $2,000,000 of 9% bonds of Sheehan, Inc., for 96 on January 1, 2018. These bonds pay
The beginning balance sheet of Homesby Corporation included the following long-term asset:Equity-method Investment in Jasmine Software .........................................................
Oregon Exchange Company completed the following long-term investment transactions during 2018:2018May 12Purchased 18,200 shares, which make up 25% of the common stock of Nashua Corporation at total
During the fourth quarter of 2018, Rainbarrel, Inc. generated excess cash, which the company invested in equity securities as follows:Requirements1. Open T-accounts for Cash (including its beginning
On November 1, 2018, Sigma Inc. invests in $1,000,000 of 5%, 10-year bonds issued by Microsoft Corporation, intending to hold the bonds until their maturity. The bonds pay interest each January 1 and
Reliable’s income statement for the year should reporta. Investments of $68,800.b. An unrealized loss of $31,200.c. Dividend revenue of $3,380.d. A gain on sale of investment of $31,200.Reliable
Reliable’s balance sheet at year-end should reporta. Investments of $100,000.b. An unrealized loss of $11,600.c. Investments of $68,800.d. Dividend revenue of $3,380.Reliable Networks owns the
Refer to the Continental data in E-Q-32. On December 31, Continental’s balance sheet should reporta. Dividend revenue of $37,000.b. Investment in equity securities of $554,000.c. Investment in

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