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accounting

Questions and Answers of Accounting

Holiday, Inc., was started on January 1, 2009. The company experienced the following events during its first year of operation.1. Acquired $50,000 cash from the issue of common stock.2. Paid $12,000
Jodi's Pet Store experienced the following events during its first year of operations, 2009.1. Acquired cash by issuing common stock.2. Purchased land with cash.3. Borrowed cash from a bank.4. Signed
Types of business entitiesRequiredGive an example of each of the following types of business entities.a. Service businessb. Merchandising businessc. Manufacturing business
The following business scenarios are independent from one another.1. Mary Poort purchased an automobile from Hayney Bros. Auto Sales for $9,000.2. John Rodman loaned $15,000 to the business in which
Relating titles and accounts to financial statementsRequiredIdentify the financial statements on which each of the following items (titles, date descriptions, and accounts) appears by placing a
Susan's Consulting Services experienced the following transactions for 2010, the first year of operations, and 2011. Assume that all transactions involve the receipt or payment of cash.Transactions
Crawford Enterprises started the 2009 accounting period with $50,000 of assets (all cash), $18,000 of liabilities, and $4,000 of common stock. During the year, Crawford earned cash revenues of
The following unrelated events are typical of those experienced by business entities.1. Acquire cash by issuing common stock.2. Borrow cash from the local bank.3. Pay office supplies expense.4. Make
Doyer Corporation experienced the following transactions during 2010.1. Paid a cash dividend to the stockholders.2. Acquired cash by issuing additional common stock.3. Signed a contract to perform
Madden Company was started on January 1, 2011, and experienced the following events during its first year of operation.1. Acquired $30,000 cash from the issue of common stock.2. Borrowed $40,000 cash
After closing on December 31, 2010, Direct Delivery Company (DDC) had $9,200 of assets, $4,000 of liabilities, and $1,400 of common stock. During January of 2011 DDC earned $1,500 of revenue and
Understanding real world annual reportsRequiredUse the Topps Company’s annual report in Appendix B to answer the following questions.a. What was Topps’ net income for 2006?b. Did Topps’ net
The following selected financial information is available for ROC, Inc. Amounts are in millions of dollars.a. Divide the class into groups of four or five students each. Organize the groups into four
The following events occurred at five real-world companies. On March 17, 2008, H&R Block, Inc., announced that it had signed an agreement to sell the mortgage loan servicing business that is a part
The following information was drawn from the annual report of Machine Import Company (MIC):Requireda. Compute the percentage of growth in net income from 2009 to 2010. Can stockholders expect a
Bob and his sister Marsha both attend the state university. As a reward for their successful completion of the past year (Bob had a 3.2 GPA in business, and Marsha had a 3.7 GPA in art), their father
Assume that Jones has been working for you for five years. He has had an excellent work history and has received generous pay raises in response. The raises have been so generous that Jones is quite
The Curious Accountant story at the beginning of this chapter referred to the Coca-Cola Company and discussed who its stakeholders are. This chapter has introduced the basic structure of the four
What is the difference between the functions of long-term operational assets and investments?
What is the difference between tangible and intangible assets? Give an example of each.
What is the difference between goodwill and specifically identifiable intangible assets?
Define depreciation. What kind of asset depreciates?
Why are natural resources called wasting assets?
Is land a depreciable asset? Why or why not?
Define amortization. What kind of assets are amortized?
Explain the historical cost concept as it applies to longterm operational assets. Why is the book value of an asset likely to be different from the current market value of the asset?
What different kinds of expenditures might be included in the recorded cost of a building?
What is a basket purchase of assets? When a basket purchase is made, how is cost assigned to individual assets?
What are the stages in the life cycle of a long-term operational asset?
Explain straight-line, units-of-production, and doubledeclining- balance depreciation. When is it appropriate to use each of these depreciation methods?
What effect does the recognition of depreciation expense have on total assets? On total equity?
Does the recognition of depreciation expense affect cash flows? Why or why not?
MalMax purchased a depreciable asset. What would be the difference in total assets at the end of the first year if MalMax chooses straight-line depreciation versus doubledeclining-balance
John Smith mistakenly expensed the cost of a long-term tangible fixed asset. Specifically, he charged the cost of a truck to a delivery expense account. How will this error affect the income
What is salvage value?
What type of account (classification) is Accumulated Depreciation?
How is the book value of an asset determined?
Why is depreciation that has been recognized over the life of an asset shown in a contra account? Why not just reduce the asset account?
Assume that a piece of equipment cost $5,000 and had accumulated depreciation recorded of $3,000. What is the book value of the equipment? Is the book value equal to the fair market value of the
Why would a company choose to depreciate one piece of equipment using the double-declining-balance method and another piece of equipment using straight-line depreciation?
Why may it be necessary to revise the estimated life of a plant asset? When the estimated life is revised, does it affect the amount of depreciation per year? Why or why not?
How are capital expenditures made to improve the quality of a capital asset accounted for? Would the answer change if the expenditure extended the life of the asset but did not improve quality?
When a long-term operational asset is sold at a gain, how is the balance sheet affected? Is the statement of cash flows affected? If so, how?
Define depletion. What is the most commonly used method of computing depletion?
List several common intangible assets. How is the life determined that is to be used to compute amortization?
List some differences between U.S. GAAP and GAAP of other countries.
How do differences in expense recognition and industry characteristics affect financial performance measures?
Long-term operational assets used in a businessRequiredGive some examples of long-term operational assets that each of the following companies is likely to own: (a) Chico’s, (b) John Deere, (c)
Identifying long-term operational assetsRequiredWhich of the following items should be classified as long-term operational assets?a. Prepaid insuranceb. Coal minec. Office equipmentd. Notes
Classifying tangible and intangible assetsRequiredIdentify each of the following long-term operational assets as either tangible (T) or intangible (I).a. Pizza ovenb. Landc. Franchised. Filing
Pine Logging Co. purchased an electronic saw to cut various types and sizes of logs. The saw had a list price of $160,000. The seller agreed to allow a 5 percent discount because Pine paid cash.
Illinois Company purchased a building and the land on which the building is situated for a total cost of $1,200,000 cash. The land was appraised at $600,000 and the building at $1,000,000.Requireda.
Keenum Company purchased a restaurant building, land, and equipment for $900,000. Keenum paid $100,000 in cash and issued a 20-year, 8 percent note to First Bank for the balance. The appraised value
The following events apply to R&L Logging Company for the 2010 fiscal year.1. The company started when it acquired $80,000 cash from the issue of common stock.2. Purchased a new skidder that cost
Miller Company started operations by acquiring $200,000 cash from the issue of common stock. The company purchased equipment that cost $200,000 cash on January 1, 2010. The equipment had an expected
Cook Wrecker Co. purchased a truck on January 1, 2010, for $37,000. In addition, Cook paid sales tax and title fees of $2,000 for the truck. The truck is expected to have a four-year life and a
At the beginning of 2009, Expert Manufacturing purchased a new computerized drill press for $65,000. It is expected to have a five-year life and a $5,000 salvage value.Requireda. Compute the
A plant asset with a cost of $50,000 and accumulated depreciation of $42,000 is sold for $6,000.Requireda. What is the book value of the asset at the time of sale?b. What is the amount of gain or
On January 1, 2010, Reese Enterprises purchased a parcel of land for $22,000 cash. At the time of purchase, the company planned to use the land for future expansion. In 2011, Reese Enterprises
Copy Service Co. purchased a new color copier at the beginning of 2010 for $42,000. The copier is expected to have a five-year useful life and a $6,000 salvage value. The expected copy production was
On January 1, 2010, Miller Machining Co. purchased a compressor and related installation equipment for $56,000. The equipment had a three-year estimated life with a $5,000 salvage value.
Uber’s Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $1,200, and the book value prior to the repair was $5,000. In addition, the company spent
Commercial Construction Company purchased a forklift for $115,000 cash. It had an estimated useful life of four years and a $5,000 salvage value. At the beginning of the third year of use, the
On January 1, 2010, Grayson Construction Company overhauled four cranes resulting in a slight increase in the life of the cranes. Such overhauls occur regularly at two-year intervals and have been
Define merchandise inventory. What types of costs are included in the Merchandise Inventory account?
Southwest Sand and Gravel paid $800,000 to acquire 1,000,000 cubic yards of sand reserves. The following statements model reflects Southwest's financial condition just prior to purchasing the sand
Nevada's Manufacturing paid cash to purchase the assets of an existing company. Among the assets purchased were the following items.Patent with 5 remaining years of legal life ...... $32,000Goodwill
Be Sands purchased the business Regional Supply Co. for $285,000 cash and assumed all liabilities at the date of purchase. Regional's books showed assets of $280,000, liabilities of $40,000, and
American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following
Moon Co., Inc., made several purchases of long-term assets in 2010. The details of each purchase are presented here.New Office Equipment1. List price: $60,000; terms: 2/10 n/30; paid within discount
NEC Company began operations when it acquired $60,000 cash from the issue of common stock on January 1, 2008. The cash acquired was immediately used to purchase equipment for $60,000 that had a
The following transactions pertain to ALFA Solutions, Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year.20101. Acquired $50,000
Swanson Service Company purchased a copier on January 1, 2011, for $18,000 and paid an additional $500 for delivery charges. The copier was estimated to have a life of four years or 800,000 copies.
One Hour Laundry Services purchased a new steam press machine on January 1, for $45,000. It is expected to have a five-year useful life and a $5,000 salvage value. One Hour expects to use the
Brees Corporation purchased a delivery van for $35,500 in 2010. The firm's financial condition immediately prior to the purchase is shown in the following horizontal statements model.The van was
Three different companies each purchased a machine on January 1, 2008, for $42,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $2,000. All three
Favre Exploration Corporation engages in the exploration and development of many types of natural resources. The company has engaged in the following activities:Jan. 1, 2010 Purchased a coal mine
Sam's Outdoor, Inc., recorded the following transactions over the life of a piece of equipment purchased in 2010.Jan. 1, 2010 Purchased the equipment for $39,000 cash. The equipment is estimated to
Shaw Manufacturing paid $62,000 to purchase a computerized assembly machine on January 1, 2008. The machine had an estimated life of eight years and a $2,000 salvage value. Shaw's financial condition
Le Gormet Company purchased a fast-food restaurant for $1,700,000. The fair market values of the assets purchased were as follows. No liabilities were assumed.Equipment ...... $420,000Land ........
Green Leaf purchased the assets of Flower Co. for $1,200,000 in 2010. The estimated fair market value of the assets at the purchase date was $1,000,000. Goodwill of $200,000 was recorded at purchase.
Cooper Tire Rubber Company claims to be the fourth largest tire manufacturer in North America. Goodyear Tire & Rubber Company is the largest tire manufacturer in North America. The following
Understanding real-world annual reportsRequiredUse the Topps Company’s annual report in Appendix B to answer the following questions.a. What method of depreciation does Topps use?b. What types of
Sweet’s Bakery makes cakes, pies, and other pastries that it sells to local grocery stores. The company experienced the following transactions during 2010.1. Started business by acquiring $60,000
The following ratios are for four companies in different industries. Some of these ratios have been discussed in the textbook; others have not, but their names explain how the ratio was computed. The
Campus Video Games (CVG) was started on January 1, 2010, when it acquired $62,500 cash from the issue of common stock. The company immediately purchased video games that cost $62,500 cash. The games
Rucky Company and Stone Company experienced the exact same set of economic events during 2010. Both companies purchased machines on January 1, 2010. Except for the effects of this purchase, the
What is the difference between a product cost and a selling and administrative cost?
How is the cost of goods available for sale determined?
Assume that you are examining the balance sheets of two companies and note the following information.Maxie Smith, a student who has had no accounting courses, remarks that Company A and Company B
What portion of cost of goods available for sale is shown on the balance sheet? What portion is shown on the income statement?
When are period costs expensed? When are product costs expensed?
Several years ago, Wilson Blowhard founded a communications company. The company became successful and grew by expanding its customer base and acquiring some of its competitors. In fact, most of its
If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its gross margin? What amount of inventory will be shown on its balance sheet?
Describe how the perpetual inventory system works. What are some advantages of using the perpetual inventory system? Is it necessary to take a physical inventory when using the perpetual inventory
This chapter discussed how companies in different industries often use different proportions of current versus long-term assets to accomplish their business objective. The technology revolution
What are the effects of the following types of transactions on the accounting equation? Also identify the financial statements that are affected. (Assume that the perpetual inventory system is
Northern Merchandising Company sold inventory that cost $12,000 for $20,000 cash. How does this event affect the accounting equation? What financial statements and accounts are affected? (Assume
If goods are shipped FOB shipping point, which party (buyer or seller) is responsible for the shipping costs?
Define transportation-in. Is it a product or a period cost?

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