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Questions and Answers of College Accounting

The FIFO inventory valuation method assumes that the items on hand are the most recent ones purchased.
The balance of Accounts Receivable after one has deducted the balance of Allowance for Doubtful Accounts is called the________.
A method of accounting for bad debt losses that requires a debit to Bad Debts Expense and a credit to Accounts Receivable is called the____________ method.
A federal law excusing a debtor from certain obligations incurred is called_____________.
A process of assigning costs to goods sold based on the flow-of-cost assump¬tion that units sold are recorded at the costs of the most recently acquired goods is called____________.
A method of inventory valuation requiring that the actual cost of each indi¬vidual item in the ending inventory be used is called the_________________ method.
The inventory system in which a running balance is kept of the inventory on hand and the current cost of each item is called the_____________-system.
Expenditures for improvements that are not as permanent as the land or not directly associated with a building are debited to the_________________ account.
The type of depreciation method that allows recording of larger amounts of depreciation in the early years of an asset’s use is called a(n)____________ method.
The costs of normal day-to-day expenses associated with an asset are called___________________
The inventory system that requires a physical count and then attaches a value to that count is called the_____________inventory system.
Define a partnership, and (a) list the main advantages and the main disad¬vantages of a partnership; (b) journalize initial investments.
Provide for the division of net income and loss (a) on the basis of fractional shares; (b) on the basis of ratio of capital investments; and (c) on the basis of salary and interest allowances.
Journalize the closing entries for a partnership.
Prepare a statement of partners’ equity.
Journalize entries involving the sale of a partnership interest or withdrawal of a partner.
Journalize entries pertaining to the liquidation of a partnership involving the immediate sale of the assets for cash
Is it possible for a partner to lose a greater amount than the amount of his or her investment in the partnership? Why?
What do accountants mean when they discuss the concept of co-ownership of partnership property?
To handle the provision for salary allowances used in allocating net income or loss, the accountant debited the Salary Expense account. Is the accountant correct? Why or why not?
Moore and Peel are considering forming a partnership. What do you consider the four most important factors to include in their partnership agreement?
When assets other than cash are invested in a partnership by one of the part¬ners, at what value are these assets recorded in the books of the partnership?
What do you consider the greatest advantage and the greatest disadvantage of the partnership form of business organization?
Ash, Best, and Drake are partners. Drake dies, and her daughter claims the right to take her mother’s place in the partnership. Explain why Drake’s daughter either does or does not have the right
Describe how a dissolution of a partnership differs from a liquidation.
D. L. Holmes, as his original investment in the firm of Holmes and Little, contributes equipment originally recorded in his own business as cost¬ing $80,000, with accumulated depreciation of
Ardis and Rusk share profits and losses on a fractional-share basis, with three-fifths for Ardis and two-fifths for Rusk. This year the firm has a net income of $60,000. The beginning Capital
L. Embuscado, G. Renaldo, and C. Thomas agreed to share earn¬ings or losses according to the ratio of their investments at the beginning of the year ($30,000, $25,000, and $45,000, respectively).
The partnership agreement of Beard and Froman provides for salary allowances of $28,000 per year for Beard and $24,000 per year for Fro¬man. They share the remaining balance of net income on the
Newman is retiring from the partnership of Korn, Morris, and Newman. The profit and loss ratio is 2:2:1, respectively. After the accountant has posted the revaluation and closing entries, the credit
Bayer is the senior member of the partnership of Bayer, Caldwell, and Dillon. When Bayer dies, the firm’s accountant revalues the assets. The fol¬lowing assets are to be increased in value by
Rutledge and Williams are partners who share profits and losses equally. The credit balances of their Capital accounts before liquidation are$60,000 and $80,000, respectively. When they liquidate
The partners Markley, Piper, and Sawyer have a profit and loss P.O. 6 ratio of 2:2:1, respectively. They decide to liquidate the firm and to sell off all its assets. After distribution of the
The firm of B. N. Davis, F. M. Feldman, and G. W. Huber has P.O. 2c,3 a net income of $108,000 for this year. The balances in the Capital accounts of the partners at the beginning of the year were
E. R. Halprin and H. O. Jayson, consulting engineers, are form¬ing a partnership. Both plan to work in the firm on a full-time basis. Halprin’s initial investment is $27,000, Jayson’s investment
The following are the adjusted account balances of Abel and Rist as of December 31, the end of this fiscal year.The merchandise inventory at the beginning of the year was $139,146, and there were no
The partnership of Hall, Lewis, and Madison is to be liquidated P.O. 6 as of November 30 of this year. The partners share profits and losses in the ratio of 2:2:1, respectively. The firm’s
The partnership of A. L. Banini, S. M. Canter, and R. D. Dela¬ney has a net income of $92,850 for the current year. The balances in the Capital accounts of the partners at the beginning of the year
W. A. Kim and M. C. Love are forming a partnership for a beauty salon and plan to work full time in the firm. Kim will make an initial investment of $30,000 and Love $45,000. They are considering the
The following are the adjusted account balances of Allen and Wells as of December 31, the end of the current fiscal year:There were no changes in the partners’ Capital accounts during the year. The
The partnership of Hall, Lewis, and Madison is to be liquidated as of June 30 of this year. The partners share profits and losses in the ratio of 2:2:1, respectively. The firm’s post-closing trial
Define a corporation.
Name at least two advantages and two disadvantages of a corporation.
Journalize entries for the issuance of par-value stock.
Journalize entries for the issuance of no-par stock.
Journalize entries for the sale of stock on the subscription basis.
Prepare a classified balance sheet for a corporation, including Subscriptions Receivable, Organization Costs, Paid-in Capital, and Retained Earnings accounts.
Give the names of the subsidiary ledgers for Common Stock and for Sub¬scriptions Receivable, Common Stock.
In what respect is a corporation a separate legal entity?
Name three types of organization costs. How is the account Organization Costs classified on a balance sheet? What eventually happens to Organization Costs?
Identify four advantages and two disadvantages of the corporate form of busi¬ness organization as compared to the sole proprietorship and partnership forms. In your opinion, which is the greatest
In regard to common stock, what is the difference between par value and stated value?
If a corporation sells its stock at a premium, does the amount of the premium represent revenue to the firm?
Classify each of the following accounts as asset, liability, stockholders’ equity, revenue, or expense, and indicate the normal balance of each account:a. Common Stockb. Subscriptions Receivable,
Describe the transactions recorded in the following accounts of the Gwynn Company: Cash (1) 320,000 (2) 2,500 Organization Costs (2) 4,000 Common Stock (1) (2) 320,000 1,500
The Hecter Corporation is authorized to issue 40,000 shares of$85-par-value common stock. Record the following transactions in general jour¬nal form. Feb. 10 Mar. 27 Sold 7,000 shares of common
On July 2, the Fazio Corporation issued for cash 10,000 shares of no-par common stock (with a stated value of $13 per share) at $17. On July 17, it issued for cash 700 shares of $110-par preferred 10
The Frame Corporation was organized on April 8 of this year.The corporation was authorized to issue 900 shares of cumulative preferred 9 percent stock, $100 par value, and 9,000 shares of common
Delicino, Inc., is authorized to issue 220,000 shares of no-par common stock, $12 stated value. Record the following transactions in general journal form. May 23 Sold 4,000 shares of common stock at
Bob’s Deli has authorized capital consisting of 25,000 shares of cumulative preferred 9 percent stock, $100 par value, and 25,000 shares of com¬mon stock, $30 par value. Record transactions a-c in
Describe the transactions recorded in the following ledger accounts of Metcalf Corporation: Cash 390 (a) 25,000 (c) 34,500 (d) 25,500 Common Stock (a) 22,000 (e) 45,000 Common Stock Subscribed
Grace’s Bakery, Inc., has a charter authorizing it to issue 3,000 shares of $40-par-value preferred 8 percent stock and 12,000 shares of no-par common stock (stated value'$25). The following
Bannister Pharmacy, organized on June 4 of this year, has a charter that stipulates the following authorized capital:a. 6,000 shares of preferred 8 percent stock, $50 par valueb. 30,000 shares of
Three people—Callas, Duncan, and Reeder—organized P.0.3,6 Freeze-it Cold Storage, Inc., with a charter providing for the following authorized capital:b. 15,000 shares of common stock, $10 par
Eang Ereight-Eorwarding Company, Inc., has an authorized P.0.6 capital of 3,000 shares of preferred 9 percent stock, $100 par value, and 30,000 shares of no-par common stock, stated value $20. The
The Stanski Corporation was organized on March 1 of this year, with a charter providing for the following authorized capital:a. 3,000 shares of preferred 10 percent stock, $50 par valueb. 20,000
The Grand-Way Food Service, Inc., was organized on April 4 of this year and has a charter that stipulates the following authorized capital:a. 3,000 shares of preferred 7 percent stock, $100 par
Three people—Kelly, Haglund, and Howard—organized Newburn Athletic Supply, Inc. The charter of this corporation authorizes capital con¬sisting of the following:a. 1,600 shares of preferred 9
Delite Dairy, Inc., has an authorized capital of 3,000 shares of P.0.6 preferred 10 percent stock, $100 par value, and 25,000 shares of no-par common stock, stated value $20. The following account
Gallatin Specialty Advertising was organized on September 1 P.O. 5,4,5 of this year, with a charter providing for authorized capital as follows:a. 2,000 shares of preferred 7 percent stock, $50 par
Journalize entries for corporate income taxes.
Journalize closing entries for a corporation.
Complete a work sheet for a corporation.
Journalize entries for the appropriation of Retained Earnings.
Journalize entries for the declaration and issuance of cash dividends.
Journalize entries for the declaration and issuance of stock dividends.
Complete a corporate statement of retained earnings and a balance sheet, including the following types of accounts: Appropriated Retained Earnings, Stock Dividend Distributable, Dividends Payable,
What three things are needed before a corporation can pay a cash dividend?
What are the significant dates involved in the declaration and payment of a dividend?
Describe the difference between a stock dividend and a stock split.
What do the guidelines full disclosure, materiality, and conservatism have in common?
What are the journal entries that zero the following accounts: Income Tax Payable, Income Tax Expense?
Why aren’t stock dividends considered taxable income for the receivers of the dividends at the time they are received?
List the possible titles of five accounts within the Paid-in Capital section of a balance sheet.
Explain why an appropriation of retained earnings is not the same thing as setting aside cash. How does a corporation dispose of an appropriated retained earnings account, such as Retained Earnings
Assuming 15 percent tax on the first $50,000, 25 percent on the next $25,000 ($50,001-$75,000), 34 percent on the amount over $75,000, and a 5 percent surtax on amounts between $100,000 and $335,000,
Describe the entries recorded by letters in the T accounts below. Income Tax Expense Cash Revenues Retained Earnings (a) (e) (a) (c) (f) (b) Income Income Tax Summary Payable Expenses (d) (c) (b) (d)
On January 3, the board of directors of Virgil Company, Inc., votes to appropriate $90,000 of the corporation’s unappropriated retained earn¬ings to Retained Earnings Appropriated for Plant
The dates connected with a cash dividend of $115,000 on a cor¬poration’s common stock are April 12, April 29, and May 8. Present in general journal form the entries pertaining to the declaration
On December 31, the stockholders’ equity of Marie’s Auto Body P.O. 6 Repair, Inc., is as follows:On March 6 of the following year, when the stock is selling at $38 per share, the board of
A corporation’s balance sheet includes the following:a. How much of the contributed capital is the result of the preferred 9 percent stock?b. How much of the paid-in capital is the result of the
Indicate the effect, if any, of each of the following transactions on total Retained Earnings of Thompson Company, Inc.:a. Paid accounts payable.b. Wrote off Accounts Receivable against Allowance for
Prepare the Stockholders’ Equity section of the balance sheet from the following account balances: Retained Earnings $143,000. Subscriptions Receivable, Preferred 10 Percent Stock 20,000 Common
Some of the transactions of the Baldwin Video Corporation P.0.1,4,5,6 during this fiscal year are as follows:Instructions Record the above transactions in general journal form. Mar. 15 Apr. June 15
The trial balance for Bell Luggage, Inc., dated May 31 of this P.O. 3,7 year, is shown on the next page.To reduce the number of accounts in the trial balance. Selling Expenses (con¬trol) is used in
The Stockholders’ Equity section of the balance sheet of Peters P.O. Z,4,S,6,7 Western Wear, Inc., as of January 1 is as follows:Some of the transactions that took place during the year
Here are the account balances taken from the general ledger P.0.7 and statement of retained earnings for Bristolware, Inc.:a. Preferred 9 percent stock: 3,000 shares authorized, 2,280 shares issuedb.
Some of the transactions of Alamo Air Service, Inc., during this follows:Instructions Record these transactions in general journal form.Check Figure Adjusting entry, $43,920 Mar. 15 Paid the balance
The trial balance of Brandon Beauty Supply, Inc., dated Decern- P.O. 3,7 her 31 of this year, is shown here.To reduce the number of accounts in the trial balance, Selling Expenses (con¬trol) is used
The Stockholders’ Equity section of the balance sheet of Lido P.O. 2,4,5,6,7 Auto Wholesale, Inc., as of January 1 is as follows:Some of the transactions that took place during the year

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