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principles financial accounting

Financial Accounting 8th Edition Paul D Kimmel, Jerry J Weygandt, Donald E Kieso - Solutions

For each of the following income statement line items, state whether the item is a “by nature” expense item or a “by function” expense item.________ Cost of goods sold. ________ Utilities expense.________ Depreciation expense. ________ Delivery expense.________ Salaries and wages expense.
The financial statements of Louis Vuitton are presented in Appendix F. Instructions for accessing and using the company’s complete annual report, including the notes to its financial statements, are also provided in Appendix F.Instructions Use Louis Vuitton’s annual report to answer the
Mika Sorbino, an auditor with Martinez CPAs, is performing a review of Sergei Company’s inventory account. Sergei’s did not have a good year and top management is under pressure to boost reported income. According to its records, the inventory balance at year-end was $650,000. However, the
Included in the company’s count were goods with a cost of $200,000 that the company is holding on consignment. The goods belong to Bosnia Corporation.
The physical count did not include goods purchased by Sergei with a cost of $40,000 that were shipped FOB shipping point on December 28 and did not arrive at Sergei’s warehouse until January 3.
Included in the inventory account was $15,000 of offi ce supplies that were stored in the warehouse and were to be used by the company’s supervisors and managers during the coming year.
The company received an order on December 28 that was boxed and was sitting on the loading dock awaiting pick-up on December
The shipper picked up the goods on January 1 and delivered them on January
The shipping terms were FOB shipping point. The goods had a selling price of $40,000 and a cost of $30,000. The goods were not included in the count because they were sitting on the dock.
On December 29, Sergei shipped goods with a selling price of $80,000 and a cost of$60,000 to Oman Sales Corporation FOB shipping point. The goods arrived on January
Oman Sales had only ordered goods with a selling price of $10,000 and a cost of$8,000. However, a Sergei’s sales manager had authorized the shipment and said that if Oman wanted to ship the goods back next week, it could.
Included in the count was $30,000 of goods that were parts for a machine that the company no longer made. Given the high-tech nature of Sergei’s products, it was unlikely that these obsolete parts had any other use. However, management would prefer to keep them on the books at cost, “since that
Creve Couer Camera Inc. uses the lower-of-cost-or-market basis for its inventory. The following data are available at December 31.Cost Market Units per Unit per Unit Cameras:Minolta 5 $160 $156 Canon 7 145 153 Light Meters:Vivitar 12 120 114 Kodak 10 130 142 INSTRUCTIONS What amount should be
Englehart Company has the following inventory, purchases, and sales data for the month of March.Inventory: March 1 200 units @ $4.00 $ 800 Purchases:March 10 500 units @ $4.50 2,250 March 20 400 units @ $4.75 1,900 March 30 300 units @ $5.00 1,500 Sales:March 15 500 units March 25 400 units The
Practice Problem 1 showed cost of goods sold computations under a periodic inventory system. Now let’s assume that Englehart Company uses a perpetual inventory system.The company has the same inventory, purchases, and sales data for the month of March as shown earlier:Inventory: March 1 200 units
(a) Bonita Company ships merchandise to Myan Corporation on December
The merchandise reaches the buyer on January
Indicate the terms of sale that will result in the goods being included in (1) Bonita’s December 31 inventory and(2) Myan’s December 31 inventory.(b) Under what circumstances should Bonita Company include consigned goods in its inventory?
What is the primary basis of accounting for inventories?
Wahlowitz Video Center accumulates the following cost and market data at December 31.Inventory Cost Market Categories Data Data Cameras $12,500 $13,400 Camcorders 9,000 9,500 DVDs 13,000 12,200 Compute the lower-of-cost-or-market valuation for the company’s inventory.
Loggins Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.Number Unit Date of Units Price May 7 50 $10 July 28 30 15 On June 1, Loggins sold 25 units, and on August 27, 30 more units. Compute the cost of goods sold using (a) FIFO, (b) LIFO,
Jeri Company sells three different categories of tools (small, medium and large). The cost and market value of its inventory of tools are as follows.Cost Market Small $ 64,000 $ 61,000 Medium 290,000 260,000 Large 152,000 167,000 Determine the value of the company’s inventory under the
Early in 2017, Fedor Company switched to a just-in-time inventory system. Its sales and inventory amounts for 2016 and 2017 are shown below.2016 2017 Sales revenue $3,120,000 $3,713,000 Cost of goods sold 1,200,000 1,425,000 Beginning inventory 170,000 210,000 Ending inventory 210,000 90,000
Mather sells a snowboard, EZslide, that is popular with snowboard enthusiasts.Below is information relating to Mather’s purchases of EZslide snowboards during September.During the same month, 102 EZslide snowboards were sold. Mather uses a periodic inventory system.Date Explanation Units Unit
Rusthe Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 74 units were sold.Date Explanation Units Unit Cost Total Cost May 1 Inventory 30 $ 9 $270 15 Purchase 25 10 250 24 Purchase 38 11 418 Total 93 $938 Instructions Calculate the ending
Jeters Company reports the following for the month of June.Date Explanation Units Unit Cost Total Cost June 1 Inventory 120 $5 $ 600 12 Purchase 370 6 2,220 23 Purchase 200 7 1,400 30 Inventory 230 Instructions(a) Compute the cost of the ending inventory and the cost of goods sold under(1) FIFO,
The following comparative information is available for Rose Company for 2017.LIFO FIFO Sales revenue $86,000 $86,000 Cost of goods sold 38,000 29,000 Operating expenses(including depreciation) 27,000 27,000 Depreciation 10,000 10,000 Cash paid for inventory purchases 32,000 32,000 Instructions (a)
Digital Camera Shop Inc. uses the lower-of-cost-or-market basis for its inventory.The following data are available at December 31.Cost Market Units per Unit per Unit Cameras Minolta 5 $170 $158 Canon 7 145 152 Light Meters Vivitar 12 125 114 Kodak 10 120 135 Instructions What amount should be
Tascon Corporation sells coffee beans, which are sensitive to price fluctuations. The following inventory information is available for this product at December 31, 2017.Coffee Bean Units Unit Cost Market Coffea arabica 13,000 bags $5.60 $5.55 Coffea robusta 5,000 bags 3.40 3.50 Instructions
Suppose this information is available for PepsiCo, Inc. for 2015, 2016, and 2017.(in millions) 2015 2016 2017 Beginning inventory $ 1,926 $ 2,290 $ 2,522 Ending inventory 2,290 2,522 2,618 Cost of goods sold 18,038 20,351 20,099 Sales revenue 39,474 43,251 43,232 Instructions(a) Calculate the
The following information is available for Zoe’s Activewear Inc. for three recent fiscal years.2017 2016 2015 Inventory $ 553,000 $ 568,000 $ 332,000 Net sales 1,948,000 1,725,000 1,311,000 Cost of goods sold 1,552,000 1,288,000 947,000 Instructions(a) Calculate the inventory turnover, days in
Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. Suppose it reported the following information in its 2017 annual report.(in millions) 2017 2016 Inventories (LIFO) $ 2,397 $3,042 Current assets 30,857 Current liabilities 12,753 LIFO
Information about Mather is presented in E6-4. Additional data regarding the company’s sales of EZslide snowboards are provided below. Assume that Mather uses a perpetual inventory system.Date Units Sept. 5 Sale 8 Sept. 16 Sale 48 Sept. 29 Sale 46 Totals 102 Instructions Compute ending inventory
Mullins Distribution markets CDs of numerous performing artists. At the beginning of March, Mullins had in beginning inventory 2,500 CDs with a unit cost of $7. During March, Mullins made the following purchases of CDs.March 5 2,000 @ $8 March 21 5,000 @ $10 March 13 3,500 @ $9 March 26 2,000 @ $11
Vista Company Inc. had a beginning inventory of 100 units of Product RST at a cost of $8 per unit. During the year, purchases were:Feb. 20 600 units at $ 9 Aug. 12 400 units at $11 May 5 500 units at $10 Dec. 8 100 units at $12 Vista Company uses a periodic inventory system. Sales totaled 1,500
You have the following information for Van Gogh Inc. for the month ended October 31, 2017. Van Gogh uses a periodic method for inventory.Date Description Units Unit Cost or Selling Price Oct. 1 Beginning inventory 60 $24 Oct. 9 Purchase 120 26 Oct. 11 Sale 100 35 Oct. 17 Purchase 100 27 Oct. 22
Suppose this information (in millions) is available for the Automotive and Other Operations Divisions of General Motors Corporation for a recent year. General Motors uses the LIFO inventory method.Beginning inventory $ 13,921 Ending inventory 14,939 LIFO reserve 1,423 Current assets 60,135 Current
Bieber Inc. is a retailer operating in Calgary, Alberta. Bieber uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Bieber for the month of January 2017.Date Description Quantity Unit
Lyon Center began operations on July 1. It uses a perpetual inventory system. During July, the company had the following purchases and sales.Purchases Date Units Unit Cost Sales Units July 1 7 $62 July 6 5 July 11 3 $66 July 14 3 July 21 4 $71 July 27 3 Instructions(a) Determine the ending
Natalie is busy establishing both divisions of her business (cookie classes and mixer sales) and completing her business degree. Her goals for the next 11 months are to sell one mixer per month and to give two to three classes per week. Natalie has decided to use a periodic inventory system and now
On December 1, 2017, Waylon Company had the account balances shown below.Debit Credit Cash $ 4,800 Accumulated Depreciation—Equipment $ 1,500 Accounts Receivable 3,900 Accounts Payable 3,000 Inventory 1,800* Common Stock 10,000 Equipment 21,000 Retained Earnings 17,000 $31,500 $31,500 *(3,000 3
The notes that accompany a company’s fi nancial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the fi nancial statements of Apple Inc. in Appendix A. Instructions for accessing and using the company’s complete annual
Suppose the following information is from the 2017 annual report of American Greetings Corporation (all dollars in thousands).Feb. 28, Feb. 28, 2017 2016 Inventories Finished goods $232,893 $244,379 Work in process 7,068 10,516 Raw materials and supplies 49,937 43,861 289,898 298,756 Less: LIFO
Purpose: Use SEC fi lings to learn about a company’s inventory accounting practices.Address: http://biz.yahoo.com/p/_capgds-bldmch.html Steps 1. Go to this site and click on the name of an equipment manufacturer other than those discussed in the chapter.2. Click on SEC filings.3. Under “Recent
The July 15, 2010, edition of CFO.com contains an article by Marie Leone entitled“Sucking the LIFO out of Inventory.”Instructions Read the article, which can be found at www.cfo.com/printable/article.cfm/14508745, and answer the following questions.(a) What type of company benefi ts most from
Solar Electronics has enjoyed tremendous sales growth during the last 10 years. However, even though sales have steadily increased, the company’s CEO, Dana Byrnes, is concerned about certain aspects of its performance. She has called a meeting with the corporate controller and the vice presidents
In a discussion of dramatic increases in coffee-bean prices, a Wall Street Journal article noted the following fact about Starbucks.Before this year’s bean-price hike, Starbucks added several defenses that analysts say could help it maintain earnings and revenue. The company last year began
Caterpillar publishes an annual Sustainability Report to explain its position on sustainability, describe its goals, and report on its achievements. The report can be found at http://www.caterpillar.com/sustainability/sustainability-report.Instructions Access the report and answer the following
Listed below are fi ve procedures followed by Shepherd Company.1- Total cash receipts are compared to bank deposits daily by someone who has no other cash responsibilities.2- Time clocks are used for recording time worked by employees.3- Employees are required to take vacations.4- Any member of the
The information below relates to the Cash account in the ledger of Ansel Company.Balance June 1—$17,450; Cash deposited—$64,000.Balance June 30—$17,704; Checks written—$63,746.The June bank statement shows a balance of $16,422 on June 30 and the following memoranda.Credits Debits Collection
Trillo Company’s bank statement for May 2017 shows these data.Balance May 1 $12,650 Balance May 31 $14,280 Debit memorandum: Credit memorandum:NSF check 175 Collection of electronic funds transfer 505 The cash balance per books at May 31 is $13,319. Your review of the data reveals the
This check, which was a payment on account, was journalized for $325.INSTRUCTIONS(a) Prepare a bank reconciliation at May 31.(b) Journalize the entries required by the reconciliation.
The following reconciling items are applicable to the bank reconciliation for Forde Co. Indicate how each item should be shown on a bank reconciliation.(a) Outstanding checks.(b) Bank debit memorandum for service charge.(c) Bank credit memorandum for collecting an electronic funds transfer.(d)
At April 30, the bank reconciliation of Back 40 Company shows three outstanding checks: No. 254 $650, No. 255 $700, and No. 257 $410. The May bank statement and the May cash payments journal are given here.Bank Statement Checks Paid Date Check No. Amount 5-4 254 $650 5-2 257 410 5-17 258 159 5-12
This information relates to the Cash account in the ledger of Howard Company.Balance September 1—$16,400; Cash deposited—$64,000 Balance September 30—$17,600; Checks written—$62,800 The September bank statement shows a balance of $16,500 at September 30 and the following memoranda.Credits
Perth Inc.’s bank statement from Main Street Bank at August 31, 2017, gives the following information.Balance, August 1 $18,400 Bank debit memorandum:August deposits 71,000 Safety deposit box fee $ 25 Checks cleared in August 68,678 Service charge 50 Bank credit memorandum: Balance, August 31
The bank portion of the bank reconciliation for Bogalusa Company at October 31, 2017, is shown below.BOGALUSA COMPANY Bank Reconciliation October 31, 2017 Cash balance per bank $12,367.90 Add: Deposits in transit 1,530.20 13,898.10 Less: Outstanding checks Check Number Check Amount 2451 $1,260.40
Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2017, the company’s Cash account per its general ledger showed a balance of $6,738.90.The bank statement from Emporia State Bank on that date showed the following balance.EMPORIA
Daisey Company is a very profi table small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and offi ce expenses to a minimum, the company has combined the jobs of cashier and bookkeeper.As a result, Bret Turrin handles all
Bastille Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2017.January February Sales $360,000 $400,000 Purchases 120,000 130,000 Salaries 84,000 81,000 Administrative expenses 72,000 75,000 Selling expenses 79,000 88,000 given below. All other expenses
Natalie is struggling to keep up with the recording of her accounting transactions.She is spending a lot of time marketing and selling mixers and giving her cookie classes. Her friend John is an accounting student who runs his own accounting service. He has asked Natalie if she would like to have
Natalie decides that she cannot afford to hire John to do her accounting. One way that she can ensure that her Cash account does not have any errors and is accurate and up-to-date is to prepare a bank reconciliation at the end of each month. Natalie would like you to help her.
On December 1, 2017, Ravenwood Company had the following account balances.Debit Credit Cash $18,200 Accumulated Depreciation—Notes Receivable 2,000 Equipment $ 3,000 Accounts Receivable 7,500 Accounts Payable 6,100 Inventory 16,000 Common Stock 50,000 Prepaid Insurance 1,600 Retained Earnings
The fi nancial statements of Apple Inc. are presented in Appendix A. Instructions for accessing and using the company’s complete annual report, including the notes to its fi nancial statements, are also provided in Appendix A.Instructions Using the fi nancial statements and reports, answer these
The international accounting fi rm Ernst & Young performed a global survey on fraud. The results of that survey are summarized in a report titled “Driving Ethical Growth—New Markets, New Challenges” (Ernst & Young, 13th Global Fraud Survey).You can fi nd this report by doing an Internet
The Public Company Accounting Oversight Board (PCAOB) was created as a result of the Sarbanes-Oxley Act. It has oversight and enforcement responsibilities over accounting fi rms in the United States.Address: http://www.pcaobus.org/, or go to www.wiley.com/college/kimmel Instructions Answer the
Banks charge fees for “bounced” checks—that is, checks that exceed the balance in the account. It has been estimated that processing bounced checks costs a bank roughly$1.50 per check. Thus, the profi t margin on bounced checks is very high. Recognizing this, some banks have started to
The print and electronic media are full of stories about potential security risks that can arise from your personal computer. It is important to keep in mind, however, that there are also many ways that your identity can be stolen other than from your computer. The federal government provides many
The Sarbanes-Oxley Act applies to:(a) all U.S. companies listed on U.S. exchanges.(b) all companies that list stock on any stock exchange in any country.(c) all European companies listed on European exchanges.(d) Both (a) and (c).
Analyze the effect of business transactions on the basic accounting equation. LO9
Explain how accounts, debits, and credits are used to record business transactions. LO9
Indicate how a journal is used in the recording process. LO9
Explain how a ledger and posting help in the recording process. LO9
Prepare a trial balance. LO9
During 2017, Gibson Company assets decreased$50,000 and its liabilities decreased $90,000. Its stockholders’ equity therefore: LO9(a) increased $40,000.(b) decreased $140,000.(c) decreased $40,000.(d) increased $140,000.
Debits: LO9(a) increase both assets and liabilities.(b) decrease both assets and liabilities.(c) increase assets and decrease liabilities.(d) decrease assets and increase liabilities.
A revenue account: LO9(a) is increased by debits.(b) is decreased by credits.(c) has a normal balance of a debit.(d) is increased by credits.
Which is not part of the recording process? LO9(a) Analyzing transactions.(b) Preparing an income statement.(c) Entering transactions in a journal.(d) Posting journal entries.
A trial balance: LO9(a) is a list of accounts with their balances at a given time.(b) proves that proper account titles were used.(c) will not balance if a correct journal entry is posted twice.(d) proves that all transactions have been recorded.15.p A trial balance will not balance if:(a) a
Presented below is information related to Conan Real Estate Agency. LO9 Oct. 1 Arnold Conan begins business as a real estate agent with a cash investment of $18,000 in exchange for common stock.2 Hires an administrative assistant.3 Purchases offi ce equipment for $1,700, on account.6 Sells a house
Bob Sample and other student investors opened Campus Carpet Cleaning, Inc. on September 1, 2017. During the fi rst month of operations, the following transactions occurred. LO9 Sept. 1 Stockholders invested $20,000 cash in the business.2 Paid $1,000 cash for store rent for the month of September.3
Describe the accounting information system.2.0 Can a business enter into a transaction that affects only the left side of the basic accounting equation? If so, give an example. LO9
Why is an account referred to as a T-account? LO9
The terms debit and credit mean “increase” and“decrease,” respectively. Do you agree? Explain. LO9
Barry Barack, a fellow student, contends that the double-entry system means each transaction must be recorded twice. Is Barry correct? Explain. LO9
Misty Reno, a beginning accounting student, believes debit balances are favorable and credit balances are unfavorable. Is Misty correct? Discuss. LO9
State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, and (c) the Common Stock account. LO9
What is the normal balance for each of these accounts? LO9(a) Accounts Receivable.(b) Cash.(c) Dividends.(d) Accounts Payable.(e) Service Revenue.(f) Salaries and Wages Expense.(g) Common Stock.
What are the normal balances for the following accounts of Apple? (a) Accounts Receivable, (b) Accounts Payable, (c) Sales, and (d) Selling, General, and Administrative Expenses. LO9
(a) When entering a transaction in the journal, should the debit or credit be written fi rst? LO9(b) Which should be indented, the debit or the credit?
(a) What is a ledger?(b) Why is a chart of accounts important? LO9
What is a trial balance and what are its purposes? LO9
Two students are discussing the use of a trial balance. They wonder whether the following errors, each considered separately, would prevent the trial balance from balancing. What would you tell them? LO9(a) The bookkeeper debited Cash for $600 and credited Salaries and Wages Expense for $600 for
During 2017, Manion Corp. entered into the following transactions. LO9 1. Borrowed $60,000 by issuing bonds.2. Paid $9,000 cash dividend to stockholders.3. Received $13,000 cash from a previously billed customer for services performed.4. Purchased supplies on account for $3,100.Using the following
During 2017, Rostock Company entered into the following transactions. LO9 1. Purchased equipment for $286,176 cash.2. Issued common stock to investors for $137,590 cash.3. Purchased inventory of $68,480 on account.Using the following tabular analysis, show the effect of each transaction on the
Use the data in BE3-5 and journalize the transactions. (You may omit explanations.) LO9
Rae Mohlee, a fellow student, is unclear about the basic steps in the recording process. Identify and briefl y explain the steps in the order in which they occur. LO9
Use the data in BE3-8 and journalize the transactions. (You may omit explanations.) LO9
Selected transactions for Montes Company are presented below in journal form(without explanations). Post the transactions to T-accounts. LO9 Date Account Title Debit Credit May 5 Accounts Receivable 3,800 Service Revenue 3,800 12 Cash 1,600 Accounts Receivable 1,600 15 Cash 2,000 Service Revenue
From the ledger balances below, prepare a trial balance for Peete Company at June 30, 2017. All account balances are normal. LO9 Accounts Payable $ 1,000 Service Revenue $8,600 Cash 5,400 Accounts Receivable 3,000 Common Stock 18,000 Salaries and Wages Expense 4,000 Dividends 1,200 Rent Expense

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