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financial accounting for decision makers

Questions and Answers of Financial Accounting For Decision Makers

Mawmey Inc. uses a periodic inventory system. Its records show the following for the month of May, in which 78 units were sold:\section*{Instructions}Compute the ending inventory at May 31 using the
In June, Dakota Company reports the following for the month of June:\section*{Instructions}(a) Compute the cost of the ending inventory and the cost of goods sold under (1) FIFO and (2) LIFO.(b)
Here is information related to Volkov Company for 1998:\section*{Instructions}(a) What amount of bad debts expense will Volkov Company report if it uses the direct write-off method of accounting for
Inventory data for Dakota Company are presented in E6-6.\section*{Instructions}(a) Compute the cost of the ending inventory and the cost of goods sold using the average cost method.(b) Will the
This information is available for Lawrence Corporation for 1997, 1998, and 1999:\section*{Instructions}Calculate the inventory turnover ratio, days in inventory, and gross profit rate (from Chapter
Presented here is an aging schedule for Deep Canyon Company:At December 31, 1998, the unadjusted balance in Allowance for Doubtful Accounts is a credit of \(\$ 10,000\).\section*{Instructions}(a)
Seles Hardware reported cost of goods sold as follows:Seles made two errors:1. 1998 ending inventory was overstated by \(\$ 4,000\).2. 1999 ending inventory was understated by \(\$
Aruba Company reported these income statement data for a 2-year period:Aruba Company uses a periodic inventory system. The inventories at January 1, 1998, and December 31, 1999, are correct. However,
Huang Co. uses \(8 \%\) of the accounts receivable balance to determine its bad debts expense for the period. At the beginning of the current period, Huang had an Allowance for Doubtful Accounts of
An inexperienced accountant for Churchill Company made the following errors in recording merchandising transactions:1. A \(\$ 150\) refund to a customer for faulty merchandise was debited to Sales
Selica Company closes its books on October 31. On September 30 the Notes Receivable account balance is \(\$ 23,400\). Notes Receivable include the following:Interest is computed using a 360-day year.
Chi Chi Ramos, a former professional golfer, operates Chi Chi's Pro Shop at Bay Golf Course. At the beginning of the current season on April 1, the ledger of Chi Chi's Pro Shop showed Cash \(\$
On January 1, 1998, Ricardo Company had Accounts Receivable \(\$ 146,000\); Notes Receivable \(\$ 15,000\); and Allowance for Doubtful Accounts \(\$ 13,200\). The note receivable is from Annabelle
Metro Department Store is located in midtown Metropolis. During the past several years, net income has been declining because of competition from suburban shopping centers. At the end of the
Presented here is basic financial information from the 1995 annual reports of Goodyear Tire and Rubber Co. and Cooper Tire and Rubber Co.:\section*{Instructions}(a) Calculate the receivables turnover
Kane Company had a beginning inventory on January 1 of 100 units of Product SXL at a cost of \(\$ 20\) per unit. During the year, purchases were:\begin{tabular}{llll}Mar. 15 & 300 units at \(\$ 24\)
This information was extracted from recent annual reports of Starbucks Corporation:\section*{Instructions}(a) Assuming that all sales are credit sales, calculate the receivables turnover ratio and
The management of Tumatoe Inc. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 1998 the accounting Compute ending inventory records show
The financial statements of Green Mountain Coffee are presented in Appendix B, following the financial statements for Starbucks in Appendix A.\section*{Instructions}(a) Based on the information
This information is available for Marias Corporation for 1997, 1998, and 1999.Compute inventory turnover ratio, days in inventory, and current ratio based on LIFO and after adjusting for LIFO
The May 6, 1996, issue of Forbes includes an article by Matthew Schifrin and Howard Rudnitsky entitled "Rx for Receivables."\section*{Instructions}Read the article and answer these questions:(a) Why
Billy Jean Evert, a former professional tennis star, operates B.J.'s Tennis Shop at the Jackson Lake Resort. At the beginning of the current season, the ledger of B.J.'s Tennis Shop showed Cash \(\$
Minicase Sears, Roebuck \& Co.}Sears is one of the world's largest retailers. It is also a huge provider of credit through its Sears credit card. Revenue generated from credit operations was \(\$
The N-Mart Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 1998, these accounts appeared in its Prepare a multiple-step adjusted
Johanna and Jake Berkvom own Campus Fashions. From its inception Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several
Steward Company had a beginning inventory of 400 units of Product MLN at a cost of \(\$ 8.00\) per unit. During the year, purchases were:Steward Company uses a periodic inventory system. Sales
Arvada Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of \(2 / 10, n / 30\). In the past, more than \(75 \%\) of the credit
The management of Real Novelty Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average cost. The company requests your help in determining the
Art World Industries, Inc., was incorporated in 1986 in Delaware, although it is located in Los Angeles. The company employs 25 people to print, publish, and sell limited-edition graphics and
This information is available for Paisley Corporation for 1997, 1998, and 1999 Paisley uses the LIFO inventory method.\section*{Instructions}Calculate the inventory turnover ratio, days in inventory,
The notes that accompany a company's financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements of
Sherie Mitchell, controller for S \& J Mitchell Co., provides you with the following list of accounts receivable that were written off during the current year:S \& J Mitchell Co. follows the
The financial statements of Green Mountain Coffee are presented in Appendix B, following the financial statements for Starbucks in Appendix A.\section*{Instructions}(a) Based on the information in
The September 23, 1994, edition of The Wall Street Journal includes an article entitled "CompUSA Auctions Notebook Computers Through Bulk Sale."\section*{Instructions}Read the article and answer
Sara Joy Corporation is a recently formed business selling the "World's Best Doormat." The corporation is selling doormats faster than Sara Joy can make them. It has been selling the product on a
Minicase 1 Morrow Snowboards}Snowboarding is a rapidly growing sport in the United States. Morrow Snowboards, located in Salem, Oregon, is a significant player in snowboard manufacture and sales. In
Shirt Co. is a subsidiary of Clothes Corp. The controller believes that the yearly allowance for doubtful accounts for Shirt Co. should be \(2 \%\) of net credit sales. The president of Shirt Co.,
Purpose: The Security Exchange Act of 1934 requires any firm that is listed on one of the national exchanges to file annual reports (form \(10-\mathrm{K}\) ), financial statements, and quarterly
Minicase 2 Nike and Reebok}Nike and Reebok compete head-to-head in the sport shoe and sport apparel business. For both companies, inventory is a significant portion of total assets. The following
Morton International, Inc., with headquarters in Chicago, Illinois, manufactures specialty chemicals, automobile airbags, and salt. During 1996, the specialty chemicals business was reorganized, and
General Motors is the largest producer of automobiles in the world as well as the world's biggest industrial enterprise. After stumbling in the early 1990s, GM has implemented numerous cost-cutting
In groups of four or five students, choose one of these inventory cost flow methods: FIFO, LIFO, average cost, specific identification.\section*{Instructions}(a) Discuss the assumed cost flow method
In a discussion of dramatic increases in coffee bean prices, a recent Wall Street Journal article noted the following fact about Starbucks:Before this year's bean-price hike, Starbucks added several
You are the controller of Small Toys Inc. Joy Small, the president, recently mentioned to you that she found an error in the 1997 financial statements which she believes has corrected itself. She
Lonergan Wholesale Corp. uses the LIFO cost flow method. In the current year, profit at Lonergan is running unusually high. The corporate tax rate is also high this year, but it is scheduled to
Purpose: Use a company's annual report to identify the inventory method used and analyze the effects on the income statement and balance sheet.Address: http://www.cisco.com Steps:1. From Cisco
Internal control is used in a business to enhance the accuracy and reliability of its accounting records and to:(a) safeguard its assets.(b) prevent fraud.(c) produce correct financial statements.(d)
Permitting only designated personnel such as cashiers to handle cash receipts is an application of the principle of:(a) segregation of duties.(b) establishment of responsibility.(c) independent
In a bank reconciliation, deposits in transit are:(a) deducted from the book balance.(b) added to the book balance(c) added to the bank balance.(d) deducted from the bank balance.(SO 6)
J. Duma is reviewing the principle of segregation of duties. What are the two common applications of this principle?
As the company accountant, explain these ideas to the management of Cobo Company:(a) The concept of reasonable assurance in internal control(b) The importance of the human factor in internal control
Midwest Inc. owns these assets at the balance sheet date:What amount should be reported as Cash in the balance sheet? Cash in bank savings account Cash on hand Cash refund due from the IRS Checking
At Allen Wholesale Company two mail clerks open all mail receipts. How does this strengthen internal control?
Handy Company's internal controls over cash disbursements provide for the treasurer to sign checks imprinted by a checkwriter after comparing the check with the approved invoice. Identify the
How do these principles apply to cash disbursements:(a) Physical, mechanical, and electronic controls(b) Other controls
Paul Pascal is confused about the lack of agreement between the cash balance per books and the balance per bank. Explain the causes for the lack of agreement to Paul, and give an example of each
Mary Mora asks your help concerning an NSF check. Explain to Mary (a) what an NSF check is, (b) how it is treated in a bank reconciliation, and (c) whether it will require an adjusting entry per bank.
What measures may be computed to evaluate the adequacy of cash?
Gina Milan is the new owner of Liberty Parking. She has heard about internal control but is not clear about its importance for her business. Explain to Gina the two purposes of internal control, and
T. J. Boad is uncertain about the control features of a bank account. Explain the control benefits of (a) a check and (b) a bank statement.
The following reconciling items are applicable to the bank reconciliation for Ashley Co. Indicate how each item should be shown on a bank reconciliation.(a) Outstanding checks(b) Bank debit
At July 31 Dana Company has this bank information: cash balance per bank \(\$ 7,420\); outstanding checks \(\$ 762\); deposits in transit \(\$ 1,700\); and a bank service charge \(\$ 20\). Determine
The following information is available for Marais Company for the month of January: expected cash receipts \(\$ 60,000\); expected cash disbursements \(\$ 65,000\); cash balance on January \(1 \$
Tijuana Company has these cash balances: Cash in Bank \(\$ 12,742\); Payroll Bank Account \(\$ 6,000\); and Plant Expansion Fund Cash \(\$ 25,000\). Explain how each balance should be reported on the
Kellogg Company's 1996 annual report disclosed the following financial information: net income \(\$ 531\) million; cash dividends \(\$ 344\) million; net cash provided by operating activities \(\$
Amoco Corporation's 1996 annual report disclosed the following financial information: total expenses \(\$ 33,278\) million; depreciation, depletion, and amortization \(\$ 2,294\) million; and cash
On March 20 Gimbal's petty cash fund of \(\$ 100\) is replenished when the fund contains \(\$ 12\) in cash and receipts for postage \(\$ 52\), supplies \(\$ 26\), and travel expense \(\$ 10\).
Joe Marino is the owner of Marino's Pizza. Marino's operates strictly on a carryout basis. Customers pick up their orders at a counter where a clerk exchanges the pizza for cash. While at the
The following control procedures are used in Tolan Company for over-the-counter cash receipts:1. Cashiers are experienced; they are not bonded.2. All over-the-counter receipts are registered by three
The following control procedures are used in Ann's Boutique Shoppe for cash disbursements:1. Each week Ann leaves 100 company checks in an unmarked envelope on a shelf behind the cash register.2. The
At O'Malley Company checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file
Ono LoKo is unable to reconcile the bank balance at January 31. Ono's reconciliation is shown here:\section*{Instructions}(a) Prepare a correct bank reconciliation.(b) Journalize the entries required
At April 30 the bank reconciliation of Drofo Company shows three outstanding checks: No. \(254 \$ 650\), No. \(255 \$ 820\), and No. \(257 \$ 410\). The May bank statement and the May cash payments
The following information pertains to Mohammed Company:1. Cash balance per bank, July \(31, \$ 7,463\).2. July bank service charge not recorded by the depositor \(\$ 15\).3. Cash balance per books,
This information relates to the Cash account in the ledger of Reston Company:Balance September 1- \(\$ 17,150\); Cash deposited- \(\$ 64,000\)Balance September 30 - \(\$ 17,404\); Checks written-
The cash records of Kuwait Company show the following:1. The June 30 bank reconciliation indicated that deposits in transit total \(\$ 850\). During July the general ledger account Cash shows
Hanover Company expects to have a cash balance of \(\$ 46,000\) on January 1, 1998 . These are the relevant monthly budget data for the first 2 months of 1998:\(\sqrt{1}\). Collections from
Ascend Communications, Inc. reported the following financial data in its 1996 annual report: net income \(\$ 113\) million; cash and cash equivalents \(\$ 214\) million; total expenses (not including
Ramona Company uses a petty cash system. The fund was established on March 1 with a balance of \(\$ 100\). During March the following petty cash receipts were found in the petty cash box:There was no
Red River Theater is in the Red River Mall. A cashier's booth is located near the entrance to the theater. Two cashiers are employed. One works from 1:00 to 5:00 P.M., the other from 5:00 to 9:00
On July 31, 1998, Lori Company had a cash balance per books of \(\$ 6,815.30\). The statement from Tri-County Bank on that date showed a balance of \(\$ 7,075.80\). A comparison of the bank statement
The bank portion of the bank reconciliation for London Company at October 31, 1998, is shown here:The adjusted cash balance per bank agreed with the cash balance per books at October 31. The November
Mayo Company's bank statement from Lane National Bank at August 31, 1998, gives this information:A summary of the Cash account in the ledger for August shows: Balance, August 1, \(\$ 16,900\);
Joplin Company prepares monthly cash budgets. Here are relevant data from operating budgets for 1998 :All sales are on account. Collections are expected to be \(50 \%\) in the month of sale, \(30
MTR Company maintains a petty cash fund for small expenditures. These trans-Joumalize and post petty actions occurred over a 2 -month period: cash fund transactions. (SO 9)July 1 Established the
Acura Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum, the
Nisson Distributing Company completed these merchandising transactions in the month of April. At the beginning of April, the ledger of Nisson showed Cash of \(\$ 9,000\) and Common Stock of \(\$
Varsity Auto Sales uses a perpetual inventory system. On April 1 the new car inventory records show total inventory of \(\$ 140,000\) consisting of the following:During April the following purchases
N-Mart Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 1998, the following accounts appeared in its adjusted trial
Billy Jean Evert, a former professional tennis star, operates B.J.'s Tennis Shop at Jackson Lake Resort. At the beginning of the current season, the ledger of B.J.'s Tennis Shop showed Cash \(\$
A part-time bookkeeper prepared this income statement for Tao Company for the year ending December 31, 1998:As an experienced, knowledgeable accountant, you review the statement and determine the
The trial balance of Ivanna Fashion Center contained the following accounts at November 30, the end of the company's fiscal year:Adjustment data:1. Store supplies on hand total \(\$ 3,500\).2.
The financial statements for Starbucks are presented in Appendix A at the end of this book.\section*{Instructions}Answer these questions using the Consolidated Income Statement:(a) What was the
The financial statements of Green Mountain Coffee are presented in Appendix B, following the financial statements for Starbucks in Appendix A.\section*{Instructions}(a) Based on the information
The April 1996 issue of the Journal of Accountancy includes an article by Dennis R. Beresford, L. Todd Johnson, and Cheri L. Reither entitled "Is a Second Income Statement
Minicase 1 McDonnell Douglas}McDonnell Douglas, based in St. Louis, Missouri, describes itself in its 1994 annual report as the world's largest builder of fighter and military transport aircraft, the
Minicase 2 Bob Evans Farms, Inc.}Bob Evans Farms, Inc., operates 315 restaurants in 19 states and produces fresh and fully cooked sausage products, fresh salads, and related products distributed to
Three years ago Kathy Webb and her brother-in-law John Utley opened FedCo Department Store. For the first 2 years, business was good, but the following condensed income results for 1998 were
A. L. Laboratories is headquartered in Fort Lee, New Jersey, and also has operations in Scandinavia and Indonesia. The company develops and produces generic pharmaceuticals, specializing in both
This information is taken from the accounting records of Grant Company:\section*{Instructions}Working in groups of four or five students, determine these values:(a) Net sales (c) Income from

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