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Questions and Answers of College Accounting

Refer to the financial statements of Best Buy in Appendix A to answer the following:Required1. In what income statement account(s) does Best Buy report its payroll and benefit costs?2. Does Best Buy
Refer to Problem 10-3A. Francisco Company’s tax year ends on December 31 and its Employer Identification Number is 851435867. It is located at 12 Round Rock Road, Santa Fe, New Mexico
Employer’s payroll taxes A company’s payroll information for the month of May follows:On May 31 the company issued Check No. 335 payable to the Payroll Bank Account to pay for the May payroll. It
What amount of income tax is withheld from the salary of an employee who is single with three withholding allowances and earnings of \($645\) in a week? (Use the wage bracket withholding table from
Payroll expenses, withholdings, and taxes Fishing Guides Co. pays its employees each week. Employees’ gross pay is subject to these taxes.The company is preparing its payroll calculations for the
Payroll deductions, net pay, payroll register Mackenzie Price operates Downtown Salon and Spa. Information on her three employees for the payroll period (week) ending June 1, 2007, is provided
Pauroll expenses, withholdings, and taxes Paloma Co. pays its employees each week. Its employees’ gross pay is subject to these taxes:The company is preparing its payroll calculations for the week
Gross and net pay computation Lucinda Florita, an unmarried employee, works 48 hours in the week ended January 12. Her pay rate is \($14\) per hour, and her wages are subject to no deductions other
Nouri Hitzu’s cumulative earnings before this pay period were \($45,000\). Nouri’s gross pay for this weekly pay period was \($845\). What amounts will be withheld from Nouri’s pay for this
During 1 two consecutive years, Martino, Inc., completed the following transactions:Instructions Check Figure T, j , . . , . 1 r Year 2 adjustment debit, $2,000 Record the transactions m general
Price Hotel, Inc., completed the following selected transactions:Instructions 1. Record the transactions in general journal form.2. Post the entries to the Interest Expense account. Label the
During two consecutive years, the Weelen Ereight Corporation P.O. 1,2,3 completed the following transactions related to its $12,000,000 issue of 25-year, 8 percent bonds, dated May 1 of the first
On May 1, the Mixler Corporation issued $9,000,000 worth of 25-year, 9 percent bonds, dated May 1, with interest payable May 1 and November 1. The corporation’s fiscal year is the calendar year.
During two consecutive years, Peters Corporation completed the following transactions:Instructions Record the transactions in general journal form.Check Figure Year 2 adjustment debit, $2,000 Year 1
Janco, Inc., completed the following selected transactions:Instructions 1. Record the transactions in general journal form.2. Post entries to the Interest Expense account. Label the adjusting,
During two consecutive years, the Eng Medical Clinic com¬pleted the following transactions relating to its $9,000,000 issue of 30-year, 8 percent bonds, dated April 1. Interest is payable on April 1
On June 1, Ryan, Inc., whose fiscal year is the calendar year, issued $12,000,000 of 20-year, 9 percent bonds, dated June 1, with interest pay¬able on June 1 and December 1. The following
A salary allowance represents a withdrawal by a partner for personal use when allocating partnership net income to partners.
Mutual agency means that each partner can enter into con¬tracts in the name of the firm.
The primary difference between accounting for a sole propri¬etorship and accounting for a partnership is in the owners’equity accounts.
Stockholders’ equity in a corporation can also be referred to as capital.
The Organization Costs account for a corporation is classi¬fied as an expense account.
Double taxation means that corporate net income is taxed first as a corporate entity and then again as dividends to stockholders.
The issuance of a stock dividend results in a decrease in the assets of a corporation.
When retained earnings are appropriated for plant expan¬sion, cash is set aside to pay for the expansion.
Dividends are declared only by a vote of the board of direc¬tors that is recorded in the minute book.
The limit of liability is the same for partners in a partnership as for stockholders in a corporation.
A premium on bonds payable is amortized over the period from the date of issue until the maturity date.
Discount on Bonds Payable is classified as a contra-liability account.
_____________occurswhen a partnership ends, the assets are sold, creditors are paid, and the remaining cash is distributed among the partners.
The ability of each partner to act as an agent of the firm, thereby committing the entire firm to a binding contract, is called_____________________.
A corporation’s stock that is in the hands of its stockholders is called _______________.
The owners of a corporation are referred to as __________________.
A distribution of earnings of a corporation in the form of cash is called a(n) ________________.
A distribution of a corporation’s retained earnings to stockholders in the form of shares of corporate stock is called a(n)_______________.
A restriction of a portion of retained earnings designated for a specific pur¬pose is called a(n)_________________.
The systematic writing off of a bond premium or discount over the remain¬ing life of the bond is called________________.
The_____________is the excess of the price received over the face value of a bond.
An account such as Discount on Bonds Payable, which represents a deduc¬tion from a liability, is called a(n)________________account.
Describe the statement of cash flows, and define cash and cash equivalents.
State the purpose of the statement of cash flows.
State the uses of the statement of cash flows by management, investors, and creditors.
Identify cash inflows and outflows as operating, investing, or financing activities.
Calculate amounts of cash inflows and outflows involving operating, invest¬ing, and financing activities.
What are the three categories listed on the statement of cash flows? Give two examples of cash flows from each category.
What is included in cash as the term is used in a statement of cash flows?
What are the effects of the following items on cash flows from operating activities?a. An increase in Accounts Receivable, $16,000b. An increase in Interest Payable, $500c. Depreciation Expense,
Kelley Company sold equipment at a gain of $1,000. The equipment cost$47,000 and had accumulated depreciation of $39,000. Describe how this event is handled in the statement of cash flows.
As a means of gaining a greater return on its cash balance, Hammond Com¬pany transferred $19,000 from its checking account to a money market account, purchased a $10,000 three-month U.S. Treasury
Nevel, Inc., has a net loss of $111,000 for the fiscal year but a positive cash flow of $9,000. What are some conditions that might have caused this situation?
Diravy, Inc., had the following transactions during the year. Clas¬sify each transaction as (O) an operating activity, (I) an investing activity, (F) a financing activity, or (X) a noncash
The income statement of Vaa, Inc., for 19x7 includes Insurance Expense of $11,480. The beginning balance of Prepaid Insurance amounted to$5,520, and the ending balance of Prepaid Insurance amounts to
During 19x7, Farley Company had net sales of $455,000. Dur¬ing the same year, the beginning balance of Accounts Receivable was $97,500, and the ending balance of Accounts Receivable was $93,750.
During 19x7, Top Optical had Delivered Cost of Purchases of$219,000. The beginning balance of Accounts Payable amounted to $63,000, and the ending balance of Accounts Payable amounted to $67,500.
Income Tax Expense for Marnely Corporation was $82,200 for the year 19x7. Between the beginning and end of the year. Income Tax Payable increased by $6,000. Determine the amount of cash payments for
During 19x7, Kozlo and Company had operating expenses of$197,400, including depreciation of $46,200. Also during 19x7, the beginning balance of Supplies was $5,040, and the ending balance of Supplies
All transactions involving Notes Payable and Interest Payable for Rork Company during the year 19x7 are presented in the general journal.Determine the cash flow amounts (positive or negative) and
Following are the T accounts for Equipment and Accumulated P.O. 4,5 Depreciation, Equipment for Rubens Company at the end of 19x7:New equipment was bought for cash, and the used equipment was sold
The financial statements of Hoffman Realty are presented here.Instructions Prepare a statement of cash flows for 19x8 Revenue: Service Revenue Expenses: Hoffman Realty Income Statement For Year Ended
Benson Van and Storage’s financial statements for the current P.0.5 year are presented here.Instructions Prepare a statement of cash flows for the year 19x8. Benson Van and Storage Income Statement
Financial statements for The Style Touch are presented here.Instructions Prepare a statement of cash flows for the year 19x8. Revenue from Sales: Net Sales Cost of Goods Sold: The Style Touch Income
Financial statements for Farley Corporation are presented on P.O. 5 pages 915 and 916.Additional information contained in the records revealed that equipment hav¬ing a cost of $47,000 and
The financial statements of here.Instructions Prepare a statement of cash flows for 19x8. Hern and Company Income Statement For Year Ended December 31, 19x8 Revenue: Income from Services Expenses:
Marjean Hair Salon uses a modified cash basis. The financial statements for Marjean Hair Salon are presented here.Instructions Prepare a statement of cash flows for the year 19x8. Marjean Hair Salon
Financial statements for Mangold Fine Clothes are presented P.O. 5 here.Instructions Prepare a statement of cash flows for the year 19x8. Revenue from Sales: Net Sales Cost of Goods Sold: Mangold
Jordan Corporation’s financial statements are presented here. P.O. 5 Additional information in the records revealed that equipment having a cost of $50,000 and accumulated depreciation of $44,000
Prepare a comparative income statement and balance sheet involving hori¬zontal analysis.
Prepare a comparative income statement and balance sheet involving vertical analysis.
Express income statement data in trend percentages.
Compute (a) working capital, (b) current ratio, (c) quick ratio, (d) accounts receivable turnover, (e) merchandise inventory turnover, (f) ratio of stock¬holders’ equity to liabilities, and (g)
Calculate (a) equity per share, (b) rate of return on common stockholders’equity, (c) earnings per share of common stock, and (d) price-earnings ratio.
A company has a net income percentage of 10 percent. What does this mean?
What does an increase in the accounts receivable turnover indicate as far as a company is concerned?
What is the difference between a firm’s solvency and its profitability?
For each of the following types of business, would you expect a high or a low merchandise inventory turnover?a. Furniture storeb. Women’s clothing boutiquec. Jewelerd. Gift shope. Groceryf. Florist
Why are creditors interested in the ratio of stockholders’ equity to liabilities?Is it more desirable to have a high ratio or a low ratio?
Calculate the percentages of increase and decrease for the fol¬lowing items (horizontal analysis). Round off to one decimal place. Cash Notes Receivable Equipment (net) Retained Earnings 19x8 $
Using the following revenue and expense data, prepare a com¬parative income statement, expressing each item for both 19x8 and 19x7 as a percentage of net sales (vertical analysis). Round off to one
Calculate trend percentages for the following items, and com¬ment on the trends. Use 19x4 as the base year. Round off to one decimal place.Comment on the results. 19x4 19x5 19x6 19x7 Net Sales
The following items are from the balance sheets of Blessing Com- P.0.4a,b,c pany as of December 31, 19x7 and 19x6.Calculate the following items for each year:a. Working capitalb. Current ratioc.
The following items are taken from the balance sheet of the P.O. 4a,b,c Masty Company:Compute the following items:a. Working capitalb. Current ratioc. Quick ratio Cash $125,000 Accounts Receivable
The following data are taken from the financial statements of the Mory Company. For 19x6, calculate the gross profit percentage, the accounts receivable turnover, and the merchandise inventory
The following items are taken from the financial statements of the Berg Company. All sales are made on account. Common stock is the only stock issued by BergCompute the following for 19x8:a. Accounts
The Stockholders’ Equity section of the balance sheet of the Pavel Corporation is as follows:Net income for the year is $125,000. Stockholders’ equity was $880,000 at the beginning of the year.
During 19x7, Martin’s Floor Coverings put on a sales pro¬motion campaign that cost $17,090 more than Martin’s usually spent on adver¬tising. A condensed comparative income statement for the
Use the comparative income statement for Martin’s Floor Cov¬erings presented in Problem 24-lA.Instructions.. s 1. Using vertical analysis, prepare a comparative income statement for the twoyear
Following is the condensed comparative income statement of the Seaborn Manufacturing Corporation:Instructions 1. Express the income statement data in trend percentages.2. Comment on any significant
Here are the year-end financial statements of Henkel Music P.O. 4a,b,c,e,5b,c,cl Store:The market price of the stock on December 31, 19x7 is $50 per share. At the beginning of the year,
During 19x7, Whaley’s Fashion Shoppe put on a big sales pro¬motion campaign that cost $13,200 more than Whaley’s usually spent for adver¬tising. The condensed comparative income statement for
Use the comparative income statement for Whaley’s Fashion Shoppe presented in Problem 24-lB.Instructions 1. Using vertical analysis, prepare a comparative income statement for the twoyear period.
Following is the condensed comparative income statement of the Central Electric Corporation:Instructions 1. Express the income statement data in trend percentages.2. Comment on any significant
Here are the income statement and balance sheet of Hudson Corporation.The market price of the stock on December 31, 19x7 is $46 per share. At the beginning of the year, stockholders’ equity was
Compile a departmental income statement extended through Gross Profit.
Compile a departmental work sheet.
Compile a departmental income statement extended through Income from Operations.
Apportion operating expenses among various operating departments.
Compile a departmental income statement extended through departmental margin.
Explain two ways in which Purchases Returns and Allowances may be recorded in a departmentalized company.
Explain the three types of departmentalized income statements illustrated in the chapter.
Describe the difference between a direct and an indirect operating expense.

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