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financial accounting

Questions and Answers of Financial Accounting

The comparative financial statements of Norfolk Cosmetic Supply for 2018, 2017, and 2016 include the data shown here:Requirements 1. Compute these ratios for 2018 and 2017: a. Acid-test ratio (Round
On August 31, 2018, Forget-Me-Not Floral Supply had a $140,000 debit balance in Accounts Receivable and a $5,600 credit balance in Allowance for Bad Debts. During September, Forget-Me-Not made the
At September 30, 2018, the accounts of Spring Mountain Medical Center (SMMC) include the following:Accounts Receivable ........................................... $145,000Allowance for Bad Debts
Dialex Watches completed the following selected transactions during 2018 and 2019: 2018 Dec. 31 Estimated that bad debts expense for the year was 3% of credit sales of $410,000 and recorded that
Relax Recliner Chairs completed the following selected transactions: 2018 Jul. 1 Sold merchandise inventory to Go-Mart, receiving a $43,000, nine-month, 16% note. Ignore Cost of Goods Sold. Oct. 31
Logan Realty loaned money and received the following notes during 2018.Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entries to establish each Note
Spring Garden Greenhouse had trouble collecting its account receivable from Steve Stone. On June 19, 2018, Spring Garden Greenhouse finally wrote off Stone's $600 account receivable. On December 31,
Consider the following transactions for TLC Company. 2018 Dec. 6 Received a $8,000, 90-day, 9% note in settlement of an overdue accounts receivable from Forest Music. 31 Made an adjusting entry to
The comparative financial statements of Newton Cosmetic Supply for 2018, 2017, and 2016 include the data shown here:Requirements 1. Compute these ratios for 2018 and 2017: a. Acid-test ratio (Round
Canyon Canoe Company has experienced rapid growth in its first few months of operations and has had a significant increase in customers renting canoes and purchasing T-shirts. Many of these customers
Crystal Clear Cleaning uses the allowance method to estimate bad debts. Consider the following April 2019 transactions for Crystal Clear Cleaning: Apr. 1 Performed cleaning service for Debbie's
The Accounts Receivable balance and Allowance for Bad Debts for Signature Lamp Company at December 31, 2017, was $10,800 and $2,000 (credit balance), respectively. During 2018, Signature Lamp
What financial statement are property, plant, and equipment reported on, and how?
What is depreciation? Define useful life, residual value, and depreciable cost.
Top Quality Appliance-Long Beach has just purchased a franchise from Top Quality Appliance (TQA). TQA is a manufacturer of kitchen appliances. TQA markets its products via retail stores that are
Highland Clothing purchased land, paying $96,000 cash and signing a $300,000 note payable. In addition, Highland paid delinquent property tax of $1,100, title insurance costing $600, and $4,600 to
Peter Company purchased equipment on January 1, 2018, for $28,000. Suppose Peter Company sold the equipment for $4,000 on December 31, 2019. Accumulated Depreciation as of December 31, 2019, was
Ajax Petroleum holds huge reserves of oil assets. Assume that at the end of 2018, Ajax Petroleum's cost of oil reserves totaled $27,000,000, representing 3,000,000 barrels of oil. Requirements 1.
On October 1, 2018, Modern Company purchased a patent for $153,600 cash. Although the patent gives legal protection for 20 years, the patent is expected to be used for only eight
Decca Publishing paid $230,000 to acquire Thrifty Nickel, a weekly advertising paper. At the time of the acquisition, Thrifty Nickel's balance sheet reported total assets of $130,000 and liabilities
Biagas, Inc. had net sales of $55,600,000 for the year ended May 31, 2018. Its beginning and ending total assets were $52,800,000 and $98,500,000, respectively. Determine Biagas's asset turnover
Micron Precision, Inc. purchased a computer for $2,500, debiting Computer Equipment. During 2016 and 2017, Micron Precision, Inc. recorded total depreciation of $1,600 on the computer. On January 1,
White Corporation purchased equipment for $22,000. White recorded total depreciation of $19,000 on the equipment. On January 1, 2018, White traded in the equipment for new equipment, paying $23,200
Lawson Furniture purchased land, paying $65,000 cash and signing a $250,000 note payable. In addition, Lawson paid delinquent property tax of $5,000, title insurance costing $4,000, and $9,000 to
Maplewood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows: Lot ________________________ Appraised Value 1
Concord Pet Care Clinic paid $210,000 for a group purchase of land, building, and equipment. At the time of the acquisition, the land had a market value of $110,000, the building $88,000, and the
Crispy Fried Chicken bought equipment on January 2, 2018, for $33,000. The equipment was expected to remain in service for four years and to operate for 6,750 hours. At the end of the equipment's
Salem Hardware Consultants purchased a building for $540,000 and depreciated it on a straight-line basis over a 40-year period. The estimated residual value is $100,000. After using the building for
On January 2, 2017, Comfy Clothing Consignments purchased showroom fixtures for $17,000 cash, expecting the fixtures to remain in service for five years. Comfy has depreciated the fixtures on a
On January 2, 2016, Pet Spa purchased fixtures for $37,800 cash, expecting the fixtures to remain in service for six years. Pet Spa has depreciated the fixtures on a straight-line basis, with $9,000
Cannon Mountain Mining paid $462,300 for the right to extract mineral assets from a 400,000-ton deposit. In addition to the purchase price, Cannon also paid a $900 filing fee, a $1,800 license fee to
Melbourn Printers (MP) manufactures printers. Assume that MP recently paid $200,000 for a patent on a new laser printer. Although it gives legal protection for 20 years, the patent is expected to
Princeton has acquired several other companies. Assume that Princeton purchased Kelleher for $9,000,000 cash. The book value of Kelleher's assets is $19,000,000 (market value, $20,000,000), and it
Blackerby Photo reported the following figures on its December 31, 2018, income statement and balance sheet:Compute the asset turnover ratio for 2018 Round to two decimal places.
Partner Bank recently traded in office fixtures. Here are the facts: Old fixtures: __________________________________ New fixtures: Cost, $91,000 Cash paid,
Wimot Trucking Corporation uses the units-of-production depreciation method because units-of-production best measures wear and tear on the trucks. Consider these facts about one Mack truck in the
On January 1, 2018, Air Canadians purchased a used airplane for $37,000,000. Air Canadians expects the plane to remain useful for five years (4,000,000 miles) and to have a residual value of
Discount Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:Discount Parking depreciates land improvements over
On January 3, 2018, Rapid Delivery Service purchased a truck at a cost of $100,000. Before placing the truck in service, Rapid spent $3,000 painting it, $600 replacing tires, and $10,400 overhauling
Ellie Johnson Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation
Conseco Oil, Inc. has an account titled Oil and Gas Properties. Conseco paid $6,600,000 for oil reserves holding an estimated 1,000,000 barrels of oil. Assume the company paid $570,000 for additional
Midland States Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Midland States Telecom purchased goodwill as part of the acquisition of Sheldon Wireless
During 2018, Mora Corporation completed the following transactions: Jan. 1 Traded in old office equipment with book value of $55,000 (cost of $127,000 and accumulated depreciation of $72,000) for new
Safe Parking, near an airport, incurred the following costs to acquire land, make land improvements, and construct and furnish a small building:Safe Parking depreciates land improvements over 15
On January 3, 2018, Speedy Delivery Service purchased a truck at a cost of $67,000. Before placing the truck in service, Speedy spent $3,000 painting it, $1,200 replacing tires, and $3,500
Whitney Plumb Associates surveys American eating habits. The company's accounts include Land, Buildings, Office Equipment, and Communication Equipment, with a separate Accumulated Depreciation
Donahue Oil Incorporated has an account titled Oil and Gas Properties. Donahue paid $6,400,000 for oil reserves holding an estimated 400,000 barrels of oil. Assume the company paid $510,000 for
On January 1, 2018, Advanced Airline purchased a used airplane at a cost of $60,500,000. Advanced Airline expects the plane to remain useful for eight years (5,000,000 miles) and to have a residual
Core Telecom provides communication services in Iowa, Nebraska, the Dakotas, and Montana. Core purchased goodwill as part of the acquisition of Surety Wireless Company, which had the following
During 2018, Lora Company completed the following transactions: Jan. 1 Traded in old office equipment with book value of $55,000 (cost of $129,000 and accumulated depreciation of $74,000) for new
Amber and Zack Wilson are continuing to review business practices. Currently, they are reviewing the company's property, plant, and equipment and have gathered the following
On February 28, 2017, Rural Tech Support purchased a copy machine for $53,400. Rural Tech Support expects the machine to last for six years and have a residual value of $3,000. Compute depreciation
Assume that Smith's Auto Sales paid $45,000 for equipment with a 15-year life and zero expected residual value. After using the equipment for six years, the company determines that the asset will
On June 15, 2017, Family Furniture discarded equipment that had a cost of $27,000, a residual value of $0, and was fully depreciated. Journalize the disposal of the equipment.
On October 31, 2018, Alternative Landscapes discarded equipment that had a cost of $26,920. Accumulated Depreciation as of December 31, 2017, was $25,000. Assume annual depreciation on the equipment
Alpha Communication purchased equipment on January 1, 2018, for $27,500. Suppose Alpha Communication sold the equipment for $20,000 on December 31, 2020. Accumulated Depreciation as of December 31,
McDonald's Corporation is the world's leading global food service retailer with more than 36,000 locations worldwide in more than 100 countries. The corporation operates and franchises McDonald's
League Up & Co. owns vast amounts of corporate bonds. Suppose League Up buys $900,000 of CocoCorp bonds at face value on January 2, 2018. The CocoCorp bonds pay interest at the annual rate of 8%
Peyton Investments completed the following investment transactions during 2018: 2018 Jan. 5 Purchased Vedder Company's $400,000 bond at face value. Peyton classified the investment as
Strategic Investments completed the following investment transactions during 2018: Jan. 14 Purchased 800 shares of Phyflexon stock, paying $50 per share. The investment represents 4% ownership in
Captain Investments completed the following investment transactions during 2018: Jan. 14 Purchased 200 shares of Velcon stock, paying $53 per share. The investment represents 4% ownership in Velcon's
Money Man Investments completed the following transactions during 2018: Jan. 14 Purchased 400 shares of Technomite stock, paying $56 per share. The investment represents 25% ownership in Technomite's
Suppose that on January 6, 2018, East Coast Motors paid $280,000,000 for its 35% investment in Boxcar Motors. East Coast has significant influence over Boxcar after the purchase. Assume Boxcar earned
Boston Today Publishers completed the following investment transactions during 2018 and 2019: 2018 Dec. 6 Purchased 2,500 shares of Loveable stock at a price of $24.00 per share, intending to sell
Montane Exploration Company reported these figures for 2018 and 2017:Compute the rate of return on total assets for 2018. (Round to two decimals.)
Suppose Solomon Brothers purchases $500,000 of 6% annual bonds of Morin Corporation at face value on January 1, 2018. These bonds pay interest on June 30 and December 31 each year. They mature on
Jetway Corporation generated excess cash and invested in securities as follows: 2018 Jul. 2 Purchased 4,200 shares of Pogo, Inc. common stock at $12.00 per share. Jetway plans to sell the stock
On January 1, 2018, the Chaucer's Restaurant decides to invest in Lake Turner bonds. The bonds mature on December 31, 2023, and pay interest on June 30 and December 31 at 4% annually. The market rate
The beginning balance sheet of Waterfall Source Co. included a $400,000 investment in Evan stock (20% ownership, Waterfall has significant influence over Evan). During the year, Waterfall Source
Suppose Hale and Sons purchases $800,000 of 3.5% annual bonds of Tyson Way Corporation at face value on January 1, 2018. These bonds pay interest on June 30 and December 31 each year. They mature on
Captain Transfer Corporation generated excess cash and invested in securities as follows: 2018 Jul. 2 Purchased 4,200 shares of Naradon, Inc. common stock at $13.00 per share. Captain Transfer plans
The beginning balance sheet of Text Source Co. included a $700,000 investment in Taylor stock (20% ownership). During the year, Text Source completed the following investment transactions: Mar. 3
This problem continues the Canyon Canoe Company situation from Chapter 9. Amber and Zack Wilson are pleased with the growth of their business and have decided to invest its temporary excess cash in a
On January 1, 2018, Bark Company invests $10,000 in Roots, Inc. stock. Roots pays Bark a $400 dividend on August 1, 2018. Bark sells the Roots's stock on August 31, 2018, for $10,450. Assume the
On January 1, 2018, Bryant, Inc. decides to invest in 3,750 shares of Farrier stock when the stock is selling for $16 per share. On August 1, 2018, Farrier paid a $0.70 per share cash dividend to
On February 1, 2018, Bell Co. decides to invest excess cash of $16,800 by purchasing a Grant, Inc. bond at face value. At year-end, December 31, 2018, the fair value of the Grant bond was $19,600.
On June 1, 2018, Josh's Restaurant decides to invest excess cash of $54,400 from the tourist season by purchasing a Jackrabbit, Inc. bond at face value. At year end, December 31, 2018, Jackrabbit's
Barot's 2018 financial statements reported the following items-with 2017 figures given for comparison:Net income for 2018 was $3,910, and interest expense was $240. Compute Barot's rate of return on
Griffin purchased a bond on January 1, 2018, for $140,000. The bond has a face value of $140,000 and matures in 20 years. The bond pays interest on June 30 and December 31 at a 3% annual rate.
Advance & Co. owns vast amounts of corporate bonds. Suppose Advance buys $1,100,000 of FermaCo bonds at face value on January 2, 2018. The FermaCo bonds pay interest at the annual rate of 3% on June
Berkshire Hathaway, Inc. is a holding company owning subsidiaries that engage in a variety of different business activities including insurance, freight rail transportation, utilities and energy,
Samuel Industries has three employees. Each employee earns two vacation days a month. Samuel pays each employee a weekly salary of $1,250 for a five-day workweek. Requirements 1. Determine the amount
Trail Runner guarantees its snowmobiles for three years. Company experience indicates that warranty costs will be approximately 5% of sales. Assume that the Trail Runner dealer in Colorado Springs
Freeman Motors, a motorcycle manufacturer, had the following contingencies. a. Freeman estimates that it is reasonably possible but not likely that it will lose a current lawsuit. Freeman's attorneys
Abernathy Electronics reported the following amounts on its 2018 income statement: Year Ended December 31, 2018 Net income .................................. $ 45,000 Income tax expense
Consider the following transactions of Sapphire Software: Mar. 31 Recorded cash sales of $230,000, plus sales tax of 7% collected for the state of New Jersey. Apr. 6 Sent March sales tax to the
Consider the following note payable transactions of Creative Video Productions. 2017 Aug. 1 Purchased equipment costing $16,000 by issuing a one-year, 9% note payable. Dec. 31 Accrued interest on the
Watson Publishing completed the following transactions during 2018: Oct. 1 Sold a six-month subscription (starting on November 1), collecting cash of $240, plus sales tax of 8%. Nov. 15 Remitted
Erin O'Neil Associates reported short-term notes payable and salaries payable as follows:During 2018, O'Neil paid off both current liabilities that were left over from 2017, borrowed cash on
Hugh Stanley manages a Dairy House drive-in. His straight-time pay is $12 per hour, with time-and-a-half for hours in excess of 40 per week. Stanley's payroll deductions include withheld income tax
Ricardo's Mexican Restaurant incurred salaries expense of $62,000 for 2018. The payroll expense includes employer FICA tax, in addition to state unemployment tax and federal unemployment tax. Of the
On July 5, Williams Company recorded sales of merchandise inventory on account, $55,000. The sales were subject to sales tax of 4%. On August 15, Williams Company paid the sales tax owed to the state
County Company had the following partially completed payroll register:Requirements 1. Complete the payroll register. Round to two decimals. 2. Journalize County Company's salaries and wages expense
The accounting records of Sculpted Ceramics included the following at January 1, 2018:In the past, Sculpted's warranty expense has been 9% of sales. During 2018, Sculpted made sales of $113,000 and
McNight Industries completed the following transactions during 2018: Nov. 1 Made sales of $52,000. McNight estimates that warranty expense is 6% of sales. (Record only the warranty expense.) 20 Paid
Analyze the following independent situations. a. Weaver, Inc. is being sued by a former employee. Weaver believes that there is a remote chance that the employee will win. The employee is suing
The following financial information was obtained from the year ended 2018 income statements for Cash Automotive and Pennington Automotive:Requirements 1. Compute the times-interest-earned ratio for
The general ledger of Seal-N-Ship at June 30, 2018, the end of the company's fiscal year, includes the following account balances before payroll and adjusting entries. Accounts Payable
Logan White is general manager of Valuepoint Salons. During 2018, White worked for the company all year at a $13,600 monthly salary. He also earned a year-end bonus equal to 15% of his annual
The following transactions of Plymouth Pharmacies occurred during 2017 and 2018: 2017 Jan. 9 Purchased computer equipment at a cost of $12,000, signing a six-month, 9% note payable for that

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