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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

Mora Company maintains a petty cash fund for small expenditures. These trans- Journalize and post petty actions occurred during the month of August. cash fund transactions.Aug. 1 Established the
Saratoga Theater is in the Federal Mall. A cashier's booth is located near the weaknesses for cash receipts. entrance to the theater. Two cashiers are employed. One works from 1:00 to 5:00 p.M.,
Della Valle Middle School wants to raise money for a new sound system for its weaknesses in cash receipts auditorium. The primary fund-raising event is a dance at which the famous disc jockey and
On July 31, 2007, Hanlon Company had a cash balance per books of $6,140. The and adjusting entries. statement from Jackson State Bank on that date showed a balance of $7,695.80. A com-(SO 4) parison
The bank portion of the bank reconciliation for Kingston Company at October Prepare a bank reconciliation 31, 2007, is shown here. and adjusting entries from detailed data.(SO 4)KINGSTON COMPANY Bank
A Green Acres Company of Canton, Iowa, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2007, the company’s cash account per its general ledger showed a balance of
You are provided with the following information taken from Burlington Inc.’s March 31, 2007, balance sheet.Cash $ 8,000 Accounts receivable 20,000 Inventory 36,000 Property, plant, and equipment,
BossaNova Corporation prepares monthly cash budgets. Here are relevant data from operating budgets for 2007.January February Sales $350,000 $400,000 Purchases 110,000 130,000 Salaries 84,000 95,000
Dusk ’til Dawn 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
Marais Company recently changed its system of internal control over cash disbursements.The system includes the following features. 1. Instead of being unnumbered and manually prepared, all checks
On May 31, 2007, Galenti Company had a cash balance per books of $5,681.50.The bank statement from Community Bank on that date showed a balance of $7,964.60.A comparison of the statement with the
The bank portion of the bank reconciliation for Blue Diamond Company at November 30, 2007, is shown here.BLUE DIAMOND COMPANY Bank Reconciliation November 30, 2007 Cash balance per bank $14,367.90
Fertile Crescent Company of Omaha, Nebraska, provides liquid fertilizer and Prepare a bank reconciliation herbicides to regional farmers. On July 31, 2007, the company’s cash account per its gen-
Tran Co. expects to have a cash balance of $26,000 on January 1, 2007. Relevant(SO 7) monthly budget data for the first two months of 2007 are as follows.Collections from customers: January $70,000;
Zurich Inc. prepares monthly cash budgets. Here are relevant data from oper-(SO 7) ating budgets for 2007.cas January epee Sales $340,000 $400,000 Purchases 100,000 130,000 Salaries 80,000 95,000
Emporia Company is a very profitable small business. It has not, however, given reconciliation with theft and much consideration to internal control. For example, in an attempt to keep clerical and
The financial statements of Tootsie Roll are presented in Appendix A of this book, together with an auditor’s report—Report of Independent Auditors.Instructions Using the financial statements and
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions Answer the following questions for each
The January 27, 2005, issue of the Wall Street Journal contains an article by William M. Bulkeley and Robert Tomsho titled “Kodak to Get Auditors’ Adverse View.”Instructions Read the article
The international accounting firm Ernst and Young recently performed a global survey. The results of that survey are summarized in a report titled “Fraud: The Unmanaged Risk.”You can find this
The Financial Accounting Standards Board (FASB) is a private organization established to improve accounting standards and financial reporting. The FASB conducts extensive research before issuing a
The Public Company Accounting Oversight Board (PCAOB) was created as a result of the Sarbanes-Oxley Act. It has oversight and enforcement responsibilities over accounting firms in the U.S.Address:
Alternative Distributor Corp., a distributor of groceries and related products, is headquartered in Medford, Massachusetts.During a recent audit, Alternative Distributor Corp. was advised that
As anew auditor for the CPA firm of Ticke and Tie, you have been assigned to review the internal controls over mail cash receipts of Rangel Company. Your review reveals that checks are promptly
As noted in the chapter, banks charge fees of up to $30 for “bounced” checks—that is, checks that exceed the balance in the account. It has been estimated that processing bounced checks costs a
Fraud Bureau is a free service, established to alert consumers and investors about prior complaints relating to online vendors, including sellers at online auctions, and to provide consumers,
Identify the differences between a service enterprise and a merchandising company.AppendixLO1
Explain the recording of purchases under a perpetual inventory system.AppendixLO1
Explain the recording of sales revenues under a perpetual inventory system.AppendixLO1
Distinguish between a single-step and a multiple-step income statement.AppendixLO1
Determine cost of goods sold under a periodic system.AppendixLO1
Explain the factors affecting profitability.AppendixLO1
Which of the following statements about a periodic inventory system is true? (a) Companies determine cost of goods sold only at the end of the accounting period. (b) Companies continuously maintain
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
Which sales accounts normally have a debit balance? (a) Sales discounts. (b) Sales returns and allowances. (c) Both (a) and (b). (d) Neither (a) nor (b).AppendixLO1
A company makes a credit sale of $750 on June 13, terms 2/10, n/30, on which it grants a return of $50 on June AppendixLO1
What amount is received as payment in full on June 23? (a) $700. (c) $685. (b) $686. (d) $650.AppendixLO1
If beginning inventory is $60,000, cost of goods purchased is $380,000, and ending inventory is $50,000, what is cost of goods sold under a periodic system? (a) $390,000. (c) $330,000 (d) $420,000.
Which of the following would affect the gross profit rate? (Assume sales remains constant.) (a) An increase in advertising expense. (b) A decrease in depreciation expense. (c) An increase in cost of
When goods are purchased for resale by a company using a periodic inventory system: (a) purchases on account are debited to Merchandise Inventory. (b) purchases on account are debited to Purchases.
(a) "The steps in the accounting cycle for a mer- chandising company differ from the steps in the accounting cycle for a service enterprise." Do you agree or disagree? (b) Is the measurement of net
How do the components of revenues and expenses differ between a merchandising company and a service enterprise?AppendixLO1
Jennifer Hopkins, CEO of Pay-A-Lot Discount Stores, is considering a recommendation made by both the company's purchasing manager and director of finance that the company should invest in a so-
(a) Explain the income measurement process in a merchandising company. (b) How does income measurement differ between a merchandising company and a service company?AppendixLO1
Nick Bickler Co. has sales revenue of $100,000, cost of goods sold of $68,000, and operating expenses of $20,000. What is its gross profit?
Sheri Lynn believes revenues from credit sales may be earned before they are collected in cash. Do you agree? Explain.
A credit sale is made on July 10 for $800, terms 2/10, n/30. On July 12, the purchaser returns $100 of goods for credit. Give the journal entry on July 19 to record the receipt of the balance due
To encourage bookstores to buy a broader range of book titles, and to discourage price dis- counting, the publishing industry allows bookstores to return unsold books to the publisher. This results
Goods costing $1,600 are purchased on account on July 15 with credit terms of 2/10, n/30. On July 18 the purchaser receives a $200 credit memo from the supplier for damaged goods. Give the journal
Rosena Company reports net sales of $800,000, gross profit of $580,000, and net income of $260,000. What are its operating expenses?AppendixLO1
DeGroot Company has always provided its customers with payment terms of 1/10, n/30. Mem- bers of its sale force have commented that competi- tors are offering customers 2/10, n/45. Explain what these
In its year-end earnings announcement press release, Optimistic Corp. announced that its earnings increased by $15 million relative to the previous year. This represented a 20% increase. Inspection
Why is the normal operating cycle for a merchan- dising company likely to be longer than for a serv- ice company?AppendixLO1
What merchandising account(s) will appear in the post-closing trial balance?AppendixLO1
What types of businesses are most likely to use a per- petual inventory system?AppendixLO1
Identify the accounts that are added to or deducted from purchases to determine the cost of goods pur- chased under a periodic system. For each account, indicate (a) whether it is added or deducted
What two ratios measure factors that affect profitability?AppendixLO1
What factors affect a company's gross profit rate-that is, what can cause the gross profit rate to increase and what can cause it to decrease?AppendixLO1
Walter Lee, director of marketing, wants to reduce the selling price of his company's products by 15% to increase market share. He says, "I know this will reduce our gross profit rate, but the
Clare Company buys merchandise on account from Muni Company. The selling een Gees. price of the goods is $900 and the cost of the goods sold is $660. Both companies use perpetual inventory systems.
Marquette Company provides this information for the month ended October 31, eee statement. 2007: sales on credit $300,000; cash sales $130,000; sales discounts $5,000; and sales returns and
Explain where each of these items would appear on a multiple-step income stateon a multiple-step income ment: gain on sale of equipment, cost of goods sold, depreciation expense, and sales
Assume that Roshek Company uses a periodic inventory system and has these Compute net purchases and account balances: Purchases $424,000; Purchase Returns and Allowances $11,000; Purcost of goods
Assume the same information as in BE5-7 and also that Roshek Company has a A profit. beginning inventory of $60,000, ending inventory of $90,000, and net sales of $650,000.Determine the amounts to be
Red Wall Corporation reported net sales of $250,000, cost of goods sold of(SO 6) $100,000, operating expenses of $50,000, net income of $87,500, beginning total assets—e of $500,000, and ending
Beardsley Corporation reported net sales $580,000; cost of goods sold $300,000;(SO 6) operating expenses $210,000; and net income $70,000. Calculate the following values and cs explain what they
Prepare the journal entries to record these transactions on Powell Company's Journalize purchase books using a periodic inventory system. transactions.(a) On March 2, Powell Company purchased
The following transactions are for Kale Company. Journalize sales transactions. 1. On December 3 Kale Company sold $480,000 of merchandise to Thomson Co., terms (SO 3)1/10, n/30. The cost of the
Assume that on September 1 Office Depot had an inventory that included avari- Journalize perpetual ety of calculators. The company uses a perpetual inventory system. During September ventory
This information relates to Sherper Co. transactions._ On April 5 purchased merchandise from Newport Company for $22,000, terms 2/10, n/30. (SO 2). On April 6 paid freight costs of $900 on
OnJune 10 Mawmey Company purchased $6,000 of merchandise from Lima Com- _ inventory entries.pany, terms 3/10, n/30. Mawmey pays the freight costs of $400 on June 11. Damaged (SO 2, 3)248 Prepare
The adjusted trial balance of Brighton Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2007: Sales $900,000; Freight-out $12,000;Sales Returns and Allowances
Presented below is information for Zales Co. for the month of January 2007.Cost of goods sold $212,000 Rent expense $ 32,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales
Financial information is presented here for two companies.King Queen Company Company Sales $90,000 ?Sales returns ? $ 5,000 Net sales 81,000 100,000 Cost of goods sold 56,700 ?Gross profit ? 38,000
In its income statement for the year ended December 31, 2007, Knitz Company reported the following condensed data.Administrative expenses $435,000 Selling expenses $ 690,000 Cost of goods sold
The trial balance of Rachel Company at the end of its fiscal year, August 31, 2007, includes these accounts: Merchandise Inventory $19,200; Purchases $144,000; Sales $190,000; Freight-in $8,000;
This information relates to Tandi Co. 1. On April 5 purchased merchandise from Buehler Company for $22,000, terms 2/10, net/30. 2. On April 6 paid freight costs of $900 on merchandise purchased from
Banff Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Banff’s ledger showed Cash of $5,000 and Common Stock of $5,000.Purchased
Between the Lines Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the month of June the following merchandising
At the beginning of the current season on April 1, the ledger of Fairway Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Common Stock $6,000. The following transactions were completed
Zwick 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
The trial balance of Save-More Wholesale Company contained the accounts shown at December 31, the end of the company’s fiscal year.SAVE-MORE WHOLESALE COMPANY Trial Balance December 31, 2007 Debit
At the end of Jaxx Department Store's fiscal year on November 30, 2007, these accounts appeared in its adjusted trial balance.Freight-in $ 5,060 Merchandise Inventory (beginning) 42,200 Purchases
Yuan Li Inc. operates a retail operation that purchases and sells snowmobiles, amongst other outdoor products. The company purchases all merchandise inventory on Problems: Set A 253(c) Tot. trial
Paid Great Plains Distributors in full, less discount.29 Made refunds to cash customers for returned merchandise $180. The returned merchandise had a cost of $120.30 Sold merchandise on account
Good to Go Warehouse distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. During the month of July the following merchandising transactions
Sold 34 suitcases on account to Bon Voyage for $50 each.18 Purchased 60 suitcases on account for $30 (including freight) each from Pak-N-Go Manufacturers, terms 1/10, n/30.20 Received $300 credit for
At the beginning of the current season, the ledger of Love All Tennis Shop showed trial balance and partial Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following aiicO pee
A part-time bookkeeper prepared this income statement for Maquoketa Company for the year ending December 31, 2007.MAQUOKETA COMPANY Income Statement December 31, 2007 Revenues Sales $715,000 Less:
The trial balance of Stylynn Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.Problems: Set B 257$ 35,800$338,600(a) Net income Tot. assets
At the end of Neiman Fields Department Store's fiscal year on December 31, and gross profit under 2007, these accounts appeared in its adjusted trial balance.periodic approach.(SO 4, 5) Freight-in $
Yelena Zhivago operates a clothing retail operation. She purchases all mer-(SO 4, 5, 6) chandise inventory on credit and uses a perpetual inventory system. The accounts payable account is used for
At the beginning of the current season, the ledger of Love All Tennis Shop showed Cash $2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following transactions were completed during
The financial statements for Tootsie Roll Industries are presented in Appendix A at the end of this book.Instructions Answer these questions using the Consolidated Income Statement.(a) What was the
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information contained in these
The January 30, 2004, issue of the Wall Street Journal includes an article by Chad Terhune titled “Probe of Coke’s Sales Leads to Japan.”Instructions Read the article and answer the following
Recently it was announced that two giant French retailers, Carrefour SA and Promodes SA, would merge. A headline in the Wall Street Journal blared, “French Retailers Create New Wal-Mart Rival.”
Purpose: No financial decision maker should ever rely solely on the financial information reported in the annual report to make decisions. It is important to keep abreast of financial news. This
Three years ago Zoe Biersack and her brother-in-law Tom Angsten opened Mallmart Department Store. For the first 2 years, business was good, but the following condensed income statement sresults for
The following situation is presented in chronological order. 1. Dexter decides to buy a surfboard. 2. He calls Surfing USA Co. to inquire about their surfboards. 3. Two days later he requests Surfing

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