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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

Luis Cycles owns a machine that is fully depreciated but is still being used. How should Luis account for this asset and report it in the financial statements?
The financial statements of Apple are presented in Appendix D. The complete annual report, including the notes to its financial statements, is available at the company’s website.InstructionsUse
Victoria Ltd.’s statement of financial position at December 31, 2019, is presented below.During January 2020, the following transactions occurred. Victoria uses the perpetual inventory method.Jan.
The adjusted trial balance of Yoon Imports for the year ended December 31, 2020, is as follows (amounts in thousands):InstructionsPrepare an income statement, owner’s equity statement, and a
Suppose the amounts presented here are basic financial information (in millions) from the 2020 annual reports of Nike (USA) and adidas (DEU).InstructionsCalculate the accounts receivable turnover and
On January 1, 2020, Harter Wholesalers had Accounts Receivable €139,000, Notes Receivable €25,000, and Allowance for Doubtful Accounts €13,200. The note receivable is from Willingham Company.
Anping Enterprises closes its books on its July 31 year-end. The company does not make entries to accrue for interest except at its year-end. On June 30, the Notes Receivable account balance is
At December 31, 2020, the trial balance of Darby Antiques contained the following amounts before adjustment.Instructionsa. Based on the information given, which method of accounting for bad debts is
Ho Publishers, uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end (¥ in
Presented below is an aging schedule for Sycamore AG.At December 31, 2020, the unadjusted balance in Allowance for Doubtful Accounts is a credit of €12,000.Instructionsa. Journalize and post the
Information related to Mingenback Ltd. for 2020 is summarized below.Total credit sales........................................................ £2,500,000Accounts receivable at December
At December 31, 2019, Catu Medical reported the following information on its statement of financial position.Accounts receivable R$960,000Less: Allowance for doubtful accounts 80,000During 2020, the
Laskova A/S had accounts receivable of €100,000 on January 1, 2020. The only transactions that affected accounts receivable during 2020 were net credit sales of €1,000,000, cash collections of
On May 2, Ling Ltd. lends ¥9,000 to Chen, Inc., issuing a 6-month, 7% note (¥ in thousands). At the maturity date, November 2, Chen indicates that it cannot pay.Instructionsa. Prepare the entry to
Record the following transactions for Redeker Group in the general journal.2020May 1 Received a €9,000, 12-month, 10% note in exchange for Mark Chamber’s outstanding accounts receivable.Dec. 31
Chang Supply has the following transactions related to notes receivable during the last 2 months of 2020. The company does not make entries to accrue interest except at December 31. Nov. 1
Min Yachts has accounts receivable of ₩95,400 at March 31, 2020 (amounts in thousands). Credit terms are 2/10, n/30. At March 31, 2020, there is a ₩2,100 credit balance in Allowance for Doubtful
The ledger of Costello Company at the end of the current year shows Accounts Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances $20,000.Instructionsa. If Costello uses the
At the beginning of the current period, Coe Ltd. had balances in Accounts Receivable of £200,000 and in Allowance for Doubtful Accounts of £9,000 (credit). During the period, it had net credit
Presented below are selected transactions of Federer Apparel. Federer sells in large quantities to other companies and also sells its product in a small retail outlet.March 1 Sold merchandise on
On January 6, Malta Ltd. sells merchandise on account to Harley Inc. for £9,200, terms 1/10, n/30. On January 16, Harley pays the amount due. Instructions Prepare the entries on Malta’s books to
On January 10, 2020, Wilfer Ltd. sold merchandise on account to Robertsen Co. for HK$84,600, n/30. On February 9, Robertsen Co. gave Wilfer Ltd. a 10% promissory note in settlement of this account.
Presented below are two independent transactions.a. Fiesta Restaurant accepted a Visa card in payment of a €175 lunch bill. The bank charges a 4% fee. What entry should Fiesta make?b. St. Pierre AG
At the end of 2020, Chin Appliances has accounts receivable of ¥700,000 and an allowance for doubtful accounts of ¥54,000 (amounts in thousands). On January 24, 2021, the company learns that its
What percentage does TSMC’s 2016 allowance for doubtful accounts represent as a percentage of its gross receivables?
Toyota Motor Company (JPN) has accounts receivable and notes receivable. How should the receivables be reported on the statement of financial position?
Freida ASA accepts both its own and other credit cards. What are the advantages of accepting both types of cards?
Borke Ltd. has a credit balance of NT$300,000 in Allowance for Doubtful Accounts before adjustment. The total estimated uncollectibles under the percentage-of-receivables basis is NT$580,000. Prepare
What types of receivables does TSMC report on its statement of financial position? Does it use the allowance method or the direct write-off method to account for uncollectibles?
(USA) issues its own credit cards. Assume that Texaco charges you $40 interest on an unpaid balance. Prepare the journal entry that Texaco makes to record this revenue.
At July 31, Wenji Interiors has the following bank information (amounts in thousands): cash balance per bank ¥7,420, outstanding checks ¥762, deposits in transit ¥1,620, and a bank service charge
Bei Yong is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.
Deutche Travel has the following internal control procedures over cash disbursements. Identify the internal control principle that is applicable to each procedure.a. Company checks are prenumbered.b.
Wu Hardware has the following internal control procedures over cash receipts. Identify the internal control principle that is applicable to each procedure.a. All over-the-counter receipts are entered
The internal control procedures in Hamzah Electronics result in the following provisions.Identify the principles of internal control that are being followed in each case.a. Employees who have
Anusha Das is the new owner of Kolkata Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Anusha the four purposes of internal control
Wang Tao Ltd. had the following transactions during April.1. Sold merchandise on account.2. Purchased merchandise on account.3. Collected cash from a sale to Renfro Group.4. Recorded accrued interest
Papha Computer Components uses a multi-column cash receipts journal. Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.a. Accounts Receivable.b. Sales
Hallasan Shoes uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded.a. Purchased equipment on account.b. Purchased merchandise on
Presented below is information related to Anping Manufacturing for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts
Suresh Kumar has prepared the following list of statements about accounting information systems.1. The accounting information system includes each of the steps of the accounting cycle, the documents
A €500 purchase of merchandise on account from Loire Gourmet Shops was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was €50. How
Kim Sports uses special journals. It recorded in a sales journal a sale made on account to R. Yang Co. for ¥435 (amounts in thousands). A few days later, Yang returns ¥70 worth of merchandise for
Selected account balances for Hallasan Ltd. at January 1, 2020, are presented below (amounts in thousands).Accounts Payable ..............................W14,000Accounts Receivable
Zhao Products uses both special journals and a general journal as described in this chapter. Zhao also posts customers’ accounts in the accounts receivable subsidiary ledger. The postings for the
The general ledger of Huang Marine Supply contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger (amounts in thousands of
Below are some typical transactions incurred by Cheung Publishers.1. Payment of creditors on account.2. Return of merchandise sold for credit.3. Collection on account from customers.4. Sale of land
Mama Liana Cakes has the following selected transactions during March (amounts in thousands).Mar. 2 Purchased equipment costing Rp7,400 from Hasan Company on account.5 Received credit of Rp410 from
Shou Computers uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred.1. Made a refund to a customer as an allowance for damaged
R. Lawrence Luggage uses special journals and a general journal. The following transactions occurred during May 2020.May 1 R. Lawrence invested €40,000 cash in the business.2 Sold merchandise to
Seo-hyeon’s Auto Supply uses special journals and a general journal. The following transactions occurred during September 2020 (amounts in thousands).Sept. 2 Sold merchandise on account to A.
Pennington SA has a balance in its Accounts Payable control account of €9,250 on January 1, 2020. The subsidiary ledger contains three accounts: Hale Co., balance €3,000; Janish Co., balance
Feng Decorators Company has a balance in its Accounts Receivable control account of ¥10,000 on January 1, 2020 (amounts in thousands). The subsidiary ledger contains three accounts: Long Company,
On September 1, the balance of the Accounts Receivable control account in the general ledger of Zhao Foods was ¥10,960 (amounts in thousands). The customers’ subsidiary ledger contained account
Presented below is the subsidiary accounts receivable account of Kam-Bo Hung.InstructionsWrite a memo to Lilly Cheung, chief financial officer, that explains each transaction. Debit Balance Date
Semora Textiles uses both special journals and a general journal as described in this chapter. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in
You are the assistant controller in charge of general ledger accounting at Hallasan Bottling. Your company has a large loan from an insurance company. The loan agreement requires that the company’s
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.Instructionsa. Based on the information contained in these financial
Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum,
Timmins Grow-Fast spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company’s Cash account per its general ledger showed a balance of £6,738.90. The bank
The bank portion of the bank reconciliation for Shou Florists at November 30, 2020, was as follows (amounts in thousands).The adjusted cash balance per bank agreed with the cash balance per books at
A new accountant at Wyne Glass is trying to identify which of the amounts shown below should be reported as part of the current asset “Cash and cash equivalents” in the year-end statement of
Kaur Artisans has recorded the following items in its financial records (amounts in thousands).Cash in bank .............................................................INR 42,000Cash in plant
Listed below are five procedures followed by Rhone Bakery.1. Employees are required to take vacations.2. Any member of the sales department can approve credit sales.3. Paul Jaggard ships goods to
At Bun Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file
Li Tung is the owner of Zhao Pizza. Zhao is operated strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the counter, the
a. Luo Yang is concerned with control over mail receipts at Yang’s Tools. All mail receipts are opened by Rong Hu. Rong sends the checks to the accounting department, where they are stamped “For
Identify which control activity is violated in each of the following situations, and explain how the situation creates an opportunity for fraud or inappropriate accounting practices.1. Once a month,
Kiera O’Malley, a classmate, has a part-time bookkeeping job. She is concerned about the inefficiencies in journalizing and posting transactions. Colm Joyce is the owner of the company where Kiera
Hoo & Haan is a wholesaler of small appliances and parts. Hoo & Haan is operated by two owners, Che-wei Hoo and Pai-han Haan. In addition, the company has one employee, a repair specialist,
Yansheng Market’s chart of accounts includes the following selected accounts.101 Cash ..............................................................................401 Sales Revenue112 Accounts
LaTour Perfumes is based in France and prepares its financial statements in accordance with IFRS. In 2020, it reported cost of goods sold of €578 million and average inventory of €154 million.
You are the controller of Classic Toys Ltd. Kathy McDonnell, the president, recently mentioned to you that she found an error in the 2019 financial statements, which she believes has corrected
On April 10, 2020, fire damaged the office and warehouse of Ehlert Lighting. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2020:
On December 1, 2020, Cambridge Printers had the account balances shown below.The following transactions occurred during December.Dec. 3 Purchased 4,000 units of inventory on account at a cost of
Terzi Department Store uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at August 31, 2020.At December
Lisbon Pottery lost 70% of its inventory in a fire on March 25, 2020. The accounting records showed the following gross profit data for February and March.Lisbon is fully insured for fire losses but
Tempo Ltd. is a retailer operating in Dartmouth, Nova Scotia. Tempo uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory; the
The management of Tudor Living asks your help in determining the comparative effects of the FIFO and average-cost inventory cost flow methods. For 2020, the accounting records provide the data shown
You are provided with the following information for Senta Ltd. for the month ended October 31, 2020. Senta uses a periodic method for inventory.Instructionsa. Calculate (i) ending inventory, (ii)
The management of Gisel Group is reevaluating the appropriateness of using its present inventory cost fl ow method. They request your help in determining the results of operations for 2020 if either
Anatolia Designs is trying to determine the value of its ending inventory at February 28, 2020, the company’s year-end. The accountant counted everything that was in the warehouse as of February
Punjab Artisans reported the following information for November and December 2020.Punjab’s ending inventory at December 31 was destroyed in a fire.Instructionsa. Compute the gross prof t rate for
This information is available for Sepia Photos for 2018, 2019, and 2020.InstructionsCalculate inventory turnover, days in inventory, and gross profit rate for Sepia Photos for 2018, 2019, and 2020.
Wu Jewelry reported the following income statement data for a 2-year period.Wu uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the
Bamburgh Hardware reported cost of goods sold as follows.Bamburgh made two errors: (1) 2019 ending inventory was overstated €2,000, and (2) 2020 ending inventory was understated
Park Shoe Shop had goods available for sale in 2020 with a retail price of £120,000. The cost of these goods was £84,000. If sales during the period were £90,000, what is the estimated cost of
Xu Fashions’ statement of financial position shows Inventory HK$1,628,000. What additional disclosures should be made?
Bakkar Kitchens discovers in 2020 that its ending inventory at December 31, 2019, was €7,600 understated. What effect will this error have on (a) 2019 net income, (b) 2020 net income, and (c) the
Three years ago, Debbie Sells and her brother-in-law Mike Mooney opened Family Department Store. For the first two years, business was good, but the following condensed income results for 2019 were
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.Instructionsa. Based on the information contained in these financial
On December 1, 2020, Jurczyk Distributing had the following account balances.During December, the company completed the following summary transactions.Dec. 6 Paid €1,600 for salaries and wages due
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash CHF2,500, Inventory CHF1,700, and Owner’s Capital CHF4,200. The following transactions were completed during
At the end of Hotai Department Store’s fiscal year on December 31, 2020, these accounts appeared in its adjusted trial balance.Freight-In
The trial balance of Rosiak Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.Adjustment data:1. Supplies on hand totaled £2,100.2. Depreciation
Starz Department Store is located near the Towne Shopping Mall. At the end of the company’s calendar year on December 31, 2020, the following accounts appeared in two of its trial
Presented below are selected accounts for Midler Stores as reported in the worksheet at the end of May 2020. Ending inventory is $75,000.InstructionsComplete the worksheet by extending amounts
On January 1, 2020, Scott Enterprises inventory of £50,000. At December 31, 2020, Scott had the following account balances.Freight-in
The trial balance of Biju Medical Supplies at the end of its fiscal year, August 31, 2020, includes these accounts (amounts in thousands): Inventory Rp17,200; Purchases Rp149,000; Sales Revenue
The trial balance columns of the worksheet for Barbosa Apparel at June 30, 2020, are as follows.Other data:Operating expenses incurred on account, but not yet recorded, total

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