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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The following costs result from the production and sale of 1,000 drum sets manufactured by Tight Drums Company forthe year ended December 31, 2019. The drum sets sell for $500 each. The company has a
Use the amounts shown on the contribution margin income statements below to compute the missing amounts denoted by letters a through n. Company B Company A 1,975 Number of units sold Per unit $65
A manufacturer reports the information below for three recent years. Compute income for each of the three years using absorption costing. Year 2 Year 1 Year 3 Variable costing income Beginning
Refer to the information in Exercise 21-16.1. Compute the company’s degree of operating leverage for 2019.2. If sales decrease by 5% in 2020, what will be the company’s pretax income?3. Assume
Refer to the information in Exercise 21-16. The marketing manager believes that increasing advertising costs by $81,000 in 2020 will increase the company’s sales volume to 11,000 units. Prepare a
Refer to the information in Exercise 21-16.1. Assume Hudson Co. has a target pretax income of $162,000 for 2020. What amount of sales (in dollars) is needed to produce this target income?2. If Hudson
Hudson Co. reports the contribution margin income statement for 2019 below. Using this information, compute HudsonCo.’s(1) Break-even point in units(2) Break-even point in sales dollars.
Zhao Co. has fixed costs of $354,000. Its single product sells for $175 per unit, and variable costs are $116 per unit. The company expects sales of 10,000 units. Prepare a contribution margin income
Google has both fixed and variable costs. Why are fixed costs depicted as a horizontal line on a CVP chart?
Many companies use technology to help them improve processes. One example of such a tool is robotic process automation. Access
Samsung, Apple, and Google are competitors in the global marketplace. Selected data for Samsung follow.Required1. Review the discussion of the importance of the cost of goods sold divided by total
Apple has entered into contracts that require the future purchase of goods or services (“unconditional purchase obligations”). At year-end 2017, Apple reports the following for these future
Identify each of the following features as applying more to job order operations (J), process operations (P), or both joborder and process operations (B).Cost object is a process.Measures unit costs
Apple and Samsung compete in the global marketplace. Apple’s and Samsung’s financial statements are in Appendix A.Required1. Compute the ratio of inventory to total assets for Apple as of
Apple’s and Google’s income statements in Appendix A both show increasing sales and cost of sales. Thegross margin ratio can be used to analyze how well companies control costs as sales
Diaz and Associates incurred the following costs in completing a tax return for a large company. Diaz applies overhead at50% of direct labor cost.1. Prepare journal entries to record direct labor and
EcoSkate makes skateboards from recycled plastic. For a recent job lot of 100 skateboards, the company incurred direct materials costs of $600 and direct labor costs of $200. Overhead is applied
At the beginning of the year, a company predicts total overhead costs of $560,000. The company applies overhead using machine hours and estimates it will use 1,400 machine hours during the year. What
Kwami Williams and Emily Cunningham of MoringaConnect must understand manufacturing costs to effectively operate and succeed as a profitable and efficient business.Required1. What are the three main
Samsung’s 2017 annual report discloses the warranty information below. Like Apple, Samsung offers warranties on its products.Required1. What amount of warranty expense did Samsung record in 2017?
Both Apple and Google (Alphabet) invest in research and development. Access each company’s 2017 income statement from Appendix A.Required1. Compute the ratio of research and development expense to
In its recent annual report and related Corporate Responsibility Report, Hyatt provides information on company performance on several dimensions. Indicate whether the following items below best fit
In its recent annual report and related Global Responsibility Report, Starbucks provides information on company performance on several dimensions. Indicate whether the following items best fit into
Using the following data from both Garcon Company and Pepper Company for the year ended December 31, 2019,compute(1) The cost of goods manufactured(2) The cost of goods sold. Garcon Co. Pepper Co.
Tesla, a vehicle manufacturer, incurs the following costs.(1) Classify each cost as either a product (PROD) or period (PER) cost. If a product cost, identify it as direct materials (DM), direct labor
3M Co. reports beginning raw materials inventory of $855 million and ending raw materials inventory of $717 million.Assume 3M purchased $3,646 million of raw materials and used $3,784 million of raw
3M Co. reports beginning raw materials inventory of $855 million and ending raw materials inventory of $717 million. If 3M purchased $3,646 million of raw materials during the year, what is the
Listed below are product costs for production of footballs. Classify each cost as either variable (V) or fixed (F).Leather covers for footballs.Machinery depreciation (straight-line).Wages of
Access 3M Co.’s annual report (10-K) for the fiscal year ended December 31, 2017, at the SEC’s EDGAR database (SEC.gov)or its website (3M.com). From its balance sheet, identify the titles and
The triple bottom line includes what three main dimensions?
Assume that Carla Harris of Morgan Stanley (MorganStanley.com) has impressed you with the company’s success and its commitment to ethical behavior. You learn of a staff opening at Morgan Stanley
Access the February 21, 2017, filing of the December 31, 2016, 10-K report of The Hershey Company(ticker: HSY) at SEC.gov and complete the following requirements.RequiredCompute or identify the
As Beacon Company controller, you are responsible for informing the board of directors about its financialactivities. At the board meeting, you present the following information.After the meeting,
Key figures for Samsung follow (in ₩ millions).Required1. Compute common-size percents for Samsung using the data provided. Round percents to one decimal.2. What is Samsung’s gross margin ratio
Key figures for Apple and Google follow.Required1. Compute common-size percents for each of the companies using the data provided. Round percents to one decimal.2. If Google decided to pay a
Use Apple’s financial statements in Appendix A to answer the following.1. Using fiscal 2015 as the base year, compute trend percents for fiscal years 2015, 2016, and 2017 for net sales, cost of
Use the following selected data from Business Solutions’s income statement for the three months ended March 31, 2020, and from its March 31, 2020, balance sheet to complete the requirements.1.
Selected comparative financial statement information of Bluegrass Corporation follows.Required1. Compute each year’s current ratios. Round ratio to one decimal.2. Express the income statement data
Selected comparative financial statements of Tripoly Company follow.Required1. Compute trend percents for all components of both statements using 2013 as the base year. Round percents to one
Selected comparative financial statements of Korbin Company follow.Required1. Compute each year’s current ratio. Round ratios to one decimal.2. Express the income statement data in common-size
Selected comparative financial statements of Haroun Company follow.Required1. Compute trend percents for all components of both statements using 2013 as the base year. Round percents to one
Dundee Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $60,000; beginning balance of total assets of $115,000; and ending balance of total assets of
SCC Co. reported the following for the current year: net sales of $48,000; cost of goods sold of $40,000; beginning balance in inventory of $2,000; and ending balance in inventory of $8,000.
Mifflin Co. reported the following for the current year: net sales of $60,000; cost of goods sold of $38,000; beginning balance in accounts receivable of $14,000; and ending balance in accounts
Pritchett Co. reported the following year-end data: cash of $15,000; short-term investments of $5,000; accounts receivable (current) of $8,000; inventory of $20,000; prepaid (current) assets of
Use Samsung’s financial statements in Appendix A to compute its return on total assets for fiscal year ended December 31, 2017.Data from Samsung Samsung Electronics Co., Ltd. and Subsidiaries
Refer to Samsung’s financial statements in Appendix A. Compute its debt ratio as of December 31, 2017,and December 31, 2016.Data from Samsung Samsung Electronics Co., Ltd. and Subsidiaries
Refer to Google’s financial statements in Appendix A to compute its equity ratio as of December 31, 2017, and December 31, 2016.Data from Google's Google Inc. (Alphabet Inc.) CONSOLIDATED BALANCE
Refer to Apple’s financial statements in Appendix A. Compute its profit margin for the years ended September 30,2017, and September 24, 2016.Data from Apple’s Data from Google's Apple Inc.
Key comparative information for Samsung, Apple, and Google follows.Required1. Compute the recent two years’ cash flow on total assets ratio for Samsung.2. Is the change in Samsung’s cash flow on
Key figures for Apple and Google follow.Required1. Compute the recent two years’ cash flow on total assets ratios for Apple and Google.2. For the current year, which company has the better cash
Use Apple’s financial statements in Appendix A to answer the following.1. Is Apple’s statement of cash flows prepared under the direct method or the indirect method?2. For each fiscal year 2017,
For each of the following separate cases, compute the required cash flow information. Case Z: Compute cash paid for inventory Cost of goods sold.. Inventory, Beginning balance Accounts payable,
The following financial statements and additional information are reported.(1) Prepare a statement of cash flows using the indirect method for the year ended June 30, 2019.(2) Compute the
For each of the following separate transactions, (a) prepare the reconstructed journal entry and (b) identify the effect it has, if any, on the investing section or financing section of the statement
Use the following information to determine cash flows from financing activities.a. Net income was $35,000.b. Issued common stock for $64,000 cash.c. Paid cash dividend of $14,600.d. Paid $50,000
Using the following income statement and additional year-end information, prepare the operating activities section of the statement of cash flows using the indirect method. SONAD COMPANY Income
For each separate case, compute the required cash flow information for BioClean. Case A: Compute cash interest received Case B: Compute cash paid for wages Interest revenue... Wages expense... Wages
BTN Inc. reports operating expenses of $27,000. Its comparative balance sheet shows that accrued liabilities decreased $6,000 and prepaid expenses increased $2,000. Compute cash used in operating
Bioware Co. reports cost of goods sold of $42,000. Its comparative balance sheet shows that inventory decreased $7,000 and accounts payable increased $5,000. Compute cash payments to suppliers
Russell Co. reports sales revenue of $30,000 and interest revenue of $5,000. Its comparative balance sheet shows that accounts receivable decreased $4,000 and interest receivable increased $1,000.
A company uses a spreadsheet to prepare its statement of cash flows. Indicate whether each of the following items would be recorded in the Debit column or Credit column of the spreadsheet’s
Indicate the effect, if any, that each separate transaction has on financing cash flows.a. Notes payable with a carrying value of $15,000 are retired for $16,000 cash, resulting in a $1,000 gain.b.
Indicate the effect each separate transaction has on investing cash flows.a. Sold a truck costing $40,000, with $22,000 of accumulated depreciation, for $8,000 cash. The sale results in a $10,000
Cain Inc. reports net income of $15,000. Its comparative balance sheet shows the following changes: accounts receivable increased $6,000; inventory decreased $8,000; prepaid insurance decreased
Bryant Co. reports net income of $20,000. For the year, depreciation expense is $7,000 and the company reports a gain of $3,000 from sale of machinery. It also had a $2,000 loss from retirement of
Refer to Samsung’s statement of cash flows in Appendix A. What investing activities result in cash outflows for the year ended December 31, 2017? List items and amounts.Data from Samsung
Refer to Samsung’s 2017 statement of cash flows in Appendix A. List its cash flows from operating activities,investing activities, and financing activities.Data from Samsung Samsung
Refer to Google’s statement of cash flows in Appendix A. What are its cash flows from financing activities for the year ended December 31, 2017? List the items and amounts.Data from Google's Google
Refer to Apple’s statement of cash flows in Appendix A.(a) Which method is used to compute its net cash provided by operating activities?(b) Its balance sheet shows an increase in accounts
Access the July 28, 2016, 10-K filing (for year-end June 30, 2016) of Microsoft (ticker: MSFT) at SEC.gov.Review its note 4, “Investments.”Required1. How does the “cost-basis” total amount
Assume that you are Jolee Company’s accountant. Company owner Mary Jolee has reviewed the 2019 financial statements you prepared and questions the $6,000 loss reported on the sale of its
Following are selected data from Samsung, Apple, and Google.Required1. Compute Samsung’s return on total assets for the two most recent years.2. For the current year, is Samsung’s return on total
Key figures for Apple and Google follow.Required1. Compute return on total assets for Apple and Google for the two most recent years.2. Which of these two companies has the better return on total
Use Apple’s financial statements in Appendix A to answer the following.1. Compute Apple’s return on total assets for the years ended September 30, 2017 and September 24, 2016.2. Is the change in
While reviewing the March 31, 2020, balance sheet of Business Solutions, Santana Rey notes that the business has built a large cash balance of $68,057. Its most recent bank money market statement
Ancore Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities.Required1. Prepare journal entries to record these
Stoll Co.’s long-term available-for-sale portfolio at the start of this year consists of the following.Stoll enters into the following transactions involving its available-for-sale debt securities
Kirkland Company had no trading debt securities prior to this year. It had the following transactions this year involving trading debt securities.Required1. Prepare journal entries to record these
Following are financial data for Nike and Under Armour.(1) Compute return on total assets for the current year for(a) Nike(b) Under Armour.(2) Compute both profit margin and total asset turnover for
Use the following information of Prescrip Co. to prepare a calendar year-end statement of comprehensive income. Total comprehensive income (final total).. Net income.. Change in value of
Wixi Co. has the following equity investments in FSN, DELL, and ATI.(1) Which of these companies are subsidiaries of Wixi?(2) How are individual assets and liabilities of a parent and its
Selected accounts from GermX Co.’s adjusted trial balance for the year ended December 31 follow. Prepare the assets section of a classified balance sheet. Hint: Fair Value Adjustment—Trading
Fivio Co. reports the following information.(1) Compute return on total assets for the current year and for 1 year ago.(2) Is Fivio more efficient or less efficient in using total assets to produce
Accenture purchases 55% of the voting common stock of JBL. After the purchase, Accenture has a controlling influence over JBL.(1) Which method does Accenture use to account for its investment in
Rowan Co. purchases 100 common shares (40%) of JBI Corp. as a long-term investment for $500,000 cash on July 1. JBI paid $5,000 in total cash dividends on November 1 and reported net income of
On May 20, Montero Co. paid $150,000 to acquire 30 shares (4%) of ORD Corp. as a long-term investment. On August 5, Montero sold one-tenth of the ORD shares for $18,000.1. Prepare entries to record
Refer to the information in QS 15-4.(1) After the fair value adjustment is made, prepare the assets section of Kitty Company’s December 31 classified balance sheet.(2) In which income statement
Kitty Company began operations in the current year and acquired short-term debt investments in trading securities. The year-end cost and fair values for its portfolio of these debt investments
Refer to Google’s statement of comprehensive income in Appendix A. What was the amount of its 2017 change in net unrealized gains (losses) for its AFS investments?Data from Google's Google Inc.
Refer to Apple’s statement of comprehensive income in Appendix A. What is the amount of change in foreign currency translation, net of tax effects, for the year ended September 30, 2017? Is this
Break into teams and complete the following requirements related to effective interest amortization for a premium bond.1. Each team member is to independently prepare a blank table with proper
Access the March 23, 2017, filing of the 10-K report of Home Depot for the year ended January 29, 2017,from SEC.gov (ticker: HD). Refer to Home Depot’s balance sheet, including its note 4 (on
Selected results from Samsung, Apple, and Google follow.Required1. Compute Samsung’s debt-to-equity ratio for the current year and the prior year.2. Is Samsung’s financing structure more risky or
Key figures for Apple and Google follow.Required1. Compute the debt-to-equity ratios for Apple and Google for both the current year and the prior year.2. Use the ratios from part 1 to determine which
Use Apple’s financial statements in Appendix A to answer the following.1. Identify Apple’s long-term debt as reported on its balance sheet at (a) September 30, 2017, and (b) September 24, 2016.2.
Santana Rey has consulted with her local banker and is considering financing an expansion of her business by obtaining a long-term bank loan. Selected account balances at March 31, 2020, for Business
Refer to the lease details in Problem 14-11B. Assume that this lease is classified as an operating lease instead of a finance lease.Required1. Prepare the January 1 journal entry at the start of the
On January 1, Kwak (lessee) signs a three-year lease for equipment that is accounted for as a finance lease. The lease requires three $14,000 lease payments (the first at the beginning of the lease
On October 1, 2019, Gordon borrows $150,000 cash from a bank by signing a three-year installment note bearing 10%interest. The note requires equal payments of $60,316 each year on September

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