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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

The financial statements of TSMC are presented in Appendix A (at the back of the textbook). The complete annual report, including the notes to the financial statements, is available at the
Financial statement information about four different companies is as follows.Instructionsa. Determine the missing amounts. (Hint: For example, to solve for (a), Assets – Liabilities = Owner’s
On June 1, Cindy Godfrey started Divine Designs, a company that provides craft opportunities, by investing $12,000 cash in the business. Following are the assets and liabilities of the company at
AI Fang opened a law office on July 1, 2020. On July 31, the statement of financial position showed Cash ¥5,000, Accounts Receivable ¥1,500, Supplies ¥500, Equipment ¥6,000, Accounts Payable
On April 1, Julie Chen established Miaoli’s Travel Agency. The following transactions were completed during the month.1. Invested NT$15,000 cash to start the agency.2. Paid NT$600 cash for April
following data were taken from the income statements of Mydorf Company.a. Compute for each year(1) The inventory turnover(2) Days in inventory.b. What conclusions concerning the management of the
Naylor Company had $210,000 of net income in 2019 when the selling price per unit was $150, the variable costs per unit were $90, and the fixed costs were $570,000. Management expects per unit data
What are some of the limitations of regression analysis?
How is the predetermined overhead rate determined when standard costs are used?
In 2019, Manhoff Company had a break-even point of $350,000 based on a selling price of $5 per unit and fixed costs of $112,000. In 2020, the selling price and the variable costs per unit did not
At the high and low levels of activity during the month, direct labor hours are 90,000 and 40,000, respectively. The related costs are $165,000 and $100,000. What are the fixed and variable costs at
The Sanding Department of Quik Furniture Company has the following production and manufacturing cost data for March 2020, the first month of operation. Production: 7,000 units finished and
McQueen Motor Company manufactures automobiles. During September 2020, the company purchased 5,000 head lamps at a cost of $15 per lamp. Fifty of these lamps were used to replace the head lamps in
Cepeda Corporation has the following cost records for June 2020.Instructionsa. Prepare a cost of goods manufactured schedule for June 2020.b. Prepare an income statement through gross profit for June
Incomplete manufacturing cost data for Horizon Company for 2020 are presented as follows for four different situations.Instructionsa. Indicate the missing amount for each letter.b. Prepare a
An incomplete cost of goods manufactured schedule is presented belowInstructionsComplete the cost of goods manufactured schedule for Hobbit Company. Hobbit Company Cost of Goods Manufactured Schedule
In alphabetical order below are current asset items for Roland Company’s balance sheet at December 31, 2020. Prepare the current assets section (including a complete heading).Accounts receivable
Wendall Company specializes in producing fashion outfits. On July 31, 2020, a tornado touched down at its factory and general office. The inventories in the warehouse and the factory were completely
The condensed financial statements of Ness Company for the years 2019 and 2020 are presented below.Compute the following ratios for 2020 and 2019.a. Current ratio.b. Inventory turnover. (Inventory
The following data are taken from the financial statements of Colby Company.a. Compute for each year(1) The accounts receivable turnover(2) The average collection period.At the end of 2018, accounts
Panza Corporation 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
Here is the income statement for Myers, Inc.Myers, Inc.Income StatementFor the Year Ended December 31, 2020Sales revenue
Suppose these selected condensed data are taken from recent balance sheets of Bob Evans Farms (in thousands).Compute the current ratio for each year and comment on your results. 2019 2020 $ 7,669 $
Suppose selected comparative statement data for the giant bookseller Barnes & Noble are presented here. All balance sheet data are as of the end of the fiscal year (in
Horizontal analysis (trend analysis) percentages for Phoenix Company€™s sales revenue, cost of goods sold, and expenses are listed here.Explain whether Phoenix€™s net income
Lendell Company has these comparative balance sheet data:Additional information for 2020:1. Net income was $25,000.2. Sales on account were $375,000. Sales returns and allowances amounted to
Vertical analysis (common-size) percentages for Palau Company€™s sales revenue, cost of goods sold, and expenses are as follows.Did Palau€™s net income as a percent of sales
Gwynn Incorporated had the following transactions involving current assets and current liabilities during February 2020.Feb. 3 Collected accounts receivable of $15,000.7 Purchased equipment for
If Coho Company had net income of $382,800 in 2020 and it experienced a 16% increase in net income over 2019, what was its 2019 net income?
Nordstrom, Inc. operates department stores in numerous states. Suppose selected financial statement data (in millions) for 2020 are presented below.For the year, net credit sales were $8,258 million,
Net income was $500,000 in 2018, $485,000 in 2019, and $518,400 in 2020. What is the percentage of change from(a) 2018 to 2019,(b) From 2019 to 2020? Is the change an increase or a decrease?
Here are the comparative income statements of Delaney Corporation.Instructionsa. Prepare a horizontal analysis of the income statement data for Delaney Corporation, using 2019 as a base. (Show the
Using the data presented in BE18.4 for Rollaird Company, perform vertical analysis.BE18.4Using these data from the comparative balance sheet of Rollaird Company, perform horizontal analysis.
Suppose the comparative balance sheets of Nike, Inc. are presented here.Instructionsa. Prepare a horizontal analysis of the balance sheet data for Nike, using 2019 as a base. (Show the amount of
Using these data from the comparative balance sheet of Rollaird Company, perform horizontal analysis. December 31, 2020 $ 460,000 December 31, 2019 $ 400,000 Accounts receivable Inventory Total
Operating data for Joshua Corporation are presented below.InstructionsPrepare a schedule showing a vertical analysis for 2020 and 2019. 2020 2019 Sales revenue Cost of goods sold Selling expenses
On January 1, 2020, Bryce Inc. changed from the LIFO method of inventory pricing to the FIFO method. Explain how this change in accounting principle should be treated in the company’s financial
Here is financial information for Glitter Inc.InstructionsPrepare a schedule showing a horizontal analysis for 2020, using 2019 as the base year. December 31, 2020 December 31, 2019 $ 90,000 Current
The condensed financial statements of Murawski Company for the years 2019 and 2020 are presented as follows. (Amounts in thousands.)Compute the following ratios for 2020 and 2019.a. Current ratio.b.
Trayer Corporation 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
Summary financial information for Gandaulf Company is as follows.Compute the amount and percentage changes in 2020 using horizontal analysis, assuming 2019 is the base year. Dec. 31, 2019 Dec. 31,
The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the notes to its financial statements, is available at the company’s
For its fiscal year ending October 31, 2020, Haas Corporation reports the following partial data shown below.Income before income taxes .......................$540,000Income tax expense (20% ×
In its proposed 2020 income statement, Hrabik Corporation reports income before income taxes $500,000, income taxes $100,000 (not including unusual items), loss on operation of discontinued music
Molino Inc. reported sales revenue of $2 million for 2020. Accounts receivable decreased $200,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the
Comparative balance sheets for International Company are presented as follows.Additional information:1. Net income for 2020 was $135,000.2. Cash dividends of $70,000 were declared and paid.3. Bonds
The following information is taken from the 2020 general ledger of Swisher Company.InstructionsIn each case, compute the amount that should be reported in the operating activities section of the
Sisson Corporation reports operating expenses of $80,000 excluding depreciation expense of $15,000 for 2020. During the year, prepaid expenses decreased $6,600 and accrued expenses payable increased
The 2020 accounting records of Blocker Transport reveal these transactions and events.InstructionsPrepare the cash flows from operating activities section using the direct method. (Not all of the
Howell Corporation reported income tax expense of $340,000,000 on its 2020 income statement and income taxes payable of $297,000,000 at December 31, 2019, and $522,000,000 at December 31, 2020. What
Condensed financial data of Oakley Company appear below.Additional information:1. Equipment costing $97,000 was purchased for cash during the year.2. Investments were sold at cost.3. Equipment
The comparative balance sheets for Rothlisberger Company as of December 31 are presented below.Additional information:1. Operating expenses include depreciation expense of $42,000 and charges from
Data for Cheng Inc. are presented in P17.9A. Further analysis reveals that accounts payable pertain to merchandise creditors.P17.9Condensed financial data of Cheng Inc. follow.Additional
Macgregor Company completed its first year of operations on December 31, 2020. Its initial income statement showed that Macgregor had revenues of $192,000 and operating expenses of $78,000. Accounts
Rodriquez Corporation€™s comparative balance sheets are presented below.Additional information:1. Net income was $18,300. Dividends declared and paid were $16,400.2. Equipment which cost
Here are comparative balance sheets for Velo Company.Additional information:1. Net income for 2020 was $93,000.2. Cash dividends of $35,000 were declared and paid.3. Bonds payable amounting to
Condensed financial data of Cheng Inc. follow.Additional information:1. New equipment costing $85,000 was purchased for cash during the year.2. Old equipment having an original cost of $57,500 was
Rojas Corporation€™s comparative balance sheets are presented below.Additional information:1. Net income was $22,630. Dividends declared and paid were $19,500.2. No noncash investing and
Data for Nosker Company are presented in P17.7A. Further analysis reveals the following.1. Accounts payable pertain to merchandise suppliers.2. All operating expenses except for depreciation were
Assume that during 2020, Cypress Semiconductor Corporation reported net cash provided by operating activities of $155,793,000, net cash used in investing activities of $207,826,000 (including cash
The following three accounts appear in the general ledger of Herrick Corp. during 2020.InstructionsFrom the postings in the accounts, indicate how the information is reported on a statement of cash
The following are the financial statements of Nosker Company.Nosker CompanyIncome StatementFor the Year Ended December 31, 2020Sales revenue ....................................$242,000Cost of goods
Data for Zumbrunn Company are presented in P17.5A.P17.5Zumbrunn Company€™s income statement contained the following condensed information.Zumbrunn€™s balance sheets contained the
Obermeyer Corporation issued the following statement of cash flows for 2020.(a) Compute free cash flow for Obermeyer Corporation.(b) Explain why free cash flow often provides better information
The following information is available for Stamos Corporation for the year ended December 31, 2020.Beginning cash balance .....................................$ 45,000Accounts payable decrease
Zumbrunn Company€™s income statement contained the following condensed information.Zumbrunn€™s balance sheets contained the comparative data at December 31, shown below.Accounts
Data for Whitlock Company are presented in P17.3A.Data from P17.3The income statement of Whitlock Company is presented here.Additional information:1. Accounts receivable increased $200,000 during
Alex Company reported the following information for 2020.Additional information:1. Operating expenses include depreciation expense of $40,000.2. Land was sold at its book value for cash.3. Cash
The income statement of Whitlock Company is presented here.Additional information:1. Accounts receivable increased $200,000 during the year, and inventory decreased $500,000.2. Prepaid expenses
The current sections of Scoggin Inc.€™s balance sheets at December 31, 2019 and 2020, are presented here. Scoggin€™s net income for 2020 was $153,000. Depreciation expense was
Gutierrez Company reported net income of $225,000 for 2020. Gutierrez also reported depreciation expense of $45,000 and a loss of $5,000 on the disposal of plant assets. The comparative balance sheet
The following account balances relate to the stockholders€™ equity accounts of Kerbs Corp. at year-end.A small stock dividend was declared and issued in 2020. The result of the stock
Tabares Corporation had these transactions during 2020.a. Issued $50,000 par value common stock for cash.b. Purchased a machine for $30,000, giving a long-term note in exchange.c. Issued $200,000
You are provided with the following information regarding events that occurred at Moore Corporation during 2020 or changes in account balances as of December 31, 2020.InstructionsMoore prepares its
Each of the items below must be considered in preparing a statement of cash flows for Baskerville Co. for the year ended December 31, 2020. For each item, state how it should be shown in the
Boise Company’s investments in equity securities at December 31 show total cost of $200,000 and total fair value of $210,000. Boise has less than a 20% ownership interest in the equity securities.
Where is Accumulated Other Comprehensive Loss reported on the balance sheet?
Jill Ernst is the controller of J-Products, Inc. At December 31, the end of its first year of operations, the company’s investments in trading debt securities cost $74,000 and have a fair value of
Uttinger Company has the following data at December 31, 2020.The available-for-sale securities are held as a long-term investment.Instructionsa. Prepare the adjusting entries to report each class of
Data for debt investments classified as trading securities are presented in E16.10. Assume instead that the investments are classified as available-for-sale debt securities. They have the same cost
At December 31, 2020, the trading debt securities for Storrer, Inc. are as follows.Instructionsa. Prepare the adjusting entry at December 31, 2020, to report the securities at fair value.b. Show the
The following are two independent situations.1. Gambino Cosmetics acquired 10% of the 200,000 shares of common stock of Nevins Fashion at a total cost of $13 per share on March 18, 2020. On June 30,
Christina Corporation purchased 400 shares of Nolan Inc. common stock for $13,200 (Christina does not have significant influence). During the year, Nolan paid a cash dividend of $3.25 per share. At
The following data, presented in alphabetical order, are taken from the records of Nieto Corporation.Accounts payable
For the data presented in BE16.6, show the financial statement presentation of the securities and related accounts. Assume the securities are noncurrent.BE16.6In its first year of operations, Godfrey
In its first year of operations, Godfrey Corporation purchased, as a long-term investment, available-for-sale debt securities costing $72,000. At December 31, 2020, the fair value of the securities
The following securities are in Frederick Company’s portfolio of long-term securities at December 31,
Heidebrecht Design acquired 20% of the outstanding common stock of Quayle Company on January 1, 2020, by paying $800,000 for the 30,000 shares. Quayle declared and paid $0.30 per share cash
The cost of the trading debt securities of Munoz Company at December 31, 2020, is $64,000. At December 31, 2020, the fair value of the securities is $59,000. Prepare the adjusting entry to record the
On December 31, 2020, Turnball Associates owned the following securities, held as a long-term investment. The securities are not held for influence or control of the investee.On December 31, 2020,
Flynn Company purchased 70 Rinehart Company 6%, 10-year, $1,000 bonds on January 1, 2020, for $70,000. The bonds pay interest annually on January 1. On January 1, 2021, after receipt of interest,
Some of Tollakson Corporation€™s investments in debt securities are classified as trading securities and some are classifi ed as available-for-sale. The cost and fair value of each category
In January 2020, the management of Kinzie Company concludes that it has sufficient cash to permit some short-term investments in debt and equity securities. During the year, the following
Vilander Carecenters Inc. provides financing and capital to the healthcare industry, with a particular focus on nursing homes for the elderly. The following selected transactions relate to bonds
Jenek Corporation had the following transactions pertaining to debt investments.1. Purchased 40 Leeds Co. 9% bonds (each with a face value of $1,000) for $40,000 cash. Interest is payable annually
Presented below are two independent situations:1. Edelman Inc. acquired 10% of the 500,000 shares of common stock of Schuberger Corporation at a total cost of $11 per share on June 17, 2020. On
Kurtyka Corporation had the following transactions relating to debt investments:Jan. 1, 2020 Purchased 50, $1,000, 10% Spiller Company bonds for $50,000. Interest is payable annually on January
Ownbey Corporation purchased debt investments for $52,000 on January 1, 2020. On July 1, 2020, Ownbey received cash interest of $2,340. Journalize the purchase and the receipt of
Windsor Corporation issues $500,000 of 9%, 5-year bonds on January 1, 2020, at 104. If Windsor uses the effective-interest method in amortizing the premium, will the annual interest expense increase
LRNA Company issued $380,000, 7%, 10-year bonds on January 1, 2020, for $407,968. This price resulted in an effective-interest rate of 6% on the bonds. Interest is payable annually on January 1. LRNA

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