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accounting

Questions and Answers of Accounting

Zheng Corporation had the following selected transactions in the month of March. The company adjusts its accounts monthly.1. The company has an 14%, $12,040 note payable due in 1 year. Interest is
The following independent events for New Age Theatre Ltd. during the year ended November 30, 2012, require a journal entry for the dates mentioned below or an adjusting journal entry, or both. The
Phantom Book Warehouse Ltd. distributes hardcover books to retail stores. At the end of May, Phantom’s inventory consists of 155 books purchased at $17 each. Phantom uses a perpetual inventory
The adjusted trial balance of Club Canada Wholesale Inc. contained the following accounts at December 31, the company€™s yearend:(a) Prepare a single-step income statement.(b) Prepare a
These three accounts appear in the general ledger of Jurena Corp. during 2012: From the postings in the accounts, indicated how the information is reported on the statement of cash flows, using
Here is a comparative balance sheet for Padgett Company:Additional information: Net income for 2012 was $151,410.Cash dividends of $66,150 were declared and paid.Bonds payable amounting to $73,500
The comparative balance sheets of Fain, Inc. are presented here.
Southern Inc. operates department stores in numerous states. Selected financial statement data (in millions) for 2009 are presented here.For the year, net credit sales were $8,828 million, cost of
Lopez Corporation incurred the following costs while manufacturing its product.Work-in-process inventory was $13,080 at January 1 and $16,960 at December 31. Finished goods inventory was $66,540 at
An incomplete cost of goods manufactured schedule is presented below.Complete the cost of goods manufactured schedule for Molina ManufacturingCompany.
Manufacturing cost data for Copa Company are presented below.Indicate the missing amount for each letter (a) through (i).
CheeMortal music store sells four kinds of musical instruments€”pianos, violins, cellos, and flutes. The current sales mix for the store and the contribution margin ratio (unit contribution
Omega Corporation has 10 million shares outstanding, now trading at $55 per share. The firm has estimated the expected rate of return to shareholders at about 12 percent. It has also issued long-term
A concessionaire for the local ballpark has developed a table of conditional values for the various alternatives (stocking decisions) and states of nature (size of crowd).If the probabilities
Springsteen Music Company earned $820 million last year and paid out 20 percent of earnings in dividends.a) By how much did the company’s retained earnings increase?b) With 100 million shares
Prepare a flow chart for acquisition and payment cycle?
What does [bl = [1 + (1-T) (D/S)] tell us in words?
Local Steel Construction Company produces two products, steel and wood beams. Steel beams have a unit contribution margin of $200, and wood beams have a unit contribution margin of $150. The demand
What is the primary difference between the term unit cost, as commonly used in a process cost system, and the term job cost, as commonly used in a job order cost system?
A company has $50,000 in fixed costs and sells one product with a selling price of $15 per unit. If variable costs are $5 per unit, what is this company's break-even sales in units?
On December 31, 2006, Frye Co. has $2,000,000 of short-term notes payable due on February 14, 2007. On January 10, 2007, Frye arranged a line of credit with County Bank which allows Frye to borrow
The Walker Landscaping Company can purchase a piece of equipment for $3,600. The asset has a two-year life, will produce a cash flow of $600 in the first year and $4,200 in the second year. The
You plan to invest in Stock X, Stock Y, or some combination of the two. The expected return for X is 10% and X = 5%. The expected return for Y is 12% and Y = 6%. The correlation coefficient, rXY,
You are interested in saving to buy a new machine that costs $387,120. You can deposit $32,805 in your bank today. If your bank pays 14% annual interest on its accounts, how long will it take you to
Mr. Darden sold his house for $165,000. He bought it for $55,000 nine years ago. What is the annual return on his investment? (Convert this problem into a present value yield, by using the table in
T.J. Carlin has the following transactions during August of the current year. Journalize the transactions based on the data below.Aug. 1 Opens an office as a financial advisor, investing $8,410 in
Assume the following data for Cable Corporation and Multi-Media, Inc.a. Compute return on stockholders€™ equity for both firms using ROE-ratio Net income / stockholders€™ equity.
Pavlin Corp.'s projected capital budget is $2,000,000 its target capital structure is 40% debt and 60% equity, and its forecasted net income is $1,000,000. If the company follows a residual dividend
The following data apply to Hill's Hiking Equipment:Value of operations ........ $20,000Short-term investments ...... $ 1,000Debt ................ $ 6,000Number of Shares........ 300The
Executive Chalk is financed solely by common stock and has outstanding 25 million shares with a market price of $10 a share. It now announces that it intends to issue $160 million of debt and to use
A stock returns 20 percent in the first year, declines eight percent in the second year, and increases 10 percent in the third year. What is the total compounded return at the end of the third year.
Multiple Choice Questions 1. Costs that are capitalized as inventory because they produce benefits expected to have value in the future are called:a. Period costb. Product costc. General costd.
Multiple Choice Questions 1. A plan that states the number of units to be manufactured during each future period covered by the budget, based on the budgeted sales for the period and the levels of
Multiple Choice Questions 1. The statement of cash flows reports: A) Assets, liabilities, and equity. B) Revenues, gains, expenses, and losses. C) Cash inflows and cash outflows for an accounting
Multiple Choice Questions 1. Financial statement analysis: A) Is the application of analytical tools to general-purpose financial statements and related data for making business decisions. B)
Multiple Choice Questions 1. Much of managerial accounting is directed at gathering useful information about costs for planning and control decisions. A) TrueB) False2. Managerial accounting is an
Multiple Choice Questions1. Direct materials are not usually easily traced to a product. A) TrueB) False2. Product costs can be classified as one of three types: direct materials, direct labor, or
Multiple Choice Questions1. The main difference between the income statement of a manufacturer and a merchandiser is that the merchandiser includes cost of goods manufactured rather than cost of
Multiple Choice Questions1. Buying stock in a corporation is attractive to investors because: A) Stockholders are not liable for the corporation's actions and debts. B) Stock is easily transferred.
Multiple Choice Questions1. Bonds that have an option exercisable by the issuer to retire them at a stated dollar amount prior to maturity are known as: A) Convertible bonds. B) Sinking fund bonds.
Multiple Choice Questions 1. A company may retire bonds by: A) Exercising a call option. B) The holders converting them to stock. C) Purchasing the bonds on the open market. D) Paying them off at
Multiple Choice Questions 1. The private board that currently has the authority to establish generally accepted accounting principles is the: A) APB. B) FASB. C) AAA. D) AICPA. E) SEC. 2. The
Multiple Choice Questions 1. An account used to record the owner's investments in the business is called a(n): A) Withdrawals account. B) Capital account. C) Revenue account. D) Expense account. E)
Multiple Choice Questions 1. The main purpose of adjusting entries is to: A) Record external transactions and events. B) Record internal transactions and events. C) Recognize assets purchased during
Multiple Choice Questions 1. A merchandising company: A) Earns net income by buying and selling merchandise. B) Receives fees only in exchange for services. C) Earns profit from commissions only.
Multiple Choice Questions 1. The inventory valuation method that has the advantages that it assigns a value to the inventory on the balance sheet that approximates current cost, and also mimics the
Multiple Choice Questions 1. The control principle for accounting information systems requires that the: A) Benefits from an activity outweigh the costs of the activity. B) System report useful,
Multiple Choice Questions 1. The principles of internal control include: A) Establish responsibilities. B) Maintain minimal records. C) Use only computerized systems. D) Bond all employees. E)
Multiple Choice Questions 1. Accounts receivable information for specific customers is important because it reveals: A) How much each customer has purchased on credit. B) How much each customer has
Multiple Choice Questions 1. Plant assets are: A) Current assets. B) Used in operations. C) Natural resources. D) Long-term investments. E) Intangible. 2. The relevant factor(s) in computing
Multiple Choice Questions 1. Land improvements are: A) Assets that increase the usefulness of land, and like land, are not depreciated. B) Assets that increase the usefulness of land, but that have a
Multiple Choice Questions1. An asset can be disposed of by: A) Discarding it. B) Selling it. C) Exchanging it for another asset. D) Donating it to charity. E) All of the above. 2. Natural resources:
Multiple Choice Questions 1. Employers' responsibilities for payroll include: A) Providing each employee with an annual report of his or her wages subject to FICA and federal income taxes along with
The Schonlind Company has gathered information regarding past sales:Year Sales1999 ........... 300,0002000 ........... 225,0002001 ........... 325,0002002 ........... 650,0002003
On January 2, 2007, Tomlin Company purchased 1,000 shares of Joel Company common stock for $35,000. The stock has a par value of $10 and is part of the total stock outstanding of 20,000 shares of
Grider Industries, Inc. issued $6,000,000 of 8% debentures on November 1, 2010. The bonds pay interest semiannually on May 1 and November 1. The maturity date on these bonds is November 1, 2020. The
The Booth Company's sales are forecasted to increase from $1,000 in 2007 to $2,000 in 2008. Here is the balance sheet for December 31, 2007.Booth's fixed assets were used to only 50% of capacity
Calculate EPS (weighted average) based on below information.Authorized: 25,000 shares, $10 par. Issued: 12,000 shares, all at par.1/1/X1 – Nick Riley, 2,000 sharesCash, $10,000For licensing costs,
Miller Bros. Hardware is operating at full capacity with a sales level of $689,700 and fixed assets of $468,000. The profit margin is 7 percent. What is the required addition to fixed assets if sales
The Nickelodeon Manufacturing Co. has a series of $1000 par value bonds outstanding. Each bond pays interest semi-annually and carries an annual coupon rate of 7%. Some bonds are due in three years
Which project would you select if you used the discounted payback, NPV and IRR methods and why? (Use a 12% discount whereneeded.)
California Clinics, an investor-owned chain of ambulatory care clinics, just paid a dividend of $2 per share. The firm’s dividend is expected to grow at a constant rate of 5% per year, and
Before considering a net operating loss carry forward of $77 million, Fama Corporation reported $250 million of pretax accounting and taxable income in the current year. The income tax rate for all
An employee who manufactures goods for her employer earns $14 an hour for regular wages. She's paid time and a half for all hours worked in excess of 40 hours per week. In a recent week, she worked
Duane Mays established an insurance agency on July 1 of the current year and completed the following transactions during July:a. Opened a business bank account with a deposit of $18,000 from personal
Both KIA and Porche produce and sell automobiles. Describe and contrast the business strategies of KIA and Porche.
How does eBay offer value to its customers?
Who are normally included as the stakeholders of a business?
On July 10, Elrod Repair Service extended an offer of $100,000 for land that had been priced for sale at $120,000. On July 25, Elrod Repair Service accepted the seller’s counteroffer of $112,000.
a. Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $500,000. Seven years later, the plot of land has an assessed value of $400,000 and the business
A business had revenues of $280,000 and operating expenses of $315,000. Did the business (a) Incur a net loss (b) Realize net income?
Indicate whether each of the following companies is primarily a service, merchandise, or manufacturing business. If you are unfamiliar with the company, you may use the Internet to locate the
Identify the primary business strategy of each of the following companies as (a) A low-cost strategy, (b) A differentiation strategy, (c) A combination strategy. If you are unfamiliar with the
The total assets and total liabilities of Coca-Cola and PepsiCo are shown below.Determine the ownersâ€™ equity of eachcompany.
The total assets and total liabilities of Toys â€œRâ€ Us Inc. and EstÃ©e Lauder Companies Inc. are shown below.Determine the ownersâ€™ equity of eachcompany.
Chris Lund is the owner and operator of Saluki, a motivational consulting business. At the end of its accounting period, December 31, 2005, Saluki has assets of $475,000 and liabilities of $200,000.
a. A vacant lot acquired for $50,000 is sold for $130,000 in cash. What is the effect of the sale on the total amount of the seller’s? (1) Assets, (2) Liabilities, (3) Owner’s equity?b. Assume
The following selected transactions were completed by Salvo Delivery Service during February:1. Received cash from owner as additional investment, $35,000.2. Received cash for providing delivery
A business had revenues of $750,000 and operating expenses of $670,000. Did the business (a) Incur a net loss (b) Realize net income?
The income statement of a proprietorship for the month of October indicates a net income of $158,250. During the same period, the owner withdrew $180,000 in cash from the business for personal
Four different proprietorships, M, N, O, and P, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of owner€™s equity, are summarized
From the following list of selected items taken from the records of Ishmael Appliance Service as of a specific date, identify those that would appear on the balance sheet:1. Supplies 2. Wages Expense
Based on the data presented in Exercise 1-17, identify those items that would appear on the income statement.
Each of the following items is shown in the financial statements of Exxon Mobil Corporation. Identify the financial statement (balance sheet or income statement) in which each item would appear.a.
The Home Depot, Inc., is the world€™s largest home improvement retailer and one of the largest retailers in the United States based on net sales volume. The Home Depot operates over 1,100
Lowe€™s, a major competitor of The Home Depot in the home improvement business, operates over 700 stores. For the years ending January 31, 2003, and February 1, 2002, Lowe€™s
Dawn Ivy, a junior in college, has been seeking ways to earn extra spending money. As an active sports enthusiast, Dawn plays tennis regularly at the Racquet Club, where her family has a membership.
Amazon.com, an Internet retailer, was incorporated in July 1994, and opened its virtual doors on the Web in July 1995. On the statement of cash flows, would you expect Amazon.com's net cash flows
The now defunct Enron Corporation, headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail customers. Enron’s
Kemp Company adheres to a policy of depositing all cash receipts in a bank account and making all payments by check. The cash account as of August 31 has a credit balance of $3,000, and there is no
McElwee Company performed services in May for a specific customer, for a fee of $7,500. Payment was received the following June. (a) Was the revenue earned in May or June? (b) What accounts should be
Assume that a trial balance is prepared with an account balance of $18,950 listed as $18,590 and an account balance of $7,200 listed as $720. Identify the transposition and the slide.
Assume that when a purchase of supplies of $1,250 for cash was recorded, both the debit and the credit were journalized and posted as $1,520. (a) Would this error cause the trial balance to be out of
Assume that Margarita Consulting erroneously recorded the payment of $7,500 of owner withdrawals as a debit to salary expense. (a) How would this error affect the equality of the trial balance? (b)
Assume that Blitzkrieg Realty Co. borrowed $25,000 from First Union Bank and Trust. In recording the transaction, Blitzkrieg erroneously recorded the receipt of $25,000 as a debit to cash, $25,000,
In journalizing and posting the entry to record the purchase of supplies on account, the accounts receivable account was credited in error. What is the preferred procedure to correct this error?
Banks rely heavily upon customers' deposits as a source of funds. Demand deposits normally pay interest to the customer, who is entitled to withdraw at any time without prior notice to the bank.
Clarendon Interiors is owned and operated by Corey Krum, an interior decorator. In the ledger of Clarendon Interiors, the first digit of the account number indicates its major account classification
The Inflorescence School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:List the accounts
During the month, Orion Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have(a) Debit entries only, (b)

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