All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
Search
Search
Sign In
Register
study help
business
managerial accounting
Questions and Answers of
Managerial Accounting
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
Mark Brown opened a medical practice in Alexandria, Virginia. Record the following transactions in the journal of Mark Brown, M.D. Include an explanation with each entry. June 1 Brown invested
Return to Cookie Lapp Travel Design's trial balance . Assume that Lapp accidentally listed her withdrawals as \(\$ 200\) instead of the correct amount of \(\$ 2,000\). Compute the incorrect trial
Woodward Technology Solutions completed the following transactions during August 2007, its first month of operations:Requirement Record the preceding transactions in the journal of Woodward
The journal of Alert Defensive Driving includes the following entries for May 2006.Requirements 1. Describe each transaction.2. Set up T-accounts using the following account numbers: Cash, 110 ;
Prepare the trial balance of Reed's Home Care at October 31, 2007, using the accounts from Exercise 2-21.Exercise 2-21The first five transactions of Reed's Home Care, have been posted to the accounts
The accounts of Mayflower Moving Company follow with their normal balances at December 31, 2006. The accounts are listed in no particular order.Requirement Prepare Mayflower's trial balance at
Open the following four-column accounts of Lee Bivona, CPA: Cash; Accounts Receivable; Office Supplies; Office Furniture; Accounts Payable; Lee Bivona, Capital; Lee Bivona, Withdrawals; Service
After recording and posting the transactions in Exercise 2-24, prepare the trial balance of Lee Bivona, CPA, at December 31, 2007.Exercise 2-24Open the following four-column accounts of Lee Bivona,
Amber Shea, owner of the Shea Law Firm, is considering adding another lawyer. Courtney Martinez is considering joining Shea and asks to see Shea's financial information. Shea gives Martinez the
Showtime Amusements owns movie theaters. Showtime engaged in the following business transactions:Showtime Amusements uses the following accounts: Cash; Supplies; Building; Accounts Payable; Notes
Doris Higgins started her practice as a design consultant on September 1 of the current year. During the first month of operations, the business completed the following transactions:Requirement Open
The trial balance of John Hilton, CPA, is dated January 31, 2007:Requirements 1. Record the February transactions on page 3 of the journal. Include an explanation for each entry.2. Post the
Judy Kroll, owner of A+ Fire \& Safety, is selling the business. Kroll offers the following trial balance to prospective buyers. Your best friend is considering buying the company. He seeks your
Dan Bell practices medicine under the business title Dan Bell, M.D. During April, his medical practice engaged in the following transactions:Bell's business uses the following accounts: Cash;
Vince Serrano started Serrano Carpet Installers, and during the first month of operations (January 2007) he completed the following selected transactions:a. Serrano began the business with an
Refer to Problem 2-41B. After completing the trial balance in Problem 2-41B, prepare the following financial state- ments for Serrano Carpet Installers: 1. Income statement for the month ended
What are the distinctive features of accrual accounting and cash-basis accounting?a. Cash-basis accounting records all transactions.b. Accrual accounting records only receivables, payables, and
The revenue principle saysa. Divide time into annual periods to measure revenue properly.b. Record revenue after you receive cash.c. Measure revenues and expenses in order to compute net income.d.
Adjusting the accounts is the process ofa. Zeroing out account balances to prepare for the next periodb. Subtracting expenses from revenues to measure net incomec. Recording transactions as they
Which types of adjusting entries are natural opposites?a. Prepaids and accrualsb. Expenses and revenuesc. Prepaids and depreciationd. Net income and net loss
Body Studio gains a client who prepays \(\$ 600\) for a package of six physical training sessions. Body Studio collects the \(\$ 600\) in advance and will provide the training later. After two
Unearned revenue is always a (an)a. Assetb. Revenuec. Liabilityd. Owner's equity because you collected the cash in advance
Assume you prepay Body Studio for a package of six physical training sessions. Which type of account should you have in your records?a. Prepaid expenseb. Accrued expensec. Accrued revenued. Unearned
The adjusted trial balance showsa. Amounts that may be out of balanceb. Revenues and expenses onlyc. Amounts ready for the financial statementsd. Assets, liabilities, and owner's equity only
Accounting data flow from thea. Balance sheet to the income statementb. Income statement to the statement of owner's equityc. Statement of owner's equity to the balance sheetd. Both \(b\) and
Suppose on January 1 you prepaid apartment rent of \(\$ 3,600\) for the ful\} year. At September 30, what are your two account balances for this situation? Identify the two accounts and give their
Cookie Lapp Travel borrowed \(\$ 50,000\) on October 1 by signing a one year note payable to Community One Bank. Lapp's interest expense for the remainder of the year (October through December) is
Best Yet Catering completed the following selected transactions during April:Show whether each transaction would be handled as a revenue or an expense using the accrual basis. Give the amount of
Identify the accounting concept or principle (there may be more than one) that gives the most direction on how to account for each of the following situations:a. The owner of a business desires
Suppose you start up your own photography business to shoot videos at college parties. The freshman class pays you \($100\) in advance just to guarantee your services for its party. The sophomore
Journalize the adjusting entry needed at December 31 for each of the following independent situations. a. On October 1, we collected \(\$ 4,000\) rent in advance, debiting Cash and crediting
Merry Maids, the cleaning service, started the preparation of its adjusted trial balance as follows:During the six months ended June 30, 2007, Merry Maids:a. Used supplies of \(\$ 1,500\).b. Used up
Showing 400 - 500
of 4687
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last