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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Describe a bank reconciliation.
Describe a bank statement and provide examples of items that appear on a bank statement as debit and credit memos.
Describe how the use of bank accounts helps control cash.
Describe and give examples of controls for cash payments made using a voucher system and cash payments made by EFT.
Describe and give examples of controls for cash received from cash sales, cash received in the mail, and cash received by EFT.
Describe each element of internal control and factors influencing each element.Learning Outcomes
List the elements of internal control.
List the objectives of internal control.
Describe the purpose of Sarbanes-Oxley.
Describe why Congress passed Sarbanes-Oxley.
Comparing inventory ratios for three companies The general merchandise retail industry has a number of segments represented by the following companies:Company Name Merchandise Concept Costco
Comparing inventory ratios for two companies Tiffany Co. is a high-end jewelry retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the
Inventory ratios for Dell and HP Dell Inc. and Hewlett-Packard Development Company, L.P. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two
Costing inventory Golden Eagle Company began operations in 2016 by selling a single product. Data on purchases and sales for the year were as follows:Purchases:Date Units Purchased Unit Cost Total
LIFO and inventory flow The following is an excerpt from a conversation between Paula Marlo, the warehouse manager for Musick Foods Wholesale Co., and its accountant, Mike Hayes. Musick Foods
Ethics and professional conduct in business Anstead Co. is experiencing a decrease in sales and operating income for the fiscal year ending October 31, 2016. Ryan Frazier, controller of Anstead Co.,
Retail method; gross profit method Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as follows:Cost Retail Jaffe Co.Merchandise inventory, February 1 $
Lower-of-cost-or-market inventory OBJ. 6 Data on the physical inventory of Katus Products Co. as of December 31, 2016, follows:Market Value per Unit (Net Description Realizable Value)Inventory
Periodic inventory by three methods OBJ. 2, 4 Pappa’s Appliances uses the periodic inventory system. Details regarding the inventory of appliances at January 1, 2016, purchases invoices during the
Periodic inventory by three methods OBJ. 2, 3 The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.Instructions 1. Determine the
Weighted average cost method with perpetual inventory OBJ. 2, 3 The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.Instructions
LIFO perpetual inventory OBJ. 2, 3 The beginning inventory for Dunne Co. and data on purchases and sales for a three-month period are shown in Problem 6-1B.Instructions 1. Record the inventory,
FIFO perpetual inventory OBJ. 2, 3 The beginning inventory of merchandise at Dunne Co. and data on purchases and sales for a three-month period ending June 30, 2016, are as follows:Date Transaction
Retail method; gross profit method Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows:Cost Retail Celebrity Tan Merchandise
Lower-of-cost-or-market inventory OBJ. 6 Data on the physical inventory of Ashwood Products Company as of December 31, 2016, follows:Description Inventory Quantity Market Value per Unit(Net
Periodic inventory by three methods OBJ. 2, 4 Dymac Appliances uses the periodic inventory system. Details regarding the inventory of appliances at November 1, 2015, purchases invoices during the
Periodic inventory by three methods OBJ. 2, 3 The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.Instructions 1.
Weighted average cost method with perpetual inventory OBJ. 2, 3 The beginning inventory for Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem
LIFO perpetual inventory OBJ. 2, 3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.Instructions 1. Record the
FIFO perpetual inventory OBJ. 2, 3 The beginning inventory at Funky Party Supplies and data on purchases and sales for a three-month period ending March 31, 2016, are as follows:Date Transaction
Gross profit method Based on the following data, estimate the cost of the ending merchandise inventory:Sales $1,450,000 Estimated gross profit rate 42%Beginning merchandise inventory $ 100,000
Gross profit method Based on the following data, estimate the cost of the ending merchandise inventory:Sales $9,250,000 Estimated gross profit rate 36%Beginning merchandise inventory $ 180,000
Gross profit method The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records:Jan. 1 Merchandise inventory $ 350,000 Jan. 1–Dec.
Retail method On the basis of the following data, estimate the cost of the merchandise inventory at June 30 by the retail method:Cost Retail June 1 Merchandise inventory $ 165,000 $ 275,000 June
Retail method A business using the retail method of inventory costing determines that merchandise inventory at retail is $775,000. If the ratio of cost to retail price is 66%, what is the amount of
Retail method A business using the retail method of inventory costing determines that merchandise inventory at retail is $396,400. If the ratio of cost to retail price is 61%, what is the amount of
Retail method A business using the retail method of inventory costing determines that merchandise inventory at retail is $1,235,000. If the ratio of cost to retail price is 54%, what is the amount of
Inventory turnover and number of days’ sales in inventory OBJ. 7 Kroger, Safeway Inc., and Whole Foods Markets, Inc. are three grocery chains in the United States. Inventory management is an
Inventory turnover OBJ. 7 The following data (in thousands) were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and American Greetings
Error in inventory OBJ. 6 During 2016, the accountant discovered that the physical inventory at the end of 2015 had been understated by $42,750. Instead of correcting the error, however, the
Effect of errors in physical inventory OBJ. 6 Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories.During the taking of its physical inventory on December 31,
Effect of errors in physical inventory OBJ. 6 Missouri River Supply Co. sells canoes, kayaks, whitewater rafts, and other boating supplies.During the taking of its physical inventory on December 31,
Merchandise inventory on the balance sheet OBJ. 6 Based on the data in Exercise 6-15 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the
Lower-of-cost-or-market inventory OBJ. 6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit
Comparing inventory methods OBJ. 5 Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.a. In each space that follows, place the correct sign [less
Periodic inventory by three methods; cost of merchandise sold OBJ. 2, 4 The units of an item available for sale during the year were as follows:Jan. 1 Inventory 90 units at $54 Mar. 10 Purchase 112
Periodic inventory by three methods OBJ. 2, 4 The units of an item available for sale during the year were as follows:Jan. 1 Inventory 200 units at $60 Feb. 17 Purchase 275 units at $64 July 21
Perpetual inventory using LIFO OBJ. 3 Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance
Perpetual inventory using FIFO OBJ. 3 Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance
Weighted average cost flow method under perpetual inventory system OBJ. 3 The following units of a particular item were available for sale during the calendar year:Jan. 1 Inventory 4,000 units at $20
Weighted average cost flow method under perpetual inventory system OBJ. 3 The following units of a particular item were available for sale during the calendar year:Jan. 1 Inventory 10,000 units at
FIFO and LIFO costs under perpetual inventory system OBJ. 2, 3 The following units of an item were available for sale during the year:Beginning inventory 3,600 units at $4.00 Sale 2,400 units at
Perpetual inventory using FIFO OBJ. 2, 3 Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise
Perpetual inventory using LIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for prepaid cell phones for May are as follows:Inventory Purchases Sales May 1 1,550 units at $44 May 10 720
Perpetual inventory using LIFO OBJ. 2, 3 Assume that the business in Exercise 6-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise
Perpetual inventory using FIFO OBJ. 2, 3 Beginning inventory, purchases, and sales data for portable DVD players are as follows:June 1 Inventory 240 units at $78 10 Sale 180 units 15 Purchase 280
Control of inventories OBJ. 1 Hardcase Luggage Shop is a small retail establishment located in a large shopping mall.This shop has implemented the following procedures regarding inventory items:a.
Control of inventories OBJ. 1 Triple Creek Hardware Store currently uses a periodic inventory system. Kevin Carlton, the owner and sole stockholder, is considering the purchase of a computer system
Inventory turnover and number of days’ sales in inventory OBJ. 7 Financial statement data for years ending December 31 for Tango Company follows:2016 2015 Cost of merchandise sold $3,864,000
Inventory turnover and number of days’ sales in inventory OBJ. 7 Financial statement data for years ending December 31 for Holland Company follows:2016 2015 Cost of merchandise sold $4,504,500
Effect of inventory errors OBJ. 6 During the taking of its physical inventory on December 31, 2016, Waterjet Bath Company incorrectly counted its inventory as $728,660 instead of the correct amount
Effect of inventory errors OBJ. 6 During the taking of its physical inventory on August 31, 2016, Kate Interiors Company incorrectly counted its inventory as $366,900 instead of the correct amount of
Lower-of-cost-or-market method OBJ. 6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as
Lower-of-cost-or-market method OBJ. 6 On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as
Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows:Jan. 1 Inventory 20 units at $360 $ 7,200 Aug. 13
Periodic inventory using FIFO, LIFO, and weighted average cost methods OBJ. 4 The units of an item available for sale during the year were as follows:Jan. 1 Inventory 12 units at $5,400 $ 64,800 Aug.
Perpetual inventory using weighted average OBJ. 3 Beginning inventory, purchases, and sales for WCS12 are as follows:Oct. 1 Inventory 300 units at $8 13 Sale 175 units 22 Purchase 375 units at $10 29
Perpetual inventory using weighted average OBJ. 3 Beginning inventory, purchases, and sales for 30xT are as follows:May 1 Inventory 50 units at $80 12 Sale 35 units 23 Purchase 60 units at $90 26
Perpetual inventory using LIFO OBJ. 3 Beginning inventory, purchases, and sales for Item Foxtrot are as follows:Mar. 1 Inventory 270 units at $18 8 Sale 225 units 15 Purchase 375 units at $20 27 Sale
Perpetual inventory using LIFO OBJ. 3 Beginning inventory, purchases, and sales for Item Zebra 9x are as follows:April 1 Inventory 420 units at $8 10 Sale 300 units 18 Purchase 280 units at $9 27
Perpetual inventory using FIFO OBJ. 3 Beginning inventory, purchases, and sales for Item Delta are as follows:July 1 Inventory 50 units at $15 7 Sale 44 units 15 Purchase 90 units at $18 24 Sale 40
Perpetual inventory using FIFO OBJ. 3 Beginning inventory, purchases, and sales for Item ProX2 are as follows:Jan. 1 Inventory 60 units at $100 9 Sale 35 units 13 Purchase 50 units at $110 25 Sale 48
Cost flow methods OBJ. 2 The following three identical units of Item Beta are purchased during June:Item Beta Units Cost June 2 Purchase 1 $ 50 12 Purchase 1 60 23 Purchase 1 70 Total 3 $180 Average
Cost flow methods OBJ. 2 The following three identical units of Item BZ1810 are purchased during November:Item BZ1810 Units Cost Nov. 2 Purchase 1 $ 55 14 Purchase 1 57 28 Purchase 1 62 Total 3 $174
Compute the number of days’ sales in inventory
Compute the inventory turnover.
Describe the use of inventory turnover and number of days’sales in inventory in analyzing how well a company manages inventory.
Determine the effect of inventory errors on the balance sheet and income statement.
Prepare the Current Assets section of the balance sheet that includes inventory.
Determine inventory using lower of cost or market.
Indicate which inventory cost flow method will yield the highest and lowest ending inventory and net income during periods of decreasing prices.
Indicate which inventory cost flow method will yield the highest and lowest ending inventory and net income during periods of increasing prices.
Determine the cost of inventory and the cost of merchandise sold, using a periodic inventory system under the weighted average cost method.
Determine the cost of inventory and the cost of merchandise sold, using a periodic inventory system under the LIFO method.
Determine the cost of inventory and the cost of merchandise sold, using a periodic inventory system under the FIFO method.
Determine the cost of inventory and the cost of merchandise sold, using a perpetual inventory system under the weighted average cost method.
Determine the cost of inventory and the cost of merchandise sold, using a perpetual inventory system under the LIFO method.
Determine the cost of inventory and the cost of merchandise sold, using a perpetual inventory system under the FIFO method.
Describe how the choice of a cost flow method affects the income statement and balance sheet.
Describe the FIFO, LIFO, and weighted average cost flow methods.
Describe why taking a physical inventory enhances control over inventory
Describe how a perpetual inventory system enhances control over inventory.
Describe controls for safeguarding inventory.
Shopping for a television Group Project Assume that you are planning to purchase a 55-inch LED, LCD flat-screen television. In groups of three or four, determine the lowest cost for the television,
Sales discounts Your sister operates Watercraft Supply Company, an online boat parts distributorship that is in its third year of operation. The following income statement was recently prepared for
Determining cost of purchase The following is an excerpt from a conversation between Mark Loomis and Krista Huff.Mark is debating whether to buy a stereo system from Tru-Sound Systems, a locally
Ethics and professional conduct in business On April 18, 2016, Bontanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount
Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2016, the balances of the accounts appearing in the ledger of Simkins Company are as follows:Cash $ 125,000
Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during April between Swan Company and Bird Company are listed in Problem
Sales-related and purchase-related transactions using periodic inventory system Selected transactions for Essex Company during July of the current year are listed in Problem 5-3B.Instructions

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