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managerial accounting
Questions and Answers of
Managerial Accounting
On January 1, 2008, you borrowed \(\$ 10,000\) on a five-year, \(8 \%\) note payable. At December 31, 2009, you should recorda. Interest payable of \(\$ 800\)b. Nothing (The note is already on the
Your company sells \(\$ 100,000\) of goods and you collect sales tax of \(3 \%\). What current liability does the sale create?a. . Yone; you collected cash up front.b. Unearned revenue of \(\$
At December 31, your company owes employees for three days of the five-day workweek. The total payroll for the week is \(\$ 8,000\). What journal entry should you make at December 31? a. Nothing,
What is unearned revenue?a. Receivableb. Current assetc. Revenued. Current liability
Payroll expenses includea. Salaries and wagesb. Employee benefitsc. Payroll taxesd. All of the above
What is the most that an employee paid the federal government for old age, survivors', and disability insurance (FICA tax) during 2008?a. \(\$ 5,580\).b. \(\$ 90,000\).c. Nothing. The employer paid
The document that an employer gives each employee at the end of the year to report annual earnings and taxes paid is thea. Form W-2b. Form W-4c. Payroll recordd. Form 941
The foundation of internal control over payroll isa. Paying the correct amount of payroll taxb. Separating payroll dutiesc. Filing government tax forms on timed. Accurately computing gross pay,
"Bad debts" are the same asa. Uncollectible accountsc. Neither of the aboveb. Doubeful accountsd. Both \(a\) and \(b\)
Which method of estimating uncollectible receivables focuses on UncollectibleAccount Expense for the income statement?a. Percent-of-sales approachb. Aging-of-accounts approachc. Net-realizable-value
Your company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Uncollectibles had a credit balance of \(\$ 1,100\). During the year you
Your ending balance of Accounts Receivable is \(\$ 20,000\). Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end.a. \(\$ 18,000\)b. \(\$
At December 31 , you have a \(\$ 10,000\) note receivable from a customer. Interest of \(8 \%\) has accrued for 6 months on the note. What will your financial statements report for this situation?a.
Return to the data in the preceding question. What will the income statement report for this situation?a. Nothing, because you haven't received the cash yetb. Interest revenue of \(\$ 400\)c. Note
At year-end, your company has cash of \(\$ 10,000\), receivables of \(\$ 50,000\), inventory of \(\$ 40,000\), and prepaid expenses totaling \(\$ 5,000\). Liabilities of \(\$ 60,000\) must be paid
Return to the data in the preceding question. A year ago receivables stood at \(\$ 70,000\), and sales for the current year total \(\$ 730,000\). How many days did it take you to collect your average
Jackson Auto Glass's accounting records carried the following accounts at January 31,2008.Requirements 1. Journalize all of Jackson's closing entries at January 31, 2008. Use a Jackson, Capital
Selected amounts from the accounting records of Azalea Technology follow.Requirements 1. Prepare Azalea's multi-step income statement for the year ended December 31,2008.2. Compute the rate of
Prepare Azalea Technology's single-step income statement for 2008, using the data from Exercise 5-23. Compute the gross profit percentage, and compare it with last year's gross profit percentage of
Terry's Amusements completed in the following transactions during May:Requirements Journalize the preceding transactions on the books of Terry's Amusements. May 1 Purchased supplies for cash, $300.
Explain what the following terms meana. Accounts receivablef. Accounts payableb. Supplies g. Unearned service revenuec. Prepaid rent h. Service revenued. Furniture i. Rent expensee. Accumulated
Which columns of the accounting work sheet show unadjusted amounts?a. Trial balanceb. Adjustmentsc. Income Statementd. Balance Sheet
Which columns of the work sheet show net income?a. Trial Balanceb. Adjustmentsc. Income Statementd. Both b and c
Supplies has a $6,000 unadjusted balance on your trial balance. At year-end you count supplies of $2,000. What adjustment will appear on your work sheet? a. Supplies. 4,000 Supplies Expense.. 4,000
Riley Insurance Agency reported the following items at May 31:Make Riley's closing entries, as needed, for these accounts. Sales and marketing expense Other assets Depreciation expense Long-term
After closing its accounts at May 31, 2008, Hueske Electric Company had the following account balances:Prepare Hueske's postclosing trial balance at May 31, 2008. List accounts in proper order, as
Heart of Texas Telecom had these account balances at December 31, 2007.Compute Heart of Texas' current ratio and debt ratio. Note payable, long-term $ 9,000 Accounts payable $ 4,000 Prepaid rent
Sherman Lawn Service has cash of \($300,\) receivables of \($800,\) and supplies of \($400.\) Sherman owes \($500\) on accounts payable and salary payable of \($100. Sherman's\) current ratio isa.
The trial balance of Wireless Solutions follows.Additional information at November 30, 2007 :a. Accrued service revenue, \(\$ 300\)d. Prepaid rent expired, \(\$ 800\)b. Depreciation, \(\$ 100\)e.
Journalize Wireless Solutions' adjusting and closing entries in Exercise 4-13. Exercise 4-13The trial balance of Wireless Solutions follows.Additional information at November 30, 2007 :a. Accrued
After completing Exercises 4-14 and 4-15, prepare the postclosing trial balance of Wireless Solutions at November 30, 2007. Exercises 4-14Journalize Wireless Solutions' adjusting and closing entries
Todd McKinney Magic Shows' records include the following account balances:During 2007, McKinney recorded the following:a. Prepaid annual rent of \(\$ 6,000\).b. Made the year-end adjustment to record
Refer to the Todd McKinney data in Exercise 4-17. After making the adjusting entries in Exercise 4-17, journalize McKinney's closing entries at the end of 2007. Also set up T-accounts or four-column
From the following selected accounts of Pikasso Party Planning at June 30, 2008, prepare the entity's closing entries :Prepare a T-account for Pablo Pikasso, Capital. What is Pikasso's ending capital
The accountant for Passport Photography has posted adjusting entries (a) through (e) to the following selected accounts at December 31, 2008.Requirements 1. Journalize Passport Photography`s closing
The adjusted trial balance and the income statement amounts from the April work sheet of Swift Sign Company follow:Requirements 1. Journalize Swift's closing entries at April 30.2. How much net
Refer to Exercise 4-22.Requirements 1. After solving Exercise 4-22, use the data in that exercise to prepare the classified balance sheet of Swift Sign Company at April 30 of the current year. Use
Data for the unadjusted trial balance of Planet Beach Tanning Salon at December 31, 2007 follow.Adjusting data for 2007 are:a. Accrued service revenue, \(\$ 3,100\).c. Accrued salary expense, \(\$
The trial balance of Victoria Motors at June 30, 2008, follows.Additional data at June 30,2008 :a. Depreciation on equipment, \(\$ 600\).b. Accrued wage expense, \(\$ 200\).c. Supplies on hand, \(\$
The unadjusted T-accounts of Paladdin Investment Advisers, at December 31, 2007, and the related year-end adjustment data follow.Adjustment data at December 31, 2007:a. Unearned service revenue
The unadjusted trial balance of Glenn Real Estate Appraisal at June 30, 2009 follows.Adjustment data at June 30, 2009:a. Prepaid insurance expired, \(\$ 3,000\).b. Accrued service revenue, \(\$
Refer to the data for Glenn Real Estate Appraisal in Problem 4-27A. After journalizing and posting Cilenn's adjusting and closing entries, prepare the company's income statement for the year ended
The trial balance of Road Runner Internet at August 31, 2009, and the data for the month-end adjustments follow.Adjustment data:a. Unearned service revenue still unearned at August \(31, \$
Selected accounts of Blume Irrigation Systems at December 31, 2007, follow:Requirements 1. Prepare Blume's classified balance sheet in reporf form at December 31, 2007. Show totals for total assets,
The trial balance of Jane's Preschool at May 31, 2008, follows.Additional data at May 31, 2008 .a. Depreciation: furniture, \(\$ 500\); building, \(\$ 400\).b. Accrued salary expense, \(\$ 600\).c.
The accountant for William Smith, M.D., encountered the following situations while adjusting and closing the books at December 31. Consider each situation independently.a. The accountant failed to
The unadjusted T-accounts of Investors Brokerage at December 31, 2007 , and the related year-end adjustment data follow.Adjustment data at December 31, 2007.a. Depreciation for the year, \(\$
The unadiusted trial balance of Jen Weaver Insurance at April 30, 2008, follow's on the next page. Adjustment data at April 30, 2008, consist ofa. Accrued service revenue, \(\$ 1,600\).b.
Refer to the data for Jen Weaver Insurance in Problem 4-34B. After journalizing and posting Weaver's adjusting and closing entries, prepare the company's income statement for the year ended April 30,
The trial balance of Alpha Graphics at October 31, 2007, follows, along with the data for the month-end adjustments.Adjusting data at October 31:a. Unearned service revenue still unearned, \(\$
Selected accounts of Elevator Service Company, at December 31, 2008, follow.Requirements 1. Prepare the company's classified balance sheet in report form at December 31, 2008. Show totals for total
The accountant of Lancer Copy Center encountered the following situations while adjusting and closing the books at February 28. Consider each situation independently.a. The accountant failed to make
The journal enrry for rhe purchase of invenrory on accounr is: a. Inventory. XXX Accounts Payable. XXX b. Accounts Payable................... XXX Inventory. XXX c. Inventory. XXX Accounts
JDC purchased invenrory for $5,000 and also paid a $300 freighr bill. JDC rerurned half the goods to rhe seller and later rook a 2% purchase discounr.Whar is JDC's cost of the inventory rhar ir
Suppose a Target store purchases $60,000 of women's sportswear on account from Tommy. Credit terms are 2/10, net 30. Target pays electronically, and Tommy receives the money on the tenth
Suppose Ausrin Sound had sales of \($300,000\) and sales rerurns of \($40,000.\) Cosr of goods sold was \($160,000.\) How much gross profit did Austin Sound
Suppose DeFilippo Carering's Invenrory accounr showed a balance of \($10,000\) before the year-end adjustments. The physical count of goods on hand totaled \($9,700.\) To adjusr the accounrs,
Tommy sells \($60,000\) of women's sportswear to a Target store under credit terms of 2/10, net 30. Tommy's cost of the goods is \($32,000,\) and Tommy collects cash from Target on the tenth
Suppose Amazon.com sells 1,000 books on account for \($10\) each (cost of these books is \($6,000).\) One hundred of these books (cost, \($600)\) were damaged in shipment, so Amazon later received
Which account in question 6 would DeFilippo close at the end of the year?a. Cost of Goods Soldb. Accounts Receivablec. Accounts Payabled. Inventory
The final closing entry for a proprietorship is: a. Owner, Withdrawals.............. XXX Owner, Capital............ XXX b. Owner, Capital............ XXX Owner, Withdrawals.......... XXX c. Sales
Use the data in Short Exercise 5-6 to compute Amazon. corn's(a) net sales revenue(b) gross profit.Exercise 5-6Suppose Amazon.com sells 1,000 books on account for \($10\) each (cost of these books is
Patio Furniture's Inventory account at year-end appeared as follows:The physical count of inventory came up with a total of $63,900.Journalize the adjusting entry. Inventory Unadjusted balance 65,000
Which subtotals appear on a multi-step income statement but not on a singlestep income statement?a. Net sales and Cost of goods soldb. Operating expenses and Net incomec. Cost of good sold and Net
Hayes RV Center accounting records include the following accounts at December 31:Journalize closing entries for Haves':a. Revenuesb. Expensesc. Income Summary accountd. Withdrawals Cost of goods sold
Austin Sound made net sales of $85,000, and cost of goods sold totaled $51,000. Average inventory was Sl~,000. What was Austin Sound's gross profit percentage for this period?a. 34%b. 40%c. 60%d. 3.0
Carolina Communications reported these figures in its financial statements:Prepare Carolina's multi-step income statement for the year ended fanuary 31,2007. Cash........ Total operating expenses.
Use the data in Short Exercise 5-10 to prepare Carolina Communications' classified balance sheet at January 31, 2007. Use the report form with all headings, and list accounts in proper order.Exercise
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
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