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Questions and Answers of College Accounting

Identify each situation as a capital expenditure or revenue expenditure.
If Kevin Sands depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1.
If Lee Sands depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following:The truck was driven 7,500 miles in year 1.
If a machine had a cost of $6,700 with an accumulated depreciation of $670, what would be its book value?
Calculate the total cost of the machine given the following:List price $3,000Cash discount
John Ring depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following:
Calculate the total cost of the machine given the following:
Explain how the income tax method differs from the Accounting Principles Board ruling with regard to the recording of exchanges of plant assets that result in a loss.
A loss on an exchange of plant assets occurs when the book value of the old machine is more than the trade-in allowance. True or false?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/ investor-relations/annual-reports and find out how inventories are valued. How much inventory did Kellogg’s
From the following facts, calculate the correct cost of inventory for Sue Company.• Cost of inventory on shelf, $4,500, which includes $280 of goods received on consignment.• Goods in transit en
From the following facts, calculate the correct cost of inventory for Ann Company.• Cost of inventory on shelf, $4,700, which includes $270 of goods received on consignment.• Goods in transit en
What four titles along with their classification are involved in the sale of goods in a perpetual system?
What four titles along with their classification are involved in the sale of goods in a perpetual system?
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and find the Consolidated Statement of Income. What was the Interest Expense in 2012
Use the table in the text to prove your answers for Exercise 14B-2.Exercise 14B-2:Determine the maturity date for each of the following without the use of tables:
Determine the maturity date for each of the following without the use of tables:
Calculate the interest for the following:a. $17,000 6% 2 yearsb. $26,000 12% 6 monthsc. $12,000
Use the table in the text to prove your answers for Exercise 14A-2.Exercise 14A-2:Determine the maturity date for each of the following without the use of tables: Note Issued
Determine the maturity date for each of the following without the use of tables: Note Issued Length of Timea. January 17, 201X
Calculate the interest for the following:a. $10,000 5% 1 yearb. $25,000 8% 6 monthsc. $ 9,500 18% 80 days
Donny Caste discounted a $10,000, 6%, 90-day note at Stone Bank. He recorded the following entry:How much interest did Donny Caste lose by discounting the note?
Find the maturity date of the following:a. 120-day note dated May 16.b. 90-day note dated November 9.
What is meant by a contingent liability?
Smith Computer Center currently has a $13,095.00 balance in Accounts Receivable. Here is a current schedule of Accounts Receivable:AssignmentAlthough the All Star Sports, Inc. account is not 90 days
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. See Note 17 supplemental financial statement data and find the balance in Allowance
Assuming that in Exercise 13B-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,600 balance in the
Assuming that in Exercise 13A-2 the balance sheet approach is used, prepare a journalized adjusting entry for Bad Debts Expense. Based on an aging of Accounts Receivable, an $8,700 balance in the
Pete Sazich, the accountant for Moore Company, feels that all bad debts will be eliminated if credit transactions are done by credit card. He also feels that the cost of the credit cards should be
In which approach is the balance of the Allowance for Doubtful Accounts considered when the estimate of Bad Debts Expense is made? Please explain.
The income statement approach used to estimate bad debts is based on Accounts Receivable on the balance sheet. Agree or disagree? Why?
Explain the matching principle in relation to recording Bad Debts Expense.
Explain the matching principle in relation to recording Bad Debts Expense.
This practice set will help you review all the key concepts of a merchandise company, along with the integration of payroll, including the preparation of Form 941Because you are the bookkeeper for
Using the worksheet in Chapter 11 for Smith Computer Center, journalize and post the adjusting entries and prepare the financial statements.Worksheet From Chapter 11:
From the worksheet in Exercise 12B-3, prepare the assets section of a classified balance sheet.Exercise 12B-3:From the partial worksheet in Figure 12.12, journalize the closing entries for December
From the worksheet in Exercise 12B-3, prepare the assets section of a classified balance sheet.Exercise 12B-3:From the partial worksheet in Figure 12.12, journalize the closing entries for December
From the worksheet in Exercise 12A-3, prepare the assets section of a classified balance sheet.Exercise 12A-3:From the partial worksheet in Figure 12.11, journalize the closing entries for December
The first 6 months of the year have concluded for Smith Computer Center, and Thad wants to make the necessary adjustments to his accounts to prepare accurate financial statements.AssignmentTo prepare
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and find the Consolidated Statement of Income. What is the cost of goods sold in 2013?
From the trial balance in Figure 11.16 and additional data, complete the worksheet for Jack’s Wholesale Clothing Company.Additional Dataa./b. Ending merchandise inventory on December 31, $5,200.c.
From the trial balance in Figure 11.16 and additional data, complete the worksheet for Jack’s Wholesale Clothing Company.Additional Dataa./b. Ending merchandise inventory on December 31, $5,200.c.
Based on the following accounts, calculate (a) net sales, (b) cost of goods sold, (c) gross profit, and (d) net income.
Jim Heary is the custodian of petty cash. Jim, who is short of personal cash, decided to pay his home electrical and phone bills from petty cash. He plans to pay it back next month. Do you feel Jim
What is the purpose of an inventory sheet?
In a periodic system of inventory, the balance of beginning inventory will remain unchanged during the period. True or false?
What is the function of the Purchases account?
Andrea Richardson opened Andrea’s Toy House. As her newly hired accountant, your tasks are to do the following:1. Journalize the transactions for the month of December. Andrea uses special journals
Marion’s Natural Food Store uses a purchases journal and a general journal to record the following transactions. The balances as of March 1 for the accounts payable subsidiary ledger are Alden Co.,
Alison Murphy recently opened Tennis.com. Alison uses a purchases journal to record purchases on account. As the bookkeeper of her company, please journalize, record, and post when appropriate the
The following transactions of David’s Auto Supply occurred in June. David uses a sales journal to record sales on account. The balances as of June 1 for the accounts receivable subsidiary ledger
Jackie Red opened Yummy.com, a wholesale grocery and pizza company. Since Jackie only sells to retailers, she does not have to charge sales tax to her customers. Jackie uses a sales journal for sales
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access th Kellogg’s 2013 Annual Report, and locate the balance sheet. How much has merchandise inventory increased or
From Exercise 10B-3, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account.Exercise 10B-3:
From Exercise 10A-3, prepare a schedule of accounts payable and verify that the total of the schedule equals the amount in the controlling account.Exercise 10A-3:
Journalize, record, and post when appropriate the following transactions into the general journal (p. 2) for Jacob’s Clothing. All purchases discounts are 7/10, n/30. Assume the periodic inventory
Calculate Net Purchases from the following: Purchases, $27; Purchases Returns and Allowances, $9; Purchases Discounts, $5.
What new account is used in a perpetual system compared to the periodic system?
What is the relationship between a purchase requisition and a purchase order?
What is a contra-cost?
What is the normal balance of Purchases Discount?
Explain how net purchases is calculated.
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report and see how Kellogg’s records revenue. You will find this information in Note 1.
Match the following activities to the three business transactions (more than one number can be used).1. Record to the accounts receivable subsidiary ledger.2. Journalize the transaction.3. Post to
Given the following, calculate net sales:
When a seller issues a credit memorandum (assume no sales tax), what accounts will be affected?
What is the normal balance of Sales Discount?
In preparing for next year, on December 1, Thad Feldman hired two hourly employees to assist with some troubleshooting and repair work.More information:Dec. 7 Paid employee wages: Lance Kumm, 38
Using the information from Problem 8B-3, please complete Form 940 for Turner’s Sporting Goods for the current year. Additional information needed to complete the form is as follows:a. State
Using the information from Problem 8A-3, please complete Form 940 for Allen’s Sporting Goods for the current year. Additional information needed to complete the form is as follows:a. State
In December 200B, Glenda is trying to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following
In December 200B, Glenda tries to find out whether she is a monthly or semiweekly depositor for FICA (OASDI and Medicare) and federal income tax for 200C. Please advise based on the following taxes
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. Look at Notes to Consolidated Financial Statements and use information from Note 17
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows:1. On December 5, 201X, prepare a payroll register for this biweekly payroll.2.
You gathered the following data from time cards and individual employee earnings records. Your tasks are as follows:1. On December 5, 201X, prepare a payroll register for this biweekly payroll.2.
Refer to Exercise 7B-3 and assume that the state changed New’s SUTA tax rate to 3.8%. What effect would this change have on the total payroll tax expense?Exercise 7B-3:From the following
Refer to Exercise 7A-3 and assume that the state changed Driving Company’s SUTA tax rate to 4.6%. What effect would this change have on the total payroll tax expense?Exercise 7A-3:From the
Match the following:1. Total gross pay2. A deduction3. Net paya. _____ Office Salary Expenseb. _____ FICA OASDIc. _____ FICA Medicared. _____ Federal Income Taxe. _____ Medical Insurancef. _____
Explain how to calculate overtime pay.
The books have been closed for the first year of business for Smith Computer Center. The company ended up with a marginal profit for the first three months in operation. Thad expects faster growth as
Go to http://investor.kelloggs.com/investor-relations/annual-reports to access the Kellogg’s 2013 Annual Report. How often do you think Kellogg’s reconciles its bank statement? What type of
Which of the transactions in Exercise 1 would require a journal entry?Exercise 1:Indicate what effect (#1–4) each situation (#a–f) will have on the bank reconciliation process._____ a. Check no.
Why do adjustments to the checkbook balance in the reconciliation process need to be journalized?
Why do adjustments to the checkbook balance in the reconciliation process need to be journalized?
An NSF check results in a bank issuing the depositor a credit memorandum. Agree or disagree? Please explain your response.
An NSF check results in a bank issuing the depositor a credit memorandum. Agree or disagree? Please explain your response.
Why are outstanding checks subtracted from the bank balance?
Why should check stubs be filled out first, before the check itself is written?
Discuss how smartphone apps are making banking more mobile.
This comprehensive review problem requires you to complete the accounting cycle for Sousa Realty twice. This practice set allows you to review Chapters 1-5 while reinforcing the relationships between
Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report and find out what the fiscal year is for Kellogg’s Company.
As the bookkeeper of Palmer’s Plowing, you have been asked to complete the entire accounting cycle for Palmer from the following information.Use the following chart of accounts.Adjustment Dataa.
Consider the data in Figure 5.25 for Deb’s Dance Studio:Figure 5.25:Adjustment Dataa. Insurance expired, $500.b. Dance supplies on hand, $400.c. Depreciation on dance equipment, $1,200.d. Salaries
Consider the data in Figure 5.23 for Drew’s Dance Studio:Figure 5.23:Adjustment Dataa. Insurance expired, $400.b. Dance supplies on hand, $800.c. Depreciation on dance equipment, $1,500.d. Salaries
Draw a T account of Income Summary and post to it all entries from Question 3 that affect it. Is Income Summary a temporary or permanent account?Entries From Question 3:
Why must adjusting entries be journalized even though the formal statements have already been prepared?
At the end of September, Thad took a complete inventory of his supplies and found the following:3 dozen 1/4" screws at a cost of $5.00 a dozen6 dozen 1/2" screws at a cost of $10.00 a dozen5 cartons
Go to http://investor.kelloggs.com/investor-relations/annual-reports/ to access the Kellogg’s 2013 Annual Report, and look at how Kellogg’s depreciates its equipment. How is the equipment
The trial balance for Don’s Repair Service appears in Figure 4.28.Adjustment Data to Update Trial Balancea. Insurance expired, $400.b. Repair supplies on hand, $2,900.c. Depreciation on repair
Update the trial balance for Kyle’s Moving Co. (Figure 4.27 on page 142) for October 31, 201X.Adjustment Data to Update Trial Balancea. Insurance expired, $600.b. Moving supplies on hand, $800.c.

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