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Questions and Answers of Accounting

Johnson Company uses the allowance method to account for uncollectible accounts receivable. Bad debt expense is established as a percentage of credit sales. For 2011, net credit sales totaled
Colorado Rocky Cookie Company offers credit terms to its customers. At the end of 2011, accounts receivable totaled $625,000. The allowance method is used to account for uncollectible accounts. The
Castle Company provides estimates for its uncollectible accounts. The allowance for uncollectible accounts had a credit balance of $17,280 at the beginning of 2011 and a $22,410 credit balance at the
General Mills reported the following information in its 2009 financial statements ($ in millions):Real World FinancialsA note disclosed that the allowance for uncollectible accounts had a balance of
On June 30, 2011, the Esquire Company sold some merchandise to a customer for $30,000. In payment, Esquire agreed to accept a 6% note requiring the payment of interest and principal on March 31,
On June 30, 2011, the Esquire Company sold some merchandise to a customer for $30,000 and agreed to accept as payment a noninterest-bearing note with an 8% discount rate requiring the payment of
On January 1, 2011, the Apex Company exchanged some shares of common stock it had been holding as an investment for a note receivable. The note principal plus interest is due on January 1, 2012. The
On June 30, 2011, the High Five Surfboard Company had outstanding accounts receivable of $600,000. On July 1, 2011, the company borrowed $450,000 from the Equitable Finance Corporation and signed a
Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made without recourse. Prudential remits 90% of the factored amount to Mountain
Mountain High Ice Cream Company transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the factored amount to Mountain High
Mountain High Ice Cream Company reports under IFRS. Mountain High transferred $60,000 of accounts receivable to the Prudential Bank. The transfer was made with recourse. Prudential remits 90% of the
Selkirk Company obtained a $15,000 note receivable from a customer on January 1, 2011. The note, along with interest at 10%, is due on July 1, 2011. On February 28, 2011, Selkirk discounted the note
Listed below are several terms and phrases associated with cash and receivables. Pair each item from List A (by letter) with the item from List B that is most appropriately associated withit.
Weldon Corporation's fiscal year ends December 31. The following is a list of transactions involving receivables that occurred during 2011:Mar. 17 Accounts receivable of $1,700 were written off as
Microsoft Corporation reported the following information in its financial statements for three successive quarters during the 2009 fiscal year ($ in millions):Required:Compute the receivables
The current asset section of the Moorcroft Outboard Motor Company's balance sheet reported the following amounts:The average collection period for 2011 is 50 days.Required:Determine net sales
Loucks Company established a $200 petty cash fund on October 2, 2011. The fund is replenished at the end of each month. At the end of October 2011, the fund contained $37 in cash and the following
The petty cash fund of Ricco's Automotive contained the following items at the end of September 2011:The petty cash fund was established at the beginning of September with a transfer of $150 from
Jansen Company's general ledger showed a checking account balance of $23,820 at the end of May 2011. The May 31 cash receipts of $2,340, included in the general ledger balance, were placed in the
Harrison Company maintains a checking account at the First National City Bank. The bank provides a bank statement along with canceled checks on the last day of each month. The July 2011 bank
At January 1, 2011, Clayton Hoists Inc. owed Third BancCorp $12 million, under a 10% note due December 31, 2012. Interest was paid last on December 31, 2009. Clayton was experiencing severe financial
At January 1, 2011, NCI Industries, Inc. was indebted to First Federal Bank under a $240,000, 10% unsecured note. The note was signed January 1, 2009, and was due December 31, 2012. Annual interest
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on
Access the FASB's Codification Research System at the FASB website (www.fasb.org).Required:Determine the specific citation for accounting for each of the following items:1. Accounts receivables from
The following questions are used in the Kaplan CPA Review Course to study receivables while preparing for the CPA examination. Determine the response that best completes the statements or
The following questions dealing with receivables are adapted from questions that previously appeared on Certified Management Accountant (CMA) examinations. The CMA designation sponsored by the
Swathmore Clothing Corporation grants its customers 30 days' credit. The company uses the allowance method for its uncollectible accounts receivable. During the year, a monthly bad debt accrual is
Amdahl Corporation manufactures large-scale, high performance computer systems. In a recent annual report, the balance sheet included the following information (dollars in thousands):In addition,
Cirrus Logic, Inc., is a leading designer and manufacturer of advanced integrated circuits that integrate algorithms and mixed-signal processing for mass storage, communications, consumer
Raintree Cosmetic Company sells its products to customers on a credit basis. An adjusting entry for bad debt expense is recorded only at December 31, the company's fiscal year-end. The 2010 balance
Symantec Corp., located in Cupertino, California, is one of the world's largest producers of security and systems management software. The company's consolidated balance sheets for the 2009 and
Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $20 million, 10% unsecured note. The note was signed January 1, 2005, and was due December 31, 2014. Annual interest was
Lonergan Company occasionally uses its accounts receivable to obtain immediate cash. At the end of June 2011, the company had accounts receivable of $780,000. Lonergan needs approximately $500,000
Samson Wholesale Beverage Company regularly factors its accounts receivable with the Milpitas Finance Company. On April 30, 2011, the company transferred $800,000 of accounts receivable to
The following facts apply to Walken Company during December 2011:a. Walken began December with an accounts receivable balance (net of bad debts) of €25,000.b. Walken had credit sales of
Evergreen Company sells lawn and garden products to wholesalers. The company's fiscal year-end is December 31. During 2011, the following transactions related to receivables occurred:Feb. 28 Sold
Descriptors are provided below for six situations involving notes receivable being discounted at a bank. In each case, the maturity date of the note is December 31, 2011, and the principal and
Chamberlain Enterprises Inc. reported the following receivables in its December 31, 2011, year-end balance sheet:Current assets:Accounts receivable, net of $24,000 in allowance for uncollectible
The bank statement for the checking account of Management Systems Inc. (MSI) showed a December 31, 2011, balance of $14,632.12. Information that might be useful in preparing a bank reconciliation is
El Gato Painting Company maintains a checking account at American Bank. Bank statements are prepared at the end of each month. The November 30, 2011, reconciliation of the bank balance is as
Rothschild Chair Company, Inc., was indebted to First Lincoln Bank under a $20 million, 10% unsecured note. The note was signed January 1, 2005, and was due December 31, 2014. Annual interest was
Magrath Company has an operating cycle of less than one year and provides credit terms for all of its customers. On April 1, 2011, the company factored, without recourse, some of its accounts
You have been hired as a consultant by a parts manufacturing firm to provide advice as to the proper accounting methods the company should use in some key areas. In the area of receivables, the
Hogan Company uses the net method of accounting for sales discounts. Hogan offers trade discounts to various groups of buyers.On August 1, 2011, Hogan factored some accounts receivable on a without
You have recently been hired as the assistant controller for Stanton Industries, a large, publicly held manufacturing company. Your immediate superior is the controller who, in turn, is responsible
For each of the following independent situations, indicate the apparent internal control weaknesses and suggest alternative procedures to eliminate the weaknesses.1. John Smith is the petty cash
EDGAR, the Electronic Data Gathering, Analysis, and Retrieval system, performs automated collection, validation, indexing, and forwarding of submissions by companies and others who are required by
McLaughlin Corporation uses the allowance method to account for bad debts. At the end of the company's fiscal year, accounts receivable are analyzed and the allowance for uncollectible accounts is
Financial institutions have developed a wide variety of methods for companies to use their receivables to obtain immediate cash. The methods differ with respect to which rights and risks are retained
Search on the Internet for the 2008 annual report for Sanofi-Aventis. Find the accounts receivable footnote.Required:1. Sanofi-Aventis subtracts “impairment” from the gross value of accounts
You are spending the summer working for a local wholesale furniture company, Samson Furniture, Inc. The company is considering a proposal from a local financial institution, Old Reliant Financial, to
The table below contains selected financial information included in the 2009 financial statements ofÂ Del Monte Foods Co.Â and Smithfield Foods Inc.Required:1. Calculate the 2009
Refer to the financial statements and related disclosure notes of Dell Inc. included with all new copies of the text.Required:1. What is Dell's policy for designating investments as cash
British Airways, Plc. (BA), a U.K. company, prepares its financial statements according to International Financial Reporting Standards. BA's annual report for the year ended March 31, 2009, which
Describe the three types of inventory of a manufacturing company.
What is the main difference between a perpetual inventory system and a periodic inventory system?
The Cloud Company employs a perpetual inventory system and the McKenzie Corporation uses a periodic system. Describe the differences between the two systems in accounting for the following events:
The Bockner Company shipped merchandise to Laetner Corporation on December 28, 2011. Laetner received the shipment on January 3, 2012. December 31 is the fiscal year-end for both companies. The
What is a consignment arrangement? Explain the accounting treatment of goods held on consignment.
Distinguish between the gross and net methods of accounting for purchase discounts.
The Esquire Company employs a periodic inventory system. Indicate the effect (increase or decrease) of the following items on cost of goods sold:1. Beginning inventory2. Purchases3. Ending
Identify four methods of assigning cost to ending inventory and cost of goods sold and briefly explain the difference in the methods.
It's common in the electronics industry for unit costs of raw materials inventories to decline over time. In this environment, explain the difference between LIFO and FIFO, in terms of the effect on
Explain why proponents of LIFO argue that it provides a better match of revenue and expenses. In what situation would it not provide a better match?
Explain what is meant by the Internal Revenue Service conformity rule with respect to the inventory method choice.
Describe the ratios used by financial analysts to monitor a company's investment in inventories.
What is a LIFO inventory pool? How is the cost of ending inventory determined when pools are used?
Identify two advantages of dollar-value LIFO compared with unit LIFO.
The Austin Company uses the dollar-value LIFO inventory method with internally developed price indexes. Assume that ending inventory at year-end cost has been determined. Outline the remaining steps
A company began its fiscal year with inventory of $186,000. Purchases and cost of goods sold for the year were $945,000 and $982,000, respectively. What was the amount of ending inventory?
Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $267,000. Purchases of merchandise on account during the year totaled $845,000. Merchandise
Kelly Corporation shipped goods to a customer f.o.b. destination on December 29, 2011. The goods arrived at the customer's location in January. In addition, one of Kelly's major suppliers shipped
On December 28, 2011, Videotech Corporation (VTC) purchased 10 units of a new satellite uplink system from Tristar Communications for $25,000 each. The terms of each sale were 1/10, n/30. VTC uses
Refer to the situation described in BE 8-4. Prepare the necessary journal entries assuming that VTC uses the net method to account for purchase discounts.
Samuelson and Messenger (S&M) began 2011 with 200 units of its one product. These units were purchased near the end of 2010 for $25 each. During the month of January, 100 units were purchased on
Refer to the situation described in BE 8-6. S&M uses a perpetual inventory system. Calculate ending inventory and cost of goods sold for January using (1) FIFO, and (2) average cost.
Esquire Inc. uses the LIFO method to value its inventory. Inventory at January 1, 2011, was $500,000 (20,000 units at $25 each). During 2011, 80,000 units were purchased, all at the same price of $30
AAA Hardware uses the LIFO method to value its inventory. Inventory at the beginning of the year consisted of 10,000 units of the company's one product. These units cost $15 each. During the year,
Refer to the situation described in BE 8-8. Assuming an income tax rate of 40%, what is LIFO liquidation profit or loss that the company would report in a disclosure note accompanying its financial
SuperValue Inc., one of the largest grocery chains in the United States, reported inventories of $2,709 million and $2,776 million in its February 28, 2009, and February 23, 2008, balance sheets,
Selected financial statement data for Schmitzer Inc. is shown below:What was the amount of net sales for2011?
At the beginning of 2011, a company adopts the dollar-value LIFO inventory method for its one inventory pool. The pool's value on that date was $1,400,000. The 2011 ending inventory valued at
John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May 2011:1. John's purchased merchandise on account for $5,000. Freight
John's Specialty Store uses a periodic inventory system. The following are some inventory transactions for the month of May 2011:1. John's purchased merchandise on account for $5,000. Freight charges
Askew Company uses a periodic inventory system. The June 30, 2011, year-end trial balance for the company contained the following information:In addition, you determine that the June 30, 2011,
The following information is available for the Johnson Corporation for 2011:Required:Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the
The Playa Company uses a periodic inventory system. The following information is taken from Playa's records. Certain data have been intentionally omitted. ($ in thousands)Required:Determine the
The Kwok Company's inventory balance on December 31, 2011, was $165,000 (based on a 12/31/11 physical count) before considering the following transactions:1. Goods shipped to Kwok f.o.b. destination
The December 31, 2011, year-end inventory balance of the Raymond Corporation is $210,000. You have been asked to review the following transactions to determine if they have been correctly recorded.1.
The Phoenix Corporation's fiscal year ends on December 31. Phoenix determines inventory quantity by a physical count of inventory on hand at the close of business on December 31. The company's
On July 15, 2011, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the gross method
On July 15, 2011, the Nixon Car Company purchased 1,000 tires from the Harwell Company for $50 each. The terms of the sale were 2/10, n/30. Nixon uses a periodic inventory system and the net method
Tracy Company, a manufacturer of air conditioners, sold 100 units to Thomas Company on November 17, 2011. The units have a list price of $500 each, but Thomas was given a 30% trade discount. The
Access the FASB's Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. Define the meaning of cost as it applies to the
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:Aug. 1 Inventory on hand—2,000
Altira Corporation uses a periodic inventory system. The following information related to its merchandise inventory during the month of August 2011 is available:Aug. 1 Inventory on hand—2,000
Alta Ski Company's inventory records contained the following information regarding its latest ski model. The company uses a periodic inventory system.Required:1. Which method, FIFO or LIFO, will
The following information is taken from the inventory records of the CNB Company:Required:1. Assuming that CNB uses a periodic inventory system and employs the average cost method, determine cost of
Causwell Company began 2011 with 10,000 units of inventory on hand. The cost of each unit was $5.00. During 2011 an additional 30,000 units were purchased at a single unit cost, and 20,000 units
Steelcase Inc. is the global leader in providing furniture for office environments. The company uses the LIFO inventory method for external reporting and for income tax purposes but maintains its

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