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business
financial and managerial accounting 16th

Questions and Answers of Financial And Managerial Accounting 16th

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
Tory Enterprises pays $238,400 for equipment that will last five years and have a $43,600 salvage value. By using the equipment in its operations for five years, the company expects to earn $88,500
Analyze each of the following transactions by showing its effects on the accounting equation—specifically, identify the accounts and amounts (including + or −) for each transaction. Jan. 1 Jan. 2
Milano Gallery purchases the copyright on a painting for $418,000 on January 1. The copyright is good for 10 more years, after which the copyright will expire and anyone can make prints. The company
Robinson Company purchased Franklin Company at a price of $2,500,000. The fair market value of the net assets purchased equals $1,800,000.1. What is the amount of goodwill that Robinson records at
Gilly Construction trades in an old tractor for a new tractor, receiving a $29,000 trade-in allowance and paying the remaining $83,000 in cash.The old tractor had cost $96,000 and had accumulated
On January 2, Bering Co. disposes of a machine costing $44,000 with accumulated depreciation of $24,625. Prepare the entries to record the disposal under each separate situation.1. The machine is
Timberly Construction makes a lump-sum purchase of several assets on January 1 at a total cash price of $900,000. The estimated market values of the purchased assets are building, $508,800; land,
Champion Contractors completed the following transactions involving equipment.RequiredPrepare journal entries to record these transactions and events. Jan. 1 3 Paid $287,600 cash plus $11,500 in
Yoshi Company completed the following transactions and events involving its delivery trucks.RequiredPrepare journal entries to record these transactions and events. Year 1 Jan. 1 Paid $20,515 cash
Mercury Delivery Service completed the following transactions involving equipment.RequiredPrepare journal entries to record these transactions and events. Year 1 Jan. 1 3 Paid $25,860 cash plus
York Instruments completed the following transactions and events involving its machinery.Required Prepare journal entries to record these transactions and events. Year 1
On January 1, Walker purchased a used machine for $150,000. On January 4, Walker paid $3,510 to wire electricity to the machine.Walker paid an additional $4,600 on January 5 to secure the machine for
Why would companies invest their idle cash in cash equivalents?
(a) The voucher system of control establishes procedures for what two processes?(b) When is the voucher initially prepared?
Choose from the following list of terms and phrases to best complete the following statements.a. Cashb. Cash equivalentsc. Outstanding checkd. Liquiditye. Cash over and shortf. Voucher
Management uses a voucher system to help control and monitor cash payments. Which one or more of the four documents listed below are prepared as part of a voucher system of control?a. Purchase
A company replenishes its $500 petty cash fund. Its petty cashbox has $75 cash and petty cash receipts of $420 in repairs expense. The entry to replenish the fund includesa. A debit to Cash for
A company had net sales of $84,000 and accounts receivable of $6,720. Its days’ sales uncollected isa. 3.2 daysb. 18.4 daysc. 230.0 daysd. 29.2 dayse. 12.5 days
Kiona Co. set up a petty cash fund for payments of small amounts.The following transactions involving the petty cash fund occurred in May (the last month of the company’s fiscal
Nakashima Gallery had the following petty cash transactions in February of the current year. Nakashima uses the perpetual system to account for merchandise inventory.Required1. Prepare the journal
Moya Co. establishes a petty cash fund for payments of small amounts. The following transactions involving the petty cash fund occurred in January (the last month of the company’s fiscal
Blues Music Center had the following petty cash transactions in March of the current year. Blues uses the perpetual system to account for merchandise inventory.Required1. Prepare the journal entry to
Key figures for Samsung follow.Required1. Compute cash and cash equivalents as a percent (rounded to one decimal) of total current assets, total assets, total current liabilities, and total
Prepare journal entries to record the following transactions for a retailer that uses the perpetual inventory system. Jan. 2 Sold merchandise for $1,000 (that had cost $600) and accepted the
A retailer uses the direct write-off method. Record the following transactions. Feb. 14 The retailer determines that it cannot collect $400 of its accounts receivable from a customer named ZZZ
A retailer uses the allowance method. Record the following transactions. Dec. 31 The retailer estimates $3,000 of its accounts receivable are uncollectible at its year-end. Feb. 14 The retailer
Ace Company purchases $1,400 of merchandise from Zitco on December 16. Zitco accepts Ace’s $1,400, 90-day, 12% note as payment. Zitco’s accounting period ends on December 31.a. Prepare entries
Recording Accounts and Notes Receivable Transactions; Estimating Bad Debts Clayco Company completes the following transactions during the year.Required1. Prepare Clayco Company’s journal entries to
A company’s Accounts Receivable balance at its December 31 year-end is $125,650, and its Allowance for Doubtful Accounts has a credit balance of $328 before year-end adjustment. Its net sales are
A company’s Accounts Receivable balance at its December 31 year-end is $489,300, and its Allowance for Doubtful Accounts has a debit balance of $554 before year-end adjustment. Its net sales are
Total interest to be earned on a $7,500, 5%, 90-day note isa. $93.75.b. $375.00.c. $1,125.00.d. $31.25.e. $125.00.
A company receives a $9,000, 8%, 60-day note. The maturity value of the note isa. $120.b. $9,000.c. $9,120.d. $720.e. $9,720.
A company has net sales of $489,600 and average accounts receivable of $40,800. What is its accounts receivable turnover?a. 0.08b. 30.41c. 1,341.00d. 12.00e. 111.78
Prepare journal entries to record the following transactions of Namco. April 1 Accepted a $5,000, 90-day, 4% note from Travis in granting a time extension on his past-due account receivable. June 30
Prepare journal entries to record each of the following sales transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Apr. 1 4 8 11 Sold
Prepare journal entries to record each of the following sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. Oct. 1 6 9 30 Sold merchandise for
Refer to the information in QS 5-11 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Of
Refer to the information in QS 5-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the FIFO method.Data from QS
Refer to the information in QS 5-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on specific identification. Of the
Spade Co. is considering either FIFO or LIFO. Determine which method results in the lowest income tax expense in the current year when(a) Inventory costs are rising and(b) Inventory costs are
In taking a physical inventory at the end of Year 1, Grant Company forgot to count certain units and understated ending inventory by $10,000. Determine how this error affects each of the following.a.
Endor Company begins the year with $140,000 of goods in inventory.At year-end, the amount in inventory has increased to $180,000. Cost of goods sold for the year is $1,200,000. Compute Endor’s
Confucius Bookstore’s inventory is destroyed by a fire on September 5. The following data for the current year are available from the accounting records. Estimate the cost of the inventory
Refer to sales and purchases data from Exercise 5-3 and record journal entries for Laker Company’s sales and purchases transactions.Assume for this assignment that the company uses a perpetual
Use the data in Exercise 5-3 to compute gross profit for the month of January for Laker Company similar to that in Exhibit 5.8 for the four inventory methods.Data from Exhibit 5.81. Which method
Cruz Company uses LIFO for inventory costing and reports the following financial data. It also recomputed inventory and cost of goods sold using FIFO for comparison purposes.1. Compute its current
Dakota Company had net sales (at retail) of $260,000. The following additional information is available from its records. Use the retail inventory method to estimate Dakota’s year-end inventory at
Shepard Company sold 4,000 units of its product at $100 per unit during the year and incurred operating expenses of $15 per unit in selling the units. It began the year with 840 units in inventory
The following summarizes Tesla’s merchandising activities for the year. Set up T-accounts for Merchandise Inventory and for Cost of Goods Sold. Enter each line item into one or both of the two
Compute the amount to be paid for each of the four separate invoices assuming that all invoices are paid within the discount period. Merchandise (gross) a. $5,000 b. $20,000 Terms 2/10, n/60 1/15,
Prepare journal entries to record each of the following transactions of a merchandising company. The company uses a perpetual inventory system and the gross method. Nov. 5 Purchased 600 units of
Prepare journal entries to record each of the following transactions.The company records purchases using the gross method and a perpetual inventory system. Aug. 1 Purchased merchandise with an
Prepare journal entries to record each of the following transactions.The company records purchases using the gross method and a perpetual inventory system. Sep. 15 Purchased merchandise with an
Prepare journal entries to record each of the following transactions.The company records purchases using the gross method and a perpetual inventory system. May 1 Purchased merchandise with a price of
Prepare journal entries to record each of the following transactions.The company records purchases using the gross method and a perpetual inventory system. June 1 9 Purchased merchandise with a price
Prepare journal entries to record each of the following sales transactions of TFC Merchandising. TFC uses a perpetual inventory system and the gross method. May 1 9 Sold merchandise for $600, with
Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances. Nix’It uses the perpetual inventory system. Prepare the company’s
Refer to QS 4-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system.Data
Refer to QS 4-10 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the gross method and a periodic inventory system.Data
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,000. Of the $10,000 of receivables, $2,000 are within a 3%
ProBuilder reports merchandise sales of $50,000 and cost of merchandise sales of $20,000 in its first year of operations ending June 30. It makes fiscal-year-end adjusting entries for estimated
Refer to QS 4-5 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.Data
Refer to QS 4-10 and prepare journal entries to record each of the merchandising transactions assuming that the company records purchases using the net method and a perpetual inventory system.Data
Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory system and the gross method. July 1 Purchased merchandise from Boden
Prepare journal entries to record the following merchandising transactions of Lowe’s, which uses the perpetual inventory system and the gross method. Aug. 1 5 8 Purchased merchandise from Aron
Preparing closing entries and interpreting information about discounts and returns. Use the data for Valley Company in Problem 4-3A to complete the following requirement.RequiredPrepare closing
Prepare journal entries to record the following merchandising transactions of IKEA, which uses the perpetual inventory system and gross method. May 2 4 5 9 10 12 Purchased merchandise from Havel Co.
Prepare journal entries to record the following merchandising transactions of Menards, which applies the perpetual inventory system and gross method. July 3 Purchased merchandise from OLB Corp. for
Amy Martin is a student who plans to attend approximately four professional events a year at her college. Each event necessitates payment of $100 to $200 for a new suit and accessories. After
You are the financial officer for Music Plus, a retailer that sells goods for home entertainment needs. The business owner, Vic Velakturi, recently reviewed the annual financial statements you
Official Brands’s general ledger and supplementary records at the end of its current period reveal the following.Required1. Each member of the team is to assume responsibility for computing one of
A company reported the following December purchase and sales data for its only product. The company uses a perpetual inventory system. Determine the cost assigned to ending inventory and to cost of
A company has the following products in its ending inventory, along with cost and market values.(a) Compute the lower of cost or market for its inventory when applied separately to each product.(b)
A company had $10,000 of sales, and it purchased merchandise costing $7,000 in each of Year 1, Year 2, and Year 3. It also maintained a $2,000 physical inventory from the beginning to the end of that
Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during the current year follow.Additional tracking data for specific identification:Sold 400 units costing $14
Craig Company buys and sells one product. Its beginning inventory, purchases, and sales during the current year follow.Additional tracking data for specific identification:Sold 400 units costing $14
A company reported the following December purchases and sales data for its only product. The company uses a periodic inventory system. Determine the cost assigned to ending inventory and to cost of
Using the retail method and the following data, estimate the cost of ending inventory. Beginning inventory.... Cost of goods purchased.. Net sales..... Cost $324,000 195,000 Retail $530,000 335,000
Homestead Crafts, a distributor of handmade gifts, operates out of owner Emma Finn’s house. At the end of the current period, Emma looks over her inventory and finds that she has the
A company reports the following beginning inventory and two purchases for the month of January. On January 26, the company sells 350 units. Ending inventory at January 31 totals 150
Trey Monson starts a merchandising business on December 1 and enters into the following three inventory purchases. Also, on December 15, Monson sells 15 units for $20 each.RequiredMonson uses a
Refer to the information in QS 5-11 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.Data from QS
Refer to the information in QS 5-11 and assume the perpetual inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average method.
Refer to the information in QS 5-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the LIFO method.Data from QS
Refer to the information in QS 5-11 and assume the periodic inventory system is used. Determine the costs assigned to ending inventory when costs are assigned based on the weighted average
Walberg Associates, antique dealers, purchased goods for $75,000.Terms of the purchase were FOB shipping point, and the cost of transporting the goods to Walberg Associates’s warehouse was $2,400.
Laker Company reported the following January purchases and sales data for its only product.RequiredThe company uses a perpetual inventory system. Determine the cost assigned to ending inventory and
Use the data and results from Exercise 5-6A to compute gross profit for the month of January for the company similar to that in Exhibit 5.8 for the four inventory methods.Data from Exercise 5-6ARefer
Hemming Co. reported the following current year purchases and sales for its only product.RequiredHemming uses a perpetual inventory system. Determine the costs assigned to ending inventory and to
Tree Seedlings has the following current year purchases and sales for its only product.RequiredThe company uses a perpetual inventory system. Determine the costs assigned to ending inventory and to
Vibrant Company had $850,000 of sales in each of Year 1, Year 2, and Year 3, and it purchased merchandise costing $500,000 in each of those years. It also maintained a $250,000 physical inventory
Navajo Company’s year-end financial statements show the following.The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending
Hallam Company’s year-end financial statements show the following.The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending
For journal entries 1 through 12, indicate the explanation that most closely describes it. You can use explanations more than once.A. To record receipt of unearned revenue.B. To record this
Wells Technical Institute (WTI) provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in offsite locations. Its unadjusted trial balance as of
The adjusted trial balance for Chiara Company as of December 31 follows.RequiredUse the information in the adjusted trial balance to prepare(a) The income statement for the year ended December 31;(b)
On April 1, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.Required1. Use the balance column format to set up each
The adjusted trial balance for Tybalt Construction on December 31 of the current year follows. The Retained Earnings account balance was $111,400 on December 31 of the prior year.Required1. Prepare
The following unadjusted trial balance is for Ace Construction Co. at its June 30 current fiscal year-end. The credit balance of the Retained Earnings account was $78,660 on June 30 of the prior

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