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business
survey of accounting
Questions and Answers of
Survey of Accounting
Income statement data for Neon Flashlight Company for the year ended December 31, 2002 and 2001, are as follows:a. Prepare a comparative income statement with horizontal analysis, indicating the
The bond indenture for the 10-year, 9'/^% debenture bonds dated January 2, 2001,required working capital of \($350,000,\) a current ratio of 1.5, and an acid-test ratioof 1 at the end of each
The following data were taken from the hnancial statements of Mountain Spring Water Co. for December 31, 2002 and 2001:The income before income tax was \($780,000\) and \($216,000\) for the years
The following selected data were taken from the financial statements of Ohio Cement Co. for December 31, 2003, 2002, and 2001:The 2003 net income was \($380,000,\) and the 2002 net income was
The following data were taken from the financial statements of Premium PrintersInc. for the current fiscal year:Assuming that long-term investments totaled \($175,000\) throughout the year and that
The ratio of the quick assets to current liabilities, which indicates the “instant” debt-paying ability of a firm, is:A. current ratio B. working capital ratio C. acid-test ratio D. bankers’
A corporation issued \($5,000,000\) of 20-year bonds for cash at 105. How would the transaction be reported on the statement of cash flows?
What does an increase in the number of days’ sales in receivables ordinarily indicate about the credit and collection policy of the firm?
What does a decrease in the ratio of liabilities to stockholders’ equity indicate about the margin of safety for a firm’s creditors and the ability of the firm to withstand adverse business
Tech World Magazine Inc. sold 3,200 annual subscriptions of Tech World for \($36\) during December 2000. These new subscribers will receive monthly issues, beginning in January 2001. In addition, the
A business issued a 60-day, 12% note for $25,000 to a creditor on account. Illustrate the effects on the accounts and financial statements of (a) the issuance of thenote and (b) the payment of the
Precision Audio Company warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were \($400,000\) for January. In February, a customer received warranty
Prism Business Consultants has three employees —a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For the current pay
Wilmer Co. produces and distributes fiber optic cable for use by telecommunications companies. Wilmer Co. issued \($7,500,000\) of 20-year, 8% bonds on April 1 of the current year, with interest
Taft Inc., a computer software development firm, has stock outstanding as follows: 25,000 shares of \($3\) (3%) cumulative preferred stock of \($100\) par, and 100,000 shares of \($50\) par common.
On June 5, Szabo Inc., a marble contractor, issued for cash 15,000 shares of \($18\) par common stock at \($24,\) and on August 7, it issued for cash 5,000 shares of \($10\) par preferred stock at
On April 10, Morriss Corporation, a wholesaler of hydraulic lifts, acquired land in exchange for 1,500 shares of \($50\) par common stock with a current market price of \($82.\) Determine the amount
Heavenly Inc. bottles and distributes spring water. It has outstanding 50,000 shares of \($10\) par common stock that were issued at par. On July 1 of the current year. Heavenly Inc. reacquired 3,000
When are short-term notes payable issued?
Land is acquired by a corporation for 5,000 shares of its \($50\) par common stock, which is currently selling for \($65\) per share on a national stock exchange. What accounts should be increased in
A corporation reacquires 7,500 shares of its own\($25\) par common stock for \($225,000,\) recording it at cost,(a) What effect does this transaction have on revenue or expense of the period?(b) What
Eileen Larkin owns and operates First Run Print Co. During July, First Run Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used
Langley Delivery Company acquired an adjacent lot to construct a new warehouse, paying \($30,000\) and giving a short-term note for \($90,000.\) Legal fees paid were\($3,500,\) delinquent taxes
Sheehan Metal Casting Co. reported \($625,000\) for equipment and \($310,000\) for accumulated depreciation on its balance sheet.Does this mean(a) that the replacement cost of the equipment is
A refrigerator used by a meat processor has a cost of \($138,000,\) an estimated residual value of \($10,000,\) and an estimated useful life of 10 years. What is the amount of the annual depreciation
A diesel-powered generator with a cost of \($475,000\) and estimated residual value of \($25,000\) is expected to have a useful operating life of 60,000 hours. During July, the generator was operated
Prior to adjustment at the end of the year, the amount reported for Trucks is\($150,000,\) and the amount reported for Accumulated Depreciation is \($63,800\).Details of the subsidiary ledger are as
A dairy storage tank acquired at the beginning of the fiscal year at a cost of\($60,000\) has an estimated residual value of \($8,000\) and an estimated useful life of 10 years. Determine the
Sandblasting equipment acquired at a cost of \($125,000\) has an estimated residual value of \($5,000\) and an estimated useful life of 5 years. It was placed in service on April 1 of the current
Gregg Office Equipment Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment.Bridger Auto Sales Co. has automobiles and trucks for sale.
Jolliff Co. acquired an adjacent vacant lot with the hope of selling it in the future at a gain. The lot is not intended to be used in Jolliffs business operations. Where should such real estate be
Parish Company solicited bids from several contractors to construct an addition to its office building. The lowest bid received was for \($240,000.\) Parish Company decided to construct the addition
Wilkie Company purchased a machine that has a manufacturer’s suggested life of 12 years. The company plans to use the machine on a special project that will last 8 years. At the completion of the
The financial statements of La-Z-Boy Chair Company contain the following footnote:The Company has several long-term leases covering manufacturing facilities. The lease agreements require the Company
Describe the internal controls for acquiring fixed assets.
Why is a physical count of fixed assets necessary?
What is the term applied to the periodic cost of(a) ore removed from a mine, (b) the use of an intangible asset?
How should (a) fixed assets and (b) intangible assets be reported in the balance sheet?
The accounts receivable clerk is also responsible for handling cash receipts. Which principle of internal control is violated in this situation?
Stamm Company issued a promissory note to Blair Company, (a) Who is the payee? (b) What is the title of the account used by Blair Company in recording the note?
Ober Co. sold merchandise to Nunley Companyon December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of the fiscal year, which company would report it in its
Cardinal Company sells carpeting. Over 75% of all carpet sales are on credit. The following procedures are used by Cardinal to process this large number of credit sales and the subsequent
Diamond Auto Supply distributes new and used automobile parts to local dealers throughout the Southeast. Diamond’s credit terms are n/30. As of the end of business on July 31, the following
Swenson Co. is a wholesaler of office supplies. An aging of the company’s accounts receivable on December 31, 2002, and a historical analysis of the percentage of uncollectible accounts in each age
Debbie Byers has recently been hired as the manager of Long Island Deli. Long Island Deli is a national chain of franchised delicatessens. During her first month as store manager, Debbie encountered
Gypsy Fashions is a retail store specializing in women’s, clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item purchased
Las Gruz Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than \($100,000)\) may be approved by an individual loan officer, while larger
Memphis Sounds is a retail store specializing in the sale of jazz compact discs and cassettes. The store employs 3 full-time and 10 part-time workers. The store’s weekly payroll averages \($1,800\)
Don Carey works at the drive-through window of Bob’s Burgers. Occasionally, when a drive-through customer orders, Don fills the order and pockets the customer’s money. He does not ring up the
The actual cash received from cash sales was \($11,940.50,\) and the amount indicated by the cash register total was \($11,965.75\).a. What is the amount deposited in the bank account for the day’s
Silverburg Grocery store is owned and operated by Daniel S. Silverburg. The grocery store maintains five checkout registers. At the beginning of a work shift, each cash register clerk is given a cash
Panatone Co. is a medium-size merchandising company. An investigation re- vealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of
Comm3 Company, a communications equipment manufacturer, recently fell victim to an embezzlement scheme masterminded by one of its employees. To understand the scheme, it is necessary to review
Why is the accounting system of a business an information system?
What is the three-step process of systems evolution?
What are the three objectives of internal control?
In the Equity Funding fraud, approximately $2 billion of insurance policies that were claimed to have been sold by the company were bogus.The bogus policies, which were supported by falsified policy
What adjustment should be made if a check received from a customer and deposited is returned by the bank for lack of sufficient funds (an NSF check)?
A petty cash fund of \($500\) has been established.At the end of the accounting period there is \($93\) in the petty cash fund along with petty cash receipts totaling \($407.\) Should the fund be
How is a compensating balance reported in the financial statements?
What are the three elements common to most employee fraud?
What are the two types of preventive controls for employee fraud?
What are the three types of detective controls for employee fraud?
The initial step in the process of developing an accounting system is called:A. analysis B. design C. implementation D. feedback
The policies and procedures used by management to protect assets from misuse, ensure accurate business information, and ensure compliance with laws and regulations are called:A. internal controls B.
Adjustments based on the bank reconciliation are required for:A. additions to the cash balance according to the depositor’s records.B. deductions from the cash balance according to the
What is the name of the account in which purchases of merchandise are recorded in a perpetual inventory system?
If the equipment account has a balance of\($22,500\) and its accumulated depreciation account has a balance of \($14,000,\) the carrying value of the equipment is:A. \($36,500\) B. \($22,500\) C.
Fees for services provided are billed to a customer during 2001. The customer remits the amount owed in 2002. During which year would the revenues be reported on the income statement under (a) the
Employees performed services in 2001, but the wages were not paid until 2002. During which year would the wages expense be reported on the income statement under(a) the cash basis?(b) the accrual
In accounting for depreciation on equipment, what is the name of the contra asset account?
To what account is the dividends account closed?
What are the four basic steps of the accounting cycle?
Tanya Maguire established Five Star Services, P.C., a professional corporation, on March 1 of the current year. Five Star Services offers financial planning advice to its clients. The effect of each
The balance in the unearned fees account, before adjustment at the end of the year, is \($7,000\).a. Determine the amount of adjustment if the amount of unearned fees at the end of the year is
River Realty Inc. pays weekly salaries of \($10,500\) on Friday for a five-day week ending on that day.a. Determine the amount of the adjustment at the end of the accounting period, assuming that the
The balances of Wages Payable and Wages Expense at December 31, after adjustments at the end of the first year of operations, are shown below.Determine the amount of wages paid during the year. Wages
A recent balance sheet for The Quaker Oats Company included the following accrued expenses as liabilities:The net income for The Quaker Oats Company for the year was \($284,500,000\).a. If the
Jhe balance in the unearned fees account, before adjustment at the end of the year, is \($31,700.\) Of these fees, \($21,500\) have been earned. In addition, \($9,100\) of fees have been earned but
A list of assets, liabilities, and owners’ equity of a business entity as of a specific date is:A. a balance sheet B. an income statement C. a retained earnings statement D. a statement of cash
What are the two major objectives of financial accounting?
Jamie Niles is the owner of Niles Delivery Service. Recently, famie paid interest of \($1,500\) on a personal loan of \($50,000\) that she used to begin the business. Should Niles Delivery Service
On February 15, Adams Repair Service extended an offer of \($75,000\) for land that had been priced for sale at \($100,000.\) On February 25, Adams Repair Service accepted the seller’s counteroffer
What are the two principal claims to the resources of a business?
A business had revenues of \($300,000\) and operating expenses of \($270,000.\) Did the business(a) incur a net loss or(b) realize a net income?
Name the two types of transactions that increase the owners’ equity of a corporation.
Name the three types of activities reported in the statement of cash flows.
The going concern concept of accounting assumes that a business will continue in operation for an indefinite period of time. If there is strong evidence that a business is planning on discontinuing
The unit of measure concept of accounting requires all business transactions to be recorded in dollars. Does this mean that the accounting system should not record nonfinancial information?
David Plymouth is the sole stockholder and operator of Dyn-A-Go, a motivational consulting business organized as a professional corporation. At the end of its accounting period, December 31, 2001,
a. A vacant lot acquired for \($90,000,\) on which there is a balance owed of \($30,000,\) is sold for \($160,000\) in cash. What is the effect of the sale on the total amount of the seller’s (1)
The following selected transactions were completed by On Time Delivery Service during May:1. Received cash from customers, \($6,250\).2. Paid creditors, \($250\).3. Received cash for capital stock,
Joe Norwood operates his own catering service. Summary financial data for August are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on
Financial information related to Eldora Corporation for the month ended September 30, 2002, is as follows:Prepare a retained earnings statement for the month ended September 30, 2002. Net income for
Temporary Help Services was organized on November 1. A summary of the revenue and expense transactions for November are as follows:Prepare an income statement for the month ended November 30. Fees
Financial information related to Lynch Interiors for May and June of the current year is as follows:a. Prepare balance sheets for Lynch Interiors as of May 31 and as of June 30 of the current year.b.
Cremation Services was organized on January 1, 2002. A summary of cash flows for January is shown below.Prepare a statement of cash flows for the month ended January 31, 2002. Cash receipts: Cash
Vineyard Realty Inc., organized July 1, 2002, is operated by Barbara Straud. How many errors can you find in the following financial statements for Vineyard RealtyInc., prepared after its second
Business Applications Case Lottery winnings consulting job The February 20, 2004, drawing for the Merg millions multistate lottery produced one winning ticket. More than a month after the drawing no
In recent years companies have devoted considerable time trying to decide if new software systems should be purchased. Vendors trying to sell the systems in question are happy to provide their own
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