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financial accounting for decision makers

Questions and Answers of Financial Accounting For Decision Makers

On July 1, 1998, Bere Co. pays \(\$ 15,000\) to Marla Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Bere Co. journalize and post the entry on
Using the data in BE4-5, journalize and post the entry on July 1 and the adjusting entry on December 31 for Marla Insurance Co. Marla uses the accounts Unearned Insurance Revenue and Insurance
The bookkeeper for DeVoe Company asks you to prepare the following accrued adjusting entries at December 31:(a) Interest on notes payable of \(\$ 400\) is accrued.(b) Service revenue earned but
The trial balance of Hoi Company includes the following balance sheet accounts Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) the type of
The adjusted trial balance of Lumas Corporation at December 31, 1998, includes the following accounts: Retained Earnings $15,600; Dividends $6,000; Service Revenue $35,400; Salaries Expense $13,000;
Partial adjusted trial balance data for Lumas Corporation are presented in BE4-9. The balance in Retained Earnings is the balance as of January 1. Prepare a state- ment of retained earnings for the
The following selected accounts appear in the adjusted trial balance for Khanna Company. Indicate the financial statement on which each balance would be reported. (a) Accumulated Depreciation (e)
Using the data in BE4-11, identify the accounts that would be included in a post-closing trial balance.
These are the assumptions, principles, and constraints discussed in this and previous chapters:1. Economic entity assumption 2. Going concern assumption 3. Monetary unit assumption 4. Time period
Here are some accounting reporting situations:(a) Tercek Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be
Rafael Company accumulates the following adjustment data at December 31:(a) Service Revenue earned but unbilled totals \(\$ 600\).(b) Store supplies of \(\$ 300\) have been used(c) Utility expenses
The ledger of Easy Rental Agency on March 31 of the current year includes these selected accounts before adjusting entries have been prepared:An analysis of the accounts shows the following:1. The
Kay Ong, D.D.S., opened an incorporated dental practice on January 1, 1998. During the first month of operations the following transactions occurred:1. Performed services for patients who had dental
The trial balance for Sierra Corporation is shown in Illustration 4-4. In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data:1. Advertising supplies
The income statement of Weller Co. for the month of July shows net income of \(\$ 1,400\) based on Service Revenue \(\$ 5,500\); Wages Expense \(\$ 2,300\); Supplies Expense \(\$ 1,200\); and
This is a partial adjusted trial balance of Cordero Company:\section*{Instructions}Answer these questions, assuming the year begins January 1:(a) If the amount in Supplies Expense is the January 31
Selected accounts of Alamo Company are shown here:\section*{Instructions}After analyzing the accounts, journalize (a) the July transactions and (b) the adjusting entries that were made on July 31.
The trial balances shown at the top of the next page are before and after adjustment for Apachi Company at the end of its fiscal year:\section*{Instructions}Prepare the adjusting entries that were
Presented below are the assumptions, principles, and constraints used in this and previous chapters.1. Economic entity assumption 6. Revenue recognition principle 2. Going concern assumption 7.
The trial balance before adjustment of Scenic Tours at the end of its first month of operations is presented here:Other data:1. The insurance policy has a 1-year term beginning June \(1,1998\).2. The
The River Run Motel opened for business on May 1, 1998. Here is its trial balance before adjustment on May 31:Other data:1. Insurance expires at the rate of \(\$ 200\) per month.2. An inventory of
Ozaki Co. was organized on July 1, 1998. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here:\section*{Instructions}(a) Journalize
A review of the ledger of Montana Company at December 31, 1998, produces these data pertaining to the preparation of annual adjusting entries:1. Prepaid Insurance \(\$ 12,800\) : The company has
On November 1, 1998, the following were the account balances of Alou Equipment Repair:During November the following summary transactions were completed:Nov. 8 Paid \(\$ 1,100\) for salaries due
Presented here are the assumptions, principles, and constraints used in this and previous chapters:1. Economic entity assumption 6. Revenue recognition principle 2. Going concern assumption 7.
Ortega Security Service began operations on January 1, 1998. At the end of the Prepare adjusting entries, first year of operations, this is the trial balance before adjustment:Other data:1. Service
Highland Cove Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here:Other data:1. Insurance expires at the rate of
Grant Advertising Agency was founded by Thomas Grant in January 1994. Presented here are both the adjusted and unadjusted trial balances as of December 31, 1998.\section*{Instructions}(a) Journalize
A review of the ledger of Greenberg Company at December 31, 1998, produces the following data pertaining to the preparation of annual adjusting entries:1. Salaries Payable \(\$ 0\) : There are eight
On September 1, 1998, the following were the account balances of Rijo Equipment Repair:During September the following summary transactions were completed:Sept. 8 Paid \(\$ 1,100\) for salaries due
The financial statements of Starbucks are presented in Appendix A at the end of this book.\section*{Instructions}(a) Using the consolidated income statement and balance sheet, identify items that may
The financial statements of Green Mountain Coffee are presented in Appendix B, following the financial statements for Starbucks in Appendix A.\section*{Instructions}(a) Identify two accounts on Green
The March 1995 issue of Management Review includes an article by Barbara Ettorre entitled "How Motorola Closes Its Books in Two Days."\section*{Instructions}Read the article and answer these
Minicase Case Corporation}Case Corporation, based in Racine, Wisconsin, manufactures farm tractors, farm equipment, and light- and medium-sized construction equipment. The company's products are
Holiday Travel Court was organized on April 1, 1997, by Alice Adare. Alice is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Alice prepared the
Betsy and Bill Kite, local golf stars, opened Parmor Driving range on March 1, 1998 , by investing \(\$ 10,000\) of their cash savings in the business. A caddy shack was constructed for cash at a
Laser Recording Systems, founded in 1981, produces laser disks for use in the home market. Sales since 1985 have increased approximately 15\% per year. The following is an excerpt from Laser
These types of adjusting entries were introduced in this chapter: (1) prepaid expenses, (2) unearned revenues, (3) accrued revenues, and (4) accrued expenses.\section*{Instructions}With the class
Assume that the FASB has decided to address the problem of information overload. It has agreed to eliminate one of the principles, assumptions, constraints, or qualitative characteristics listed
In reviewing the accounts of Marylee Co. at the end of the year, you discover that adjusting entries have not been made.\section*{Instructions}Write a memorandum to Mary Lee Virgil, the owner of
Diamond Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Diamond's chemical pesticides. During the coming
Purpose: Using "Edgar Database" to locate and identify common corporate filing required by the SEC forms and their definitions.Address:
A credit sale of \(\$ 750\) is made on June 13, terms \(2 / 10, \mathrm{n} / 30\), on which a return of \(\$ 50\) is granted on June 16. What amount is received as payment in full on June 23?(a) \(\$
Which of the following statements about a periodic inventory system is true?(a) Cost of goods sold is determined only at the end of the accounting period.(b) Detailed records of the cost of each
Which of the following items does not result in an adjustment in the merchandise inventory account under a perpetual system?(a) A purchase of merchandise(b) A return of merchandise inventory to the
The income statement for a merchandising company shows each of these features except:(a) gross profit.(b) cost of goods sold.(c) a sales revenue section.(d) All of these are present.
Which of the following would not affect the operating expenses to sales ratio? (Assume sales remains constant.)(a) An increase in advertising expense(b) A decrease in depreciation expense(c) An
\(\sim\) The gross profit rate is equal to:(a) net income divided by sales.(b) cost of goods sold divided by sales.(c) sales minus cost of goods sold, divided by net sales.(d) sales minus cost of
Which factor would not affect the gross profit rate?(a) An increase in the cost of heating the store(b) An increase in the sale of luxury items(c) An increase in the use of "discount pricing" to sell
(a) "The steps in the accounting cycle for a merchandising company are different from the steps in the accounting cycle for a service enterprise." Do you agree or disagree?(b) Is the measurement of
Joan Hollins believes revenues from credit sales may be earned before they are collected in cash. Do you agree? Explain.
(a) What is the primary source document for recording (1) cash sales and (2) credit sales.(b) Using XXs for amounts, give the journal entry for each of the transactions in part (a).
A credit sale is made on July 10 for \(\$ 900\), terms \(2 / 10\), \(\mathrm{n} / 30\). On July \(12, \$ 100\) of goods are returned for credit. Give the journal entry on July 19 to record the
Goods costing \(\$ 1,600\) are purchased on account on July 15 with credit terms of \(2 / 10, \mathrm{n} / 30\). On July 18 a \(\$ 100\) credit memo is received from the supplier for damaged goods.
Presented here are the components in Sang Nam Company's income statement Determine the missing amounts. Sales $ 75,000 $108,000 Cost of Goods Sold (b) $65,000 $71,900 (a) Gross Profit Operating Net
Keo Company buys merchandise on account from Mayo Company. The selling price of the goods is \(\$ 900\) and the cost of goods is \(\$ 600\). Both companies use perpetual inventory systems. Journalize
Prepare the journal entries to record the following transactions on \(\mathrm{H}\). Hunt Company's books using a perpetual inventory system.(a) On March 2 H. Hunt Company sold \(\$ 900,000\) of
A. Cosby Company provides this information for the month ended October 31, 1998: sales on credit \(\$ 300,000\); cash sales \(\$ 100,000\); sales discounts \(\$ 5,000\); and sales returns and
Explain where each of these items would appear on a multiple-step income statement: gain on sale of equipment, cost of goods sold, depreciation expense, and sales returns and allowances.
Paisley Corporation reported net sales of \(\$ 250,000\), cost of goods sold of \(\$ 100,000\), operating expenses of \(\$ 50,000\), net income of \(\$ 80,000\), beginning total assets of \(\$
Ry Corporation reported net sales \(\$ 550,000\); cost of goods sold \(\$ 300,000\); operating expenses \(\$ 150,000\); and net income \(\$ 70,000\). Calculate these values:(a) Profit margin ratio(c)
The following transactions are for C. Pippen Company:1. On December 3 C. Pippen Company sold \(\$ 400,000\) of merchandise to I. Thomas Co., terms \(2 / 10, \mathrm{n} / 30\). The cost of the
On September 1 Campus Office Supply had an inventory of 30 deluxe pocket calculators at a cost of \(\$ 20\) each. The company uses a perpetual inventory system. During September these transactions
This information relates to Hans Olaf Co.:1. On April 5 purchased merchandise from D. DeVito Company for \(\$ 18,000\), terms \(2 / 10\), \(n / 30\).2. On April 6 paid freight costs of \(\$ 900\) on
On June 10 Pele Company purchased \(\$ 5,000\) of merchandise from Duvall Company, terms \(2 / 10, n / 30\). Pele pays the freight costs of \(\$ 300\) on June 11. Damaged goods totaling \(\$ 300\)
Presented is information related to Baja Co. for the month of January 1998:\section*{Instructions}(a) Prepare an income statement using the format presented on page 213. Operating expenses should not
Financial information is presented here for two companies:\section*{Instructions}(a) Fill in the missing amounts. Show all computations.(b) Calculate the profit margin ratio, gross profit rate, and
In its income statement for the year ended December 31, 1998, Chevalier Company reported the following condensed data:\section*{Instructions}(a) Prepare a multiple-step income statement.(b) Calculate
The adjusted trial balance of Cecilie Company shows these data pertaining to sales at the end of its fiscal year, October 31, 1998: Sales \(\$ 900,000\); Freight-out \(\$ 12,000\); Sales Returns and
Eagle Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Eagle showed Cash of \(\$ 5,000\) and Common Stock of \(\$
Presented here are selected transactions for the Norlan Company during September of the current year. Norlan Company uses the perpetual inventory system.Sept. 2 Purchased delivery equipment on
Metro Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city
Chi Chi Ramos, a former professional golf star, 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 \(\$
An inexperienced accountant prepared this condensed income statement for Zambrana Company, a retail firm that has been in business for a number of years.As an experienced, knowledgeable accountant,
The trial balance of Mesa Wholesale Company contained the accounts shown at December 31, the end of the company's fiscal year:Adjustment data:1. Depreciation is \(\$ 10,000\) on buildings and \(\$
Here is a list of words or phrases discussed in this chapter:1. Accounts payable 5. Corporation 2. Creditor 6. Common stock 3. Stockholder 7. Accounts receivable 4. Partnership 8. Auditor's
This information relates to Tone Kon Co. for the year 1998:\section*{Instructions}After analyzing the data, prepare an income statement and a retained earnings statement for the year ending December
Kit Lucas is the bookkeeper for Aurora Company. Kit has been trying to get this balance sheet of Aurora Company to balance. It finally balanced, but now he's not sure it is correct. Assets AURORA
Deer Park Inc. is a public camping ground near the Lake Mead National Recreation Area. It has compiled the following financial information as of December 31, 1998: Revenues during 1998: camping fees
The financial information below relates to the 1998 operations of Duchess Cruise Company:\section*{Instructions}Prepare the 1998 income statement for Duchess Cruise Company. Maintenance expense $
Presented here is information for Grace Olsen Inc.:\section*{Instructions}Prepare the 1998 retained earnings statement for Grace Olsen Inc. Retained earnings, January 1, 1998 Revenue from legal
Consider each of the following independent situations.(a) The retained earnings statement of Megan Corporation shows dividends of \(\$ 70,000\), while net income for the year was \(\$ 75,000\).(b)
This information is for James Kirk Corporation for 1998:\section*{Instructions}Prepare the 1998 statement of cash flows for James Kirk Corporation.\section*{Instructions}Calculate the missing
Here are incomplete financial statements for Baxter, Inc.:\section*{Instructions}Calculate the missing amounts. BAXTER, INC. Balance Sheet Liabilities and Stockholders' Equity Assets Cash $ 5,000
Ace Cleaners Corporation has nine balance sheet items.\section*{Instructions}Classify each of these items as an asset, liability, or stockholders' equity.(a) Accounts payable(f) Notes payable(b)
The annual report provides financial information in a variety of formats including the following:\section*{Instructions}For each of the following, state in what area of the annual report the item
Presented below are the assumptions and principles discussed in this chapter:1. Full disclosure principle 4. Time period assumption 2. Cost principle 5. Going concern assumption 3. Monetary unit
Marietta Co. had three major business transactions during 1998:(a) Merchandise inventory with a cost of \(\$ 208,000\) is reported at its market value of \(\$ 260,000\).(b) The president of Marietta
On June 1 Glamor Cosmetics Co. was started with an initial investment in the company of \(\$ 26,200\) cash. Here are the assets and liabilities of the company at June 30, and the revenues and
Presented below is selected financial information for Maison Corporation for December 31, 1998:\section*{Instructions}Determine which items should be included in a statement of cash flows and then
Aero Flying School was started on May 1 with an investment of \(\$ 45,000\) cash. Following are the assets and liabilities of the company on May 31, 1998, and the revenues and expenses for the month
Presented below are selected financial statement items for Kennedy Corporation for December 31, 1998:\section*{Instructions}Determine which items should be included in a statement of cash flows, and
Kettle Corporation was formed during 1998 by Pam Bollinger. Pam is the president and sole stockholder. At December 31, 1999, Pam prepared an income statement for Kettle Corporation. Pam is not an
The actual financial statements of Starbucks Corporation as presented in the company's 1996 annual report are given in Illustrations 1-6 through 1-9.\section*{Instructions}Refer to Starbucks'
The financial statements of Green Mountain Coffee are presented in Illustrations 1-15 through 1-18, and Starbucks' financial statements are presented in Illustrations 1-6 through
The Wall Street Joumal (WSJ), published weekdays by Dow Jones \& Company, Inc., is a premier source of business information.\section*{Instructions}Examine a recent copy of the WSJ and answer these
Most libraries have company annual reports on file or available on microfiche.\section*{Instructions}Obtain copies of the financial statements of two companies and answer these questions:(a) What
Minicase Med/Waste, Inc.Med/Waste, Inc., provides commercial cleaning and medical waste disposal services to hospitals and other large health care providers, primarily in the state of Florida. In its
Kelly Services, Inc., is a service company that provides personnel for temporary positions, primarily nontechnical. When a company requests assistance, Kelly matches the qualifications of its standby
Founded in 1980, Air Transportation Holding Company operates contract cargo shipping, specializing in small overnight deliveries throughout the eastern United States. The company flies approximately

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