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Questions and Answers of Accounting

Immediately after a used truck is acquired, a new motor is installed at a total cost of $4,150. Is this a capital expenditure or revenue expenditure?
Biggest Company purchased a machine that has a manufacturer’s suggested life of 18 years. The company plans to use the machine on a special project that will last 10 years. At the completion of the
On September 30, Madison River Inflatables Co. paid $1,425 to install a hydraulic lift and $35 for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter
On June 9, Martin Associates Co. paid $1,300 to repair the transmission on one of its delivery vans. In addition, Martin Associates paid $600 to install a GPS system in its van. Journalize the
Equipment acquired at the beginning of the year at a cost of $275,000 has an estimated residual value of $30,000 and an estimated useful life of 10 years. Determine(a) The depreciable cost,(b) The
A building acquired at the beginning of the year at a cost of $980,000 has an estimated residual value of $60,000 and an estimated useful life of 20 years. Determine(a) The depreciable cost,(b) The
A tractor acquired at a cost of $315,000 has an estimated residual value of $27,000, has an estimated useful life of 90,000 hours, and was operated 3,700 hours during the year. Determine(a) The
A truck acquired at a cost of $150,000 has an estimated residual value of $40,000, has an estimated useful life of 400,000 miles, and was driven 80,000 miles during the year. Determine(a) The
Equipment acquired at the beginning of the year at a cost of $190,000 has an estimated residual value of $30,000 and an estimated useful life of eight years. Determine(a) The double-declining-balance
A building acquired at the beginning of the year at a cost of $820,000 has an estimated residual value of $100,000 and an estimated useful life of 50 years. Determine(a) The double-declining-balance
A truck with a cost of $94,000 has an estimated residual value of $20,500, has an estimated useful life of 15 years, and is depreciated by the straight-line method.(a) Determine the amount of the
Equipment with a cost of $300,000 has an estimated residual value of $42,000, has an estimated useful life of 24 years, and is depreciated by the straight-line method. (a) Determine the amount of the
Equipment was acquired at the beginning of the year at a cost of $215,000. The equipment was depreciated using the straight-line method based on an estimated useful life of 18 years and an estimated
Equipment was acquired at the beginning of the year at a cost of $450,000. The equipment was depreciated using the double-declining-balance method based on an estimated useful life of 10 years and an
Big Horn Mining Co. acquired mineral rights for $90,000,000. The mineral deposit is estimated at 250,000,000 tons. During the current year, 30,000,000 tons were mined and sold.a. Determine the
Silver Tip Mining Co. acquired mineral rights for $300,000,000. The mineral deposit is estimated at 400,000,000 tons. During the current year, 84,000,000 tons were mined and sold.a. Determine the
On December 31, it was estimated that goodwill of $750,000 was impaired. In addition, a patent with an estimated useful economic life of 18 years was acquired for $864,000 on August 1.a. Journalize
On December 31, it was estimated that goodwill of $1,200,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $288,000 on April 1.a. Journalize
Financial statement data for years ending December 31 for Winnett Company are shown below.a. Determine the fixed asset turnover ratio for 2012 and 2011.b. Does the change in the fixed asset turnover
Financial statement data for years ending December 31 for Fallon Company are shown below.a. Determine the fixed asset turnover ratio for 2012 and 2011.b. Does the change in the fixed asset turnover
Les Bancroft owns and operates Crown Print Co. During January, Crown Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used by a
Alpine Ski Co. has developed a tract of land into a ski resort. The company has cut the trees, cleared and graded the land and hills, and constructed ski lifts.(a) Should the tree cutting, land
Discount Delivery Company acquired an adjacent lot to construct a new warehouse, paying $25,000 and giving a short-term note for $300,000. Legal fees paid were $2,100, delinquent taxes assumed were
Emerald Lines Co. incurred the following costs related to trucks and vans used in operating its delivery service:1. Installed security systems on four of the newer trucks.2. Rebuilt the transmission
Aubrey Seagars owns and operates Diamond Transport Co. During the past year, Aubrey incurred the following costs related to an 18-wheel truck:1. Installed a television in the sleeping compartment of
Reliable Move Company made the following expenditures on one of its delivery trucks:Feb. 4 Replaced transmission at a cost of $4,300.May 6 Paid $1,900 for installation of a hydraulic lift.Sept.
Butte Ironworks Co. reported $7,500,000 for equipment and $6,175,000 for accumulated depreciation—equipment on its balance sheet.Does this mean (a) That the replacement cost of the equipment is
Convert each of the following estimates of useful life to a straight-line depreciation rate, stated as a percentage:(a) 4 years, (b) 8 years,(c) 10 years, (d) 16 years,(e) 25 years, (f) 40 years, (g)
A refrigerator used by a meat processor has a cost of $120,000, an estimated residual value of $14,000, and an estimated useful life of 16 years. What is the amount of the annual depreciation
A diesel-powered tractor with a cost of $185,000 and estimated residual value of $37,000 is expected to have a useful operating life of 40,000 hours. During February, the generator was operated 140
Prior to adjustment at the end of the year, the balance in Trucks is $275,900 and the balance in Accumulated Depreciation'Trucks is $91,350. Details of the subsidiary ledger are as follows:a.
A Kubota tractor acquired on January 9 at a cost of $80,000 has an estimated useful life of 25 years. Assuming that it will have no residual value, determine the depreciation for each of the first
A storage tank acquired at the beginning of the fiscal year at a cost of $344,000 has an estimated residual value of $50,000 and an estimated useful life of 16 years. Determine the following:(a) The
Sandblasting equipment acquired at a cost of $64,000 has an estimated residual value of $4,000 and an estimated useful life of eight years. It was placed in service on April 1 of the current fiscal
A building with a cost of $900,000 has an estimated residual value of $250,000, has an estimated useful life of 40 years, and is depreciated by the straight-line method.(a) What is the amount of the
Viking Company purchased and installed carpet in its new general offices on June 30 for a total cost of $15,000. The carpet is estimated to have a 12-year useful life and no residual value.a. Prepare
Equipment acquired on January 5, 2009, at a cost of $380,000, has an estimated useful life of 16 years, has an estimated residual value of $40,000, and is depreciated by the straight-line method.a.
Equipment acquired on January 4, 2009, at a cost of $425,000, has an estimated useful life of nine years and an estimated residual value of $65,000.a. What was the annual amount of depreciation for
Ashwood Mining Co. acquired mineral rights for $15,000,000. The mineral deposit is estimated at 120,000,000 tons. During the current year, 24,000,000 tons were mined and sold.a. Determine the amount
Greenleaf Company acquired patent rights on January 6, 2009, for $300,000. The patent has a useful life equal to its legal life of 12 years. On January 3, 2012, Greenleaf successfully defended the
Apple Computer, Inc., designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (iPod) and mobile phones (iPhone) along with
List the errors you find in the following partial balancesheet:
Verizon Communications is a major telecommunications company in the United States. Verizon's balance sheet disclosed the following information regarding fixed assets:Verizon's revenue for 2009 was
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and RadioShack:a. Compute the fixed asset turnover for each company. Round to
A printing press priced at a fair market value of $400,000 is acquired in a transaction that has commercial substance by trading in a similar press and paying cash for the difference between the
Assume the same facts as in Exercise 10-25, except that the book value of the press traded in is $185,000.(a) What is the amount of cash given?(b) What is the gain or loss on the exchange?
On April 1, Clear Water Co., a water distiller, acquired new bottling equipment with a list price (fair market value) of $350,000. Clear Water received a trade-in allowance of $50,000 on the old
On July 1, Potts Delivery Services acquired a new truck with a list price (fair market value) of $80,000. Potts received a trade-in allowance of $15,000 on an old truck of similar type and paid cash
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale ceramic business. The receipts are identified by an asterisk.a. Fee paid to
Breyer Company purchased packaging equipment on January 3, 2010, for $101,250. The equipment was expected to have a useful life of three years, or 25,000 operating hours, and a residual value of
Security IDs Company purchased equipment on July 1, 2010, for $135,000. The equipment was expected to have a useful life of three years, or 12,000 operating hours, and a residual value of $6,000. The
New lithographic equipment, acquired at a cost of $787,500 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $67,500. The manager
The following transactions, adjusting entries, and closing entries were completed by D. Hurd Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:a. Timber rights on a tract of land were purchased for $864,000 on July
The following payments and receipts are related to land, land improvements, and buildings acquired for use in a wholesale apparel business. The receipts are identified by an asterisk.a. Finder’s
Plum Coatings Company purchased waterproofing equipment on January 2, 2011, for $450,000. The equipment was expected to have a useful life of four years, or 10,000 operating hours, and a residual
Helix Company purchased tool sharpening equipment on April 1, 2010, for $72,000. The equipment was expected to have a useful life of three years, or 9,000 operating hours, and a residual value of
New tire retreading equipment, acquired at a cost of $72,000 at the beginning of a fiscal year, has an estimated useful life of four years and an estimated residual value of $5,400. The manager
The following transactions, adjusting entries, and closing entries were completed by McHenry Furniture Co. during a three-year period. All are related to the use of delivery equipment. The
Data related to the acquisition of timber rights and intangible assets during the current year ended December 31 are as follows:a. On December 31, the company determined that $1,800,000 of goodwill
Rosa Salinas, CPA, is an assistant to the controller of Zebra Consulting Co. In her spare time, Rosa also prepares tax returns and performs general accounting services for clients. Frequently, Rosa
Atlas Construction Co. specializes in building replicas of historic houses. Paul Raines, president of Atlas Construction, is considering the purchase of various items of equipment on July 1, 2010,
The following table shows the revenues and average net fixed assets for a recent fiscal year for three different companies from three different industries: retailing, manufacturing, and
General Motors Corporation reported $7.0 billion of product warranties in the Current Liabilities section of a recent balance sheet. How would costs of repairing a defective product be recorded?
On September 1, Rongo Co. issued a 45-day note with a face amount of $80,000 to Simone Co. for merchandise inventory.a. Determine the proceeds of the note, assuming the note carries an interest rate
On February 1, Tectronic Co. issued a 60-day note with a face amount of $120,000 to Tokai Warehouse Co. for cash.a. Determine the proceeds of the note, assuming the note carries an interest rate of
Bob Tappert’s weekly gross earnings for the present week were $1,600. Tappert has one exemption. Using the wage bracket withholding table in Exhibit 3 with a $70 standard withholding allowance for
John Wolfe’s weekly gross earnings for the present week were $2,200. Wolfe has two exemptions. Using the wage bracket withholding table in Exhibit 3 with a $70 standard withholding allowance for
Bob Tappert’s weekly gross earnings for the week ending December 18 were $1,600, and his federal income tax withholding was $296.16. Assuming the social security rate is 6% and Medicare is 1.5% of
John Wolfe’s weekly gross earnings for the week ending September 5 were $2,200, and his federal income tax withholding was $444.88. Assuming the social security rate is 6% and Medicare is 1.5% of
The payroll register of Gregory Communications Co. indicates $4,080 of social security withheld and $1,020 of Medicare tax withheld on total salaries of $68,000 for the period. Federal withholding
The payroll register of Russert Construction Co. indicates $18,000 of social security withheld and $4,500 of Medicare tax withheld on total salaries of $300,000 for the period. Retirement savings
The payroll register of Gregory Communications Co. indicates $4,080 of social security withheld and $1,020 of Medicare tax withheld on total salaries of $68,000 for the period. Assume earnings
The payroll register of Russert Construction Co. indicates $18,000 of social security withheld and $4,500 of Medicare tax withheld on total salaries of $300,000 for the period. Assume earnings
Lutes Company provides its employees with vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $25,500 for the period. The pension plan requires a contribution
Wang Equipment Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $42,000 for the period. The pension formula calculated a pension
Zinn Co. sold $500,000 of equipment during May under a one-year warranty. The cost to repair defects under the warranty is estimated at 5% of the sales price. On October 10, a customer required a
Caldwell Industries sold $410,000 of consumer electronics during August under a nine month warranty. The cost to repair defects under the warranty is estimated at 4% of the sales price. On October
Grangel Company reported the following current assets and liabilities for December 31, 2012 and 2011:a. Compute the quick ratio for December 31, 2012 and 2011.b. Interpret the company's quick ratio.
Tappert Company reported the following current assets and liabilities for December 31, 2012 and 2011:a. Compute the quick ratio for December 31, 2012 and 2011.b. Interpret the company's quick ratio.
New Wave Co. sold 10,000 annual subscriptions of Game Life for $75 during December 2012. These new subscribers will receive monthly issues, beginning in January 2013. In addition, the business had
TKR Enterprises issues a 30-day note for $570,000 to Sweeney Industries for merchandise inventory. Sweeney Industries discounts the note at 8%.a. Journalize TKR Enterprises’ entries to record:1.
A borrower has two alternatives for a loan: (1) Issue a $180,000, 45-day, 10% note or (2) Issue a $180,000, 45-day note that the creditor discounts at 10%.a. Calculate the amount of the interest
A business issued a 45-day, 6% note for $80,000 to a creditor on account. Journalize the entries to record(a) The issuance of the note and(b) The payment of the note at maturity, including interest.
A business issued a 30-day note for $72,000 to a creditor on account. The note was discounted at 7%. Journalize the entries to record(a) The issuance of the note and(b) The payment of the note at
On June 30, Beahm Management Company purchased land for $250,000 and a building for $350,000, paying $300,000 cash and issuing an 8% note for the balance, secured by a mortgage on the property. The
Burger King Holdings, Inc., the operator and franchisor of Burger King restaurants, reported the following information about its long-term debt in the notes to a recent financial statement:a. How
An employee earns $60 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. Assume that the employee worked 55 hours during the week, Assume further that the social security
Donohue Professional Services has three employees'a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For the current pay
In the following summary of data for a payroll period, some amounts have been intentionally omitted:Earnings:1. At regular rate ....... ?2. At overtime rate .. $135,0003. Total earnings .......
According to a summary of the payroll of Brooks Industries Co., $1,100,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $50,000 was subject to state and federal
The payroll register for Robinson Company for the week ended November 18 indicated the following:Salaries .......... $1,300,000Social security tax withheld ... 61,100Medicare tax withheld ......
Faber Company had gross wages of $110,000 during the week ended June 17. The amount of wages subject to social security tax was $110,000, while the amount of wages subject to federal and state
Big Dave’s Pizza is a pizza restaurant specializing in the sale of pizza by the slice. The store employs 10 full-time and 15 part-time workers. The store’s weekly payroll averages $5,600 for all
Matt’s Bikes is a small manufacturer of specialty bicycles. The company employs 18 production workers and four administrative persons. The following procedures are used to process the company’s
A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year’s vacation pay is $61,200.a. Journalize
Wren Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims
In a recent year’s financial statements, Procter & Gamble showed an unfunded pension liability of $3,706 million and a periodic pension cost of $341 million.Explain the meaning of the $3,706
Parker Products Co. warrants its products for one year. The estimated product warranty is 3% of sales. Assume that sales were $442,000 for September. In October, a customer received warranty repairs
General Motors Corporation disclosed estimated product warranty payable for comparative years as follows:GM's sales were $177,594 million in 2007 and decreased to $147,732 million in 2008. Assume

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