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accounting

Questions and Answers of Accounting

Determine PepsiCo’s gross profit rate for 2007 and 2006. Indicate whether it increased or decreased from 2006 to 2007.
Identify the accounts that are added to or deducted from Purchases to determine the cost of goods purchased. For each account, indicate whether it is added or deducted.
Goods costing $3,000 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 a $200 credit was received from the supplier for damaged goods. Give the journal entry on July 24
Indicate the columns of the work sheet in which (a) Merchandise inventory and (b) Cost of goods sold will be shown.
Presented below are the components in Waegelain Company’s income statement. Determine the missing amounts.
Hollins Company buys merchandise on account from Gordon Company. The selling price of the goods is $780, and the cost of the goods is $520. Both companies use perpetual inventory systems. Journalize
Prepare the journal entries to record the following transactions on Monroe Company’s books using a perpetual inventory system.(a) On March 2, Monroe Company sold $900,000 of merchandise to
From the information in BE5-3, prepare the journal entries to record these transactions on Churchill Company’s books under a perpetual inventory system.
At year-end the perpetual inventory records of Garbo Company showed merchandise inventory of $98,000. The company determined, however, that its actual inventory on hand was $96,500. Record the
Bleeker Company has the following merchandise account balances: Sales $195,000, Sales Discounts $2,000, Cost of Goods Sold $105,000 and Merchandise Inventory $40,000. Prepare the entries to record
Maulder Company provides the following information for the month ended October 31, 2010: Sales on credit $280,000, cash sales $100,000, sales discounts $13,000, sales returns and allowances $11,000.
Explain where each of the following items would appear on (1) A multiple step income statement, and on (2) A single-step income statement: (a) Gain on sale of equipment,(b) Interest expense, (c)
Assume Baja Company has the following reported amounts: Sales $510,000, Sales returns and allowances $15,000, Cost of goods sold $350,000, Operating expenses $110,000. Compute the following: (a) Net
Assume that Alshare Company uses a periodic inventory system and has these account balances: Purchases $450,000; Purchase Returns and Allowances $11,000; Purchase Discounts $8,000; and Freight-in
Assume the same information as in BE5-10 and also that Alshare Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $630,000. Determine the amounts to be reported
Prepare the journal entries to record these transactions on Allied Company’s books using a periodic inventory system.(a) On March 2, Allied Company purchased $1,000,000 of merchandise from B.
Presented below is the format of the worksheet presented in the chapter. Indicate where the following items will appear on the worksheet: (a) Cash, (b) Merchandise Inventory, (c) Sales, (d) Cost of
On October 5, Lane Company buys merchandise on account from O’Brien Company. The selling price of the goods is $5,000, and the cost to O’Brien Company is $3,000.OnOctober 8, Lane returns
Assume information similar to that in Do It! 5-1. That is: On October 5, Lane Company buys merchandise on account from O’Brien Company. The selling price of the goods is $5,000, and the cost to
The trial balance of Dionne’s Boutique at December 31 shows Merchandise Inventory $21,000, Sales $136,000, Sales Returns and Allowances $4,000, Sales Discounts $3,000, Cost of Goods Sold $92,400,
Smith Company is preparing its multiple-step income statement, statement of owner’s equity, and classified balance sheet. Using the column heads Account, Financial Statement, and Classification,
Mr. Wellington 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.
Information related to Steffens Co. is presented below.1. On April 5, purchased merchandise from Bryant Company for $25,000 terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight costs of
On September 1, Howe Office Supply had an inventory of 30 calculators at a cost of $18 each. The company uses a perpetual inventory system. During September, the following transactions occurred.Sept.
On June 10, Meredith Company purchased $8,000 of merchandise from Leinert Company, FOB shipping point, terms 2/10, n/30. Meredith pays the freight costs of $400 on June11. Damaged goods totaling $300
Presented below are transactions related to Wheeler Company.1. On December 3, Wheeler Company sold $500,000 of merchandise to Hashmi Co., terms 2/10, n/30, FOB shipping point.The cost of the
The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2010: Sales $800,000, Freight-out $16,000, Sales Returns and
Peter Kalle Company had the following account balances at year-end: cost of goods sold $60,000; merchandise inventory $15,000; operating expenses $29,000; sales $108,000; sales discounts $1,200; and
Presented is information related to Rogers Co. for the month of January 2010. Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closingentries.
Presented below is information for Obley Company for the month of March 2010. Instructions(a) Prepare a multiple-step income statement.(b) Compute the gross profitrate.
In its income statement for the year ended December 31, 2010, Pele Company reported the following condensed data Instructions(a) Prepare a multiple-step income statement.(b) Prepare a single-step
An inexperienced accountant for Blaufuss Company made the following errors in recording merchandising transactions.1. A $175 refund to a customer for faulty merchandise was debited to Sales $175 and
In 2010, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton 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 G. Durler Company at the end of its fiscal year, August 31, 2010, includes these accounts: Merchandise Inventory $17,200; Purchases $149,000; Sales $190,000; Freight-in $4,000;
On January 1, 2010, Rachael Ray Corporation had merchandise inventory of $50,000. At December 31, 2010, Rachael Ray had the following account balances.Freight-in........... $
Below is a series of cost of goods sold sections for companies B, F, L, and R. InstructionsFill in the lettered blanks to complete the cost of goods soldsections.
This information relates to Martinez Co.1. On April 5 purchased merchandise from D. Norlan Company for $20,000, terms 2/10, net/30, FOB shipping point.2. On April 6 paid freight costs of $900 on
Presented below is information related to Chevalier Co.1. On April 5, purchased merchandise from Paris Company for $22,000, terms 2/10, net/30, FOB shipping point.2. On April 6, paid freight costs of
Presented below are selected accounts for Carpenter Company as reported in the worksheet at the end of May 2010. InstructionsComplete the worksheet by extending amounts reported in the adjusted
The trial balance columns of the worksheet for Green Company at June 30, 2010, are as follows. Other data:Operating expenses incurred on account, but not yet recorded, total
Sansomite 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, Sansomite’s inventory consisted of suitcases costing $1,200.
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and M. Olaf, Capital of
Maine Department Store is located near the Village Shopping Mall. At the end of the company’s calendar year on December 31, 2010, the following accounts appeared in two of its trial
J. Hafner, a former professional tennis star, operates Hafner’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner’s Tennis Shop showed Cash
At the end of Gordman Department Store’s fiscal year on December 31, 2010, these accounts appeared in its adjusted trial balance.Freight-in........... $ 5,600Merchandise Inventory........
Kristen Montana 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
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Angie Wilbert, Capital $4,200.The following transactions were completed
The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.Adjustment data:1. Store supplies on hand totaled $2,500.2.
Paul’s Book 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, Paul’s inventory consisted of books purchased
Newman Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Newman showed Cash of $5,000 and Newman, Capital of $5,000.May 1
Tarp Department Store is located in midtown Platteville. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s fiscal year
Caleb Borke, a former disc golf star, operates Caleb’s Discorama. At the beginning of the current season on April 1, the ledger of Caleb’s Discorama showed Cash $1,800, Merchandise Inventory
At the end of Duckworth Department Store’s fiscal year on November 30, 2010, these accounts appeared in its adjusted trial balance.Freight-in............. $ 4,500Merchandise Inventory......
Letterman 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 Five Pines Pro Shop showed Cash $3,000; Merchandise Inventory $4,000; and Irene Tiger, Capital $7,000.These transactions occurred
The financial statements of PepsiCo, Inc. are presented in Appendix A at the end of this textbook.InstructionsAnswer the following questions using PepsiCo’s Consolidated Statement of Income.(a)
PepsiCo’s financial statements are presented in Appendix A. Financial statements of The Coca-Cola Company are presented in Appendix B.Instructions(a) Based on the information contained in these
Three years ago, Carrie Dungy and her brother-in-law Luke Barber opened FedCo Department Store. For the first two years, business was good, but the following condensed income results for 2009 were
The following situation is in chronological order.1. Flutie decides to buy a surfboard.2. He calls Surfing USA Co. to inquire about their surfboards.3. Two days later he requests Surfing USA Co. to
Laura McAntee was just hired as the assistant treasurer of Dorchester Stores. The company is a specialty chain store with nine retail stores concentrated in one metropolitan area. Among other things,
There are many situations in business where it is difficult to determine the proper period in which to record revenue. Suppose that after graduation with a degree in finance, you take a job as a
The controller of Ruiz Co. believes that the yearly allowance for doubtful accounts for Ruiz Co. should be 2% of net credit sales. The president of Ruiz Co., nervous that the stockholders might
What are the essential features of the allowance method of accounting for bad debts?
Jerry Gatewood cannot understand why cash realizable value does not decrease when an uncollectible account is written off under the allowance method. Clarify this point for Jerry Gatewood.
Distinguish between the two bases that may be used in estimating uncollectible accounts.
Eaton Company has a credit balance of $3,500 in Allowance for Doubtful Accounts. The estimated bad debts expense under the percentage-of-sales basis is $4,100. The total estimated uncollectibles
How are bad debts accounted for under the direct writeoff method? What are the disadvantages of this method?
DeVito Company accepts both its own credit cards and national credit cards. What are the advantages of accepting both types of cards?
An article recently appeared in the Wall Street Journal indicating that companies are selling their receivables at a record rate. Why are companies selling their receivables?
Pinkston Textiles decides to sell $600,000 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
Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.
How may the maturity date of a promissory note be stated?
Indicate the maturity date of each of the following promissory notes: Date of Note Terms(a) March 13..... one year after date of note(b) May 4....... 3 months after date(c) June 20..... 30
Compute the missing amounts for each of the followingnotes.
In determining interest revenue, some financial institutions use 365 days per year and others use 360 days. Why might a financial institution use 360 days?
Cain Company dishonors a note at maturity. What are the options available to the lender?
General Motors Corporation has accounts receivable and notes receivable. How should the receivables be reported on the balance sheet?
Presented below are three receivables transactions. Indicate whether these receivables are reported as accounts receivable, notes receivable, or other receivables on a balance sheet.(a) Sold
Record the following transactions on the books of Keyser Co.(a) On July 1,Keyser Co. sold merchandise on account to Maxfield Inc. for $15,200, terms 2/10, n/30.(b) On July 8, Maxfield Inc. returned
During its first year of operations, Henley Company had credit sales of $3,000,000; $600,000 remained uncollected at year-end. The credit manager estimates that $35,000 of these receivables will
At the end of 2010, Delong Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2011, the company learns that its receivable from Ristau Inc. is
Assume the same information as BE9-4. On March 4, 2011, Delong Co. receives payment of $5,400 in full from Ristau Inc. Prepare the journal entries to record this transaction.
As the All About You feature in this chapter (page 416) indicates, credit card usage in the United States is substantial. Many startup companies use credit cards as a way to help meet short-term
Linhart Co. uses the percentage-of-receivables basis to record bad debts expense. It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $450,000 at the end
Presented below are two independent transactions.(a) St. Pierre Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should St. Pierre make?(b) Jamar
Compute interest and find the maturity date for the followingnotes.
Presented below are data on three promissory notes. Determine the missingamounts.
On January 10, 2010, Edmunds Co. sold merchandise on account to Jeff Gallup for $13,600, n/30. On February 9, Jeff Gallup gave Edmunds Co. a 10% promissory note in settlement of this account. Prepare
The financial statements of Minnesota Mining and Manufacturing Company (3M) report net sales of $20.0 billion. Accounts receivable (net) are $2.7 billion at the beginning of the year and $2.8
Etienne Company has been in business several years. At the end of the current year, the ledger shows:Accounts Receivable........ .. $ 310,000 Dr.Sales............... 2,200,000 Cr.Allowance for
Ronald Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Ronald local banker has indicated that the company cannot
Galen Wholesalers accepts from Picard Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Picard’s overdue account. (a) What is the maturity date of the note?(b)What is the entry made
In 2010, Drew Gooden Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of
Presented below are selected transactions of Pale Force Company. Pale Force sells in large quantities to other companies and also sells its product in a small retail outlet. March 1 Sold merchandise
Presented below are two independent situations.(a) On January 6, Arneson Co. sells merchandise on account to Cortez Inc. for $9,000, terms 2/10, n/30. On January 16, Cortez Inc. pays the amount due.
The ledger of Hixson Company at the end of the current year shows Accounts Receivable $120,000, Sales $840,000, and Sales Returns and Allowances $30,000.Instructions(a) If Hixson uses the direct
Ingles Company has accounts receivable of $93,100 at March 31. An analysis of the accounts shows the information. Month of Sale Balance, March 31March
At December 31, 2009, Braddock Company had a balance of $15,000 in the Allowance for Doubtful Accounts. During 2010, Braddock wrote off accounts totaling $13,000. One of those accounts ($1,800) was

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