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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The following are selected accounts for Feisal Pet Supply as reported in the worksheet at the end of May 2020.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
In 2020, Endeaver Cameras had net sales of £860,000 and cost of goods sold of £533,200. Operating expenses were £221,000, and interest expense was £7,000. Instructionsa. Compute Endeaver’s
In its income statement for the year ended December 31, 2020, Mancini Films reported the following condensed data.Instructionsa. Prepare an income statement.b. Prepare a comprehensive income
Presented below is information for Bach Chocolatiers for the month of March 2020.Instructionsa. Prepare an income statement.b. Prepare a comprehensive income statement.c. Compute the gross profit
Presented below is information related to Poulsen Industries for the month of January 2020.Instructionsa. Prepare the necessary adjusting entry for inventory.b. Prepare the necessary closing entries.
The adjusted trial balance of Mendoza Auto Supply shows the following data pertaining to sales at the end of its fiscal year October 31, 2020: Sales Revenue €820,000, Freight-Out €16,000, Sales
Assume Jose Foods has the following reported amounts: Sales revenue €506,000, Sales returns and allowances €13,000, Cost of goods sold €342,000, Operating expenses €110,000. Compute the
Yangtze Canoes provides the following information for the month ended October 31, 2020 (amounts in Chinese yuan): sales on credit ¥280,000, cash sales ¥100,000, sales discounts ¥5,000, sales
Presented below are the components in Clearwater Pools’ income statement. Determine the missing amounts. Gross Net Sales Revenue Cost of Operating Expenses Goods Sold Profit Income £78,000
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.a. What were
The following information is available for Rego Bowling Alley at December 31, 2020.Prepare a classifi ed balance sheet using GAAP; assume that $13,900 of the notes payable will be paid in 2021.
Zurich Company recently received the following information related to the company’s December 31, 2020, balance sheet.Prepare the assets section of the company’s classified balance sheet using
At June 30, 2020, the end of its most recent fiscal year, Green River Computer Consultants’ post-closing trial balance was as follows (amounts in thousands):The company underwent a major expansion
On August 1, 2020, the following were the account balances of B&B Repair Services.During August, the following summary transactions were completed.Aug. 1 Paid $400 cash for advertising in local
Lars Linken opened Lars Cleaners on March 1, 2020. During March, the following transactions were completed.Mar. 1 Owner invested €15,000 cash in the company.1 Borrowed €6,000 cash by signing a
Jaden Li opened Kleene Window Washing on July 1, 2020. During July, the following transactions were completed.July 1 Owner invested NT$12,000 cash in the company. 1
Anya Clark opened Anya’s Cleaning Service on July 1, 2020. During July, the following transactions were completed.July 1 Anya invested €20,000 cash in the business. 1
The completed financial statement columns of the worksheet for Bray Music are shown as follows (amounts in NT$).Instructionsa. Prepare an income statement, an owner’s equity statement, and a
The adjusted trial balance columns of the worksheet for Nguyen Company, owned by C. Nguyen, are as follows.Instructionsa. Complete the worksheet by extending the balances to the financial statement
The trial balance columns of the worksheet for Wang Roofing at March 31, 2020, are as follows (amounts in thousands).Other data:1. A physical count reveals only ¥480 of roofing supplies on hand.2.
Krantz Company pays salaries of $12,000 every Monday for the preceding 5-day week (Monday through Friday). Assume December 31 falls on a Tuesday, so Krantz’s employees have worked 2 days without
These financial statement items are for Basten Tax Services at year-end, July 31, 2020.Salaries and wages payable £ 2,080 ..........................................Notes payable (long-term) £
The adjusted trial balance for Tsai Bowling Alley at December 31, 2020, contains the following accounts (amounts in thousands).Instructionsa. Prepare a classified statement of financial position;
Natt Spa discovered the following errors made in January 2020.1. A payment of Salaries and Wages Expense of €700 was debited to Equipment and credited to Cash, both for €700.2. A collection of
Ji-a Cho has prepared the following list of statements about the accounting cycle.1. “Journalize the transactions” is the first step in the accounting cycle.2. Reversing entries are a required
The adjusted trial balance for Huang Automotive is presented in E4.8.Instructionsa. Prepare an income statement and an owner’s equity statement for the year. Huang did not make any capital
Huang Automotive ended its fiscal year on July 31, 2020. The company’s adjusted trial balance as of the end of its fiscal year is as follows.Instructionsa. Prepare the closing entries using page
Je Ju Consultants had the following adjusted trial balance (amounts in thousands).Instructionsa. Prepare closing entries at June 30, 2020.b. Prepare a post-closing trial balance. Je Ju Consultants
Selected worksheet data for Wong Landscaping are presented below.Instructionsa. Fill in the missing amounts (all amounts in ¥).b. Prepare the adjusting entries that were made. Adjusted Trial Balance
Worksheet data for Tai Interiors are presented in E4.2.Instructionsa. Journalize the closing entries at April 30.b. Post the closing entries to Income Summary and Owner’s Capital. Use T-accounts.c.
Worksheet data for Tai Interiors are presented in E4.2. The owner did not make any additional investments in the business in April.InstructionsPrepare an income statement, an owner’s equity
The adjusted trial balance columns of the worksheet for Tai Interiors are as follows (amounts in NT$).InstructionsComplete the worksheet. Tai Interiors Worksheet (partial) For the Month Ended April
The trial balance columns of the worksheet for Lim Acupuncture at June 30, 2020, are as follows (amounts in thousands).Other data:1. A physical count reveals HK$500 of supplies on hand.2. HK$100 of
Alpha’s Graphics was organized on January 1, 2020, by Gabriel Alpha. At the end of the first 6 months of operations, the trial balance contained the following accounts.Analysis reveals the
On November 1, 2020, the account balances of Beck Equipment Repair were as follows.During November, the following summary transactions were completed.Nov. 8 Paid £1,700 for salaries due employees,
A review of the ledger of Bellingham Accountants at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance €10,340. The
Alena Co. was organized on July 1, 2020. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.Instructionsa. Journalize the
Lazy River Resort opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for
Sadie Cuono started her own consulting firm, Cuono Consulting, on May 1, 2020. The trial balance at May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of
At Moretti Automotive, prepayments are debited to expense when paid, and unearned revenues are credited to revenue when cash is received. During January of the current year, the following
Vissar Foods has the following balances in selected accounts on December 31, 2020.Service Revenue................................. €40,000Insurance Expense.................................
A partial adjusted trial balance of Rooney Sports at January 31, 2020, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.a. If the amount in Supplies
The income statement of Bjorn ASA for the month of July shows net income of €1,400 based on Service Revenue €5,500, Salaries and Wages Expense €2,300, Supplies Expense €1,200, and Utilities
Orwell Surf Shop accumulates the following adjustment data at December 31.1. Services performed but unbilled total €3,000.2. Supplies of €300 have been used.3. Utility expenses of €552 are
Pegasus Computer Services began operations in July 2020. At the end of the month, the company prepares monthly financial statements. It has the following information for the month.1. At July 31, the
Eckholm Pet Grooming records all prepayments in income statement accounts. At April 30, the trial balance shows Supplies Expense HK$28,000, Service Revenue HK$92,000, and zero balances in related
The adjusted trial balance of Kwun Photos at December 31, 2020, includes the following accounts: Owner’s Capital W16,400, Owner’s Drawings W7,000, Service Revenue W39,000, Salaries and Wages
The trial balance of Beowulf Travel includes the following statement of financial position accounts, which may require adjustment. For each account that requires adjustment, indicate (a) the type of
On July 1, 2020, Major Ltd. pays £15,120 to Orlow Insurance for a 3-year insurance contract. Both companies have fi scal years ending December 31. For Major Ltd., journalize and post the entry on
The Sun Theater, owned by Ha Ji-Won, will begin operations in March. The Sun will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of Sun
The trial balance of De Bortoli Co. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the
Kochi Services was formed on May 1, 2020. The following transactions took place during the first month (amounts in thousands).Transactions on May 1:1. Rahul Shah invested INR40,000 cash in the
Emily Stansbury is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred.April 1 Invested €20,000 cash in her business.
The accounts in the ledger of Overnite Delivery Service contain the following balances on July 31, 2020 (amounts in thousands).InstructionsPrepare a trial balance with the accounts arranged as
Selected transactions for Ann Ling Couture during its first month in business are presented below.Sept 1 Invested NT$10,000 cash in the business.
This information is for Java Herbals for the year ended December 31, 2020.Cash received from revenues from customers ........................Rp600,000Cash received from investment by owner
Presented below is financial information related to the 2020 operations of Sea Legs Tours.Maintenance and repairs expense ..............................R$ 95,000Utilities expense
The following information relates to Karen Weigel Co. for the year 2020.InstructionsAfter analyzing the data, prepare an income statement and an owner’s equity statement for the year ending
Kinney A. Ş. had the following assets and liabilities on the dates indicated.Kinney began business on January 1, 2019, with an investment of ₺100,000.InstructionsFrom an analysis of the change in
Transactions made by John Callahan Ltd., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the eff ects of these transactions on the expanded accounting
In alphabetical order below are statement of financial position items for Grande Ltd. at December 31, 2020. Kid Grande is the owner of the company. Prepare a statement of financial position,
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
The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
At May 31, Chang Dancewear has net sales of ¥330,000 and cost of goods available for sale of ¥230,000. Compute the estimated cost of the ending inventory, assuming the gross profit rate is 45%.
Zammit Watches reports net income of €90,000 in 2020. However, ending inventory was understated €5,000. What is the correct net income for 2020? What effect, if any, will this error have on total
Valerie Fons operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory
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
Atlantis Company reported the following amounts in 2020: net income, $150,000; unrealized gain related to revaluation of buildings, $10,000; and unrealized loss on non-trading securities, $(35,000).
The financial statements of TSMC are presented in Appendix A at the end of this textbook. The complete annual report, including the notes to the financial statements, is available at the
Whitegloves Janitorial Service was started 2 years ago by Jenna Olson. Because business has been exceptionally good, Jenna decided on July 1, 2020, to expand operations by acquiring an additional
The financial statements of TSMC are presented in Appendix A at the end of this textbook. The complete annual report, including the notes to the financial statements, is available at the
The income statement for Golden Golf Club for the month ending July 31 shows Service Revenue ¥17,800, Salaries and Wages Expense ¥9,600, Maintenance and Repairs Expense ¥2,500, and Net Income
The ledger of Desai Catering contains the following balances: Owner’s Capital INR30,000, Owner’s Drawings INR2,000, Service Revenue INR58,000, Salaries and Wages Expense INR39,000, and Supplies
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Lee Company: Accumulated Depreciation, Depreciation Expense, Owner’s Capital, Owner’s Drawings,
Using TSMC’s annual report, determine its current liabilities at December 31, 2015, and December 31, 2016. Were current liabilities higher or lower than current assets in these two years?
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.InstructionsVisit
Happy Trails Park was organized on April 1, 2019, by Alicia Henry. Alicia is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Alicia prepared the
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.InstructionsBased on information contained in these financial
The ledger of Lafayette Ski School on March 31, 2020, includes the following selected accounts before adjusting entries.An analysis of the accounts shows the following.1. Insurance expires at the
The basic accounting equation is Assets = Liabilities + Owner’s equity. Replacing the words in that equation with dollar amounts, what is TSMC’s accounting equation at December 31, 2016?
Summarized operations for Oslo Outfitters for the month of July are as follows.Revenues recognized: for cash £20,000; on account £70,000.Expenses incurred: for cash £26,000; on account
Jardin plc had a capital balance of £186,000 at the beginning of the period. At the end of the accounting period, the capital balance was £189,000.a. Assuming no additional investment or
In February 2020, Xia Lin invested an additional ¥12,000 in her business, Lin’s Pharmacy, which is organized as a proprietorship. Lin’s accountant, Sal Costa, recorded this receipt as an
Listed below are some items found in the financial statements of Min-Seo Promotions. Indicate in which financial statement(s) the following items would appear.a. Service revenue.b. Equipment.c.
Neha Singh is the owner of a successful printing shop. Recently, her business has been increasing, and Neha has been thinking about changing the organization of her business from a proprietorship to
Use the expanded accounting equation to answer each of the following questions.a. The liabilities of Kumar Company are 90,000. Owner’s capital is 150,000; drawings are 40,000; revenues, 450,000;
Feng Disc Golf Course was opened on March 1 by Lee Feng. The following selected events and transactions occurred during March (amounts in thousands).Mar. 1 Invested ¥20,000 cash in the
Ong Enterprises had the following selected transactions.1. Bo Halladay invested NT$40,000 cash in the business.2. Paid offi ce rent of NT$8,400.3. Performed consulting services and billed a client
Bear Park, a camping ground in the Lake District, has compiled the following financial information as of December 31, 2020.Instructionsa. Determine Bear Park’s net income for 2020.b. Prepare a
Collins Computer Timeshare entered into the following transactions during May 2020.1. Purchased computers for R$20,000 from Digital Equipment on account.2. Paid R$4,000 cash for May rent on storage
Angela Manternach, president of Manternach Designs, has instructed Carla Ruden, the head of the accounting department for Manternach Designs, to report the company’s land in the company’s
Indicate whether each of the five statements presented below is true or false.1. IFRS are issued by the FASB.2. The standards of conduct by which actions are judged as loyal or disloyal are ethics.3.
Selected transactions from the journal of Ann Wong, investment broker, are presented below (amounts in ¥ thousands).a. Post the transactions to T-accounts.b. Prepare a trial balance at August 31,
Transaction data for Yansheng Real Estate are presented in E2.4.InstructionsJournalize the transactions. (You may omit explanations.)Data From Exercises 4The following information relates to Yansheng
The following information relates to Yansheng Real Estate.Oct. 1 Biao Yansheng begins business as a real estate agent with a cash investment of HK$17,000. 2 Hires a
The following accounts are taken from the ledger of Chillin’ Company at December 31, 2020.Prepare a trial balance in good form. Cash R$ 6,000 7,000 4,000 200 Notes Payable 301 Owner's Capital 157
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances are normal. Chang Ltd. Trial Balance December 31, 2020 Debit Credit
What are the normal balances for TSMC’s Cash, Accounts Payable, and Interest Expense accounts?
The financial statements of Apple Inc. are presented in Appendix D. The complete annual report, including the notes to its financial statements, is available at the company’s
Nestlé’s financial statements are presented in Appendix B. Financial statements of Delfi Limited are presented in Appendix C.InstructionsRefer to the financial statements and answer the

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