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accounting

Questions and Answers of Accounting

Comparative figures for Research In Motion and Apple follow.Required1. Compute total asset turnover for the most recent two years for Research In Motion and Apple using the data shown.2. Which
Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large amount of borrowed funds was invested in a new building addition as well as in equipment
Access the Yahoo! (ticker: YHOO) 10-K report for the year ended December 31, 2009, filed on February 26, 2010, at www.sec.gov.Required1. What amount of goodwill is reported on Yahoo!’s balance
Each team member is to become an expert on one depreciation method to facilitate teammates’ understanding of that method. Follow these procedures:a. Each team member is to select an area for
Review the chapter’s opening feature involving Games2U. Assume that the company currently has net sales of $8,000,000, and that it is planning an expansion that will increase net sales by
Nokia (www.Nokia.com), Research In Motion, and Apple are all competitors in the global marketplace. Comparative figures for these companies€™ recent annual accounting periods
Selected ledger account balances for Business Solutions follow.Required1. Assume that Business Solutions does not acquire additional office equipment or computer equipment in 2012. Compute amounts
How do sellers benefit from allowing their customers to use credit cards?
Why does the direct write-off method of accounting for bad debts usually fail to match revenues and expenses?
Explain the accounting constraint of materiality.
Explain why writing off a bad debt against the Allowance for Doubtful Accounts does not reduce the estimated realizable value of a company’s accounts receivable.
Why does the Bad Debts Expense account usually not have the same adjusted balance as the Allowance for Doubtful Accounts?
Why might a business prefer a note receivable to an account receivable?
Refer to the balance sheet of Apple in Appendix A. Does it use the direct write-off method or allowance method in accounting for its Accounts Receivable? What is the realizable value of its
Refer to the financial statements of Palm in Appendix A. What are Palm’s gross accounts receivable at May 31, 2009? What percentage of its accounts receivable does it believe to be uncollectible
Refer to the December 31, 2009, financial statements of Nokia in Appendix A. What does it title its accounts receivable on its statement of financial position? What percent of its accounts
Prepare journal entries for the following credit card sales transactions (the company uses the perpetual inventory system).1. Sold $10,000 of merchandise, that cost $7,500, on MasterCard credit
Milner Corp. uses the allowance method to account for uncollectibles. On October 31, it wrote off a $1,000 account of a customer, C. Schaub. On December 9, it receives a $200 payment from Schaub.1.
Wecker Company’s year-end unadjusted trial balance shows accounts receivable of $89,000, allowance for doubtful accounts of $500 (credit), and sales of $270,000. Uncollectibles are estimated to be
Assume the same facts as in QS 9-3, except that Wecker estimates uncollectibles as 1.0% of sales. Prepare the December 31 year-end adjusting entry for un-collectibles.
On August 2, 2011, JLK Co. receives a $5,500, 90-day, 12% note from customer Tom Menke as payment on his $9,000 account. (1) Compute the maturity date for this note. (2) Prepare JLK’s journal entry
Refer to the information in QS 9-5 and prepare the journal entry assuming the note is honored by the customer on October 31, 2011.
Dekon Company’s December 31 year-end unadjusted trial balance shows a $8,000 balance in Notes Receivable. This balance is from one 6% note dated December 1, with a period of 45 days. Prepare any
Record the sale by Kroll Company of $1,000 in accounts receivable on May 1. Kroll is charged a 3% factoring fee.
Krugg Company determines on May 1 that it cannot collect $1,000 of its accounts receivable from its customer P. Carroll. Apply the direct write-off method to record this loss as of May 1.
Refer to the information in QS 9-9. On May 30, P. Carroll unexpectedly paid his account in full to Krugg Company. Record Krugg’s entry(ies) to reflect this recovery of this bad debt.
The following data are taken from the comparative balance sheets of Fulton Company. Compute and interpret its accounts receivable turnover for year 2011 (competitors average a turnover of7.5).
Answer each of the following related to international accounting standards.a. Explain (in general terms) how the accounting for recognition of receivables is different between IFRS and U.S. GAAP.b.
Petri Company uses the perpetual inventory system and allows customers to use two credit cards in charging purchases. With the Omni Bank Card, Petri receives an immediate credit to its account when
Sami Company recorded the following selected transactions during November 2011.1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open
Diablo Company applies the direct write-off method in accounting for uncollectible accounts. Prepare journal entries to record the following selected transactions of Diablo.June 11 Diablo determines
At year-end (December 31), Alvare Company estimates its bad debts as 0.5% of its annual credit sales of $875,000. Alvare records its Bad Debts Expense for that estimate. On the following February 1,
At each calendar year-end, Cabool Supply Co. uses the percent of accounts receivable method to estimate bad debts. On December 31, 2011, it has outstanding accounts receivable of $53,000, and it
Hecter Company estimates uncollectible accounts using the allowance method at December 31. It prepared the following aging of receivables analysis.a. Estimate the balance of the Allowance for
Refer to the information in Exercise 9-6 to complete the following requirements.a. Estimate the balance of the Allowance for Doubtful Accounts assuming the company uses 3.5% of total accounts
Refer to the information in Exercise 9-6 to complete the following requirements.a. On February 1 of the next period, the company determined that $1,900 in customer accounts is uncollectible;
At December 31, GreenTea Company reports the following results for its calendar-year.Cash sales . . . . . . . . . . . . $1,200,000Credit sales . . . . . . . . . . . . . 900,000Its year-end unadjusted
On June 30, Roman Co. has $125,900 of accounts receivable. Prepare journal entries to record the following selected July transactions. Also prepare any footnotes to the July 31 financial statements
Prepare journal entries to record these selected transactions for Eduardo Company.Nov. 1 Accepted a $5,000, 180-day, 6% note dated November 1 from Melosa Allen in granting a time extension on her
Prepare journal entries to record the following selected transactions of Paloma Company.Mar. 21 Accepted a $3,100, 180-day, 10% note dated March 21 from Salma Hernandez in granting a time extension
Prepare journal entries for the following selected transactions of Deshawn Company for 2010.2010Dec. 13 Accepted a $10,000, 45-day, 8% note dated December 13 in granting Latisha Clark a time
Refer to the information in Exercise 9-13 and prepare the journal entries for the following selected transactions of Deshawn Company for 2011.2011Jan. 27 Received Clark’s payment for principal and
The following information is from the annual financial statements of Waseem Company. Compute its accounts receivable turnover for 2010 and 2011. Compare the two years results and give a possible
Hitachi, Ltd., reports total revenues of ¥10,000,369 million for its fiscal year ending March 31, 2009, and its March 31, 2009, unadjusted trial balance reports a debit balance for trade receivables
Lopez Company began operations on January 1, 2010. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad
Carmack Company has credit sales of $2.6 million for year 2011. On December 31, 2011, the company€™s Allowance for Doubtful Accounts has an unadjusted credit balance of $13,400. Carmack
The following selected transactions are from Ohlde Company.2010Dec. 16 Accepted a $9,600, 60-day, 9% note dated this day in granting Todd Duke a time extension on his past-due account receivable.31
Able Co. allows select customers to make purchases on credit. Its other customers can use either of two credit cards: Commerce Bank or Aztec. Commerce Bank deducts a 3% service charge for sales on
Crist Co. began operations on January 1, 2010, and completed several transactions during 2010 and 2011 that involved sales on credit, accounts receivable collections, and bad debts. These
At December 31, 2011, Klimek Company reports the following results for the year.Cash sales . . . . . . . . . $1,015,000Credit sales . . . . . . . . 1,241,000In addition, its unadjusted trial balance
Quisp Company has credit sales of $3.5 million for year 2011. At December 31, 2011, the company€™s Allowance for Doubtful Accounts has an unadjusted debit balance of $4,100. Quisp prepares
The following selected transactions are from Seeker Company.2010Nov. 1 Accepted a $4,800, 90-day, 8% note dated this day in granting Julie Stephens a time extension on her past-due account
Refer to Research In Motion’s financial statements in Appendix A to answer the following.1. What is the amount of Research In Motion’s accounts receivable as of February 27, 2010?2. Compute
Comparative figures for Research In Motion and Apple follow.Required1. Compute the accounts receivable turnover for Research In Motion and Apple for each of the two most recent years using the data
Kelly Steinman is the manager of a medium-size company. A few years ago, Steinman persuaded the owner to base a part of her compensation on the net income the company earns each year. Each December
As the accountant for Pure-Air Distributing, you attend a sales managers’ meeting devoted to a discussion of credit policies. At the meeting, you report that bad debts expense is estimated to be
Access eBay’s, February 17, 2010, filing of its 10-K report for the year ended December 31, 2009, at www.sec.gov.Required1. What is the amount of eBay’s net accounts receivable at December 31,
Each member of a team is to participate in estimating uncollectibles using the aging schedule and percents shown in Problem 9-4A. The division of labor is up to the team. Your goal is to accurately
Bernard McCoy of LaserMonks is introduced in the chapter’s opening feature. Bernard currently sells his products through multiple outlets. Assume that he is considering two new selling options.Plan
Many commercials include comments similar to the following: “We accept VISA” or “We do not accept American Express.” Conduct your own research by contacting at least five companies via
Key information from Nokia (www.Nokia.com), which is a leading global manufacturer of mobile devices and services, follows.1. Compute the accounts receivable turnover for the current year.2. How long
Santana Rey, owner of Business Solutions, realizes that she needs to begin accounting for bad debts expense. Assume that Business Solutions has total revenues of $44,000 during the first three months
What are the five fundamental principles of accounting information systems?
What are five basic components of an accounting system?
What are source documents? Give two examples.
What is the purpose of an input device? Give examples of input devices for computer systems.
What is the difference between data that are stored off-line and data that are stored online?
What purpose is served by the output devices of an accounting system?
When special journals are used, they are usually used to record each of four different types of transactions. What are these four types of transactions?
What notations are entered into the Posting Reference column of a ledger account?
When a general journal entry is used to record sales returns, the credit of the entry must be posted twice. Does this cause the trial balance to be out of balance? Explain.
Describe the procedures involving the use of copies of a company’s sales invoices as a sales journal.
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit 7.7. Why not put both types of credits in the same column
Why should sales to and receipts of cash from credit customers be recorded and posted immediately?
Locate the note that discusses Research In Motion’s operations by segments in Appendix A. In what segment does it predominantly operate?
Does the income statement of Palm in Appendix A indicate the net income earned by its business segments? If so, list them.
Does the balance sheet of Nokia in Appendix A indicate the identifiable assets owned by its business segments? If so, list them.
Identify the most likely role in an accounting system played by each of the numbered items 1 through 12 by assigning a letter from the list A through E on the left.A. Source documentsB. Input
Enter the letter of each system principle in the blank next to its best description.A. Control principle B. Relevance principle C. Compatibility principleD. Flexibility principle E. Cost-benefit
Fill in the blanks to complete the following descriptions.1. ______ _______ _______Software comprises programs that help manage a company’s vital operations, from manufacturing to accounting.2. A
General Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. General recently completed
Lue Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this chapter. Journalize its March transactions
Following is information from Thompson Company for its initial month of business.(1) Identify the balances listed in the accounts receivable subsidiary ledger.(2) Identify the accounts receivable
Redmon Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of June.June 1
Refer to QS 7-7 and for each of the June transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal, cash
Prepare headings for a purchases journal like the one in Exhibit 7A.3. Journalize the June transactions from QS 7-7 that should be recorded in the purchases journal assuming the periodic inventory
Winslow Company posts its sales invoices directly and then binds them into a Sales Journal. Winslow had the following credit sales to these customers during June.Required1. Open an accounts
Apple reports the following operating income (and average assets in parentheses) for each of its geographic segments—$ millions: Americas, $6,637 ($1,882); Europe, $4,296 ($1,352); and Japan, $961
Nestlé, a Switzerland-based company, uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal in a manner similar to that explained in
Hutton Company uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of March.Mar. 2
Refer to Exercise 7-1 and for each of the March transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal,
Prepare headings for a sales journal like the one in Exhibit 7A.1. Journalize the March transactions shown in Exercise 7-1 that should be recorded in the sales journal assuming that the periodic
Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of November.Nov. 3
Refer to Exercise 7-4 and for each of the November transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal,
Prepare headings for a cash receipts journal like the one in Exhibit 7A.2. Journalize the November transactions shown in Exercise 7-4 that should be recorded in the cash receipts journal assuming
Following is information from Ryan Company for its initial month of business.(1) Identify the balances listed in the accounts payable subsidiary ledger.(2) Identify the accounts payable balance
Pebblebrook Supply uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal. The following transactions occur in the month of April.Apr.
Refer to Exercise 7-8 and for each of the April transactions identify the journal in which it would be recorded. Assume the company uses a sales journal, purchases journal, cash receipts journal,
Prepare headings for a cash disbursements journal like the one in Exhibit 7A.4. Journalize the April transactions from Exercise 7-8 that should be recorded in the cash disbursements journal assuming
Porter Pharmacy uses the following journals: sales journal, purchases journal, cash receipts journal, cash disbursements journal, and general journal. On June 5, Porter purchased merchandise priced

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