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business
fundamental accounting principles 25th

Questions and Answers of Fundamental Accounting Principles 25th

Use the information in QS 1-15 to prepare a statement of owner’s equity for Hawkin for the month ended December 31. Net income is $5,800 and owner investments are $0 for the period. Data From
Use the information in QS 1-15 to prepare a December 31 balance sheet for Hawkin. Hawkin, Capital, December 31, equals $15,700 Data From Quicky Study 1-15On December 31, Hawkin’s records show
Identify the following cash flows as reported under either operating activities, investing activities, or financing activities. 1. Cash purchase of equipment 2. Cash paid for land 3.
Home Demo reports the following results. (a) Compute Home Demo’s return on assets. (b) Is Home Demo’s return on assets better than the 11% return of Lows Hardware (a competitor)?
Humble Management Services opened for business and completed these transactions in September. Sep. 1. H. Humble, the owner, invested $38,000 cash along with office equipment valued at $15,000 in
Classify each of the following accounts as an Asset, Liability, or Equity account. a. Cashb. Prepaid Rentc. Office Suppliesd. Prepaid Insurancee. Office Equipmentf. Notes Payable g.
Zucker Management Services opened for business and completed these transactions in November. Nov. 1. M. Zucker, the owner, invested $30,000 cash along with $15,000 of office equipment in the
Key comparative figures for Apple, Google, and Samsung follow.Required 1. Compute Samsung’s debt ratio for the current year and prior year. 2. Did Samsung’s financial leverage increase or
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on December 1. On December 31, Metrix shows the following selected accounts and amounts for the month of
Open a ledger account for Cash in balance column format. Post general journal entries that impact cash from Exercise 2-9 to the ledger account for Cash, and enter the balance after each
Use the information in Exercise 2-9 to open these T-accounts: Cash; Supplies; Prepaid Insurance; Equipment; M. Harris, Capital; Services Revenue; and Utilities Expense. (1) Post the general journal
Home Demo reports the following: Total liabilities = $38,633 million and Total assets = $42,966 million. (a) Compute Home Demo’s debt ratio. (b) Assuming Lows Hardware (a competitor) has
Chase Company posted transactions (a through f) in the following T-accounts in December, its first month of operations. Prepare the six journal entries from which the postings were made. Supplies
Use the T-accounts in Exercise 2-19 from Chase Company’s first month of operations to prepare its December 31 trial balance. Data From Exercise 2-19Chase Company posted transactions (a through
Prepare a December 31 trial balance for Jindal Co. using the following information and fill in the missing amount for Equipment (assume all data are correct). $ 8,000 Equipment. $_? Wages expense .
On March 1, Year 1, a company paid an $18,000 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the following table.
After the success of the company’s first two months, Santana Rey continues to operate Business Solutions. The November 30, 2021, unadjusted trial balance of Business Solutions (reflecting its
Use Apple’s financial statements in Appendix A to answer the following. 1. Compute Apple’s profit margin for fiscal years ended (a) September 28, 2019, and (b) September 29, 2018. 2. Is
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations.
Arnez Company’s annual accounting period ends on December 31. The following information concerns the adjusting entries to be recorded as of that date. Entries can draw from the following partial
Key figures for the recent two years of both Apple and Google follow.Required 1. Compute profit margins for (a) Apple and (b) Google for the two years of data reported above. 2. In the
For each separate case, record the necessary adjusting entry. a. On July 1, Lopez Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance
Gomez Company reported net income of $48,025 and net sales of $425,000 for the current year. (a) Compute Gomez’s profit margin. (b) Assuming Cruz (a competitor) has a profit margin of
Refer to Apple’s financial statements in Appendix A to answer the following.1. For the fiscal year ended September 28, 2019, what amount is credited to Income Summary to summarize its revenues
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.Apr. 2. Nozomi invested $30,000 cash and computer
Key figures for the recent two years of both Apple and Google follow.Required1. Compute current ratios for (a) Apple and (b) Google for the two years reported above.2. In the current year, which
Determine the financial statement column (Income Statement column or the Balance Sheet & Statement of Owner’s Equity column) where a normal account balance is extended.a. Equipmentb. Owner,
The following unadjusted trial balance is for Ace Construction Co. at its June 30 current fiscal year-end. The credit balance of the V. Ace, Capital account was $53,660 on June 30 of the prior year,
The following selected information is available from Samsung’s financial statements.Required1. Compute Samsung’s current ratio for both the current year and the prior year.2. In the current year,
Review this chapter’s opening feature involving Evan and Bobby and Snapchat.1. Explain how a classified balance sheet can help Evan and Bobby know what bills are due when and whether they have the
Key comparative figures for Samsung, Apple, and Google follow.Required 1. Compute profit margin for Samsung, Apple, and Google.2. Which company is least successful on the basis of profit margin? $
For journal entries 1 through 6, identify the explanation that most closely describes it. A. To record this period’s depreciation expense.B. To record accrued salaries expense.C. To record
Review this chapter’s opening feature involving Emily and Betsy and Sword & Plough. Required 1. Assume that Sword & Plough sells a $300 gift certificate to a customer, collecting
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period.Merchandise (gross)
Refer to the opening feature about Kendra Scott. Assume the business reports current annual sales at approximately $1 million and prepares the following income statement.Assume the business sells to
Allied Merchandisers was organized on May 1. Macy Co. is a major customer (buyer) of Allied (seller) products. Prepare journal entries to record the following transactions for Allied assuming it uses
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.Sep. 15. Purchased merchandise with an
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.May 1. Purchased merchandise with a price
Prepare journal entries to record each of the following transactions. The company records purchases using the gross method and a perpetual inventory system.June .1 Purchased merchandise with a price
Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method.May 1. Sold merchandise for $600, with
Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method.May 1. Powell purchased merchandise with a
Telo Company’s ledger on July 31, its fiscal year-end, shows merchandise inventory of $37,800 before accounting for any shrinkage. A physical count of its July 31 year end inventory discloses that
The following listing of temporary accounts is from the December 31 adjusted trial balance of Emiko Co. Use these normal account balances to journalize closing entries. Debit Credit Debit Credit K.
Refer to the information in Exercise 5-16 and indicate whether the failure to include in-transit inventory as part of the physical count results in an overstatement, understatement, or no effect on
Refer to QS 5-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.Data
Refer to QS 5-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system.Data
Refer to Exercise 5-3 and prepare journal entries to record each of the merchandising transactions assuming that the buyer uses the periodic inventory system and the gross method.Data From Exercise
Refer to Exercise 5-9 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system and the gross method are used by both the buyer and the
a. Compute the acid-test ratio for each of the following separate cases.b. Which company is in the best position to meet short-term obligations? Camaro GTO Torino Cash $2,000 $ 110 $1,000 Short-term
Chazen Company’s inventory balance at the beginning of the year was $6,000. During the year, the company had Purchases of $30,000 and Purchases Returns and Allowances of $2,000. The company’s

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