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Questions and Answers of Accounting

Web-based application software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuites are running their core products on the Web. Net-Suite Inc. is one of
The two leading software application providers for supply chain management (SCM) and customer relationship management (CRM) software are I2 and Salesforce.com, respectively. In groups of two or
Cliff Hall opened Meridian Co. on January 1, 2009. At the end of the first year, the business needed additional capital. On behalf of Meridian, Cliff applied to Federal National Bank for a loan of
On December 30, 2010, you buy a Ford Expedition. It comes with a three-year, 36,000- mile warranty. On March 5, 2011, you return the Expedition to the dealership for some basic repairs covered under
What types of accounts are referred to as temporary accounts?
What is the purpose of the post-closing trial balance?
What is the natural business year?
The fiscal years for several well-known companies are as follows:What general characteristic shared by these companies explains why they do not have fiscal years ending December31?
Homeland Security Services Co. offers security services to business clients. The trial balance for Homeland Security Services Co. has been prepared on the end-of-period spreadsheet (work sheet) for
In the Income Statement columns of the end-of-period spreadsheet (work sheet) for El Dorado Consulting Co. for the current year, the Debit column total is $186,200 and the Credit column total is
In the Balance Sheet columns of the end-of-period spreadsheet (work sheet) for Lancaster Consulting Co. for the current year, the Debit column total is $375,000 and the Credit column total is
The unadjusted trial balance of Surf Suds Laundry at October 31, 2010, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Wages
The ledger and trial balance of Mechanical Services Co. as of July 31, 2010, the end of the first month of its current fiscal year, are presented in the working papers.Data needed to determine the
The unadjusted trial balance of Loose Leaf Co. at December 31, 2010, the end of the current year, is shown at the top of the next page. The data needed to determine year-end adjustments are as
For the past several years, Emily Page has operated a part-time consulting business from her home. As of June 1, 2010, Emily decided to move to rented quarters and to operate the business, which was
The unadjusted trial balance of Ocean Breeze Laundromat at April 30, 2010, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a.
The ledger and trial balance of Handy Man Services Co. as of July 31, 2010, the end of the first month of its current fiscal year, are presented in the working papers.Data needed to determine the
The unadjusted trial balance of Fix-It Co. at February 28, 2010, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a. Supplies on hand at
For the past several years, Kareem Ismail has operated a part-time consulting business from his home. As of October 1, 2010, Kareem decided to move to rented quarters and to operate the business,
Pixel Graphics is a graphics arts design consulting firm. Marcie Biel, its treasurer and vice president of finance, has prepared a classified balance sheet as of August 31, 2010, the end of its
The following is an excerpt from a telephone conversation between Alice Lutz, president of DeSoto Supplies Co., and Victor Hood, owner of Hood Employment Co.Alice: Victor, you’re going to have to
Assume that you recently accepted a position with Stockman National Bank as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating a loan
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2010. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages
Can a business earn a gross profit but incur a net loss? Explain.
How are sales to customers using MasterCard and VISA recorded?
The credit period during which the buyer of merchandise is allowed to pay usually begins with what date?
What is the meaning of?(a) 1/15, n/60;(b) n/30;(c) n/eom?
Business Outfitters Inc., which uses a perpetual inventory system, experienced a normal inventory shrinkage of $9,175. What accounts would be debited and credited to record the adjustment for the
Assume that Business Outfitters Inc. in Eye Opener 14 experienced an abnormal inventory shrinkage of $80,750. Business Outfitters Inc. has decided to record the abnormal inventory shrinkage so that
The following selected transactions were completed by Silvertree Company during January of the current year:Jan. 1. Purchased merchandise from Guinn Co., $13,600, terms FOB destination, n/30.3.
In 2007, Best Buy reported revenue of $35,934 million. Its gross profit was $8,769 million. What was the amount of Best Buy’s cost of merchandise sold?
The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction.
Iverson Tile Co.’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
South Coast Boards Co. is a merchandising business. The account balances for South Coast Boards Co. as of July 1, 2010 (unless otherwise indicated), are as follows:During July, the last month of the
The accounts and their balances in the ledger of Rack Saver Co. on December 31, 2010, are as follows:The data needed for year-end adjustments on December 31 are as follows:Instructions1. Prepare an
The accounts and their balances in the ledger of Quality Sports Co. on December 31, 2010, are as follows:The data needed for year-end adjustments on December 31 are as follows:Instructions1. Prepare
What are the three classifications of receivables? Discuss.
What types of transactions give rise to accounts receivable?
Which of the two methods of accounting for uncollectible accounts provides for the recognition of the expense at the earlier date?
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $298,150 and Allowance for Doubtful Accounts has a balance of $31,200. Describe how the
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period’s net sales on account. After seven years, the balance in Allowance for
Which of the two methods of estimating uncollectibles provides for the most accurate estimate of the current net realizable value of the receivables?
For a business, what are the advantages of a note receivable in comparison to an account receivable?
If a note provides for payment of principal of $90,000 and interest at the rate of 7%, will the interest amount to $6,300? Explain.
Under what section should accounts receivable be reported on the balance sheet?
Boeing is one of the world’s major aerospace firms, with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems. As
Using the data in Exercise 9-15, assume that during the second year of operations Master Plumbing Supply Co. had net sales of $4,200,000, wrote off $60,000 of accounts as uncollectible using the
The Limited, Inc., sells women’s and men’s clothing through specialty retail stores. The Limited sells women’s intimate apparel and personal care products through Victoria’s Secret and Bath &
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:Sept. 19. Received $100 from Pat Roark and wrote off the remainder owed of $500 as
Journalize the following transactions using the allowance method of accounting for uncollectible receivables:Sept. 19. Received $100 from Pat Roark and wrote off the remainder owed of $500 as
Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy operates retail stores in addition to the Best Buy, Media
EarthLink, Inc., is a nationwide Internet Service Provider (ISP). EarthLink provides a variety of services to its customers, including narrowband access, broadband or high-speed access, and Web
The accounts receivable turnover ratio will vary across companies, depending on the nature of the company's operations. For example, an accounts receivable turnover of 6 for an Internet Service
Ramsey Inc. has $600,000 of income before income taxes, a 35% tax rate, and $320,000 of taxable income. Provide the journal entry for the current year’s taxes.
Downstairs Corp. has $180,000 of income before income taxes, a 40% tax rate, and $90,000 of taxable income. Provide the journal entry for the current year’s taxes.
Mattress Systems Inc. recognized service revenue of $500,000 on its financial statements in 2009. Assume, however, that the Tax Code requires this amount to be recognized for tax purposes in 2010.
Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a
Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a
What is the principal disadvantage of the direct method of reporting cash flows from operating activities?
A corporation issued $500,000 of common stock in exchange for $500,000 of fixed assets. Where would this transaction be reported on the statement of cash flows?
A retail business, using the accrual method of accounting, owed merchandise creditors (accounts payable) $300,000 at the beginning of the year and $340,000 at the end of the year. How would the
If salaries payable was $90,000 at the beginning of the year and $70,000 at the end of the year, should $20,000 be added to or deducted from income to determine the amount of cash flows from
A corporation issued $6,000,000 of 20-year bonds for cash at 104. How would the transaction be reported on the statement of cash flows?
For the current year, Bearings Company decided to switch from the indirect method to the direct method for reporting cash flows from operating activities on the statement of cash flows. Will the
Name five common major classes of operating cash receipts or operating cash payments presented on the statement of cash flows when the cash flows from operating activities are reported by the direct
In a recent annual report, eBay Inc. reported that during the year it issued stock of $128 million for acquisitions. How would this be reported on the statement of cash flows?
On its income statement for a recent year, Continental Airlines, Inc. reported a net loss of $68 million from operations. On its statement of cash flows, it reported $457 million of cash flows from
The net income reported on the income statement for the current year was $210,000. Depreciation recorded on equipment and a building amounted to $62,500 for the year. Balances of the current asset
Selected data derived from the income statement and balance sheet of Jones Soda Co. for a recent year are as follows:a. Prepare the Cash Flows from Operating Activities section of the statement of
The comparative balance sheet of Tru-Built Construction Inc. for December 31, 2010 and2009, is as follows:The following additional information is taken from the records:a. Land was sold for $25.b.
The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2010 and 2009, is shown as follows:The following additional information was taken from the records:a. The investments were
The comparative balance sheet of Amelia Enterprises, Inc. at December 31, 2010 and 2009, is as follows:Additional data obtained from the income statement and from an examination of the accounts in
The comparative balance sheet of Putnam Cycle Co. at December 31, 2010 and 2009, is as follows:The noncurrent asset, noncurrent liability, and stockholders€™ equity accounts for 2010 are
The comparative balance sheet of Rucker Photography Products Inc. for December 31, 2011 and 2010, is as follows:The income statement for the year ended December 31, 2011, is as follows:The following
The comparative balance sheet of Mavenir Technologies Inc. for December 31, 2010 and 2009, is as follows:The income statement for the year ended December 31, 2010, is as follows:The following
The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009,is as follows:The following additional information was taken from the records of House Construction Co.:a.
The comparative balance sheet of TorMax Technology, Inc. at December 31, 2010 and2009, is as follows:An examination of the income statement and the accounting records revealed the following
The comparative balance sheet of Cantor Industries, Inc. at December 31, 2010 and 2009, is as follows:The noncurrent asset, noncurrent liability, and stockholders€™ equity accounts for
The comparative balance sheet of Lim Garden Supplies Inc. for December 31, 2010 and2011, is as follows:The income statement for the year ended December 31, 2011, is as follows:The following
The comparative balance sheet of House Construction Co. for June 30, 2010 and 2009, is as follows:The income statement for the year ended June 30, 2010, is as follows:The following additional
Kelly Tough, president of Tu-Rock Industries Inc., believes that reporting operating cash flow per share on the income statement would be a useful addition to the company’s just completed financial
Jim Walker is the president and majority shareholder of Tech Trends Inc., a small retail store chain. Recently, Walker submitted a loan application for Tech Trends Inc. to Yadkin National Bank. It
The Retailing Division of Most Excellent Purchase Inc. provided the following information on its cash flow from operations:Net income ……………………………. $ 540,000Increase in accounts
This activity will require two teams to retrieve cash flow statement information from the Internet. One team is to obtain the most recent year’s statement of cash flows for Johnson & Johnson,
What is the difference between horizontal and vertical analysis of financial statements? Discuss in detail.
The price-earnings ratio for the common stock of Breeden Company was 12 at December 31, the end of the current fiscal year. What does the ratio indicate about the selling price of the common stock in
The following data are taken from the financial statements of McKee Technology Inc. Terms of all sales are 2/10, n/60. a. Determine for each year (1) the accounts receivable turnover and (2) the
The following data were taken from the financial statements of Heston Enterprises Inc. for the current fiscal year. Assuming that long-term investments totaled $2,100,000 throughout the year and
Discuss whether Baxter Company correctly reported the following items in the financial statements:a. In 2010, the company discovered a clerical error in the prior year’s accounting records. As a
Data pertaining to the current position of Boole Company are as follows:Cash ................ $240,000Temporary investments ......... 120,000Accounts and notes receivable (net) ... 360,000Inventories
Lancelot Company has provided the following comparative information:You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
Data pertaining to the current position of Newton Industries, Inc., are as follows:Cash $300,000Temporary investments 250,000Accounts and notes receivable (net) 350,000Inventories 440,000Prepaid
Merlin Company has provided the following comparative information: You have been asked to evaluate the historical performance of the company over the last five years.Selected industry ratios have
Harley-Davidson, lnc., is a leading motorcycle manufacturer in the United States. The company manufactures and sells a number of different types of motorcycles, a complete line of motorcycle parts,
Mancini Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. East Village Auto Sales Co. has automobiles and trucks for
Just Animals Co. acquired an adjacent vacant lot with the hope of selling it in the future at a gain. The lot is not intended to be used in Just Animals’ business operations. Where should such real
You are planning to acquire a delivery truck for use in your business for five years. In groups of three or four, explore a local dealer’s purchase and leasing options for the truck. Summarize the
Go to the Internet and review the procedures for applying for a patent, a copyright, and a trademark. One Internet site that is useful for this purpose is idresearch.com, which is linked to the
The following table shows the revenues and average net fixed assets for a recent fiscal year for three different companies from three different industries: retailing, manufacturing, and

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