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Questions and Answers of College Accounting

Eor a retail store, what is the logical basis for allocating advertising expense?
In what ways may departmental accounting information be useful?
What is departmental margin, and why is a positive departmental margin important?
You have been hired as the new manager of an athletic supply store. Previ¬ously, the income statement listed total revenue and operating expenses only.The company can be divided into two
The ski department of Down Sports buys all its products EOB destination and has the following account balances:Determine the amount of the gross profit.P.O.l Determine amount of gross profit.
Rascin Electronics has annual expenses for salaries of office staff of $34,560 that it allocates to the various departments on the basis of gross sales for each department. Sales by department are as
Bailey Sports occupies an area of 22,500 square feet. The depart¬ments and the floor space each department occupies are as follows:Bailey Sports leases the building for $40,000 per year. Apportion
The premium for public liability insurance for the electronics company in Exercise 25-2 is $1,710, and the premium for fire and theft insurance on the inventory is $2,160. The average balances of the
Tesson Company apportions depreciation on equipment on the basis of the average cost of the equipment. Insurance expense is apportioned on the basis of average cost of the merchandise inventory.
The following figures apply to McCabe’s hardware department:Determine the amount of the departmental margin.P.0.5 Determine the amount of the de¬partmental margin. Direct Departmental Expenses
Morrow, Inc., is considering eliminating its Drapery Department.Management does not believe that the indirect expenses and the level of opera¬tions in the other departments will be affected if the
For Morrow, Inc., in Exercise 25-7, prepare an income statement P.0.3 for the forthcoming year, assuming that Morrow discontinues the Drapery Department.
Hendricks Lumber, a sole proprietorship, has two sales depart¬ments: lumber and hardware. Hendricks’s accountant prepared the adjusted trial balance shown at the end of the fiscal year, after all
Bryan Book and Software has two sales departments; book and software. After recording and posting all adjustments, including the adjustments for merchandise inventory, the accountant prepared the
Capra’s Cycle, a sole proprietorship, has two departments, P.0.2 bicycle and clothing. The trial balance as of October 31, the end of the fiscal year, is shown on page 985.The data for the
Modern Decorators is a sole proprietorship. After the firm has recorded adjustments, it has the balances shown in the work sheet on page 986 for revenue and expense accounts and merchandise
Bella’s Garden Shop, a sole proprietorship, has two sales departments: plants and tools. After recording and posting all adjustments, including the adjustments for merchandise inventory, the
Hiram Foster, Inc., has two departments: luggage and acces¬sories. Foster’s accountant prepares the adjusted trial balance shown on page 988 at the end of the fiscal year, after all adjustments,
The Athletic Station, a sole proprietorship, has two depart¬ments: bicycle and clothing. The trial balance, as of April 30, the end of the fiscal year, is as follows:The data for the adjustments are
Ingalls Interiors is a sole proprietorship. After the firm has recorded adjustments, it has the balances shown in the work sheet on page 991 for revenue and expense accounts and merchandise
Prepare a statement of cost of goods manufactured.
Complete a work sheet for a manufacturing enterprise and journalize closing entries.
Define a job-order cost accounting system and make related entries.
Define a process cost accounting system and make related entries.
In manufacturing operations, how do direct materials differ from indirect materials?
How do job-order and process cost accounting systems differ?
List six examples of factory overhead accounts.
Is it possible for paint to be considered an indirect material for one company and a direct material for another company?
From the following balances, determine the cost of goods manufactured: Cost of Goods Sold Finished Goods Inventory, March 1 Finished Goods Inventory, March 31 $3,825,000 900,000 675,000
Prepare a statement of cost of goods manufactured, using any of the following balances you need: Raw Materials Purchases Raw Materials Inventory, June 30 Raw Materials Inventory, June 1
The Statement of Cost of Goods Manufactured columns and the P.O. 1 Income Statement columns of the work sheet for the R. W. Manufacturing Com¬pany for the year ended December 31 are as follows. R.
From the following balances, determine the cost of the raw mate rials used: Raw Materials Purchases Raw Materials Inventory, August 31 Raw Materials Inventory, August 1 $1,800,000 480,000 360,000
From the information in Exercise 26-3, journalize the closing P.O. 2 entries for the R. W. Manufacturing Company.
From the following balances, calculate the total manufacturing costs, which contain the following three elements: Raw materials used Direct labor Factory overhead (60% of direct labor cost) $240,000
Everett Printers received an order to print 10,000 brochures for Channing Cruise Line. Record the following transactions in general journal form for Job Order 716.a. Purchased paper stock on account,
Bingham Company manufactures a special soap. The processing takes place in two departments. Department 1 and Department 2. Record the following transactions in general journal form.a. Raw materials
Here is the statement of cost of goods manufactured for the P.O. 2 Epler Manufacturing Company:Instructions 1. Journalize the adjusting entries for the Raw Materials Inventory and the Work-in-Process
The trial balance of the Bonnard Manufacturing Corporation as of December 31 of this year is shown here.You are given the following information for the adjustments:a.-f. Year-end inventories: raw
Here are the columns reflecting the statement of cost of goods P.0.1,2 manufactured and the income statement in the work sheet of the Sero Pump Cor¬poration as of December 31, the end of the fiscal
Here are adjusting and closing entries that appear on the hooks of the Bailor Cedar Shingle Company at the end of the fiscal year, December 31.Instructions Prepare a statement of cost of goods
Here is the statement of cost of goods manufactured for the P.0.2 Sarbo Manufacturing Company:Instructions 1. Journalize the adjusting entries for the Raw Materials Inventory and the Work-in-Process
The trial balance of the McBain Products Company, Inc., as of December 31 of this year, is shown here.You are given the following information for the adjustments;a.-f. Year-end inventories: raw
A company acquired a long-lived asset by issuing $480,000 par-value common stock. This event is listed under Financing Activities in a statement of cash flows.
It is possible for a business to have a net loss and still have a positive cash flow.
Money market accounts are listed as a part of cash on a statement of cash flows.
As a rule, the lower the current ratio, the lower the risk to creditors.
The relationship of each asset as a percentage of total assets is an example of horizontal analysis.
When percentage analysis is applied to the income statement, net sales is used as the base.
The only accounts that companies must keep departmentalized to compute gross profit by department are Sales and Purchases.
If a department covers its direct expenses, but not all its indirect expenses, the business can increase its income before taxes if it dis¬continues the department.
Departmental margin equals gross profit minus direct expenses.
The statement of costs of goods manufactured supports the income statement by providing the figure for cost of goods sold.
The Manufacturing Summary account is closed by an entry debiting the Income Summary account and crediting the Manufacturing Sum¬mary account.
Supervisory salaries are part of factory overhead
If a company’s income statement lists Delivered Cost of Purchases as$440,000, beginning Accounts Payable (trade) as $54,000, and ending Accounts Payable (trade) as $51,500, the amount of cash paid
If a company’s income statement lists Income from Services as $85,300, beginning Accounts Receivable as $8,400, and ending Accounts Receivable as $9,700, the amount of cash received from customers
If income tax is listed on a corporation’s income statement as $36,800 and the balance of Income Tax Payable increased by $2,800 between the begin¬ning and the end of the year, the amount of cash
Merchandise inventory turnover = ______________(_______________)_______________ Average merchandise inventory
Quick ratio = __________________(_______________)_______________ Current liabilities
Accounts receivable turnover=____________________(_____________________)____________________ Average accounts receivable
Those expenses that benefit only one department and are controlled by the head of the department are called____________________expenses.
The gross profit of a department minus the department’s direct expenses is known as___________________.
The_consists of all manufacturing costs that cannot be traced directly to products being manufactured.
Raw materials and work-in-process inventories are adjusted using the _____________________account.
Allocate costs to Land, Land Improvements, and Buildings accounts.
Calculate depreciation by the straight-line method, units-of-production method, double-declining-balance method, and sum-of-the-years’-digits method.
Differentiate among capital expenditures, revenue expenditures, and extraor¬dinary-repairs expenditures.
Prepare journal entries for discarding of assets fully depreciated, discarding of assets not fully depreciated, sale of assets involving a loss, sale of assets involving a gain, exchange of assets
Maintain a plant and equipment subsidiary ledger.
Define depreciation and list two ways in which assets lose their usefulness.
Explain how an asset’s estimated trade-in or salvage value is treated in com¬puting depreciation under the sum-of-the-years’-digits method, the doubledeclining-balance method, and the
Give examples of possible expenditures that should be included in determin¬ing the total cost of an asset, such as a machine.
Distinguish between expenditures for ordinary repairs and expenditures for extraordinary repairs.
List four things that an accountant must know about an asset in order to calculate the asset’s depreciation.
Distinguish between capital expenditures and revenue expenditures. Give two examples of each type of expenditure for a truck.
Kramer Manufacturing Company purchased land adjacent to its factory for the installation of a holding area for equipment. Expenditures by the company were as follows: purchase price, $132,000;
At the beginning of the fiscal year, Diep Tree Service bought a new chipper for $16,000, with an estimated trade-in value of $2,500 and an estimated useful life of five years. Determine the amount of
Basehart Company just bought a piece of machinery for $8,000, with an estimated life of five years and an estimated trade-in value of $2,000;straight-line depreciation expense is $1,200. Record
On April 28, Muscle Mart discarded exercise equipment that cost $6,600. The Accumulated Depreciation account shows depreciation of$6,600 as of the previous December 31. Make the entry in general
On July 25, Plouff Company discarded office equipment with no salvage value. The following details are taken from the subsidiary ledger: cost,$900; accumulated depreciation as of the previous
On June 20, MB Communications sold editing equipment that cost $1,600 for $350. Accumulated depreciation up to the end of the previous year was $1,350. Monthly depreciation is $22.50. Make the
On September 20, Gilbert Florists traded in its old delivery van for a new one, which cost $16,000. Gilbert got a trade-in allowance of $3,000 on the old van and paid the difference in cash. The
On June 25, Purkey Assemblers trades in a machine for a new one priced at $8,460, receiving a trade-in allowance of $1,500 on the old machine. Purkey makes a downpayment of $1,200 in cash and issues
At the beginning of a fiscal year, the Pretzel Company buys a truck for $18,000. The truck’s estimated life is five years, and its estimated tradein value is $3,000.Instructions Using the following
During a three-year period, Braden Electric completed the fol- P.O. 2,3,4 lowing transactions related to its service truck:Instructions Check Figure n-7 Year 2 adjustment amount, $2,450 1. Record the
During a three-year period, Fowler Excavation completed the P.0.2,3,4 following transactions pertaining to its front-end loader:Instructions Check Figure , , . . , . , , Year 3, Income Summary debit,
The general ledger of the Coski Personnel Service includes con- P.O. 2,4,5 trolling accounts for Office Equipment and Accumulated Depreciation, Office Equipment. Coski’s accountant also records the
The Hawkins Company, at the beginning of a fiscal year, buys a machine for $40,000. The machine has an estimated life of five years and an estimated trade-in value of $4,000.Instructions Using the
During a three-year period, Megan Motel completed the fol- P.0. 2,3,4 lowing transactions pertaining to its pick-up truck:Instructions Check Figure , ^ Year 2, adjustment amount, 1. Record all these
During a three-year period, the Bingham Construction Com¬pany completed the following transactions connected with its bulldozer:Instructions 1. Record the transactions in general journal form.2.
The general ledger of the Laird Insurance Agency includes con¬trolling accounts for Office Equipment and Accumulated Depreciation, Office Equipment. Laird’s accountant also records the details of
The Allowance for Doubtful Accounts account is a current liability.
Under the allowance method of handling bad debt losses, accounts considered uncollectible are written off by debiting Allowance for Doubtful Accounts.
There is an adjusting entry required when the specific charge-off method is used to handle bad debt losses.
FIFO will result in the lowest net income during periods of rising prices.
An account called Cost of Goods Sold is included in the general ledger when the perpetual inventory system is used.
The income statement and the balance sheet both include the balance of the ending merchandise inventory for the same fiscal period.
When an extraordinary repair on an asset is made, the cost should be credited to the Accumulated Depreciation account.
When a business sells equipment for an amount greater than its book value, a loss is recorded.
Depreciation amounts are estimates of the loss of usefulness of an asset over a period of time.

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