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Questions and Answers of Accounting

The following data were extracted from the accounting records of Wedgeforth Company for the year ended November 30, 2010:Merchandise inventory, December 1, 2009
Identify the errors in the following schedule of cost of merchandise sold for the current year ended July 31,2010:
For the fiscal year, sales were $5,280,000, sales discounts were $100,000, sales returns and allowances were $75,000, and the cost of merchandise sold was $3,000,000.a. What was the amount of net
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported:(a) Selling,(b) Administrative, or(c)
Summary operating data for Paper Plus Company during the current year ended June 30, 2010, are as follows: cost of merchandise sold, $4,000,000; administrative expenses, $500,000; interest expense,
On March 31, 2010, the balances of the accounts appearing in the ledger of El Dorado Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the
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.
Identify the errors in the following income statement and prepare a corrected incomestatement:
Illustrate the effects on the accounts and financial statements of recording the following transactions:a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000.b. Sold
During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by decreasing the sales account
After the amount due on a sale of $25,000, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the
Merchandise is sold on account to a customer for $12,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $400. Determine the following: (a) Amount of the sale, (b) Amount
Newgen Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Newgen Company returned $1,200 of the merchandise before payment was made and received full credit.a. If
A retailer is considering the purchase of 100 units of a specific item from either of two suppliers. Their offers are as follows:A: $200 a unit, total of $20,000, 2/10, n/30, no charge for freight.B:
Versailles Co., a women’s clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Versailles Co. returned $3,000 of the merchandise,
Illustrate the effects on the accounts and financial statements of the following related transactions of Westcoast Diagnostic Company:a. Purchased $25,000 of merchandise from Presidio Co. on
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 $13,750 is subject to an 8% 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?
Illustrate the effects on the accounts and financial statements of recording the following selected transactions:a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of
Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $23,400, terms 2/10, n/30. The cost of the merchandise sold is $14,000. Summit Co. issues a credit memorandum for
Based on the data presented in Exercise 4-22, illustrate the effects on the accounts and financial statements of Bitone Co. for (a) The purchase, (b) The return of the merchandise for credit, and
Iverson Inc.’s perpetual inventory records indicate that $675,150 of merchandise should be on hand on December 31, 2010. The physical inventory indicates that $649,780 of merchandise is actually on
The following selected accounts and their current balances appear in the ledger of Case-It Co. for the fiscal year ended November 30, 2010: Instructions1. Prepare a multiple-step income statement.2.
Selected accounts and related amounts for Case-It Co. for the fiscal year ended November 30, 2010, are presented in Problem 4-1.Instructions1. Prepare a single-step income statement in the format
The following selected transactions were completed by Tropical Supplies Co., which sells supplies primarily to wholesalers and occasionally to retail customers. Jan. 2. Sold merchandise on account,
The following selected transactions were completed by Silvergate Co. during May of the current year:May 3. Purchased merchandise for, $16,000, terms FOB destination, 2/10, n/30.6. Issued debit
The following selected transactions were completed during June between Shapiro Company and Bacarti Company:June 8. Shapiro Company sold merchandise on account to Bacarti Company, $24,000, terms FOB
For the year ending August 31, 2011, Gymboree Systems Inc. reported net income of $90,600 and paid dividends of $27,000. Comparative balance sheets as of August 31, 2011 and 2010, are as
On February 15, 2010, Tropical Connection Company, a garden retailer, purchased $25,000 of seed, terms 2/10, n/30, from Midwest Seed Co. Even though the discount period had expired, Lydia DeLay
The Encore Video Store Co. is owned and operated by Sergio Alonzo. The following is an excerpt from a conversation between Sergio Alonzo and Suzie Engel, the chief accountant for The Encore Video
The following is an excerpt from a conversation between Ted Mackie and Laurie Van Dorn. Ted is debating whether to buy a stereo system from Classic Audio, a locally owned electronics store, or Sound
Your sister operates Ennis 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 ended
Assume that you are planning to purchase a 50-inch plasma television. In groups of three or four, determine the lowest cost for the television, considering the available alternatives and the
Why would the average rate of return differ from the internal rate of return on the same project?
What information does the cash payback period ignore that is included by the net present value method?
Your boss has suggested that a one-year payback period is the same as a 100% average rate of return. Do you agree?
Why would the use of the cash payback period for analyzing the financial performance of theatrical releases from a motion picture production studio be supported over the net present value method?
Two projects have an identical net present value of $9,000. Are both projects equal in desirability?
What are the major disadvantages of the use of the net present value method of analyzing capital investment proposals?
What are the major disadvantages of the use of the internal rate of return method of analyzing capital investment proposals?
What are the major advantages of leasing a fixed asset rather than purchasing it?
Monsanto Company, a large chemical and fibers company, invested $37 million in state-of-the-art systems to improve process control, laboratory automation, and local area network (LAN) communications.
The following data are accumulated by Eco-Labs, Inc. in evaluating two competing capital investment proposals: Determine the expected average rate of return for each proposal. Round to one
Master Fab Inc. is considering an investment in equipment that will replace direct labor. The equipment has a cost of $115,000 with a $10,000 residual value and a 10-year life. The equipment will
Pocket Pilot Inc. is considering an investment in new equipment that will be used to manufacture a mobile communications device. The device is expected to generate additional annual sales of 6,000
Out of Eden, Inc. is planning to invest in new manufacturing equipment to make a new garden tool. The new garden tool is expected to generate additional annual sales of 9,000 units at $42 each. The
Primera Banco is evaluating two capital investment proposals for a drive-up ATM kiosk, each requiring an investment of $360,000 and each with an 8-year life and expected total net cash flows of
Gentle Care Products Company is considering an investment in one of two new product lines. The investment required for either product line is $500,000. The net cash flows associated with each product
The following data are accumulated by Reynolds Company in evaluating the purchase of $104,000 of equipment, having a four-year useful life: (a) Assuming that the desired rate of return is 15%,
Rapid Delivery, Inc. is considering the purchase of an additional delivery vehicle for $38,000 on January 1, 2010. The truck is expected to have a fiveyear life with an expected residual value of
Hideaway Hotels is considering the construction of a new hotel for $150 million. The expected life of the hotel is 30 years with no residual value. The hotel is expected to earn revenues of $44
E & T Excavation Company is planning an investment of $245,000 for a bulldozer. The bulldozer is expected to operate for 1,500 hours per year for five years. Customers will be charged $130 per hour
Carnival Corporation has recently placed into service some of the largest cruise ships in the world. One of these ships, the Carnival Dream, can hold up to 3,600 passengers and cost $750 million to
Hot on the Spot Doughnuts has computed the net present value for capital expenditure locations A and B, using the net present value method. Relevant data related to the computation are as
MVP Sports Equipment Company is considering an investment in one of two machines. The sewing machine will increase productivity from sewing 150 baseballs per hour to sewing 270 per hour. The
Great Plains Transportation Inc. is considering acquiring equipment at a cost of $246,000. The equipment has an estimated life of 10 years and no residual value. It is expected to provide yearly net
The plant manager of Shannon Electronics Company is considering the purchase of new automated assembly equipment. The new equipment will cost $2,400,000. The manager believes that the new investment
The internal rate of return method is used by Carlisle Construction Co. in analyzing a capital expenditure proposal that involves an investment of $49,890 and annual net cash flows of $15,000 for
The Canyons Resort, a Utah ski resort, recently announced a $400 million expansion of lodging properties, lifts, and terrain. Assume that this investment is estimated to produce $95.42 million in
Cousin’s Salted Snack Company is considering two possible investments: a delivery truck or a bagging machine. The delivery truck would cost $39,287 and could be used to deliver an additional 48,200
Buckeye Healthcare Corp. is proposing to spend $109,296 on an eight-year project that has estimated net cash flows of $22,000 for each of the eight years. (a) Compute the net present value, using a
Horizon Solutions Inc. is considering the purchase of automated machinery that is expected to have a useful life of five years and no residual value. The average rate of return on the average
Lordsland Development Company has two competing projects: an apartment complex and an office building. Both projects have an initial investment of $720,000. The net cash flows estimated for the two
The capital investment committee of Cross Continent Trucking Inc. is considering two investment projects. The estimated income from operations and net cash flows from each investment are as
At Home Publications Inc. is considering two new magazine products. The estimated net cash flows from each product are as follows: Each product requires an investment of $270,000. A rate of 10% has
United Bankshores, Inc. wishes to evaluate three capital investment projects by using the net present value method. Relevant data related to the projects are summarized as follows: Instructions1.
The management of Quest Media Inc. is considering two capital investment projects. The estimated net cash flows from each project are as follows: The radio station requires an investment of
The investment committee of Grid Iron Restaurants Inc. is evaluating two restaurant sites. The sites have different useful lives, but each requires an investment of $565,000. The estimated net cash
Grant Communications Inc. is considering allocating a limited amount of capital investment funds among four proposals. The amount of proposed investment, estimated income from operations, and net
Dawn Jeffries was recently hired as a cost analyst by Carenet Medical Supplies Inc. One of Dawn’s first assignments was to perform a net present value analysis for a new warehouse. Dawn performed
A Masters of Accountancy degree at Mid-State University would cost $10,000 for an additional fifth year of education beyond the bachelor’s degree. Assume that all tuition is paid at the beginning
International Electronics Inc. invested $1,000,000 to build a plant in a foreign country. The labor and materials used in production are purchased locally. The plant expansion was estimated to
The following are some selected quotes from senior executives:CEO, Worthington Industries (a high technology steel company): “We try to find the best technology, stay ahead of the competition, and
Metro-Goldwyn-Mayer Studios Inc. (MGM) is a major producer and distributor of theatrical and television filmed entertainment. Regarding theatrical films, MGM states, “Our feature films are
In one group, find a local business, such as a copy shop, that rents time on desktop computers for an hourly rate. Determine the hourly rate. In the other group, determine the price of a mid-range
A La Mode, Inc. is considering one of two investment options. Option 1 is a $40,000 investment in new blending equipment that is expected to produce equal annual cash flows of $12,000 for each of
Using the data in BE2-2, journalize the transactions. (You may omit explanations.)
Kenny Williams a fellow student is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.
J. Reinsdorf has the following transactions during August of the current year. Indicate(a) The effect on the accounting equation and (b) The debit-credit analysis illustrated on pages 64–68 of the
Using the data in BE2-5, journalize the transactions. (You may omit explanations.)
Selected transactions for the Anthony Adams Company are presented in journal form below. Post the transactions to T accounts. Make one T account for each item and determine each account??s
Selected journal entries for the Anthony Adams Company are presented in BE2-7. Post the transactions using the standard form of account.
From the ledger balances given below, prepare a trial balance for the Afalava Company at June 30, 2012. List the accounts in the order shown on page 63 of the text. All account balances are normal.
An inexperienced bookkeeper prepared the following trial balance. Prepare a correct trial balance, assuming all account balances arenormal.
Joe Seacat has just rented space in a strip mall. In this space, he will open a photo graphy studio, to be called “Picture This!” A friend has advised Joe to set up a double-entry set of
Joe Seacat engaged in the following activities in establishing his photography studio, Picture This!:1. Opened a bank account in the name of Picture This! and deposited $6,300 of his own money into
Joe Seacat recorded the following transactions during the month of April.Post these entries to the Cash T account of the general ledger to determine the ending balance in cash. The beginning balance
The following accounts are taken from the ledger of Angulo Company at December 31, 2012.Prepare a trial balance in goodform.
Johan Aslata has prepared the following list of statements about accounts.1. An account is an accounting record of either a specific asset or a specific liability.2. An account shows only increases,
Selected transactions for M. Anderson, an interior decorator, in her first month of business, are as follows.Jan. 2 Invested $10,000 cash in business.3 Purchased used car for $4,000 cash for use in
Data for M. Anderson, interior decorator, are presented in E2-2.InstructionsJournalize the transactions using journal page J1. (You may omit explanations.)
Presented below is information related to Aromashodu Real Estate Agency. Oct. 1 Devin Aromashodu begins business as a real estate agent with a cash investment of $15,000.2 Hires an administrative
Transaction data for Aromashodu Real Estate Agency are presented in E2-4.InstructionsJournalize the transactions. (You may omit explanations.)
Barnes Industries had the following transactions.1. Borrowed $5,000 from the bank by signing a note.2. Paid $3,100 cash for a computer.3. Purchased $850 of supplies on account.Instructions(a)
Beekman Enterprises had the following selected transactions.1. Jo Beekman invested $4,000 cash in the business.2. Paid office rent of $950.3. Performed consulting services and billed a client
Kahlil Bell has prepared the following list of statements about the general ledger. 1. The general ledger contains all the asset and liability accounts but no owner’s equity accounts.2. The general
Selected transactions from the journal of Consuela Brown, investment broker, are presented below.Instructions(a) Post the transactions to T accounts.(b) Prepare a trial balance at August 31,2012.
The T accounts below summarize the ledger of Bennet Landscaping Company at the end of the first month of operations.Instructions(a) Prepare the complete general journal (including explanations) from
Presented below is the ledger for Bowman Co. Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations for each.(b)
Selected transactions for Roberta Garza Company during its first month in business are presented below. Sept. 1 Invested $10,000 cash in the business.5 Purchased equipment for $12,000 paying $4,000

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