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Accounting
At September 30, 2012, the accounts of Park Terrace Medical Center (PTMC) include the following:Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Beta Watches completed the following selected transactions during 2011 and 2012:2011Dec 31 Estimated that uncollectible account expense for the year was 3% of credit sales of $440,000 and recorded
Sleepy Recliner Chairs completed the following selected transactions:2011Jul 1 Sold inventory to Go – Mart, receiving a $37,000, nine-month, 8% note. Ignore cost of goods sold.Oct 31 Recorded
Christie Realty loaned money and received the following notes during 2012.RequirementsFor each note, compute interest using a 360-day year. Explanations are not required.1. Determine the due date and
Consider the following transactions for Rural Beginnings.2011Dec 6 Received a $4,000, 90-day, 9% note on account from AM Publishing.31 Made an adjusting entry to accrue interest on the AM Publishing
The comparative financial statements of Perfection Cosmetic Supply for 2012, 2011, and 2010 include the data that follow:Requirements1. Compute these ratios for 2012 and 2011:a. Acid-test ratiob.
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 7-41 of Chapter 7. Lawlor reviewed the receivables list from the June transactions (from Chapter 6). Lawlor identified
This problem continues the Draper Consulting, Inc., situation from Problem 7-42 of Chapter 7. Draper reviewed the receivables list from the January transactions (from Chapter 6). Draper identified on
Consider the following January transactions for Shine King Cleaning: Jan 1 Performed cleaning services for Debbie’s D-list for $8,000 on terms 3/10, n/20.3 Shine King decides to adopt the allowance
Big Ted Toys sells on account. When a customer account becomes three months old, Big Ted converts the account to a note receivable and immediately discounts the note to a bank. During 2012, Big Ted
A company received the following notes during 2012. The notes were discounted on the dates and at the rates indicated:RequirementsIdentify each note by number, compute interest using a 360-day year,
A company received the following notes during 2012. The notes were discounted on the dates and at the rates indicated:RequirementsIdentify each note by number, compute interest using a 360-day year,
E-Z Loan, Co., makes loans to high-risk borrowers. E-Z borrows from its bank and then lends money to people with bad credit. The bank requires E-Z Loan to submit quarterly financial statements in
Weddings on Demand sells on account and manages its own receivables. Average experience for the past three years has been as follows:Unhappy with the amount of bad debt expense she has been
Paulines Pottery has always used the direct write-off method to account for uncollectibles. The companys revenues, bad-debt write offs, and year-end receivables for the most
Use Amazon.com’s balance sheet and the Note 1 data on “Allowance for doubtful accounts” in Appendix A at the end of this book.Requirements1. Do accounts receivable appear to be an important
Dylan worked for a propane gas distributor as an accounting clerk in a small Midwestern town. Last winter, his brother Mike lost his job at the machine plant. By January, temperatures were sub-zero,
Bob Davidson and Sheila Thornton worked for several years as sales representatives for Xerox Corporation. During this time, they became close friends as they acquired expertise with the company’s
This chapter lists the costs included for the acquisition of land. First is the purchase price, which is obviously included in the cost of the land. The reasons for including the other costs are not
Rural Tech Support pays $130,000 for a group purchase of land, building, and equipment. At the time of your acquisition, the land has a market value of $70,000, the building $56,000, and the
At the beginning of the year, Alaska Freight Airlines purchased a used airplane for $43,000,000. Alaska Freight Airlines expects the plane to remain useful for five years (4,000,000 miles) and to
At the beginning of 2012, Air Canada purchased a used airplane at a cost of $46,000,000. Air Canada expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual value
This exercise uses the Alaska Freight Airlines data from Short Exercise 9-3. Alaska Freight Airlines is deciding which depreciation method to use for income tax purposes.Requirements1. Which
On July 31, 2012, Logan Services purchased a Xerox copy machine for $40,400. Logan Services expects the machine to last for four years and to have a residual value of $2,000.Requirement1. Compute
Assume that Alpha Communications paid $75,000 for equipment with a 15-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will
Global Positioning Net purchased equipment on January 1, 2012, for $36,000. Global Positioning Net expected the equipment to last for four years and to have a residual value of $4,000. Suppose Global
Brown’s Salvage Company purchased a computer for $2,600, debiting Computer equipment. During 2012 and 2013, Brown’s Salvage Company recorded total depreciation of $2,000 on the computer. On
TexAm Petroleum holds huge reserves of oil and gas assets. Assume that at the end of 2012, TexAm Petroleum’s cost of oil and gas reserves totaled $72,000,000,000, representing 8,000,000,000 barrels
When one media company buys another, goodwill is often the most costly asset. TMC Advertising paid $170,000 to acquire Seacoast Report, a weekly advertising paper. At the time of the acquisition,
Harrington Precision Parts repaired one of its Boeing 737 aircrafts at a cost of $150,000. Harrington Precision Parts erroneously capitalized this cost as part of the cost of the plane.Requirements1.
Ogden Furniture, Co., purchased land, paying $70,000 cash plus a $300,000 note payable. In addition, Ogden paid delinquent property tax of $2,500, title insurance costing $2,000, and $8,000 to level
Deadwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot Appraised Value1 $ 70,5002 235,0003 164,500Deadwood
Consider the following expenditures:a. Purchase price.b. Ordinary recurring repairs to keep the machinery in good working order.c. Lubrication before machinery is placed in service.d. Periodic
Joe Yusakae just slept through the class in which Professor Ogilvie explained the concept of depreciation. Because the next test is scheduled for Friday, Yusakae telephones Dan Danielson to get his
Papa’s Fried Chicken bought equipment on January 2, 2012, for $39,000. The equipment was expected to remain in service for four years and to perform 11,000 fry jobs. At the end of the equipment’s
Tumble Gymnastics Center, whose fiscal year ends December 31, paid $110,000 for fitness equipment on April 1, 2012, that is expected to have a 10-year life. The expected residual value is
Everyday Hardware Consultants purchased a building for $540,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $96,000. After using the building
On January 2, 2012, Repeat Clothing Consignments purchased showroom fixtures for $11,000 cash, expecting the fixtures to remain in service for five years. Repeat has depreciated the fixtures on a
Community Bank recently traded in office fixtures. Here are the facts:Old fixtures:• Cost, $96,000.• Accumulated depreciation, $65,000.New fixtures:• Cash paid, $103,000, plus the old
Safety Trucking Company uses the units-of-production (UOP) depreciation method because UOP best measures wear and tear on the trucks. Consider these facts about one Mack truck in the company’s
Sierra Mountain Mining paid $448,500 for the right to extract mineral assets from a 500,000-ton deposit. In addition to the purchase price, Sierra also paid a $500 filing fee, a $1,000 license fee to
Miracle Printers (MP) manufactures printers. Assume that MP recently paid $600,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to
Potters, Inc., has acquired several other companies. Assume that Potters purchased Kittery, Co., for $6,000,000 cash. The book value of Kittery’s assets is $12,000,000 (market value, $15,000,000),
Furniture.com uses automated shipping equipment. Assume that early in year 1, Furniture purchased equipment at a cost of $400,000. Management expects the equipment to remain in service for five
Drive and Fly, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:Drive and Fly depreciates land improvements over 20
On January 3, 2012, Trusty Delivery Service purchased a truck at a cost of $90,000. Before placing the truck in service, Trusty spent $3,000 painting it, $1,500 replacing tires, and $4,500
Gretta Chung Associates surveys American eating habits. The company’s accounts include Land, Buildings, Office equipment, and Communication equipment, with a separate accumulated depreciation
McCabe Oil Company has an account titled Oil and gas properties. McCabe paid $6,200,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $510,000 for additional
Midland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland purchased goodwill as part of the acquisition of ShipleyWireless Company, which had the following
On May 31, 2012, Express Delivery, the overnight shipper, had total assets of $21,000,000,000 and total liabilities of $13,000,000,000. Included among the assets were property, plant, and equipment
Best Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:Best Parking depreciates land improvements over 25
On January 8, 2012, Speedway Delivery Service purchased a truck at a cost of $65,000. Before placing the truck in service, Speedway spent $4,000 painting it, $2,500 replacing tires, and $8,000
Hilda Carr Associates surveys American eating habits. The company’s accounts include Land, Buildings, Office equipment, and Communication equipment, with a separate accumulated depreciation account
Garrison Oil Company has an account titled Oil and gas properties. Garrison paid $6,400,000 for oil reserves holding an estimated 500,000 barrels of oil. Assume the company paid $530,000 for
Heartland Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Heartland purchased goodwill as part of the acquisition of Shurburn Wireless Company, which had the
On May 31, 2012, Overnight It, the overnight shipper, had total assets of $22,000,000,000 and total liabilities of $10,000,000,000. Included among the assets were property, plant, and equipment with
This problem continues the Lawlor Lawn Service, Inc., situation from Problem 8-41 of Chapter 8. Refer to the Chapter 2 data for Exercise 2-61. In Chapter 2, we learned that Lawlor Lawn Service, Inc.,
This problem continues the Draper Consulting, Inc., situation from Problem 8-42 of Chapter 8. Refer to Problem 2-62 of Chapter 2. In Chapter 2, we learned that Draper Consulting, Inc., had purchased
Western Bank & Trust purchased land and a building for the lump sum of $3,000,000. To get the maximum tax deduction, Western allocated 90% of the purchase price to the building and only 10% to the
Suppose you are an investment advisor, and you are looking at two companies to recommend to your clients, Shelly's Seashell Enterprises and Jeremy Feigenbaum Systems. The two companies are virtually
Refer to the Amazon.com financial statements, including Notes 1 and 3, in Appendix A at the end of this book. Answer the following questions.Requirements1. Which depreciation method does Amazon use
Jim Reed manages a fleet of utility trucks for a rural county government. He’s been in his job 30 years, and he knows where the angles are. He makes sure that when new trucks are purchased, the
On December 31, 2012, Edgmont, Co., purchased $10,000 of inventory on a one-year, 10% note payable. Edgmont uses a perpetual inventory system.Requirements1. Journalize the company’s accrual of
Trekster Corporation guarantees its snowmobiles for three years. Company experience indicates that warranty costs will add up to 4% of sales. Assume that the Trekster dealer in Colorado Springs made
Farley Motors, Inc., a motorcycle manufacturer, included the following note (adapted) in its annual report: Notes to Consolidated Financial Statements7 Commitments and Contingencies (Adapted)The
Gloria Traxell is paid $800 for a 40-hour workweek and time-and-a-half for hours above 40.Requirements1. Compute Traxell’s gross pay for working 48 hours during the first week of February. Carry
Return to the Gloria Traxell payroll situation in Short Exercise 10-4. Traxell’s employer, College of San Bernardino, pays all the standard payroll taxes plus benefits for the employee retirement
Suppose you work for MRK, the accounting firm, all year and earn a monthly salary of $5,700. There is no overtime pay. Your withheld income taxes consume 15% of gross pay. In addition to payroll
Consult your solutions for Short Exercises 10-4 and 10-5.Requirements1. Journalize salary expense and payment for College of San Bernardino related to the employment of Gloria Traxell.2. Journalize
Consider the following transactions of Pearl Software: Mar 31 Recorded cash sales of $180,000, plus sales tax of 8% collected for the state of Texas.Apr 6 Sent March sales tax to the
Consider the following note payable transactions of Creative Video Productions.2012May 1 Purchased equipment costing $17,000 by issuing a one-year, 6% note payable.Dec 31 Accrued interest on the note
TransWorld Publishing completed the following transactions during 2012:Oct 1 Sold a six-month subscription, collecting cash of $330, plus sales tax of 9%.Nov 15 Remitted (paid) the sales tax to the
Edmund OMally Associates reported short-term notes payable and salary payable as follows:During 2012, OMally paid off both current liabilities that were left over from 2011,
The accounting records of Clay Ceramics included the following at January 1, 2012:In the past, Clays warranty expense has been 8% of sales. During 2012, Clay made sales of $136,000 and
Henry Striker manages a Frosty Boy drive-in. His straight-time pay is $10 per hour, with time-and-a-half for hours in excess of 40 per week. Striker’s payroll deductions include withheld income tax
Ricardo’s Mexican Restaurants incurred salary expense of $65,000 for 2012. The payroll expense includes employer FICA tax of 7.65%, in addition to state unemployment tax of 5.4% and federal
The following transactions of Denver Pharmacies occurred during 2011 and 2012:Requirement1. Journalize the transactions in Denvers general journal. Explanations are notrequired.
The following transactions of Brooks Garrett occurred during 2012:Apr 30 Garrett is party to a patent infringement lawsuit of $200,000. Garrett’s attorney is certain it is remote that Garrett will
The general ledger of Speedy Ship at June 30, 2012, the end of the companys fiscal year, includes the following account balances before adjusting entries.The additional data needed to
Louis Welch is general manager of United Tanning Salons. During 2012, Welch worked for the company all year at a $6,200 monthly salary. He also earned a yearend bonus equal to 10% of his salary.
The following transactions of Plymouth Pharmacies occurred during 2011 and 2012:Requirement1. Journalize the transactions in Plymouths general journal. Explanations are notrequired.
The following transactions of Dunn Miles occurred during 2012: Apr 30 Miles is party to a patent infringement lawsuit of $230,000. Miles’s attorney is certain it is remote that Miles will lose this
The general ledger of Pack-N-Ship at June 30, 2012, the end of the companys fiscal year, includes the following account balances before adjusting entries.The additional data needed to
Lenny Worthington is general manager of Crossroad Tanning Salons. During 2012, Worthington worked for the company all year at a $6,100 monthly salary. He also earned a year-end bonus equal to 5% of
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 9-39 of Chapter 9. Refer to the Chapter 2 data for Exercise 2-61. Lawlor Lawn Service, Inc., is considering hiring its
This problem continues the Draper Consulting, Inc., situation from Problem 9-40 of Chapter 9. Refer to Problem 2-62 of Chapter 2. Draper Consulting, Inc., believes the company will need to borrow
Golden Bear Construction Co. operates throughout California. The owner, Gaylan Beavers, employs 15 work crews. Construction supervisors report directly to Beavers, and the supervisors are trusted
Sell-Soft Corporation is the defendant in numerous lawsuits claiming unfair trade practices. Sell-Soft has strong incentives not to disclose these contingent liabilities. However, GAAP requires that
Many small businesses have to squeeze down costs any way they can just to survive. One way many businesses do this is by hiring workers as “independent contractors” rather than as regular
Details about a company’s liabilities appear in a number of places in the annual report. Use Amazon.com’s financial statements, including Note 1, to answer the following questions. Amazon’s
Sara Chung knew the construction contractors in her area well. She was the purchasing manager at the power plant, a business that was the major employer in the region. Whenever a repair or
In recent years, the airline industry has dominated headlines. Consumers are shopping Priceline.com and other Internet sites for the lowest rates. The airlines have also lured customers with
What is the economic entity assumption?
What is the basic accounting equation? Discuss.
The basic accounting equation is: Assets = Liabilities + Owner’s Equity. Replacing the words in that equation with dollar amounts, what is Coca-Cola’s accounting equation at December 31, 2007?
Why is the normal operating cycle for a merchandising company likely to be longer than for a service company?
When is cost of goods sold determined in a perpetual inventory system?
Explain the meaning of the credit terms 2/10, n/30.
Explain why the Merchandise Inventory account will usually require adjustment at year-end.
What merchandising account(s) will appear in the post closing trial balance?
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