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accounting

Questions and Answers of Accounting

Gwynne Supply Co. has the following transactions related to notes receivable during the last 2 months of the year.Nov. 1 Loaned $60,000 cash to B. Akey on a 1-year, 7% note.Dec. 11 Sold goods to R.
These transactions took place for Renda Co.2011May 1 Received a $5,000, 1-year, 6% note in exchange for an outstanding account receivable from S. Dorsey.Dec. 31 Accrued interest revenue on the S.
Kopecky Corp. had the following balances in receivable accounts at October 31, 2012 (in thousands): Allowance for Doubtful Accounts $52; Accounts Receivable $2,910; Other Receivables $189; Notes
The following is a list of activities that companies perform in relation to their receivables.1. Selling receivables to a factor.2. Reviewing company ratings in The Dun and Bradstreet Reference Book
The following information was taken from the 2009 financial statements of FedEx Corporation, a major global transportation/delivery company. InstructionsAnswer each of the following questions.(a)
The following ratios are available for Tym Inc. Instructions(a) Is Tym??s short-term liquidity improving or deteriorating in 2012? Be specific in your answer, referring to relevant ratios.(b) Do
On March 3, Pitrof Appliances sells $710,000 of its receivables to American Factors Inc. American Factors Inc. assesses a service charge of 4% of the amount of receivables sold.InstructionsPrepare
In a recent annual report, Office Depot, Inc. notes that the company entered into an agreement to sell all of its credit card program receivables to financial service companies.InstructionsExplain
On May 10, Rose Company sold merchandise for $4,000 and accepted the customer’s First Business Bank MasterCard. At the end of the day, the First Business Bank MasterCard receipts were deposited in
On July 4, Kathi’s Restaurant accepts a Visa card for a $250 dinner bill. Visa charges a 4% service fee.InstructionsPrepare the entry on Kathi’s books related to the transaction.
Redding Corp. significantly reduced its requirements for credit sales. As a result, sales during the current year increased dramatically. It had receivables at the beginning of the year of $38,000
Sellmore.com uses the allowance method of accounting for bad debts. The company produced the following aging of the accounts receivable at year-end Instructions(a) Calculate the total estimated
At December 31, 2011, Ihrke Imports reported this information on its balance sheet.Accounts receivable ........ $600,000Less: Allowance for doubtful accounts . 37,000During 2012, the company had the
Presented below is an aging schedule for Gille Company At December 31, 2011, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $8,000.Instructions(a) Journalize and post
Here is information related to Shashko Company for 2012.Total credit sales ............ $1,500,000Accounts receivable at December 31 .... 840,000Bad debts written off ...........
At December 31, 2012, the trial balance of Oliker Company contained the following amounts before adjustment. Instructions(a) Prepare the adjusting entry at December 31, 2012, to record bad debts
A On January 1, 2012, Sather Company had Accounts Receivable of $54,200 and Allowance for Doubtful Accounts of $3,700. Sather Company prepares financial statements annually. During the year, the
The president of Screven Enterprises asks if you could indicate the impact certain transactions have on the following ratios. 1. Received $5,000 on cash sale. The cost of the goods sold was
A Jander Company closes its books on July 31. On June 30, the Notes Receivable account balance is $23,800. Notes Receivable include the following. During July, the following transactions were
Presented here is basic financial information (in millions) from the 2009 annual reports of Nike and Adidas. InstructionsCalculate the receivables turnover ratio and average collection period for
The following represents selected information taken from a company's aging schedule to estimate uncollectible accounts receivable at year-end. Instructions(a) Calculate the total estimated bad
At December 31, 2011, Littman Company reported this information on its balance sheet.Accounts receivable $960,000Less: Allowance for doubtful accounts 78,000During 2012, the company had the following
Presented here is an aging schedule for Zander Company. At December 31, 2011, the unadjusted balance in Allowance for Doubtful Accounts is a credit of $11,700.Instructions(a) Journalize and post
Here is information related to Vansen Company for 2012.Total credit sales $2,000,000Accounts receivable at December 31 400,000Bad debts written off 15,000Instructions(a) What amount of bad debts
At December 31, 2012, the trial balance of Seidl Company contained the following amounts before adjustment. Instructions(a) Based on the information given, which method of accounting for bad debts
On January 1, 2012, Moline Company had Accounts Receivable $154,000; Notes Receivable of $12,000; and Allowance for Doubtful Accounts of $13,200. The note receivable is from Hartwig Company. It is a
The president of Felder Enterprises Ltd., Emma Felder, is considering the impact that certain transactions have on the company's receivables turnover and average collection period ratios. Prior to
Brockman Company closes its books on October 31. On September 30, the Notes Receivable account balance is $18,800. Notes Receivable include the following. Interest is computed using a 360-day
Presented here is basic financial information from the 2009 annual reports of Intel and Advanced Micro Devices (AMD), the two primary manufacturers of silicon chips for personal
Porter Corporation's balance sheet at December 31, 2011, is presented below. During January 2012, the following transactions occurred. Porter uses the perpetual inventory method.Jan. 1 Porter
Refer to the financial statements of Tootsie Roll Industries and the accompanying notes to its financial statements in Appendix A.Instructions(a) Calculate the receivables turnover ratio and
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information contained in
The August 31, 2009, issue of the Wall Street Journal includes an article by Serena Ng and Cari Tuna entitled “Big Firms Are Quick to Collect, Slow to Pay.”InstructionsRead the article and answer
The information below is from the 2008 financial statements and accompanying notes of The Scotts Company, a major manufacturer of lawn-care products. THE SCOTTS COMPANYNotes to the Financial
Purpose: To learn more about factoring from websites that provide factoring services.InstructionsGo to the website, click on Invoice Factoring, and answer the following questions.(a) What are some of
Sue and Sam Ristic own Club Fab. From its inception, Club Fab has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several months, the
Stropes Corporation is a recently formed business selling the “World’s Best Doormat.” The corporation is selling doormats faster than Stropes can make them. It has been selling the product on a
As its year-end approaches, it appears that Lopez Corporation’s net income will increase 10% this year. The president of Lopez Corporation, nervous that the stockholders might expect the company to
Credit card usage in the United States is substantial. Many startup companies use credit cards as a way to help meet short-term financial needs. The most common forms of debt for startups are use of
If your school has a subscription to the FASB Codification, to log in and prepare responses to the following.(a) How are receivables defined in the Codification?(b) What are the conditions under
What are some steps taken by both the FASB and IASB to move to fair value measurement for financial instruments? In what ways have some of the approaches differed?
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements.InstructionsUse the company’s annual
What are the three basic forms of business organizations?
What are the advantages to a business of being formed as a corporation? What are the disadvantages?
What are the advantages to a business of being formed as a partnership or sole proprietorship? What are the disadvantages?
Accounting is ingrained in our society and is vital to our economic system.” Do you agree? Explain.
Who are the internal users of accounting data? How does accounting provide relevant data to the internal users?
Who are the external users of accounting data? Give examples.
What are the three main types of business activity? Give examples of each activity.
Listed here are some items found in the financial statements of Ellyn Toth, Inc. Indicate in which financial statement(s) each item would appear.(a) Service revenue. (b) Equipment. (c) Advertising
A company’s net income appears directly on the income statement and the retained earnings statement, and it is included indirectly in the company’s balance sheet.” Do you agree? Explain.
What is the basic accounting equation?
(a) Define the terms assets, liabilities, and stockholders’ equity.(b) What items affect stockholders’ equity?
Which of these items are liabilities of White Glove Cleaning Service?(a) Cash. (b) Accounts payable. (c) Dividends.(d) Accounts receivable.(e) Supplies. (f) Equipment. (g) Salaries and wages
How are each of the following financial statements interrelated?(a) Retained earnings statement and income statement. (b) Retained earnings statement and balance sheet. (c) Balance sheet and
What is the purpose of the management discussion and analysis section (MD&A)?
Why is it important for financial statements to receive an unqualified auditor’s opinion?
What types of information are presented in the notes to the financial statements?
The accounting equation is: Assets = Liabilities + Stockholders’ Equity. Appendix A, at the end of this book, reproduces Tootsie Roll’s financial statements. Replacing words in the equation with
Match each of the following forms of business organization with a set of characteristics: sole proprietorship (SP), partnership (P), corporation (C).(a) _____ Shared control, tax advantages,
Match each of the following types of evaluation with one of the listed users of accounting information.1. Trying to determine whether the company complied with tax laws.2. Trying to determine whether
Indicate in which part of the statement of cash flows each item would appear: operating activities (O), investing activities (I), or financing activities (F).(a) _____ Cash received from
Presented below are a number of transactions. Determine whether each transaction affects common stock (C), dividends (D), revenue (R), expense (E), or does not affect stockholders’ equity (NSE).
In alphabetical order below are balance sheet items for Wyoming Company at December 31, 2012. Prepare a balance sheet following the format of Illustration 1-7.Accounts payable .......
Eskimo Pie Corporation markets a broad range of frozen treats, including its famous Eskimo Pie ice cream bars. The following items were taken from a recent income statement and balance sheet. In
Indicate which statement you would examine to find each of the following items: income statement (I), balance sheet (B), retained earnings statement (R), or statement of cash flows (C).(a) Revenue
Use the basic accounting equation to answer these questions.(a) The liabilities of Daley Company are $90,000 and the stockholders’ equity is $230,000. What is the amount of Daley Company’s total
At the beginning of the year, Peale Company had total assets of $800,000 and total liabilities of $500,000.(a) If total assets increased $150,000 during the year and total liabilities decreased
Indicate whether each of these items is an asset (A), a liability (L), or part of stockholders’ equity (SE).(a) Accounts receivable. (b) Salaries and wages payable. (c) Equipment. (d) Supplies.(e)
Identify each of the following organizational characteristics with the organizational form or forms with which it is associated.(a) Easier to transfer ownership (b) Easier to raise funds (c) More
Classify each item as an asset, liability, common stock, revenue, or expense.(a) Issuance of ownership shares(b) Land purchased(c) Amounts owed to suppliers(d) Bonds payable(e) Amount earned from
Gould Corporation began operations on January 1, 2012. The following information is available for Gould Corporation on December 31, 2012. Prepare an income statement, a retained earnings statement,
Indicate whether each of the following items is most closely associated with the management discussion and analysis (MD&A), the notes to the financial statements, or the auditor’s report.(a)
Here is a list of words or phrases discussed in this chapter:1. Corporation 2. Creditor 3. Accounts receivable 4. Partnership5. Stockholder6. Common stock 7. Accounts payable8. Auditor’s
All businesses are involved in three types of activities—financing, investing, and operating. Listed below are the names and descriptions of companies in several different industries.Abitibi
The Fair View Golf & Country Club details the following accounts in its financial statements. Instructions(a) Classify each of the above accounts as an asset (A), liability (L), stockholders??
This information relates to Alexis Co. for the year 2012.Retained earnings, January 1, 2012 ....... $67,000Advertising expense ............. 1,800Dividends paid during 2012 .......... 6,000Rent
The following information was taken from the 2009 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions.Retained earnings, January 1, 2009 ...
Presented here is information for Packee Inc. for 2012.Retained earnings, January 1 ... $130,000Revenue from legal services ... 400,000Total expenses .......... 175,000Dividends ..........
Consider each of the following independent situations.(a) The retained earnings statement of Scott Corporation shows dividends of $68,000, while net income for the year was $75,000. (b) The statement
The following items and amounts were taken from Linus Inc.'s 2012 income statement and balance sheet. Instructions(a) In each, case, identify on the blank line whether the item is an asset (A),
Here are incomplete financial statements for Liam, Inc. InstructionsCalculate the missing amounts.
Deer Track Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2012 Instructions(a) Determine Deer Track
Kellogg Company is the world's leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. The following items were taken
This information is for O’Brien Corporation for the year ended December 31,2012.Cash received from lenders ..... $20,000Cash received from customers ... 50,000Cash paid for new equipment ....
The following data are derived from the 2009 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end.Cash balance, January 1, 2009 ..........
Andrew Davis is the bookkeeper for Cheyenne Company. Andrew has been trying to get the balance sheet of Cheyenne Company to balance. It finally balanced, but now he??s not sure it is
The following items were taken from the balance sheet of Nike, Inc. InstructionsPerform each of the following.(a) Classify each of these items as an asset, liability, or stockholders' equity sand
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Bates Corporation and Wilson Enterprises, are presented below for
The annual report provides financial information in a variety of formats, including the following.Management discussion and analysis (MD&A)Financial statementsNotes to the financial
Presented below are five independent situations.(a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange
Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.(a) The North Face, Inc. is
On June 1, Beardsley Service Co. was started with an initial investment in the company of $22,100 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses
Presented below is selected financial information for Yvonne Corporation for December 31, 2012. Instructions(a) Determine which items should be included in a statement of cash flows and then prepare
Gabelli Corporation was formed on January 1, 2012. At December 31, 2012, John Paulus, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows. John
Presented below are five independent situations.(a) Rachel Jackson, a college student looking for summer employment, opened a vegetable stand along a busy local highway. Each morning she buys produce
Financial decisions often place heavier emphasis on one type of financial statement over the others. Consider each of the following hypothetical situations independently.(a) An investor is
Special Delivery was started on May 1 with an investment of $45,000 cash. Following are the assets and liabilities of the company on May 31, 2012, and the revenues and expenses for the month of May,
Presented below are selected financial statement items for Rowe Corporation for December 31, 2012. Instructions(a) Determine which items should be included in a statement of cash flows, and then
Austin Corporation was formed during 2011 by Joanna Kay. Joanna is the president and sole stockholder. At December 31, 2012, Joanna prepared an income statement for Austin Corporation. Joanna is not

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