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managerial accounting
Questions and Answers of
Managerial Accounting
T Wholesale Company began the year with inventory of \($8,000.\) During the year, T purchased \($90,000\) of goods and returned \($6,000\) due to damage. T also paid freight charges of \($1,000\) on
As the proprietor of Discount Tire Co., you received the following invoice from a supplier:Requirements 1. Discount received the invoice on May 15. Record the May 15 purchase on account. Carry
On April 30, Boozer Jewelers purchased inventory of \($6,000\) on account from Van Dyke Diamonds, a jewelry importer. Terms were 3/15, net 45. The same day Boozer paid freight charges of \($300.\) On
Journalize, without explanations, the following transactions of Soul Art Gift Shop during the month of February: Feb. 3 Purchased $2,000 of inventory on account under terms of 2/10, n/eom (end of
Candy Creations' accounts at June 30 included these unadjusted balances:The physical count of inventory on hand added up to $5,400. This is the only adjustment needed.a. Journalize the adjustment for
Networking Systems earned sales revenue of \($65\) million in 2009. Cost of goods sold was \($33\) million, and net income reached \($8\) million, the company's highest ever. Total current assets
Baker Electric Co. uses the periodic inventory system. Baker reported these amounts at May 31, 2007:Compute Baker's:a. Net sales revenue b. Cost of goods soldc. Gross profit. Inventory, May 31, 2006
Home Depot operates home-improvement stores across the country. Home Depot has a sophisticated perpetual inventory accounting system.Requirements You are the manager of a Home Depot store in Fort
I he accounting records f A- 1 Publishers list the following at November 30, 2007:Requirements 1. Prepare a multi-step income statement to show the computation of A-l Publishers' net sales, gross
The accounts of Northeast Electronics are listed along with their balances before closing atMav31,2009.Requirements 1. Prepare Northeast Electronics1 multi-step income statement for the month ended
The adjusted trial balance of Big Daddy Music Company at December 3 1. 2008, follows:Requirements 1. Journalize Big Daddy's closing entries.2. Compute the gross profit percentage and the rate of
Harley's of Chicago's trial balance pertains to December 31, 2009.Adjustment data at December 31, 2009:a. Prepaid rent expired, $3,000.b. Depreciation, $5,000.c. Accrued salaries, $1,000.d. Inventory
Refer to the data in Problem 5-34A.1. Journalize Harley's adjusting and closing entries.2. Determine the December 31, 2009, balance of J. Harley, Capital.Problem 5-34AHarley's of Chicago's trial
Scooter Mike sells pocket rockets, mini choppers, and all-terrain vehicles. The company has launched a new advertising campaign to intro- duce its products to the public.Requirements Scooter \like
Assume the following transactions occurred between Heights Pharmacy and Procter 6v Gamble (PcvG), the consumer products company, during August of the current year.Requirements Journalize these
Alpha Graphics completed in the following transactions during September:Requirements Journalize the preceding transactions on the books of Alpha Graphics. Sept. 2 Purchased inventory for cash, $740.
The accounting records of Steubs Environmental Solutions at June 30, 2008, list the following:Requirements 1. Prepare a multi-step income statement to show the computation of Steubs Environmental
The accounts of Mackey Home Center are listed along with their balances before closing at July 31,2008.Requirements 1. Prepare Mackey Home Center's multi-step income statement for the month ended
The adjusted trial balance of Arctic Cat RVs at December 31, 2009, follows.Requirements 1. Journalize Arctic Cat's closing entries.2. Compute the gross profit percentage and the rate of inventory
The trial balance of Rustic Elegance pertains to December 31, 2007.Adjustment data at December 31, 2007:a. Prepaid insurance expired, $2,000.b. Depreciation, $4,000.c. Accrued salaries, $1,000.d.
Assume Amazon.com began June with 10 units of inventory that cost a total of \$190. During June, Amazon purchased and sold goods as follows:Under the FIFO inventory method, how much is Amazon's cost
T. J. Bronson made sales of \(\$ 9,300\) and ended April with inventories totaling \(\$ 900\). Cost of goods sold was \(\$ 6,000\). Total operating expenses were \(\$ 2,700\). How much net income did
Under the FIFO method, Amazon's journal entry (entries) on June 14 is (are): a. Accounts Receivable Inventory b. Accounts Receivable Sales Revenue. c. Cost of Goods Sold........ Inventory.... d. Both
After the purchase on June 22, what is Amazon's cost of the inventory on hand? Amazon uses FIFO.a. \(\$ 300\)b. \(\$ 740\)c. \(\$ 440\)d. \(\$ 720\)
Answer these questions in your own words:1. Why does FIFO produce the lowest cost of goods sold during a period of rising prices?2. Why does LIFO produce the highest cost of goods sold during a
Suppose Rockey Mountain Sportswear (RMS) suffered a fire loss and needs to estimate the cost of the goods destroyed. Beginning inventory was \(\$ 100,000\), net purchases totaled \(\$ 600,000\), and
Hyatt Magic carries an inventory of putters and other golf clubs. Hyatt uses the FIFO method and a perpetual inventory system. Company records indicate the following for a particular line of Hyatt
Accounting records for Jim's Shopping Bags yield the following data for the year ended December 31, 2008.Requirements 1. Journalize Jim's inventory transactions in the perpetual system.2. Report
Assume that a Toys " \(Я\) " Us store bought and sold a line of dolls for inventory during December as follows:Toys " \(Я\) " Us uses the perpetual inventory system. Compute the cost of ending
Carpetmaster began the year with inventory of \(\$ 350,000\). Inventory purchases for the year total \(\$ 1,600,000\), and cost of goods sold will be \(\$ 1,750,000\). How much is Carpetmaster's
Leather Goods Company began the year with inventory of \(\$ 50,000\) and purchased \(\$ 250,000\) of goods during the year. Sales for the year are \(\$ 500,000\), and Leather Goods' gross profit
Use the data in Exercise 6-18 to compute the cost of goods sold under(a) FIFO (b) LIFO. You will need a complete perpetual inventory record for LIFO. Which method results in the higher cost of goods
Eagle Resources, which uses the FIFO method, has these account balances at December 31, 2008, prior to releasing the financial statements for the year:Eagle has determined that the replacement cost
Nutriset Fonds reports inventory at the lower of average cost or market. Prior to releasing its March 2008 financial statements, Nutriset's preliminary income statement, before the year-end
Whole Foods Grocery reported the following comparative income statement for the years ended September 30, 2008 and 2007.During 2008, Whole Foods discovered that ending 2007 inventory, as previously
Poiláne Bakery reported sales revenue of \(\$ 28,000\) and cost of goods sold of \(\$ 12,000\). Compute Poiláne's correct gross profit if the company made each of the following accounting errors.
Toyota holds inventory all over the world. Assume that the records for an auto part show the following:Suppose this inventory, stored in the United States, was lost in a fire. Estimate the amount of
Ornamental Iron Works, which uses the FIFO method, began August with 50 units of iron inventory that cost \(\$ 40\) each. During August, the company completed these inventory
Chick Landscaping and Nursery began January with inventory of \(\$ 47,000\). During January, Chick made net purchases of \(\$ 33,000\) and had net sales of \(\$ 60,000\). For the past several years,
Toy World began January with an inventory of 20 crates of toys that cost a total of $1,100. During the month, Toy World purchased and sold merchandise on account as follows:Cash payments on account
Refer to the Toy World situation in Problem 6-29A. Keep all the data unchanged, except that Toy World now uses the average-cost method.Requirements 1. Prepare a perpetual inventory record at average
Lake Air Carpets' books show the following data (in thousands). In early 2009 , auditors found that the ending inventory for 2006 was understated by \(\$ 8\) thousand and that the ending inventory
Party Time Costumes estimates its inventory by the gross profit method. The gross profit has averaged 50% of net sales. The company's inventory records reveal the following data (amounts in
Hobart Sign Company began with an inventory of 50 signs that cost a total of \(\$ 1,500\). Hobart purchased and sold merchandise on account as follows:Hobart uses the FIFO cost method. Cash payments
La Tapatía Mexican Foods, which uses the LIFO method, began March with 50 units of food inventory that cost \(\$ 15\) each. During March, LaTapatía completed these inventory
Some of Lamar Scuba Center's merchandise is gathering dust. It is now December 31, 2009. The current replacement cost of Lamar's ending inventory is \(\$ 15,000\) below Lamar's cost of the goods,
Audio-Video estimates its inventory by the gross profit method when preparing monthly financial statements. For the past two years, gross profit has averaged \(22 \%\) of net sales. The company's
Account number 411 is most likely a (an)a. Assetb. Liabilityc. Owner equityd. Revenuee. Expense
Match each component of a computerized accounting system with its meaning. Meaning Component Electronic linkages that allow different computers A. Server to share the same information Electronic
The Excel formula to compute net income's percentage of sales in Exhibit 7-5, isa. \(=B 4 * B 2\)b. \(=B 4 / B 2\)c. \(=\mathrm{B} 2-\mathrm{B} 3\)d. \(=\mathrm{B} 4+\mathrm{B} 3\) EXHIBIT 7-5 A
Complete the crossword puzzle that follows. 2 3 4 5 6 Down: 1. Managers need over operations in order to authorize transactions and safeguard assets 3. Programs that drive a computer 4. Electronic
Assign account numbers (from the list that follows) to the accounts of Clarke Logistics. Jan Marks, Withdrawals Service Revenue Depreciation Expense Numbers from which to choose: Inventory Accounts
The spreadsheet screen in Exhibit 7-5, is your income statement. Suppose you are developing your financial plan for the coming year. Revenues should increase by \(8 \%\) and expenses by \(6 \%\).
The purchases journal is used to record alla. Purchases of assetsb. Payments of purchases on accountc. Purchases of inventoryd. Purchases on account
The individual accounts in the accounts receivable subsidiary ledger identifya. Customersb. Creditorsc. Amounts to be paidd. Suppliers
Which of the following is not a general ledger account?a. Sales Discountsb. Accounts Receivablec. Jackson Companyd. Supplies Expense
Use account numbers 101 through \(106,201,221,301,321,401,501\) and 521 to correspond to the following selected accounts from the gencral ledger of Mobile Technology Company. List the accounts and
A debit memo is a (an)a. Report of all the debits to the Cash accountb. Document for a purchase returnc. Document for a sales returnd. Entry to the Accounts Receivable account
The accounts of Lake Onondaga Steakhouse show some of these amounts before closing:Compute the missing amounts. You must also compute ending owner's equity. Total assets Current assets Plant assets
Equipment listed on a spreadsheet has a cost of \(\$ 60,000\); this amount is located in cell B9. The years of the asset's useful life (20) are found in cell C8. Write the spreadsheet formula to
The following items appear in the cells of a Witt Furniture Store spreadsheet:Write the spreadsheet formula to calculate Witt's a. Current ratiob. Total owner's equity c. Debt ratio Item Cell Total
During April, Shannon Donut Distributors completed these credit purchase transactions:Record these transactions first in the general journal-with explanationsand then in the purchases journal. Omit
During August, Berryhill Stamp Company had the following transactions:Requirements 1. Prepare a cash payments journal similar to the one illustrated in this chapter. Omit the check number (
The following documents describe two business transactions.Requirements Use the general journal to record these transactions and Jerry Stevens' cash payment on December 19. Record the transactions
The following spreadsheet shows the income statement of Bates Perfor 3 mance Auto:Requirement Write the appropriate formula in each cell that will need a formula. Choose from these symbols:+ add -
The general ledger of Barton Springs Glass Company includes the following selected accounts, along with their account numbers:All credit sales are on Barton Springs' standard terms or 2/10 n/30.
The general ledger of Crystal Lake (Golf Shop includes these accounts, along with their account numbers:Transactions in December that affected purchases and cash payments follow.Requirements 1.
Crestview Computer Security uses the perpetual inventory system and makes all credit sales on terms of \(2 / 10 \mathrm{n} / 30\). Crestview completed the following transactions during
The spreadsheet on the next page shows the assets of the Pandera Pizzeria balance sheet.Requirement Write the appropriate formula in each cell that will need a formula. Choose from these symbols: +
The general ledger of Suds Soap Company includes the following selected accounts, along with their account numbers:All credit sales are on Suds' standard terms of \(2 / 10 \mathrm{n} / 30\). Sales
Prudhoe Bay Co. uses the perpetual inventory system and makes all credit sales on terms of \(2 / 10 \mathrm{n} / 30\). During March, Prudhoe Bay Co. completed these transactions:Requirements 1. Open
The general ledger of British Car Specialists includes the following accounts, along with their account numbers:Transactions in January that affected purchases and cash payments were as
Internal auditors focus on ; external auditors are more concerned with _________ Fill in the blanks.a. cash receipts; cash paymentsb. e-commerce; fraudc. documents; recordsd. operations; financial
Which items appear on the Book side of a bank reconciliation?a. Outstanding checksb. Deposits in transitc. Both \(a\) and \(b\)d. None of the above
Which items appear on the Bank side of a bank reconciliation?a. Outstanding checksb. Deposits in transitc. Both a and \(b\)d. None of the above
Navarro Company's Cash account shows an ending balance of \(\$ 770\). The bank statement shows a \(\$ 20\) service charge and an NSF check for \(\$ 100\). A \(\$ 250\) deposit is in transit, and
Diedre Chevis sells furniture for DuBois Furniture Company. Chevis is having financial problems and takes \(\$ 500\) that she received from a customer. She rang up the sale through the cash register.
After performing a bank reconciliation, we need to journalizea. All items on the Bank side of the reconciliationb. All items on the Book side of the reconciliationc. All items on the reconciliationd.
Joy's Dance Studio created a \(\$ 200\) imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:Requirements (a) create the petty cash
Members of the U.S. House of Representatives wrote a quarter million dollars of checks on the House bank without having the cash in their accounts. In effect, these representatives were borrowing
The May 31 bank statement of Multi-Plex Healthcare has just arrived from First State Bank. To prepare the bank reconciliation, you gather the following data.a. The May 31 bank balance is \(\$
An employee of Kindler Orthopedics stole thousands of dollars from the company: Suppose Kindler has installed a new system of internal controls. As a consultant for Kindler Orthopedics, write a memo
On April 1, Caesar Salad Dressings creates a petty cash fund with an imprest balance of \(\$ 400\). During April, Elise Nelson, the fund custodian, signs the following petty cash tickets:On April 30,
Pendley Productions makes all sales on credit. Cash receipts arrive by mail. Larry Padgitt in the mailroom opens envelopes and separates the checks from the accompanying remittance advices. Padgitt
Federal Credit Bank has a loan receivable from Subway Construction Company. Subway is late making payments to the bank, and Milton Reed, a Federal Credit Bank vice president, is helping Subway
Sumburst Technology prospered during the recent economic expansion. Business was so good that the company used very few internal controls. A recent decline in the high-tech sector of the economy
The eash records of Dunlap Dollar Stores for April follow.Dunlap's Cash account shows a balance of \(\$ 13,640\) at April 30.On April 30, Dunlap received the following bank statement:Additional data
Each of the following situations has an internal control weakness.a. Architects use paraprofessional employees to perform routine tasks. For example, a draftsman might prepare drawings to assist an
The August 31 bank statement of Ward's Supercenter has just arrived from United Bank. To prepare the Ward's bank reconciliation, you gather the following data:a. Ward's Cash account shows a balance
Suppose that on June 1, Cool Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of \(\$ 300\). During June, Carol McColgin, fund custodian, signs the following petty
Advanced Audio Productions makes all sales on account. Cash receipts arrive by mail. James Gilette opens envelopes and separates the checks from the accompanying remittance advices. Gilette forwards
Mike Schoenfeld is vice president of Lancer Bank in Shreveport, Louisiana. Active in community affairs, Schoenfeld serves on the board of directors of Baker Publishing Company. Baker is expanding and
Consider the steps in the accounting cycle in Exhibit 4-1. Which part of the accounting cycle provides information to help a business decide whether to expand its operations?a. Postclosing trial
Which sequence correctly summarizes the accounting process?a. Journalize transactions, post to the accounts, prepare a trial balanceb. Post to the accounts, journalize transactions, prepare a trial
Suppose your business has cash of $50,000, receivables of $60,000, and furni- ture totaling $200,000. The store owes $80,000 on account and has a $100,000 note payable. How much is your
Which journal entry records your payment for the supplies purchased in transaction 4? a. Accounts Payable.. 1,000 Accounts Receivable 1,000 b. Supplies 1,000 Cash 1,000 c. Cash 1,000 Accounts
Posting a $1,000 purchase of supplies on account appears as follows: Supplies Accounts Payable 1,000 Accounts Receivable 1,000 a. b. c. 1,000 Supplies 1,000 Supplies Accounts Payable 1,000 1,000 d.
You paid $500 for supplies and purchased additional supplies on account for $700. Later you paid $300 of the accounts payable. What is the balance in your Supplies
Brett Wilkinson, Attorney, began the year with total assets of $120,000, liabilities of $70,000, and owner's equity of $50,000. During the year he earned reve- nue of $1 10,000 and paid expenses
How would Brett Wilkinson record his expenses for the year in question 9? a. Expenses 30,000 Accounts Payable 30,000 b. Expenses 30,000 Cash 30,000 c. Cash...... 30,000 Expenses 30,000 d. Accounts
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