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accounting

Questions and Answers of Accounting

Costello Advertising Agency Inc. was founded by Pat Costello in January of 2013. Presented on the next page are both the adjusted and unadjusted trial balances as of December 31, 2014.Instructions(a)
A review of the ledger of Bellingham Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0. There are
On September 1, 2014, the account balances of Beck Equipment Repair, Inc. were as follows.During September, the following summary transactions were completed.Sept. 8 Paid $1,700 for salaries due
Alpha Graphics Company, Inc. was organized on January 1, 2014. At the end of the first 6 months of operations, the trial balance contained the accounts shown below.Analysis reveals the following
Lynda Rigg started her own consulting firm, Vektek Consulting, Inc. on May 1, 2014. The trial balance at May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of
The Badger Motel, Inc. opened for business on May 1, 2014. Its trial balance before adjustment on May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts
Medina Co., Inc. was organized on July 1, 2014. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.Instructions(a) Journalize
A review of the ledger of Khan Company at December 31, 2014, produces the following data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $9,300. The company has
On November 1, 2014, the account balances of Samone Equipment Repair, Inc. were as follows.During November, the following summary transactions were completed.Nov. 8 Paid $1,500 for salaries due
Goods costing $2,500 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18, a $200 credit memo is received from the supplier for damaged goods. Give the journal entry on
Karen Lloyd believes revenues from credit sales may be earned before they are collected in cash. Do you agree? Explain.
A credit sale is made on July 10 for $700, terms 2/10, n/30. On July 12, $100 of goods are returned for credit.Give the journal entry on July 19 to record the receipt of the balance due within the
Prepare the closing entries for the Sales Revenue account, assuming a balance of $180,000 and the Cost of Goods Sold account with a $125,000 balance.
Regis Co. has sales revenue of $109,000, cost of goods sold of $70,000, and operating expenses of $23,000.What is its gross profit and its gross profit rate?
Kathy Ho Company reports net sales of $800,000, gross profit of $570,000, and net income of $240,000.What are its operating expenses?
Presented below are the components in Clearwater Company€™s income statement. Determine the missingamounts.
Giovanni Company buys merchandise on account from Gordon Company. The selling price of the goods is $780, and the cost of the goods is $560. Both companies use perpetual inventory systems. Journalize
Prepare the journal entries to record the following transactions on Benson Company's books using a perpetual inventory system.(a) On March 2, Benson Company sold $800,000 of merchandise to Edgebrook
From the information in BE, prepare the journal entries to record these transactions on Edgebrook Company's books under a perpetual inventory system.(a) On March 2, Benson Company sold $800,000 of
At year-end, the perpetual inventory records of Salsa Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $94,600. Record the
Orlaida Company has the following merchandise account balances: Sales Revenue $192,000, Sales Discounts $2,000, Cost of Goods Sold $105,000, and Inventory $40,000. Prepare the entries to record the
Piccola Company provides the following information for the month ended October 31, 2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000, sales returns and allowances $18,000.
Assume Jose Company has the following reported amounts: Sales revenue $506,000, Sales returns and allowances $13,000. Cost of goods sold $330,000, Operating expenses $110,000. Compute the following:
Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $430,000; Purchase Returns and Allowances $13,000; Purchase Discounts $8,000; and Freight-In
Assume the same information as in BE and also that Guardian Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $680,000.Determine the amounts to be reported for
Prepare the journal entries to record these transactions on Huntington Company's books using a periodic inventory system.(a) On March 2, Huntington Company purchased $900,000 of merchandise from
On December 1, 2014, Jurczyk Distributing Company had the following account balances.During December, the company completed the following summary transactions.Dec. 6 Paid $1,600 for salaries and
On October 5, Gibson Company buys merchandise on account from Quincy Company. The selling price of the goods is $4,700, and the cost to Quincy Company is $3,100. On October 8, Gibson returns
Assume information similar to that in DO IT! That is: On October 5, Gibson Company buys merchandise on account from Quincy Company. The selling price of the goods is $4,700, and the cost to Quincy
The trial balance of Optique's Boutique at December 31 shows Inventory $21,000, Sales Revenue $156,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400,
Dorothea Company is preparing its multiple-step income statement, retained earnings statement, and classified balance sheet. Using the column heads Account, Financial Statement, and Classification,
Mr. Soukup has prepared the following list of statements about service companies and merchandisers.1. Measuring net income for a merchandiser is conceptually the same as for a service company.2. For
Information related to Duffy Co. is presented below.1. On April 5, purchased merchandise from Thomas Company for $25,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of
On September 1, Roshek Office Supply had an inventory of 30 calculators at a cost of $22 each. The company uses a perpetual inventory system. During September, the following transactions
On June 10, Rebecca Company purchased $7,600 of merchandise from Clinton Company, FOB shipping point, terms 2/10, n/30. Rebecca pays the freight costs of $400 on June 11. Damaged goods totaling $300
Presented below are transactions related to Yarrow Company.1. On December 3, Yarrow Company sold $570,000 of merchandise to Lampkins Co., terms 1/10, n/30, FOB shipping point. The cost of the
The adjusted trial balance of Mendoza Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2014: Sales Revenue $820,000, Freight Out $16,000, Sales Returns
Twix Company had the following account balances at year-end: Cost of Goods Sold $60,000; Inventory $15,000; Operating Expenses $29,000; Sales Revenue $115,000; Sales Discounts $1,300; and Sales
Presented below is information related to Taylor Co. for the month of January 2014.Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closingentries.
Presented below is information for Bach Company for the month of March 2014.Instructions(a) Prepare a multiple-step income statement.(b) Compute the gross profitrate.
In its income statement for the year ended December 31, 2014, Michael Company reported the following condensed data.Instructions(a) Prepare a multiple-step income statement.(b) Prepare a single-step
An inexperienced accountant for Gulliver Company made the following errors in recording merchandising transactions.1. A $175 refund to a customer for faulty merchandise was debited to Sales Revenue
In 2014, Endeaver Company had net sales of $860,000 and cost of goods sold of $533,200. Operating expenses were $221,000, and interest expense was $7,000. Endeaver prepares a multiple-step income
Presented below is financial information for two different companies.Instructions(a) Determine the missing amounts.(b) Determine the gross profit rates. (Round to one decimalplace.)
Financial information is presented below for three different companies.InstructionsDetermine the missingamounts.
The trial balance of Roman Company at the end of its fiscal year, August 31, 2014, includes these accounts: Inventory $17,200; Purchases $149,000; Sales Revenue $190,000; Freight-In $5,000; Sales
On January 1, 2014, Clover Corporation had inventory of $50,000. At December 31, 2014, Clover had the following account balances.Freight-in ............................................. $
Below is a series of cost of goods sold sections for companies Alpha, Beta, Chi, and Decca.InstructionsFill in the lettered blanks to complete the cost of goods soldsections.
This information relates to Olaf Co.1. On April 5, purchased merchandise from DeVito Company for $18,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of $820 on
Presented below is information related to Chile Co.1. On April 5, purchased merchandise from Graham Company for $16,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of
Presented below are selected accounts for Higley Company as reported in the worksheet at the end of May 2014.InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
The trial balance columns of the worksheet for Adelle Company at June 30, 2014, are as follows.Other data:Operating expenses incurred on account, but not yet recorded, total $1,500.InstructionsEnter
Three years ago, Debbie Sells and her brother-in-law Mike Mooney opened Family Department Store. For the first two years, business was good, but the following condensed income results for 2013 were
The following situation is in chronological order.1. Dexter decides to buy a surfboard.2. He calls Boardin USA Co. to inquire about their surfboards.3. Two days later, he requests Boardin USA Co. to
Anita Zurbrugg was just hired as the assistant treasurer of Yorktown Stores. The company is a specialty chain store with nine retail stores concentrated in one metropolitan area. Among other things,
Atlantis Company reported the following amounts (in euros) in 2014: net income, €150,000; unrealized gain related to revaluation of buildings, €10,000; and unrealized loss on non-trading
Ready-Set-Go Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Ready-Set-Go's inventory consisted of suitcases costing
Shmi Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Shmi showed Cash of $8,000 and Common Stock of $8,000.Apr.
Starz Department Store is located near the Towne Shopping Mall. At the end of the company's calendar year on December 31, 2014, the following accounts appeared in two of its trial
J. Ackbar, a former professional tennis star, operates Ackbar's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Ackbar's Tennis Shop showed Cash $2,200,
At the end of Apex Department Store’s fiscal year on December 31, 2014, these accounts appeared in its adjusted trial balance.Freight-In ................................................... $
Valerie Fons operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April.Apr. 4
The trial balance of Mr. Rosiak Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.Adjustment data:1. Supplies on hand totaled $2,100.2. Depreciation
Book Nook Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Book Nook's inventory consisted of books purchased
Copple Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Copple showed Cash of $5,000 and Common Stock of $5,000.May 1
The Moulton Store is located in midtown Metropolis. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year on
Bill Kokott, a former disc golf star, operates Bill's Discorama. At the beginning of the current season on April 1, the ledger of Bill's Discorama showed Cash $1,850, Inventory $2,150, and Common
At the end of Stampfer Department Store's fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.Freight-In ................................................... $
Psang Inc. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise inventory on credit and uses a periodic inventory system. The
At the beginning of the current season on April 1, the ledger of Tri-State Pro Shop showed Cash $3,000; Inventory $4,000; and Common Stock $7,000. These transactions occurred during April 2014.Apr. 5
Roger Holloway cannot understand why cash realizable value does not decrease when an uncollectible account is written off under the allowance method.Clarify this point for Roger Holloway.
Borke Company has a credit balance of $3,200 in Allowance for Doubtful Accounts. The estimated bad debt expense under the percentage-of-sales basis is $3,700. The total estimated uncollectibles under
Freida Company accepts both its own credit cards and national credit cards. What are the advantages of accepting both types of cards?
WestSide Textiles decides to sell $800,000 of its accounts receivable to First Factors Inc. First Factors assesses a service charge of 3% of the amount of receivables sold.Prepare the journal entry
Compute the missing amounts for each of the followingnotes.
Jana Company dishonors a note at maturity. What are the options available to the lender?
The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $400,000. What is the amount of net credit sales for the period?
Record the following transactions on the books of Galaxy Co.(a) On July 1, Galaxy Co. sold merchandise on account to Kingston Inc. for $17,200, terms 2/10, n/30.(b) On July 8, Kingston Inc. returned
During its first year of operations, Energy Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $31,000 of these receivables will
At the end of 2014, Endrun Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2015, the company learns that its receivable from Marcello is not
Assume the same information as BE. On March 4, 2015, Endrun Co. receives payment of $6,200 in full from Marcello. Prepare the journal entries to record this transaction.
Hamblin Co. elects to use the percentage-of-sales basis in 2014 to record bad debt expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $800,000 for 2014,
Gleason Co. uses the percentage-of-receivables basis to record bad debt expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $420,000 at the end
Presented below are two independent transactions.(a) Fiesta Restaurant accepted a Visa card in payment of a $175 lunch bill. The bank charges a 4% fee. What entry should Fiesta make? (b) St. Charles
Compute interest and find the maturity date for the followingnotes.
On January 10, 2014, Wilfer Co. sold merchandise on account to Elgin Co. for $11,600, n/30. On February 9, Elgin Co. gave Wilfer Co. a 9% promissory note in settlement of this account. Prepare the
Victoria Company€™s balance sheet at December 31, 2013, is presented below.During January 2014, the following transactions occurred. Victoria uses the perpetual inventory method.Jan. 1
Todd Company has been in business several years. At the end of the current year, the ledger shows:Accounts Receivable .......... $ 310,000 Dr.Sales Revenue................2,200,000 Cr.Allowance for
Paltrow Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Paltrow's local banker has indicated that the company
Karbon Wholesalers accepts from Bazaar Stores a $6,200, 4-month, 9% note dated May 31 in settlement of Bazaar's overdue account.(a) What is the maturity date of the note?(b) What is the entry made by
In 2014, Lauren Company has net credit sales of $1,480,000 for the year. It had a beginning accounts receivable (net) balance of $112,000 and an ending accounts receivable (net) balance of
Presented below are selected transactions of Menge Company. Menge sells in large quantities to other companies and also sells its product in a small retail outlet.March 1 Sold merchandise on account
Presented below are two independent situations.(a) On January 6, Bennett Co. sells merchandise on account to Jackie Inc. for $7,000, terms 2/10, n/30. On January 16, Jackie Inc. pays the amount due.
The ledger of Elburn Company at the end of the current year shows Accounts Receivable $110,000, Sales Revenue $840,000, and Sales Returns and Allowances $28,000.Instructions(a) If Elburn uses the
Leland Company has accounts receivable of $98,100 at March 31. An analysis of the accounts shows the following information. Month of Sale Balance, March 31March ........... $65,000February
At December 31, 2013, Crawford Company had a balance of $15,000 in Allowance for Doubtful Accounts. During 2014, Crawford wrote off accounts totaling $14,100. One of those accounts ($1,800) was later
On December 31, 2013, Russell Co. estimated that 2% of its net sales of $360,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On May
Presented below are two independent situations.(a) On March 3, Hinckley Appliances sells $620,000 of its receivables to Universal Factors Inc. Universal Factors assesses a finance charge of 3% of the
Presented below are two independent situations.(a) On April 2, Julie Keiser uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,500. On May 1, Keiser is billed

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