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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Refer to Google’s recent balance sheet in Appendix A. What is the book value of its total net property, plant, and equipment assets at December 31, 2017?Data from Google's Google Inc. (Alphabet
Sheryl Sandberg and Mark Zuckerberg of Facebook are introduced in the chapter’s opening feature. Assume that they are considering two options. Plan A. Facebook would begin selling access to a
Access eBay’s February 6, 2017, filing of its 10-K report for the year ended December 31, 2016, at SEC.gov.Required1. What is the amount of eBay’s net accounts receivable at December 31, 2016,
Key figures for Samsung follow.1. Compute its accounts receivable turnover for the current year.2. How long does it take on average for Samsung to collect receivables in the current year?3. In the
Use Apple’s financial statements in Appendix A to answer the following.1. What is the amount of Apple’s accounts receivable as of September 30, 2017?2. Compute Apple’s accounts receivable
At December 31, Hovak Co.’s Allowance for Doubtful Accounts has an unadjusted debit balance of $3,400. Hovakprepares a schedule of its December 31 accounts receivable by age.Required1. Compute the
Archer Co. completed the following transactions and uses a perpetual inventory system.RequiredPrepare journal entries to record the preceding transactions and events. Sold $3,700 of merchandise on
Warner Company’s year-end unadjusted trial balance shows accounts receivable of $99,000, allowance for doubtful accounts of $600 (credit), and sales of $140,000. Uncollectibles are estimated to be
On December 31 of Swift Co.’s first year, $50,000 of accounts receivable is not yet collected. Swift estimates that $2,000 of its accounts receivable is uncollectible and recorded the year-end
Refer to the December 31, 2017, financial statements of Samsung in Appendix A. Does Samsung report its accounts receivable, titled as “Trade receivables,” as a current or non current asset?Data
Refer to the financial statements of Samsung in Appendix A. What is the amount of Samsung’s accounts receivable,titled as “Trade receivables,” on its December 31, 2017, balance sheet?Data from
Refer to the balance sheet of Google in Appendix A. Does it use the direct write-off method or allowance method in accounting for its accounts receivable? What is the realizable value of its
Refer to the financial statements and notes of Apple in Appendix A. In its presentation of accounts receivable on the balance sheet, how does it title accounts receivable? What does it report for its
Key figures for Samsung follow.Required1. Compute cash and cash equivalents as a percent (rounded to one decimal) of total current assets, total assets, total currentliabilities, and total
Key comparative figures for Apple and Google follow.Required1. Compute days’ sales uncollected (rounded to one decimal) for(a) Apple(b) Google for the current and prior years.2. Which company had
Use Apple’s financial statements in Appendix A to answer the following.1. Identify the total amount of cash and cash equivalents for fiscal years ended (a) September 30, 2017, and (b) September
Determine whether each cash payment procedure is an internal control strength or weakness.1. A voucher system is used for all payments of liabilities.2. The owner of a small business has authority to
Determine whether each cash receipts procedure is an internal control strength or weakness.1. If a salesclerk makes an error in recording a cash sale, she can access the register’s electronic
Specter Co. combines cash and cash equivalents on the balance sheet. Using the following information, determine the amount reported on the year-end balance sheet for cash and cash
Determine whether each policy below is good or bad cash management; then identify the cash management strategyviolated or followed for each policy.1. Bills are paid as soon as they are received.2.
Whole Fruits Market took the following actions to improve internal controls. For each of the following actions, identify the internal control principle the company followed.a. Prohibit the record
Record the journal entry for Sales and for Cash Over and Short for each of the following separate situations.a. The cash register’s record shows $420 of cash sales, but the count of cash in the
COSO lists five components of internal control: control environment, risk assessment, control activities, information and communication, and monitoring. Indicate the COSO component that matches with
Samsung’s statement of cash flows in Appendix A reports the change in cash and equivalents for the year ended December 31, 2017. Identify the cash generated (or used) by operating activities, by
Refer to Samsung’s balance sheet in Appendix A. How does its cash (titled “Cash and cash equivalents”)compare with its other current assets (in both amount and percent) as of December 31, 2017?
Access the December 15, 2017, filing of the fiscal 2017 10-K/A report for HP (ticker: HPQ) at SEC.gov. Read its Note 2, which details HP’s segment information, and answer the following.1. HP’s
Key figures for Samsung and Google follow.Required1. Compute Samsung’s days’ payable outstanding for the most recent two years.2. Assuming Samsung is not at risk of damaging its relationships
Wentz Co. made it a priority to negotiate better credit terms with its suppliers so it could defer payments longer.(a) Use the following information for Wentz Co. to compute days’ payable
For each account, indicate whether it appears in the general ledger or the subsidiary ledger.a. Accounts Receivable—Martinb. Interest Expensec. Prepaid Rentd. Accounts Payable—Juliee. Notes
Identify each item 1 through 10 with the system component A through E that it is best associated with.A. Source documentsB. Input devicesC. Information processorsD. Information storageE. Output
Refer to Appendix A and locate Apple’s balance sheet. What is the total of Apple’s 2017 accounts payable? What is the total of its schedule of accounts payable?Refer to Appendix A Apple Inc.
Locate Google’s balance sheet in Appendix A. What is the total of Google’s 2017 accounts payable? What is the total of its schedule of accounts payable?Refer to Google Google Inc. (Alphabet
Refer to Apple’s financial statements in Appendix A to answer the following.1. For the fiscal year ended September 30, 2017, what amount is credited to Income Summary to summarize its revenues
Use the following adjusted trial balance of Sierra Company to prepare its(1) Income statement(2) Statement of owner’s equity for the year ended December 31. The H. Sierra, Capital account balance
Natsu Company’s annual accounting period ends on October 31, 2019. The following information concerns the adjusting entries that need to be recorded as of that date. Entries can draw from the
Selected financial information of Banji Company for the year ended December 31, 2019, follows.RequiredPrepare the 2019 year-end statement of cash flows for Banji Company. Cash from investing
As of December 31, 2019, Audi Company’s financial records show the following items and amounts.RequiredPrepare the 2019 year-end income statement for Audi Company. A. Audi, Withdrawals. Consulting
The following financial statement information is from five separate companies.Required1. Answer the following questions about Company V.a. What is the amount of equity on December 31, 2018?b. What is
Following is selected financial information of Kia Company for the year ended December 31, 2019.RequiredPrepare the 2019 year-end statement of cash flows for Kia Company. Cash used by investing
As of December 31, 2019, Armani Company’s financial records show the following items and amounts.RequiredPrepare the 2019 year-end income statement for Armani Company. Cash. . Accounts receivable
The following financial statement information is from five separate companies.Required1. Answer the following questions about Company A.a. What is the amount of equity on December 31, 2018?b. What is
Answer the following questions. Hint: Use the accounting equation.a. On January 1, Lumia Company’s liabilities are $60,000 and its equity is $40,000. On January 3, Lumia purchases and installs
Ford Motor Company, one of the world’s largest automakers, reports the following income statement accounts for the year ended December 31 ($ in millions). Use this information to prepare Ford’s
Swiss Group reports net income of $40,000 for 2019. At the beginning of 2019, Swiss Group had $200,000 in assets. By the end of 2019, assets had grown to $300,000. What is Swiss Group’s 2019 return
Use Samsung’s December 31, 2017, financial statements in Appendix A near the end of the text to answer the following.a. Identify the amounts (in millions of Korean won) of Samsung’s 2017(1)
Use Google’s December 31, 2017, financial statements, in Appendix A near the end of the text, to answer the following.a. Identify the amounts (in $ millions) of its 2017(1) Assets,(2)
Apple’s balance sheet reports 2017 accounts receivable total of $17,932 million, computed as $17,874 million plus its $58 million allowance. What is Apple’s total of its schedule of accounts
Tree Seedlings has the following current-year purchases and sales for its only product.RequiredThe company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to
A solar panel dealer acquires a used panel for $9,000, with terms FOB shipping point. Compute total inventory costs assigned to the used panel if additional costs include$1,500 for sales staff
Refer to Samsung’s financial statements in Appendix A. What percent of its current assets is inventory as of December 31, 2017 and 2016?Data from Appendix A Samsung Electronics Co., Ltd. and
Refer to Samsung’s financial statements in Appendix A. Compute its cost of goods available for sale for the yearended December 31, 2017.Data from Appendix A Apple Inc. CONSOLIDATED BALANCE SHEETS
Refer to Apple’s financial statements in Appendix A and compute its cost of goods available for sale for the year endedSeptember 30, 2017.Data from Appendix A Apple Inc. CONSOLIDATED BALANCE SHEETS
Refer to Apple’s financial statements in Appendix A. On September 30, 2017, what percent of current assets is represented by inventory?Data from Appendix A Apple Inc. CONSOLIDATED BALANCE SHEETS
Access the SEC’s EDGAR database (SEC.gov) and obtain the March 21, 2017, filing of its fiscal 2017 10-Kreport (for year ended January 28, 2017) for J. Crew Group, Inc. (ticker: JCG).RequiredPrepare
Adams Co. reports the following balance sheet accounts as of December 31. Prepare a classified balance sheet. Salaries payable. Buildings..... Prepaid rent . $ 6,000 $60,000 D. Adams, Capital ..
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales; cost of
A retailer completed a physical count of ending merchandise inventory. When counting inventory, employees did not include $3,000 of incoming goods shipped by a supplier on December 31 under FOB
Clear Water Co. reports the following balance sheet accounts as of December 31. Prepare a classified balance sheet. Buildings... Accounts receivable. Land..... Merchandise inventory. Accounts
On January 20, 2019, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date
Access EDGAR online (SEC.gov) and locate the 10-K report of The Gap, Inc. (ticker: GPS), filed on March 20,2017. Review its financial statements reported for the year ended January 28, 2017, to
Arnez Company’s annual accounting period ends on December 31, 2019. The following information concerns the adjusting entries to be recorded as of that date. Entries can draw from the following
Following are the accounts and balances from the adjusted trial balance of Stark Company. Prepare the(1) Income statement(2) Statement of owner’s equity for the year ended December 31(3) Balance
Following are two income statements for Alexis Co. for the year ended December 31. The left number column is prepared before adjusting entries are recorded, and the right column is prepared
On March 1, 2017, 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. Balance
For each separate case, record an adjusting entry (if necessary).a. Lonzo Co. receives $3,000 cash in advance for six months of sustainable recycling services on September 1 and records it by
The adjusted trial balance for Zahurak Company follows. Use the adjusted trial balance to prepare the December 31 year-end(a) Income statement,(b) Statement of owner’s equity,(c) Balance sheet. The
Following are unadjusted balances along with year-end adjustments for Quinlan Company. Complete the adjusted trial balance by entering the adjusted balance for each of the following accounts.
Angel Martin is a young entrepreneur who operates Martin Music Services, offering singing lessons andinstruction on musical instruments. Martin wishes to expand but needs a $30,000 loan. The bank
Access EDGAR online (SEC.gov) and locate the 2016 10-K report of Amazon.com (ticker: AMZN) filed on February 10, 2017. Review its financial statements reported for years ended 2016, 2015, and 2014
On October 1, 2019, Santana Rey launched a computer services company called Business Solutions, which provides consulting services, computer system installations, and custom program development. Rey
Victoria Rivera owns and manages a consulting firm called Prisek, which began operations on July 1. On July 31, the company’s records show the following selected accounts and amounts for the month
The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2018 and 2019.Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019.
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2018 and 2019.Required1. Prepare balance sheets for the business as of December 31, 2018 and
Business transactions completed by Hannah Venedict during the month of September are as follows.a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new sole
Calculating and interpreting the debt ratioa. Compute the debt ratio for each of the three companies.b. Which company has the most financial leverage? Expenses Total Assets Net Income $ 40,000
Compute the missing amount for each of the following separate companies in columns B through E. ABC CBS CNN NBC 2 Equity, beginning of year 3 Owner investments during the year 110,000 210,000 87,000
Use the information in Exercise 2-16 to prepare an August 31 balance sheet for Help Today. Hint: Compute the owner’scapital account balance as of August 31.Data from Exercise 2-16Carmen Camry
In a recent year’s financial statements, Home Depot reported the following: Total liabilities = $38,633 million and Total assets = $42,966 million. Compute and interpret Home Depot’s debt ratio
Use the information in QS 2-12 and QS 2-13 to prepare a June 30 balance sheet for Lawson Consulting. Hint: Computethe owner’s capital account balance as of June 30.Data from QS 2-12 and QS 2-13Liu
Use the information in QS 2-12 to prepare a June statement of owner’s equity for Lawson Consulting. The owner’s capital account balance at June 1 was $0, and the owner invested $10,000 cash in
Liu Zhang operates Lawson Consulting, which began operations on June 1. On June 30, the company’s records show the following selected accounts and amounts for the month of June. Prepare a June
Visit the EDGAR database at SEC.gov. Access the Form 10-K report of Rocky Mountain Chocolate Factory(ticker: RMCF) filed on May 23, 2017, covering its 2017 fiscal year.Required1. Item 6 of the 10-K
Samsung is a leading global manufacturer that competes with Apple and Google. Key financial figures for Samsung follow.Required1. What is the return on assets for Samsung in the(a) Current year(b)
Key comparative figures ($ millions) for both Apple and Google follow.Required1. What is the total amount of assets invested for the current year in(a) Apple(b) Google?2. What is the current-year
On October 1, 2019, Santana Rey launched a computer services company, Business Solutions, that is organized as a proprietorship and provides consulting services, computer system installations, and
Chen Company reports the following information for the year ended December 31, 2020: sales revenue $1,000,000, cost of goods sold $700,000, operating expenses $200,000, and an unrealized gain on
The following data are from the income statements of Charles A.S.a. Compute for each year (1) the inventory turnover and (2) the days in inventory.b. What conclusions concerning the management of the
The following data are taken from the financial statements of Gladow Company.a. Compute for each year (1) the accounts receivable turnover and (2) the average collection period.At the end of 2018,
Huntsinger SE has net income of €12.76 million and net revenue of €88 million in 2020. Its assets are €14 million at the beginning of the year and €18 million at the end of the year. What are
Vertical analysis (common size) percentages for Dagman Company’s sales revenue, cost of goods sold, and expenses are shown below.Did Dagman’s net income as a percentage of sales increase,
Summary financial information for Rapture Limited is as follows.Compute the amount and percentage changes in 2020 using horizontal analysis, assuming 2019 is the base year. December 31, 2020 December
Trayer plc has income from continuing operations of £290,000 for the year ended December 31, 2020. It also has the following items (before considering income taxes).1. An unrealized loss of £80,000
For its fiscal year ending October 31, 2020, Douglas Limited reports the following partial data shown below.Income before income taxes ................................................£550,000Income
Yadier NV’s comparative statements of financial position are presented below.Yadier’s 2020 income statement included net sales of €100,000, cost of goods sold of €60,350, and net income of
Rees Company experienced a fire on December 31, 2020, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following
The income statement for Christiansen A/S appears below. Christiansen A/S Income
Selected comparative statement data for Molini Products are presented below. All statement of financial position data are as of December 31.InstructionsCompute the following ratios for 2020.a. Profit
Willingham Ltd. has the following comparative statements of financial position data.Additional information for 2020:1. Net income was £28,000.2. Sales on account were £418,000. Sales returns and
Bennis SA had the following transactions occur involving current assets and current liabilities during February 2020.Feb. 3 Accounts receivable of R$15,000 are collected.
The comparative condensed income statements of Hendi A.S. are shown below.Instructionsa. Prepare a horizontal analysis of the income statement data for Hendi using 2019 as a base. (Show the amounts

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