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Questions and Answers of Accounting

Keynes Manufacturing has old equipment that cost $50,000. The equipment has accumulated depreciation of $28,000 and a fair value of $26,000. Keynes has decided to sell the equipment.(a) What entry
On March 1, 2012, Popplewell Company acquired real estate on which it planned to construct a small office building. The company paid $80,000 in cash. An old warehouse on the property was razed at a
Jim McAvoy has prepared the following list of statements about depreciation.1. Depreciation is a process of asset valuation, not cost allocation.2. Depreciation provides for the proper matching of
Kiran Shah, the new controller of Ginarrbrik Company, has reviewed the expected useful lives and salvage values of selected depreciable assets at the beginning of 2012. His findings are as
Presented below are selected transactions at Kirke Company for 2012.Jan. 1 Retired a piece of machinery that was purchased on January 1, 2002. The machine cost $62,000 on that date. It had a useful
Cosmo Company owns equipment that cost $50,000 when purchased on January 1, 2009. It has been depreciated using the straight-line method based on estimated salvage value of $5,000 and an estimated
On July 1, 2012, Macready Inc. invested $720,000 in a mine estimated to have 800,000 tons of ore of uniform grade. During the last 6 months of 2012, 100,000 tons of ore were mined and
The following are selected 2012 transactions of Oveius Corporation.Jan. 1 Purchased a small company and recorded goodwill of $150,000. Its useful life is indefinite.May 1 Purchased for $90,000 a
Presented below are two independent transactions. Both transactions have commercial substance.1. Rangi Co. exchanged old trucks (cost $64,000 less $22,000 accumulated depreciation) plus cash of
Jaxin’s Delivery Company and Felicity’s Express Delivery exchanged delivery trucks on January 1, 2012. Jaxin’s truck cost $22,000. It has accumulated depreciation of $15,000 and a fair value of
On January 1, 2012, Tiggy Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was $38,000. Related expenditures included: sales
At the beginning of 2010, Sarofim Company acquired equipment costing $90,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $9,000 at that time. The
Faun Co. has equipment that cost $75,000 and that has been depreciated $50,000. Record the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by the Satyr Company in 2012.1. Satyr developed a new manufacturing
Ratilal Company and Navi Corporation, two corporations of roughly the same size, are both involved in the manufacture of in-line skates. Each company depreciates its plant assets using the
On January 1, 2012, Zakiuddin Company purchased the following two machines for use in its production process. Machine A: The cash price of this machine was $55,000. Related expenditures included:
At the beginning of 2010, Farooque Company acquired equipment costing $200,000. It was estimated that this equipment would have a useful life of 6 years and a residual value of $20,000 at that time.
Nikhom’s has equipment that cost $40,000 and that has been depreciated $26,000. Record the disposal under the following assumptions.(a) It was scrapped as having no value.(b) It was sold for
Due to rapid turnover in the accounting department, a number of transactions involving intangible assets were improperly recorded by Chansantor Company in 2012.1. Chansantor developed a new
At the end of 2012, Henderson Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24, 2013, the company learns that its receivable from Jaime Lynn
Erik Co. elects to use the percentage-of-sales basis in 2012 to record bad debts expense. It estimates that 2% of net credit sales will become uncollectible. Sales revenues are $800,000 for 2012,
Presented below are two independent transactions.(a) Ryan’s Restaurant accepted a Visa card in payment of a $150 lunch bill. The bank charges a 4% fee. What entry should Ryan’s make?(b) Shultz
Mark Distributors is a growing company whose ability to raise capital has not been growing as quickly as its expanding assets and sales. Mark’s local banker has indicated that the company cannot
Nadeau Wholesalers accepts from Nicole Stores a $6,200, 4-month, 12% note dated May 31 in settlement of Nicole’s overdue account. (a) What is the maturity date of the note?(b) What is the entry
In 2012, Abdi Farah Company has net credit sales of $1,600,000 for the year. It had a beginning accounts receivable (net) balance of $101,000 and an ending accounts receivable (net) balance of
Presented below are selected transactions of Santos Company. Santos sells in large quantities to other companies and also sells its product in a small retail outlet.March 1 Sold merchandise on
Presented below are two independent situations.(a) On January 6, Mendenhall Co. sells merchandise on account to Miles Inc. for $9,000, terms 2/10, n/30. On January 16, Miles Inc. pays the amount due.
On May 2, George Company lends $7,600 to Takei, Inc., issuing a 6-month, 9% note. At the maturity date, November 2, Takei indicates that it cannot pay.Instructions(a) Prepare the entry to record the
Nachito Company had accounts receivable of $100,000 on January 1, 2012. The only transactions that affected accounts receivable during 2012 were net credit sales of $1,000,000, cash collections of
Information related to Jordan Schlansky Company for 2012 is summarized below.Total credit sales $2,200,000Accounts receivable at December 31 825,000Bad debts written off
Pender Inc. uses the allowance method to estimate uncollectible accounts receivable. The company produced the following aging of the accounts receivable at year-end. Pender Inc. uses the allowance
At December 31, 2012, the trial balance of Stack Company contained the following amounts before adjustment. Instructions(a) Based on the information given, which method of accounting for bad debts
Information related to Gustavo Company for 2012 is summarized below.Total credit sales $1,100,000Accounts receivable at December 31 369,000Bad debts written off
At December 31, 2012, the trial balance of Flexenfusser Company contained the following amounts before adjustment. Debits CreditsAccounts Receivable
Jill Loomis believes a current liability is a debt that can be expected to be paid in one year. Is Jill correct? Explain.
Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank on July 1. Frederickson’s fiscal year ends on September 30. What information should be
What is liquidity? What are two measures of liquidity?
What information is shown in a W-2 statement?
(a) Identify the three types of employer payroll taxes.(b) How are tax liability accounts and payroll tax expense accounts classified in the financial statements?
You are a newly hired accountant with Batista Company. On your first day, the controller asks you to identify the main internal control objectives related to payroll accounting. How would you
Identify two additional types of fringe benefits associated with employees’ compensation.
What is the difference between a defined-contribution pension plan and a defined-benefit pension plan?
Sanford Company has the following obligations at December 31: (a) A note payable for $100,000 due in 2 years, (b) A 10-year mortgage payable of $300,000 payable in ten $30,000 annual payments, (c)
Douglas Company borrows $80,000 on July 1 from the bank by signing a $80,000, 10%, one-year note payable.(a) Prepare the journal entry to record the proceeds of the note.(b) Prepare the journal entry
Savango Auto Supply does not segregate sales and sales taxes at the time of sale. The register total for March 16 is $15,540. All sales are subject to a 5% sales tax. Compute sales taxes payable, and
Frost University sells 4,000 season basketball tickets at $180 each for its 12-game home schedule. Give the entry to record (a) The sale of the season tickets and (b) The revenue earned by playing
Yahoo! Inc.?s 2009 financial statements contain the following selected data (in thousands). Compute(a) Working capital and(b) Currentratio.
On December 1, Beaver Company introduces a new product that includes a one-year warranty on parts. In December, 1,000 units are sold. Management believes that 5% of the units will be defective and
Dawn French’s regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Dawn works 47 hours. Dawn’s federal income tax
Data for Dawn French are presented in BE11-7. Prepare the journal entries to record (a) Dawn’s pay for the period and (b) The payment of Dawn’s wages. Use January 15 for the end of the pay period
In January, gross earnings in Gyro Company totaled $70,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Prepare the entry to record
Vardan Company has the following payroll procedures.(a) Supervisor approves overtime work.(b) The human resources department prepares hiring authorization forms for new hires.(c) A second payroll
At Wolf Company, employees are entitled to one day’s vacation for each month worked. In January, 80 employees worked the full month. Record the vacation pay liability for January assuming the
You and several classmates are studying for the next accounting examination.They ask you to answer the following questions:1. If cash is borrowed on a $70,000, 9-month, 12% note on August 1, how much
Goblin Company, has the following account balances at December 31, 2012.Notes payable ($60,000 due after 12/31/13)...... $100,000Unearned service revenue............. 70,000Other
In January, gross earnings in Centaur Company were $60,000. All earnings are subject to 8% FICA taxes. Federal income tax withheld was $14,000, and state income tax withheld was $1,600.(a) Calculate
In January, the payroll supervisor determines that gross earnings for Maugrim Company are $110,000. All earnings are subject to 8% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal
C.S. Lewis Company had the following transactions involving notes payable.July 1, 2012 Borrows $50,000 from Fourth National Bank by signing a 9-month, 12% note.Nov. 1, 2012 Borrows $60,000 from
On June 1, Caspian Company borrows $90,000 from First Bank on a 6-month, $90,000,12% note.Instructions(a) Prepare the entry on June 1.(b) Prepare the adjusting entry on June 30.(c) Prepare the entry
In providing accounting services to small businesses, you encounter the following situations pertaining to cash sales.1. Miraz Company rings up sales and sales taxes separately on its cash register.
Sergio Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2012, Sergio sells 12,000 subscriptions beginning with the
Castellitto Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Castellitto estimates that 3% of the units sold will become defective
Nikabrik Co. is involved in a lawsuit as a result of an accident that took place September 5, 2012. The lawsuit was filed on November 1, 2012, and claims damages of $1,000,000.Instructions(a) At
Warwick Online Company has the following liability accounts after posting adjusting entries: Accounts Payable $63,000, Unearned Ticket Revenue $24,000, Estimated Warranty Liability $18,000, Interest
Kroger Co.??s 2009 financial statements contained the following data (in millions). InstructionsCompute these values:(a) Working capital. (b) Currentratio.
The following financial data were reported by 3M Company for 2008 and 2009 (dollars in millions). Instructions(a) Calculate the current ratio and working capital for 3M for 2008 and 2009.(b) Suppose
Pedja Belic’s regular hourly wage rate is $15, and she receives a wage of 1½ times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Pedja worked 42 hours.
Employee earnings records for Cornelius Company reveal the following gross earnings for four employees through the pay period of December 15. For the pay period ending December 31, each employee??s
Alvarez Company has the following data for the weekly payroll ending January 31. Employees are paid 1½ times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA
Selected data from a February payroll register for Favino Company are presented below. Some amounts are intentionally omitted. FICA taxes are 8%. State income taxes are 3% of gross
According to a payroll register summary of Pierfrancesco Company, the amount of employees’ gross pay in December was $850,000, of which $90,000 was not subject to FICA tax and $750,000 was not
Borrachero Company has two fringe benefit plans for its employees:1. It grants employees 2 days’ vacation for each month worked. Ten employees worked the entire month of March at an average daily
Glenstorm Corporation has 20 employees who each earn $120 a day. The following information is available.1. At December 31, Glenstorm recorded vacation benefits. Each employee earned 5 vacation days
On January 1, 2012, the ledger of Montoya Company contains the following liability accounts.Accounts Payable....... $52,000Sales Taxes Payable...... 7,700Unearned Service Revenue...
The following are selected transactions of Andreu Company. Andreu prepares financial statements quarterly.Jan. 2 Purchased merchandise on account from Diego Company, $30,000, terms 2/10, n/30.
Hira Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2012, are presented
The following payroll liability accounts are included in the ledger of Wimble Company on January 1, 2012.FICA Taxes Payable............ $ 760.00Federal Income Taxes Payable........
For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries????.. ?$200,000 Electricians? wages??????
On January 1, 2012, the ledger of Tyrus Company contains the following liability accounts.Accounts Payable....... $30,000Sales Taxes Payable...... 5,000Unearned Service Revenue...
The following are selected transactions of Karolina Company. Karolina prepares financial statements quarterly.Jan. 2 Purchased merchandise on account from Pavel Company, $20,000, terms 2/10, n/30.
Yemi??s Drug Store has four employees who are paid on an hourly basis plus time-and a- half for all hours worked in excess of 40 a week. Payroll data for the week ended February 15, 2012, are shown
For the year ended December 31, 2012, Radar Company reports the following summary payroll data. Radar Company?s payroll taxes are: FICA 8%, state unemployment 2.5% (due to a stable employment
Wright Company?s balance sheet at December 31, 2011, is presented below. During January 2012, the following transactions occurred. (Wright Company uses the perpetual inventory system.)1. Wright
Recall that Cookie Creations sells fine European mixers that it purchases from Kzinski Supply Co. Kzinski warrants the mixers to be free of defects in material and workmanship for a period of one
As indicated in the All About You feature (available on the book’s companion website), medical costs are substantial and rising. But will they be the most substantial expense over your lifetime?
If your school has a subscription to the FASB Codification, go to aaahq.org/ascLogin. cfm to log in and prepare responses to the following.(a) What is the definition of current liabilities?(b) What
Define a contingent liability and give an example.
The financial statements of Zetar plc are presented in Appendix C.InstructionsUse the company’s complete annual report, available at www.zetarplc.com, to answer the following questions.(a)
Rondelli Company entered into an agreement to lease 12 computers from Estes Electronics Inc. The present value of the lease payments is $186,300. Assuming that this is a capital lease, what entry
Laci Inc. is considering two alternatives to finance its construction of a new $2 million plant.(a) Issuance of 200,000 shares of common stock at the market price of $10 per share.(b) Issuance of $2
Xenia Corporation issued 3,000, 8%, 5-year, $1,000 bonds dated January 1, 2012, at 100.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2012.(b) Prepare the journal entry
Robbell Company issues $2 million, 10-year, 8% bonds at 97, with interest payable on July 1 and January 1.(a) Prepare the journal entry to record the sale of these bonds on January 1, 2012.(b)
Beetown Company has issued three different bonds during 2012. Interest is payable semiannually on each of these bonds.1. On January 1, 2012, 1,000, 8%, 5-year, $1,000 bonds dated January 1, 2012,
The balance sheet for Focus Consulting reports the following information on July 1,2012. Focus decides to redeem these bonds at 101 after paying semiannual interest. Prepare the journal entry to
Bondorf Inc. issues a $600,000, 10%, 10-year mortgage note on December 31, 2012, to obtain financing for a new building. The terms provide for semiannual installment payments of $48,145. Prepare the
Presented below is the partial bond discount amortization schedule for Bilder Corp. Bilder uses the effective-interest method of amortization. Instructions(a) Prepare the journal entry to record the
Pagewynne Company issues $5 million, 10-year, 9% bonds at 96, with interest payable on July 1 and January 1. The straight-line method is used to amortize bond discount.(a) Prepare the journal entry
Binger Inc. issues $3 million, 5-year, 10% bonds at 102, with interest payable on July 1 and January 1. The straight-line method is used to amortize bond premium.(a) Prepare the journal entry to
Biskup Corporation issues $300,000 of bonds for $312,000. (a) Prepare the journal entry to record the issuance of the bonds, and (b) Show how the bonds would be reported on the balance sheet at the
Venice Corporation issued $400,000 of 10-year bonds at a discount. Prior to maturity, when the carrying value of the bonds was $390,000, the company retired the bonds at 99.Prepare the entry to

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