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financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

Comparative balance sheets, an income statement, and additional information follow.Required 1. Prepare a statement of cash flows using the indirect method for the current year.2.B Prepare a
A company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow.Prepare the operating activities section of the statement of cash
A machine with a cost of $175,000 and accumulated depreciation of $94,000 is sold for $87,000 cash. The amount reported as a source of cash under cash flows from investing activities isa. $81,000.b.
A company settles a long-term notes payable plus interest by paying $68,000 cash toward the principal amount and $5,440 cash for interest. The amount reported as a use of cash under cash flows from
The following information is available regarding a company’s annual salaries and wages. What amount of cash is paid for salaries and wages?a. $252,300b. $257,700c. $255,000d. $274,100e. $235,900
The following information is available for a company. What amount of cash is paid for inventory for the current year?a. $545,000b .$554,800c. $540,800d .$535,200e. $549,200 Cost of goods sold ......
Label the following headings, line items, and notes with the numbers 1 through 13 according to their sequential order (from top to bottom) for presentation on the statement of cash flows. a. "Cash
RequiredUse the indirect method to prepare the operating activities section of Cruz’s statement of cash flows. CRUZ, INC. Income Statement For Year Ended December 31, 2021 Sales ...... Cost of
Prepare journal entries to record the following four separate issuances of stock.1. Issued 80 shares of $5 par value common stock for $700 cash.2. Issued 40 shares of no-par common stock to promoters
A company began the current year with the following balances in its stockholders’ equity accounts.All outstanding common stock was issued for $15 per share when the company was created. Prepare
A company’s outstanding stock consists of 80 shares of noncumulative 5% preferred stock with a $5 par value and also 200 shares of common stock with a $1 par value. During its first three years of
A company began the current year with the following balances in its stockholders’ equity accounts.All outstanding common stock was issued for $15 per share when the company was created. Prepare
The entry to record issuance of 6,000 shares of $5 par value common stock for $8 cash per share includes aa. Debit to Paid-In Capital in Excess of Par Value for $18,000.b. Credit to Common Stock for
On January 1, Bee Gees Inc. had a retained earnings balance of $900. During the year, Bee Gees reported net income of $600 and paid cash dividends of $1,000. Calculate the retained earnings balance
A company reports net income of $75,000. Its weighted-average common shares outstanding is 19,000. It has no other stock outstanding. Its earnings per share
A company paid cash dividends of $0.81 per share. Its earnings per share is $6.95 and its market price per share is $45.00. Its dividend yield isa. 1.8%.b. 11.7%.c. 15.4%.d. 55.6%.e. 8.6%.
A company's shares have a market value of $85 per share. Its net income is $3,500,000, and its weighted-average common shares outstanding is 700,000. Its price-earnings ratio isa. 5.9.b. 425.0.c.
Compute the price-earnings ratio for each of these four separate companies. For which of these four companies does the market have the lowest expectation of future performance? 12345 A Company Hilton
Alex Corporation reports the following components of stockholders’equity at December 31 of the prior year .Required1. Prepare journal entries to record each of these transactions.2. Prepare a
Use the following information to determine the net cash provided or used by operating activities under the indirect method.a. $23,550 used by operating activitiesb. $23,550 provided by operating
Flo Choi owns a small business and manages its accounting. Her company just finished a year in which a large amount of borrowed funds was invested in a new building addition as well as in equipment
Each team member is to become an expert on one depreciation method to facilitate teammates’ understanding of that method. Follow these procedures:a. Each team member is to select an area of
Part 1.A retailer sells merchandise for $500 cash on June 30 (cost of merchandise is $300). The retailer collects 7% sales tax. Record the entry for the $500 sale and its applicable sales tax. Also
A company’s first weekly pay period of the year ends on January 8.Sales employees earned $30,000 and office employees earned $20,000 in salaries. The employees are to have withheld from their
Part 1.A company’s salaried employees earn two weeks’ vacation per year. The company estimated and must expense $9,000 of accrued vacation benefits for the year.(a) Prepare the December 31
The following legal claims exist for a company. Identify the accounting treatment for each claim as either (a) A liability that is recorded or (b) An item described in notes to its financial
On December 1, a company signed a $6,000, 90-day, 5% note payable, with principal plus interest due on March 1 of the following year. What amount of interest expense should be accrued at December 31
An employee earned $50,000 during the year. FICA tax for Social Security is 6.2% and FICA tax for Medicare is 1.45%. The employer’s share of FICA taxes isa. $0; Employee pay exceeds FICA
Assume the FUTA tax rate is 0.6% and the SUTA tax rate is 5.4%. Both taxes are applied to the first $7,000 of an employee’s pay. What is the total unemployment tax an employer must pay on an
A company sold 10,000 TVs in July and estimates warranty expense for these TVs to be $25,000. During July, 80 TVs were serviced under warranty at a cost of $18,000. The credit balance in the
AXE Co. is the defendant in a lawsuit. AXE reasonably estimates that this pending lawsuit will result in damages of $99,000. It is probable that AXE will lose the case. What should AXE do?a. Record a
Dextra Computing sells merchandise for $6,000 cash on September 30 (cost of merchandise is $3,900). Dextra collects 5% sales tax.(1) Record the entry for the $6,000 sale and its sales tax.(2) Record
On January 15, the end of the first pay period of the year, North Company’s employees earned $35,000 of sales salaries.Withholdings from the employees’ salaries include FICA Social Security taxes
Merger Co. has 10 employees, each of whom earns $2,000 per month and has been employed since January 1. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA
The payroll records of Speedy Software show the following information about Marsha Gottschalk, an employee, for the weekly pay period ending September 30. Gottschalk is single and claims one
The following items appear on the balance sheet of a company with a one-year operating cycle. Identify each item as a current liability, a long-term liability, or not a liability.1. Notes payable
Analyze each separate transaction from Exercise 9-2 by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or –) for each transaction.Data
Sylvestor Systems borrows $110,000 cash on May 15 by signing a 60-day, 12%, $110,000 note.1. On what date does this note mature?2. Prepare the entries to record(a) Issuance of the note
On March 1, LGE asks to extend its past-due $1,200 account payable to Tyson. Tyson agrees to accept $200 cash and a 180-day, 8%, $1,000 note payable to replace the account payable. (1) Prepare the
Using the data in situation (a) of Exercise 9-7, prepare the employer’s September 30 journal entry to record the employer’s payroll taxes expense and its related liabilities. Round amounts to
Mest Company has nine employees. FICA Social Security taxes are 6.2% of the first $137,700 paid to each employee, and FICA Medicare taxes are 1.45% of gross pay. FUTA taxes are 0.6% and SUTA taxes
Nishi Corporation prepares financial statements for each month-end. As part of its accounting process, estimated income taxes are accrued each month for 30% of the current month’s net income. The
Tyrell Co. entered into the following transactions involving short-term liabilities.Required1. Determine the maturity date for each of the three notes described.2. Determine the interest due at
On January 8, the end of the first weekly pay period of the year, Regis Company’s employees earned $22,760 of office salaries and $65,840 of sales salaries. Withholdings from the employees’
On October 29, Lobo Co. began operations by purchasing razors for resale. The razors have a 90-day warranty. When a razor is returned, the company discards it and mails a new one from merchandise
Francisco Company has 10 employees, each of whom earns $2,800 per month and is paid on the last day of each month. All 10 have been employed continuously at this amount since January 1. On March 1,
Warner Co. entered into the following transactions involving short term liabilities.Year 1Required1. Determine the maturity date for each of the three notes described.2. Determine the interest due at
On November 10, Lee Co. began operations by purchasing coffee grinders for resale. The grinders have a 60-day warranty. When a grinder is returned, the company discards it and mails a new one from
MLS Company has five employees, each of whom earns $1,600 per month and is paid on the last day of each month. All five have been employed continuously at this amount since January 1. On June 1, the
Part 1. A publisher purchases the copyright on a book for $1,000 on January 1 of this year. The copyright lasts five more years. The company plans to sell prints for seven years. Prepare entries to
Using the information in Exercise 6-12, prepare any necessary journal entries that Del Gato Clinic must record as a result of preparing the bank reconciliation.Data from Exercise 6-12Del Gato
Using the information in QS 6-12, prepare any necessary journal entries that Organic Food Co. must record as a result of preparing the bank reconciliation.Data from QS 6-12Organic Food Co.’s Cash
Use the information in Problem 1-3B to prepare the current year-endbalance sheet for Audi Company.Data from Problem 1-3B Beginning of year Assets.... Liabilities. End of year Assets.....
For each separate case below, follow the three-step process for adjusting the unearned revenue liability account at December 31. Assume no other adjusting entries are made during the
Classify each of the following accounts as either an asset (A), liability (L), or equity (EQ) account.1. Prepaid Rent 2. Common Stock 3. Note Receivable 4. Accounts Payable 5. Accounts
Identify the normal balance (debit [Dr] or credit [Cr]) for each of the following accounts.1. Prepaid Rent 2. Common Stock 3. Note Receivable 4. Accounts Payable 5. Accounts Receivable 6.
Liang Shue contributed $250,000 cash and land worth $500,000 to open the new business, Shue Consulting. Which of the following journal entries does Shue Consulting make to record this transaction? a.
A trial balance prepared at year-end shows total credits exceed total debits by $765. This discrepancy could have been caused by a.An error in the general journal where a $765 increase in Accounts
Analyze each transaction in QS 2-9 by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction.Data from QS
Identify the item that best completes each of the descriptions below.1. Asset 2. Equity 3. Account 4. Liability 5. Threea. Balance sheet accounts are arranged into general categories.b. The
Open a ledger account for Cash in balance column format. Post general journal entries that impact cash from Exercise 2-9 to the ledger account for Cash, and enter the balance after each posting.Data
Analyze each transaction in Exercise 2-9 by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction.Data from
Use the information in Exercise 2-9 to open the following T-accounts:Cash; Supplies; Prepaid Insurance; Equipment; Common Stock;Services Revenue; and Utilities Expense. (1) Post the general journal
1. Prepare general journal entries for the following transactions of Valdez Services.a. B. Valdez invested $20,000 cash in the company in exchange for common stock.b. The company provided services
Part 1: Identify the accounting principle or assumption that best reflects each situation.1. AAA Painting performs services for a customer this period. AAA records revenue for this period even though
Geek Squad performs services for a customer and bills the customer for $500. How would Geek Squad record this transaction?a. Accounts receivable increase by $500; revenues increase by $500.b. Cash
Mayfair Co. completed the following transactions and uses a perpetual inventory system.RequiredPrepare journal entries to record these transactions and events. June 4 5 6 8 13 Sold $650 of
At December 31, Hawke Company reports the following results for its calendar year.In addition, its unadjusted trial balance includes the following items.Required1. Prepare the adjusting entry to
Liang Company began operations in Year 1. During its first two years, the company completed a number of transactions involving sales on credit, accounts receivable collections, and bad debts. These
The following transactions are from Ohlm Company. Year 1 Dec. 16 Accepted a $10,800, 60-day, 8% note in granting Danny Todd a time extension on his past-due account receivable. Made an adjusting
Archer Co. completed the following transactions and uses a perpetual inventory system. Aug. 4 10 Sold $3,700 of merchandise on credit (that had cost $2,000) to McKenzie Carpenter, terms n/10. Sold
At December 31, Ingleton Company reports the following results for the year.In addition, its unadjusted trial balance includes the following items.Required1. Prepare the adjusting entry to record bad
The following transactions are from Springer Company.Required1. Prepare journal entries to record these transactions and events.2. If Springer pledged its receivables as security for a loan from the
Vail Company recorded the following transactions during November.1. Open a general ledger having T-accounts for Accounts Receivable, Sales, and Sales Returns and Allowances. Also open an accounts
Prepare journal entries for Sal Co. to record the following under(a) The direct write-off method and(b) The allowance method. May 3 21 Sal Co. determines that it cannot collect its accounts
Using information from Exercise 7-10, determine the impact of the December 31, February 1, and June 5 transactions on the accounting equation. For each transaction, indicate whether there would be an
Following is a list of credit customers along with their amounts owed and the days past due at December 31. Also shown are five classifications of accounts receivable and estimated bad debts percent
Prepare journal entries for the following transactions of Danica Company. Dec. 13 Accepted a $9,500, 45-day, 8% note in granting Miranda Lee a time extension on her past-due account receivable. 31
Refer to the information in Exercise 7-18 and prepare the journal entries for the following year for Danica Company.Data from Exercise 7-18Prepare journal entries for the following transactions of
Prepare journal entries to record transactions for Vitalo Company. Nov. 1 Accepted a $6,000, 180-day, 8% note from Kelly White in granting a time extension on her past-due account receivable.
Prepare journal entries to record the following transactions of Ridge Company. Mar. 21 Accepted a $9,500, 180-day, 8% note from Tamara Jackson in granting a time extension on her past-due account
The following information is from the annual financial statements of Raheem Company. (1) Compute its accounts receivable turnover for Year 2 and Year 3. (2) Assuming its competitor has a turnover
Compute the recorded cost of a new machine given the following payments related to its purchase: gross purchase price, $700,000; sales tax, $49,000; purchase discount taken, $21,000; freight cost—
Part 1. A machine costing $22,000 with a five-year life and an estimated $2,000 salvage value is installed on January 1. The manager estimates the machine will produce 1,000 units of product during
Part 1. A company pays $1,000 for equipment expected to last four years and have a $200 salvage value. Prepare journal entries to record the following costs related to the equipment.a. During the
A company acquires a zinc mine at a cost of $750,000 on January 1.At that same time, it incurs additional costs of $100,000 to access the mine, which is estimated to hold 200,000 tons of zinc. The
Acquisition, Cost Allocation, and Disposal of Tangible and Intangible Assets On July 1, Year 1, Tulsa Company pays $600,000 to acquire a fully equipped factory. The purchase includes the following
A company acquires $45,000 in new web servers. In exchange, the company trades in old web servers along with a cash payment. The old servers originally cost $30,000 and had accumulated depreciation
A company paid $326,000 for property that included land, land improvements, and a building. The land was appraised at $175,000, the land improvements were appraised at $70,000, and the building was
A company purchased a truck for $35,000 on January 1, Year 1. The truck is estimated to have a useful life of four years and a salvage value of $1,000. Assuming that the company uses straight line
A company purchased machinery for $10,800,000 on January 1, Year 1. The machinery has a useful life of 10 years and an estimated salvage value of $800,000. What is depreciation expense for the year
A company sold a machine that originally cost $250,000 for $120,000 when accumulated depreciation on the machine was $100,000. The gain or loss recorded on the sale isa. $0 gain or loss.b. $120,000
A company had average total assets of $500,000, gross sales of $575,000, and net sales of $550,000. The company’s total asset turnover isa. 1.15.b. 1.10.c. 0.91.d. 0.87.e. 1.05.
Kegler Bowling buys scorekeeping equipment with an invoice cost of $190,000. The electrical work required for the installation costs $20,000. Additional costs are $4,000 for delivery and $13,700 for
Refer to QS 8-7 and record the journal entries for equipment depreciation for the first year under straight-line, units-of-production, and double-declining-balance.Data from QS 8-7Equipment costing
Garcia Co. owns equipment that cost $76,800, with accumulated depreciation of $40,800. Record the sale of the equipment under the following three separate cases assuming Garcia sells the equipment
Aneko Company reports the following: net sales of $14,800 for Year 2 and $13,990 for Year 1; end-of-year total assets of $19,100 for Year 2 and $17,900 for Year 1.1. Compute total asset turnover for
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units
Ramirez Company installs a computerized manufacturing machine in its factory at the beginning of the year at a cost of $43,500. The machine’s useful life is estimated at 10 years, or 385,000 units
NewTech purchases computer equipment for $154,000 to use in operating activities for the next four years. It estimates the equipment’s salvage value at $25,000. Prepare a table showing depreciation

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