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accounting

Questions and Answers of Accounting

Wu Company sells outdoor sports equipment. At the December 31, 2010, year end, the following financial information was available from the income statement: administrative expenses, $161,600; cost of
Rollins Products Company has had poor operating results for the past two years. As the accountant for Rollins Products Company, you have the following information available to you:Total assets and
City Parking, which operates a sever-story parking building in downtown Pittsburgh, has a calendar year end. It serves daily and hourly parkers, as well monthly parkers who pay a fixed monthly rate
Kubicki Company operates a chain of designer bags and shoes stores in the Houston area. This year the company achieved annual sales of $75 million, on which it earned a net income of $3 million. At
Review the multistep income statement presented in Exhibits 5-3 and 5-4. In your group, discuss how this form of the income statement meets each of these qualitative characteristics of accounting
Two of the largest chains grocery stores in the United States are Albertson's, Inc., and the Great Atlantic & Pacific Tea Company (A&P). In a recent fiscal year, Albertson's had a net income of $765
Refer to CVS Corporation’s annual report in the Supplement to Chapter 5 to answer the following questions.1. Consolidated balance sheets:a. Did the amount of working capital increase or decrease
Compare the financial performance of CVS and Southwest Airlines Co. on the basis of liquidity and profitability for 2008 and 2007. Use the following ratios: working capita, current ratio, debt to
Identify each of the following decision as most directly related to(a) Cash flow management(b) Choice of inventory system(c) Foreign merchandising transactions:1. Determination of the amount of time
On average, Mason Company holds its inventory 40 days before it is sold, waits 25 days for customers’ payments, and takes 33 days to pay suppliers. For how many days must it provide financing in
On April 15, Meier Company sold merchandise to Curran Company for $5,000 on terms of 2/10, n/30, Assume a return of merchandise on April 20 of $850 and collection in full on April 25. What is the
Record in T account form each of the following transactions, assuming the perpetual inventory system is used:Aug. 2 Purchased merchandise on credit from Indio Company, invoice dated August, 1, terms
Record in T account form the transaction sin SE 5, assuming the periodic inventory system is used.
Using the following data and assuming cost of goods sold is $273,700, prepare the cost of goods sold section of a merchandising income statement (periodic inventory system). Include the amount of
Record in T account form the following transactions, assuming the periodic inventory system is used.Aug. 4 Sold merchandise on credit to Rivera Company, terms n/30, FOB destination, $5,040.5 Paid
Develop a brief answer to each of the following questions:1. Can a company have a negative financing period?2. Suppose you sold goods to a company in Europe at a time when the exchange rate for the
Develop a brief answer toe ach of the following questions:1. Assume a large shipment of uninsured merchandise to your company is destroyed when the delivery truck has an accident and burns. Would you
The management of Posad Cotton Company made the decision that follow. Indicate whether each decision pertains primarily to(a) Cash flow managements,(b) Choice of inventory system, or(c) Foreign
A household appliance dealer buys refrigerators from a manufacturer and resells them to its customers.a. The manufacturer sets a list or catalogue price of $2,500 for a refrigerator. The manufacturer
Selected account balances at December 31, 2011, for Receptions, Etc. are listed below. Prepare an income statement for the year ended December 31, 2011. Show detail of net sales. The company uses the
Given the following transactions engaged in by Stanford Company, prepare journal entries and, assuming the periodic inventory system, determine the total amount received from Penkas Company.Mar. 1
Lien Company engaged in the following transactions:July 2 Purchased merchandise on credit from Jonak Company, terms 2/10, n/30, FOB destination, invoice dated July, 1, $4,000.6 Returned some
The following transactions took place under the perpetual inventory system. Record each transaction in T account form.a. Purchased merchandise on credit, terms n/30, FOB shipping point, $2,500.b.
On June 15, Palmyra Company sold merchandise for $5,200 on terms of n/30 to Lim Company. On June 20, Lim Company returned some of the merchandise for a credit of $1,200, and on June 25, Lim paid the
Using the selected year-end account balances at December 31, 2010, for the Morris General Store shown below, prepare a 2010 income system. Beginning merchandise inventory was $28,000; ending
Determine the missing data for each letter in the following three income statements for Sampson Paper Company (inthousands):
A dealer buys tooling machines from a manufacturer and resells them to its customers.a. The manufacturer sets a list or catalogue price of $12,000 for a machine. The manufacturer offers its dealers a
Elm Company purchased a special-purpose machine from Ritholz Company on credit for €75,000. At the date of purchase, the exchange rate was $1.00 per euro. On the date of the payment, which was
Using the data in E 9, give the entries in T account form to record each of the transactions under the periodic inventory system.
Using the relevant data in E 10, give the entries in T account form to record each of the transaction sunder the periodic inventory system.
At the end of the fiscal year, June 30, 2010, selected accounts from the adjusted trial balance for Barbara's Video Store were as follows:Required1. Prepare a multistep income statement for Barbara's
Vargo Company engaged in the following transactions in August 2011:Aug. 7 Sold merchandise on credit to Ken Smith, terms n/30, FOB shipping point, $3,000 (cost, $1,800).8. Purchased merchandise on
Selected accounts from the adjusted trial balance for Louise's Gourmet Shop as of March 31, 2011, the end of the current fiscal year. The merchandise inventory for Louise's Gourmet Shop was $38,200
Merchandising Transactions: Periodic Inventory System Use the data in P2 for this problem.Required1. Prepare entries in journal form to record the transactions, assuming use of the periodic inventory
Tattle Company engaged in the following transactions in October 2010:Oct. 7 Sold merchandise on credit to Lina Ortiz, terms n/30, FOB shipping point, $6,000 (cost, $3,600).8 Purchased merchandise on
As the end of the fiscal year, August 31, 2010, selected accounts from the adjusted trial balance for Pasha's Patio Furniture were as follows:Required1. Using the information given, prepare a
Sarah Company engaged in the following transactions in July 2010:July 1 Sold merchandise to Chi Dong on credit, terms n/30, FOB shipping point, $2,100 (cost, $1,260).3 Purchased merchandise on credit
Selected accounts from the adjusted trial balance of Daniel's Sports Equipment on September 30, 2010, the fiscal year end. The company's beginning merchandise inventory was $81,222 and ending
Use the date in P 7 for this problem.Required1. Prepare entries in journal form to record the transactions, assuming use of the periodic inventory system. (Use the Review Problem in this chapter as a
Use the date in P 5 for this problem.Required1. Prepare entries in journal form to record the transactions, assuming use of the periodic inventory system. (Use the Review Problem in this chapter as a
Jewell Home Source has operated in Kansas for 30 years. The company has always prided itself on giving customers individual attention. It carries a large inventory so it can offer a good selection
Books-For-All is a well-established chain of 20 bookstores in western Ohio. In recent years, the company has grown rapidly, adding five new stores in regional malls. The manger of each store selects
E-commerce is a word coined to describe business conducted over the Internet. E-commerce is similar in some ways to traditional retailing, but it presents new challenges. Go to the website of
Refer to CVS’s annual report in the Supplement to Chapter 5 and to Figure and in this chapter. Assume that at any one time CVS has about 76 days of merchandise inventory available for sale, takes
Refer to the CVS annual report in the Supplement to Chapter 5 and to the following data (in millions) for Walgreens in 2008: net sales, $59,034; cost of sales, $42,391; total operating expenses,
Indicate whether each of the following actions relates to(a) Managing liquidity and cash flow,(b) Recognition of liabilities,(c) Valuation of liabilities,(d) Classification of liabilities, or(e)
Robinson Company has current assets $65,000 and current liabilities of $40,000, of which accounts payable are $35,000. Robinson’s cost of goods sold is $230,000, its merchandise inventory
Indicate whether each of the following is(a) A definitely determinable liability,(b) An estimated liability,(c) A commitment, or(d) A contingent liability:1. Dividends payable2. Pending litigation3.
On the last day of August, Avenue Company borrowed $240,000 on a bank note for 60 days at 12 percent interest. Assume that interest is stated separately. Prepare the following entries in journal
The following payroll totals for the month of April are from the payroll register of Young Corporation: salaries, $223,000; federal income taxes withheld, $31,440; Social Security tax withheld,
Harper Corp. manufactures and sells travel clocks. Each clock costs $12.50 to produce and sells for $25. In addition, each clock carries a warranty that provides for free replacement if it fails
Find the present value of(1) A single payment of $24,000 at 6 percent for 12 years,(2) 12 annual payments of $2,000 at 6 percent,(3) A single payment of $5,000 at 9 percent for five years, and(4)
Hogan Whitner owns a machine shop and has the opportunity to purchase a new machine for $30,000. After carefully studying projected costs and revenues, Whitner estimates that the new machine will
Develop a brief answer to each of the following questions:1. Nimish Banks, a star college basketball player, received a contract from the Midwest Blazers to play professional basketball. The contract
Develop a brief answer to each of the following questions:1. Is a friend who borrows money from you for three years and agrees to pay you interest after each year paying you simple or compound
Indicate whether each of the following actions relates to(a) Managing liquidity and cash flows,(b) Recognition of liabilities,(c) Valuation of liabilities,(d) Classification of liabilities, or(e)
On the last day of October, Wicker Company borrows $120,000 on a bank note for 60 days at 11 percent interest. Interest is not included in the face amount. Prepare the following entries in journal
Web Design Services billed its customers a total of $490,200 for the month of August, including 9 percent federal excise tax and 5 percent sales tax.1. Determine the proper amount of service revenue
At the end of October, the payroll register for Global Tool Corporation contained the following totals; wages, $742,000; federal income taxes withheld, $189,768; state income taxes withheld, $31,272;
Sanchez Company manufactures and sells electronic games. Each game costs $50 to produce, sells for $90, and carries a warranty that provides for free replacement if it fails during the two years
Angel Corporation gives three weeks paid vacation to each employee who has worked at the company for one year. Based on studies of employee turnover and previous experience, management estimates that
Tracy Collins is contemplating paying five years’ rent in advance. Her annual rent is $25,200. Calculate the single sum that would have to be paid now for the advance rent if we assume compound
Find the present value of(1) A single payment of $24,000- at 6 percent for 12 years,(2) 12 annual payments of $2,000 at 6 percent,(3) A single payment of $5,000 at 9 percent for five years, and(4) 5
A contract calls for a lump-sum payment of $15,000. Find the present value of the contract, assuming that(1) The payment is due in five years and the current interest rate is 9 percent;(2) The
A contract calls for annual payments of $1,200. Find the present value of the contract, assuming that(1) The number of payments is 7 and the current interest rate is 6 percent:(2) The number of
Robert Baka owns a service station and has the opportunity to purchase a car-wash machine for $30,000. After carefully studying projected costs and revenues, Baka estimates that the car-wash machine
Antwone Equipment Corporation sold a precision tool machine with computer controls to Trudeau Corporation for $200,000 on January 2 and agreed to take payment nine months later on October 2. Assuming
Eva Prokop is attempting to sell her business to Joseph Khan 2. The company has assets of $3,600,000, liabilities of $3,200,000, and owner’s equity of $400,000. Both parties agree that the proper
In 2010, Hagler Company had current assets of $310,000 and current liabilities of $200,000, of which accounts payable were $130,000. Cost of goods sold was $850,000, merchandise inventory increased
Listed below are common types of current liabilities, contingencies, and commitments:a. Accounts payableb. Bank loans and commercial paperc. Notes payabled. Dividends payablee. Sales and excise taxes
The management of K&S, Inc., took the following actions that went into effect on January 2, 2010. Each action involved an application of present value.a. Asked for another fund to be established
Part A: State Mill Company, whose fiscal year ends December 31, completed the following transactions involving notes payable:2010Nov. 25 Purchased a new loading cart by issuing a 60-day 10 percent
The Smart Way Products Company manufactures and sells wireless video cell phone, which it guarantees for five years. If a cell phone fails, it is replaced free, but the customer is charged a service
Tony Garcia opened a small dryer repair shop, Garcia Repair Shop, on January 2, 2010. The shop also sells a limited number of dryer parts. In January 2011, Garcia realized he had never filed any tax
Andy Corporations’ management took the following actions, which went into effect on January 2, 2010. Each action involved an application of present value.a. Andy Corporation enters into a purchase
Part A: Nazir Corporation, whose fiscal year ended June 30, 2011, completed the following transactions involving notes payable:May 21 Obtained a 60-day extension on an $18,000 trade account payable
Telemix Company is engaged in the retail sale of high-definition televisions (HDTVs). Each HDTV has a 24-month warranty on parts. If a repair under warranty is required, a charge for the labor is
Jose Hernandez opened a small motorcycle repair shop, Hernandez Cycle Repair, on January 2, 2011. The shop also sells a limited number of motorcycle parts. In January 2012, Hernandez realized he had
JetGreen Airways instituted a frequent flyer program in which passengers accumulate points toward a free flight based on the number of miles they fly on the airline. One point was awarded for each
In its Year-End Countdown Sales, a local Cadillac auto dealer advertised 0% interest 60 months. What role does the time value of money play in this promotion? Assuming that Cadillac is able to borrow
The decision to recognize and record a liability is sometimes a matter of judgment. People who use General Motors credit cards earn rebates toward the purchase or lease of GM vehicles in relation to
Assume that you work for Theater-At-Home, Inc., a retail company that sells basement movie projection systems for $10,000. Your boss is considering two types of promotions:1. Offering customers a
Refer to the quarterly financial report near the end of the notes to the financial statements in CVS’s annual report. Is CVS’s a seasonal business? Would you expect short-term borrowings and
Refer to CVS's financial statements in the Supplement to Chapter 5 and to the following data for Walgreens:
Indicate whether each of the following actions is related to(a) Managing cash needs,(b) Setting credit policies,(c) Financing receivables, or(d) Ethically reporting receivables:1. Selling accounts
Graff Company has cash of $40,000, net accounts receivable of $90,000, and net sales of $720,000. Last year’s net accounts receivable were $70,000. Compute the following ratios:(a) Receivable
Compute the amount of cash and cash equivalent on Car Wash Company’s balance sheet if, on the balance sheet date, it has currency and coins on hand of $125, deposits in checking accounts of $750,
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of June 30, $4,862.77b. Balance per books as of June 30, $2,479.48c. Deposits in transit, $654.24d.
At the end of October, Zion Company’s management estimates the uncollectible accounts expense to be 1 percent of net sales of $1,500,000. Prepare the entry to record the uncollectible accounts
An aging analysis on June 30 of the accounts receivable of Sung Corporation indicates that uncollectible accounts amount to $86,000. Prepare the entry to record uncollectible accounts expense under
Windy Corporation, which uses the allowance method, has accounts receivable of $50,800 and an allowance for uncollectible accounts of $9,800. An account receivable from Tom Novak of $4,400 is deemed
On August 25, Champion Company received a 90-day, 9 percent note in settlement of an account receivable in the amount of $20,000. Determine the maturity date, amount of interest on the note, and
Develop a brief answer to each of the following questions:1. Name some business whose needs for cash fluctuate during the year. Name some whose needs for cash are relatively stable over the year.2.
Develop a brief answer to each of the following questions:1. What accounting rule is violated by the direct charge-off method of recognizing uncollectible accounts? Why?2. In what ways is Allowance
Indicate whether each of the following actions is primarily related to(a) Managing cash needs,(b) Setting credit policies,(c) Financing receivables, or(d) Ethically reporting accounts receivable:1.
Using the following data from Lopez Corporation’s financial statements, compute the receivable turnover and the days sales uncollected:Current assetsCash
At year end, Lam Company had currency and coins in cash registers of $2,800, money orders from customers of $5,00, deposits in checking accounts of $32,000, U.S. Treasury bills due in 80 days of
Prepare a bank reconciliation from the following information:a. Balance per bank statement as of May 31, $17,755.44b. Balance per books as of May 31, $12, 211.94c. Deposits in transit, $2,254.81d.
At the end of the year, Email Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts
The Accounts Receivable account of Samson Company shows a debit balance of $52,000 at the end of the year. An aging analysis of the individual accounts indicates estimated uncollectible accounts to

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