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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

On December 31, the capital balances and income ratios in MSY Company are as follows (amounts in thousands).Instructionsa. Journalize the withdrawal of Yen under each of the following assumptions.1.
The partners in Crawford Company decide to liquidate the firm when the statement of financial position shows the following.The partners share income and loss 5:3:2. During the process of liquidation,
At the end of its first year of operations on December 31, 2020, LWC Company’s accounts show the following (amounts in thousands).The capital balance represents each partner’s initial capital
The post-closing trial balances of two proprietorship's on January 1, 2020, are presented below (amounts in thousands).Bon-Joon and Joon-Ho decide to form a partnership, BJH Company, with the
B. Yam, J. Koo, and N. Hui have capital balances of HK$95,000, HK$75,000, and HK$60,000, respectively (amounts in thousands). They share income or loss on a 5:3:2 basis. Hui withdraws from the
N. Kim, C. Hae-jin, and C. Ki-Won have capital balances of W50,000, W40,000, and W30,000, respectively (amounts in thousands). Their income ratios are 4:4:2. Ki-Won withdraws from the partnership
S. Bo and T. Mi share income on a 3:2 basis. They have capital balances of ¥100,000 and ¥60,000, respectively, when W. Jin is admitted to the partnership (amounts in thousands).InstructionsPrepare
Data for Wenyou Company are presented in E12.8. Wenyou Company now decides to liquidate the partnership.InstructionsPrepare the entries to record:a. The sale of non-cash assets.b. The allocation of
Wenyou Company at December 31 has (amounts in thousands) cash ¥20,000, non-cash assets ¥100,000, liabilities ¥55,000, and the following capital balances: Wen ¥45,000 and You ¥20,000. The firm is
Arif, Falel, and Bayu are forming The Doctor Partnership. Arif is transferring Rs30,000 of personal cash and equipment worth Rs25,000 to the partnership (amounts in thousands). Falel owns land worth
For KDK Co., beginning capital balances on January 1, 2020, are Deepika Kapoor INR20,000 and Kareena Dutt INR18,000 (amounts in thousands). During the year, drawings were Kapoor INR8,000 and Dutt
Tsang (beginning capital, HK$60,000) and Woo (beginning capital HK$90,000) are partners (amounts in thousands). During 2020, the partnership earned net income of HK$80,000, and Tsang made drawings of
Zhang Li has owned and operated a proprietorship for several years. On January 1, she decides to terminate this business and become a partner in the firm of Li and Xuan. Li’s investment in the
K. Yi, S. Lun, and E. Gao are forming a partnership. Yi is transferring NT$50,000 of personal cash to the partnership (amounts in thousands). Lun owns land worth NT$15,000 and a small building worth
Xia Chow has prepared the following list of statements about partnerships.1. A partnership is an association of three or more persons to carry on as co-owners of a business for profit.2. The legal
a. The partners of Bogor Company have decided to liquidate their business. Non-cash assets were sold for Rs125,000 (amounts in thousands). The income ratios of the partners Kamal, Putra, and Hakim
3C Co. capital balances are Chu ¥30,000, Cho ¥25,000, and Chow ¥22,000 (amounts in thousands). The partners share income equally. Cheng is admitted to the firm by purchasing one-half of Chow’s
Kun-Hee & Jae-Chul Co. reports net income of W31,000 (amounts in thousands). Interest allowances are Kun-Hee W7,000 and Jae-Chul W5,000, salary allowances are Kun-Hee W15,000 and Jae-Chul
Wang and Qinghou decide to merge their proprietorship's into a partnership called WQ Company. The statement of financial position of WQ Co. shows (amounts in thousands):The partners agree that the
K. Boo-jin has a ¥41,000 capital balance in a partnership (amounts in thousands). She sells her interest to P. Beom-Su for ¥45,000 cash. What entry is made by the partnership for this transaction?
Chuling Chow purchases for HK$72,000 Meng’s interest in the Ng-Meng partnership (amounts in thousands). Assuming that Meng has a HK$68,000 capital balance in the partnership, what journal entry is
James Park decides to invest €25,000 in a partnership for a one-sixth capital interest. How much do the partnership’s net assets increase? Does Park also acquire a one-sixth income ratio through
Why is TSMC not a partnership?
Before the final distribution of cash, account balances are Cash ¥27,000; S. Hui, Capital ¥19,000 (Cr.); L. Song, Capital ¥12,000 (Cr.); and M. Li, Capital ¥4,000 (Dr.) (amounts in thousands). Li
Partners T. Kher and R. Puri are provided salary allowances of INR30,000 and INR25,000, respectively (amounts in thousands). They divide the remainder of the partnership income in a ratio of 3:2. If
M. Lin and R. Chow have partnership capital balances of HK$40,000 and HK$80,000, respectively (amounts in thousands). The partnership agreement indicates that net income or net loss should be shared
Smita and Swati are discussing how income and losses should be divided in a partnership they plan to form. What factors should be considered in determining the division of net income or net loss?
Cho and Su form a partnership. Cho contributes land with a book value of NT$50,000 and a fair value of NT$60,000. Cho also contributes equipment with a book value of NT$52,000 and a fair value of
Joe Lee and Lin Qi are considering a business venture. They ask you to explain the advantages and disadvantages of the partnership form of organization.
Yuen Sheng is confused about the partnership characteristics of(a) Mutual agency and (b) Unlimited liability. Explain these two characteristics for Yuen.
Joko Saputra owns and manages Joko’s Restaurant, a 24-hour restaurant near the city’s medical complex. Joko employs 9 full-time employees and 16 part-time employees. He pays all of the full-time
Sammo Cheung, president of the Mui Consultants, has recently hired a number of additional employees. He recognizes that additional payroll tax will be due as a result of this hiring, and that the
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.Instructionsa. At the end of the most recent fiscal year reported,
Morgan Fashions’ statement of financial position at December 31, 2019, is presented below.During January 2020, the following transactions occurred. (Morgan uses the perpetual inventory system.)1.
Chen Group has been operating for several years, and on December 31, 2020, presented the following statement of financial position (amounts in thousands).The mortgage payable is due in
Below is a payroll sheet for Otis Import plc for the month of September 2020. Assume a 10% income tax rate for all employees and an 8% Social Security tax on employee and employer.Instructionsa. Make
Cedarville Company pays its office employee payroll monthly. Below is a partial list of employees and their payroll data for August.
The following are selected transactions of Deok-moon Group. Deok-moon prepares financial statements quarterly (amounts in thousands).Jan. 2 Purchased merchandise on account from Nan Company,
On January 1, 2020, the ledger of Chuan-Kwang Luggage contains the following liability accounts (amounts in thousands).Accounts Payable .....................NT$52,000Sales Taxes Payable
The payroll of Kee Ltd. for September 2020 is as follows (amounts in thousands): total payroll was ¥340,000; income taxes in the amount of ¥80,000 were withheld, as was ¥9,000 in union dues; and
Moorehead Communications publishes a monthly sports magazine, Walkabout Preview. Subscriptions to the magazine cost €20 per year. During November 2020, Moorehead sells 15,000 subscriptions
In performing accounting services for small businesses, you encounter the following situations pertaining to cash sales.1. Poole Suppliers enters sales and sales taxes separately on its cash
Ang Hsu Enterprises had the following transactions involving notes payable (amounts in thousands).July 1, 2020 Borrows NT$50,000 from First Taiwan Bank by signing a 9-month, 8%
Eslite Company, has the following account balances at December 31, 2019 (amounts in thousands).Notes payable (NT$60,000 due after 12/31/20) ..............................NT$100,000Unearned service
You and several classmates are studying for the next accounting exam. They ask you to answer the following questions:1. If cash is borrowed on a €70,000, 9-month, 6% note on August 1, how much
(USA) recent financial statements contain the following selected data (in thousands).Compute (a) Working capital and (b) Current ratio. Current liabilities Total liabilities $1,717,728
Scorcese A.Ş. is involved in a lawsuit at December 31, 2020. (a) Prepare the December 31 entry assuming it is probable that Scorcese will be liable for 900,000 as a result of this
On December 1, New Belgium Appliances introduces a new product that includes a one-year warranty on parts. In December, 1,000 units are sold. Management believes that 5% of the units will be
In January, gross earnings in Lugo Company totaled $80,000. All earnings are subject to 7.65% Social Security taxes and income taxes at 20%. Prepare the entry to record January payroll tax expense
Data for Rachel Shinnar are presented in BE11.9. Prepare the journal entries to record (a) Rachel’s pay for the period and (b) the payment of Rachel’s wages. Use January 15 for the end of the pay
Rachel Shinnar’s gross earnings for the week are €800. Rachel’s income tax withholding is €95, she has no voluntary deductions, and the Social Security tax rate is 6%. Compute Rachel’s net
Mayaguez Ltd. provides its officers with bonuses based on net income. For 2020, the bonuses total £350,000 and are paid on February 15, 2021. Prepare Mayaguez’s December 31, 2020, adjusting entry
Sport Pro Magazine sold 12,000 annual subscriptions on August 1, 2020, for €18 each. Prepare Sport Pro’s August 1, 2020, journal entry and the December 31, 2020, annual adjusting entry.
Pom Computers borrows HK$60,000 on July 1 from the bank by signing a HK$60,000, 10%, one-year note payable (amounts in thousands).a. Prepare the journal entry to record the proceeds of the note.b.
When should liabilities for each of the following items be recorded on the books of a company? (1) Warranty, (2) Acquisition of goods by purchase on credit, and (3) Profit-sharing
How does working capital differ from the current ratio? How are they similar?
South Ulsan University sold 15,000 season football tickets at NT$80 each for its six-game home schedule (amounts in thousands). What entries should be made (a) When the tickets were sold,
a. Your roommate says, “Value-added taxes are reported as an expense in the income statement.” Do you agree? Explain.b. Miaoli Company has cash proceeds from sales of NT$8,400 (amounts in
Anjali Kumar believes a current liability is a debt that can be expected to be paid in one year. Is Anjali correct? Explain.
The financial statements of Apple are presented in Appendix D. The complete annual report, including the notes to the financial statements, is available at the company’s website.InstructionsUse
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Buek Industries in 2020.1. Buek developed a new manufacturing
The intangible assets section of Glover Restaurants at December 31, 2019, is presented below.Patents (£60,000 cost less £6,000 amortization) ..................................£54,000Franchises
At December 31, 2019, Jimenez Enterprises reported the following as plant assets.During 2020, the following selected cash transactions occurred.April 1 Purchased land for
At the beginning of 2018, Mansen Group acquired equipment costing £80,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of £8,000 at that time. The
On January 1, 2020, Pele Industries purchased the following two machines for use in its production process.Machine A: The cash price of this machine was R$35,000. Related expenditures included:
In recent years, Freeman Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus,
Jay’s Delivery Company and Astro’s Express Delivery exchanged delivery trucks on January 1, 2020. Jay’s truck cost €22,000. It has accumulated depreciation of €16,000 and a fair value of
During 2020, Otaki Cellular reported net sales of €5,200,000 and net income of €1,500,000. Its statement of financial position reported average total assets of €1,600,000.InstructionsCalculate
Nelson Company, organized in 2020, has the following transactions related to intangible assets.InstructionsPrepare the necessary entries to record these intangibles. All costs incurred were for cash.
The following are selected 2020 transactions of Yosuke Ltd.Jan. 1 Purchased a small company and recorded goodwill of €150,000. Its useful life is indefinite.May 1 Purchased for €84,000 a patent
On July 1, 2020, Ticino AG invested CHF736,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2020, 124,000 tons of ore were mined.Instructionsa.
Francis Manufacturing owns equipment that cost €50,000 when purchased on January 1, 2017. It has been depreciated using the straight-line method based on an estimated residual value of €8,000 and
Presented below are selected transactions at Ingles Company for 2020.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2010. The machine cost £58,000 on that date. It had a useful
At December 31, 2020, the end of its first year of operations, Franklin SA chose to use the revaluation framework allowed under IFRS. Franklin’s ledger shows Equipment €750,000 and Accumulated
Barton Enterprises purchased equipment on January 1, 2020, at a cost of €350,000. Barton uses the straight-line depreciation method, a 5-year estimated useful life, and no residual value. At the
Steve Grant, the new controller of Greenbriar Ltd., has reviewed the expected useful lives and residual values of selected depreciable assets at the beginning of 2020. His findings are as follows.All
Mooney Ltd. completed construction of an office building for £2,400,000 on December 31, 2019. The company estimated that the building would have a residual value of £0 and a useful life of 40
Tanger Interiors purchased a delivery truck for R$38,000 on January 1, 2020. The truck has an expected residual value of R$6,000, and is expected to be driven 100,000 miles over its estimated useful
Xanadu A/S purchased a new machine on October 1, 2020, at a cost of €96,000. The company estimated that the machine will have a residual value of €12,000. The machine is expected to be used for
Copacabana Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2020, at a cost of R$145,000. Over its 4-year useful life, the bus is expected to
Givens Enterprises and Runge Group are two companies that are similar in many respects. One difference is that Givens uses the straight-line method, and Runge uses the declining-balance method at
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.Instructionsa. Compute the asset turnover for each company for the
The financial statements of TSMC are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company’s website.InstructionsRefer
Raymond Construction’s trial balance at December 31, 2020, is presented as follows. All 2020 transactions have been recorded except for the items described below.Unrecorded transactions:1. On May
Ram Siram has prepared the following statements about internal control.a. One of the objectives of internal control is to safeguard assets from employee theft, robbery, and unauthorized use.b. One of
At what amount does TSMC (TWN) report cash and cash equivalents in its 2016 consolidated statement of financial position?
Jung Ha Na asks your help concerning an NSF check. Explain to Jung (a) what an NSF check is, (b) how it is treated in a bank reconciliation, and (c) whether it will require an adjusting entry.
Deangelo Company’s internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a check-writing machine in indelible ink after comparing the check with the
At Summato Wholesale, two mail clerks open all mail receipts. How does this strengthen internal control?
As the company accountant, the management of Faan Stores asks you to explain (a) the concept of reasonable assurance in internal control and (b) the importance of the human factor in internal control.
Xi Ping is reviewing the principle of segregation of duties. What are the two common applications of this principle?
Suppose the following financial data were reported by 3M Company (USA) for 2019 and 2020 (dollars in millions).Instructionsa. Calculate the current ratio and working capital for 3M for 2019 and
Selected data from a February payroll register for Saputra Group are presented below. Some amounts are intentionally omitted.Social Security taxes are 7.65%. Medical insurance premium is 4% of gross
Gabrielle Osmon’s hourly wage is €14. She receives a wage of €21 for work in excess of 40 hours. During a March weekly pay period, Gabrielle worked 46 hours. Gabrielle’s income tax
Streep Factory provides a 2-year warranty with one of its products which was first sold in 2020. Streep sold $1,000,000 of products subject to the warranty. Streep expects $125,000 of warranty costs
Ting Manufacturing sells its products with a 75-day warranty for defective merchandise. Based on past experience, Ting estimates that 3% of the units sold will become defective during the warranty
Soundgarden Ltd. sold 200 color laser copiers on July 10, 2020, for £4,000 apiece, together with a 1-year warranty. Maintenance on each copier during the warranty period is estimated to be
Allison Hardware’s payroll for November 2020 is €200,000. The Social Security rate is 8% on an employee’s wages. Income tax withheld amounts to €16,000 for factory, €7,000 for sales, and
The following expenditures were incurred by Rosenberg Construction in purchasing land: cash price €64,000, accrued taxes €3,000, attorneys’ fees €2,500, real estate broker’s commission
What are extractable natural resources, and what are their distinguishing characteristics?

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