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accounting

Questions and Answers of Accounting

The financial statements of The Coca-Cola Company and PepsiCo, Inc. can be accessed at the book’s website.InstructionsUse information found at the book’s website to answer the following
Microsoft is the leading developer of software in the world. To continue to be successful Microsoft must generate new products, which requires significant amounts of cash. Shown below is the current
The following information is taken from the 2006 financial statements and accompanying notes of The Scotts Miracle-Gro Company, a manufacturer of lawn-care products.The Scotts Miracle-Gro
Ariel Company has significant amounts of trade accounts receivable. Ariel uses the allowance method to estimate bad debts instead of the direct write-off method. During the year, some specific
Anne Archer Company uses the net method of accounting for sales discounts. Anne Archer also offers trade discounts to various groups of buyers.On August 1, 2008, Archer sold some accounts receivable
Orlando Bloom conducts a wholesale merchandising business that sells approximately 5,000 items per month with a total monthly average sales value of $250,000. Its annual bad debt ratio has been
On September 30, 2007, Tiger Machinery Co. sold a machine and accepted the customer’s zero-interest-bearing note. Tiger normally makes sales on a cash basis. Since the machine was unique, its sales
Soon after beginning the year-end audit work on March 10 at Engone Company, the auditor has the following conversation with the controller.CONTROLLER: The year ended March 31st should be our most
Esplanade Inc. owns land that it purchased on January 1, 2001, for $420,000. At December 31, 2008, its current value is $770,000 as determined by appraisal. At what amount should Esplanade report
What is the rationale for assigning a portion of overhead to the cost of an asset?
Jones Company has purchased two tracts of land. One tract will be the site of its new manufacturing plant. The other is being purchased with the hope that it will be sold in the next year at a
Yukio Mishima Industries acquired equipment this year to be used in its operations. The equipment was delivered by the suppliers, installed by Mishima, and placed into operation. Some of it was
Adam Dunn Co. purchased for $2,200,000 property that included both land and a building to be used in operations. The seller’s book value was $300,000 for the land and $900,000 for the building. By
Richardson Co. acquires machinery by paying $10,000 cash. Richardson purchased a similar machine last month for $13,500. At what cost should the new equipment be recorded?
Michael Bennett is evaluating two recent transactions involving exchanges of equipment. In one case, the exchange has commercial substance; in the second situation, the exchange lacks commercial
Elizabeth Ashley Company purchased a machine on January 2, 2008, for $600,000. The machine has an estimated useful life of 5 years and a salvage value of $100,000. Depreciation was computed by the
JLo Company purchased machinery for $120,000 on January 1, 2008. It is estimated that the machinery will have a useful life of 20 years, scrap value of $15,000, production of 84,000 units, and
A building that was purchased December 31, 1983, for $2,400,000 was originally estimated to have a life of 50 years with no salvage value at the end of that time. Depreciation has been recorded
Melanie Mayron purchased a computer for $6,000 on July 1, 2008. She intends to depreciate it over 4 years using the double-declining balance method. Salvage value is $1,000. Compute depreciation for
Saadi Company purchased a heavy-duty truck on July 1, 2005, for $30,000. It was estimated that it would have a useful life of 10 years and then would have a trade-in value of $6,000. It was traded on
Bonanza Brothers Inc. purchased land at a price of $27,000. Closing costs were $1,400. An old building was removed at a cost of $12,200. What amount should be recorded as the cost of the land?
Chavez Corporation purchased a truck with a price of $60,000. Chavez signed a 6-month note for the purchase, subject to a 2% cash discount if paid in 60 days. Prepare the journal entry to record the
Cool Spot Inc. purchased land, building, and equipment from Pinball Wizard Corporation for a cash payment of $306,000. The estimated fair values of the assets are land $60,000; building $220,000; and
Dark Wizard Company obtained land by issuing 2,000 shares of its $10 par value common stock. The land was recently appraised at $85,000. The common stock is actively traded at $41 per share. Prepare
Cheetah Company purchased machinery on January 1, 2008, for $60,000. The machinery is estimated to have a salvage value of $6,000 after a useful life of 8 years.(a) Compute 2008 depreciation expense
Use the information for Cheetah Company given in BE10-6.(a) Compute 2008 depreciation expense using the sum-of-the-years’-digits method.(b) Compute 2008 depreciation expense using the
Use the information for Cheetah Company given in BE10-6.(a) Compute 2008 depreciation expense using the double-declining balance method.(b) Compute 2008 depreciation expense using the
Garfield Company purchased a machine on July 1, 2008, for $25,000. Garfield paid $200 in title fees and county property tax of $125 on the machine. In addition, Garfield paid $500 shipping charges
Myst Company purchased a computer for $7,000 on January 1, 2007. Straight-line depreciation is used, based on a 5-year life and a $1,000 salvage value. In 2009, the estimates are revised. Myst now
Sim City Corporation owns machinery that cost $20,000 when purchased on January 1, 2005. Depreciation has been recorded at a rate of $3,000 per year, resulting in a balance in accumulated
Use the information presented for Sim City Corporation in BE10-11, but assume the machinery is sold for $5,200 instead of $10,500. Prepare journal entries to(a) Update depreciation for 2008, and(b)
Strider Corporation traded a used truck (cost $20,000, accumulated depreciation $18,000) for a small computer worth $3,700. Strider also paid $1,000 in the transaction. Prepare the journal entry to
Sloan Company traded a used welding machine (cost $9,000, accumulated depreciation $3,000) for office equipment with an estimated fair value of $5,000. Sloan also paid $2,000 cash in the transaction.
Bubey Company traded a used truck for a new truck. The used truck cost $30,000 and has accumulated depreciation of $27,000. The new truck is worth $35,000. Bubey also made a cash payment of $33,000.
Buck Rogers Corporation traded a used truck for a new truck. The used truck cost $20,000 and has accumulated depreciation of $17,000. The new truck is worth $35,000. Rogers also made a cash payment
In ts 2006 annual report Campbell Soup Company reports beginning-of-the-year total assets of $6,776 million, end-of-the-year total assets of $7,870 million, total sales of $7,343 million, and net
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.(a) Money borrowed to
Martin Buber Co. purchased land as a factory site for $400,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months.The company paid $42,000 to
Alexei Urmanov Corporation operates a retail computer store. To improve delivery services to customers, the company purchases three new trucks on April 1, 2008. The terms of acquisition for each
Ben Sisko Supply Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.InstructionsDetermine the amounts that should
Plant acquisitions for selected companies are as follows.1. Belanna Industries Inc. acquired land, buildings, and equipment from a bankrupt company, Torres Co., for a lump sum price of $700,000. At
Jane Geddes Engineering Corporation purchased conveyor equipment with a list price of $10,000. The vendor’s credit terms were 2/10, n/30. Presented below are two independent cases related to the
Below are transactions related to Michelle Wie Company(a) The City of Pebble Beach gives the company 5 acres of land as a plant site. The market value of this land is determined to be $81,000.(b)
Presented below is information related to Bucky Katt Company.1. On July 6 Bucky Katt Company acquired the plant assets of Satchel Company, which had discontinued operations. The appraised value of
Queen Kelly Resources Group has been in its plant facility for 15 years. Although the plant is quite functional, numerous repair costs are incurred to maintain it in sound working order. The
The following transactions occurred during 2009. Assume that depreciation of 10% per year is charged on all machinery and 5% per year on buildings, on a straight-line basis, with no estimated salvage
Plant assets often require expenditures subsequent to acquisition. It is important that they be accounted for properly. Any errors will affect both the balance sheets and income statements for a
Montoni Company purchases equipment on January 1, year 1, at a cost of $469,000. The asset is expected to have a service life of 12 years and a salvage value of $40,000.Instructions(a) Compute the
Warhol Company acquired a plant asset at the beginning of year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three
Judds Company purchased a new plant asset on April 1, 2008, at a cost of $711,000. It was estimated to have a service life of 20 years and a salvage value of $60,000. Judds’ accounting period is
Jon Seceda Furnace Corp. purchased machinery for $315,000 on May 1, 2008. It is estimated that it will have a useful life of 10 years, scrap value of $15,000, production of 240,000 units, and working
Billips Corporation purchased a new machine for its assembly process on August 1, 2008. The cost of this machine was $117,900. The company estimated that the machine would have a trade-in value of
Dawayne Wade Company purchased equipment for $212,000 on October 1, 2008. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $12,000. Estimated production is
Jackel Industries presents you with the following information.InstructionsComplete the table for the year ended December 31, 2009. The company depreciates all assets using the half-year convention.
In 1981, Manning Company completed the construction of a building at a cost of $2,000,000 and first occupied it in January 1982. It was estimated that the building will have a useful life of 40 years
Randy Johnson Company constructed a building at a cost of $2,200,000 and occupied it beginning in January 1989. It was estimated at that time that its life would be 40 years, with no salvage value.In
Busytown Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of
Carlos Arruza Company exchanged equipment used in its manufacturing operations plus $3,000 in cash for similar equipment used in the operations of Tony LoBianco Company. The following information
Dana Ashbrook Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $8,000 plus trade-in, f.o.b. factory. Dana Ashbrook Inc. paid $8,000 cash and traded in used
On December 31, 2008, Travis Tritt Inc. has a machine with a book value of $940,000. The original cost and related accumulated depreciation at this date are as follows.Machine ..........
On April 1, 2008, Yellow Card Company received a condemnation award of $430,000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state
The 2006 annual report of Walgreens contains the following information.InstructionsCompute the following ratios for Walgreens for 2006.(a) Asset turnover ratio.(b) Rate of return on assets.(c)
Steve Nash Company was incorporated on January 2, 2009, but was unable to begin manufacturing activities until July 1, 2009, because new factory facilities were not completed until that date.The Land
George Fayne Mining Co. received a $760,000 low bid from a reputable manufacturer for the construction of special production equipment needed by Fayne in an expansion program. Because the company’s
Kent Adamson Company is a manufacturer of ballet shoes and is experiencing a period of sustained growth. In an effort to expand its production capacity to meet the increased demand for its product,
Beckham Company purchased Machine #201 on May 1, 2008. The following information relating to Machine #201 was gathered at the end of May.Price ..................................... $73,500Credit
Goran Tool Company records depreciation annually at the end of the year. Its policy is to take a full year’s depreciation on all assets used throughout the year, and depreciation for one-half a
The following data relate to the Plant Assets account of Faith Hill, Inc. at December 31, 2008.The following transactions occurred during 2009.(a) On May 5, Asset A was sold for $13,000 cash. The
Susquehanna Corporation wishes to exchange a machine used in its operations.Susquehanna has received the following offers from other companies in the industry.1. Choctaw Company offered to exchange a
During the current year, Garrison Construction trades an old crane that has a book value of $80,000 (original cost $140,000 less accumulated depreciation $60,000) for a new crane from Keillor
Presented below is a schedule of property dispositions for Frank Thomas Co.The following additional information is available.LandOn February 15, a condemnation award was received as consideration for
Selig Sporting Goods Inc. has been experiencing growth in the demand for its products over the last several years. The Olympic Games have greatly increased the popularity of basketball around the
Boeing and McDonnell Douglas were two leaders in the manufactures of aircraft. In the mid-1990s Boeing announced intentions to acquire McDonnell Douglas and create one huge corporation. Competitors,
Your client, Salvador Plastics Co., found three suitable sites, each having certain unique advantages, for a new plant facility. In order to thoroughly investigate the advantages and disadvantages of
William Bradford Company purchased land for use as its corporate headquarters. A small factory that was on the land when it was purchased was torn down before construction of the office building
Shanette Medical Labs, Inc. began operations 5 years ago producing stetrics, a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The demand for stetrics far exceeded
Prophet Manufacturing Company was organized January 1, 2008. During 2008 it has used in its reports to management the straight-line method of depreciating its plant assets.On November 8 you are
You have two clients who are considering trading machinery with each other. Although the machines are different from each other, you believe that the exchange lacks commercial substance for the
In 2008 Sheila Wright Corp. spent $420,000 for “goodwill” visits by sales personnel to key customers. The purpose of these visits was to build a solid, friendly relationship for the future and to
Michael Redd Company spent $190,000 developing a new process, $45,000 in legal fees to obtain a patent, and $91,000 to market the process that was patented, all in the year 2008. How should these
No Doubt purchased a patent for $450,000 which has an estimated useful life of 10 years. Its pattern of use or consumption cannot be reliably determined. Prepare the entry to record the amortization
Astaire Inc. is considering the write-off of a limited life intangible because of its lack of profitability. Explain to the management of Astaire how to determine whether a writeoff is permitted.
Kuga Co. has equipment with a carrying amount of $700,000. The expected future net cash flows from the equipment is $705,000, and its fair value is $590,000. The equipment is expected to be used in
Last year Blair Company recorded an impairment on an intangible asset held for use. Recent appraisals indicate that the asset has increased in value. Should Blair record this recovery in value?
Mills Company determines that its goodwill is impaired. It finds that its implied goodwill is $380,000 and its recorded goodwill is $400,000. The fair value of its identifiable assets is $1,450,000.
In 2007, Cassie Logan Corporation developed a new product that will be marketed in 2008. In connection with the development of this product, the following costs were incurred in 2007: research and
An intangible asset with an estimated useful life of 30 years was acquired on January 1, 1998, for $450,000. On January 1, 2008, a review was made of intangible assets and their expected service
Doom Troopers Corporation purchases a patent from Judge Dredd Company on January 1, 2008, for $64,000. The patent has a remaining legal life of 16 years. Doom Troopers feels the patent will be useful
Use the information provided in BE11-1. Assume that at January 1, 2010, the carrying amount of the patent on Doom Troopers’ books is $51,200. In January, Doom Troopers spends $24,000 successfully
Dr. Robotnik’s, Inc., spent $60,000 in attorney fees while developing the trade name of its new product, the Mean Bean Machine. Prepare the journal entries to record the $60,000 expenditure and the
Spidey Corporation commenced operations in early 2008. The corporation incurred $70,000 of costs such as fees to underwriters, legal fees, state fees, and promotional expenditures during its
Knuckles Corporation obtained a franchise from Sonic Hedgehog Inc. for a cash payment of $100,000 on April 1, 2008. The franchise grants Knuckles the right to sell certain products and services for a
On September 1, 2008, Dungeon Corporation acquired Dragon Enterprises for a cash payment of $750,000. At the time of purchase, Dragon’s balance sheet showed assets of $620,000, liabilities of
Kinoland Company owns machinery that cost $900,000 and has accumulated depreciation of $360,000. The expected future net cash flows from the use of this asset are expected to be $500,000. The fair
Nobunaga Corporation owns a patent that has a carrying amount of $330,000. Nobunaga expects future net cash flows from this patent to total $190,000. The fair value of the patent is $110,000. Prepare
Evander Corporation purchased Holyfield Company 3 years ago and at that time recorded goodwill of $400,000. The Holyfield Division’s net assets, including the goodwill, have a carrying amount of
Use the information provided in BE11-9. Assume that the fair value of the division is estimated to be $750,000 and the implied goodwill is $325,000. Prepare Evander’s journal entry, if necessary,
Dorsett Corporation incurred the following costs in 2008.Cost of laboratory research aimed at discovery of new knowledge ... $140,000Cost of testing in search for product alternatives ..........
Langer Industries had one patent recorded on its books as of January 1, 2008. This patent had a book value of $240,000 and a remaining useful life of 8 years. During 2008, Langer incurred research
Wiggens Industries acquired two copyrights during 2008. One copyright related to a textbook that was developed internally at a cost of $9,900. This textbook is estimated to have a useful life of 3

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