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principles financial accounting
Financial Accounting 8th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather - Solutions
Bristol Company lost all of its inventory in a fire on December 26, 2014. The inventory loss using gross accounting records showed the following gross profit data for November and December.profit method. December(LO 8) November (to 12/26)| XLS Net sales $600,000 $700,000 Beginning inventory 30,000
Hooked on Books uses the retail inventory method to estimate its monthly ending using retail method. inventories. The following information is available for two of its departments at October(LO 8) 31, 2014.Hardcovers Paperbacks Cost Retail Cost Retail Beginning inventory $ 420,000 $ 700,000 $
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 of PepsiCo, Inc. and the Notes to Consolidated Financial Statements in Appendix A.Instructions
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these financial statements, compute the following 2010 ratios for each company.(1) Inventory turnover
On April 10, 2014, fire damaged the office and warehouse of Ehlert Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2014: Inventory (January 1, 2014), $80,000; Sales Revenue (January 1—March 31, 2014),$180,000; Purchases
Suppose you own a number of wine shops selling mid-level as well as expensive bottled wine. You have been experiencing significant losses from theft at your stores. You suspect that it is a combination of both employee and customer theft. Assuming that it would be cost-effective, would you install
Franklin Company has the following four items in its ending inventory as of December 31, 2014. The company uses the lower-of-cost-or-net realizable value approach for inventory valuation following IFRS.Item No. Cost_ Net Realizable Value AB $1,700 $1,400 TRX 2,200 2,300 NWA 7,800 7,100 SGH 3,000
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at www.zetarplc.com.Instructions Using the notes to the company’s financial statements, answer the following questions.(a) What
Which of the following items in a cash drawer at (LO 8November 30 is not cash?(a) Money orders.(b) Coins and currency.(c) A customer check dated December 1.(d) A customer check dated November 28.
Match each situation with the fraud triangle factor”—opportunity, financial pressure, or rationalization’ —that best describes it.tf.pag 2) 4.An employee's monthly credit card payments are nearly 75% of his or her monthly earnings.Identify fraud triangle concepts.(LO 1)An employee earns
On March 20, Batavia’s petty cash fund of $100 is replenished when the fund contains $9 in cash and receipts for postage $52, freight-out $26, and travel expense $10.Prepare the journal entry to record the replenishment of the petty cash fund.nABWN
Louis Whited is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.
Using the data in BE7-11, indicate (a) the items that will result in an adjustment to the depositor’s records and (b) why the other items do not require adjustment.
Jerry Holman is concerned with control over mail receipts at Midtown Design system of internal Sporting Goods. All mail receipts are opened by Don Judd. Don sends the checks to the control over cash receipts.accounting department, where they are stamped “For Deposit Only.” The accounting ((.0
Markee Company established a $100 petty cash fund on August 1.On August Make journal entries for petty 31, the fund had $6 cash remaining and petty cash receipts for postage $31, office sup- cash fund.plies $42, and miscellaneous expense $16. Prepare journal entries to establish the fund (9 5)on
Jon Rapp owns Rapp Blankets. Jon asks you to explain how he should treat — Explain treatment of items the following reconciling items when reconciling the company’s bank account. in bank reconciliation.1. Outstanding checks. (LO 7)2. A deposit in transit.3. The bank charged to our account a
Sue Ernesto is the owner of Ernesto’s Pizza. Ernesto’s is operated strictly ona carryout Identify the principles of basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for internal control.cash. While at the counter, the customer can see other employees making
The following control procedures are used at Aldean Company for over-the-counter — Identify internal control cash receipts. weaknesses over cash receipts 1. To minimize the risk of robbery, cash in excess of $100 is stored in an unlocked attaché and suggest improvements.case in the stock room
The following control procedures are used in Morgan’s Boutique Shoppe for cash Identify internal control disbursements. weaknesses over cash disbursements and suggest improvements.(LO 2, 4)1. The company accountant prepares the bank reconciliation and reports any discrepancies to the owner.2. The
Listed below are five procedures followed by Parson Company.1. Several individuals operate the cash register using the same register drawer.2. A monthly bank reconciliation is prepared by someone who has no other cash responsibilities.3. Fran Vorbeck writes checks and also records cash payment
Listed below are five procedures followed by Bingham Company.1. Employees are required to take vacations.2. Any member of the sales department can approve credit sales.3. Blake Nayak ships goods to customers, bills customers, and receives payment from customers.4. Total cash receipts are compared
LaSalle Company established a petty cash fund on May 1, cashing a check for $100. Prepare journal entries for a The company reimbursed the fund on June 1 and July 1 with the following results. petty cash fund.June 1: Cash in fund $1.75. Receipts: delivery expense $31.25; postage expense $41.00;
Kickapoo Company uses an imprest petty cash system. The fund was established — Prepare journal entries for a on March 1 with a balance of $100. During March, the following petty cash receipts were petty cash fund.found in the petty cash box. (LO 5)Receipt Date No. For Amount 3/5 1 Stamp Inventory
Lisa Ceja is unable to reconcile the bank balance at January 31. Lisa’s reconciliation Prepare bank reconciliation is as follows. and adjusting entries.(LO 7)Cash balance per bank $3,660.20 Add: NSF check 590.00 Less: Bank service charge 25.00 Adjusted balance per bank $4,225.20 Cash balance per
On April 30, the bank reconciliation of Perrin Company shows three outstanding Determine outstanding checks.checks: no. 254, $650; no. 255, $720; and no. 257, $410. The May bank statement and the (LO 7)May cash payments journal show the following.Bank Statement Cash Payments Journal Checks Paid
The information below relates to the Cash account in the ledger of Wasson Company.Balance September 1—$17,150; Cash deposited—$64,000.Balance September 30—$17,404; Checks written—$63,746.The September bank statement shows a balance of $16,122 on September 30 and the following
The bank portion of the bank reconciliation for Rintala Company at November 30, 2014, was as follows.Rintala Company Bank Reconciliation November 30, 2014 Cash balance per bank $14,367.90 Add: Deposits in transit 2,530.20 16,898.10 Less: Outstanding checks Check Number Check Amount 3451 $2,260.40
Cayemberg Company maintains a checking account at the Commerce Bank. At July 31, selected data from the ledger balance and the bank statement are shown below.Cash in Bank Per Books Per Bank Balance, July 1 $17,600 $16,800 July receipts 81,400 July credits 82,470 July disbursements 77,150 July
Aglife Genetics Company of Lancaster, Wisconsin, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2014, the company’s Cash account per its general ledger showed the following balance.CASH NO. 101 Date Explanation Ref. Debit Credit Balance May 31 Balance 13,287 The
The bank portion of the bank reconciliation for Goulet Company at October 31, 2014, was as follows.Goulet Company Bank Reconciliation October 31, 2014 Cash balance per bank $6,000 Add: Deposits in transit 842 6,842 Less: Outstanding checks Check Number Check Amount 2451 $700 2470 396 2471 464 2472
Tizani Company's bank statement from Eastern National Bank at August 31, 2014, shows the information below.Balance, August 1 $11,284 Bank credit memoranda:August deposits 47,521 Collection of note Checks cleared in August 46,175 receivable plus $105 Balance, August 31 17,146 interest $4,505
Stupendous 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, the company has combined the jobs of cashier and bookkeeper. As a result, Jake Burnett handles all
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.Instructions(a) What comments, if any, are made about cash in the report of the independent registered public accounting firm?(b) What data about cash and cash equivalents are shown in the consolidated
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these financial statements, determine each of the following for each company:(1) Cash and cash equivalents
Identity thieves determine your identity by going through your mail or trash, stealing your credit cards, redirecting mail through change of address forms, or acquiring personal information you share on unsecured sites. In a recent year, more than 7 million people were victims of identity theft.Do
Non-U.S companies that follow IFRS:(a) do not normally use the principles of internal control activities described in this textbook.(b) often offset cash with accounts payable on the balance sheet.(c) are not required to follow SOX.(d) None of the above.
State whether each of the following is true or false. For those that are false, explain why.(a) A proposed new financial accounting standard would not allow cash equivalents to be reported in combination with cash.(b) Perspectives on bribery and penalties for engaging in bribery are the same across
Use the same information as in question 4, except that Hughes has a debit balance of $5,000 in its Allowance for Doubtful Accounts before any adjustments are made at the end of the year. In this situation, the amount of bad debt expense that should be reported for the year is:(a) $5,000. (c)
Foti Co. accepts a $1,000, 3-month, 6% promissory (LO 6 note in settlement of an account with Bartelt Co. The entry to record this transaction is as follows.(a) Notes Receivable | 1POUS |Accounts Receivable OKs(b) Notes Receivable | 1,000 |Accounts Receivable 1,000(c) Notes Receivable | 1,000
Ginter Co. holds Kolar Inc.’s $10,000, 120-day, 9% note. (LO 8 The entry made by Ginter Co. when the note is collected, assuming no interest has been previously accrued, is:(a) Cash | 10,300 |Notes Receivable 10,300(b) Cash | 10,000 |Notes Receivable 10,000(c) Accounts Receivable 10,300 Notes
Texaco Oil Company issues its own credit cards.Assume that Texaco charges you $40 interest on an account is written off under the allowance method.Clarify this point for Roger Holloway.
Compute the missing amounts for each of the following notes.Annual Total Principal Interest Rate Time Interest(a) ? 9% 120days $ 450(b) $30,000 10% 3 years ?(c) $60,000 ? 5months $3,000(d) $45,000 8% 2 $1,200
pepsico What percentage does PepsiCo’s allowance for doubtful accounts represent as a percentage of its gross receivables?
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.(a) Sold merchandise on account for $64,000 to a customer.Identify different types of receivables.(LO 1)(b) Received
Record the following transactions on the books of Galaxy Co.(a) On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, Advanced $8,000 to an employee.terms 2/10, n/30.Record basic accounts receivable transactions.(LO 2)(b) On July 8, Kingston Inc. returned merchandise worth
During its first year of operations, Energy Company had credit sales of $3,000,000;$600,000 remained uncollected at year-end. The credit manager estimates that $31,000 of On July 11, Kingston Inc. paid for the merchandise.these receivables will become uncollectible.(a) Prepare the journal entry to
At the end of 2014, Endrun Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Marcello is not collectible, and management authorizes a write-off of $6,200.prepaid insurance of $7,500._(a)
Compute interest and find the maturity date for the following notes.Date of Note Principal Interest Rate (%) Terms(a) June 10 $80,000 6% 60 days(b) July 14 $64,000 7% 90 days(c) April 27 $12,000 8% 75 days
Presented below are data on three promissory notes. Determine the missing amounts.Date of Maturity Annual Total Note Terms Date Principal Interest Rate Interest(a) April 1 60 days ? $600,000 5% ?(b) July 2 30 days ? 90,000 ? $600(c) March 7 6 months ? 120,000 10% ?
The financial statements of Minnesota Mining and Manufacturing Company (3M)report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8 billion at the end of the year. Compute 3M’s accounts receivable turnover ratio. Compute 3M’s average
Presented below are selected transactions of Menge Company. Menge sells in large Journalize entries related to quantities to other companies and also sells its product in a small retail outlet. accounts receivable.March 1 Sold merchandise on account to Lynda Company for $3,800, terms 2/10, n/30.
Presented below are two independent situations. Journalize entries for recognizing accounts (a) On January 6, Bennett Co. sells merchandise on account to Jackie Inc. for $7,000, terms 2/10, n/30. On January 16, Jackie Inc. pays the amount due. Prepare the entries on Bennett’s books to record the
The ledger of Elburn Company at the end of the current year shows Accounts — Journalize entries to record Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances allowance for doubtful$28,000. accounts using two different bases.Instructions (LO 3)(a) If Elburn uses the
Record the following transactions for Taylor Co. in the general journal.2014 May 1 Received a $7,500, 1-year, 9% note in exchange for Len Monroe's outstanding accounts receivable.Accrued interest on the Monroe note.May 1 _ Received principal plus interest on the Monroe note. (No interest has been
Bieber Company had the following select transactions.May 1,2014 Accepted Crane Company's 1-year, 12% note in settlement of a $16,000 account receivable.Loaned $25,000 cash to Sam Howard on a 9-month, 10% note.Accrued interest on all notes receivable.Sam Howard dishonored its note; Bieber expects it
At December 31, 2013, Dean Co. reported the following information on its balance to bad debt expense. sheet.(LO 2, 3, 9)Accounts receivable $960,000 Less: Allowance for doubtful accounts 70,000 During 2014, the company had the following transactions related to receivables.1. Sales on account
Presented below is an aging schedule for Sycamore Company.H»o-c-|_| Home| Insert Page Layout Fo Worksheet.xls rmulas Data Review View Number of Days Past Due ES eee eS a ee ee ee 1-30 31-60 61-90 Over 90$12,000 $16,000 Total$ 28,000 40,000 57,000 34,000 132,000$291,000 Customer Yet Due Anders
Mineo Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end.Baea) * Worksheet.xls Home| Insert Page Layout Formulas Data Review View 1 Number of Days Outstanding: Total 0-30 31-60 61-90 91-120
At December 31, 2014, the trial balance of Roberto Company contained the following amounts before adjustment.Debits Credits Accounts Receivable $385,000 |Allowance for Doubtful Accounts $ 800 Sales Revenue 918,000 Instructions(a) Based on the information given, which method of accounting for bad
Hilo Company closes its books monthly. On September 30, selected ledger account balances are:Notes Receivable $31,000 Interest Receivable 170 Notes Receivable include the following.Date Maker Face Term Interest Aug. 16 Demaster Inc. $ 8,000 60 days 8%Aug. 25 Skinner Co. 9,000 60 days 10%Sept. 30
On January 1, 2014, Derek Company had Accounts Receivable $139,000, Notes Prepare entries for various Receivable $30,000, and Allowance for Doubtful Accounts $13,200. The note receivable is “eceivable transactions.from Kaye Noonan Company. It is a 4-month, 12% note dated December 31, 2013. Derek
At December 31, 2013, Globe Trotter Imports reported the following information Prepare journal entries related on its balance sheet. to bad debt expense.Accounts receivable $220,000 (LO 2, 3, 9)Less: Allowance for doubtful accounts 15,000 During 2014, the company had the following transactions
Information related to Shin Company for 2014 is summarized below. Compute bad debt amounts.Total credit sales $920,000 (LO 3)Accounts receivable at December 31 369,000 xis Bad debts written off 23,400 Instructions(a) What amount of bad debt expense will Shin Company report if it uses the direct
Presented below is an aging schedule for Garry Owen Company.AD: Cg) = Worksheet.xls _ Home| Insert Page Layout Formulas Data Review View __ wis Dra eaee S.6 ee =e ieee ae RY ere Sy: re ee or D Fila Clonal 1 | Number of Days Past Due 2a Not 2 | Customer Total Yet Due 1-30 31-60 61-90 Over 90 4 |
The following represents selected information taken from a company’s aging schedule to estimate uncollectible accounts receivable at year-end.BS iciucy > Worksheet.xls Home| Insert Page Layout Formulas Data " Review View — Maleate pee i Se ee eee P18 ee Number of Days Outstanding Total 0-30
At December 31, 2014, the trial balance of Mariette Company contained the following amounts before adjustment.Debits Credits Accounts Receivable $250,000 Allowance for Doubtful Accounts $ 1,400 Sales Revenue 600,000 Instructions(a) Prepare the adjusting entry at December 31, 2014, to record bad
On January 1, 2014, Valdez Company had Accounts Receivable $91,000 and Allowreceivable transactions. ance for Doubtful Accounts $8,100. Valdez Company prepares financial statements annu-(LO 2, 4, 5, 6, 7, 8) ally. During the year, the following selected transactions occurred.Jan. 5 Sold $8,400 of
CAF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken advantage of the discount by paying within 10 days of the invoice date.The number of customers taking the
PepsiCo, Inc.’s financial statements are presented in Appendix A. Financial statements of PEPSICO The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information in these financial statements, compute the following 2010 ratios for each company. (Assume all sales are
Purpose: To learn more about factoring from websites that provide factoring services.Address: www.ccapital.net, or go to www.wiley.com/college/weygandt Steps: Go to the website, click on invoice Factoring, and answer the following questions.(a) What are some of the benefits of factoring?(b) What is
Hilda and Tim Piwek own Campus Fashions. From its inception, Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the Piweks have begun to question their sales policies. First, they have lost some sales
Lily Pao, a friend of yours, overheard a discussion at work about changes her employer wants to make in accounting for uncollectible accounts. Lily knows little about accounting, and she asks you to help make sense of what she heard. Specifically, she asks you to explain the differences between the
Individuals need to evaluate their personal credit positions using the same thought processes used by business people. Some of you might consider the idea of not having a credit card a ridiculous proposition. But the reality is that the misuse of credit cards brings financial hardship to millions
Erin Danielle Company purchased equipment and incurred the following costs.Cash price $24,000 Sales taxes 1,200 Insurance during transit 200 Installation and testing 400 Total costs $25,800 What amount should be recorded as the cost of the equipment?(a) $24,000. (c) $25,400.(b) $25,200. (d) $25,800.
Ann Torbert purchased a truck for $11,000 on Janu- (LO 2)ary 1, 2013. The truck will have an estimated salvage value of $1,000 at the end of 5 years. Using the unitsof-activity method, the balance in accumulated depreciation at December 31, 2014, can be computed by the following formula:(a)
Jefferson Company purchased a piece of equipment on January 1, 2014. The equipment cost $60,000 and has an estimated life of 8 years and a salvage value of $8,000. What was the depreciation expense for the asset for 2015 under the double-declining-balance method?(a) $6,500.(b) $11,250.(c)
Lake Coffee Company reported net sales of $180,000, net income of $54,000, beginning total assets of$200,000, and ending total assets of $300,000. What was the company’s asset turnover ratio?(a) 0.90 (ORO NZ(b) 0.20 (d) 1.39
What are the similarities and differences between the terms depreciation, depletion, and amortization?Spectrum Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct?Explain.
Pepsico What classifications and amounts are shown in PepsiCo’s Note 4 to explain its total property, plant, and equipment (net) of $19,058 million?
The following expenditures were incurred by Rosenberg Company in purchasing land: cash price $64,000, accrued taxes $3,000, attorneys’ fees $2,500, real estate does not come close to accumulating the cash needed to replace the asset at the end of its useful life.” What is your response to the
Assume the same information as BE9-15, except that the fair value of the old delivery equipment is $36,000. Prepare the entry to record the exchange.
Match the statement with the term most directly associated with it.Goodwill Intangible assets Research and development costs Amortization Franchises i Rights, privileges, and competitive advantages that result from the ownership of long-lived assets that do not possess physical substance.2: The
Steve Grant, the new controller of Greenbriar Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. His findings are as follows.Accumulated Useful Life Type of Date Depreciation __in Years _ Salvage Value _ Asset Acquired Cost
Nelson Company, organized in 2014, has the following transactions related to intangible assets.1/2/14 Purchased patent (8-year life) $560,000 4/1/14 Goodwill purchased (indefinite life) 360,000 7/1/14 10-year franchise; expiration date 7/1/2024 440,000 9/1/14 Research and development costs 223,000
In recent years, Freeman Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and various methods were selected. Information concerning the buses is summarized below.Salvage Useful
At the beginning of 2012, Mansen Company acquired equipment costing $80,000.It was estimated that this equipment would have a useful life of 6 years and a residual value of $8,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of
At December 31, 2013, Walton Company reported the following as plant assets.Land $ 3,000,000 Buildings $26,500,000 Less: Accumulated depreciation—buildings 12,100,000 14,400,000 Equipment 40,000,000 Less: Accumulated depreciation—equipment 5,000,000 35,000,000 Total plant assets $52,400,000
Dirkson Company and Hawkins Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following
In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each machine, and each selected a different method. Information concerning the machines is summarized
At the beginning of 2012, Bellamy Company acquired equipment costing $60,000.It was estimated that this equipment would have a useful life of 6 years and a residual value of $6,000 at that time. The straight-line method of depreciation was considered the most appropriate to use with this type of
At December 31, 2013, Durango Company reported the following as plant assets.Land $ 2,000,000 Buildings $28,500,000 Less: Accumulated depreciation—buildings 12,100,000 16,400,000 Equipment 30,000,000 Less: Accumulated depreciation—equipment 4,000,000 26,000,000 Total plant assets $44,400,000
Nina Corporation and Vernon Corporation, two corporations of roughly the same size, are both involved in the manufacture of canoes and sea kayaks. Each company depreciates its plant assets using the straight-line approach. An investigation of their financial statements reveals the following
The financial statements and the Notes to Consolidated Financial Statements of PepsiCo, PEPSICO Inc, are presented in Appendix A.Instructions Refer to PepsiCo’s financial statements and answer the following questions.(a) What was the total cost and book value of property, plant, and equipment at
PepsiCo’s financial statements are presented in Appendix A. Financial statem ents of The Coca-Cola Company are presented in Appendix B. PEPSICO Instructions(a) Compute the asset turnover ratio for each company for 2010.(b) What conclusions concerning the efficiency of assets can be drawn from
Givens Company and Runge Company are two companies that are similar in many respects. One difference is that Givens Company uses the straight-line method and Runge Com- =, pany uses the declining-balance method at double the straight-line rate. On January 2, 2012, both companies acquired the
The following was published with the financial statements to American Exploration Company.Property, Plant, and Equipment—The Company accounts for its oil and gas exploration and production activities using the successful efforts method of accounting. Under this method, acquisition costs for
The Feature Story at the beginning of the chapter discussed the company Rent-A-Wreck.Note that the trade name Rent-A-Wreck is a very important asset to the company, as it creates immediate product identification. As indicated in the chapter, companies invest substantial sums to ensure that their
Research and development costs are:(a) expensed under GAAP. (c) expensed under both GAAP and IFRS.(b) expensed under IFRS. (d) None of the above.
Under IFRS, value-in-use is defined as:(a) net realizable value. (c) future cash flows discounted to present value.(b) fair value. (d) total future undiscounted cash flows.
Define debits and credits and explain their use in recording business transactions.
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