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accounting

Questions and Answers of Accounting

What are the principal types of receivables?
Under the allowance method, why do we make an entry to record bad debt expense in the period of sale rather than in the period in which an account is determined to be uncollectible?
Why is the direct write-off method not GAAP?
What is the conceptual difference between the (1) Percentage of credit sales and (2) Aging methods of estimating bad debts?
What kind of account is allowance for doubtful accounts? What does it represent?
Why do companies issue credit when their past experience indicates that some customers will not pay?
How much interest will be due at maturity for each of the following interest-bearingnotes?
A business borrows $1,000, giving a note that requires repayment of the amount borrowed in two payments of $600 each, one at the end of each of the next two six-month periods. Calculate the total
Describe what happens when receivables are factored.
Accepting major credit cards requires the seller to pay a service charge. What advantages does the seller obtain by accepting major credit cards?
Why is interest typically charged on notes receivable, but not on accounts receivable?
How may analyzing sales and receivables provide information about a firm’s profitability?
How may analyzing sales and receivables provide information about a firm’s asset management?
Multiple-Choice Questions1. Which of the following is not one of the criteria for revenue recognition?a. Delivery has occurred or services have been provided.b. The seller’s price to the buyer is
Multiple Choice Questions1. If a company uses the direct write-off method of accounting for bad debts,a. It is applying the matching principle.b. It will record bad debt expense only when an account
Kibitz Fitness received $12,000 from customers on September 30, 2009. These payments were advance payments of yearly membership dues.Required:At December 31, 2009, calculate what the balances in the
Softball Magazine Company received advance payments of $5,000 from customers during 2009. At December 31, 2009, $1,200 of the advance payments still had not been earned.Required:After the adjustments
Bolton Garage Doors Corporation sold merchandise with a price of $22,500 to Sammy's Wholesale Company. Bolton offered terms of 2/10, n/30.Required:Prepare the journal entry to record the sale using
Bolton Garage Doors Corporation sold merchandise with a gross price of $22,500 to Sammy's Wholesale Company. Bolton offered terms of 2/10, n/30 and uses the gross method.Required:Prepare the journal
Ramsden Manufacturing sold merchandise with a gross price of $25,000 to Garner's Hardware Store. Ramsden offered terms of 3/10, n/30.Required:Prepare the necessary journal entries to record the sale
Clarissa Company has credit sales of $400,000 during 2010 and estimates at the end of 2010 that 2 percent of these credit sales will eventually default. Also, during 2010 a customer defaults on a
The Rock has credit sales of $650,000 during 2010 and estimates at the end of 2010 that 3 percent of these credit sales will eventually default. Also, during 2010 a customer defaults on a $1,225
On January 1, 2009, Hungryman, Inc., has the following balances for accounts receivable and allowance for doubtful accounts:Accounts Receivable ................ $363,000Allowance for Doubtful
On January 1, 2010, Smith, Inc., has the following balances for accounts receivable and allowance for doubtful accounts:Accounts Receivable .................. $273,000Allowance for Doubtful
Customer A owes XYZ Corp. $524. XYZ determines that the total amount is uncollectible and writes off all of Customer A's debt. Customer A later pays $260 to XYZ Corp.Required:Make the appropriate
On July 1, Wilson, Inc., factors $200,000 of accounts receivable. The factor charges a 1.5 percent fee.Required:Prepare the journal entry to record the factoring of the accounts receivable on July
Beginning accounts receivable were $10,000. All sales were on account and totaled $700,000. Cash collected from customers totaled $650,000.Required:Calculate the ending accounts receivable balance.
Beginning accounts receivable were $50,000 and ending accounts receivable were $70,000. $300,000 cash was collected from customers' credit sales.Required:Calculate the amount of sales on account
Beginning accounts receivable were $11,000 and ending accounts receivable were $14,000. All sales were on credit and totaled $559,000.Required:Determine how much cash was collected from customers.
Judy’s College Shirts sells sweatshirts with imprinted college logos in Honey Creek Mall. At the end of a recent day, Judy’s cash register included credit card documents for the following sales
Portuguese, Inc., a truck dealership, sells a truck costing $18,000 to Undervalued Company on January 1, 2009, in exchange for a $40,000 note bearing 9 percent interest.Required:1. Prepare the
Frenchie, Inc., a truck dealership, sells a truck costing $15,000 to Overvalued Company on January 1, 2009, in exchange for a $30,000 note bearing 12 percent interest.Required:1. Prepare the journal
The following information pertains to Cobb Corporation’s financial results for the past year.Net sales .......... $100,000CGS ........... 35,000Other expenses ...... 12,000Net income
ABC Corporation's 2008 net sales and average net trade accounts receivable were $4,300,000 and $975,000, respectively.Required:Calculate ABC's accounts receivable turnover.
Bo Sports' 2008 net sales, average net trade accounts receivable, and net income were $7,300,000, $1,655,000, and $745,000, respectively.Required:Calculate Bo's:1. Accounts receivable turnover2.
Wallace Motors, which began business on December 31, 2009, buys and sells used cars. All its sales are to other car dealers. Four cars were purchased during January and none were purchased during
Anderson Lawn Service provides mowing, weed control, and pest management services for a flat fee of $60 per lawn per month. During July, Anderson collected $4,980 in cash from customers, which
Citron Mechanical Systems makes all sales on credit, with terms 2/10, n/30. During 2009, the list price (prediscount) of goods sold was $498,500. Customers paid $350,000 (list price) of these sales
Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises with terms 3/15, n/30. Nevada records sales at gross.Required:1. Prepare the entries to record this sale in Nevada's
Rubin Enterprises had the following sales-related transactions on a recent day:a. List price of goods sold on credit was $14,700; terms 3/15, n/45.b. Cash sales were $1,150.c. Goods with a list price
Swan and Bloom, Inc., is a wholesaler of novelty items to small stores. All sales are on credit with no discount offered. During March, Swan and Bloom accepted the following sales returns:a. Johnson
Arrow Products is a mail-order computer software sales outlet. Most of Arrow's customers call on its toll-free phone line and order software, paying with a credit card.Required:Explain why the
The accountant for Porile Company prepared the following data for sales and losses from uncollectible accounts:Required:1. Calculate the average percentage of losses from uncollectible accounts for
Gilmore Electronics had the following data for a recent year:Cash sales ....................$ 26,700Credit sales ..................... 428,600Accounts receivable determined to be uncollectible ....
Bradford Plumbing had the following data for a recent year:Credit sales .....................$289,000Allowance for doubtful accounts, 1/1 (a credit balance) ... 4,120Accounts receivable, 1/1
Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year.The balance in Glencoeâ€™s allowance for doubtful accounts at the beginning of the year was
Perkinson Corporation sells paper products to a large number of retailers. Perkinson's accountant has prepared the following aging schedule for its accounts receivable at the end of the year.Before
At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for doubtful accounts of $6,307. During the year Kullerud made credit sales of$890,000, collected
The new bookkeeper at Karlin Construction Company was asked to write off two accounts totaling $1,710 that had been determined to be uncollectible. Accordingly, he debited accounts receivable for
On February 1, Anderson, Inc., factors $1,200,000 of accounts receivable. The factor charges a 2 percent fee.Required:Prepare the journal entry to record the factoring of the accounts receivable on
Tucker Products sold inventory costing $20,000 to Thomas, Inc., in exchange for a five-month, $50,000, 12 percent note receivable. Thomas, Inc., paid Tucker the full amount of interest and principal
Marydale Products permits its customers to defer payment by giving personal notes instead of cash. All the notes bear interest and require the customer to pay the entire note in a single payment six
The following information was taken from Nash, Inc.'s trial balances as of December 31, 2008, and December 31, 2009.Required:Calculate the net profit margin and accounts receivable turnover for2009.
The following information was taken from Logsden Manufacturing€™s trial balances as ofDecember 31, 2008, and December 31, 2009.Required:Calculate the gross profit ratio and operating margin
Katie Vote owns a small business that rents computers to students at the local university for the nine month school year. Katie's typical rental contract requires the student to pay the year's rent
Compton Audio sells MP3 players. During 2008, Compton sold 1,000 units at an average of $300 per unit. Each unit cost Compton $180. At present, Compton offers no sales discounts. Compton's controller
Helmkamp Products sells golf clubs and accessories to pro shops. Gross sales in 2009 were $1,150,200 (Helmkamp's list price) on terms 3/15, n/45. Customers paid for $822,800 (Helmkamp's list price)
Sims Company regularly sells merchandise to Lauber Supply on terms 3/15, n/20 and records sales at gross. During a recent month, the two firms engaged in the following transactions:a. Sims sold
Sullivan Company sells industrial cleaning supplies and equipment to other businesses.During the first quarter of 2009, the following transactions occurred:a. On January 10, Sullivan sold on credit
Fuente Office Supply sells all merchandise on credit with terms 2/10, n/30 using the gross method to record sales. Fuente engaged in the following transactions:a. May 1: Fuente sold 50 staplers to
Yancy's Hardware has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2010, Bill Slick, manager of one of the stores, resigned.
The Glass House, a glass and china store, sells nearly half its merchandise on credit. During the past four years, the following data were developed for credit sales and losses from uncollectible
Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the following aging schedule for Cayce's accounts receivable:Cindy indicates that the $126,700 of accounts receivable
At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of $31,800 and a balance in the allowance for doubtful accounts of $2,980 (credit). During the year Tennyson had
Yarnell Electronics sells computer systems to small businesses. During 2009, Yarnell engaged in the following activities involving notes receivable:a. On November 1, Yarnell sold a $5,000 system to
Selected information from Bigg Company€™s financial statements follows.Required:1. Calculate the following ratios for 2009 and 2010:a. Gross profit ratiob. Operating margin ratioc. Net
Mary Wade owns a small business that rents parking spaces to students at the local university. Mary's typical rental contract requires the student to pay the year's rent of $720 ($60 per month) in
Parker Electronics sells cell phones. During 2008, Parker sold 1,500 units at an average of $250 per unit. Each unit cost Parker $120. At present, Parker offers no sales discounts. Parker's
Smithson Products sells shoes and accessories to retail stores. Gross sales in 2009 were $1,500,250 (Smithson's list price) on terms 2/10, n/30. Customers paid for $925,500 (Smithson's list price) of
Spartan, Inc., regularly sells chemicals to Grieder Supply on terms 4/10, n/30 and records sales at gross. During a recent month, the two firms engaged in the following transactions:a. Spartan sold
Marvel Company sells industrial cleaning supplies and equipment to other businesses.During the first quarter of 2009, the following transactions occurred:a. On January 10, Marvel sold on credit 25
Callaway Supply sells all merchandise on credit with terms 3/15, n/30. Callaway engaged in the following transactions:a. May 1: Callaway sold 40 staplers to Logsdon Enterprises at a list price of $15
Johnson Tires has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 2010, Kevin Sampson, manager of one of the stores, resigned.
Kelly's Collectibles sells nearly half its merchandise on credit. During the past four years, the following data were developed for credit sales and losses from uncollectible accounts:In 2010,
Carol Simon, the manager of Handy Plumbing has provided you with the following aging schedule for Handy's accounts receivable:Carol indicates that the $125,200 of accounts receivable identified in
At the beginning of the year, Lennon Electronics had an accounts receivable balance of $29,800 and a balance in the allowance for doubtful accounts of $2,425 (credit). During the year, Lennon had
Sloan Systems sells voice mail systems to small businesses. During 2009, Sloan engaged in the following activities involving notes receivable:a. On November 1, Sloan sold an $8,000 system to Majors
Selected information from Small Company€™s financial statements follows.Required:1. Calculate the following ratios for 2009 and 2010:a. Gross profit ratiob. Operating margin ratioc. Net
Alan Dunlap is CEO of a large appliance wholesaler. Alan is under pressure from Wall Street Analysts to meet his aggressive sales revenue growth projections. Unfortunately, near the end of the year
Jackson Dunlap is president of New Miami Maintenance, Inc., which provides building maintenance services. On October 15, 2008, Mr. Dunlap signed a service contract with Western College. Under the
Beth Rader purchased North Shore Health Club in June 2009. Beth wanted to increase the size of the business by selling five-year memberships for $2,000, payable at the beginning of the membership
Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned gas station located at a busy intersection in Cincinnati, Ohio, that offers a 3
A chain of retail stores located in Kansas and Nebraska has requested a loan from the bank at which you work. The balance sheet of the retail chain shows significant accounts receivable related to
The credit manager and the accountant for Goldsmith Company are attempting to assess the effect on net income of writing off $100,000 of receivables. Goldsmith uses the aging method of determining
Obtain Under Armour's 2007 10-K through the ''Investor Relations'' portion of their website. (Using a search engine, search for: Under Armour investor relations.) Once at the Investor Relations
Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:1. Look at Abercrombie & Fitch's Note 2 (Summary of Significant Accounting
How do operating assets differ from nonoperating assets? What benefits do operating assets provide to the company?
What are the classifications of operating assets? How do they differ from one another?
How does the cost concept affect accounting for operating assets? Under this concept, what is included in the cost of a fixed asset?
How is the cost of a fixed asset measured in a cash transaction? In a noncash transaction?
How does the matching concept affect accounting for fixed assets?
What factors must be known or estimated in order to compute depreciation expense?
How do the accelerated and straight-line depreciation methods differ?
What objective should guide the selection of a depreciation method for financial reporting purposes?
What objective should be of primary importance in the selection of a depreciation method for income tax reporting?
What accounting concepts should be considered when evaluating the accounting for expenditures that are made for fixed assets subsequent to acquisition? Be sure to distinguish between revenue and
What is an impairment of a fixed asset?
How is the sale of equipment at an amount greater than its book value recorded? How would your answer change if the equipment is sold at an amount less than its book value?
Describe the benefits that intangible assets provide to an enterprise.
What factors should be considered when selecting the amortization period for an intangible asset?

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