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Questions and Answers of Accounting

At the end of May, the sales journal of Clear View appears as follows.Clear View also recorded the return of defective merchandise with the following entry.Required1. Open an accounts receivable
A company that records credit purchases in a purchases journal and records purchases returns in a general journal made the following errors. Indicate when each error should be discovered.1. Posted a
Refer to Exhibit 7.13 and complete the segment return on assets table for Wolfe Company. Analyze your findings and identify the segment with the highest, and that with the lowest, segment return
Wise Company completes these transactions during April of the current year (the terms of all its credit sales are 2/10, n/30).Apr. 2 Purchased $13,300 of merchandise on credit from Negi Company,
Assume that Wise Co. in Problem 7-1A uses the periodic inventory system.Required1. Prepare headings for a sales journal like the one in Exhibit 7A.1. Prepare headings for a cash receipts journal like
The April transactions of Wise Company are described in Problem 7-1A.Required1. Prepare a general journal, a purchases journal like that in Exhibit 7.9 and a cash disbursements journal like that in
Refer to Problem 7-1A and assume that Wise Co. uses the periodic inventory system.Required1. Prepare a general journal, a purchases journal like that in Exhibit 7A.3, and a cash disbursements journal
Bishop Company completes these transactions and events during March of the current year (terms for all its credit sales are 2/10, n/30).Mar. 1 Purchased $42,600 of merchandise from Soy Industries,
Assume that Bishop Company in Problem 7-5A uses the periodic inventory system.Required1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (March 1 beg. bal. is
Alcorn Industries completes these transactions during July of the current year (the terms of all its credit sales are 2/10, n/30).July 1 Purchased $6,300 of merchandise on credit from Tahoe Company,
Assume that Alcorn Industries in Problem 7-1B uses the periodic inventory system.Required1. Prepare headings for a sales journal like the one in Exhibit 7A.1. Prepare headings for a cash receipts
The July transactions of Alcorn Industries are described in Problem 7-1B.Required1. Prepare a general journal, a purchases journal like that in Exhibit 7.9, and a cash disbursements journal like that
Refer to Problem 7-1B and assume that Alcorn uses the periodic inventory system.Required1. Prepare a general journal, a purchases journal like that in Exhibit 7A.3, and a cash disbursements journal
Suppan Company completes these transactions during November of the current year (terms for all its credit sales are 2/10, n/30).Nov. 1 Purchased $5,062 of office equipment on credit from Blix Supply,
Assume that Suppan Company in Problem 7-5B uses the periodic inventory system.Required1. Open the following general ledger accounts: Cash; Accounts Receivable; Inventory (November 1 beg. bal. is
Key figures for Research In Motion and Apple follow ($ millions).Required1. Compute the ratio of segment revenue divided by segment assets for each of the segments of Research In Motion and Apple for
Erica Gray, CPA, is a sole practitioner. She has been practicing as an auditor for 10 years. Recently a long-standing audit client asked Gray to design and implement an integrated computer-based
Access the March 18, 2010, filing of the fiscal 2010 10-K report for Dell (ticker DELL) at www.sec.gov. Read its Note 14 that details Dell’s segment information and answer the following.1. Dell’s
Refer to the chapter€™s opening feature about Kim Jordan and her company, New Belgium Brewing Company. Her manufacturing company deals with numerous suppliers and customers.Required1.
Access and refer to the December 31, 2009, annual report for Nokia at www.Nokia.com.Required1. Identify its Note 2 (Segmental Information) to its financial statements and locate its information
Assume it is Monday, May 1, the first business day of the month, and you have just been hired as the accountant for Colo Company, which operates with monthly accounting periods. All of the
Assume that Santana Rey expands Business Solutions’ accounting system to include special journals.Required1. Locate the transactions related to January through March 2012 for Business Solutions in
In comparing the accounts of a merchandising company with those of a service company, what additional accounts would the merchandising company likely use, assuming it employs a perpetual inventory
What items appear in financial statements of merchandising companies but not in the statements of service companies?
Why do companies offer a cash discount?
How does a company that uses a perpetual inventory system determine the amount of inventory shrinkage?
Distinguish between cash discounts and trade discounts. Is the amount of a trade discount on purchased merchandise recorded in the accounts?
What is the difference between a sales discount and a purchase discount?
Why would a company’s manager be concerned about the quantity of its purchase returns if its suppliers allow unlimited returns?
Does the sender (maker) of a debit memorandum record a debit or a credit in the recipient’s account? What entry (debit or credit) does the recipient record?
What is the difference between the single-step and multiple step income statement formats?
Refer to the balance sheet and income statement for Research In Motion in Appendix A. What does the company title its inventory account? Does the company present a detailed calculation of its cost
Buyers negotiate purchase contracts with suppliers. What type of shipping terms should a buyer attempt to negotiate to minimize freight-in costs?
Enter the letter for each term in the blank space beside the definition that it most closely matches.A. Cash discount B. Credit period C. Discount period D. FOB destinationE. FOB shipping point F.
The cost of merchandise inventory includes which of the following:a. Costs incurred to buy the goods.b. Costs incurred to ship the goods to the store(s).c. Costs incurred to make the goods ready for
Prepare journal entries to record each of the following purchases transactions of a merchandising company.Show supporting calculations and assume a perpetual inventory system.Mar. 5 Purchased 500
Prepare journal entries to record each of the following sales transactions of a merchandising company.Show supporting calculations and assume a perpetual inventory system.Apr. 1 Sold merchandise for
Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. Interpret the gross margin ratio for casea.
Nix€™It Company€™s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix€™It uses the perpetual inventory
Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS5-6.
Use the following information on current assets and current liabilities to compute and interpret the acid test ratio. Explain what the acid-test ratio of a companymeasures.
Identify similarities and differences between the acid-test ratio and the current ratio. Compare and describe how the two ratios reflect a company’s ability to meet its current obligations.
The multiple-step income statement normally includes which of the following:a. Detailed computations of net sales.b. Detailed computations of expenses, including subtotals for various expense
Identify whether each description best applies to a periodic or a perpetual inventory system.a. Provides more timely information to managers.b. Requires an adjusting entry to record inventory
Refer to QS 5-3 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
Refer to QS 5-4 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.Apr. 1 Sold merchandise for $2,000, granting the
Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2009, follows. The company applies IFRS, as adopted by the
Answer each of the following questions related to international accounting standards.a. Explain how the accounting for merchandise purchases and sales is different between accounting under IFRS
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system.Apr. 2 Purchased merchandise from Blue Company under the following terms: $3,600
Taos Company purchased merchandise for resale from Tuscon Company with an invoice price of $22,000 and credit terms of 3y10, ny60. The merchandise had cost Tuscon $15,000. Taos paid within the
The operating cycle of a merchandiser with credit sales includes the following five activities. Starting with merchandise acquisition, identify the chronological order of these five activities.a.
Spare Parts was organized on May 1, 2011, and made its first purchase of merchandise on May 3. The purchase was for 1,000 units at a price of $10 per unit. On May 5, Spare Parts sold 600 of the units
Refer to Exercise 5-4 and prepare the appropriate journal entries for DeSoto Co. to record the May 5 purchase and each of the three separate transactions a through c. DeSoto is a retailer that uses a
On May 11, Smythe Co. accepts delivery of $30,000 of merchandise it purchases for resale from Hope Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping
Business decision makers desire information on sales returns and allowances. (1) Explain why a company’s manager wants the accounting system to record customers’ returns of unsatisfactory goods
The following supplementary records summarize Titus Company’s merchandising activities for year 2011. Set up T-accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized
Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it inparentheses.
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2011, unadjusted trial balance of Deacon Co., a business owned by Julie Deacon. Use
A retail company recently completed a physical count of ending merchandise inventory to use in preparing adjusting entries. In determining the cost of the counted inventory, company employees failed
Refer to the information in Exercise 5-11 and explain how the error in the physical count affects the company’s gross margin ratio and its profit margin ratio.
Compute the current ratio and acid-test ratio for each of the following separate cases. (Round ratios to two decimals.) Which company case is in the best position to meet short-term
Journalize the following merchandising transactions for CSI Systems assuming it uses a perpetual inventory system.1. On November 1, CSI Systems purchases merchandise for $1,400 on credit with terms
A company reports the following sales related information: Sales (gross) of $100,000; Sales discounts of $2,000; Sales returns and allowances of $8,000; Sales salaries expense of $5,000. Prepare the
Refer to Exercise 5-1 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
Refer to Exercise 5-2 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller.
Refer to Exercise 5-6 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used by both the buyer and the seller.
Refer to Exercise 5-14 and prepare journal entries to record each of the merchandising transactions assuming that the periodic inventory system is used.
Lâ€™OrÃ©al reports the following income statement accounts for the year ended December 31, 2009 (euros in millions). Prepare the income statement for this company for the year ended December
Prepare journal entries to record the following merchandising transactions of Stone Company, which applies the perpetual inventory system. Aug. 1 Purchased merchandise from Abilene Company for $6,000
Prepare journal entries to record the following merchandising transactions of Bask Company, which applies the perpetual inventory system.July 1 Purchased merchandise from Black Company for $6,000
The following unadjusted trial balance is prepared at fiscal year-end for Rex Company.Rent expense and salaries expense are equally divided between selling activities and the general and
BizKid Companyâ€™s adjusted trial balance on August 31, 2011, its fiscal year-end, follows.On August 31, 2010, merchandise inventory was $25,000. Supplementary records of merchandising
Use the data for BizKid Company in Problem 5-4A to complete the following requirements.Required1. Prepare closing entries as of August 31, 2011 (the perpetual inventory system is used).Analysis
Refer to the data and information in Problem 5-3A.RequiredPrepare and complete the entire 10-column work sheet for Rex Company. Follow the structure of Exhibit in Appendix5B.
Prepare journal entries to record the following merchandising transactions of Wave Company, which applies the perpetual inventory system. July 3 Purchased merchandise from CAP Corp. for $15,000 under
Prepare journal entries to record the following merchandising transactions of Yang Company, which applies the perpetual inventory system. May 2 Purchased merchandise from Bots Co. for $9,000 under
The following unadjusted trial balance is prepared at fiscal year-end for FAB Products Company.Rent expense and salaries expense are equally divided between selling activities and the general and
Albin Companyâ€™s adjusted trial balance on March 31, 2011, its fiscal year-end, follows.On March 31, 2010, merchandise inventory was $37,500. Supplementary records of merchandising activities
Use the data for Albin Company in Problem 5-4B to complete the following requirements.Required1. Prepare closing entries as of March 31, 2011 (the perpetual inventory system is used).Analysis
Refer to the data and information in Problem 5-3B.RequiredPrepare and complete the entire 10-column work sheet for FAB Products Company. Follow the structure of Exhibit 5B.1 in Appendix5B.
Refer to Research In Motion’s financial statements in Appendix A to answer the following.Required1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a
Key comparative figures for both Research In Motion and Apple follow.Required1. Compute the dollar amount of gross margin and the gross margin ratio for the two years shown for each of these
Ashton Martin is a student who plans to attend approximately four professional events a year at her college. Each event necessitates a financial outlay of $100 to $200 for a new suit and accessories.
You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Jamie Madsen, recently reviewed the annual financial statements you
Access the SEC’s EDGAR database (www.sec.gov) and obtain the March 19, 2010, filing of its fiscal 2010 10-K report (for year ended January 30, 2010) for J. Crew Group, Inc (ticker:
Best Brands€™ general ledger and supplementary records at the end of its current period reveal the following.Required1. Each member of the team is to assume responsibility for computing one
Refer to the opening feature about Heritage Link Brands. Assume that Selena and Khary Cuffe report current annual sales at approximately $10 million and disclose the following income
Nokia (www.Nokia.com), Research In Motion, and Apple are competitors in the global marketplace. Key comparative figures for each company follow.Required1. Rank the three companies (highest to lowest)
Santana Rey created Business Solutions on October 1, 2011. The company has been successful, and its list of customers has grown. To accommodate the growth, the accounting system is modified to set up
What is the difference between the cash basis and the accrual basis of accounting?
Why is the accrual basis of accounting generally preferred over the cash basis?
What is a prepaid expense and where is it reported in the financial statements?
What type of assets require adjusting entries to record depreciation?
What contra account is used when recording and reporting the effects of depreciation? Why is it used?
Apple has unearned revenue. What is unearned revenue and where is it reported in financial statements?
What is an accrued revenue? Give an example.
If a company initially records prepaid expenses with debits to expense accounts, what type of account is debited in the adjusting entries for those prepaid expenses?
Review the balance sheet of Research In Motion in Appendix A. Identify one asset account that requires adjustment before annual financial statements can be prepared. What would be the effect on the
Review the balance sheet of Nokia in Appendix A. Identify the amount for property, plant, and equipment. What adjusting entry is necessary (no numbers required) for this account when preparing
Classify the following adjusting entries as involving prepaid expenses (PE), unearned revenues (UR), accrued expenses (AE), or accrued revenues (AR).a. _________ To record revenue earned that was

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