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Questions and Answers of Accounting

Summary operating data for Heartland Company during the current year ended November 30, 2012, are as follows; cost of merchandise sold, $2,500,000; administrative expenses, $300,000; interest
Identify the errors in the following incomestatement:
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter.
On December 31, 2012, the balances of the accounts appearing in the ledger of Warm Place Furnishings Company, a furniture wholesaler, are as follows.a. Prepare a multiple-step income statement for
Journalize entries for the following related transactions of Blue Moon Company:a. Purchased $60,000 of merchandise form Sierra Co. on accounts, terms 1/10, n/30.b. Paid the amount owed on the invoice
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
A sale of merchandise on account for $28,000 is subject to a 7% sales tax.(a) Should the sales tax be recorded at the time of sale or when payment is received?(b) What is the amount of the sale?(c)
Journalize the entries to record the following selected transactions:a. Sold $12,900 of merchandise on account, subject to a sales tax of 4%. The cost of the merchandise sold was $7,800.b. Paid
Skycrest Co., a furniture wholesaler, sells merchandise to Boyle Co. on accounts, $45,000, terms 2/10, n/30. The cost of the merchandise sold is $27,000. Skycrest Co. issues a credit memo for $9,000
Based on the data presented in Exercise 5-23, Journalize Boyle Co.’s entries for (a) The purchase, (b) The return of the merchandise for credit, and(c) The payment of the invoice within the
What is the normal balance of the following accounts?(a) Cost of Merchandise Sold,(b) Delivery Expense,(c) Merchandise Inventory, (d) Sales(e) Sales Discounts(f) Sales Returns and Allowances,(g)
Old Faithful Tile Co.’s perpetual inventory records indicate that $715,950 of merchandise should be on hand on December 31, 2012. The physical inventory indicates that $693,675 of merchandise is
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable(b) Advertising
Based on the data presented in Exercise 5-8, journalize the closing entries.
On August 31, 2012, the balances of the accounts appearing in the ledger of Wood Interiors Company, a furniture wholesaler, are as follows:Prepare the August 31, 2012, closing entries for Wood
The Home Depot reported the following data (in millions) in the financial statements: a. Determine the ratio of net sales to assets for the Home Depot for 2009 and 2008. Round to two decimal
Kroger, a national supermarket chain, reported the following data (in millions) in its financial statements for the year ended January 31, 2009; Total revenue $76,000 Total assets at end of
For (a) through (d), identify the items designated by “X” and “Y”.a. Purchases – (X + Y) = Net purchases.b. Net purchases + X = Cost of merchandise purchased.c. Merchandise inventory
The following data were extracted from the accounting records of Danhof Company for the year ended June 30, 2012:Merchandise inventory, July 1, 2011 $ 250,000Merchandise inventory June 30, 2012
Based on the following data, determine the cost of merchandise sold for April:Merchandise inventory, April 1 $ 15,000Merchandise inventory April 30 28,000Purchases
Based on the following data, determine the cost of merchandise sold for March.Merchandise inventory, March 1 $ 100,000Merchandise inventory March 31 90,000Purchases
Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2012:
Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit.
The following selected transactions were complete by Burton Company during July of the current year. Burton Company uses the periodic inventory system.July 2. Purchased $24,000 of merchandise on
Using the data shown in Exercise 5-38, journalize the entries for the transactions assuming that Burton Company uses the perpetual inventory system.
Pyramid Company is a small rug retailer owned and operated by Rosemary Endecott. After the accounts have been adjusted on January 31, the following selected account balances were taken from the
Bud’s Video Store Co. is owned an operated by Jim Budeski. The following is an except from a conversation between Jim Budeski and Ann Pavik, the chief accountant for Bud’s Video StoreJim; Ann,
The following is an excerpt from a conversation between Jon Akers and Deb Flack. Jon is debating whether to buy a stereo system from Old Town Audio, a locally owned electronics store, or Sound Pro,
Your sister operates Budget Parts Company, an online boat parts distributorship that is in its third year of operation. The income statement is shown below and was recently prepared for the year
Assume that you are planning to purchase a 52-inch I.CD, flat screen television. In groups of three or four, determine the lowest cost for the television, considering the available alternatives and
Selected transactions for Britt Co. during October of the current year are listed in Problem 5-4B.Instructions Journalize the entries to record the transaction of Britt Co. for October using the
Selected transactions for Wild Adventures Company during December of the current year are listed in Problem 5-5B.InstructionsJournalize the entries to record the transaction of Wild Adventures
Selected transactions during June between Salina Company and Brokaw Company are listed in Problem 5-6B.InstructionsJournalize the entries to record the transaction for (1) Salinas Company and (2)
On April 30, 2012, the balances of the accounts appearing in the ledger of Heritage Company are as follows: Instructions 1. Does Heritage Company use a periodic or perpetual inventory system?
The following selected accounts and their current balances appear in the ledger of Carpet Land Co. for the fiscal year ended October 31, 2012:Instructions1. Prepare a multiple-step income
Selected accounts and related amounts for Carpet Land Co. for the fiscal year ended October 31, 2012, are presented in Problem 5-1A.Instructions1. Prepare a single-step income statement in the format
Selected transactions for The Grill company during April of the current year are listed in Problem 5-5A.InstructionsJournalize the entries to record the transaction so The Grill Company for April
Selected transactions during May between Sky Company and Big Co. are listed in Problem 5-6A.InstructionsJournalize the entries to record the transaction for (1) Sky Company and (2) Big Co. assuming
On July 31, 2012 the balances of the accounts appearing in the ledger of Sagebrush Company are as follows. Instructions 1. Does Sagebrush Company use a periodic or perpetual inventory system?
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012: Instructions1. Prepare a multiple-step income statement2.
Selected accounts and related amounts for Black Lab Co for the fiscal year ended April 30, 2012, are presented in Problem 5-1B.Instructions1. Prepare a single-step income statement in the format
The following selected transactions were complete by Lawn supplies co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:Mar. 1. Sold merchandise on
The following selected transactions were complete by Britt Co. during October of the current year:Oct. 1. Purchased merchandise from Mable Co., $17,500, terms FOB shipping point, 2/10, n/eom. Prepaid
The following were selected from among the transactions complete by Wild Adventures Company during December of the current year.Dec. 3. Purchased merchandise on account from Miramar Co., list price
The following selected transactions were completed during June between Salinas Company and Brokaw Company:June 2. Salinas Company sold merchandise on account to Brokaw Company, $20,000, terms FOB
Journalize the entries to record the following selected bond investment transactions for Capital Trust:a. Purchased for cash $250,000 of Belmont City 4% bonds at 100 plus accrued interest of
Journalize the entries to record the following selected bond investment transactions for Jennings products:a. Purchased for cash $40,000 of Tech Grove, Inc. 6% bonds at 100 plus accrued interest of
On February 12, 5,000 shares of Mid-Ex Company are acquired at a price of $24 per share plus a $200 brokerage fee. On April 22, a $0.36-per-share dividend was received on the Mid-Ex Company stock. On
On August 15, 1,600 shares of Birch Company are acquired at a price of $44 per share plus a $160 brokerage fee. On September 10, a $0.75-per-share dividend was received on the Birch Company stock. On
On January 2, THT company acquired 40% of the outstanding stock of First Alert Company for $155,000. For the year ending December 31, first Alert Company earned income of $42,000 and paid dividends
On January 2, Bassett Company acquired 30% of the outstanding stock of Nassim Company for $400,000. For the year ending December 31, Nassim Company earned income of $110,000 and paid dividends of
On January 1, 2012, Valuation Allowance for Trading Investments had a zero balance. On December 31, 2012, the cost of the trading securities portfolio was $ 105,800 and the fair value was $101,600.
On January 1, 2012, Valuation Allowance for Trading Investments has a zero balance. On December 31, 2012, the cost of the trading securities portfolio was $33,200, and the fair value was $39,500.
On January 1, 2012, Valuation Allowance for Available-for-Sale Securities has a zero balance. On December 31, 2012, the cost of the available-for-sale securities was $62, 400, and the fair value was
On January 1, 2012, Valuation Allowance for Available-for-Sale Securities had a zero Balance. On December 31, 2012, the cost of the available-for-sale securities was $7, 600, and the fair value was
On September 25, 2012, Lucas Corporation had a market price per share of common stock of $8. For the previous year, Lucas paid an annual dividend of $0.16. Compute the dividend yield for Lucas
On June 12, 2012, Mid State Power and Electric Company had a market price per share of common stock of $48. For the previous year, Mid State Paid an annual dividend of $2.88. Compute the dividend
Dristol Company acquired $56,000 Reynolds Company, 4.5% bonds on April 1, 2012, at par value. Interest is paid semiannually on April 1 and October 1. On October 1, 2012, Dristol sold $20,000 of the
Jupiter Investments acquired $40,000 Carlisle Corp., 9% bonds at par value on September 1, 2012. The bonds pay interest on September 1 and March 1. On March 1, 2013, Jupiter sold $40,000 par value
Afton Co. Purchased $24,000 of 4%, 10-year Davis Country bonds on July 12, 2012, directly from the country at par value. The bonds pay semiannual interest on May 1 and November 1. On December 1,
The following bond investment transactions were completed during 2012 by Mission Company:Jan. 21. Purchased 50, $1,000 par value government bonds at 100 plus 20 days’ accrued interest. The bonds
On May 1, 2012, Todd Company purchased $66,000 of 5% 12-year Lincoln Company bonds at par plus two months’ accrued interest. The bonds pay interest on March 1 and September 1. On October 1, 2012,
The investments of Giving Tree, Inc., include a single investment: 9,000 shares of Cardio solutions, Inc. common stock purchased on March 3, 2012, for $22 per share including brokerage commission.
Acorn Bancorp Inc. purchased a portfolio of trading securities during 2012. The cost and fair value of this portfolio on December 31, 2012, was as follows: On April 3, 2013, Acorn Bancorp Inc.
First Guarantee Financial, Inc., purchased the following trading securities during 2012, its first year of operations: The market price per share for the trading security portfolio on December 31,
The income statement for Tri-Con, Inc., for the year ended December 31, 2012, was as follows:Tri-Con, Inc.Income Statement (selected items)For the Year Ended December 31m 2012Income from
Oceanic Airways makes investments in available-for-sale securities. Selected income statement items for the years ended December 31, 2012 and 2013, plus selected items from comparative balance
The investments of Macon, Inc., include a single investment: 8,000 shares of Pacific Wave, Inc. common stock purchased on August 10, 2012, for $8 per share including brokerage commission. These
Arnott Inc. purchased a portfolio of available-for-sale securities in 2012, its first year of operation. The cost and fair value of this portfolio on December 31, 2012, was as follows: On may 10,
Cumberland, Inc., purchased the following available-for-sale securities during 2012, its first year of operations: The market price per share for the available-for-sale security portfolio on
During 2012, its first year of operation, Newton Company purchased two available-for-sale investments as follows: Assume that as of December 31, 2012, the Starlight Products, Inc., stock had a
During 2012, Norcross Corporation held a portfolio of available-for-sale securities having a cost of $175,000. There were no purchases or sales of investments during the year. The market values at
On April 23, 2012, Frost Co. purchased 1,500 shares of Apex, Inc., for $88 per share including the brokerage commission. The Apex investment was classified as an available-for-sale security. On
On December 31, 2011, Memphis Co. had the following available-for-sale investment disclosure within the Current Assets section of the balance sheet:Available-for-sale investments (at
At the market close on February 19, 2010, McDonald’s Corporation had a closing stock price of $64.74. In addition, McDonald’s Corporation had a dividend per share of $2.05 over the previous
The market price for Microsoft Corporation Closed at $19.40 and $30.48 on December 31, 2008, and 2009, respectively. The dividends per share were $0.46 for 2008 and $0.52 for 2009.a. Determine the
eBay Inc. developed a Web-based market place at http//WWW.ebay.com, in which individuals can buy and sell a variety of items. eBay also acquitted paypal, an online payments system that allows
Selected transactions completed by Everyday Products Inc. during the fiscal year ending December 31, 2012, were as follows: a. Issued 12, 500 shares of $25 par common stock at $32, receiving cash. b.
Fleet Inc. is an athletic footware company that began operations on January 1, 2012. The following transactions relate to debt investments acquired by Fleet Inc., which has a fiscal year ending on
Savers Mart Inc. is a general merchandise retail company that began operations on January 1, 2012. The following transactions relate to debt investments acquired by Savers Mart Inc., which has a
Ophir Investments Inc. is a regional investment company that began operations on January 1, 2012. The following transactions relate to trading securities acquired by Ophir Investments Inc., which has
Samson Products, Inc., is a wholesaler of men’s hair products. The company began operations on January 1, 2012. The following transactions relate to securities acquired by Samson Products, Inc.,
Guardian Devices, Inc., manufactures and sells commercial and residential security equipment. The comparative unclassified balance sheets for December 31, 2013 and 2012 are provided below. Selected
In groups of three or four, find the latest annual report for Microsoft Corporation. The annual report can be found on the company’s Web site at www.microsoft.com/msft/defaul.mspx.The notes to the
Explain the meaning of each of the following terms as they relate to a bond issue:(a) Convertible, (b) Callable, and (c) Debenture.
A corporation issues $18,000,000 of 10% bonds to yield interest at the rate of 8%. (a) Was the amount of cash received from the sale of the bonds greater or less than $18,000,000?(b) Identify the
Fleeson Company needs additional funds to purchase equipment for a new production facility and is considering either issuing bonds payable or borrowing the money from a local bank in the form of an
Baker Co. is considering the following alternative financing plans: Income tax is estimated at 40% of income. Determine the earnings per share of common stock, assuming income before bond interest
Fly Co. is considering the following alternative financing plans: Income tax is estimated at 40% of income.Determine the earnings per share of common stock, assuming income before bond interest and
On the first day of the fiscal year, a company issues a $4,000,000, 10% 10-year bond that pays semiannual interest of $ 2,00,000 ($4,000,000 × 10% × ½ ), receiving cash of $3,760,992. Journalize
On the first day of the fiscal year, a company issues a $1,500,000, 9%, five-year bond that pays semiannual interest of $67,500 ($1, 500,000 × 9% × ½ ), receiving cash of $1,334,398. Journalize
Using the bond from Practice Exercise 12-2A, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar.
Using the bond from Practice Exercise 12-2B, journalize the first interest payment and the amortization of the related bond discount. Round to the nearest dollar.
A company issues a $2,000,000, 9%, five-year bond that pays semiannual interest of $90,000 ($2,000,000 × 9% × ½), receiving cash of $2,166,332. journalize the bond issuance.
A company issues a $6,000,000, 12%, five-year bond that pays semiannual interest of $360,000 ($6,000,000 × 12% × ½), receiving cash of $6,463,304. Journalize the bond issuance.
Using the bond from Practice Exercise 12-4A, journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar.
Using the bond from Practice Exercise 12-4B, journalize the first interest payment and the amortization of the related bond premium. Round to the nearest dollar.
An $800,000 bond issue on which there is an unamortized discount of $60,000 is redeemed for $760,000. Journalize the redemption of the bonds.
A $450,000 bond issue on which there is an unamortized premium of $25,000 is redeemed for $441,000. Journalize the redemption of the bonds.
On the firs day of the fiscal year, a company issues $100,000, 8%, six-year installment notes that have annual payments of $21,632. The first note payment consists of $8,000 of interest and $13,632

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