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business
accounting

Questions and Answers of Accounting

In what section of the balance sheet should a note receivable be listed if its term is (a) 120 days,(b) six years?
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $783,150 and Allowance for Doubtful Accounts has a balance of $41,694. Describe how the
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period’s net sales on account. After five years, the balance in Allowance for
If a note provides for payment of principal of $75,000 and interest at the rate of 8%, will the interest amount to $6,000? Explain.
The note receivable dishonored in Question 14 is paid on May 30 by the maker, plus interest for 30 days, 9%. What entry should be made to record the receipt of the payment?
To reduce its bad debt expense, Adang Inc. decided to quit granting credit to customers. Is this a wise decision by Adang Inc.? Explain.
The accounts receivable turnover increased, while the number of days’ sales in receivables decreased for the current year for Nackerud Co. Are changes for the current year good or bad? Explain.
The Boeing Company is one of the world’s major aerospace firms, with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management
Mandalay Resort Group owns and operates casinos at several of its hotels, located primarily in Nevada. At the end of one fiscal year, the following accounts and notes receivable were reported (in
Douglas Auto Supply distributes new and used automobile parts to local dealers throughout the Southeast. Douglas€™s credit terms are n/30. As of the end of business on July 31, the
The accounts receivable clerk for Vandalay Industries prepared the following partially completed aging-of-receivables schedule as of the end of business on November 30:The following accounts were
Vandalay Industries has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule you completed in Exercise
Using data in Exercise 8-4, assume that the allowance for doubtful accounts for Vandalay Industries has a credit balance of $8,195 before adjustment on November 30. Journalize the adjusting entry for
Phoenician Co. is a wholesaler of office supplies. An aging of the company€™s accounts receivable on December 31, 2007, and a historical analysis of the percentage of uncollectible
Using the data in Exercise 8-7, assume that the allowance for doubtful accounts for Phoenician Co. had a debit balance of $2,760 as of December 31, 2007.Journalize the adjusting entry for
Jadelis Resources, a computer consulting firm, has decided to write off the $12,500 balance of an account owed by a customer. Journalize the entry to record the write-off, assuming that (a) The
Journalize the following transactions in the accounts of Simmons Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:Aug. 8 Sold
Journalize the following transactions in the accounts of Simply Yummy Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: Jan. 13 Sold
Becker wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2008:Customer AmountSkip Simon .... $20,000Clarence Watson . 13,500Bill
Hazard wrote off the following accounts receivable as uncollectible for the year ending December 31, 2008:Customer AmountBoss Hogg ... $ 5,000Daisy Duke .... 3,500Bo Duke ...... 6,300Luke Duke ...
The following selected transactions were taken from the records of Shaw Company for the first year of its operations ending December 31, 2008.Jan. 31 Wrote off account of B. Roberts, $2,400.Mar. 26
The following selected transactions were taken from the records of Kemper Company for the year ending December 31, 2008:Feb. 2 Wrote off account of L. Armstrong, $7,250.May 10 Received $4,150 as
Determine the due date and the amount of interest due at maturity on the followingnotes
Holsten Interior Decorators issued a 90-day, 9% note for $25,000, dated April 6, to Maderia Furniture Company on account.a. Determine the due date of the note.b. Determine the maturity value of the
The series of seven transactions recorded in the following T-accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe eachtransaction.
The following selected transactions were completed by Lupine Co., a supplier of elastic bands for clothing:2006Dec. 13 Received from Stout Co., on account, a $30,000, 120-day, 9% note dated December
Journalize the following transactions of Theres Productions:July 3 Received a $150,000, 90-day, 8% note dated July 3 from Hermes Company on account.Oct. 1 The note is dishonored by Hermes Company.31
Journalize the following transactions in the accounts of Dimitrious Co., which operates a riverboat casino:Apr. 1 Received a $10,000, 30-day, 6% note dated April 1 from Wilcox Co. on account.18
List any errors you can find in the following partial balancesheet.
May Department Stores is a large retailer that operates such brands as Hecht€™s, Lord & Taylor, Marshall Field€™s, and David€™s Bridal. May reported the following data
Use the May Department Stores data in Exercise 8-26 to analyze days’ sales in receivables.a. Compute the days’ sales in receivables for the years ended January 29, 2005, and January 31, 2004.
Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company's products include such brands as Polo by Ralph
H.J. Heinz Company was founded in 1869 at Sharpsburg, Pennsylvania, by Henry J. Heinz. The company manufactures and markets food products throughout the world, including ketchup, condiments and
The Limited Inc. sells women's and men's clothing through specialty retail stores, including Structure, The Limited, Express, Lane Bryant, and Lerner New York. The Limited sells women's intimate
Use the data in Exercises 8-29 and 8-30 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited Inc.a. Compute the average accounts receivable turnover ratio for
The following transactions were completed by The Corion Gallery during the current fiscal year ended December 31:Feb. 21 Reinstated the account of Tony Marshal, which had been written off in the
Miller Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Miller Wigs prepared the following
Baron Company, which operates a chain of 30 electronics supply stores, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during
Abdou Co. produces advertising videos. During the last six months of the current fiscal year, Abdou Co. received the following notes:Instructions1. Determine for each note (a) the due date and (b)
The following data relate to notes receivable and interest for Vidovich Co., a financial services company. (All notes are dated as of the day they are received.)Mar. 1 Received a $13,000, 9%, 60-day
The following were selected from among the transactions completed during the current year by Hackworth Co., an appliance wholesale company:Jan. 7 Sold merchandise on account to Dewit Co., $12,300.
The following transactions were completed by Clark Management Company during the current fiscal year ended December 31:Mar. 17 Received 70% of the $21,000 balance owed by Baxter Co., a bankrupt
Zahovik Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Zahovik prepared the following
Franklin Company, a telephone service and supply company, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the entire
Gentry Co. wholesales bathroom fixtures. During the current fiscal year, Gentry Co. received the following notes:Instructions1. Determine for each note (a) the due date and (b) the amount of interest
The following data relate to notes receivable and interest for Generic Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)June 1 Received a $15,800,
The following were selected from among the transactions completed by Hunter Co. during the current year. Hunter Co. sells and installs home and business security systems.Jan. 8 Loaned $8,500 cash to
Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy operates retail stores in addition to the Best Buy, Media
Apple Computer Inc. designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business
Earthlink, Inc., is a nationwide Internet Service Provider (ISP). Earthlink provides a variety of services to its customers, including narrowband access, broadband or high-speed access, and Web
General Electric (GE) is one of the largest and most diversified industrial corporations in the world. GE€™s products include major appliances, lighting products, medical diagnostic imaging
Tricia Fenton, vice president of operations for Billings National Bank, has instructed the bank’s computer programmer to use a 365-day year to compute interest on depository accounts (payables).
The following is an excerpt from a conversation between the office manager, Jamie Luthi, and the president of Jefferson Construction Supplies Co., David King. Jefferson sells building supplies to
The following is an excerpt from a conversation between Kay Kinder, the president and owner of Retriever Wholesale Co., and Michele Stephens, Retriever’s controller. The conversation took place on
For several years, sales have been on a "cash only" basis. On January 1, 2004, however, Sheepshank Co. began offering credit on terms of n/30. The amount of the adjusting entry to record the
Should MNCs Avoid DFI in Countries with Liberal Child Labor Laws?Point Yes. An MNC should maintain its hiring standards, regardless of what country it is in. Even if a foreign country allows children
Describe some potential benefits to an MNC as a result of direct foreign investment (DFI). Elaborate on each type of benefit. Which motives for DFI do you think encouraged Nike to expand its footwear
Packer, Inc., a U.S. producer of computer disks, plans to establish a subsidiary in Mexico in order to penetrate the Mexican market. Packer’s executives believe that the Mexican peso’s value is
Bear Co. and Viking, Inc., are automobile manufacturers that desire to benefit from economies of scale. Bear Co. has decided to establish distributorship subsidiaries in various countries, while
Raider Chemical Co. and Ram, Inc., had similar intentions to reduce the volatility of their cash flows. Raider implemented a long-range plan to establish 40 percent of its business in Canada. Ram,
Offer your opinion on why economies of some less developed countries with strict restrictions on international trade and DFI are somewhat independent from economies of other countries. Why would MNCs
In August 2001, Ohio, Inc., considered establishing a manufacturing plant in central Asia, which would be used to cover its exports to Japan and Hong Kong. The cost of labor was very low in central
Bronco Corp. has decided to establish a subsidiary in Taiwan that will produce stereos and sell them there. It expects that its cost of producing these stereos will be one-third the cost of producing
This chapter concentrates on possible benefits to a firm that increases its international business.a. What are some risks of international business that may not exist for local business?b. What does
Starter Corp. of New Haven, Connecticut, produces sportswear that is licensed by professional sports teams. It recently decided to expand in Europe. What are the potential benefits for this firm from
What potential benefits do you think were most important in the decision of the Walt Disney Co. to build a theme park in France?
Once an MNC establishes a subsidiary, DFI remains an ongoing decision. What does this statement mean?
Why would foreign governments provide MNCs with incentives to undertake DFI there?
J.C. Penney has recognized numerous opportunities to expand in foreign countries and has assessed many foreign markets, including Brazil, Greece, Mexico, Portugal, Singapore, and Thailand. It has
Decko Co. is a U.S. firm with a Chinese subsidiary that produces cell phones in China and sells them in Japan. This subsidiary pays its wages and its rent in Chinese yuan, which is stable relative to
1. Identify and discuss some of the benefits that Blades, Inc., could obtain from DFI.2. Do you think Blades should wait until next year to undertake DFI in Thailand? What is the tradeoff if Blades
1. Given the information provided here, what are the advantages to Jim of establishing the firm in the United Kingdom?2. Given the information provided here, what are the disadvantages to Jim of
Should MNCs Use Forward Rates to Estimate Dollar Cash Flows of Foreign Projects?Point Yes. An MNC’s parent should use the forward rate for each year in which it will receive net cash flows in a
Why should capital budgeting for subsidiary projects be assessed from the parent’s perspective? What additional factors that normally are not relevant for a purely domestic project deserve
What is the limitation of using point estimates of exchange rates in the capital budgeting analysis?List the various techniques for adjusting risk in multinational capital budgeting. Describe any
Using the capital budgeting framework discussed in this chapter, explain the sources of uncertainty surrounding a proposed project in Hungary by a U.S. firm. In what ways is the estimated net
Your employees have estimated the net present value of project X to be $1.2 million. Their report says that they have not accounted for risk, but that with such a large NPV, the project should be
a. Describe in general terms how future appreciation of the euro will likely affect the value (from the parent’s perspective) of a project established in Germany today by a U.S.-based MNC. Will the
In August 2001, Woodsen, Inc., of Pittsburgh, Pennsylvania, considered the development of a large subsidiary in Greece. In response to the September 11, 2001, terrorist attack on the United States,
Huskie Industries, a U.S.-based MNC, considers purchasing a small manufacturing company in France that sells products only within France. Huskie has no other existing business in France and no cash
When Walt Disney World considered establishing a theme park in France, were the forecasted revenues and costs associated with the French park sufficient to assess the feasibility of this project?
Flagstaff Corp. is a U.S.-based firm with a subsidiary in Mexico. It plans to reinvest its earnings in Mexican government securities for the next 10 years since the interest rate earned on these
Brower, Inc., just constructed a manufacturing plant in Ghana. The construction cost 9 billion Ghanian cedi. Brower intends to leave the plant open for 3 years. During the 3 years of operation, cedi
Ventura Corp., a U.S.- based MNC, plans to establish a subsidiary in Japan. It is very confident that the Japanese yen will appreciate against the dollar over time. The subsidiary will retain only
Santa Monica Co., a U.S.-based MNC, was considering establishing a consumer products division in Germany, which would be financed by German banks. Santa Monica completed its capital budgeting
Assume that a less developed country called LDC encourages direct foreign investment (DFI) in order to reduce its unemployment rate, currently at 15 percent. Also assume that several MNCs are likely
PepsiCo recently decided to invest more than $300 million for expansion in Brazil. Brazil offers considerable potential because it has 150 million people and their demand for soft drinks is
Assume that Fordham Co. was evaluating a project in Thailand (to be financed with U.S. dollars). All cash flows generated from the project were to be reinvested in Thailand for several years. Explain
When considering the implementation of a project in one of various possible countries, what types of tax characteristics should be assessed among the countries?
A project in South Korea requires an initial investment of 2 billion South Korean won. The project is expected to generate net cash flows to the subsidiary of 3 billion and 4 billion won in the 2
Marathon, Inc., considers a one-year project with the Belgian government. Its euro revenue would be guaranteed. Its consultant states that the percentage change in the euro is represented by a normal
Assume that Nike decides to build a shoe factory in Brazil; half the initial outlay will be funded by the parent’s equity and half by borrowing funds in Brazil. Assume that Nike wants to assess the
A project in Malaysia costs $4 million. Over the next 3 years, the project will generate total operating cash flows of $3.5 million, measured in today’s dollars using a required rate of return of
Zistine Co. considers a one-year project in New Zealand so that it can capitalize on its technology. It is risk averse but is attracted to the project because of a government guarantee. The project
Blustream, Inc., considers a project in which it will sell the use of its technology to firms in Mexico. It already has received orders from Mexican firms that will generate MXP3 million in revenue
Wolverine Corp. currently has no existing business in New Zealand but is considering establishing a subsidiary there. The following information has been gathered to assess this project:• The
Baxter Co. considers a project with Thailand’s government. If it accepts the project, it will definitely receive one lump-sum cash flow of 10 million Thai baht in 5 years. The spot rate of the Thai
Cantoon Co. is considering the acquisition of a unit from the French government. Its initial outlay would be $4 million. It will reinvest all the earnings in the unit. It expects that at the end of 8
1. Should the sales and the associated costs of 180,000 pairs of roller blades to be sold in Thailand under the existing agreement be included in the capital budgeting analysis to decide whether
1. Describe the capital budgeting steps that would be necessary to determine whether this proposed project is feasible, as related to this specific situation.2. Explain why there is uncertainty

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