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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Purchase-related transactions using periodic inventory system Selected transactions for Niles Co. during March of the current year are listed in Problem 5-1B.Instructions Journalize the entries to
Single-step income statement and account form of balance sheet OBJ. 3 Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 2016, are presented in Problem
Multiple-step income statement and report form of balance sheet OBJ. 3 The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30,
Sales-related and purchase-related transactions for seller and buyer OBJ. 2 using perpetual inventory system The following selected transactions were completed during April between Swan Company and
Sales-related and purchase-related transactions using perpetual OBJ. 2 inventory system The following were selected from among the transactions completed by Essex Company during July of the current
Sales-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Green Lawn Supplies Co., which sells irrigation supplies primarily to
Purchase-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Niles Co. during March of the current year:Mar. 1. Purchased merchandise
Periodic inventory accounts, multiple-step income statement, closing entries On December 31, 2016, the balances of the accounts appearing in the ledger of Wyman Company are as follows:Cash $ 13,500
Sales-related and purchase-related transactions for buyer and seller using periodic inventory system Selected transactions during August between Summit Company and Beartooth Co. are listed in Problem
Sales-related and purchase-related transactions using periodic inventory system Selected transactions for Babcock Company during November of the current year are listed in Problem 5-3A.Instructions
Purchase-related transactions using periodic inventory system Selected transactions for Capers Company during October of the current year are listed in Problem 5-1A.Instructions Journalize the
Single-step income statement and account form of balance sheet OBJ. 3 Selected accounts and related amounts for Clairemont Co. for the fiscal year ended May 31, 2016, are presented in Problem
Multiple-step income statement and report form of balance sheet OBJ. 3 The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May
Sales-related and purchase-related transactions for seller and buyer OBJ. 2 using perpetual inventory system The following selected transactions were completed during August between Summit Company
Sales-related and purchase-related transactions using perpetual OBJ. 2 inventory system The following were selected from among the transactions completed by Babcock Company during November of the
Sales-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Amsterdam Supply Co., which sells office supplies primarily to wholesalers and
Purchase-related transactions using perpetual inventory system OBJ. 2 The following selected transactions were completed by Capers Company during October of the current year:Oct. 1. Purchased
Closing entries using periodic inventory system United Rug Company is a small rug retailer owned and operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following
Cost of merchandise sold Identify the errors in the following schedule of the cost of merchandise sold for the year ended May 31, 2016:Cost of merchandise sold:Merchandise inventory, May 31, 2016 . .
Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for July:Merchandise inventory, July 1 $ 190,850 Merchandise inventory, July 31 160,450 Purchases
Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for November:Merchandise inventory, November 1 $ 28,000 Merchandise inventory, November 30 31,500
Cost of merchandise sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2016:Merchandise inventory, May 1, 2015 $
Identify items missing in determining cost of merchandise sold For (a) through (d), identify the items designated by X and Y.a. Purchases 2 (X 1 Y) 5 Net purchases.b. Net purchases 1 X 5 Cost of
Journal entries using the periodic inventory system The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic
Rules of debit and credit for periodic inventory accounts Complete the following table by indicating for (a) through (g) whether the proper answer is debit or credit:Account Increase Decrease Normal
Ratio of sales to assets OBJ. 5 The Home Depot reported the following data (in millions) in its recent financial statements:Year 2 Year 1 Sales $70,395 $67,997 Total assets at the end of the year
Closing entries OBJ. 4 On July 31, 2016, the balances of the accounts appearing in the ledger of Serbian Interiors Company, a furniture wholesaler, are as follows:Accumulated Depr.—Building
Closing entries; net income OBJ. 4 Based on the data presented in Exercise 5-23, journalize the closing entries.
Closing the accounts of a merchandiser OBJ. 4 From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system:
Adjusting entry for merchandise inventory shrinkage OBJ. 4 Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on hand on March 31, 2016. The physical
Multiple-step income statement OBJ. 3 Identify the errors in the following income statement:Curbstone Company Income Statement For the Year Ended August 31, 2016 Sales . . . . . . . . . . . . . . . .
Multiple-step income statement OBJ. 3 On October 31, 2016, the balances of the accounts appearing in the ledger of Prestige Furnishings Company, a furniture wholesaler, are as follows:Accumulated
Determining amounts for items omitted from income statement OBJ. 3 Two items are omitted in each of the following four lists of income statement data.Determine the amounts of the missing items,
Income statement for merchandiser OBJ. 3 The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported:
Income statement and accounts for merchandiser OBJ. 3 For the fiscal year, sales were $25,565,000 and the cost of merchandise sold was $15,400,000.a. What was the amount of gross profit?b. If total
Normal balances of merchandise accounts OBJ. 2 What is the normal balance of the following accounts: (a) Cost of Merchandise Sold, (b)Customer Refunds Payable, (c) Delivery Expense, (d) Estimated
Sales tax transactions OBJ. 2 Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise
Sales tax OBJ. 2 A sale of merchandise on account for $36,000 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the
Chart of accounts OBJ. 2 Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows:Accounts Payable Accounts Receivable Accumulated
Sales-related transactions OBJ. 2 Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co.
Determining amounts to be paid on invoices OBJ. 2 Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received
Sales-related transactions OBJ. 2 Merchandise is sold on account to a customer for $56,500, terms FOB shipping point, 2/10, n/30. The seller paid the freight of $2,100. Determine the following: (a)
Sales-related transactions OBJ. 2 The debits and credits for three related transactions are presented in the following T accounts. Describe each transaction.Cash Sales(5) 39,200 (1) 41,160 Cost of
Sales-related transactions OBJ. 2 After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire
Customer returns and allowances OBJ. 2 Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 2016. Zell Company
Sales-related transactions, including the use of credit cards OBJ. 2 Journalize the entries for the following transactions:a. Sold merchandise for cash, $30,000. The cost of the merchandise sold was
Purchase-related transactions OBJ. 2 Journalize entries for the following related transactions of South Coast Heating & Air Company:a. Purchased $48,000 of merchandise from Atlas Co. on account,
Purchase-related transactions OBJ. 2 Warwick’s Co., a women’s clothing store, purchased $75,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Warwick’s returned
Determining cost of merchandise sold OBJ. 1 For a recent year, Best Buy reported sales of $50,705 million. Its gross profit was $12,573 million. What was the amount of Best Buy’s cost of
Determining gross profit OBJ. 1 During the current year, merchandise is sold for $4,885,000. The cost of the merchandise sold is $3,028,700.a. What is the amount of the gross profit?b. Compute the
Ratio of sales to assets OBJ. 5 Financial statement data for years ending December 31 for Edison Company follows:2016 2015 Sales $1,884,000 $1,562,000 Total assets:Beginning of year 770,000 650,000
Ratio of sales to assets OBJ. 5 Financial statement data for years ending December 31 for Latchkey Company follows:2016 2015 Sales $1,734,000 $1,645,000 Total assets:Beginning of year 480,000 460,000
Inventory shrinkage OBJ. 4 Hahn Flooring Company’s perpetual inventory records indicate that $1,333,150 of merchandise should be on hand on December 31, 2016. The physical inventory indicates that
Inventory shrinkage OBJ. 4 Castle Furnishings Company’s perpetual inventory records indicate that $675,400 of merchandise should be on hand on November 30, 2016. The physical inventory indicates
Transactions for buyer and seller OBJ. 2 Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co.
Transactions for buyer and seller OBJ. 2 Sather Co. sold merchandise to Boone Co. on account, $31,800, terms 2/15, n/30. The cost of the merchandise sold is $19,000. Journalize the entries for Sather
Freight terms OBJ. 2 Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that
Freight terms OBJ. 2 Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that
Purchases transactions OBJ. 2 Hoffman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Hoffman Company returned $7,500 of the merchandise and received full
Purchases transactions OBJ. 2 Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. Halibut Company returned $5,000 of the merchandise and received full
Gross profit OBJ. 1 During the current year, merchandise is sold for $18,300 cash and $295,700 on account.The cost of the merchandise sold is $188,000. What is the amount of the gross profit?
Gross profit OBJ. 1 During the current year, merchandise is sold for $615,000 cash and $4,110,000 on account.The cost of the merchandise sold is $2,835,000. What is the amount of the gross profit?
Assume that Audio Outfitter Inc. in Discussion Question 9 experienced an abnormal inventory shrinkage of $98,600. Audio Outfitter Inc. has decided to record the abnormal inventory shrinkage so that
Name three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.
Compute the ratio of sales to assets.
Interpret a high ratio of sales to assets.
Prepare the closing entries for a merchandising business.
Prepare the adjusting journal entry for inventory shrinkage.
Prepare a report form of balance sheet for a merchandising business.
Prepare a retained earnings statement for a merchandising business.
Prepare a single-step income statement.
Prepare a multiple-step income statement for a merchandising business.
Record sales transactions involving sales taxes and trade discounts.
Determine the cost of merchandise purchased when a trade discount is offered by the seller.
Prepare a chart of accounts for a merchandising business.
Record the same merchandise transactions for the buyer and seller.
Determine the total cost of the purchase of merchandise under differing freight terms.
Prepare journal entries for freight from the point of view of the buyer and seller.
Prepare journal entries to record sales discounts and customer returns and allowances.
Prepare journal entries to record sales of merchandise on account.
Prepare journal entries to record sales of merchandise for cash or using a credit card.
Prepare journal entries to record purchases discounts and purchases returns and allowances.
Prepare journal entries to record the purchases of merchandise on account.
Prepare journal entries to record the purchases of merchandise for cash.
Describe how merchandise inventory is reported on the balance sheet.
Compute gross profit.
Describe the differences between the income statements of a service and a merchandising business.
Describe how the activities of a service and a merchandising business differ.
Describe the differences between financial accounting and managerial accounting.
Describe the role of the management accountant in the organization.
Describe the role of managerial accounting in the management process.
Describe a cost object.
Classify a cost as a direct or an indirect cost for a cost object.
Describe direct materials cost.
Describe direct labor cost.
Describe factory overhead cost.
Describe prime costs and conversion costs.
Describe product costs and period costs.
Describe materials inventory.
Describe work in process inventory.

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