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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Gomez issues $240,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $198,494 when the market rate is 8%.Required1. Prepare
Romero issues $3,400,000 of 10%, 10-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,010,000.Required1. Prepare the
Refer to the lease details in Problem 14-11A. 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, Rogers (lessee) signs a three-year lease for machinery that is accounted for as a finance lease. The lease requires three $18,000 lease payments (the first at the beginning of the lease
On November 1, 2019, Norwood borrows $200,000 cash from a bank by signing a five-year installment note bearing 8%interest. The note requires equal payments of $50,091 each year on October
Legacy issues $325,000 of 5%, four-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. They are issued at $292,181 when the market rate is 8%.Required1.
Ellis Company issues 6.5%, five-year bonds dated January 1, 2019, with a $250,000 par value. The bonds pay interest on June 30 and December 31 and are issued at a price of $255,333. The annual market
Hillside issues $4,000,000 of 6%, 15-year bonds dated January 1, 2019, that pay interest semiannually on June 30 and December 31. The bonds are issued at a price of $3,456,448.Required1. Prepare the
Citywide Company issues bonds with a par value of $150,000. The bonds mature in five years and pay 10% annual interest in semiannual payments. The annual market rate for the bonds is 8%.1. Compute
Compute Topp Company’s price-earnings ratio if its common stock has a market value of $20.54 per share and its EPS is $3.95. Its key competitor, Lower Deck, has a PE ratio of 9.5. For which
On January 1, Payson Inc. had a retained earnings balance of $20,000. During the year, Payson reported net income of$30,000 and paid cash dividends of $17,000. Calculate the retained earnings balance
On December 31, West world Inc. has the following equity accounts and balances: Retained Earnings, $45,000; Common Stock, $1,000; Treasury Stock, $2,000; Paid-In Capital in Excess of Par Value,
Use the information in QS 13-13 to compute the dividends paid each year to each of the two classes of stockholders assuming that the preferred stock is cumulative.Data from QS 13-13Green Planet Corp.
Green Planet Corp. has 5,000 shares of noncumulative 10% preferred stock with a $2 par value and 17,000 shares of common stock with a $0.01 par value. During its first two years of operation,
Belkin Inc. has 100,000 shares of $3 par value common stock outstanding. Belkin declares a 40% stock dividend on March 2 when the stock’s market value is $72 per share. Prepare the journal entry
Epic Inc. has 10,000 shares of $2 par value common stock outstanding. Epic declares a 5% stock dividend on July 1 when the stock’s market value is $8 per share. The stock dividend is distributed
Refer to the financial statements for Samsung in Appendix A. How much were its cash payments for treasury stock acquisitions for the year ended December 31, 2017?Data from Samsung Samsung
Refer to the 2017 balance sheet for Google in Appendix A. What is the par value per share of its preferred stock? Suggest a rationale for the amount of par value it assigned.Data from Google's Google
Refer to Apple’s fiscal 2017 balance sheet in Appendix A. How many shares of common stock are authorized? How many shares of common stock are issued and outstanding?1Data from Apple’s Apple
Who is responsible for overseeing corporate activities?
The equity sections for Hovo Corp. at the beginning of the year (January 1) and end of the year (December 31) follow.The following transactions and events affected its equity during the
Balthus Corp. reports the following components of stockholders’ equity at December 31, 2018.It completed the following transactions related to stockholders’ equity during 2019.Required1. Prepare
Kohler Corporation reports the following components of stockholders’ equity at December 31, 2018.During 2019, the following transactions affected its stockholders’ equity accounts.Required1.
Alexander Corporation reports the following components of stockholders’ equity at December 31, 2018.During 2019, the following transactions affected its stockholders’ equity accounts.Required1.
The following information is from Amos Company for the year ended December 31, 2019. Prepare a statement of retained earnings for Amos Company.Retained earnings at December 31, 2018 (before discovery
Tuscan Inc. had a retained earnings balance of $60,000 at December 31, 2018. During the year, Tuscan had the following selected transactions. Calculate the retained earnings balance at December 31,
In Draco Corporation’s first year of business, the following transactions affected its equity accounts. Prepare the stockholders’ equity section of Draco’s balance sheet as of December
Refer to the information in Exercise 13-6. Assume that instead of distributing a stock dividend, Sharper did a 3-for-1 stock split. After the split, (1) prepare the updated stockholders’ equity
On June 30, Sharper Corporation’s stockholders’ equity section of its balance sheet appears as follows before any stock dividend or split. Sharper declares and immediately distributes a 50%
Indicate which activities of Stockton Corporation violated the rights of a stockholder who owned one share of common stock.1. Did not allow the stockholder to sell the stock to her brother.2.
Quatro Co. issues bonds dated January 1, 2019, with a par value of $400,000. The bonds’ annual contract rate is 13%,and interest is paid semiannually on June 30 and December 31. The bonds mature
Stanford issues bonds dated January 1, 2019, with a par value of $500,000. The bonds’ annual contract rate is 9%, and interest is paid semiannually on June 30 and December 31. The bonds mature in
Selected accounts from WooHoo Co.’s adjusted trial balance for the year ended December 31 follow. Prepare the liabilities section of its classified balance sheet. Notes payable (due in 5 years)
On January 1, 2019, Eagle Company borrows $100,000 cash by signing a four-year, 7% installment note. The note requires four equal payments of $29,523, consisting of accrued interest and principal on
On January 1, 2019, Shay Company issues $700,000 of 10%, 15-year bonds. The bonds sell for $684,250. Six years later,on January 1, 2025, Shay retires these bonds by buying them on the open market for
Tyrell Company issued callable bonds with a par value of $10,000. The call option requires Tyrell to pay a call premium of$500 plus par (or a total of $10,500) to bondholders to retire the bonds. On
Quatro Co. issues bonds dated January 1, 2019, with a par value of $400,000. The bonds’ annual contract rate is 13%, and interest is paid semiannually on June 30 and December 31. The bonds mature
Duval Co. issues four-year bonds with a $100,000 par value on January 1, 2019, at a price of $95,952. The annual contract rate is 7%, and interest is paid semiannually on June 30 and December 31.1.
Dobbs Company issues 5%, two-year bonds, on December 31, 2019, with a par value of $200,000 and semi annual interest payments. Use the following bond amortization table and prepare journal entries
No-Toxic-Toys currently has $200,000 of equity and is planning an $80,000 expansion to meet increasing demand for its product. The company currently earns $50,000 in net income, and the expansion
On January 1, the $3,000,000 par value bonds of Spitz Company with a carrying value of $3,000,000 are converted to 1,000,000 shares of $1 par value common stock. Record the entry for the conversion
On July 1, Aloha Co. exercises a call option that requires Aloha to pay $408,000 for its outstanding bonds that have a carrying value of $416,000 and a par value of $400,000. The company exercises
Dunphy Company issued $10,000 of 6%, 10-year bonds at par value on January 1. Interest is paid semiannually eachJune 30 and December 31. Prepare the entries for(a) The issuance of the bonds(b) The
Refer to the statements for Google in Appendix A. For the year ended December 31, 2017,what was its debt-to-equity ratio? What does this ratio tell us?Data from Google's Google Inc. (Alphabet Inc.)
Refer to the statement of cash flows for Samsung in Appendix A. For the year ended December 31, 2017, what was the amount for repayment of long-term borrowings and debentures?Data from Samsung
Refer to the statements for Samsung in Appendix A. By what amount did Samsung’s long-term borrowings increase or decrease in 2017?Data from Samsung Samsung Electronics Co., Ltd. and
Assume that Yelp decides to launch a new website to market discount bookkeeping services to consumers.This chain, named Aladin, requires $500,000 of start-up capital. The founder contributes $375,000
Access the March 1, 2017, filing of the 2016 calendar-year 10-K report of McDonald’s (ticker: MCD) from SEC.gov.Required1. Review McDonald’s balance sheet and identify how many classes of stock
Access the 2017 10-K of Advanced BioEnergy, LLC, which is available from SEC.gov, and identifyits unconsolidated statements on pages 53–55 of the 10-K filing. This company’s business consists of
Use the following financial information for Samsung.Required1. Compute book value per share for Samsung.2. Compute earnings per share (EPS) for Samsung.3. If Samsung buys back outstanding shares from
Use the following comparative figures for Apple and Google.Required1. Compute the book value per common share for each company using these data.2. Compute the basic EPS for each company using these
Use Apple’s financial statements in Appendix A to answer the following.1. How many shares of Apple common stock are issued and outstanding at (a) September 30, 2017, and (b) September 24, 2016?2.
Santana Rey created Business Solutions on October 1, 2019. The company has been successful, and Santana plans to expand her business. She believes that an additional $86,000 is needed and is
Selected accounts from the Pearson, Gomez, and Litt Partnership adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. $10,000 15,000 20,000 5,000 $ 5,000
Mike and Rachel form M&R Partnership. Mike invests $40,000 cash and Rachel invests $60,000 cash. The partners agree to share income as follows: Mike gets a salary allowance of $5,000 per year and
Steffi and Leigh form a partnership. Steffi invests $1,000 cash, $2,000 of supplies, inventory with a book value of $3,500 and market value of $3,000, and machinery with a book value of $4,900 and
Moss and Barber organize a partnership on January 1. Moss’s initial net investment is $75,000, consisting of cash($17,500), equipment ($82,500), and a note payable reflecting a bank loan for the
For each separate case, indicate which type of organization should be formed.a. Sharif, Henry, and Korb want to start a tech firm. They are deciding between an S corporation and a C corporation.
Determine whether each characteristic describes a general partnership (GP), limited liability company (LLC), both, or neither.a. Must pay a business (corporate) income tax.b. When the business cannot
Stolton and Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $15,000 and that Bright should receive a
Fae and Carley had a tech business. After two unprofitable years, the business closed. At that point, the liabilities of the business were $100,000 larger than its assets. Under each separate
Access the March 1, 2017, filing of the December 31, 2016, annual 10-K report of McDonald’s Corporation(ticker: MCD), which is available from SEC.gov.Required1. Identify the current liabilities on
Comparative figures for Samsung, Apple, and Google follow.Required1. Compute the times interest earned ratio for the most recent two years for Samsung using the data shown.2. Is the change in
On December 1, Daw Co. accepts a $10,000, 45-day, 6% note from a customer.(1) Prepare the year-end adjusting entry to record accrued interest revenue on December 31.(2) Prepare the entry required on
Determine the maturity date and compute interest for each note. Contract Date Principal Perlod of Note (Term) Interest Rate Note 60 days 90 days 45 days March 1 May 15 October 20 6% 1.. $10,000
Key figures for Apple and Google follow.Required1. Compute times interest earned for the three years’ data shown for each company.2. In the current year, and using times interest earned, which
Paloma Co. has four employees. FICA Social Security taxes are 6.2% of the first $128,400 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. Also, for the first $7,000 paid to each
Selected accounts from Lue Co.’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity .. Equipment Salaries payable Accounts receivable
For each separate situation, indicate whether Cruz Company should(a) Record a liability,(b) Disclose in notes,(c) Have no disclosure.1. Cruz Company guarantees the $100,000 debt of a supplier. It is
Vander Co. provides medical care and insurance benefits to its retirees. In the current year, Vander agrees to pay $9,500 for medical insurance and contribute an additional 5% of the employees’
1. On July 15, Piper Co. sold $10,000 of merchandise (costing $5,000) for cash. The sales tax rate is 4%. On August 1, Piper sent the sales tax collected from the sale to the government. Record
Organic Farmers Co-Op has three employees and pays them weekly. Using the withholding bracket table in Exhibit 11A.6,determine each employee’s federal income tax withholding.1. Maria earns $735 per
On November 30, Petrov Co. has $128,700 of accounts receivable and uses the perpetual inventory system.(1) Prepare journal entries to record the following transactions.(2) Which transaction would
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Following that list are five classifications of accounts receivable and estimated bad debts
At year-end (December 31), Chan Company estimates its bad debts as 1% of its annual credit sales of $487,500. Chanrecords its bad debts expense for that estimate. On the following February 1, Chan
Dexter Company uses the direct write-off method. Prepare journal entries to record the following transactions. Mar. 11 Dexter determines that it cannot collect $45,000 of its accounts receivable from
Levine Company uses the perpetual inventory system. Prepare journal entries to record the following credit card transactions of Levine Company. Apr. 8 Sold merchandise for $8,400 (that had cost
Access the SEC EDGAR database (SEC.gov) and retrieve Apple’s 2017 10-K (filed November 3, 2017). Identifyits auditor. What responsibility does its independent auditor claim regarding Apple’s
Describe the four basic forms of business organization and their key attributes.
Prepare general journal entries for the following transactions of Sustain Company. Use the following (partial) chart of accounts: Cash; Prepaid Insurance; Accounts Receivable; Furniture; Accounts
On December 31, Hawkin’s records show the following accounts. Use this information to prepare a December income statement for Hawkin. Equipment . Accounts receivable....... 600 16,000 6,000 Wages
Determine whether each procedure described below is an internal control strength or weakness; then identify the internal control principle violated or followed for each procedure.1. The same employee
Angela Lopez owns and manages a consulting firm called Metrix, which began operations on March 1. On March 31,Metrix shows the following selected accounts and amounts for the month of
Huprey Co. is the defendant in the following legal claims. For each of the following claims, indicate whether Huprey should(a) Record a liability,(b) Disclose in notes,(c) Have no disclosure.
Riverrun Co. provides medical care and insurance benefits to its retirees. In the current year, Riverrun agrees to pay$5,500 for medical insurance and contribute an additional $9,000 to a retirement
Chavez Co.’s salaried employees earn four weeks’ vacation per year. Chavez estimated and must expense $8,000 of accrued vacation benefits for the year.(a) Prepare the December 31 year-end
Refer to Samsung’s balance sheet in Appendix A. List Samsung’s current liabilities as of December 31, 2017.Data from Samsung Samsung Electronics Co., Ltd. and Subsidiaries CONSOLIDATED
Refer to Google’s balance sheet in Appendix A. What “accrued” expenses (liabilities) does Google report at December 31, 2017?Data from Google's Google Inc. (Alphabet Inc.) CONSOLIDATED BALANCE
What is the combined amount (in percent) of the employee and employer Social Security tax rate? (Assume wages do not exceed $128,400 per year.)
Comparative figures for Samsung, Apple, and Google follow.Required1. Compute total asset turnover for the most recent two years for Samsung using the data shown.2. Is Samsung’s asset turnover on a
Comparative figures for Apple and Google follow.Required1. Compute total asset turnover for the most recent two years for Apple and Google using the data shown.2. In the current year, which company
Refer to Apple’s financial statements in Appendix A to answer the following.1. What percent of the original cost of Apple’s Property, Plant and Equipment account remains to be depreciated as
On January 1, Mason Co. entered into a three-year lease on a building. The current value of the three lease payments is$60,000.RequiredPrepare entries for Mason to record(a) The lease asset and
On January 1, Falk Company signed a contract to lease space in a building for three years. The current value of the three lease payments is $270,000.RequiredPrepare entries for Falk to record(a) The
Selected accounts from Gregor Co.’s adjusted trial balance for the year ended December 31 follow. Prepare a classified balance sheet. Total equity . Accounts payable. Accumulated
Rodriguez Company pays $395,380 for real estate with land, land improvements, and a building. Land is appraised at$157,040; land improvements are appraised at $58,890; and the building is appraised
Selected accounts from Westeros Co.’s adjusted trial balance for the year ended December 31 follow. Prepare its income statement. Depreciation expense.. Salaries expense . Amortization expense
On October 1, Organic Farming purchases wind turbines for $140,000. The wind turbines are expected to last six years,have a salvage value of $20,000, and be depreciated using the straight line
Refer to Samsung’s December 31, 2017, balance sheet in Appendix A. What long-term assets discussed inthis chapter are reported by the company?
Refer to Samsung’s balance sheet in Appendix A. What does it title its plant assets? What is the book value of its plant assets at December 31, 2017?Data from Samsung Samsung Electronics Co.,

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