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Questions and Answers of Accounting

Journalize the following transactions using the allowance method of accounting for uncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 as
At the end of the current year, Accounts Receivable has a balance of $500,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and net sales for the year total $2,800,000. Bad debt
At the end of the current year, Accounts Receivable has a balance of $1,200,000; Allowance for Doubtful Accounts has a debit balance of $5,000; and net sales for the year total $6,200,000. Bad debt
At the end of the current year, Accounts Receivable has a balance of $500,000; Allowance for Doubtful Accounts has a credit balance of $4,000; and net sales for the year total $2,800,000. Using the
At the end of the current year, Accounts Receivable has a balance of $1,200,000; Allowance for Doubtful Accounts has a debit balance of $5,000; and net sales for the year total $6,200,000. Using the
Mountain Supply received a 90-day, 8% note for $25,000, dated August 10 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the
Mountain Supply received a 60-day, 7% note for $120,000, dated April 2 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the
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
At the end of the current year, the accounts receivable account has a debit balance of $650,000, and net sales for the year total $5,500,000. Determine the amount of the adjusting entry to provide
Chuck€™s Auto Supply distributes new and used automobile parts to local dealers throughout the Southeast. Chuck€™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
Using data in Exercise 9-8, assume that the allowance for doubtful accounts for Vandalay Industries has a credit balance of $6,150 before adjustment on November 30. Journalize the adjusting entry for
Renegade Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 2008, and a historical analysis of the percentage of uncollectible accounts in each
Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Renegade Co. had a debit balance of $3,500 as of December 31, 2008.Journalize the adjusting entry for
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.
Using the data in Exercise 9-15, assume that during the second year of operations West Plumbing Supply Co. had net sales of $2,200,000, wrote off $61,500 of accounts as uncollectible using the direct
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 $30,000, dated May 20, 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 Cactus Co., a supplier of velcro for clothing:2007 Dec. 13. Received from Lady Ann's Co., on account, a $60,000, 90-day, 9% note dated December
Journalize the following transactions of Theres Productions:May 3. Received a $150,000, 90-day, 8% note dated May 3 from Xpedx Company on account.Aug. 1. The note is dishonored by Xpedx Company.31.
Journalize the following transactions in the accounts of Powerplay Co., which operates a riverboat casino:Mar. 1. Received a $45,000, 60-day, 6% note dated March 1 from Pynn Co. on account.18.
List any errors you can find in the following partial balancesheet.
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 The Limited, Express, and Lane Bryant. The Limited sells women's intimate apparel and personal care
Alpine Co., a building construction company, holds a 120-day, 9% note for $80,000, dated July 23, which was received from a customer on account. On September 21, the note is discounted at the bank at
Journalize the following transactions in the accounts of Monarch Theater Productions:Aug. 1. Received a $100,000, 90-day, 8% note dated August 1 from Elk Horn Company on account.Sept. 1. Discounted
The following transactions were completed by Clark Management Company during the current fiscal year ended December 31:July 5. Received 70% of the $21,000 balance owed by Dockins Co., a bankrupt
Steelhead Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Steelhead prepared the following
Pegasus 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 12. Received a
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. 15. Loaned $6,000 cash
The following transactions were completed by The Corion Gallery during the current fiscal year ended December 31:Mar. 21. Reinstated the account of Tony Marshal, which had been written off in the
Looks Good Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Looks Good prepared the following
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
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. 6. Received an $18,000, 9%,
The following were selected from among the transactions completed during the current year by Hackworth Co., an appliance wholesale company:Jan. 12. Sold merchandise on account to Dewit Co., $12,300.
Neka Kiser, vice president of operations for Mountain National Bank, has instructed the bank's computer programmer to use a 365-day year to compute interest on depository accounts (payables). Neka
For several years, sales have been on a "cash only" basis. On January 1, 2005, however, Litespeed Co. began offering credit on terms of n/30. The amount of the adjusting entry to record the estimated
Apple Computer, Inc., designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and
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
The accounts receivable turnover ratio will vary across companies, depending upon the nature of the company's operations. For example, an accounts receivable turnover of 6 for an Internet Services
Office Outfitters Co. has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Westgate Auto Sales Co. has automobiles and trucks for sale.
On February 13, Scandia Co. paid $1,650 to install a hydraulic lift and $25 for an air filter for one of its delivery trucks. Journalize the entries for the new lift and air filter expenditures.
On August 30, Stop Shop Co. paid $1,325 to repair the transmission on one of its delivery vans. In addition, Stop Shop paid $1,100 to install a GPS system in its van. Journalize the entries for the
Equipment acquired at the beginning of the year at a cost of $88,000 has an estimated residual value of $6,000 and an estimated useful life of five years. Determine (a) The depreciable cost, (b) The
A building acquired at the beginning of the year at a cost of $316,000 has an estimated residual value of $48,000 and an estimated useful life of 40 years. Determine (a) The depreciable cost, (b) The
A tractor acquired at a cost of $120,000 has an estimated residual value of $5,000, has an estimated useful life of 50,000 hours, and was operated 4,200 hours during the year. Determine (a) The
A truck acquired at a cost of $90,000 has an estimated residual value of $18,000, has an estimated useful life of 200,000 miles, and was driven 40,000 miles during the year. Determine (a) The
Equipment acquired at the beginning of the year at a cost of $88,000 has an estimated residual value of $6,000 and an estimated useful life of five years. Determine (a) The depreciable cost, (b) The
A building acquired at the beginning of the year at a cost of $316,000 has an estimated residual value of $48,000 and an estimated useful life of 40 years. Determine (a) The depreciable cost, (b) The
A truck with a cost of $90,000 has an estimated residual value of $15,000, has an estimated useful life of eight years, and is depreciated by the straight-line method. (a) Determine the amount of the
Equipment with a cost of $189,000 has an estimated residual value of $24,000, has an estimated useful life of 15 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 $158,000. The equipment was depreciated using the straight-line method based upon an estimated useful life of 10 years and an
Equipment was acquired at the beginning of the year at a cost of $250,000. The equipment was depreciated using the double-declining-balance method based upon an estimated useful life of 10 years and
On the first day of the fiscal year, equipment with a list price of $160,000 was acquired in exchange for similar equipment and $136,000 cash. The old equipment had a cost of $99,000 and accumulated
On the first day of the fiscal year, a delivery truck with a list price of $90,000 was acquired in exchange for an old delivery truck and $74,500 cash. The old truck had a cost of $60,000 and
Butte Mining Co. acquired mineral rights for $36,000,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 29,350,000 tons were mined and sold.a. Determine the depletion
Rocky Mountain Mining Co. acquired mineral rights for $88,000,000. The mineral deposit is estimated at 110,000,000 tons. During the current year, 33,800,000 tons were mined and sold.a. Determine the
On December 31, it was estimated that goodwill of $100,000 was impaired. In addition, a patent with an estimated useful economic life of 12 years was acquired for $450,000 on June 1.a. Journalize the
On December 31, it was estimated that goodwill of $375,000 was impaired. In addition, a patent with an estimated useful economic life of 10 years was acquired for $600,000 on October 1.a. Journalize
Kelly Melnik owns and operates Aaladin Print Co. During July, Aaladin Print Co. incurred the following costs in acquiring two printing presses. One printing press was new, and the other was used by a
Serenity 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
Next Day Delivery Company acquired an adjacent lot to construct a new warehouse, paying$25,000 and giving a short-term note for $175,000. Legal fees paid were $1,200, delinquent taxes assumed were
Thare Co. incurred the following costs related to trucks and vans used in operating its delivery service:1. Changed the oil and greased the joints of all the trucks and vans.2. Installed security
Felix Little owns and operates Big Sky Transport Co. During the past year, Felix incurred the following costs related to his 18-wheel truck:1. Replaced a headlight that had burned out.2. Replaced fog
Load All Company made the following expenditures on one of its delivery trucks:Feb. 22. Replaced transmission at a cost of $2,300.Mar. 20. Paid $900 for installation of a hydraulic lift.Nov. 2. Paid
Armored Metal Co. reported $975,600 for equipment and $600,000 for accumulated depreciation—equipment on its balance sheet.Does this mean (a) That the replacement cost of the equipment is $975,600
A diesel-powered tractor with a cost of $215,000 and estimated residual value of $27,000 is expected to have a useful operating life of 80,000 hours. During October, the generator was operated 380
Prior to adjustment at the end of the year, the balance in Trucks is $225,900 and the balance in Accumulated Depreciation-Trucks is $87,010. Details of the subsidiary ledger are as follows:a.
A John Deere tractor acquired on January 5 at a cost of $44,800 has an estimated useful life of 16 years. Assuming that it will have no residual value, determine the depreciation for each of the
A storage tank acquired at the beginning of the fiscal year at a cost of $86,000 has an estimated residual value of $10,000 and an estimated useful life of eight years. Determine the following: (a)
Sandblasting equipment acquired at a cost of $68,000 has an estimated residual value of $18,000 and an estimated useful life of 10 years. It was placed in service on October 1 of the current fiscal
A building with a cost of $750,000 has an estimated residual value of $300,000, has an estimated useful life of 36 years, and is depreciated by the straight-line method. (a) What is the amount of the
Sime Company purchased and installed carpet in its new general offices on March 29 for a total cost of $48,000. The carpet is estimated to have a 15-year useful life and no residual value.a. Prepare
Equipment acquired on January 3, 2005, at a cost of $360,000, has an estimated useful life of 12 years, has an estimated residual value of $30,000, and is depreciated by the straight-line method.a.
Equipment acquired on January 3, 2005, at a cost of $147,500, has an estimated useful life of eight years and an estimated residual value of $17,500.a. What was the annual amount of depreciation for
A printing press priced at $280,000 is acquired by trading in a similar press and paying cash for the difference between the trade-in allowance and the price of the new press.a. Assuming that the
Assume the same facts as in Exercise 10-19, except that the book value of the press traded in is $103,250. (a) What is the amount of cash given? (b) What is the cost of the new press for financial
On October 1, Clear Spring Co., a water distiller, acquired new bottling equipment with a list price of $288,750. Clear Springs received a trade-in allowance of $60,000 on the old equipment of a
On April 1, Senorita's Delivery Services acquired a new truck with a list price of $75,000.Senorita's received a trade-in allowance of $15,000 on an old truck of similar type, paid cash of $10,000,
On the first day of the fiscal year, a delivery truck with a list price of $86,500 was acquired in exchange for an old delivery truck and $75,000 cash. The old truck had a book value of $15,675 at
Rainbow Mining Co. acquired mineral rights for $30,000,000. The mineral deposit is estimated at 75,000,000 tons. During the current year, 11,250,000 tons were mined and sold.a. Determine the amount
Venture Company acquired patent rights on January 3, 2005, for $661,500. The patent has a useful life equal to its legal life of 15 years. On January 5, 2008, Venture successfully defended the patent
Apple Computer, Inc., designs, manufactures, and markets personal computers and related software. Apple also manufactures and distributes music players (Ipod) along with related accessories and
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 2005 was
The following table shows the revenue and average net fixed assets (in millions) for a recent fiscal year for Best Buy and Circuit City Stores, Inc.:a. Compute the fixed asset turnover for each
Based on the data in Exercise 10-12, determine the depreciation for the Bobcat for each of the first two years, using the sum-of-the-years-digits depreciation method. Round to the nearest dollar.
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
Air Pack Company purchased packaging equipment on January 3, 2006, for $90,000. The equipment was expected to have a useful life of three years, or 21,000 operating hours, and a residual value of
Covershot Company purchased plastic laminating equipment on July 1, 2006, for $7,830.The equipment was expected to have a useful life of three years, or 10,040 operating hours, and a residual value
New lithographic equipment, acquired at a cost of $175,000 at the beginning of a fiscal year, has an estimated useful life of five years and an estimated residual value of $15,000. The manager
The following transactions, adjusting entries, and closing entries were completed by Willow Run 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 $648,000 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.
Seal Coatings Company purchased waterproofing equipment on January 2, 2007, for $475,000. The equipment was expected to have a useful life of four years, or 21,500 operating hours, and a residual
E-Sharp Company purchased tool sharpening equipment on July 1, 2006, for $97,200. The equipment was expected to have a useful life of three years, or 22,800 operating hours, and a residual value of

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