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accounting

Questions and Answers of Accounting

Burtonville Stores accepts both its own and national credit cards. During the year, the following selected summary transactions occurred.Jan. 15 Made Burtonville credit card sales totaling $18,000.
Reeves Supply Co. has the following transactions related to notes receivable during the last 2 months of 2014.Nov. 1 Loaned $15,000 cash to Norma Jeanne on a 1-year, 9% note.Dec. 11 Sold goods to Bob
Record the following transactions for Taylor Co. in the general journal.2014May 1 Received a $7,500, 1-year, 9% note in exchange for Len Monroe's outstanding accounts receivable.Dec. 31 Accrued
Bieber Company had the following select transactions.May 1, 2014 Accepted Crane Company's 1-year, 12% note in settlement of a $16,000 account receivable.July 1, 2014 Loaned $25,000 cash to Sam Howard
On May 2, Ottawa Company lends $7,600 to Cortland, Inc., issuing a 6-month, 8% note. At the maturity date, November 2, Cortland indicates that it cannot pay.Instructions(a) Prepare the entry to
Lashkova Company had accounts receivable of $100,000 on January 1, 2014. The only transactions that affected accounts receivable during 2014 were net credit sales of $1,000,000, cash collections of
CAF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken
Hilda and Tim Piwek own Campus Fashions. From its inception, Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several
Lily Pao, a friend of yours, overheard a discussion at work about changes her employer wants to make in accounting for uncollectible accounts. Lily knows little about accounting, and she asks you to
The controller of Vestin Co. believes that the yearly allowance for doubtful accounts for Vestin Co. should be 2% of net credit sales. The president of Vestin Co., nervous that the stockholders might
Individuals need to evaluate their personal credit positions using the same thought processes used by business people. Some of you might consider the idea of not having a credit card a ridiculous
At December 31, 2013, Dean Co. reported the following information on its balance sheet.Accounts receivable
Information related to Hamilton Company for 2014 is summarized below.Total credit sales ............. $2,500,000Accounts receivable at December ....... 31 970,000Bad debts written off ...........
Presented below is an aging schedule for Sycamore Company.At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $9,000.Instructions(a) Journalize and post
Mineo Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end.Instructions(a) Calculate the total
At December 31, 2014, the trial balance of Roberto Company contained the following amounts before adjustment.Instructions(a) Based on the information given, which method of accounting for bad debts
Hilo Company closes its books monthly. On September 30, selected ledger account balances are:Notes Receivable .........$31,000Interest Receivable ....... 170Notes Receivable include the
On January 1, 2014, Derek Company had Accounts Receivable $139,000, Notes Receivable $30,000, and Allowance for Doubtful Accounts $13,200. The note receivable is from Kaye Noonan Company. It is a
At December 31, 2013, Globe Trotter Imports reported the following information on its balance sheet.Accounts receivable ................$220,000Less: Allowance for doubtful accounts .........
Information related to Shin Company for 2014 is summarized below.Total credit sales ............. $920,000Accounts receivable at December 31 ..... 369,000Bad debts written off ..........
Presented below is an aging schedule for Garry Owen Company.At December 31, 2014, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $14,000.Instructions(a) Journalize and post
The following represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year-end.Instructions(a) Calculate the total estimated bad debts
At December 31, 2014, the trial balance of Mariette Company contained the following amounts before adjustment.Instructions(a) Prepare the adjusting entry at December 31, 2014, to record bad debt
Gehrig Co. closes its books monthly. On June 30, selected ledger account balances are:Notes Receivable ..........$60,000Interest Receivable ........ 435Notes Receivable include the following.During
On January 1, 2014, Valdez Company had Accounts Receivable $91,000 and Allowance for Doubtful Accounts $8,100. Valdez Company prepares financial statements annually.During the year, the following
Lexa Company acquires the land and building owned by Malta Company. What types of costs may be incurred to make the asset ready for its intended use if Lexa Company wants to use (a) Only the land,
In a recent newspaper release, the president of Wanzo Company asserted that something has to be done about depreciation. The president said, "Depreciation does not come close to accumulating the cash
Jeremy is studying for the next accounting examination.He asks your help on two questions: (a) What is salvage value? (b) Is salvage value used in determining periodic depreciation under each
Luis Corporation owns a machine that is fully depreciated but is still being used. How should Luis account for this asset and report it in the financial statements?
Spectrum Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.
Mark Gannon, a business major, is working on a case problem for one of his classes. In the case problem, the company needs to raise cash to market a new product it developed. Sara Bates, an
Alpha Corporation and Zito Corporation operate in the same industry. Alpha uses the straight-line method to account for depreciation; Zito uses an accelerated method. Explain what complications might
Wanzo Corporation uses straight-line depreciation for financial reporting purposes but an accelerated method for tax purposes. Is it acceptable to use different methods for the two purposes? What is
You are comparing two companies in the same industry.You have determined that Lam Corp. depreciates its plant assets over a 40-year life, whereas Shuey Corp. depreciates its plant assets over a
Zelm Company is doing significant work to revitalize its warehouses. It is not sure whether it should capitalize these costs or expense them. What are the implications for current-year net income and
Morris Refrigeration Company trades in an old machine on a new model when the fair value of the old machine is greater than its book value. The transaction has commercial substance. Should Morris
The following expenditures were incurred by Rosenberg Company in purchasing land: cash price $64,000, accrued taxes $3,000, attorneys' fees $2,500, real estate broker's commission $2,000, and
Jawson Company incurs the following expenditures in purchasing a truck: cash price $30,000, accident insurance $2,000, sales taxes $1,800, motor vehicle license $160, and painting and lettering $400.
Weller Company acquires a delivery truck at a cost of $42,000. The truck is expected to have a salvage value of $9,000 at the end of its 4-year useful life. Compute annual depreciation for the first
Pioneer Company purchased land and a building on January 1, 2014. Management's best estimate of the value of the land was $100,000 and of the building $200,000.But management told the accounting
Depreciation information for Weller Company is given in BE. Weller Company acquires a delivery truck at a cost of $42,000. The truck is expected to have a salvage value of $9,000 at the end of its
Freemont Taxi Service uses the units-of-activity method in computing depreciation on its taxicabs. Each cab is expected to be driven 150,000 miles. Taxi no. 10 cost $33,500 and is expected to have a
On January 1, 2014, the Vasquez Company ledger shows Equipment $32,000 and Accumulated Depreciation-Equipment $9,000. The depreciation resulted from using the straight-line method with a useful life
Tong Company had the following two transactions related to its delivery truck.1. Paid $45 for an oil change.2. Paid $580 to install special gear unit, which increases the operating efficiency of the
Prepare journal entries to record the following.(a) Perez Company retires its delivery equipment, which cost $44,000. Accumulated depreciation is also $44,000 on this delivery equipment. No salvage
Arma Company sells equipment on September 30, 2014, for $20,000 cash. The equipment originally cost $72,000 and as of January 1, 2014, had accumulated depreciation of $42,000. Depreciation for the
Midwest Mining Co. purchased for $7 million a mine that is estimated to have 28 million tons of ore and no salvage value. In the first year, 5 million tons of ore are extracted and sold.(a) Prepare
Felipe Company purchases a patent for $120,000 on January 2, 2014. Its estimated useful life is 8 years.(a) Prepare the journal entry to record amortization expense for the first year.(b) Show how
Information related to plant assets, natural resources, and intangibles at the end of 2014 for Loomis Company is as follows: buildings $1,300,000; accumulated depreciation- buildings $650,000;
In its 2010 annual report, Target reported beginning total assets of $44.5 billion; ending total assets of $43.7 billion; and net sales of $65.8 billion. Compute Target's asset turnover ratio.
Cordero Company exchanges old delivery equipment for new delivery equipment.The book value of the old delivery equipment is $33,000 (cost $61,000 less accumulated depreciation $28,000). Its fair
Assume the same information as BE, except that the fair value of the old delivery equipment is $36,000. Prepare the entry to record the exchange.The book value of the old delivery equipment is
Raymond Company€™s trial balance at December 31, 2014, is presented below. All 2014 transactions have been recorded except for the items described shown below.Unrecorded transactions:1. On
Yockey Company purchased a delivery truck. The total cash payment was $27,820 including the following items.Negotiated purchase price ......... $24,000Installation of special shelving ........
On January 1, 2014, Rolling Hills Country Club purchased a new riding mower for $18,000. The mower is expected to have an 8-year life with a $2,000 salvage value.What journal entry would Rolling
Savin Corporation purchased a piece of equipment for $50,000. It estimated a 6-year life and $2,000 salvage value. At the end of year four (before the depreciation adjustment), it estimated the new
Forgetta Manufacturing has old equipment that cost $48,000. The equipment has accumulated depreciation of $28,000 and a fair value of $26,000. Forgetta has decided to sell the equipment.(a) What
The following expenditures relating to plant assets were made by Devereaux Company during the first 2 months of 2014.1. Paid $5,000 of accrued taxes at time plant site was acquired.2. Paid $400
Bliesmer Company incurred the following costs.1. Sales tax on factory machinery purchased ........... $ 5,0002. Painting of and lettering on truck immediately upon purchase ... 7003.
3 On March 1, 2014, Rollinger Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a
Ann Tremel has prepared the following list of statements about depreciation.1. Depreciation is a process of asset valuation, not cost allocation.2. Depreciation provides for the proper matching of
Wheeler Bus Lines uses the units-of-activity method in depreciating its buses. One bus was purchased on January 1, 2014, at a cost of $145,000. Over its 4-year useful life, the bus is expected to be
Xanadu Company purchased a new machine on October 1, 2014, at a cost of $96,000. The company estimated that the machine will have a salvage value of $12,000. The machine is expected to be used for
Tanger Company purchased a delivery truck for $36,000 on January 1, 2014. The truck has an expected salvage value of $6,000, and is expected to be driven 100,000 miles over its estimated useful life
Steve Grant, the new controller of Greenbriar Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2014. His findings are as
Presented below are selected transactions at Tomas Company for 2014.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2004. The machine cost $58,000 on that date. It had a useful
Francis Company owns equipment that cost $50,000 when purchased on January 1, 2011. It has been depreciated using the straight-line method based on estimated salvage value of $8,000 and an estimated
On July 1, 2014, Sutton Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2014, 120,000 tons of ore were mined and
The following are selected 2014 transactions of Yosuke Corporation.Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.May 1 Purchased for $84,000 a
Nelson Company, organized in 2014, has the following transactions related to intangible assets.InstructionsPrepare the necessary entries to record these intangibles. All costs incurred were for
During 2014, Otaki Corporation reported net sales of $5,200,000 and net income of $1,500,000. Its balance sheet reported average total assets of $1,600,000.InstructionsCalculate the asset turnover
Presented below are two independent transactions. Both transactions have commercial substance.1. Global Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of
Jay's Delivery Company and Astro's Express Delivery exchanged delivery trucks on January 1, 2014. Jay's truck cost $22,000. It has accumulated depreciation of $16,000 and a fair value of $4,000.
Givens Company and Runge Company are two companies that are similar in many respects. One difference is that Givens Company uses the straight-line method and Runge Company uses the declining-balance
Dieker Container Company is suffering declining sales of its principal product, nonbiodegradeable plastic cartons. The president, Edward Mohling, instructs his controller, Betty Fetters, to lengthen
Ripley Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Debits1. Cost of filling and grading
In recent years, Freeman Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus,
On January 1, 2014, Thao Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was $35,000. Related expenditures included: sales tax
At the beginning of 2012, Mansen Company acquired equipment costing $80,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $8,000 at that time. The
At December 31, 2013, Walton Company reported the following as plant assets.During 2014, the following selected cash transactions occurred.April 1 Purchased land for $2,200,000.May 1 Sold equipment
Yount Co. has equipment that cost $50,000 and that has been depreciated $22,000.Record the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for
The intangible assets section of Glover Company at December 31, 2013, is presented below.Patents ($60,000 cost less $6,000 amortization) ....... $54,000Franchises ($48,000 cost less $19,200
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Buek Company in 2014.1. Buek developed a new manufacturing
Dirkson Company and Hawkins Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the
Foxx Company was organized on January 1. During the first year of operations, the following plant asset expenditures and receipts were recorded in random order.Debits1. Accrued real estate taxes paid
In recent years, Hrubeck Company purchased three machines. Because of heavy turnover in the accounting department, a different accountant was in charge of selecting the depreciation method for each
On January 1, 2014, Abraham Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was $55,000. Related expenditures included: sales
At the beginning of 2012, Bellamy Company acquired equipment costing $60,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $6,000 at that time. The
At December 31, 2013, Durango Company reported the following as plant assets.During 2014, the following selected cash transactions occurred.April 1 Purchased land for $1,200,000.May 1 Sold equipment
Kellogg's has equipment that cost $40,000 and that has been depreciated $29,000.Record the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for
The intangible assets section of Whitley Company at December 31, 2013, is presented below.Patents ($100,000 cost less $10,000 amortization) ......... $ 90,000Copyrights ($80,000 cost less $32,000
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Goslin Company in 2014.1. Goslin developed a new manufacturing
Nina Corporation and Vernon Corporation, two corporations of roughly the same size, are both involved in the manufacture of canoes and sea kayaks. Each company depreciates its plant assets using the
Brenda Gable believes a current liability is a debt that can be expected to be paid in one year. Is Brenda correct? Explain.
McGuire Company obtains $30,000 in cash by signing a 9%, 6-month, $30,000 note payable to First Bank on July 1. McGuire's fiscal year ends on September 30. What information should be reported for the
Ottawa University sold 10,000 season football tickets at $90 each for its five-game home schedule. What entries should be made? (a) When the tickets were sold, (b) After each game?
Assume that Bedazzled Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds' contractual interest rate? Explain.
If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $60,000, what is the carrying value of the bonds?
Karistad Corporation is considering issuing a convertible bond. What is a convertible bond? Discuss the advantages of a convertible bond from the standpoint of (a) The bondholders (b) The issuing
Roy Toth, a friend of yours, has recently purchased a home for $125,000, paying $25,000 down and the remainder financed by a 6.5%, 20-year mortgage, payable at $745.57 per month. At the end of the

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