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Questions and Answers of Accounting

Refer to RE6-1. Grider Company also has Division C. For the current year, Division C had revenues of $25,000, profit (pretax) of $8,200, and year-end assets of $46,000. Determine whether Division C
Baker Company has one reportable segment (Segment L) and several smaller segments. For the current year, Baker Company had revenues of $100,000, profit (pretax) of $40,000, and year-end assets of
Mondock Corporation is subject to income taxes at a rate of 20% on its first $40,000 of pretax income and 30% on any pretax income in excess of $40,000. During the first quarter of the current year,
During the current year, Gomez Company had sales revenue of $100,000, cost of goods sold of $62,800, operating expenses of $19,400, and income tax expense of $5,300. Prepare a vertical analysis of
At the end of the current year, Holden Company had current assets of $12,000, property and equipment (net) of $84,000, and total assets of $96,000. It had current liabilities of $6,000, bonds payable
During the current year, Petric Company had earnings per share of $2.20. It paid total dividends of $8,320 on 10,400 shares of common stock. At the end of the current year, Petric Company’s common
During the current year, Will Company had net sales of $176,000 and net income of $18,000. Will Company’s stockholders’ equity was $70,000 and $80,000 at the beginning and end of the year,
During the current year, Fargo Company had sales revenue of $145,000, of which 80% were credit sales. Its cost of goods sold was 60% of its sales revenue. During the year, Fargo’s average inventory
During the current year, Sevcik Company had pretax income from continuing operations of $19,200, which included interest expense of $4,000. At the end of the year, Sevcik Company had total assets of
The following accounts are taken from the December 31, 2010 adjusted trial balance of the Reed Company:Cost of goods sold .........$121,120Interest expense ........... 4,880Depreciation expense
Before closing the books for the year ended December 31, 2010, Pitt Corp. prepared the following condensed trial balance:Other financial data for the year ended December 31, 2010:Federal income
Comparative financial statements of the Boeckman Company for 2009 and 2010 are as follows:Comparative Balance SheetsComparative Income StatementsAdditional information: The Boeckman Company is
It is March 2011, and you have just been hired by the Tallas Company to be its accountant. Tallas is a small corporation that does a seasonal business of selling snow removal equipment, with most of
Beginning December 31, 2014, five equal annual withdrawals are to be made.RequiredUsing the appropriate tables, determine the equal annual withdrawals if $25,000 is invested at an interest of 12%
On January 1, 2010, Charles Jamison borrows $40,000 from his father to open a business.The son is the beneficiary of a trust created by his favorite aunt from which he will receive $25,000 on January
Beginning with January 1, 2011, five equal deposits are to be made in a fund.RequiredUsing the appropriate tables, determine the equal deposits if interest at 10% is compounded annually and if
On January 1, 2010, Ashly Farms leased a hay baler from Agrico Tractor Company. Ashly was having cash flow problems, so Agrico drew up the lease to allow Ashly to reestablish itself. The lease
On July 1, 2010, Boston Company purchased a machine at a cost of $80,000. It paid $56,046.06 in cash and signed a 10% note for the difference. This note is to be paid off in annual installments of
On December 31, 2017, Michael McDowell desires to have $60,000. He plans to make six deposits in a fund to provide this amount. Interest is compounded annually at 12%.RequiredCompute the equal annual
At the beginning of 2010, Shanklin Company issued 10-year bonds with a face value of $1,000,000 due on December 31, 2019. The company wants to accumulate a fund to retire these bonds at maturity by
On March 1, 2010, the White Company purchased $400,000 worth of inventory on credit with terms of 1/20, n/60. In the past, White has always followed the policy of making payment one month (30 days)
Discuss the classification options for accounts receivable under IFRS.
Under IFRS, what criteria must be satisfied in order to recognize receivables at fair value?
On December 31, Harrison Company reports the following assets:Cash on handBank draftsChecking accountCertificates of depositPostage stampsNegotiable checksWhich of these are included in, and excluded
Lindley Enterprises sells hand-woven rugs. Paige Corporation is a regular customer of Lindley Enterprises. On June 30, Paige Corporation purchased 500 rugs from Lindley Enterprises for $300,000 on
Long Corporation is a fabric manufacturing company. On January 20, Long Corporation made sales to Lyndsay’s Lace in the amount of $15,000 with terms of 2/10, n/30. Lyndsay’s Lace paid Long
Longmire & Sons made sales on credit to Alderman Sports totaling $500,000 on April 18. Longmire & Sons estimates 3% of its sales to Alderman may be returned. On May 22, $9,000 worth of goods are
McKinney & Co. estimates its uncollectible accounts as a percentage of credit sales. McKinney & Co. made credit sales of $1,500,000 in Year 1. McKinney & Co. estimates 2.5% of its sales will be
At the end of the first quarter of Year 2, McKinney & Co. reevaluates its receivables. McKinney & Co.’s management decides that $8,500 due from Mangold Corporation will not be collectible. This
Refer to RE7-6. On April 23, Year 2, McKinney & Co. receives a check from Mangold Corporation for $8,500.Prepare the journal entry for McKinney & Co. to record the collection of the account
On December 1 of the current year, Jordan, Inc., assigns $125,000 of its accounts receivable to McLaughlin Company for cash. McLaughlin Company charges a $750 service fee, advances 85% of Jordan’s
Refer to RE7-9. On December 31, Jordan, Inc., received $50,000 on assigned accounts. Prepare Jordan, Inc.’s, journal entries.
On December 1, Newton Enterprises sells $100,000 of accounts receivable to a factor, receives 85% of the value of the factored accounts, and is charged a 12% commission on the gross amount of the
Kasey’s Cake Shop made $20,000 in sales of wedding cakes in July. All of these sales were on bank credit cards.The credit card company charges a 3.5% collection fee. Prepare Kasey’s journal entry
On June 1, Phillips Corporation discounts a $15,000 note from a customer at its bank. The note has a maturity value of $15,400. The discount is $385. The accrued interest revenue is $100. Prepare the
At the end of April, Meyer Company had a $7,890 balance in its cash account, while its bank statement for April showed an ending cash balance of $7,200. The April bank statement showed $10 of
On December 8, 2010, Lynch Incorporated sold $9,000 of merchandise with terms 2/10, n/EOM. On December 18, 2010, collections were made on sales originally billed for $5,000, and on December 31, 2010,
At January 1, 2010, the credit balance in the Allowance for Doubtful Accounts of the Master Company was $400,000. For 2010, the provision for doubtful accounts is based on a percentage of net sales.
On December 11, 2010, the Hooper Bank loans a customer $12,000 on a 60-day, 12% note.RequiredPrepare the journal entries necessary to record the receipt of the note by Hooper, the accrual of interest
In 2011, three years after it began operations, the Pearce Corporation decided to change from the direct write-off method of recording bad debts to estimating bad debts. The following information is
The June 30, 2009 balance sheet of the Upham Company included the following information:*The company is contingently liable for discounted notes receivable of $38,000.During the companyâ€™s
The 2011 audit of the accounting records of the Lane Company discloses the following information:Required1. Reconstruct the journal entries that were made by Lane during 2011 to record changes in the
From inception of operations to December 31, 2009, Harris Corporation provided for uncollectible accounts receivable under the allowance method: Provisions were made monthly at 2% of credit sales;
The December 31, 2009 balance sheet of the Blackmon Corporation disclosed the following information relating to its receivables:*The company is contingently liable for a discounted note receivable
On December 31, 2010, Carme Company had significant amounts of accounts receivable as a result of credit sales to its customers. Carme Company uses the allowance method based on credit sales to
List the acceptable cost flow assumptions under IFRS. Be sure to explain the reasoning as to why IFRS find certain cost flow assumptions unacceptable.
On December 31, Pitts Manufacturing Company reports the following assets:What is the total amount of Pitts Manufacturing Company€™s inventory at yearend?
On January 1, Pope Enterprises’ inventory was $550,000. Pope made $880,000 of net purchases during the year.On its year-end income statement, Pope reported cost of goods sold of $925,000. Calculate
Reid & Company uses the periodic inventory system. On January 1, it had an inventory balance of $250,000.During the year, it made $613,000 of net purchases. At the end of the year, a physical
On July 10, Stevens Company purchases $50,000 of inventory on credit with payment terms of 2/10, net 30. Using the gross price method, prepare journal entries to record Stevens Company’s purchases
Using the information in RE8-4, prepare journal entries to record Stevens Company’s purchases if it pays on August 8.In RE8-4, On July 10, Stevens Company purchases $50,000 of inventory on credit
On October 23, Johnson Company purchased $100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnson Company’s
Using the information from RE8-6, prepare journal entries to record Johnson Company’s journal entries if it pays on November 30.In RE8-6, On October 23, Johnson Company purchased $100,000 of
Jessie Stores uses the periodic system of calculating inventory. The following information is available for December of the current year, when Jessie Stores sold 500 units of inventory.Using the FIFO
Using the information from RE8-8, calculate Jesse Storesâ€™ inventory on December 31 and its cost of goods sold for December using the LIFO method.In RE8-8, Jessie Stores uses the periodic
Carla Company uses the perpetual inventory system. The following information is available for January of the current year, when Carla Company sold 1,600 units of inventory on January 14.Using the
Using the information from RE8-10, calculate Carla Companyâ€™s cost of goods sold for January and its January 31 inventory using the LIFO method.In RE8-10, Carla Company uses the perpetual
On January 1 of Year 1, Dorso Company adopted the dollar-value LIFO method of inventory costing. Dorso’s December 31 ending inventory records are as follows:Year 1: Current cost, $20,000; Index,
An evaluation of Bryce’s Bookstore’s inventory was performed in Year 2. It produced the following results:Sample of ending inventory at current-year costs= $75,000Sample of ending inventory at
On February 1, Jacher Company, a U.S. company, purchased inventory on credit from a British Company for £50,000. Jacher properly recorded its inventory and accounts payable at $90,000, based on an
On June 3, Kratz Company, a U.S. company, purchased inventory on credit from a British Company for £40,000. Kratz properly recorded its inventory and accounts payable at $72,800, based on an
The Gravais Company made two purchases on December 29, 2010. One purchase for $3,000 was shipped FOB destination, and the second for $4,000 was shipped FOB shipping point. Neither purchase had been
The Frate Company was formed on December 1, 2009. The following information is available from Frateâ€™s inventory records for Product Ply:A physical inventory on March 31, 2010 shows 1,600 units
On January 1, 2009, the Sato Company adopted the dollar-value LIFO method of inventory costing. The companyâ€™s ending inventory records appear as follows:RequiredCompute the ending inventory
On January 15, 2010, the Searle Company, a U.S. company, acquired machinery on credit from a British company for ￡12,000. The company paid for the machine on January 30, 2010. The exchange rates on
On June 21, 2010, the Livingston Company, a U.S. company, sold merchandise on credit to a Swiss company for 25,000 francs. The company received payment for the merchandise on July 10, 2010. The
The inventory on hand at the end of 2010 for the Reddall Company is valued at a cost of $87,450. The following items were not included in this inventory:1. Purchased goods in transit, under terms FOB
The Habicht Company was formed in 2009 to produce a single product. The production and sales for the next four years were as follows:Required1. Determine the gross profit for each year under each of
On January 1, 2010, Lucas Distributors, Inc., adopted the dollar-value LIFO inventory method for income tax and external financial reporting. However, Lucas continued to use the FIFO inventory method
The following information for 2010 is available for the Marino Company:1. The beginning inventory is $100,000.2. Purchases of $300,000 were made on terms of 2/10, n/30. Eighty percent of the
With regard to write-downs of inventory under the lower of cost or market method, how do IFRS differ from U.S. GAAP?
The following information is available regarding each unit of Brown Corporation’s inventory:Selling price ......... $5,000Costs of completion ...... 275Current replacement cost ....
Each unit of Black Corporation’s inventory has a ceiling of $8,455, a normal profit margin of $1,500, and a current replacement cost of $6,800. Determine the amount per unit that should be used as
Each unit of Blue Corporation’s inventory has a ceiling of $2,850, a normal profit margin of $1,000, and a current replacement cost of $1,900. Determine the amount per unit that should be used as
Paul Corporation reports the following inventory information:Assuming Paul Corporation uses the perpetual inventory system and the direct method prepare the journal entries to record the reductions
Using the information provided in RE9-4, prepare the journal entries to record the reductions to market for Paul Corporation, assuming that it uses the allowance method instead of the direct
Dani Corporation signed a binding commitment on December 2 to purchase inventory at a cost of $300,000 on January 2. By December 31, the market price (replacement cost) of the inventory had declined
Kay’s Beauty Supply uses the gross profit method to estimate the cost of ending inventory for in-house interim financial statements. Based on the following information for March, calculate Kay’s
Uncle Butch€™s Hunting Supply Shop reports the following information related to inventory:Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory using the
Use the information in RE9-8. Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory using the retail inventory method under the average cost assumption.In RE9-8, Uncle
Use the information in RE9-8. Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory using the retail inventory method under the LIFO cost flow assumption.In RE9-8,
Use the information in RE9-8. Calculate Uncle Butch€™s Hunting Supply Shop€™s ending inventory using the retail inventory method under the lower of average cost or market
Johnson Corporation had beginning inventory of $20,000 at cost and $35,000 at retail. During the year, it made net purchases of $180,000 at cost and $322,000 at retail. Johnson Corporation made sales
The inventories of the Berry Company for the years 2010 and 2011 are as follows:RequiredPrepare the necessary journal entries at the end of each year to record the correct inventory valuation. Use
During 2010, the Boge Corporation signed a noncancelable contract to purchase 10,000 bushels of soybeans at $5 per bushel with delivery to be made in 2011. On December 31, 2010, the price of soybeans
On September 28, 2010, a fire destroyed the entire merchandise inventory of the Carroll Corporation. The following information is available:Sales, January 1—September 28, 2010
On November 21, 2010, a fire at Hodge Company’s warehouse caused severe damage to its entire inventory of Product Tex. Hodge estimates that all usable damaged goods can be sold for $10,000. The
On December 31, 2009, Davison Company adopted the dollar-value LIFO retail inventory method. Inventory data for 2010 are as follows:RequiredCompute the cost of Davison Companyâ€™s inventory at
The following are the inventories for the years 2010, 2011, and 2012 for the Parry Company:RequiredPrepare journal entries to record the lower of cost or market for each of the following
On January 20, 2011, the records of the Stewart Company revealed the following information:Inventory, July 1, 2010 ............. $ 53,600Purchases, July 1, 2010–January 20, 2011 .......
On February 17, 2010, a flood destroyed the work in process inventory and half the raw materials inventory of the LRT Company. There was no damage to the finished goods inventory. A physical
On June 30, 2010, a flash flood damaged the warehouse and factory of Padway Corporation, completely destroying the work-in-process inventory. There was no damage to either the raw materials or
Explain the primary difference between U.S. GAAP and IFRS with regard to the accounting and reporting of property, plant, and equipment.
On January 1, Duane Company purchases land at a cost of $55,000. Duane incurs costs of $2,000 for the closing fees and surveys. Duane also spent $7,500 on clearing costs to prepare the land for use.
Arlette’s Pet Shop purchases a building. The purchase price per the contract is $250,000. The cost of building permits is $3,500. Conversion costs to kennel and pet care facilities total $125,000.
Utica Corporation paid $360,000 to purchase land and a building. An appraisal showed that the land is worth $100,000 and the building is worth $300,000. What cost should the company assign to the
Jennifer Company purchases equipment by issuing a 7-year, $350,000 non-interest-bearing note, when the market rate for this type of note is 10%. Jennifer will pay off the note by an equal amount at
Cornett Company, a tennis racket manufacturing company, was given $400,000 worth of property from the City of Lynchburg as an incentive to build a factory there. Prepare the journal entry for Cornett
Kim Company exchanges assets with Chero Company. Kim Company exchanges equipment with a book value of $25,000 and fair market value of $40,000 for Chero Company’s land with a cost of $7,500 and
Dexter Construction Corporation is building a student condominium complex; it started on January 1, Year 1. Dexter borrowed $2.5 million on January 1 specifically for the project by issuing a 10%,

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