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Questions and Answers of Accounting

Houston’s Shredding Service has just completed a minor repair on a shredding machine. The repair cost was $1,900, and the book value prior to the repair was $6,000. In addition, the company spent
Apac Construction Company purchased a forklift for $150,000 cash. It had an estimated useful life of four years and a $10,000 salvage value. At the beginning of the third year of use, the company
On January 1, 2013, Plains Power Company overhauled four turbine engines that generate power for customers. The overhaul resulted in a slight increase in the capacity of the engines to produce power.
Tishimingo Sand and Gravel paid $800,000 to acquire 1,200,000 cubic yards of sand reserves. The following statements model reflects Tishimingoâ€™s financial condition just prior to purchasing
Pacart Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:Patent with 5 remaining years of legal life ......$48,000Goodwill
Bill Yeates acquired the business Sun Supply Co. for $275,000 cash and assumed all liabilities at the date of acquisition. Sunâ€™s books showed tangible assets of $250,000, liabilities of
The Global Transactions Inc. (GTI) purchased an asset that cost $90,000 on January 1, 2013. The asset had a four year useful life and a $15,000 salvage value. Required a. Determine the amount of
Assume the following. Deli Company purchased a parcel of land on January 1, 2008, for $600,000. It constructed a building on the land at a cost of $3,000,000. The building was occupied on January 1,
Shay Company made several purchases of long-term assets in 2013. The details of each purchase are presented here. New Office Equipment 1. List price: $50,000; terms: 1/10 n/30; paid within the
Zhao Company began operations when it acquired $40,000 cash from the issue of common stock on January 1, 2013. The cash acquired was immediately used to purchase equipment for $40,000 that had a
The following transactions pertain to Engineering Solutions Inc. Assume the transactions for the purchase of the computer and any capital improvements occur on January 1 each year.20131. Acquired
Weir Service Company purchased a copier on January 1, 2013, for $25,000 and paid an additional $500 for delivery charges. The copier was estimated to have a life of four years or 1,000,000 copies.
One Day Laundry Services purchased a new steam press on January 1, for $42,000. It is expected to have a five-year useful life and a $2,000 salvage value. One Day expects to use the steam press more
Renner Corporation purchased a delivery van for $28,500 in 2013. The firmâ€™s financial condition immediately prior to the purchase is shown in the following horizontal statements model:The van
Three different companies each purchased a machine on January 1, 2013, for $64,000. Each machine was expected to last five years or 200,000 hours. Salvage value was estimated to be $4,000. All three
Cohen Exploration Corporation engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities:Jan. 1, 2013
Seaside Inc. recorded the following transactions over the life of a piece of equipment purchased in 2013:Jan. 1, 2013 Purchased the equipment for $38,000 cash. The equipment is estimated to have a
Bird Manufacturing paid $62,000 to purchase a computerized assembly machine on January 1, 2013. The machine had an estimated life of eight years and a $2,000 salvage value. Birdâ€™s financial
Cafe Olé Company acquired a fast-food restaurant for $1,500,000. The fair market values of the assets acquired were as follows. No liabilities were assumed.Equipment .........$380,000Land
Tri-State Co. acquired the assets of Riley Co. for $1,200,000 in 2013. The estimated fair market value of the assets at the acquisition date was $1,000,000. Goodwill of $200,000 was recorded at
Give some examples of long-term operational assets that each of the following companies is likely to own: (a) UPS, (b) Greyhound, (c) Google, (d) Prudential Insurance Co.
Which of the following items should be classified as long-term operational assets?a. Delivery van b. Land used in the business c. Goodwill d. Cash e. Filing cabinet f. Tax library of accounting firm
Timber Milling Co. purchased a front-end loader to move stacks of lumber. The loader had a list price of $120,000. The seller agreed to allow a 4 percent discount because Timber Milling paid cash.
Estrada Inc. purchased a building and the land on which the building is situated for a total cost of $600,000 cash. The land was appraised at $210,000 and the building at $490,000.Requireda.
Haskin Co. purchased an office building, land, and furniture for $400,000 cash. The appraised value of the assets was as follows:Land ........... $100,000Building ........... 325,000Furniture
The following events apply to Sam’s Seafood for the 2013 fiscal year:1. The company started when it acquired $50,000 cash by issuing common stock.2. Purchased a new cook top that cost $35,000
Katz Manufacturing Company started operations by acquiring $100,000 cash from the issue of common stock. On January 1, 2013, the company purchased equipment that cost $100,000 cash, had an expected
Rod’s Taxi Service purchased a new auto to use as a taxi on January 1, 2013, for $32,000. In addition, Rod’s paid sales tax and title fees of $1,200 for the vehicle. The taxi is expected to have
At the beginning of 2013, Bayless Drugstore purchased a new computer system for $64,000. It is expected to have a five-year life and a $4,000 salvage value.Requireda. Compute the depreciation for
Friel Company sold office equipment with a cost of $21,000 and accumulated depreciation of $9,000 for $14,000. Required a. What is the book value of the asset at the time of sale? b. What is the
On January 1, 2013, Alaska Enterprises purchased a parcel of land for $26,000 cash. At the time of purchase, the company planned to use the land for a warehouse site. In 2015, Alaska Enterprises
Sure Shot Photo Service purchased a new color printer at the beginning of 2013 for $42,000. The printer is expected to have a four-year useful life and a $2,000 salvage value. The expected print
Children’s Eye Care Company purchased $50,000 of equipment on March 1, 2013. Required a. Compute the amount of depreciation expense that is deductible under MACRS for 2013 and 2014, assuming that
On January 1, 2013, Food Storage Company purchased a freezer and related installation equipment for $38,000. The equipment had a three-year estimated life with a $5,000 salvage value. Straight-line
A-l Wrecker Service has just completed a minor repair on a tow truck. The repair cost was $830, and the book value prior to the repair was $7,200. In addition, the company spent $6,000 to replace the
Thorp Construction Company purchased a compressor for $48,000 cash. It had an estimated useful life of four years and a $4,000 salvage value. At the beginning of the third year of use, the company
On January 1, 2013, Kory Construction Company overhauled four cranes resulting in a slight increase in the life of the cranes. Such overhauls occur regularly at two-year intervals and have been
Green Mining paid $500,000 to acquire a mine with 25,000 tons of coal reserves. The following statements model reflects Green Mining financial condition just prior to purchasing the coal reserves.
Electronic Manufacturing paid cash to acquire the assets of an existing company. Among the assets acquired were the following items:Patent with 4 remaining years of legal life .......$35,000Goodwill
Phoenix Corp acquired the business Data Resources for $300,000 cash and assumed all liabilities at the date of purchase. Dataâ€™s books showed tangible assets of $260,000, liabilities of
The Belgium Corp. incurred $3,000,000 of research cost and $2,200,000 of development cost during 2013. Required a. Determine the amount of expense recognized on the 2013 income statement assuming
Assume the following. Paris Company purchased a parcel of land on January 1, 2008, for $900,000. It constructed a building on the land at a cost of $4,500,000. The building was occupied on January 1,
Boone Co., Inc., made several purchases of long-term assets in 2013. The details of each purchase are presented here. New Office Equipment 1. List price: $70,000; terms: 2/10 n/30; paid within
Regions Company started business by acquiring $50,000 cash from the issue of common stock on January 1, 2013. The cash acquired was immediately used to purchase equipment for $50,000 that had a
The following transactions relate to Direct Towing Service. Assume the transactions for the purchase of the wrecker and any capital improvements occur on January 1 of each year.20131. Acquired
Ramer Inc. manufactures sporting goods. The following information applies to a machine purchased on January 1, 2013:Purchase price ............$ 80,000Delivery cost ............ $ 2,500Installation
Sullivans Office Service purchased a new computer system in 2013 for $50,000. It is expected to have a five-year useful life and a $5,000 salvage value. The company expects to use the system more
Angle Co. purchased assembly equipment for $600,000 on January 1, 2013. Angleâ€™s financial condition immediately prior to the purchase is shown in the following horizontal statements model:The
Three different companies each purchased trucks on January 1, 2013, for $45,000. Each truck was expected to last four years or 200,000 miles. Salvage value was estimated to be $5,000. All three
Patano Company engages in the exploration and development of many types of natural resources. In the last two years, the company has engaged in the following activities:Jan. 1, 2013 Purchased for
Track Inc. recorded the following transactions over the life of a piece of equipment purchased in 2013:Jan. 1, 2013 Purchased equipment for $80,000 cash. The equipment was estimated to have a
Travel Company owned a service truck that was purchased at the beginning of 2013 for $28,000. It had an estimated life of three years and an estimated salvage value of $4,000. Travel Company uses
Lopez Company acquired Atlantic Transportation Co. for $1,300,000. The fair market values of the assets acquired were as follows. No liabilities were assumed.Equipment ...........$500,000Land
The trial balance of Pacilio Security Services Inc. as of January 1, 2018, had the following normal balances:Cash ...............$93,708Petty cash ............. 100Accounts receivable .........
The following ratios are for four companies in different industries. Some of these ratios have been discussed in the textbook, others have not, but their names explain how the ratio was computed.
American Greetings Corporation manufactures and sells greeting cards and related items such as gift wrapping paper. CSX Corporation is one of the largest railway networks in the nation. The following
Companies in the coal mining business use a lot of property, plant, and equipment. Not only is there the significant investment they must make in the equipment used to extract and process the coal,
Crist Company operates a lawn mowing service. Crist has chosen to depreciate its equipment for financial statement purposes using the straight-line method. However, to save cash in the short run,
What is the purpose of the W-2 form? What is the purpose of the W-4 form?
What two taxes are components of the FICA tax? What programs do they fund?
What items are included in compensation cost for a company in addition to the gross salaries of the employees?
Give two examples of fringe benefits.
Will the effective rate of interest be the same on a $10,000 face value, 6 percent interest-bearing note and a $10,000 face value, 6 percent discount note? Is the amount of cash
How does issuing an $8,000 discount note with an 8 percent discount rate and a one-year term to maturity affect the accounting equation?
Harveys Corporation borrowed $60,000 from the bank on November 1, 2013. The note had a 6 percent annual rate of interest and matured on April 30, 2014. Interest and principal were paid in cash on
R.T. Jackson started Jackson Company on January 1, 2013. The company experienced the following events during its first year of operation:1. Earned $3,000 of cash revenue for performing services.2.
The Rebel Book Store sells books and other supplies to students in a state where the sales tax rate is 7 percent. The Rebel Book Store engaged in the following transactions for 2013. Sales tax of 7
The following selected transactions apply to Easy Stop for November and December 2013. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the
The following legal situations apply to Dabney Corp. for 2013:1. A customer slipped and fell on a slick floor while shopping in the retail store. The customer has filed a $5 million lawsuit against
To support himself while attending school, Devon James sold computers to other students. During the year Devon purchased computers for $150,000 and sold them for $280,000 cash. He provided his
The Wolf Appliance Co. provides a 120-day parts-and-labor warranty on all merchandise it sells. Wolf estimates the warranty expense for the current period to be $2,450. During the period a customer
The following transactions apply to Midsouth Equipment Sales Corp. for 2013:1. The business was started when Midsouth received $60,000 from the issue of common stock.2. Purchased $160,000 of
Herring Enterprises has two hourly employees, Emily and Jash. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the Social
Book Mart has two employees in 2013. Jessica earns $4,500 per month and Moses, the manager, earns $11,000 per month. Neither is paid extra if they work overtime. Assume the Social Security tax rate
Panola Co. employed Jan Rao in 2013. Jan earned $5,200 per month and worked the entire year. Assume the Social Security tax rate is 6 percent on the first $110,000 of earnings and the Medicare tax
Watson Co. provides various fringe benefits for its three employees. It provides vacation and personal leave at the rate of one day for each month worked. Its employees earn a combined total of
The following transactions apply to Rocket Co. for 2013:1. Received $40,000 cash from the issue of common stock. 2. Purchased inventory on account for $128,000. 3. Sold inventory for $200,000 cash
Use the following information to prepare a classified balance sheet for Blackmon Co. at the end of 2013:Accounts receivable ......... $36,200Accounts payable .......... 12,400Cash ...............
The following information was drawn from the 2014 balance sheets of the Georgia and Nevada Companies:Requireda. Compute the current ratio for each company.b. Which company has the greater likelihood
Ben Pratt started a moving company on January 1, 2013. On March 1, 2013, Pratt borrowed cash from a local bank by issuing a one-year $80,000 face value note with annual interest based on a 12
Josey Wales borrowed money by issuing two notes on January 1, 2013. The financing transactions are described here.1. Borrowed funds by issuing a $60,000 face value discount note to State Bank. The
Dawkins Co. issued a $60,000 face value discount note to First Bank on June 1, 2013. The note had a 6 percent discount rate and a one-year term to maturity. Required Prepare general journal entries
Powell Co. borrowed $20,000 from the local bank on April 1, 2013, when the company was started. The note had an 8 percent annual interest rate and a one-year term to maturity. Powell Co. recognized
The following transactions apply to Ocktoc Co. for 2013, its first year of operations:1. Received $50,000 cash from the issue of a short-term note with a 5 percent interest rate and a one-year
The following selected transactions were taken from the books of Aliceville Company for 2013:1. On March 1, 2013, borrowed $60,000 cash from the local bank. The note had a 6 percent interest rate and
Milport Co. pays salaries monthly on the last day of the month. The following information is available from Milport Co. for the month ended December 31, 2013.Administrative salaries
The following information is available for the employees of Hoover Company for the first week of January 2013:1. Tom earns $32 per hour and 1½ times his regular rate for hours over 40 per week. Tom
Use the following information to prepare a multistep income statement and a classified balance sheet for Vernon Company for 2013.Operating expenses ..............$45,000Land ...................
The following accounting information exists for Poe and Scott companies at the end of 2014:Requireda. Identify the current assets and current liabilities and compute the current ratio for each
Dona Corp. was started in 2013. The following summarizes transactions that occurred duringÂ 2013:1. Issued a $40,000 face value discount note to Golden Savings Bank on April 1, 2013. The note
Bessemer Corporation borrowed $60,000 from the bank on October 1, 2013. The note had a 9 percent annual rate of interest and matured on March 31, 2014. Interest and principal were paid in cash on
Jim Macon started Macon Company on January 1, 2013. The company experienced the following events during its first year of operation:1. Earned $8,800 of cash revenue.2. Borrowed $10,000 cash from the
Reed Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Reed Book Mart engaged in the following transactions for 2013. Sales tax of 8 percent is
The following selected transactions apply to Valley Supply for November and December 2013. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to
To support herself while attending school, Young Shen sold stereo systems to other students. During the first year of operations, Shen purchased the stereo systems for $120,000 and sold them for
The Boat Company provides a 120-day parts-and-labor warranty on all merchandise it sells. The Boat Company estimates the warranty expense for the current period to be $2,200. During the period a
The following transactions apply to Tractor Sales for 2013:1. The business was started when the company received $60,000 from the issue of common stock.2. Purchased equipment inventory of $325,000 on
Vaughn Enterprises has two hourly employees, Lane and Adam. Both employees earn overtime at the rate of 1½ times the hourly rate for hours worked in excess of 40 per week. Assume the Social
BJ Entertainment has two employees in 2013. Chad earns $3,800 per month and Jordan, the manager, earns $10,500 per month. Neither is paid extra for working overtime. Assume the Social Security tax
Woods Co. employed Brian Smith in 2013. Brian earned $5,400 per month and worked the entire year. Assume the Social Security tax rate is 6 percent for the first $110,000 of earnings and the Medicare

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