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business
cost accounting

Questions and Answers of Cost Accounting

eSupplies Corporation began operations on January 1, 2011, as an online retailer of computer software and hardware. The following financial statement data were taken from eSupplies’ records at the
The management of The Hershey Company has asked union workers in two of its highest cost Pennsylvania plants to accept higher health insurance premiums and take a wage cut. The workers’ portion of
Beatriz Janke, president and owner of Jaguar Enterprises, applied for a $300,000 loan from First National Bank. The bank requested financial statements from Jaguar Enterprises as a basis for
Assume that you are the chief executive officer for a national poultry producer. The company’s operations include hatching chickens through the use of breeder stock and feeding, raising, and
On January 9, 2011, Dr. Linda Tempkin established M Expert, a medical practice organized as a professional corporation. The following conversation occurred the following September between Dr. Tempkin
Obtain the annual reports for three well-known companies, such as Ford Motor Co., General Motors, IBM, Microsoft, or Amazon.com. These annual reports can be obtained from the library, the company’s
The financial statements of The Hershey Company are shown in Exhibits 6 through 9 of this chapter. Based upon these statements, answer the following questions.1. What are Hershey’s sales (in
The following data (in millions) were adapted from the December 31, 2008, financial statements of Tootsie Roll Industries Inc.:Sales................................... $496Cost of goods
Enron Corporation, headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail customers. Enron’s operations were
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or acredit.
Cycle Tours Co. is a travel agency. The nine transactions recorded by Cycle Tours during February 2010, its first month of operations, are indicated in the following T accounts: Indicate for each
Based upon the T accounts in Exercise 2, prepare the nine journal entries from which the postings were made.
Based upon the data presented in Exercise 2, prepare an unadjusted trial balance, listing the accounts in their proper order.
During the month, Genesis Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) Debit entries only, (b)
Identify each of the following accounts of Sesame Services Co. as asset, liability, stockholders’ equity, revenue, or expense, and state in each case whether the normal balance is a debit or a
During the month, Racoon Co. received $319,750 in cash and paid out $269,900 in cash.a. Do the data indicate that Racoon Co. earned $49,850 during the month? Explain.b. If the balance of the cash
a. During July, $90,300 was paid to creditors on account, and purchases on account were $115,150. Assuming the July 31 balance of Accounts Payable was $39,000, determine the account balance on July
Derby Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Capital Stock; Retained Earnings; Dividends; Fees Earned; Rent Expense;
On August 7, 2010, Mainsail Co. purchased $2,190 of supplies on account.a. Journalize the August 7, 2010 transaction.b. Prepare a T account for Supplies. Enter a debit balance of $1,050 as of August
The following selected transactions were completed during February of the current year:1. Billed customers for fees earned, $41,730.2. Purchased supplies on account, $1,800.3. Received cash from
The accounts in the ledger of Aznar Co. as of October 31, 2010, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally
On October 1, 2010, Cody Doerr established Banyan Realty, which completed the following transactions during the month:a. Cody Doerr transferred cash from a personal bank account to an account to be
Dodge City Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2010, is shown below. The following business transactions were
(a) Why did Congress pass the Sarbanes-Oxley Act of 2002?(b) What was the purpose of the Sarbanes-Oxley Act of 2002?
Define internal control.
(a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?
How does a policy of rotating clerical employees from job to job aid in strengthening the control procedures within the control environment? Explain.
Why should the responsibility for a sequence of related operations be divided among different persons? Explain.
Why should the employee who handles cash receipts not have the responsibility for maintaining the accounts receivable records? Explain. Discuss.
In an attempt to improve operating efficiency, one employee was made responsible for all purchasing, receiving, and storing of supplies. Is this organizational change wise from an internal control
The ticket seller at a movie theater doubles as a ticket taker for a few minutes each day while the ticket taker is on a break. Which control procedure of a business’s system of internal control is
Why should the responsibility for maintaining the accounting records be separated from the responsibility for operations? Explain. Discuss.
Assume that Yvonne Dauphin, accounts payable clerk for Bedell Inc., stole $73,250 by paying fictitious invoices for goods that were never received. The clerk set up accounts in the names of the
Before a voucher for the purchase of merchandise is approved for payment, supporting documents should be compared to verify the accuracy of the liability. Give an example of a supporting document for
The accounting clerk pays all obligations by prenumbered checks. What are the strengths and weaknesses in the internal control over cash payments in this situation?
The balance of Cash is likely to differ from the bank statement balance. What two factors are likely to be responsible for the difference? Discuss.
What is the purpose of preparing a bank reconciliation? Discuss.
Do items reported as a credit memorandum on the bank statement represent (a) Additions made by the bank to the company’s balance or
Oak Grove Inc. has a petty cash fund of $1,500. (a) Since the petty cash fund is only $1,500, should Oak Grove Inc. implement controls over petty cash? (b) What controls, if any, could be used for
(a) How are cash equivalents reported in the financial statements? (b) What are some examples of cash equivalents?
Using Wikipedia (www.wikipedia.com.), look up the entry for the Sarbanes-Oxley Act. Look over the table of contents and find the section that describes Section 404. What does Section 404 require of
Blake Gable has recently been hired as the manager of Jittery Jim’s Canyon Coffee. Jittery Jim’s Canyon Coffee is a national chain of franchised coffee shops. During his first month as store
Anasazi Earth Clothing is a retail store specializing in women’s clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item
First Kenmore Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $100,000) may be approved by an individual loan officer, while
One of the largest losses in history from unauthorized securities trading involved a securities trader for the French bank, Société Générale. The trader was able to circumvent internal controls
An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of
Bizarro Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, compact disk players, and other
A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to financial statement fraud. These managers
The procedures used for over-the-counter receipts are as follows. At the close of each day’s business, the sales clerks count the cash in their respective cash drawers, after which they determine
Victor Blackmon works at the drive-through window of Buffalo Bob’s Burgers. Occasionally, when a drive-through customer orders, Victor fills the order and pockets the customer’s money. He does
Identify the internal control weaknesses that exist at Buffalo Bob’s Burgers, and discuss what can be done to prevent this theft. Themailroom employees send all remittances and remittance advices
The actual cash received from cash sales was $36,183, and the amount indicated by the cash register total was $36,197.a. What is the amount deposited in the bank for the day’s sales?b. What is the
The actual cash received from cash sales was $11,279, and the amount indicated by the cash register total was $11,256.a. What is the amount deposited in the bank for the day’s sales?b. What is
El Cordova Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a significant amount of available cash discounts
Digital Com Company, a communications equipment manufacturer, recently fell victim to a fraud scheme developed by one of its employees. To understand the scheme, it is necessary to review Digital
Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A deduction from the cash balance according to the bank statement, (c) An
Which of the reconciling items listed in Exercise 5-16 are required to be in the company’s accounts?
The following data were accumulated for use in reconciling the bank account of Commander Co. for March:a. Cash balance according to the company’s records at March 31, $13,065.b. Cash balance
Using the data presented in Exercise 5-18, record the effects on the accounts and financial statements of the company based upon the bank reconciliation.
Accompanying a bank statement for Euthenics Company is a credit memo for $18,270, representing the principal ($18,000) and interest ($270) on a note that had been collected by the bank. The company
An accounting clerk for Grebe Co. prepared the following bank reconciliation: a. From the bank reconciliation data on the previous page, prepare a new bank reconciliation for Grebe Co., using the
Identify the errors in the following bankreconciliation:
First Impressions Co. records all cash receipts on the basis of its cash register tapes. First Impressions Co. discovered during June 2010 that one of its sales clerks had stolen an undetermined
Illustrate the effect on the accounts and financial statements of the following transactions:a. Established a petty cash fund of $1,000.b. The amount of cash in the petty cash fund is now $315.
Illustrate the effect on the accounts and financial statements of the following transactions:a. Established a petty cash fund of $800.b. The amount of cash in the petty cash fund is now $120.
Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel’s toys include BarbieTM fashion dolls and accessories, Hot WheelsTM, and Fisher-Price brands. For a recent year,
The following procedures were recently installed by The Louver Shop:a. Each cashier is assigned a separate cash register drawer to which no other cashier has access.b. At the end of a shift, each
The cash account for Interactive Systems at February 28, 2010, indicated a balance of $7,635. The bank statement indicated a balance of $13,333 on February 28, 2010. Comparing the bank statement and
The cash account for Fred’s Sports Co. on June 1, 2010, indicated a balance of $16,515. During June, the total cash deposited was $40,150, and checks written totaled $43,600. The bank statement
Rocky Mountain Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank statement as of July 31 have been
During the preparation of the bank reconciliation for New Concepts Co., Peter Fikes, the assistant controller, discovered that City National Bank incorrectly recorded a $710 check written by New
The following is an excerpt from a conversation between two sales clerks, Ross Maas and Shu Lyons. Both Ross and Shu are employed by Hawkins Electronics, a locally owned and operated electronics
The following is an excerpt from a conversation between the store manager of Yoder Brothers Grocery Stores, Lori Colburn, and Terry Whipple, president of Yoder Brothers Grocery Stores.Terry: Lori,
Ryan Egan and Jack Moody are both cash register clerks for Organic Markets.Lee Sorrell is the store manager for Organic Markets. The following is an excerpt of a conversation between Ryan and
The records of Anacker Company indicate a July 31 cash balance of $9,400, which includes undeposited receipts for July 30 and 31. The cash balance on the bank statement as of July 31 is $6,575. This
Bookkeeping and accounting are the same. Do you agree? Explain.
Eve Myles Travel Agency purchased land for $90,000 cash on December 10, 2012. At December 31, 2012, the land’s value has increased to $93,000. What amount should be reported for land on Eve
Maria Contreras is the owner of a successful printing shop. Recently, her business has been increasing, and Maria has been thinking about changing the organization of her business from a
Listed below are some items found in the financial statements of Dave Ramsey Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue. (b) Equipment. (c)
In February 2012, Betty King invested an additional $10,000 in her business, King’s Pharmacy, which is organized as a proprietorship. King’s accountant, Leroy James, recorded this receipt as an
Torchwood Enterprises had a capital balance of $168,000 at the beginning of the period. At the end of the accounting period, the capital balance was $198,000.(a) Assuming no additional investment or
Summarized operations for J. R. Ewing Co. for the month of July are as follows. Revenues earned: for cash $20,000; on account $70,000. Expenses incurred: for cash $26,000; on account $40,000.
Presented below is the basic accounting equation. Determine the missingamounts.
Given the accounting equation, answer each of the following questions.(a) The liabilities of Buerhle Company are $120,000 and the owner’s equity is $232,000. What is the amount of Buerhle
At the beginning of the year, Danks Company had total assets of $800,000 and total liabilities of $300,000. Answer the following questions.(a) If total assets increased $150,000 during the year and
In alphabetical order below are balance sheet items for George Company at December 31, 2012. Kayla George is the owner of George Company. Prepare a balance sheet, following the format of
Transactions made by Orlando Bloom and Co., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded accounting
Presented below is selected information related to Lance Company at December 31, 2012. Lance reports financial information monthly. (a) Determine the total assets of Lance Company at December 31,
Jenks Company performs the following accounting tasks during the year.______Analyzing and interpreting information______Classifying economic events______Explaining uses, meaning, and limitations of
Lovie Smith, president of Smith Company, has instructed Michelle Martz, the head of the accounting department for Smith Company, to report the company’s land in the company’s accounting reports
The following situations involve accounting principles and assumptions.1. Rex Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more relevant
Garcia Cleaners has the following balance sheet items.Accounts payable Accounts receivableCash Notes payableEquipment Salaries and wages payableSupplies Owner’s
Selected transactions for Linebrink Lawn Care Company are listed below.1. Made cash investment to start business.2. Paid monthly rent.3. Purchased equipment on account.4. Billed customers for
Thornton Computer Timeshare Company entered into the following transactions during May 2012.1. Purchased computer terminals for $20,000 from Digital Equipment on account.2. Paid $4,000 cash for May
An analysis of the transactions made by Mark Kotsay & Co., a certified public accounting firm, for the month of August is shown below. The expenses were $650 for rent, $4,800 for salaries and
An analysis of transactions for Mark Kotsay & Co. was presented in E1–8.InstructionsPrepare an income statement and an owner’s equity statement for August and a balance sheet at August 31,
Andruw Company had the following assets and liabilities on the dates indicated. Andruw began business on January 1, 2011, with an investment of $100,000.Instructions From an analysis of the change
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2012, Gavin??s Goods and Floyd
The following information relates to Jake Peavy Co. for the year 2012. InstructionsAfter analyzing the data, prepare an income statement and an owner?s equity statement for the year ending December
Linda Puff is the bookkeeper for Sajuki Company. Linda has been trying to get the balance sheet of Sajuki Company to balance. Sajuki?s balance sheet is shown below. InstructionsPrepare a correct

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