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financial accounting 11th

Questions and Answers of Financial Accounting 11th

Using LIFO will produce a lower net income than using FIFO under which of the following conditions?a. Inventory costs are decreasing.b. Inventory costs are increasing.c. Inventory costs are not
What is the net sales revenue?a. \(\$ 400,000\)b. \(\$ 445,000\)c. \(\$ 415,000\)d. \(\$ 455,000\) Sales revenue $480,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and
What is the gross profit?a. \(\$ 145,000\)b. \(\$ 105,000\)c. \(\$ 140,000\)d. \(\$ 90,000\) Sales revenue $480,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and allowances
What is the net income?a. \(\$ 60,000\)b. \(\$ 65,000\)c. \(\$ 55,000\)d. \(\$ 180,000\) Sales revenue $480,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and allowances 15,000
What is the gross profit percentage?a. \(13.54 \%\)b. \(14.61 \%\)c. \(32.58 \%\)d. \(21.67 \%\) Sales revenue $480,000 Cost of goods sold 300,000 Sales discounts 20,000 Sales returns and allowances
Calculate cost of inventory. (LO 1)Celebration Coordinators Corporation began operations on April 1. The following transactions took place in the month of April.a. Cash purchases of merchandise
Record purchase of merchandise inventory: perpetual inventory system. (LO 1, 2) Using the data from SE5-1, enter each of the transactions into the accounting equation for the month of April, assuming
Calculate cost of inventory. (LO 1)For each of the following independent situations, calculate the amount that the purchasing company would record as the cost of each inventory purchase.a. Invoice
Record sale of merchandise inventory: perpetual inventory system. (LO 1, 2)Brenda Bailey's Textiles Inc. uses a perpetual inventory system. Enter each of the following transactions into the
Calculate gross profit and gross profit ratio. (LO 1, 6)Brenda Bailey's started the month of February with \(\$ 300,000\) of inventory. Using the information in SE5-4, calculate the net sales
Calculate cost of goods sold and ending inventory: weighted-average cost. (LO 3) Calculate the cost of goods sold and the cost of the ending inventory using the weighted average cost flow assumption.
Calculate cost of goods sold and ending inventory: FIFO. (LO 3)Using the data from SE5-6, calculate the cost of goods sold and the cost of the ending inventory using the FIFO periodic cost flow
Calculate cost of goods sold and ending inventory: LIFO. (LO 3)Using the data from SE5-6, calculate the cost of goods sold and the cost of the ending inventory using the LIFO periodic cost flow
Analyze effect of cost flow method on net income. (LO 3)Given the following information, calculate the amount by which net income would differ between FIFO and LIFO. Beginning inventory Purchases
Analyze effect of cost flow method on gross profit. (LO 3, 4)Given the following information, calculate the amount by which gross profit would differ between FIFO and LIFO. Beginning inventory
Apply the lower-of-cost-or-market rule. (LO 5)The following information pertains to item \#007SS of inventory of Marine Aquatic Sales Inc.The physical inventory indicates 2,000 units of item \#007SS
Apply the lower-of-cost-or-market rule. (LO 5)In each case, select the correct amount for the inventory on the year-end balance sheet.In addition to the amounts for the financial statements, what
Calculate the gross profit ratio, inventory turnover ratio, and average days in inventory. (LO 6)Using the following information, calculate inventory turnover ratio, the average days in inventory,
Identify risk and control. (LO 7)What is obsolete inventory? Name two things a firm can do to protect itself from the associated risk.
(Appendix A) Calculate inventory errors. (LO 8)How would each of the following inventory errors affect net income for the year? Assume each is the only error during the year.a. Ending inventory is
(Appendix B) Estimate inventory. (LO 9)Fantasy Games Inc. wants to estimate its ending inventory balance for its quarterly financial statements for the first quarter of the year. Given the following,
Record merchandising transactions: perpetual inventory system. (LO 1, 2)Assume the following transactions for Clark's Appliances Inc. took place during May. Clark's Appliances uses a perpetual
Record merchandising transactions: perpetual inventory system. (LO 1, 2) The Fedora Company had a beginning inventory balance of \(\$ 25,750\) and engaged in the following transactions during the
Calculate cost of goods sold and ending inventory: periodic FIFO. (LO 3, 4) Name Brand TV Sales and Service began the month of May with two television sets in inventory, Model \# TV5684; each unit
Calculate cost of goods sold and ending inventory: periodic LIFO. (LO 3, 4) Use the data in E5-3A to answer the following questions.Assume Name Brand uses a periodic inventory system and the LIFO
Calculate cost of goods sold and ending inventory: perpetual FIFO. (LO 3, 4) Use the data in E5-3A to answer the following questions.Assume Name Brand uses a perpetual inventory system and the FIFO
Calculate cost of goods sold and ending inventory: perpetual LIFO. (LO 3, 4) Use the data in E5-3A to answer the following questions.Assume Name Brand uses a perpetual inventory system and the LIFO
Calculate cost of goods sold and ending inventory: periodic weighted average cost. (LO 3, 4)The For Fish Company sells commercial fish tanks. The company began 2006 with 1,000 units of inventory on
Calculate cost of goods sold and ending inventory: perpetual weighted average cost. (LO 3, 4)Advanced Music Technology Inc. sells MP3 players. The company began the third quarter of the year on July
Apply the lower-of-cost-or-market rule. (LO 5)Use the following data to answer the following question.What inventory amount will this firm report on its balance sheet at December 31, 2011? Ending
Apply the lower-of-cost-or-market rule. (LO 5)In each case, indicate the correct amount to be reported for the inventory on the year-end balance sheet. a. Ending inventory at cost Ending inventory at
Calculate gross profit and gross profit percentage: FIFO and LIFO. (LO 6)Given the following information, calculate the gross profit and gross profit ratio under (a) FIFO periodic and under (b) LIFO
Calculate the inventory turnover ratio. (LO 6)A company calculated its inventory turnover for the past 2 years. This year the inventory turnover is 6.3 , and last year the inventory turnover was 7.5.
Identify risk and control. (LO 7)Suppose an unethical manager wanted to keep his firm's net income as high as possible for a particular quarter to make sure he would get his bonus. The inventory
(Appendix A) Calculate inventory errors. (LO 8)Ian's Small Appliances reported cost of goods sold as follows.Ian's made two errors:1. 2005 ending inventory was understated by \(\$ 5,000\).2. 2006
(Appendix B) Estimate inventory. (LO 9)The following information is available for the Arizona Chemical Supply Company.Estimate the cost of goods sold for January and the ending inventory at January
Record adjustments and prepare income statement. (LO 1, 2, 3, 4)Selected amounts (at December 31, 2007) from Soul Tan, Polish \& Refine Inc.'s information system appear as
Record adjustments and calculate net income. (LO 1, 2, 3, 4)The records of RCA Company revealed the following recorded amounts at December 31, 2006, before adjustments:Before RCA prepares the
Account for depreciable assets. (LO 3)Charlotte \& Gary Motorcycle Repair Corporation purchased a machine on January 1, 2008, for \(\$ 8,000\) cash. Gary expects to use the machine for 4 years and
Record adjustments. (LO 1, 2, 3)The following is a partial list of financial statement items from the records of Marshall's Company at December 31, 2008.Additional information includes the
Record adjustments. (LO 1, 2, 3)The following is a list of financial statement items from Sugar \& Spice Cookie Company as of December 31, 2007:Additional information:1. The company paid a \(\$
Record adjustments. (LO 1, 2, 3)The Fruit Packing Company has the following account balances at the end of the year:The company also has the following information available at the end of the year:1.
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4)The accounting records for Sony Snowboard Company, a snowboard repair company, contained the following balances as of December 31,
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4) Transactions for Pops Company for 2007 were:1. The owners started the business as a corporation by contributing \(\$ 30,000\) cash
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4)On June 1, Joel Adams started a computer business as a corporation. Joel started the business by contributing \(\$ 25,000\) in
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4, 5)The following is a list of accounts and their balances for Casa Bella Interiors at May 31 before adjustments and some additional
Analyze business transactions and prepare financial statements. (LO 1, 2, 3, 4) The accounting department for Setting Sun Vacation Rentals recorded the following transactions for 2009 , the first
Record adjustments and prepare income statement. (LO 1, 2, 3, 4)Selected amounts (at December 31, 2008) from Budget Planning Company's accounting records are shown here. No adjustments have been
Record adjustments and calculate net income. (LO 1, 2, 3, 4)The records of Jimenez Electric Company showed the following amounts at December 31, 2007 , before adjustments:Before Mr. Jimenez prepares
Account for depreciable assets. (LO 3)Super Clean Dry Cleaning purchased a new piece of office equipment on January 1, 2009, for \(\$ 18,000\) cash. The company expects to use the equipment for 3
Record adjustments. (LO 1, 2, 3)The following is a partial list of financial statement items from the records of Starnes Company at December 31, 2006 .Additional information includes the following:1.
Record adjustments. (LO 1, 2, 3)The following is a list of financial statement items from Chunky Candy Company as of June 30, 2008. Chunky's fiscal year is from July 1 to June 30.Additional
Record adjustments. (LO 1, 2, 3)The Delphi Desk Company has the following amounts in its records at the end of the fiscal year:The company also has the following information available at the end of
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4)The accounting records for Beta Company contained the following balances as of December 31,2008 :The following accounting events
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4) Given the following transactions for Security Company for 2008:1. The owners started the business as a corporation by contributing
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4)On September 1, Irene Shannon started Shannon Check Verification Services as a corporation. Irene started the firm by contributing
Record adjustments and prepare financial statements. (LO 1, 2, 3, 4)Puppy Studs Inc. provides a stud service for serious dog breeders. The company's accountant prepared the following list of accounts
Analyze business transactions and prepare financial statements. (LO 1, 2, 3, 4) The accounting department for SummerFest Promotions recorded the following transactions for the fiscal year ended June
Use the annual report from Staples to answer these questions:a. Does Staples have any deferred expenses? What are they, and where are they shown?b. Does Staples have accrued expenses? What are they,
Use Circuit City's balance sheet in Exhibit 3-17 on page 121 to answer these questions:a. The current asset section shows prepaid expenses. What might these pertain to? Have the "expenses" referred
Use Carnival Corporation's balance sheet to answer these questions:a. Which current asset reflects deferred expenses? Explain what it means to defer expenses, and give the adjustment to the
Is there anything in the annual report of Staples, given in the book's appendix, that addresses how the firm protects its accounting data? Be sure to use the entire annual report to answer this
DVD-Online Inc. is in its second year of business. The company is totally Web based, offering DVD rental to online customers for a fixed monthly fee. For $30 per month, a customer receives three DVDs
Use the balance sheet for Carnival Corporation shown in FSA 3-3. For each of the current assets and current liabilities, prepare a brief explanation of the nature of the item. For each current
If you were at a Darden property, what might you be doing? List two of the Darden chains.
Click on Investor Relations followed by Annual Report and Financials and then select the HTML version of the most recent annual report. Find the Balance Sheets under Financial Review by clicking next
Refer to the asset section.a. List the title of one asset account that includes accrued revenue-amounts earned but not yet received in cash.b. List the title of one asset account that includes
List the amounts reported for total current assets and total current liabilities for the most recent year. Compute working capital. For Darden, what does the amount of working capital indicate?
Explain how long-term assets are classified and how their cost is computed.
Explain and compute how tangible assets are written off over their useful lives and reported on the financial statements.
Explain and compute how intangible assets are written off over their useful lives and reported on the financial statements.
Explain how decreases in value, repairs, changes in productive capacity, and changes in estimates of useful life and salvage value of assets are reported on the financial statements.
Explain how the disposal of an asset is reflected in the financial statements.
Recognize and explain how long-term assets are reported on the financial statements, and prepare financial statements that include long-term assets.
Use return on assets (ROA) and the asset turnover ratio to help evaluate a firm's performance.
Identify and describe the business risks associated with long-term assets and the controls that can minimize those risks.
(Appendix) Explain how depreciation for financial statements differs from depreciation for taxes.
Describe the difference between tangible and intangible assets.
What is the difference between capitalizing and expensing a cost?
What is depreciation?
Explain the difference between depreciation and depletion.
How do firms determine the cost of property, plant, and equipment?
What is a basket purchase? What accounting problem does this type of purchase create, and how do firms remedy the accounting problem?
What is the carrying value, or book value, of an asset? Is this value equal to the market value of the asset? Explain your answer.
What is the residual value, or salvage value, of an asset?
How does depreciation apply the matching principle?
Explain the difference between the three depreciation methods allowed by GAAP.
What is a copyright and how is it accounted for?
What does it mean for an asset to be impaired?
How is a gain or loss on the disposal of an asset calculated? On which financial statement(s) would the gain or loss appear?
How does goodwill arise?
How is the return on assets (ROA) ratio calculated and what does this ratio measure?
How is the asset turnover ratio calculated and what does this ratio measure?
List two types of controls that safeguard assets.
Which of the following is an intangible asset?a. Franchiseb. Oil reservesc. Landd. Repairs
Depreciation is the systematic allocation of the cost of an asseta. Over the periods during which the asset is paid forb. Over the periods during which the market value of the asset decreasesc. Over
Writing off a cost meansa. Putting the cost on the balance sheet as an assetb. Evaluating the useful life of the assetc. Recording the cost as an expensed. Deferring the expense
Suppose a firm purchases a new building for \(\$ 500,000\) and spends an additional \(\$ 50,000\) making alterations to it before it can be used. How much will the firm record as the cost of the
Suppose a firm buys a piece of land with a building for \(\$ 100,000\). The firm's accountant wants to divide the cost between the land and building for the firm's financial records. Why?a. Land is
When an expenditure to repair an existing asset extends the useful life of the asset, the cost should bea. Classified as a revenue expenditure because it will result in increased revenueb.

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