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principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

If a customer pays with a credit card and the service has been provided, which of the following accounts will be used to record the sales entry for this transaction?A. Cost of Goods Sold, Merchandise
A beverage wholesale outlet sells beverages by the case. On April 13, a customer purchased 18 cases of wine at $42 per case, 20 cases of soda at $29 per case, and 45 cases of water at $17 per case.
Which account type is used to record bad debt estimation and is a contra account to Accounts Receivable?
Window World extended credit to customer Nile Jenkins in the amount of $130,900 for his purchase of window treatments on April 2. Terms of the sale are 2/60, n/150. The cost of the purchase to Window
Olena Mirrors records bad debt using the allowance, income statement method. They recorded$343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is
Review the select information for Bean Superstore and Legumes Plus (industry competitors), and then complete the following.A. Compute the accounts receivable turnover ratios for each company for 2018
You are considering a $100,000 investment in one of two publicly traded companies in the same industry. Review the last three annual financial statements (same fiscal year) for two publicly traded
The following information is taken from a company’s records. Applying the lower-of-cost-ormarket approach, what is the correct value that should be reported on the balance sheet for the inventory?
Calculate the cost of goods sold dollar value for A65 Company for the month, considering the following transactions under three different cost allocation methods and using perpetual inventory
What amounts should be recorded as a cost of a long-term asset?
The following intangible assets were purchased by Goldstein Corporation:A. A patent with a remaining legal life of twelve years is bought, and Goldstein expects to be able to use it for seven
Your family started a new manufacturing business making outdoor benches for use in parks and outdoor venues two years ago. The business has been very successful, and sales are soaring. Because of
Barkers Baked Goods purchases dog treats from a supplier on February 2 at a quantity of 6,000 treats at $1 per treat. Terms of the purchase are 2/10, n/30. Barkers pays half the amount due in cash on
Everglades Consultants takes out a loan in the amount of $375,000 on April 1. The terms of the loan include a repayment of principal in eight, equal installments, paid annually from the April 1 date.
Machine Corp. has several pending lawsuits against its company. Review each situation and (1)determine the treatment for each situation as probable and estimable, probable and inestimable, reasonably
Review TP1. Review current season ticket prices for one Major League Baseball team. Choose one season ticket price area to review.A. Determine what is recognized as per ticket revenue after each game
Naval Inc. issued $200,000 face value bonds at a discount and received $190,000. At the end of 2018, the balance in the Discount on Bonds Payable account is $5,000. This year’s balance sheet will
On November 7, 2013, Twitter released its initial public offering (IPO) priced at $26 per share.When the day ended, it was priced at $44.90, reportedly making about 1600 people into millionaires in a
As a bakery business continues to grow, cash flow has become more of a concern. The board of directors would like to maintain the market share price, so a discussion ensues about issuing a stock
The partnership of Tasha and Bill shares profits and losses in a 50:50 ratio, and the partners have capital balances of $45,000 each. Prepare a schedule showing how the bonus should be divided if
Which of these transactions would not be part of the cash flows from the operating activities section of the statement of cash flows?A. credit purchase of inventory B. sales of product, for cash C.
Use the EDGAR (Electronic Data Gathering, Analysis, and Retrieval system) search tools on the US Securities and Exchange Commission website (https://openstax.org/l/50EDGAR) to locate the latest Form
Consider the dilemma you might someday face if you are the chief financial officer of a company that is struggling to maintain a positive cash flow, despite the fact that the company is reporting a
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.A. depreciation on fixed assets, $ 8,500 B.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.A. amount due for employee salaries, $4,800 B.
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.A. supplies actual count at year end, $6,500 B.
Prepare an adjusted trial balance from the adjusted account balances; solve for the one missing account balance: Cash (assume accounts have normal balances). Accounts payable Accounts receivable Cash
Prepare adjusting journal entries, as needed, considering the account balances excerpted from the unadjusted trial balance and the adjustment data.A. depreciation on buildings and equipment, $17,500
Which of these accounts is included in the post-closing trial balance?A. Supplies Expense B. Accounts Payable C. Sales Revenue D. Insurance Expense
Which of the following accounts are used when recording the sales entry of a sale on credit?A. merchandise inventory, cash B. accounts receivable, merchandise inventory C. accounts receivable, sales
A customer discovers 60% of the total merchandise delivered from a retailer is damaged. The original purchase for all merchandise was $3,600. The customer decides to return 35% of the damaged
Canary Lawnmowers purchased 300 lawnmower parts at $3.50 per part from a supplier on December 4. Terms of the purchase are 4/10, n/25, invoice dated December 4. Canary Lawnmowers pays their account
The company just took a physical count of inventory and found $75 worth of inventory was unaccounted for. It was either stolen or damaged. Which journal would the company use to record the correction
Record the following transactions in the sales journal: Jan. 15 Jan. 22 Jan. 27 Invoice # 325, sold goods on credit for $2,400, to Maroon 4, account # 4501 Invoice #326, sold goods on credit for
The following problem is a comprehensive problem requiring you to compete all of the steps in the accounting cycle, first manually and then by entering the same transactions and performing the same
On June 1 French company has decided to initiate a petty cash fund in the amount of $800.Prepare journal entries for the following transactions:A. On June 5, the petty cash fund needed replenishment,
A bank reconciliation takes time and must balance. An employee was struggling in balancing the bank reconciliation. Her supervisor told her to “plug” (make an unsupported entry for) the
Which of the following groups would have access to managerial accounting information?A. bankers B. investors C. competitors of the business D. managers
Assume you are considering opening a retail business. You are trying to decide whether to have a traditional “brick-and-mortar” store or to sell only online. Explain how the activities and costs
Imagine that you have just been elected president of your university’s student senate. Assume the university is considering constructing a new student union—a place that offers a variety of
Assume a company has a $350 credit (not cash) sale. How would the transaction appear if the business uses accrual accounting?A. $350 would show up on the balance sheet as a sale.B. $350 would show up
Which of these statements is false?A. Assets = Liabilities + Equity B. Assets – Liabilities = Equity C. Liabilities – Equity = Assets D. Liabilities = Assets – Equity
Which of these accounts is an asset?A. Common Stock B. Supplies C. Accounts Payable D. Fees Earned
Why is a journal referred to as the “book of original entry”?
Cromwell Company has the following trial balance account balances, given in no certain order, as of December 31, 2018. Using the information provided, prepare Cromwell’s annual financial statements
A business has the following transactions:• The business is started by receiving cash from an investor in exchange for common stock $20,000• The business purchases supplies on account $500• The
Prepare a budgeted income statement using the information shown. Sales units Sales price per unit Uncollectible expense Direct material per unit Direct labor hours per unit Direct labor rate per
Shelby Industries has a capacity to produce 45,000 oak shelves per year and is currently selling 40,000 shelves for $32 each. Martin Hardwoods has approached Shelby about buying 1,200 shelves for a
Use the following information to create a standard cost card for production of one photography drone from Drone Experts.To make one drone it takes 2 pounds of plastic material. The material can
Using the information from BDS Enterprises, prepare the income statement to include all costs, but separate out uncontrollable costs. Insert subtotals where appropriate (include one for operating
Use the information provided to create a standard cost card for production of one glove box switch. To make one switch it takes 16 feet of plastic-coated copper wire and 0.5 pounds of plastic
The management of Ryland International is considering investing in a new facility and the following cash flows are expected to result from the investment:A. What is the payback period of this uneven
There are two projects under consideration by the Rainbow factory. Each of the projects will require an initial investment or $28,000 and is expected to generate the following cash flows:If the
D&M Pizza has a delivery car that is uses for pizza deliveries. The transmission needs to be replaced, and there are several other repairs that need to be done. The car is nearing the end of its
Joliet Company is considering two alternative investments. The company requires an 18% return from its investments.Compute the IRR for both Projects and recommend one of them. Initial investment Net
Your friend has a trust fund that will pay her the following amounts at the given interest rate for the given number of years. Calculate the current (present) value of your friend’s trust fund
You want to invest $8,000 at an annual interest rate of 8% that compounds annually for 12 years. Which table will help you determine the value of your account at the end of 12 years?A. Future value
Ekon owns a small tow-truck business that responds to state patrol requests to tow cars involved in wrecks, as well as to private business requests from customers at various auto repair shops and
Using the information provided, what transaction represents the best application of the present value of an annuity due of $1?A. Falcon Products leases an office building for 8 years with annual
You put $600 in the bank for 3 years at 15%.A. If interest is added at the end of the year, how much will you have in the bank after one year? Calculate the amount you will have in the bank at the
What is the payback method used to determine?
An auto repair company needs a new machine that will check for defective sensors. The machine has an initial investment of $224,000. Incremental revenues, including cost savings, are $120,000, and
Grummet Company is acquiring a new wood lathe with a cash purchase price of $80,000. The Wood Master Industries (the manufacturer) has agreed to accept $23,500 at the end of each of the next 4 years.
If you invest $15,000 today, how much will you have in:A. 20 years at 22%B. 12 years at 10%C. 5 years at 14%D. 2 years at 7%
What are one advantage and one disadvantage of the payback method?
The process that determines the present value of a single payment or stream of payments to be received is ________.A. CompoundingB. DiscountingC. AnnuityD. Lump-sum
The NPV method assumes that cash inflows associated with a particular investment occur when?A. Only at the time of the initial investmentB. Only at the end of the yearC. Only at the beginning of the
Which of the following does not assign a value to a business opportunity using time-value measurement tools?A. Internal rate of return (IRR) methodB. Net present value (NPV)C. Discounted cash flow
What is the value of triple bottom line reporting to users? What is the cost to the company to provide this extra information?
Good corporate citizenship ________.A. Is expensive to implement and does not guarantee returnsB. Must have management’s sincere convictions behind it in order to succeedC. Is more relevant in
What type of information do you think an oil company should include in their sustainability report? What about a car manufacturer? A large retailer?
According to the World Commission on Environment and Development, how is sustainable development defined?A. It meets the needs of the future without compromising the ability of the present
Sustainability reporting can incorporate which of the following?A. Environmental reportingB. Social reportingC. Business viability reportingD. All of the above
How might a business interact with each of the four different stakeholders you identified in the previous exercise?
What caused Union Carbide’s deadly gas leak in Bhopal, India, which killed 3,000 and injured 42,000?A. a combination of low staff levels, corruption, pay-offs to employees to keep quiet, and the
Contrast the investment risk potentials of an electric vehicle manufacturer whose shares have a PE ratio of 10:1 and a coal company whose stock has a PE ratio of 2.5 to 1.
Nestlé’s reputation was damaged when the company was accused of which of the following?A. Forcing mothers to buy baby formula within days of delivering their babiesB. Promoting inadequate
Marcotti Cupcakes bakes and sells a basic cupcake for $1.25. The cost of producing 600,000 cupcakes in the prior year was:At the start of the current year, Marcotti received a special order for
Cinnamon Depot bakes and sells cinnamon rolls for $1.75 each. The cost of producing 500,000 rolls in the prior year was:At the start of the current year, Cinnamon Depot received a special order for
There are currently no formal mandatory environmental accounting standards firms must adhere to. Given the lack of regulation, should accountants even bother with preparing sustainability reports?
Which form of energy is renewable?A. SolarB. OilC. CoalD. Nuclear
Zena Technology sells arc computer printers for $55 per unit. Unit product costs are:A special order to purchase 15,000 arc printers has recently been received from another company and Zena has idle
Ken Owens Construction specializes in small additions and repairs. His normal charge is $400/day plus materials. Due to his physical condition, David, an elderly gentleman, needs a downstairs room
Explain the role and purpose of the Global Reporting Initiative
Which of the following types of reporting does the Triple Bottom Line not incorporate?A. ManagementB. SocialC. EnvironmentalD. Economic
Explain the role and purpose of the Sustainability Accounting Standards Board.
Which of the following best defines stakeholders?A. Investors and lendersB. Environmental groupsC. Anyone directly or indirectly affected by the organizationD. Groups or individuals financially
Explain the role and purpose of the Integrated Reporting Framework.
Which of the following statements is most often the case?A. Socially responsible businesses tend to post higher profits than those not focused on social responsibility.B. Companies that are not
Which standards are considered universal under the GRI?A. Economic, environmental, socialB. Foundation, general disclosures, management approachC. Foundation, economic, general disclosuresD.
The managerial decision-making process has which of the following as its third step?A. Review, analyze and evaluate the results of the decision.B. Decide, based upon the analysis, the best course of
How many broad categories of capital are identified by the Integrated Reporting Framework?A. 2B. 4C. 6D. 8
The SASB view on materiality has been adapted from which of the following?A. The U.S. Executive branchB. The GRI definitionC. A determination by U.S. CongressD. The U.S. Supreme Court
The fundamental tenets of SASB’s Approach are considered ________.A. Evidence-based, industry-specific, and market-informedB. Industry-specific, interest-based, and value creatingC.
Dimitri Designs has capacity to produce 30,000 desk chairs per year and is currently selling all 30,000 for $240 each. Country Enterprises has approached Dimitri to buy 800 chairs for $210 each.
Myrna White is a mobile housekeeper. The price for a standard house cleaning is $150 and takes 5 hours. Each worker is paid $25/hour, uses $15 of materials and $0.50 per mile to use their own vehicle
Which of the following is not one of the five steps in decision-making process?A. Identify alternativesB. Review, analyze, and evaluate decisionC. Decide best actionD. Consult with CFO concerning
What factors must any company consider before accepting a special-order contract?
Boston Executive, Inc., produces executive limousines and currently manufactures the mini-bar inset at these costs:The company received an offer from Elite Mini-Bars to produce the insets for $2,100
Aspen Enterprises makes award pins for various events. Budget information regarding the current period is:A fraternity with which Aspen has a long relationship approached Aspen with a special order

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