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Questions and Answers of Accounting

Sandberg Company has used the dollar-value LIFO method for inventory cost determination for many years. The following data were extracted from Sandberg€™s records.InstructionsCalculate the
The dollar-value LIFO method was adopted by Queen Corp. on January 1, 2014. Its inventory on that date was $510,000. On December 31, 2014, the inventory at prices existing on that date amounted to
Presented below is information related to Meghani Company.InstructionsCompute the ending inventory for Meghani Company for 2013 through 2018 using the dollar-value LIFOmethod.
The following information relates to James Company.InstructionsUse the dollar-value LIFO method to compute the ending inventory for James Company for 2013 through2017.
The inventory of Wei Company on December 31, 2014, consists of the following items.aPart No. 21 is obsolete and has a realizable value of $0.20 each as scrap.Instructions(a) Determine the inventory
Wolfe Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2014, consists of products D, E, F, G, H, and I.
Sunshine Company follows the practice of pricing its inventory at the lower-of-cost-or-market, on an individual-item basis.InstructionsFrom the information above, determine the amount of Sunshine
Yousuf Company began operations in 2013 and determined its ending inventory at cost and at lower-of-cost-or-market at December 31, 2013, and December 31, 2014. This information is presented
Presented below is information related to Webby Inc.Instructions(a) From the information, prepare (as far as the data permit) monthly income statements in columnar form for February, March, and
Price Company uses the lower-of-cost-or-market method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2014, included product Z. Relevant per-unit data for
Apple Corporation purchased a tract of unimproved land for $610,000. This land was improved and subdivided into building lots at an additional cost of $125,000. These building lots were all of the
During 2014, Galarraga Furniture Company purchases a carload of wicker chairs. The manufacturer sells the chairs to Galarraga for a lump sum of $5,985, because it is discontinuing manufacturing
Canseco Company has been having difficulty obtaining key raw materials for its manufacturing process. The company therefore signed a long-term noncancelable purchase commitment with its largest
At December 31, 2014, Stargell Company has outstanding noncancelable purchase commitments for 100,000 gallons, at $1.50 per gallon, of raw material to be used in its manufacturing process. The
Each of the following gross profit percentages is expressed in terms of sales.1. 25%. 2. 20%. 3. 50%.4. 331⁄3%.InstructionsIndicate the gross profit percentage in terms of cost for each of the
Schmidt Company uses the gross profit method to estimate inventory for monthly reporting purposes. Presented below is information for the month of May. Inventory, May 1 ......... $ 40,000Purchases
McGriff requires an estimate of the cost of goods lost by fire on March 9. Merchandise on hand on January 1 was $76,000. Purchases since January 1 were $144,000; freight-in, $6,800; purchase returns
Wineview Company lost most of its inventory in a fire in December just before the year-end physical inventory was taken. The corporation’s books disclosed the following.Beginning inventory
You are called by the CFO of Dolphin Co. on March 9 and asked to prepare a claim for insurance as a result of a theft that took place the night before. You suggest that an inventory be taken
Golden Trails Company handles three principal lines of merchandise with these varying rates of gross profit on cost.Furniture ...........25%Beds .................30%Rugs ................50%On
Presented below is information related to Isaac Corporation for the current year.InstructionsCompute the ending inventory, assuming that (a) Gross profit is 25% of sales; (b) Gross profit is 50% of
Presented below is information related to McKenna Company.Instructions(a) Compute the ending inventory at retail.(b) Compute a cost-to-retail percentage (round to two decimals) under the following
Presented below is information related to Mantle Company.InstructionsCompute the inventory by the conventional retail inventorymethod.
The records of Thome€™s Boutique report the following data for the month of April.InstructionsCompute the ending inventory by the conventional retail inventorymethod.
The financial statements of Killebrew, Incâ€™s. 2014 annual report disclose the following information.InstructionsCompute Killebrewâ€™s(a) Inventory turnover(b) The average days to sell
Davis Company began operations on January 1, 2013, adopting the conventional retail inventory system. None of its merchandise was marked down in 2013 and because there was no beginning inventory, its
Will Company began operations late in 2013 and adopted the conventional retail inventory method. Because there was no beginning inventory for 2013 and no markdowns during 2013, the ending inventory
You assemble the following information for Henderson Department Store, which computes its inventory under the dollar-value LIFO method.InstructionsCompute the cost of the inventory on December 31,
Presented below is information related to Winfield Corporation.InstructionsCompute the ending inventory under the dollar-value LIFO method at December 31, 2015. The cost-to-retail ratio for 2013
Miller Corporation began operations on January 1, 2014, with a beginning inventory of $10,600 at cost and $14,000 at retail. The following information relates to 2014.
Brooks Corporation adopted the dollar-value LIFO retail inventory method on January 1, 2013. At that time the inventory had a cost of $146,000 and a retail price of $250,000. The following
May Ltd., a local retailing concern in the Bronx, N.Y., has decided to change from the conventional retail inventory method to the LIFO retail method starting on January 1, 2015. The company
The following expenditures and receipts are related to land, land improvements, and buildings acquired for use in a business enterprise. The receipts are enclosed in parentheses.(a) Money borrowed to
Allen Co. purchased land as a factory site for $80,000. The process of tearing down two old buildings on the site and constructing the factory required 6 months. The company paid $8,400 to raze the
Lankford Corporation operates a retail computer store. To improve delivery services to customers, the company purchases four new trucks on April 1, 2014. The terms of acquisition for each truck are
Dade Co. both purchases and constructs various equipment it uses in its operations. The following items for two different types of equipment were recorded in random order during the calendar year
Backroad Company, a newly formed corporation, incurred the following expenditures related to Land, to Buildings, and to Machinery and Equipment.InstructionsDetermine the amounts that should be
Plant acquisitions for selected companies are presented below.1. Protex Inc. acquired land, buildings, and equipment from a bankrupt company, for a lump-sum price of $700,000. At the time of
Bagwell Furniture Company started construction of a combination office and warehouse building for its own use at an estimated cost of $2,500,000 on January 1, 2012. Bagwell expected to complete the
On December 31, 2013, Jumble Inc. borrowed $1,000,000 at 10% payable annually to finance the construction of a new building. In 2014, the company made the following expenditures related to this
On July 31, 2014, Robinson Company engaged Parrish Tooling Company to construct a special-purpose piece of factory machinery. Construction was begun immediately and was completed on November 1, 2014.
The following three situations involve the capitalization of interest.Situation IOn January 1, 2014, Navarone, Inc. signed a fixed-price contract to have Homeward Construction construct a major plant
Mays Engineering Corporation purchased conveyor equipment with a list price of $12,000. The vendor’s credit terms were 2/10, n/30. Presented below are three independent cases related to the
Below are transactions related to White Company?(a) The City of Grand Junction gives the company 5 acres of land as a plant site. The market value of this land is determined to be $173,000.(b) 10,000
Presented below is information related to Monday Company.1. On July 6 Monday Company acquired the plant assets of Weld Company, which had discontinued operations. The appraised value of the property
Vaughn Inc. has decided to purchase equipment from Central Michigan Industries on January 2, 2014, to expand its production capacity to meet customers’ demand for its product. Vaughn issues an
Dawson Corporation purchased a computer on December 31, 2013, for $75,000, paying $25,000 down and agreeing to pay the balance in five equal installments of $10,000 payable each December 31 beginning
Ogden Industries purchased the following assets and constructed a building as well. All this was done during the current year.Assets 1 and 2These assets were purchased as a lump sum for $186,000
Phillips Corporation, which manufactures shoes, hired a recent college graduate to work in its accounting department. On the first day of work, the accountant was assigned to total a batch of
Ward Company purchased an electric press on June 30, 2015, by trading in its old gas model and paying the balance in cash. The following data relate to the purchase.List price of new press
Mathews Company exchanged equipment used in its manufacturing operations plus $6,000 in cash for similar equipment used in the operations of Biggio Company. The following information pertains to the
Dean Inc. has negotiated the purchase of a new piece of automatic equipment at a price of $16,000 plus trade-in, f.o.b. factory. Dean Inc. paid $16,000 cash and traded in used equipment. The used
Avedo Group has been in its factory for 20 years. Although the factory is quite functional, numerous repair costs are incurred to maintain it in sound working order. The company’s factory book
The following transactions occurred during 2012. Assume that depreciation of 10% per year is charged on all machinery and 3% per year on buildings, on a straight-line basis, with no estimated salvage
Plant assets often require expenditures subsequent to acquisition. It is important that they be accounted for properly. Any errors will affect both the balance sheets and income statements for a
On December 31, 2014, Autohome Inc. has a machine with a book value of $260,000. The original cost and related accumulated depreciation at this date are as follows. Machine
On April 1, 2014, Clark Company received a condemnation award of $375,000 cash as compensation for the forced sale of the company’s land and building, which stood in the path of a new state
Presented below is a list of items that could be included in the intangible assets section of the balance sheet.1. Cost of purchasing a patent from an inventor.2. Unrecovered costs of a successful
Presented below is selected account information related to Fryman Inc. at year-end. All these accounts have debit balances.Brand names ………………………….............
Williams Inc. has the following amounts included in its general ledger at the end of the current year.Organization costs .................... $120,000Trademarks .........................
Resented below is selected information for Tartabull Company.1. Tartabull purchased a patent from Vania Co. for $2,000,000 on January 1, 2012. The patent is being amortized over its remaining legal
As the recently appointed auditor for Clinton Corporation, you have been asked to examine selected accounts before the 6-month financial statements of June 30, 2014, are prepared. The controller for
Parrish Company, organized in 2011, has set up a single account for all intangible assets. The following summary discloses the debit entries that have been recorded during 2014.InstructionsPrepare
In early January 2013, Strawberry Corporation applied for a trade name, incurring legal costs of $50,000. In January 2014, Strawberry incurred $20,000 of legal fees in a successful defense of its
Thermo Corporation was organized in 2013 and began operations at the beginning of 2014. The company is involved in energy development. The following costs were incurred prior to the start of
Yount Company has provided information on intangible assets as follows.A patent was purchased from Ford Company for $1,000,000 on January 1, 2013. Yount estimated the remaining useful life of the
During 2008, Burks Corporation spent $510,000 in research and development costs. As a result, a new product called the New Age Piano was patented. The patent was obtained on October 1, 2010, and had
Thomas Industries has the following patents on its December 31, 2014, balance sheet.The following events occurred during the year ended December 31, 2015.1. Research and development costs of $347,000
Palmer, owner of Palmer Interiors, is negotiating for the purchase of Ruth Inc. The balance sheet of Ruth Inc. is given in an abbreviated form, as follows.Palmer and Ruth agree that:1. Land is
On July 1, 2013, Griffey Corporation purchased Johnson Company by paying $187,500 cash and issuing a $75,000 note payable to Steve Johnson. At July 1, 2013, the balance sheet of Johnson Company was
Presented below is information related to copyrights owned by Fielder Company at December 31, 2014.Cost ............................... $10,450,000Carrying amount ........................
Presented below is net asset information related to the Salmon Division of Horton, Inc.SALMON DIVISIONNET ASSETSAS OF DECEMBER 31, 2014(IN MILLIONS)Cash .................. $ 40Receivables
Hunt Company from time to time embarks on a research program when a special project seems to offer possibilities. In 2013 the company expends $183,000 on a research project, but by the end of 2013 it
Tettleton Company incurred the following costs during the current year in connection with its research and development activities. Cost of equipment acquired that will have alternative uses in future
Wallach Inc. has capitalized computer software costs of $7,200,000 on its new “Trenton” software package. Revenues from 2014 (first year) sales are $4,000,000. Additional future revenues from
During 2014, Extel Computing Inc. spent $8,600,000 developing its new software package. Of this amount, $5,000,000 was spent before technological feasibility was established for the product, which is
Vaughn Company purchases equipment on January 1, Year 1, at a cost of $500,000. The asset is expected to have a service life of 10 years and a salvage value of $50,000.Instructions(a) Compute the
Bayliner Company acquired a plant asset at the beginning of Year 1. The asset has an estimated service life of 5 years. An employee has prepared depreciation schedules for this asset using three
Bonds Company purchased a new plant asset on April 1, 2014, at a cost of $355,500. It was estimated to have a service life of 20 years and a salvage value of $30,000. Bonds’s accounting period is
Wynn Furnace Corp. purchased machinery for $345,000 on May 1, 2014. It is estimated that it will have a useful life of 10 years, scrap value of $45,000, production of 120,000 units, and working hours
Foster Corporation purchased a new machine for its assembly process on August 1, 2014. The cost of this machine was $235,800. The company estimated that the machine would have a trade-in value of
Scott Company purchased equipment for $250,000 on October 1, 2014. It is estimated that the equipment will have a useful life of 8 years and a salvage value of $50,000. Estimated production is 20,000
Jester Industries presents you with the following information.InstructionsComplete the table for the year ended December 31, 2015. The company depreciates all assets using the half-yearconvention.
Sachs Corporation bought a machine on October 1, 2010, for $68,000, f.o.b. the place of manufacture. Freight to the point where it was set up was $300, and $700 was expended to install it. The
Presented below is information related to Gant Manufacturing Corporation.Instructions(a) Compute the rate of depreciation per year to be applied to the plant assets under the composite method.(b)
Vans Company purchased a piece of equipment at the beginning of 2011. The equipment cost $860,000. It has an estimated service life of 8 years and an expected salvage value of $140,000. The
Machinery purchased for $100,000 by Deer Co. in 2010 was originally estimated to have a life of 10 years with a salvage value of $20,000 at the end of that time. Depreciation has been entered for 5
In 1992, Lincoln Company completed the construction of a building at a cost of $4,000,000 and first occupied it in January 1995. It was estimated that the building will have a useful life of 40 years
Buhner Company constructed a building at a cost of $3,000,000 and occupied it beginning in January 1995. It was estimated at that time that its life would be 40 years, with no salvage value.In
Suzuki Company shows the following entries in its Equipment account for 2015. All amounts are based on historical cost.Instructions(a) Prepare any correcting entries necessary.(b) Assuming that
On June 15, 2016, Simply Company sells equipment that it purchased for $300,000 on April 10, 2010. It was originally estimated that the equipment would have a life of 10 years and a salvage value of
Presented below is information related to equipment owned by Davis Company at December 31, 2014.Cost .................... $6,750,000Accumulated depreciation to date ...... 750,000Expected future
Assume the same information as E11-16B, except that Davis intends to dispose of the equipment in the coming year. It is expected that the cost of disposal will be $15,000.Instructions(a) Prepare the
The management of Yastrzemski Inc. was discussing whether certain equipment should be written off as a charge to current operations because of obsolescence. This equipment has a cost of $1,200,000
Carter Timber Company owns 10,000 acres of timberland purchased in 2003 at a cost of $2,000 per acre. At the time of purchase the land without the timber was valued at $500 per acre. In 2004, Carter
Hometown Oil Company has leased property on which oil has been discovered. Wells on this property produced 32,000 barrels of oil during the past year that sold at an average sales price of $90 per
Fisk Company owns a 8,000-acre tract of timber purchased in 2007 at a cost of $1,500 per acre. At the time of purchase the land was estimated to have a value of $500 per acre without the timber. Fisk
Aaron Company purchased land on February 1, 2014, at a cost of $2,000,000. It estimated that a total of 50,000 tons of mineral was available for mining. After it has removed all the natural
Levi Company purchased land on February 1, 2014, at a cost of $5,000,000. It estimated that a total of 50,000 tons of ore is available for mining. After it has removed the ore, the company will be
The 2012 Annual Report of Brinker International contains the following information.InstructionsCompute the following ratios for Brinker International for 2012.(a) Asset turnover ratio.(b) Rate of

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