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business
financial accounting

Questions and Answers of Financial Accounting

What kind of account is Estimated Refund Liability? Where would it appear on the financial statements?
Suppose A-1 Sports purchases $83,000 of sportswear on account from Outdoor Wear, Inc., on December 1, 2018. Credit terms are 2/10, n/45. A-1 Sports pays Outdoor Wear, Inc., on December 8, 2018.1.
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material. This case uses both the income statement (statement of
Let’s consider Dick’s Sporting Goods (Dick’s) again. Think about Dick’s. Think about accountants reporting what Dick’s has, where it got its money, and what it has been doing to create
In this problem, we continue the accounting for Fitness Equipment Doctor, Inc., from Chapter 3. On June 1, Fitness Equipment Doctor, Inc., expanded its business and began selling and installing gym
Eaton Supply, Inc., has the following account balances at May 31, 2018. The inventory balance was determined using FIFO. Eaton Supply, Inc., has determined that the replacement cost (current market
Mike?s Custom Furniture, Inc., reported the following comparative income statements for the years ended April 30, 2018, and April 30, 2017. During 2018, Mike?s Custom Furniture, Inc., discovered
Wild Things, Inc., has the following information as of December 31, 2018: Requirements 1. Compute the rate of inventory turnover for Wild Things, Inc., for the year ended December 31, 2018. Round
Eagle Resources, Inc., has the following account balances at October 31, 2018. The inventory balance was determined using FIFO. Eagle Resources, Inc., has determined that the replacement cost
Jacob?s Upholstery, Inc., reported the following comparative income statements for the years ended September 30, 2018, and September 30, 2017. During 2018, Jacob?s Upholstery, Inc., discovered that
Julia?s Jungle, Inc., has the following information as of August 31, 2018: Requirements 1. Compute the rate of inventory turnover for Julia?s Jungle, Inc., for the year ended August 31, 2018. Round
Mid Valley Sporting Goods, Inc., uses the LIFO inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Mid Valley Sporting Goods, Inc., has the following account
Because of a nationwide recession, Liquidation Universe, Inc.’s merchandise inventory is gathering dust. It is now November 30, 2018, and the $162,750 that Liquidation Universe, Inc., paid for its
Build Right Supply, Co., shows the following financial statement data for 2016, 2017, and 2018. Before issuing the 2018 statements, auditors found the ending inventory for 2016 was understated by
Gallinger Enterprises, Inc., lost its entire inventory in a hurricane that occurred on May 31, 2018. Over the past five years, gross profit has averaged 38 percent of net sales. The company’s
Pugliese Whole Foods, Inc., has the following information for the years ending December 31, 2018, and December 31, 2017: Requirements 1. Compute the rate of inventory turnover for Pugliese Whole
Titan Truck Parts, Inc., uses the LIFO inventory method and values its inventory using the lower-of-cost-or-market (LCM) rule. Titan Truck Parts, Inc., has the following account balances at December
Because of a nationwide recession, Computer World, Inc.’s merchandise inventory is gathering dust. It is now October 31, 2018, and the $66,800 that Computer World, Inc., paid for its ending
Savemore Supply, Co., shows the following financial statement data for 2016, 2017, and 2018: Before issuing the 2018 statements, auditors found that the ending inventory for 2016 was overstated by
Sundance Marine Supply, Inc., lost its entire inventory in a hurricane that occurred on March 31, 2018. Over the past five years, gross profit has averaged 35 percent of net sales. The company’s
Osborne Organic Foods, Inc., has the following information for the years ending December 31, 2018, and December 31, 2017: Requirements 1. Compute the rate of inventory turnover for Osborne Organic
Let’s resume our examination of Dick’s Sporting Goods (Dick’s). Return to Dick’s Annual Report (see the Continuing Financial Statement Analysis Problem in Chapter 2 for instructions on how to
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the section titled
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.This case addresses the accounts receivable
The T-account for Cash and the bank statement of Sinclair Food Services for the month of October 2018 follow: Prepare Sinclair Food Services? bank reconciliation at October 31. Cash Oct 1 Bal.
Let’s continue our examination of Dick’s Sporting Goods (Dick’s). Return to Dick’s Annual Report (see the Continuing Financial Statement Analysis Problem in Chapter 2 for instructions on how
Prepare the current assets section of the balance sheet as of May 31, 2018, for Spices and More, Inc., using the following information:Accounts Receivable
During its first year of operations, World Wide Travel earned revenue of $620,000 on account. Industry experience suggests that World Wide Travel’s uncollectible accounts will amount to 3 percent
Wilson’s Auto Repair ended 2017 with Accounts Receivable of $85,000 and a credit balance of $11,000 in Allowance for Uncollectible Accounts. During 2018, Wilson’s Auto Repair had the following
Bright Smile Dental Group started 2018 with Accounts Receivable of $134,000 and a credit balance of $9,000 in Allowance for Uncollectible Accounts. The following information relates to Bright Smile
Umbrella.com had the following balances on December 31, 2018, before the year-end adjustments: The aging of receivables yields these data: Journalize Umbrella?s entry to adjust the allowance
For each of the following notes receivable, compute the amount of interest revenue earned during 2018. Use a 360-day year, and round to the nearest dollar. Interest Period During 2018 Principal
Cryer?s Produce, Inc.?s checkbook lists the following: Cryers?s Produce, Inc.?s November bank statement shows the following: Requirements 1. Prepare Cryer?s Produce, Inc.?s bank reconciliation on
DJ’s Auto Repair, Inc., ended December 2017 with Accounts Receivable of $8,500 and a credit balance of $275 in Allowance for Uncollectible Accounts. During January 2018, DJ’s Auto Repair, Inc.,
On December 31, 2018, the Accounts Receivable balance of TDS Distribution, Inc., is $194,000. The Allowance for Uncollectible Accounts has a $1,200 credit balance. TDS Distribution, Inc., prepares
River City Supply, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2018, Allowance for Uncollectible Accounts has a $375 credit balance. Journalize the year-end
On April 30, 2018, Seattle First National Bank loaned $100,000 to Pugliese Produce, Inc., on a one-year, 8 percent note.Requirements1. Compute the interest on the note for the years ended December
Valley Hardware Supply, Inc., sells on account. When a customer account becomes four months old, Valley Hardware Supply converts the account to a note receivable. During 2018, Valley Hardware Supply
Lakota Equipment reported the following items on December 31, 2018 (last year?s amounts are also given as needed): Requirements 1. Compute Lakota Equipment?s (a) quick ratio, (b) current ratio, and
Casey?s Construction, Inc.?s checkbook lists the following: Casey?s Construction, Inc.?s September bank statement shows the following: Requirements 1. Prepare Casey?s Construction, Inc.?s bank
Beckett Appliance Repair, Inc., ended December 2017 with Accounts Receivable of $2,400 and a debit balance of $175 in Allowance for Uncollectible Accounts. During January 2018, Beckett Appliance
On March 31, 2018, the Accounts Receivable balance of Dunham Manufacturing, Inc., is $173,000. The Allowance for Uncollectible Accounts has a $1,650 credit balance. Dunham Manufacturing, Inc.,
Inland Paving, Inc., uses the allowance method to account for uncollectible accounts. On December 31, 2018, Allowance for Uncollectible Accounts has a $725 credit balance. Journalize the year-end
On July 31, 2018, Virginia State Bank loaned $175,000 to Swanson Paint, Inc., on a one-year, 7 percent note.Requirements1. Compute the interest on the note for the years ended December 31, 2018, and
Jitterz Coffee Supply, Inc., sells on account. When a customer account becomes four months old, Jitterz Coffee Supply, Inc., converts the account to a note receivable. During 2018, Jitterz Coffee
Tri-State Equipment reported the following items on July 31, 2018 (last year?s amounts are also given as needed): Requirements 1. Compute Tri-State Equipment?s (a) quick ratio, (b) current ratio,
Turyin Auto Parts, Inc., completed the following selected transactions during 2018:Jan 17 Sold inventory to Pete Hanson $675, on account. Ignore cost of goods sold.Jun 29 Wrote off the Pete Hanson
Titan Truck, Inc., received the following notes during 2018: Requirements 1. Identifying each note by number, compute the total interest on each note over the note term using a 360-day year, and
Record the following transactions in the journal of Redmond Printing Supply, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar.2017Dec
The comparative financial statements of O?Doherty?s Irish Grille for 2018, 2017, and 2016 include the following selected data: Requirements 1. Compute these ratios for 2018 and 2017: a. Quick
Checker Flag Auto Parts, Inc., completed the following selected transactions during 2018:Jan 17 Sold inventory to Sandy Skovic, $500 on account. Ignore cost of goods sold.Jun 29 Wrote off Sandy
KJ Auto Sales, Inc., received the following notes during 2018: Requirements 1. Identifying each note by number, compute the total interest on each note over the note term using a 360-day year, and
Record the following transactions in the journal of Sounds on Wheels, Inc. Explanations are not required. Use a 360-day year for interest computations and round to the nearest dollar.2017Dec 6
The comparative financial statements of Appleway Flowers, Inc., for 2018, 2017, and 2016 include the following selected data: Requirements 1. Compute these ratios for 2018 and 2017: a. Quick
This problem continues our accounting for Fitness Equipment Doctor, Inc., from Chapter 7. During 2018, Fitness Equipment Doctor made the following purchases:• On March 3, Fitness Equipment Doctor,
Let’s look at Dick’s Sporting Goods (Dick’s) some more. Think about Dick’s. What assets did Dick’s need to operate? Return to Dick’s Annual Report (see the Continuing Financial Statement
To help familiarize you with the financial reporting of a real company in order to further your understanding of the chapter material you are learning.This case addresses the long-term assets of
To help you understand and compare the performance of two companies in the same industry.Find the Columbia Sportswear Company Annual Report located in Appendix A and go to the Notes to the
On March 31, 2018, Titan Trucking purchased a used Kenworth truck at a cost of $52,000. Titan Trucking expects to drive the truck for five years and to have a residual value of $10,000. Compute Titan
Top Flight Airways purchased a baggage-handling truck for $64,000. Suppose Top Flight Airways sold the truck on December 31, 2018, for $42,000 cash, after using the truck for three full years and
Bargain Oil, a small Texas oil company, holds huge reserves of oil. Assume that at the end of 2018, Bargain Oil’s cost of oil reserves totaled approximately $14.4 million, representing 1.2 million
Mackay Industries, Inc., purchased land, paying $80,000 cash as a down payment and signing a $160,000 note payable for the balance. In addition, Mackay Industries, Inc., paid delinquent property tax
Whelan Transfer manufactures conveyor belts. Early in August 2018, Whelan Transfer constructed its own building at a cost of $910,000 (for materials, labor, and overhead). Whelan Transfer paid cash
On January 2, 2018, Evergreen Lighting purchased showroom fixtures for $18,000 cash, expecting the fixtures to remain in service for 5 years. Evergreen Lighting has depreciated the fixtures on a
Assume that Hart Corporation?s comparative balance sheet reported these amounts: Requirement Assume that on January 1, 2018, Hart sold one-tenth of its plant and equipment for $56,000 cash.
Ludlow Transport is a large trucking company. Ludlow Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Ludlow Transport acquired a Mack truck costing $410,000,
At the end of 2018, Crawford Corp. had total assets of $321,800 and total liabilities of $183,400. Included in the assets were property, plant, and equipment, with a cost of $242,000, and accumulated
On January 2, 2018, Trendz Lighting purchased showroom fixtures for $20,000 cash, expecting the fixtures to remain in service for four years. Trendz Lighting has depreciated the fixtures on a
Assume that Branson Corporation?s comparative balance sheet reported these amounts: Requirement Assume that on January 1, 2018, Branson sold one-eighth of its plant and equipment for $60,500 cash.
Mesa Transport is a large trucking company. Mesa Transport uses the units of production (UOP) method to depreciate its trucks. In 2015, Mesa Transport acquired a Mack truck costing $330,000, with a
At the end of 2018, Zepher Corp. had total assets of $331,500 and total liabilities of $164,300. Included in the assets were property, plant, and equipment with a cost of $237,600, and accumulated
Regal Freightway provides freight service. The company’s balance sheet includes Land, Buildings, and Motor-Carrier Equipment. Regal Freightway uses a separate accumulated depreciation account for
On January 3, 2018, Grey Enterprises, Inc., paid $280,600 for equipment used in manufacturing automotive supplies. In addition to the basic purchase price, the company paid $500 for transportation
Allen Construction, Inc., had a piece of equipment that cost $32,000 and had accumulated depreciation of $24,000.Requirement1. Record the disposition of the equipment assuming the following
Allied Corp. issued at par 8 percent, five-year bonds payable with a maturity value of $50,000 on May 1, 2018. Assume the fiscal year ends December 31. Journalize the following transactions and
Wildflower Magazine, Inc., includes the following selected accounts in its general ledger at December 31, 2018: Requirement Prepare the liabilities section of Wildflower Magazine?s balance sheet
Record the following note payable transactions of Concilio Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar.
The accounting records of Prestige Auto Repair showed a balance of $6,700 in Estimated Warranty Payable at December 31, 2017. In the past, Prestige Auto Repair’s warranty expense has been 2 percent
Horizon Publishing Company completed the following transactions during 2018:Sep 1 Sold 312 six-month subscriptions, collecting cash of $600, plus sales tax of 4%.Oct 15 Remitted the sales tax to the
The accounting records of Miller Upholstery showed a balance of $2,300 in Estimated Warranty Payable at December 31, 2017. In the past, Miller Upholstery’s warranty expense has been 2.5 percent of
Solar Corp. issued a $460,000, 8 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Solar Corp., assuming payments are made
Seattle Physicians Group borrowed $300,000 on July 1, 2018, by issuing a 6 percent long-term note payable that must be paid in three equal annual installments, plus interest, each July 1 for the next
At December 31, 2018, Christianson Cabinets owes $5,700 on accounts payable, plus salaries payable of $3,200 and income tax payable of $7,000. Christianson Cabinets also has $280,000 of notes payable
Appleway Supply had the following balances as of December 31, 2018:Total Current Assets........................................................................................$ 122,000Total Long-Term
Record the following note payable transactions of Cranmore Corp. in the company’s journal. Round intermediate interest calculations to the nearest cent and final amounts to the nearest dollar.
Adirondack Publishing Company completed the following transactions during 2018:Aug 1 Sold 30 six-month subscriptions, collecting cash of $1,500, plus sales tax of 7%.Sep 15 Remitted the sales tax to
Orbit Corp. issued a $410,000, 9 percent mortgage on January 1, 2018, to purchase warehouses. Requirements 1. Complete the amortization schedule for Orbit Corp., assuming payments are made
At December 31, 2018, Salish Hardware owes $4,800 on accounts payable, plus salaries payable of $5,300 and income tax payable of $6,100. Salish Hardware also has $320,000 of notes payable that
The accounting records of Boardman Corp. include the following items at December 31, 2018: Requirement Report these liabilities on Boardman?s balance sheet at December 31, 2018, including
Country Supply had the following balances as of December 31, 2018:Total Current Assets........................................................................................$ 181,000Total Long-Term
The following transactions of Newport Marine Supply occurred during 2018 and 2019:2018Feb 3 Purchased equipment for $8,000, signing a six-month, 10% note payable.28 Recorded the week’s sales of
Paiscik Corp. completed the following transactions in 2018: Jan 1 Purchased a building costing $190,000 and signed a 10%, 15-year mortgage note payable for the same amount.Jun 30 Made the first
Assume that on February 1, 2018, Sierra Corp. issues 7 percent, 10-year bonds payable with a maturity value of $500,000. The bonds pay interest on January 31 and July 31, and Sierra amortizes any
On May 1, 2018, Hudson Theatres issued $600,000 of 25-year, 10 percent bonds payable. The bonds were sold for $552,000. The bonds pay interest each October 31 and April 30, and any discount or
The accounting records of Azul Industries, Inc., include the following items at December 31, 2018: Requirement Report these liabilities on Azul Industries? balance sheet at December 31, 2018,
The classified balance sheet and selected income statement data for Shreveport Auto, Inc., as of December 31, 2018, are presented next. Selected Income Statement Data Gross
The following transactions of Brewton’s Marine Supply occurred during 2018 and 2019:2018Feb 3 Purchased equipment for $15,000, signing a six-month, 11% note payable.28 Recorded the week’s sales
Kamin Corp. completed the following transactions in 2018:Jan 1 Purchased a building costing $150,000 and signed a 12%, 15-year mortgage note payable for the same amount.Jun 30 Made the first
Assume that on April 1, 2018, Yukon Corp. issued 10 percent, 10-year bonds payable with maturity value of $800,000. The bonds pay interest on March 31 and September 30, and Yukon amortizes any
On March 1, 2018, Rock Canyon Golf Course issued $750,000 of 10-year, 9 percent bonds payable. The bonds were sold for $765,000. The bonds pay interest each August 31 and February 28, and any

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