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Questions and Answers of Accounting

J. B. Bucks owns a department store that has a $45,000 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Bad Debts.1. Determine the net realizable value of the accounts
Ryan’s Express has total credit sales for the year of $180,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general
Tammie’s Toyota Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. After aging the accounts, it is estimated that $4,250 will not be
Julia Alvarez, owner of Alvarez Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 7 Wrote off $5,350 owed by
At the end of the current year, the accounts receivable account of Glenn’s Nursery Supplies has a debit balance of $390,000. Credit sales are $2,800,000. Record the end-of-period adjusting entry
Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 20 Wrote off $2,325
Como’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:20-1May 8 Wrote off $1,745 owed by Vickie
Emery Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--:Feb. 9 Received 60% of the $5,000
At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang’s Gift Shop was $30,000. Credit sales for the year were $355,200.REQUIREDMake the
An analysis of the accounts receivable of Johnson Company as of December 31, 20--, reveals the following:REQUIRED1. Prepare an aging schedule as of December 31, 20--, by adding the following column
Williams & Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts.20-1Feb. 18 Sold merchandise on account to Merry Merchants, $17,500.Mar. 22 Sold
Mary Martin owns a department store that has a $65,200 balance in Accounts Receivable and a $5,175 credit balance in Allowance for Bad Debts.1. Determine the net realizable value of the accounts
Nicole’s Neckties has total credit sales for the year of $380,000 and estimates that 2% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in
Charlie’s Chevy Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. After aging the accounts, it is estimated that $3,935 will not be
Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 9 Wrote off $6,040 owed by
At the end of the current year, the accounts receivable account of Parker’s Nursery Supplies has a debit balance of $350,000. Credit sales are $2,300,000.Record the end-of-period adjusting entry
Brent Mussellman, owner of Brent’s Barbells, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 19 Wrote off
Madonna’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:20-1May 5 Wrote off $2,360 owed by Neal
Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--:Feb. 7 Received 70% of the $8,000
At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Anderson’s Greeting Cards was $180,000. Credit sales for the year were
An analysis of the accounts receivable of Matsushita Company as of December 31, 20--, reveals the following:REQUIRED1. Prepare an aging schedule as of December 31, 20--, by adding the following
Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts.20-1Feb. 16 Sold merchandise on account to Biggs and Daughters, $16,000.Mar. 23 Sold merchandise on
The heads of the marketing and finance areas at your business are arguing about tight versus easy credit policies. One feels the policy should be tightened, and the other feels it should be eased.
Preston Enterprises uses the direct write-off method of accounting for uncollectible accounts. On October 12, a very large account was written off. The amount was subsequently recovered on December
Sam and Robert are identical twins. They opened identical businesses and experienced identical transactions. However, they decided to estimate uncollectible accounts in different ways. Sam elected to
Martel Co. has $320,000 in Accounts Receivable on December 31, 20-1, the end of its first year of operations. The business is new, so it has no prior experience with uncollectible accounts. In
At the end of 20-2, Martel Co. had $380,000 in Accounts Receivable and a debit balance of $6,000 in Allowance for Bad Debts. Because it has been operating for only two years, Martel once again wants
At the end of 20-3, Martel Co. had $410,000 in Accounts Receivable and a credit balance of $300 in Allowance for Bad Debts. Martel has now been in business for three years and wants to base its
Explain when revenues are recorded under the modified cash basis and accrual basis of accounting.
Explain when wages expense is recorded under the modified cash basis and accrual basis of accounting.
Explain the purpose of an appointment record.
Explain the purpose of a patient ledger account.
Explain the purpose of a special column in the combination journal.
Explain the purpose of the General columns in the combination journal.
How does the use of the combination journal save time and space in entering cash transactions?
Explain the purpose of the Description column in the combination journal.
What is the purpose of proving the totals in the combination journal?
When an entry is posted from the combination journal to a ledger account, what information is entered in the Posting Reference column of the combination journal? In the Posting Reference column of
JOURNAL ENTRIES Jean Akins opened a consulting business. Journalize the following transactions that occurred during the month of January of the current year using the modified cash basis and a
JOURNAL ENTRIES Bill Rackes opened a bicycle repair shop. Journalize the following transactions that occurred during the month of October of the current year. Use the modified cash basis and a
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING A TRIAL BALANCE Angela McWharton opened an on-call nursing services business. She rented a small office space and pays a part-time worker to answer
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING FINANCIAL STATEMENTS Sue Reyton owns a suit tailoring shop. She opened her business in September with a cash investment of $5,430. She rents a
JOURNAL ENTRIES Bill Miller opened a bookkeeping service business. Journalize the following transactions that occurred during the month of March of the current year. Use the modified cash basis and a
JOURNAL ENTRIES Amy Anjelo opened a delivery service. Journalize the following transactions that occurred in January of the current year. Use the modified cash basis and a combination journal with
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING A TRIAL BALANCE J. B. Hoyt opened a training center at the marina where he provides private water-skiing lessons. He rented a small building at the
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING FINANCIAL STATEMENTS Molly Claussen owns a lawn care business. She opened her business in April with a cash investment of $5,000. She rents a
Your friend is planning to start her own business and has asked you for advice. In particular, she is concerned about which method of accounting she should use. She has heard about the modified cash
Nancy Bowles, the owner of Bowles Services, a sole proprietorship, rushed into the office late Monday morning carrying a deposit receipt from the bank. Upon handing the receipt to Sarah, the
John McRoe opened a tennis resort in June 20--. Most guests register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. Guests stay at an adjacent hotel.
Gerald Resler recently opened a financial consulting business. Summary transactions for the month of June, his second month of operation, are provided below.1. Cash collected from clients for
Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate. As one part of
On January 1, 2008, Grate Company (as lessor) entered into a noncancelable lease agreement with Barrell Company for machinery which was carried on the accounting records of Grate at $4,530,000 and
1. During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year?2
Rene Rogers has adjusted gross income of $40,000. She has medical expenses of $5,000 and $3,000 of miscellaneous itemized deductions subject to the two-percent-of-AGI limit. In addition, she has a
On October 29, 2010, Lue Co. began operations by purchasing razors for resale. Lue uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any
Affleck Inc.'s business is booming, and it needs to raise more capital. The company purchases supplies on terms of 1/10 net 20, and it currently takes the discount. One way of getting the needed
Smith and Jones each own tracts of land. Because of the location of their current operations, each would prefer to have the others land. Smith and Jones agree to exchange tracts.Jones pays Smith
On March 15, 20X9, Troy, Peter, and Sarah formed Picture Perfect general partnership.This partnership was created to sell a variety of cameras, picture frames, and other photography accessories. When
Parker is a 100% shareholder of Johnson Corp. (an S corporation). At the beginning of 2010, Parkers basis in his Johnson Corp. stock was $14,000.During 2010, Parker loaned $20,000 to Johnson Corp.
1. Josh recently died at the age of 63, leaving a qualified plan account with a balance of $1,000,000. Josh was married to Kay, age 53 who is the designated beneficiary of the qualified plan. Which
1. Nancy, age 70 on February 2, 2011, had the following account balances in a qualified retirement plan. 12.13.2007 $300,00012.13.2009 $350.00012.13.2010
1. During 2011, Barry (who is single and has no children) earned a salary of $13,000. He is age 30. His earned income credit for the year is:a. $0.b. $50.c. $414.d. $464.e. None of the above.2.
1. George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Assuming their AGI is $123,450, George and Martha's child tax credit is:a.
A companys employees had the following earnings records at the close of the current payroll period:The companys payroll taxes expense on each employee's earnings includes: FICA Social Security taxes
The Granger Co. had the following information about its pension plan for 2008:1. Projected benefit obligation 400,0002. The company granted prior service benefits to employees on Jan. 1, 80,0003.
1. A corporation sold property with an adjusted basis of $300,000 in an installment sale in Year 1. The terms of the sale called for a payment of $100,000 at the time of the sale and five annual
Prepare journal entries (debit and credit or no entry) for the following events of a company 05/12/08 Received charter authorizing issuing of 10,000 shares of common stock at a par value of $3 per
The Torre Company has the following balances in stockholders equity on December 31st.Common Stock - $5.00 par, 60,000 issued $300,000Additional paid in capital - common 600,000Preferred stock -
You just took a $20,000, Eight-year loan. Payments at the end of each month are flat (equal in every month) at an annual interest rate of 8 percent.Calculate the monthly payment.Provide the
Janice has $5,000 invested in a bank that pays 3.8% annually. How long will it take for her funds to triple?
Use Excel to construct an amortization table for the following mortgage. In the amortization table, provide all the information listed below. (Assuming interest is compounded monthly and payments are
EFFECTIVE ANNUAL RATE : Gloria bought a car for a price of $17,345 the down payment amount $6,00.00 & financed the rest through the dealer at an APR of 4.9% for 4 yrs what is the effective annual
Present value of an a ordinary Annuity: An investment opportunity requires a payment of $750 for 12 yrs starting a year from today if your required rate of return is 8 % what is the value of the
Future value with multiple cash flows: Expects to earn cash flows of $13,227, $15,611, $18,970 and $19,114 over the next four years. If the company uses an 8% disc. Rate what is the future value of
Present value with multiple cash flows: Jeremy borrowed from his friend a certain amt. & promised to repay the amt of $1,225, $1,350, $2,500$1, 600 & $1,600 over the next 5 yrs. If the friend
Jill Loomis believes a current liability is a debt that can be expected to be paid in one year. Is Jill correct? Explain. Discuss.
Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank on July 1. Frederickson’s fiscal year ends on September 30. What information should be
What is liquidity? What are two measures of liquidity? Discuss.
Under what circumstances is a contingent liability disclosed only in the notes to the financial statements? Under what circumstances is a contingent liability not recorded in the accounts nor
Which payroll tax is levied on both employers and employees?
What do the following acronyms stand for: FICA, FUTA, and SUTA?
What information is shown in a W-2 statement? Discuss.
What is the difference between a defined-contribution pension plan and a defined-benefit pension plan? Discuss.
Describe the two major obligations incurred by a company when bonds are issued.
Assume that Koslowski Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds’ contractual interest rate? Explain.
If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid semiannually, what is the amount of the interest payment at the end of the first semiannual period?
If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $40,000, what is the carrying value of the bonds?
Clooney Company rents a warehouse on a month-to month basis for the storage of its excess inventory. The company periodically must rent space when its production greatly exceeds actual sales. What is
Rondelli Company entered into an agreement to lease 12 computers from Estes Electronics Inc. The present value of the lease payments is $186,300. Assuming that this is a capital lease, what entry
Did PepsiCo redeem any of its debt during the fiscal year ended December 29, 2007?
Sampson and Stevens form a partnership. Sampson contributes land with a book value of $50,000 and a fair market value of $65,000. Sampson also contributes equipment with a book value of $52,000 and a
W. Mantle, N. Cash, and W. DiMaggio have a partnership called Outlaws. A dispute has arisen among the partners. Mantle has invested twice as much in assets as the other two partners, and he believes
M. Carson and R. Leno have partnership capital balances of $40,000 and $80,000, respectively. The partnership agreement indicates that net income or net loss should be shared equally. If net income
Bobby Donal and Bill Spader are discussing the liquidation of a partnership. Bobby maintains that all cash should be distributed to partners on the basis of their income ratios. Is he correct?
In continuing their discussion from Question 13, Bill says that even in the case of a capital deficiency, all cash should still be distributed on the basis of capital balances. Is Bill correct?
Linda Ratzlaff decides to purchase from an existing partner for $50,000 a one-third interest in a partnership. What effect does this transaction have on partnership net assets?
Steve Renn decides to invest $25,000 in a partnership for a one-sixth capital interest. How much do the partnership’s net assets increase? Does Renn also acquire a one-sixth income ratio through
Why is PepsiCo not a partnership?
Why common stock is usually not issued at a price that is less than par value?
How many shares of treasury stock did PepsiCo have at December 29, 2007, and at December 30, 2006?

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