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college accounting a practical approach

Questions and Answers of College Accounting A Practical Approach

Fairwell Company uses a voucher system. Record the following transactions in the voucher register: 202X June 8 Purchased office equipment on account from Taffy Corporation, $700; voucher no. 300 was
Farrah Corporation uses a voucher system. Record the following transactions in the voucher register: 202X June 8 Purchased office equipment on account from Takala Corporation, $1,600 voucher no. 300
Saidi Corporation uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 202X July 5 Purchased
Do you think a large company like Amazon uses a voucher system, or do you think in today’s environment it is more appropriate for a small business? If you think that it is more appropriate for a
Dubois Company uses a voucher system along with a petty cash fund. Record each of the following entries in general journal form. Assume that Dubois Company records all vouchers at gross. 202X May 11.
On November 10, 202X, a voucher for $1,000 for merchandise purchased on account from Beverly Company was prepared by Latka Corporation. On November 14, Latka decided to return merchandise due to poor
Jill Land, president of Lake Co., is happy to report to the company’s stockholders that the company increased its cash position by 20% from last year. Its average collection period decreased by 12
How can ratios be expressed?
What could a low accounts receivable turnover rate indicate?
From the given income statement and additional information of Connors Co., compute the following:a. Asset turnover for 2021b. Inventory turnover for 2021c. Accounts receivable turnover for 2021 Net
Jian Corporation has been using a voucher system for several years and records invoices at gross. Prepare entries in the voucher register and check register for the following transactions:
On June 15, 202X, Tomkins Company prepared voucher no. 93 to record the purchase of equipment on account for $870. On June 18, Tomkins Company decided to pay $870 in two equal installments. (Voucher
Record the following transactions at (a) Gross and (b) Net: 202X May 7 Bought merchandise on account from Hubley Corporation; terms 2/10, n/30, $9,000. Voucher no. 304 was prepared. 19 Issued
Lanier Company records invoices at gross in its voucher system. From the following transactions, (a) Record in general journal form the appropriate entries at gross and(b) Record the entries as
Why is an accounts payable ledger eliminated in the voucher system?
From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 20% tax rate) for Instant Stop for the year ended December 31, 202X. Cash Accounts
In order to complete this question, you will need to reference Amazon’s 2020 Annual Report. This can be found using your preferred search engine and going to Amazon’s Investors Relations page,
Complete the following chart by placing an X in the appropriate column. Use the indirect method. Increase in Inventory Decrease in Accounts Payable Add to Cash Flow from Operations Subtract from Cash
From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 25% tax rate) for Prompt Stop for the year ended December 31, 202X. Cash Accounts
The cost of rent of $30,000 for Kareem Co. is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Rent $30,000 Toys
From the following, which are subdivisions of owner’s equity? a. Smartphone b. Rashad Lewis, Capital c. Accounts Payable d. Rashad Lewis, Withdrawals e. Accounts Receivable f. Advertising
Josefina Delgado, a retired military officer, opened Delgado’s Catering Service. As her accountant, analyze the transactions listed next and present them in proper form.a. The analysis of the
Identify which of the following are not assets. a. Apple iPad b. Accounts Receivable c. Accounts Payable d. Grooming Fees Earned
Indicate whether the following items would appear on the income statement (IS), statement of owner’s equity (OE), or balance sheet (BS). a. b. C. d. e. f. g. 9- h. Tutoring Fees Earned Office
Indicate next to each statement whether it refers to the income statement (IS), statement of owner’s equity (OE), or balance sheet (BS). a. b. C. d. Withdrawals found on it List total of all
Given the information presented in Figure 13.13, do the following:a. Prepare on December 31, 2021, the adjusting journal entry for Bad Debts Expense. Balances: Cash, $32,000; Accounts Receivable,
HipHop.com has requested that you prepare a partial balance sheet on December 31, 2021, from the following: Cash, $130,000; Petty Cash, $64; Accounts Receivable, $71,000; Bad Debts Expense, $50,000;
Pick a company of your choice and determine what its balance of Allowance for Doubtful Accounts was for 2020.
Mathias Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mathias’s ending inventory at cost for the end of
Minsk Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date.
Argento Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use and (b) Assuming that the
The Nguyen Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30. 202X July 5 Purchased merchandise on account totaling $1,800;
Ashford Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use and (b) assuming that the
The Zhang Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30. 202X July 5 Purchased merchandise on account totaling $2,000; terms
Choose a publicly traded company and go to its 2020 annual report to find out which method it uses to calculate inventory.
What are the two key accounts in the perpetual inventory system?
In order to complete this question, you will need to reference Amazon’s 2020 Annual Report. This can be found using your preferred search engine and going to Amazon’s Investors Relations page,
How is the effective interest rate calculated?
What is the normal balance of the Discount on Notes Payable account?
If in Concept Check 8 the discount needs to be adjusted at year-end by $50, what would be the journalized adjusting entry?
Malik Co. discounts its own note at a bank. This $58,000 note results in the bank deducting $410 interest in advance. Draw a transaction analysis chart for this situation.
Determine the maturity date for each of the following without the use of tables: Note Issued a. January 17, 202X b. July 14, 202X c. May 31, 202X d. June 25, 202X Length of Time 30 days 85 days 4
Johan Sibelius negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for Johan to record the bank loan. Assume a
On May 15, 202X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note.On July 14, Silver Co. discounted the note at 12%. Assume a 360-day year.a. Journalize the entry for Silver to record the
For each of the following transactions for Franklin Co. (the seller), journalize what the entry would be for the buyer (Oragi Co.). Franklin Company and Oragi Company use the perpetual method.a.b.c.
What is the difference between finding a maturity date by (a) Days or (b) Months?
Pick a company of your choice and find in its annual report for 2020 the balance of its interest income account.
Determine the maturity date for each of the following without the use of tables: Note Issued a. May 17, 202X b. July 14, 202X c. d. June 25, 202X March 31, 202X Length of Time 30 days 105 days 4
On May 1, 202X, Lake Company received a $26,000, 90-day, 5% note from Walker Company dated May 1. On June 20, 202X, Lake discounted the note at Reading Bank at a discount rate of 8%.1. Calculate the
Several banks have offered loans to the Suarez Digital Services for its expansion. However, Sid Suarez wants to weigh each option to determine the best financial situation for the company. Currently,
On May 1, 202X, Magdalena Company received a $30,000, 90-day, 9% note from Quincy Company dated May 1. On June 20, 202X, Magdalena discounted the note at Pittsfield Bank at a discount rate of 12%.1.
Calculate the interest for the following. Assume a 360-day year. a. $15,000 b. $19,000 C. $7,000 3% 9% 16% 3 years 10 months 90 days
Find the maturity value of the following:a. $5,000 4% 10 monthsb. $13,200 3% 90 days
In order to complete this question, you will need to reference Amazon’s 2020 Annual Report. This can be found using your preferred search engine and going to Amazon's Investors Relations page,
Calculate the interest for the following. Assume a 360-day year.a. $14,000 3% 2 yearsb. $20,000 11% 3 monthsc. $10,500 14% 120 days
Find the maturity date of the following:a. 120-day note dated May 14.b. 70-day note dated November 9.
Jasmine Company had credit sales of $180,000 during 2021. The balance in Allowance for Doubtful Accounts is a $1,030 debit balance. Journalize the Bad Debts Expense for December 31 using each of the
Yung Company had credit sales of $140,000 during 2021. The balance in Allowance for Doubtful Accounts is a $1,000 debit balance. Journalize the Bad Debts Expense for December 31 using each of the
Eagle Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2021, 2022, and 2023. (Use the income statement approach under the allowance method.)a. Journalize the
Sharin Co., which uses an Allowance for Doubtful Accounts, had the following transactions in 2021, 2022, and 2023. (Use the income statement approach under the allowance method.)a. Journalize the
Simone Company completed the following transactions:From these transactions as well as the following additional data on January 1, 2021, complete a–c:a. Journalize the transactions. The company
Journalize the adjusting entry on December 31, 2021, for Bad Debts Expense, which is estimated to be 5% of net credit sales. The income statement approach is used. The following information is given:
T. J. Chavez Company uses the direct write-off method for recording Bad Debts Expense. At the beginning of 2021, Accounts Receivable has a $115,000 balance. Journalize the following transactions for
Given the balance in the Allowance for Doubtful Accounts of $300 credit, prepare adjusting entries for Bad Debts based on the following assumptions:a. Bad Debts to be 2.5% of net credit sales or
What is net realizable value?
Complete the following using the gross profit method. Assume a normal gross profit rate of 24% of net sales. Goods Available for Sale Inventory January 1, 202X Net Purchases Cost of Goods Available
Talib Company’s April 1 inventory had a cost of $59,500 and a retail value of $73,200. During April, net purchases cost $255,600 with a retail value of $405,000. Net sales at retail for Talib
What types of costs are considered “reasonable and necessary” when determining the cost of an asset?
In order to complete this question, you will need to reference Amazon’s 2020 Annual Report. This can be found using your preferred search engine and going to Amazon’s Investors Relations page,
Hoang Company incurred the following expenditures to buy a new machine:• Invoice, $40,000 less 10% cash discount.• Freight charges, $500.• Assembly charges, $1,600.• Special base to support
Calculate the total cost of the machine given the following: List price Cash discount Freight Assembly Special foundation $4,000 10% $ 60 350 63
Miranda Company incurred the following expenditures to buy a new machine:• Invoice, $35,000 less 8% cash discount.• Freight charges, $440.• Assembly charges, $1,500.• Special base to support
Why would a company use the retail method to determine the value of the ending inventory? Why would it use the gross profit method?
Natisha Company on November 1, 202X, had inventory costing $32,000 and during November had net purchases of $67,100. Over the years, Natisha Company’s gross profit averaged 44% on sales. Given that
What is the purpose of the Land Improvements account?
Melissa Rankin depreciates her truck by the straight-line method. Calculate the yearly depreciation expense given the following: Cost Residual value Service of useful life $7,300 $2,500 4 years
In order to complete this question, you will need to reference Amazon’s 2020 Annual Report. This can be found using your preferred search engine and going to their Investors Relations page, which
Petty cash is a liability. Agree or disagree? Explain.
Explain some of the pitfalls of online banking and how you can protect yourself from them.
From the following information, construct a bank reconciliation for Boom Co. as of February 28, 202X. Then prepare journal entries if needed. Checkbook balance Bank statement balance Deposits (in
From the following accounts, journalize the closing entries (assume March 31). Maxwell Jackson, Capital 310 100 Maxwell Jackson, Withdr. 312 27 Income Summary 314 Uber Fees 410 1,500 Gas Expense
What is the purpose of Income Summary and where is it located?
Explain how a bookkeeping service might have adapted both during and after the Covid-19 pandemic.
Ariella Palacio is the purchasing agent for Simpson Co. One of her suppliers, Grant Co., offers Ariella a free vacation to Portugal if she buys at least 50% of Simpson’s supplies from Grant Co.
Journalize the following transactions. Assume the perpetual inventory system. 202X May 9 Sold merchandise for $900 cash. The cost of merchandise was $600. 9 Purchased merchandise from Aster Co. on
Journalize the following transactions. Assume the perpetual inventory system. 202X Jan 4 Sold merchandise for $500 cash. The cost of merchandise was $400. 9 Purchased merchandise from Jess Co. on
Kate Collins has opened Grains and Orchards, a wholesale grocery and fruit company. The following transactions occurred in March.Required1. Journalize the transactions. Beginning balances of
Silver Company has four employees, and each employee earned $40,000 for the calendar year. Using a blank Form 940, complete Part 2, lines 3–8, to answer the following questions: Total annual
Explain the purpose of a contra-revenue account.
Match each of the following terms, a through e, with the appropriate definitions 1 to 5.a. Form 940b. Form W-2c. FUTA Taxesd. FICA Taxese. Form 9411. Payroll taxes on employers that are assessed by
At the end of April 202X, the total amount of Social Security, $550, and Medicare, $220, was withheld as tax deductions from the employees of Strike, Inc. Federal income tax of $2,950 was also
Jamir Company’s payroll information for the month of April is as follows:On April 30, the company issued check no. 250 payable to the Payroll Bank checking account to pay for the April payroll
At the end of November 202X, the total amount of Social Security, $490, and Medicare, $275, was withheld as tax deductions from the employees of Rapid Waters, Inc. Federal income tax of $2,980 was
What account is debited when recording the distribution of the payroll checks to the employees?
In order to complete this question, you will need to reference Amazon’s 2020 Annual Report. This can be found using your preferred search engine and going to their Investors Relations page, which
Ramador Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,700; the net amount is $4,900. Journalize the transfer of funds to the payroll account
Sanchez Company uses a special payroll account to pay employees. The gross amount of the payroll this week is $5,320; the net amount is $4,545. Journalize the transfer of funds to the payroll account
Slater Company has four employees, each of whom earn $4,000 per month and have been employed since January 1. FICA Social Security taxes are 6.2% on the first $142,800 paid to each employee, and FICA
What is a calendar year?
Explain how to calculate FICA Social Security and Medicare taxes.

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