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business
accounting

Questions and Answers of Accounting

Sales during the year were 500 units. Beginning inventory was 200 units at a cost of $5 per unit. Purchase 1 was 250 units at $6 per unit. Purchase 2 was 400 units at $7 per unit.Required:Calculate
The beginning inventory was 300 units at a cost of $10 per unit. Goods available for sale during the year were 1,300 units at a total cost of $14,400. In May, 600 units were purchased at a total cost
Bank reconciliation. Prepare a bank reconciliation as of August 31 from the following information:a. The August 31 balance shown on the bank statement is $4,905.b. There is a deposit in transit of
Husemann Co.'s assets include notes receivable from customers. During fiscal 2013, the amount of notes receivable averaged $138,750, and the interest rate of the notes averaged 4.8%.Required:a.
Mannisto, Inc., uses the FIFO inventory cost flow assumption. In a year of rising costs and prices, the firm reported net income of $1,920,000 and average assets of $12,000,000. If Mannisto had used
Transaction analysis-various accounts. Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or
Prepare an answer sheet with the column headings shown here. For each of the following transactions or adjustments, indicate the effect of the transaction or adjustment on the appropriate balance
Bank reconciliation-compute Cash account balance and bank statement balance before reconciling items. Branson Co. received its bank statement for the month ending May 31, 2013, and reconciled the
Bad debts analysis-Allowance account and financial statement effects. The following is a portion of the current asset section of the balance sheets of HiROE Co., at December 31, 2014 and
Analysis of accounts receivable and allowance for bad debtsâ€”determine ending balances. A portion of the current assets section of the December 31, 2013, balance sheet for Gibbs Co. is
Cost flow assumptions€”FIFO and LIFO using a periodic system Mower-Blower Sales Co. started business on January 20, 2013. Products sold were snow blowers and lawn mowers. Each product sold
Cost flow assumptions-FIFO and LIFO using periodic and perpetual systems. The inventory records of Cushing, Inc., reflected the following information for the year ended December 31, 2013:Required:a.
Effects of inventory errors. Following are condensed income statements for Uncle Bill's Home Improvement Center for the years ended December 31, 2014, and 2013:Uncle Bill was concerned about the
The 2011 annual reports of Pearson plc and The McGraw-Hill Companies, Inc., two publishing and information services companies included the following selected data as at December 31, 2011, and
Minott Jewelers, Ltd., purchased store fixtures, display cases, and a maximum-security commercial safe for a lump-sum price of $14,000 from a bankrupt competitor. Appraised values were as follows:
Riley Holdings Corp. incurred the following expenditures: $3,100 cost to replace the transmission in a company-owned vehicle; $16,400 cost of annual property insurance on the company’s production
Gandolfi Construction Co. purchased a used CAT 336DL earth mover at a cost of $325,000 in January 2013. The company’s estimated useful life of this heavy equipment is 10 years, and the estimated
Refer to the information presented in Mini-Exercise 6.3. Assume that Gandolfi Construction Co. calculated depreciation expense for the CAT 336DL earth mover on the straight-line method and reported
Raider Co. recently acquired all of Lost Arc, Inc.’s net assets in a business acquisition. The cash purchase price was $6.3 million. Lost Arc, Inc.’s assets and liabilities had the following
Congratulations! You have just won $500 million in the largest Powerball jackpot payoff ever! You will receive payments of $25,000,000 per year for the next 20 years.Required:Using a present value
Basket purchase allocation. Crow Co. purchased some of the machinery of Hare, Inc., a bankrupt competitor, at a liquidation sale for a total cost of $50,400. Crow€™s cost of moving and
Capitalizing versus expensing. For each of the following expenditures, indicate the type of account (asset or expense) in which the expenditure should be recorded. Explain your answers.a. $800 for
Depreciation calculation methods. Millco, Inc., acquired a machine that cost $400,000 early in 2013. The machine is expected to last for eight years, and its estimated salvage value at the end of its
Kleener Co. acquired a new delivery truck at the beginning of its current fiscal year. The truck cost $52,000 and has an estimated useful life of four years and an estimated salvage value of
Goodwill—effect on ROI and operating income. Goodwill arises when one firm acquires the net assets of another firm and pays more for those net assets than their current fair value. Suppose that
Transaction analysis—various accounts. Prepare an answer sheet with the following column headings. For each of the following transactions or adjustments, indicate the effect of the transaction or
Capitalizing versus expensing-effect on ROI. Early in January 2013, Tellco, Inc., acquired a new machine and incurred $300,000 of interest, installation, and overhead costs that should have been
Porter, Inc., acquired a machine that cost $360,000 on October 1, 2013. The machine is expected to have a four-year useful life and an estimated salvage value of $40,000 at the end of its life.
Identify depreciation methods used Moyle Co. acquired a machine on January 1, 2013, at a cost of $800,000. The machine is expected to have a five-year useful life, with a salvage value of $50,000.
Determine depreciation method used and date of asset acquisition; record disposal of asset. The balance sheets of HiROE, Inc., showed the following at December 31, 2014, and 2013:Required:a. If there
Accounting for capital leases versus purchased assets Ambrose Co. has the option of purchasing a new delivery truck for $42,300 in cash or leasing the truck for $9,150 per year, payable at the end of
Present value calculation-capital lease. Renter Co. acquired the use of a machine by agreeing to pay the manufacturer of the machine $1,500 per year for 10 years. At the time the lease was signed,
Present value calculations. Using a present value table, your calculator, or a computer program present value function, answer the following questions:Required:a. What is the present value of nine
Focus company-property, plant, and equipment disclosures. In Exercise 1.1, you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this
Unearned revenues-rent. On December 1, 2013, an advance rent payment of $12,900, representing a three-month prepayment for the months of December, January, and February, was received in cash from the
For the payroll period ended on June 25, 2013, gross pay was $14,300, net pay was $10,200, FICA tax withholdings were $1,000, income tax withholdings were $2,500, and medical insurance contributions
The balance of the Estimated Warranty Liability account was $12,500 on January 1, 2013, and $17,200 on December 31, 2013. Based on an analysis of warranty claims during the past several years, this
On July 1, 2013, $6 million face amount of 7%, 10-year bonds were issued. The bonds pay interest on an annual basis on June 30 each year. The market interest rates were slightly higher than 7% when
Transaction analysis€”various accounts. Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column, and show the
Transaction analysisâ€”various accounts. Enter the following column headings across the top of a sheet of paper:Enter the transaction/adjustment letter in the first column and show the effect,
Other accrued liabilities-payroll and payroll taxes. The following summary data for the payroll period ended December 27, 2012, are available for Cayman Coating Co.:Gross pay . . . . . . . . . . . .
Bonds payable-callable. Hurley Co. has outstanding $30 million face amount of 15% bonds that were issued on January 1, 2001, for $29,250,000. The 20-year bonds mature on December 31, 2020, and are
Altuve Co. was incorporated on January 1, 2013, at which time 500,000 shares of $1 par value common stock were authorized, and 210,000 of these shares were issued for $15 per share. Net income for
Spike & Jones Ltd. did not pay dividends on its 7.5%, $100 par value cumulative preferred stock during 2012 or 2013. Since 2006, 125,000 shares of this stock have been outstanding. Spike & Jones
Assume that you own 1,200 shares of $10 par value common stock and the company has a 5-for-1 stock split when the market price per share is $70.Required:a. How many shares of common stock will you
On April 10, 2013, Amelia, Inc., purchased 500 shares of its own common stock in the market for $24 per share. On September 28, 2013, the company sold 300 of these shares in the open market at a
Review exercise-calculate net income. At the beginning of the current fiscal year, the balance sheet of Cummings Co. showed liabilities of $438,000. During the year, liabilities decreased by
Review exercise—calculate retained earnings. From the following data, calculate the Retained Earnings balance as of December 31, 2013:Retained earnings, December 31, 2014
Preferred stock-calculate dividend amounts. Calculate the cash dividends required to be paid for each of the following preferred stock issues:Required:a. The semiannual dividend on 7% cumulative
Refer to the Campbell Soup Company annual report in the appendix. From the table of quarterly financial information on page 749 and the Selected Financial Data (Five-Year Review- Consolidated) on
Calculate stock dividend shares and cash dividend amounts. Assume that you own 4,000 shares of Blueco, Inc.'s, common stock and that you currently receive cash dividends of $0.84 per share per
Common and preferred stock-issuances and dividends. Permabilt Corp. was incorporated on January 1, 2013, and issued the following stock for cash:4,000,000 shares of no-par common stock were
Treasury stock transactions. On January 1, 2013, Metco, Inc., reported 622,100 shares of $3 par value common stock as being issued and outstanding.On March 15, 2013, Metco, Inc., purchased for its
Transaction analysis-various accounts. Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of
Transaction analysis-various accounts. Enter the following column headings across the top of a sheet of paper:Enter the transaction letter in the first column and show the effect (if any) of each of
Comprehensive problem-calculate missing amounts, issue price, net income, and dividends; interpret stock dividend and split. Bacon, Inc., has the following stockholders' equity section in its May 31,
Focus company—stockholders’ equity disclosures In Exercise 1.1, you were asked to obtain the most recent annual report of a company that you were interested in reviewing throughout this
Net sales for the year were $900,000 and cost of goods sold was $558,000 for the company's existing products. A new product is presently under development and will have an expected selling price of
Selling, general, and administrative expenses were $132,000; net sales were $600,000; interest expense was $14,200; research and development expenses were $63,000; net cash provided by operating
Net income was $329,550 for the year. Throughout the year the company had outstanding 18,000 shares of $2.50, $50 par value preferred stock and 105,000 shares of common stock.Required:Calculate
Net income was $44,700; accounts receivable decreased by $12,000; inventory increased by $7,200; proceeds from the issuance of long-term debt were $15,000; accounts payable decreased by $4,100;
Refer to the consolidated statements of earnings on shown below of the Campbell Soup Company annual report in the appendix.Required:a. Calculate the gross profit ratio for each of the past three
Operating income versus net income. Refer to the selected financial data (five-year financial summary) on figure shown below of the Campbell Soup Company annual report in the
Calculate basic EPS. Ringmeup, Inc., had net income of $111,250 for the year ended December 31, 2013. At the beginning of the year, 40,000 shares of common stock were outstanding. On May 1, an
Calculate basic EPS, and explain the EPS effect of convertible preferred. Thrifty Co. reported net income of $790,800 for its fiscal year ended January 31, 2014. At the beginning of that fiscal year,
Cash flows to accrual. For each of the following items, calculate the amount of revenue or expense that should be recognized on the income statement for Pelkey Co. for the year ended December 31,
Income statement format and EPS disclosures. Refer to the consolidated statements of earnings on page 711 of the Campbell Soup Company annual report in the appendix.Required:a. Does Campbell's use
Statement of cash flows analysis. Refer to the consolidated statements of cash flows on figure shown below of the Campbell Soup Company annual report in the appendix.Required:a. Identify the two most
Use gross profit ratio to calculate inventory loss. On April 8, 2013, a flood destroyed the warehouse of Stuco Distributing Co. From the waterlogged records of the company, management was able to
Prepare a statement of cash flows—indirect method. The financial statements of Pouchie Co. included the following information for the year ended December 31, 2013 (amounts in
Complete balance sheet and prepare a statement of changes in retained earnings. Following is a statement of cash flows (indirect method) for Hartford, Inc., for the year ended December 31, 2014. Also
Prepare statement of cash flows (indirect method) using balance sheet data. Following are comparative balance sheets for Millco, Inc., at January 31 and February 28, 2014:Required:Prepare a statement
Using cash flow information-The Coca-Cola Company. Following are comparative statements of cash flows, as reported by The Coca-Cola Company in its 2011 annual report:Required:a. Briefly review the
Acme, Inc., incurs the following costs during May:Sales expense . . . . . . . . . . . . . . . . $ 11,500 Direct labor . . . . . . . . . . . . . . . . . . 26,000Factory supplies . . . . . . . . .
Bentley estimates manufacturing overhead of $1,800,000 for 2013 and will apply overhead to units produced based on 720,000 machine hours. During 2013, Bentley used $1,450,000 of raw materials, paid
Tyler Company applies manufacturing overhead to production at the rate of $4 per direct labor hour and ended August with $12,000 underapplied overhead. Actual manufacturing overhead incurred for
The following information is from ABC Company's general ledger: Beginning and ending inventories, respectively, for raw materials were $8,000 and $10,000 and for work in process were $20,000 and
The following cost behavior patterns describe anticipated manufacturing costs for 2013: raw material, $7/unit; direct labor, $10/unit; and manufacturing overhead, $240,000 + $8/unit.Required:If
Brooklyn Cycles produces custom bicycles and has used a traditional manufacturing overhead application rate based on direct labor hours. Currently, overhead is applied at the rate of $26/DLH.
Nautical Accessories, Inc., manufactures women's boating hats. Manufacturing overhead is assigned to production on a machine-hour basis. For 2013, it was estimated that manufacturing overhead would
Creative Lighting, Inc., makes specialty table lamps. Manufacturing overhead is applied to production on a direct labor hours basis. During June, the first month of the company's fiscal year, $56,520
Manufacturing overhead-multiple application bases. Staley Toy Co. makes toy flutes. Two manufacturing overhead application bases are used; some overhead is applied on the basis of machine hours at a
Colorado Business Tools, manufactures calculators. Costs incurred in making 9,500 calculators in February included 29,450 of fixed manufacturing overhead. The total absorption cost per calculator was
Woodland Industries manufactures and sells custom-made windows. Its job costing system was designed using an activity-based costing approach. Direct materials and direct labor costs are accumulated
Variable versus absorption costing. Williamson, Inc., manufactures digital voice recorders. During 2013, total costs associated with manufacturing 32,000 of the new EZ 9900 model (introduced this
Product costingâ€”various issues. Custom Granite, Inc., uses an absorption cost system for accumulating product cost. The following data are available for the past year:â€¢ Raw materials
Campbell Soup Company provides access to its annual reports online at www.campbellsoup.com.The annual reports are found in the "Our Company/Investor Center/Financial Information/Annual Reports" area
GrandSlam, Inc., incurred the following costs during March:Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $25,340Direct labor . . . . . . . . . . . . . . . . .
Buck & Company incurred the following costs during August:Raw materials purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 44,140Direct labor ($12.50 per hour) . . . . . . . . . . . .
1. Taxable tips2. Personal allowance3. Backup withholding4. Form 1099-MISC5. Roth IRA6. Standard deduction7. Pretax salary reductions8. Form 10969. Nontaxable fringe benefits10. Flexible reportingA.
For each of the following kinds of wage payments, indicate whether or not the wages are exempt from the withholding of federal income taxes:a. Three weeks’ vacation pay.b. Weekly advance to a sales
Under what conditions may employees be exempt from the withholding of federal income taxes during 2012? How do such employees indicate their no-taxliability status?
How is the special period rule for the reporting of fringe benefits applied?
What formula is used to ‘‘gross-up’’ supplemental payments in order to cover the taxes on the supplemental payments?
Trowbridge Company has just completed the processing of its year-end payroll and distributed all the weekly paychecks. The payroll department is now computing the amount of the annual bonus to be
Why must some employers file Form 1096?
What are the penalties imposed on employees for filing false information on Form W-4?
Alex Oberstar, a cook in the Lagomarsino Company cafeteria, is furnished two meals each day during his eight-hour shift. Oberstar’s duties require him to have his meals on the company’s premises.
Barbri Company ordinarily pays its employees on a weekly basis. Recently, one of the employees, Bernard Nagle, was sent from the home office on a three-week rip. Nagle has now returned to the office,
Rena Reynolds, one of your firm's workers, has just come into the payroll department and says to you: ''I am thinking of amending my Form W-4 so that an additional $10 is withheld each week. That way

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