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business
fundamental accounting principles

Questions and Answers of Fundamental Accounting Principles

All organizations should have systems of internal control to combat fraud.InstructionsGo to the Association of Certified Fraud Examiner (ACFE) website, search “Report to the Nations on Occupational
On July 31, 2020, Keeds Company had a cash balance per books of $6,140. The statement from Dakota State Bank on that date showed a balance of $7,690.80. A comparison of the bank statement with the
While examining cash receipts information, the accounting department determined the following information: opening cash balance $160, cash on hand $1,125.74, and cash sales per register tape $980.83.
At what amount does Apple report cash and cash equivalents in its 2015 consolidated balance sheet?
Assume that Kohl’s installed new electronic cash registers in its department stores. How do cash registers improve internal control over cash receipts?
A local bank reported that it lost $150,000 as the result of an employee fraud. Edward Jasso is not clear on what is meant by an “employee fraud.” Explain the meaning of fraud to Edward and give
Sage 50 provides some of the leading accounting software packages. Information related to its products is found at its website.InstructionsReview the features related to its products and then be
Indicate whether the following statements are true or false. If false, indicate how to correct the statement.1. A computerized accounting system must be customized to meet a company’s needs.2.
LaTour Inc. is based in France and prepares its financial statements (in euros) in accordance with IFRS. In 2020, it reported cost of goods sold of €578 million and average inventory of €154
You are the controller of Small Toys Inc. Pamela Bames, the president, recently mentioned to you that she found an error in the 2019 financial statements which she believes has corrected itself. She
Rayre Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2020.At December 31, Rayre
Bao Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December.Bao is fully insured for fire losses but
This information is available for Abdullah€™s Photo Corporation for 2018, 2019, and 2020InstructionsCalculate inventory turnover (round to two decimal places), days in inventory (round to
Smart Watch Company reported the following income statement data for a 2-year period.Smart uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct.
Early in 2020, Yeng Company switched to a just-in-time inventory system. Its sales revenue, cost of goods sold, and inventory amounts for 2019 and 2020 are shown below.Determine the inventory
Vanida Company understated its 2019 ending inventory by $27,000. Determine the impact this error has on ending inventory, cost of goods sold, and owner’s equity in 2019 and 2020.
Larkin Company reports net income of $90,000 in 2020. However, ending inventory was understated $7,000. What is the correct net income for 2020? What effect, if any, will this error have on total
At December 31, 2020, the following information was available for E. Hetzel Company: ending inventory $40,000, beginning inventory $56,000, cost of goods sold $270,000, and sales revenue $380,000.
Cinderella 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 $80,000, what is the ending inventory
Sayaovang Company discovers in 2020 that its ending inventory at December 31, 2019, was $7,000 understated. What effect will this error have on(a) 2019 net income,(b) 2020 net income,(c) The combined
In a period of rising prices, the inventory reported in Bert Company’s balance sheet is close to the current cost of the inventory, whereas Ernie Company’s inventory is considerably below its
Topp Hat Shop received a shipment of hats for which it paid the wholesaler $2,970. The price of the hats was $3,000 but Topp was given a $30 cash discount and required to pay freight charges of $50.
Your friend Ben Johnson has been hired to help take the physical inventory in Pearson Hardware Store. Explain to Ben what this job will entail.
Matilda Company reported the following amounts (in euros) in 2020: Net income, €150,000; Unrealized gain related to revaluation of buildings, €10,000; and Unrealized loss on non-trading
If your school has a subscription to the FASB Codification, log in and prepare responses to the following.Instructionsa. Access the glossary (“Master Glossary”) to answer the following:1. What is
At the beginning of the current season on April 1, the ledger of Gage Pro Shop showed Cash $3,000, Inventory $4,000, and Owner’s Capital $7,000. These transactions occurred during April 2020. Apr.
Kayla Inc. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise inventory on credit and uses a periodic inventory system. The
At the end of Donaldson Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance.Freight-In ..................................................$
Presented below are selected accounts for T. Swift Company as reported in the worksheet at the end of May 2020. Ending inventory is $75,000.InstructionsComplete the worksheet by extending amounts
Below is a series of cost of goods sold sections for companies B, F, L, and R.InstructionFill in the lettered blanks to complete the cost of goods sold sections. B R $ 180 Beginning inventory
On January 1, 2020, Brooke Hanson Corporation had inventory of $50,000. At December 31, 2020, Brooke Hanson had the following account balances.Freight-in
The trial balance of A. Wiencek Company at the end of its fiscal year, August 31, 2020, includes these accounts: Inventory $19,500; Purchases $149,000; Sales Revenue $190,000; Freight-In $5,000;
The trial balance columns of the worksheet using a perpetual inventory system for Balistreri Company at June 30, 2020, are as follows.Other data:Operating expenses incurred on account, but not yet
The following are selected accounts for McPhan Company as reported in the worksheet using a perpetual inventory system at the end of May 2020.InstructionsComplete the worksheet by extending amounts
In 2020, Laquen Company had net sales of $900,000 and cost of goods sold of $522,000. Operating expenses were $225,000, and interest expense was $11,000. Laquen prepares a multiple-step income
In its income statement for the year ended December 31, 2020, Anhad Company reported the following condensed data.Instructionsa. Prepare a multiple-step income statement.b. Prepare a single-step
Presented below is information for Kaila Company for the month of March 2020.Instructionsa. Prepare a multiple-step income statement.b. Compute the gross profit rate. Rent expense Sales discounts
Presented below is information related to Hoerl Co. for the month of January 2020.Instructionsa. Prepare the necessary adjusting entry for inventory.b. Prepare the necessary closing entries. Ending
The adjusted trial balance of Sang Company 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 Returns and
The following information is available for Berlin Corp. for the year ended -December 31, 2020:Prepare a multiple-step income statement for Berlin Corp. and a comprehensive income statement. Other
Indicate whether the following statements are true or false. If false, indicate how to correct the statement.1. A merchandising company reports gross profit but a service company does not.2. Under a
Nelson Company provides the following information for the month ended October 31, 2020: sales on credit $280,000, cash sales $95,000, sales discounts $5,000, and sales returns and allowances $11,000.
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
The following information is available for Sutter Bowling Alley at December 31, 2020.Prepare a classified statement of financial position. Assume that $13,900 of the notes payable will be paid in
As the controller of Take No Prisoners Perfume Company, you discover a misstatement that overstated net income in the prior year’s financial statements. The misleading financial statements appear
Horace Culpepper, CPA, was retained by Pulsar Cable to prepare financial statements for April 2020. Horace accumulated all the ledger balances per Pulsar€™s records and found the
Rusthe Management Services began business on January 1, 2020, with a capital investment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own office
The completed financial statement columns of the worksheet for Bray Company are shown as follows.Instructionsa. Prepare an income statement, an owner€™s equity statement, and a classified
The trial balance columns of the worksheet for Warren Roofing at March 31, 2020, are as follows.Other data:1. A physical count reveals only $480 of roofing supplies on hand.2. Depreciation for March
Krantz Company pays salaries of $15,000 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
The following items were taken from the financial statements of P. Jimenez Company.InstructionsPrepare a classified balance sheet in good form as of December 31, 2020. Long-term debt Prepaid
The adjusted trial balance for Carter Bowling Alley at December 31, 2020, contains the following accounts.Instructionsa. Prepare a classified balance sheet; assume that $30,000 of the note payable
Blair Natt Company 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
Selected accounts for Tamora€™s Salon are presented below. All June 30 postings are from closing entries.Instructionsa. Prepare the closing entries that were made.b. Post the closing
Ray Louis 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 Phoebe Company is presented in E4.8.Instructionsa. Prepare an income statement and an owner€™s equity statement for the year. Phoebe did not make any capital
Phoebe Company 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
Victoria Lee Company had the following adjusted trial balance.Instructionsa. Prepare closing entries at June 30, 2020.b. Prepare a post-closing trial balance. Victoria Lee Company Adjusted Trial
Selected worksheet data for Bonita Company are presented below.Instructionsa. Fill in the missing amounts.b. Prepare the adjusting entries that were made. Adjusted Trial Balance Account Titles Trial
Worksheet data for Auburn Company 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
Worksheet data for Auburn Company 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
The adjusted trial balance columns of the worksheet for Auburn Company are as follows.InstructionsComplete the worksheet. Auburn Company Worksheet (partial) For the Month Ended April 30, 2020
The trial balance columns of the worksheet for Dixon Company at June 30, 2020, are as follows.Other data:1. A physical count reveals $500 of supplies on hand.2. $100 of the unearned revenue is still
At October 31, Miras Company made an accrued expense adjusting entry of $3,300 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries and Wages Payable and
The balance sheet debit column of the worksheet for Jolie Company includes the following accounts: Accounts Receivable $12,500, Prepaid Insurance $4,500, Cash $4,100, Supplies $5,200, and Debt
The income statement for Salt Creek 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
Using the data in BE4.4, enter the balances in T-accounts, post the closing entries, and underline and balance the accounts.BE4.4The ledger of Pitt Company contains the following balances: Owner’s
The ledger of Pitt Company contains the following balances: Owner’s Capital $30,000, Owner’s Drawings $2,000, Service Revenue $58,000, Salaries and Wages Expense $39,000, and Supplies Expense
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Ashram Company: Accumulated Depreciation, Depreciation Expense, Owner’s Capital, Owner’s
The ledger of Walters Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $60,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for
Using Apple’s annual report, determine its current liabilities at September 27, 2014, and September 26, 2015. Were current liabilities higher or lower than current assets in these two years?
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
Companies must report or disclose in their financial statement information about all liabilities, including potential liabilities related to environmental cleanup. There are many situations in which
In reviewing the accounts of Terri Kahn Co. at the end of the year, you discover that adjusting entries have not been made.InstructionsWrite a memo to Terri Kahn, the owner of Terri Kahn Co., that
Happy Camper Park was organized on April 1, 2019, by Erica Hatt. Erica is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Erica prepared the following
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart,
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
The financial statements of Apple Inc. 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
Gabriel€™s Graphics Company was organized on January 1, 2020, by Gabriel Medin¨a. At the end of the first 6 months of operations, the trial balance contained the following
A review of the ledger of Gina Company at December 31, 2020, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $10,440. The company has
A friend of yours, Mindy Gare, recently completed an undergraduate degree in science and has just started working with a biotechnology company. Mindy tells you that the owners of the business are
Weber Co. had three major business transactions during 2020.a. Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000.b. The president of Weber Co., Austin Weber,
Bob Zeller Company has the following balances in selected accounts on December 31, 2020.Service Revenue .................$40,000Insurance Expense ................2,400Supplies Expense
The following data are taken from the comparative balance sheets of Bundies Billiards Club, which prepares its financial statements using the accrual basis of accounting.Members are billed based
The adjusted trial balance for Renfro Company is given in E3.17.InstructionsPrepare the income and owner€™s equity statements for the year and the balance sheet at August 31.E3.17The trial
The trial balances before and after adjustment for Renfro Company at the end of its fiscal year are presented below.InstructionsPrepare the adjusting entries that were made. Renfro Company Trial
Greenock Company has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually.1. The December utility bill for $425 was
Action Quest Games Co. adjusts its accounts annually. The following information is available for the year ended December 31, 2020.1. Purchased a 1-year insurance policy on June 1 for $1,800 cash.2.
On December 31, 2020, Waters Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $150,000, total
The ledger of Armour Lake Lumber Supply on July 31, 2020, includes the selected accounts below before adjusting entries have been prepared.An analysis of the company€™s accounts shows the
Selected accounts of Shannon Company are shown as follows.InstructionsAfter analyzing the accounts, journalize (a) The July transactions(b) The adjusting entries that were made on July 31.
A partial adjusted trial balance of Frangesch Company at January 31, 2020, shows the following.InstructionsAnswer the following questions, assuming the year begins January 1.a. If the amount in
The income statement of Lundeen Co. 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 Expense
Lorena Manzone, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.1. Performed services for patients who had dental plan
Mendoza Company 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 $552 are unpaid.4.
Devin Wolf Company has the following balances in selected accounts on December 31, 2020.Accounts Receivable ...............................................$ –0–Accumulated
Luong Corporation encounters the following situations:1. Luong collects $1,300 from a customer in 2020 for services to be performed in 2021.2. Luong incurs utility expense which is not yet paid in
Carillo Industries collected $108,000 from customers in 2020. Of the amount collected, $25,000 was for services performed in 2019. In addition, Carillo performed services worth $36,000 in 2020, which
Ming Company was organized on April 1, 2020. The company prepares quarterly financial statements. The adjusted trial balance amounts at June 30 are as follows.a. Determine the net income for the
Fiske 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

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