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Questions and Answers of Accounting

Identify the distinguishing features of an income statement for a merchandising company.
What types of businesses are most likely to use a perpetual inventory system?
Identify the accounts that are added to or deducted from purchases to determine the cost of goods purchased under a periodic system. For each account, indicate (a) Whether it is added or deducted,
In the following cases, use a periodic inventory system to identify the item(s) designated by the letters X and Y.(a) Purchases – X – Y = Net purchases.(b) Cost of goods purchased – Net
Corliss Ford, director of marketing, wants to reduce the selling price of his company’s products by 15% to increase market share. He says, “I know this will reduce our gross profit rate, but the
Howard Paulson is considering investing in Stevenson Pet Food Company. Stevenson’s net income increased considerably during the most recent year, even though many other companies in the same
On July 15, a company purchases on account goods costing $1,900, with credit terms of 2/10, n/30. On July 18, the company receives a $400 credit memo from the supplier for damaged goods. Give the
Presented here are the components in Korinek Company??s income statement. Determine the missingamounts.
Pocras Company buys merchandise on account from Wedell Company. The selling price of the goods is $900 and the cost of the goods sold is $590. Both companies use perpetual inventory systems.
Prepare the journal entries to record the following transactions on Graff Company’s books using a perpetual inventory system.(a) On March 2, Graff Company sold $800,000 of merchandise to Rodriguez
From the information in BE5-3, prepare the journal entries to record these transactions on Rodriguez Company’s books under a perpetual inventory system.
Bangura Company provides this information for the month ended October 31, 2012: sales on credit $300,000; cash sales $150,000; sales discounts $5,000; and sales returns and allowances $19,000.
Explain where each of these items would appear on a multiple-step income statement: gain on disposal of plant assets; cost of goods sold; depreciation expense; and sales returns and allowances.
Berry Company sold goods with a total selling price of $800,000 during the year. It purchased goods for $380,000 and had beginning inventory of $67,000. A count of its ending inventory determined
Assume that Logan Company uses a periodic inventory system and has these account balances: Purchases $404,000; Purchase Returns and Allowances $13,000; Purchase Discounts $9,000; and Freight-in
Assume the same information as in BE5-8 and also that Logan Company has beginning inventory of $60,000, ending inventory of $90,000, and net sales of $612,000. Determine the amounts to be reported
Modder Corporation reported net sales of $250,000, cost of goods sold of $150,000, operating expenses of $50,000, net income of $32,500, beginning total assets of $520,000, and ending total assets of
Delzer Corporation reported net sales $800,000; cost of goods sold $520,000; operating expenses $210,000; and net income $68,000. Calculate the following values and explain what they mean: (a) Profit
Wasley Corporation reported net income of $346,000, cash of $67,800, and net cash provided by operating activities of $221,200. What does this suggest about the quality of the company’s earnings?
Prepare the journal entries to record these transactions on Koeller Company’s books using a periodic inventory system.(a) On March 2, Koeller Company purchased $800,000 of merchandise from Reeves
On October 5, Longhini Company buys merchandise on account from Okern Company. The selling price of the goods is $5,000, and the cost to Okern Company is $3,000. On October 8, Longhini returns
Assume information similar to that in 5-1. That is: On October 5, Longhini Company buys merchandise on account from Okern Company. The selling price of the goods is $5,000, and the cost to Okern
The following information is available for Jain Corp. for the year ended December 31, 2012:Other revenues and gains ...... $ 12,700Net sales ........... $552,000Other expenses and losses ......
Crystal Lake Corporation’s accounting records show the following at yearend December 31, 2012:Purchase Discounts .... $ 5,900Beginning Inventory .... $31,720Freight-in .......... 8,400Ending
This information relates to Percy Co.1. On April 5, purchased merchandise from Lyman Company for $28,000, terms 2/10, n/30.2. On April 6, paid freight costs of $700 on merchandise purchased from
Assume that on September 1, Office Depot had an inventory that included a variety of calculators. The company uses a perpetual inventory system. During September, these transactions occurred. Sept. 6
The following transactions are for Masland Company.1. On December 3, Masland Company sold $500,000 of merchandise to Parker Co., terms 1/10, n/30. The cost of the merchandise sold was $330,000.2. On
On June 10, Harris Company purchased $9,000 of merchandise from Goetz Company, terms 3/10, n/30. Harris pays the freight costs of $400 on June 11. Goods totaling $600 are returned to Goetz for credit
The adjusted trial balance of Dredge Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2012: Sales Revenue $900,000; Freight-out $14,000; Sales Returns and
Presented below is information for Yu Co. for the month of January 2012.Cost of goods sold ...... $212,000Rent expense ........ $32,000Freight-out .......... 7,000Sales discounts .........
Financial information is presented here for two companies. Instructions(a) Fill in the missing amounts. Show all computations.(b) Calculate the profit margin ratio and the gross profit rate for each
In its income statement for the year ended December 31, 2012, Misra Company reported the following condensed data.Administrative expenses ........ $465,000Loss on disposal of Cost of goods sold ..
In its income statement for the year ended June 30, 2009, The Clorox Company reported the following condensed data (dollars in millions). Selling and Research and administrative expenses .... $
The trial balance of Pollard Company at the end of its fiscal year, August 31, 2012, includes these accounts: Beginning Inventory $18,700; Purchases $154,000; Sales Revenue $190,000; Freight-in
Below is a series of cost of goods sold sections for companies A, F, L, and V. InstructionsFill in the lettered blanks to complete the cost of goods soldsections.
Pardow Corporation reported sales revenue of $257,000, net income of $45,300, cash of $9,300, and net cash provided by operating activities of $23,200. Accounts receivable have increased at three
This information relates to Edyburn Co.1. On April 5, purchased merchandise from Hansen Company for $27,000, terms 2/10, n/30.2. On April 6, paid freight costs of $1,200 on merchandise purchased from
Janssen Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Janssen’s ledger showed Cash of $8,000 and Common Stock of $8,000.May 1
Hayes Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June, the following merchandising transactions
At the beginning of the current season on April 1, the ledger of Thousand Oaks Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. The following transactions were completed during
Chapman Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city
An inexperienced accountant prepared this condensed income statement for McDowell Company, a retail firm that has been in business for a number of years. As an experienced, knowledgeable
The trial balance of Dealer's Choice Wholesale Company contained the accounts shown at December 31, the end of the company's fiscal year. Adjustment data:1. Depreciation is $8,000 on buildings and
At the end of Snyder Department Store’s fiscal year on November 30, 2012, these accounts appeared in its adjusted trial balance.Freight-in ........... $ 5,060Inventory (beginning) ........
Reza Inc. operates a retail operation that purchases and sells snowmobiles, amongst other outdoor products. The company purchases all merchandise inventory on credit and uses a periodic inventory
At the beginning of the current season on April 1, the ledger of Thousand Oaks Pro Shop showed Cash $2,500; Inventory $3,500; and Common Stock $6,000. These transactions occurred during April
Curtain Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Curtain showed Cash of $9,000 and Common Stock of $9,000.Apr. 2
Holiday Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of July, the following merchandising transactions
At the beginning of the current season, the ledger of Highland Tennis Shop showed Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April.Apr. 4
Parkland Department Store is located near the Lyndale Shopping Mall. At the end of the company’s fiscal year on December 31, 2012, the following accounts appeared in its adjusted trial
A part-time bookkeeper prepared this income statement for Kritek Company for the year ending December 31, 2012. As an experienced, knowledgeable accountant, you review the statement and determine
The trial balance of Runway Fashion Center contained the accounts on the next page at November 30, the end of the company??s fiscal year. Adjustment data:1. Store supplies on hand total $3,100.2.
At the end of Ehlinger Department Store’s fiscal year on December 31, 2012, these accounts appeared in its adjusted trial balance.Freight-in ........... $ 7,200Inventory (beginning) .......
Sandra McLellan operates a clothing retail operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording
At the beginning of the current season, the ledger of Highland Tennis Shop showed Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April.Apr. 4
On December 1, 2012, Shiras Distributing Company had the following account balances. During December, the company completed the following summary transactions.Dec. 6 Paid $1,600 for salaries due
The financial statements for Tootsie Roll Industries appear in Appendix A at the end of this book.InstructionsAnswer these questions using the Consolidated Income Statement.(a) What was the
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information contained in these
The April 23, 2008, issue of the Wall Street Journal includes an article by Vanessa O’Connell entitled “Coach Profit Is Up but Margins Are Tightening.”InstructionsRead the article and answer
Recently, it was announced that two giant French retailers, Carrefour SA and Promodes SA, would merge. A headline in the Wall Street Journal blared, "French Retailers Create New Wal-Mart Rival."?
Three years ago, Amy Blodgett and her brother-in-law Dennis Torres opened Megamart Department Store. For the first 2 years, business was good, but the following condensed income statement results for
The following situation is presented in chronological order.1. Finley decides to buy a surfboard.2. He calls Surfing USA Co. to inquire about their surfboards.3. Two days later he requests Surfing
Margie Anunson was just hired as the assistant treasurer of Northshore Stores, a specialty chain store company that has nine retail stores concentrated in one metropolitan area. Among other things,
There are many situations in business where it is difficult to determine the proper period in which to record revenue. Suppose that after graduation with a degree in finance, you take a job as a
Access the FASB Codification at asc.fasb.org to prepare responses to the following (a) Access the glossary (“Master Glossary”) to answer the following.(1) What is the definition provided for
Explain the difference between the “nature-of-expense” and “function-of-expense” classifications.
For each of the following income statement line items, state whether the item is a “by nature” expense item or a “by function” expense item.________ Cost of goods sold________ Depreciation
Gribble Company reported the following amounts in 2012: Net income, Euros 150,000; Unrealized gain related to revaluation of buildings, Euros 10,000; and Unrealized loss on available-for-sale
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, is available at Instructions(a) Is Zetar
Pryor Inc. needs to upgrade its diagnostic equipment. At the time of purchase, Pryor had expected the equipment to last 8 years. Unfortunately, it was obsolete after only 4 years. Justin Meyer, CFO
In a recent newspaper release, the president of Franklin Company asserted that something has to be done about depreciation. The president said, “Depreciation does not come close to accumulating the
Carmelita is studying for the next accounting examination. She asks your help on two questions: (a) What is salvage value? (b) How is salvage value used in determining depreciable cost under the
Contrast the straight-line method and the units-of-activity method in relation to (a) Useful life and (b) The pattern of periodic depreciation over useful life.
Distinguish between ordinary repairs and capital expenditures during an asset’s useful life.
How is a gain or a loss on the sale of a plant asset computed?
Folstein Corporation owns a machine that is fully depreciated but is still being used. How should Folstein account for this asset and report it in the financial statements?
What are the similarities and differences between depreciation and amortization?
During a recent management meeting, Steve Micke, director of marketing, proposed that the company begin capitalizing its marketing expenditures as goodwill. In his words, “Marketing expenditures
Alford Company hires an accounting intern who says that intangible assets should always be amortized over their legal lives. Is the intern correct? Explain.
Janis Ford, a business major, is working on a case problem for one of her classes. In this case problem, the company needs to raise cash to market a new product it developed. Mark Gordon, an
Under what conditions is goodwill recorded? What is the proper accounting treatment for amortizing goodwill?
Often research and development costs provide companies with benefits that last a number of years. (For example, these costs can lead to the development of a patent that will increase the company’s
In 2009, Campbell Soup Company reported average total assets of $6,265 million, net sales of $7,586 million, and net income of $736 million. What was Campbell Soup’s return on assets ratio?
Lauren Rado, a marketing executive for Fresh Views Inc., has proposed expanding its product line of framed graphic art by producing a line of lowerquality products. These would require less
Give an example of an industry that would be characterized by (a) A high asset turnover ratio and a low profit margin ratio, and (b) A low asset turnover ratio and a high profit margin ratio.
Allman Corporation and Bryant Corporation operate in the same industry. Allman uses the straight-line method to account for depreciation, whereas Bryant uses an accelerated method. Explain what
Guzman Corporation uses straightline depreciation for financial reporting purposes but an accelerated method for tax purposes. Is it acceptable to use different methods for the two purposes? What is
You are comparing two companies in the same industry. You have determined that Morris Corp. depreciates its plant assets over a 40-year life, whereas Kiram Corp. depreciates its plant assets over a
Explain how transactions related to plant assets and intangibles are reported in the statement of cash flows.
These expenditures were incurred by Patnode Company in purchasing land: cash price $60,000; accrued taxes $5,000; attorney’s fees $2,100; real estate broker’s commission $3,300; and clearing and
Deutsch Company incurs these expenditures in purchasing a truck: cash price $24,000; accident insurance (during use) $2,000; sales taxes $1,080; motor vehicle license $300; and painting and lettering
Alan Chemicals Company acquires a delivery truck at a cost of $31,000 on January 1, 2012. The truck is expected to have a salvage value of $4,000 at the end of its 4-year useful life. Compute annual
Erin Company purchased land and a building on January 1, 2012. Management’s best estimate of the value of the land was $100,000 and of the building $250,000. However, management told the accounting
On January 1, 2012, the Eugene Company ledger shows Equipment $36,000 and Accumulated Depreciation $13,600. The depreciation resulted from using the straight line method with a useful life of 10
Sabina Company had the following two transactions related to its delivery truck.1. Paid $38 for an oil change.2. Paid $400 to install special shelving units, which increase the operating efficiency
Prepare journal entries to record these transactions: (a) Benton Company retires its delivery equipment, which cost $41,000. Accumulated depreciation is also $41,000 on this delivery equipment. No
Clark Company sells office equipment on July 31, 2012, for $21,000 cash. The office equipment originally cost $72,000 and as of January 1, 2012, had accumulated depreciation of $42,000. Depreciation
In its 2009 annual report, McDonald’s Corporation reports beginning total assets of $28.46 billion; ending total assets of $30.22 billion; net sales of $22.74 billion; and net income of $4.55
Tanya Company purchases a patent for $156,000 on January 2, 2012. Its estimated useful life is 6 years.(a) Prepare the journal entry to record amortization expense for the first year.(b) Show how
Nike, Inc. reported the following plant assets and intangible assets for the year ended May 31, 2009 (in millions): other plant assets $965.8; land $221.6; patents and trademarks (at cost) $515.1;

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