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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Why are large corporations often described as publicly owned?
Explain how the lessee accounts for operating leases and capital leases. Why is an operating lease sometimes called off-balance sheet financing?
There is a business saying that “You shouldn’t be in business if your company doesn’t earn higher than bank rates.” This means that if a company is to succeed, its return on assets should be
Davidson, DDS, purchased new furniture for its store on May 1, 2015. The furniture is expected to have a 10-year life and no residual value. The following expenditures were associated with the
Swanson & Hiller, Inc., purchased a new machine on September 1, 2012 at a cost of $108,000. The machine’s estimated useful life at the time of the purchase was five years, and its residual
Swindall Industries uses straight-line depreciation on all of its depreciable assets. The company records annual depreciation expense at the end of each calendar year. On January 11, 2011, the
Over what period of time should the cost of various types of intangible assets be amortized by regular charges against revenue? What method of amortization is generally used?
Evaluate the following quotation: “We shall have no difficulty in paying for new plant assets needed during the coming year because our estimated outlays for new equipment amount to only $80,000,
If a capital expenditure is erroneously treated as a revenue expenditure, will the net income of the current year be overstated or understated? Will this error have any effect on the net income
Music-Is-Us, Inc., is a supplier of musical instruments for professional and amateur musicians. The company’s accountants make adjusting entries monthly, and they make all closing entries annually.
Jackson Specialties has been in business for more than 50 years. The company maintains a perpetual inventory system, uses a LIFO flow assumption, and ends its fiscal year at December 31. At year-end,
Walmart uses LIFO to account for its inventories. Recent financial statements were used to compile the following information (dollar figures are in millions):
Visit the Bankrate.com home page at the following address:www.bankrate.comSearch the site for information on CDs, money market accounts, and other interest-bearing products. Look for links under the
The Cash account in the general ledger of Ciavarella Corporation shows a balance of $112,000 at December 31, 2015 (prior to performing a bank reconciliation). The company’s bank statement shows a
Data Management, Inc., provided the following information at December 31, 2015: Marketable SecuritiesThe
Many companies hold a significant portion of their financial assets in the form of marketable securities. For example, Microsoft Corporation recently reported investments in marketable securities
Tyson Furniture has $100,000 in excess cash that it wants to invest in one or more cash equivalents. The treasurer has researched two money market accounts and two certificates of deposit (CDs)
The following financial assets appeared in a recent balance sheet of Apple, Inc. (dollar amounts are stated in millions):
Shown below is information from the financial reports of Pete’s Auto Parts for the past few years.
King Enterprises is a book wholesaler. King hired a new accounting clerk on January 1 of the current year. The new clerk does not understand accrual accounting and recorded the transactions below
On December 1, 2015, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals. The new corporation was able to begin operations immediately by purchasing the assets and taking
A recent annual report issued by The Gap, Inc., revealed the following data: The company’s income statement reported total
Refer to Problem 4.4A on pages 175–177 in the previous chapter. Prepare a 10-column worksheet for Campus Theater dated August 31, 2015. At the bottom of your worksheet, prepare a brief explanation
Tammy Touchtone operates a talent agency called Touchtone Talent Agency. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited
Next Job, Inc., provides employment consulting services. The company adjusts its accounts monthly but performs closing entries annually on December 31. The firm’s unadjusted trial balance dated
Debit Doctors, Inc., provides accounting advice over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a monthly
Strong Knot, Inc., a service company, performs adjusting entries monthly, but prepares closing entries annually on December 31. The company recently hired Sally Addsup as its new accountant.
Refer to the Demonstration Problem illustrated in the previous chapter on pages 163–166. Prepare a 10-column worksheet for Internet Consulting Service, Inc., dated December 31, 2015. At the bottom
Brushstroke Art Studio, Inc., provides quality instruction to aspiring artists. The business adjusts its accounts monthly, but performs closing entries annually on December 31. This is the studio’s
Mystic Masters, Inc., provides fortune-telling services over the Internet. In recent years the company has experienced severe financial difficulty. Its accountant prepares adjusting entries on a
A recent balance sheet of Denver Tours is provided below: Other
Refer to the adjusted trial balance of Wilderness Guide Services, Inc., illustrated in Exercise 5.3 to respond to the following items:a. Prepare all necessary closing entries at December 31, 2015.b.
Wilderness Guide Services, Inc., performs adjusting entries every month, but closes its accounts only at year-end. The company’s year-end adjusted trial balance dated December 31, 2015, follows:a.
Property Management Professionals provides building management services to owners of office buildings and shopping centers. The company closes its accounts at the end of the calendar year. The manner
Clint Stillmore operates a private investigating agency called Stillmore Investigations. Some clients pay in advance for services; others are billed after services have been performed. Advance
Marvelous Music provides music lessons to student musicians. Some students pay in advance for lessons; others are billed after lessons have been provided. Advance payments are credited to an account
The Off-Campus Playhouse adjusts its accounts every month. Below is the company’s unadjusted trial balance dated September 30, 2015. Additional information is provided for use in preparing the
Ken Hensley Enterprises, Inc., is a small recording studio in St. Louis. Rock bands use the studio to mix high-quality demo recordings distributed to talent agents. New clients are required to pay in
Alpine Expeditions operates a mountain climbing school in Colorado. Some clients pay in advance for services; others are billed after services have been performed. Advance payments are credited to an
Terrific Temps fills temporary employment positions for local businesses. Some businesses pay in advance for services; others are billed after services have been performed. Advanced payments are
The unadjusted and adjusted trial balances for Tinker Corporation on December 31, 2015, are shown below:
Listed below are seven corporations that receive cash from customers prior to earning revenue:America West Corporation (airline)The New York Times Company (newspaper)Royal Caribbean (cruise
Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31, 2015:1. A bank loan had been
The geological consulting firm of Gilbert, Marsh, & Kester prepares adjusting entries on a monthly basis. Among the items requiring adjustment on December 31, 2015, are the following:1. The
Ahuna, Inc., provides in-home cooking lessons to its clients. The company’s trial balance dated March 1, 2015, is shown below:
Clown Around, Inc., provides party entertainment for children of all ages. The company’s trial balance dated February 1, 2015, is shown below.
Dr. Cravati, DMD., o pened a dental clinic on August 1, 2015. The business transactions for August are shown below:Aug. 1 Dr. Cravati invested $280,000 cash in the business in exchange for 1,000
Lyons, Inc., provides consulting services. A few of the company’s business transactions occurring during June are described below:1. On June 1, the company billed customers $5,000 on account for
Home Team Corporation recently hired Steve Willits as its bookkeeper. Mr. Willits is somewhat inexperienced and has made numerous errors recording daily business transactions.Indicate the effects of
Sanlucas, Inc., provides home inspection services to its clients. The company’s trial balance dated June 1, 2015, is shown below:
Listed below are descriptions of six transactions, followed by a table listing six unique combinations of financial statement effects (I is for increase, D is for decrease, and NE is for no effect).
The following information came from a recent balance sheet of Apple Computer, Inc.:a. Determine the amount of total liabilities reported in Apple Computer’s balance sheet at the beginning of the
Record the following selected transactions in general journal form for Quantum Clinic, Inc. Include a brief explanation of the transaction as part of each journal entry.Oct. 1 The clinic issued 5,000
The Public Company Accounting Oversight Board (PCAOB) is a direct outcome of the Sarbanes-Oxley Act of 2002. This is considered one of the most significant pieces of legislation to have ever been
John Marshall is employed as a bank loan officer for First State Bank. He is comparing two companies that have applied for loans, and he wants your help in evaluating those companies. The two
You are asked to prepare a balance sheet for a hypothetical business entity of your choosing (or specified by your instructor). Include in your balance sheet the types of assets and liabilities that
Howard Jaffe is the founder and manager of Old Town Playhouse. The business wishes to obtain a bank loan to finance the production of its next play. As part of the loan application, Jaffe was asked
The balance sheet items of The Sweet Shop (arranged in alphabetical order) were as follows at the close of the business on September 30, 2015:
Shown below in random order is a list of balance sheet items for Maple Valley Farms at September 30, 2015:
Circus World is the name of a traveling circus. The ledger accounts of the business at June 30, 2015, are listed here in alphabetical order:
Delta Corporation was organized on December 1 of the current year and had the following account balances at December 31, listed in tabular form:Early in January, the following transactions were
Big Screen Scripts is a service-type enterprise in the entertainment field, and its manager, William Pippin, has only a limited knowledge of accounting. Pippin prepared the following balance sheet,
The balance sheet items of The Soda Shop (arranged in alphabetical order) were as follows at the close of business on September 30, 2015:
The following list of balance sheet items are in random order for Alexander Farms, Inc., at September 30, 2015:
Locate the balance sheet, income statement, and statement of cash flows of Home Depot, Inc., in Appendix A of your text. Review those statements and then respond to the following for the year ended
The following cases relate to the valuation of assets. Consider each case independently.a. World-Wide Travel Agency has office supplies costing $1,400 on hand at the balance sheet date. These
Match the organizations on the left with the functions on the right. Each function should be used only once.
Match the terms on the left with the descriptions on the right. Each description should be used only once.
Match the terms on the left with the descriptions on the right. Each description should be used only once.
Match the terms on the left with the descriptions on the right. Each description should be used only once.
Match the terms on the left with the descriptions on the right. Each description should be used only once.
What is the role of the Public Company Accounting Oversight Board in the audit of financial statements?
Susan Reed is a partner in Computer Works, a retail store. During the current year, she withdraws $45,000 in cash from this business and takes for her personal use inventory costing $3,200. Her share
What is meant by the term mutual agency?
Terry Hanson owns Hanson Sporting Goods, a retail store organized as a sole proprietorship. He also owns a home that he purchased for $200,000 but that is worth S250,000 today. (Hanson has a $140,000
Explain what is meant by the phrase time value of money.
Porter Corporation has fixed costs of $660,000, variable costs of $24 per unit, and a contribution margin ratio of 40 percent.Compute the following:a. Unit sales price and unit contribution margin
The International Organization of Securities Commissions (IOSCO) is a group of top securi- ties administrators from about 50 countries. The Securities and Exchange Commission (SEC) is a member of
This comprehensive case involves finding the cost for a given product. In addition, it explores cost-volume-profit relationships. It requires the preparation of a set of budgets.
This case focuses on setting up a new business. In planning for this new business, the preparation of budgets is emphasized. In addition, an understanding of cost-volume-profit relationships is
This comprehensive case is designed to be used as a capstone activity at the end of the course. It deals with a not-for-profit service company. The case involves many managerial accounting issues
This case is set in an environment in which the company is searching for new opportunities for growth. It requires evaluation of a proposal based on initial estimates as well as sensitivity analysis.
This case illustrates the importance of proper transfer pricing for decision-making as well as performance evaluation. The student is required to evaluate profitability using two different transfer
This case focuses on decision-making benefits of activity-based costing relative to the traditional approach. It also offers an opportunity to discuss the cost/benefit trade-off between simple ABC
This case is the first in a series of four cases that presents a business situation in which a traditional retailer decides to employ Internet technology to expand its sales opportunities. It
Presented below is the lease portion of the lease notes to the fi nancial statements of Rondo Industries, Inc. Rondo Industries, Inc.Notes to the Financial
Refer to the financial statements of PepsiCo, Inc. and the Notes to Consolidated Financial Statements in Appendix A to answer the following questions about contingent liabilities, lease liabilities,
Prepare the journal entries that the lessee should make to record the following transactions. (a) The lessee makes a lease payment of $68,000 to the lessor in an operating lease
On September 1, the balance of the Accounts Receivable control account in the general ledger of Thone Company was $10,960. The customers’ subsidiary ledger contained account balances as follows:
Identify the special journal(s) in which the following column headings appear.(a) Sales Discounts Dr. (d) Sales Revenue Cr.(b)
Indicate whether each of the following debits and credits is included in the cash receipts journal. (Use “Yes” or “No” to answer this question.)(a) Debit to Sales Revenue.
Identify the journal in which each of the following transactions is recorded.(a) Cash sales.
Identify in what ledger (general or subsidiary) each of the following accounts is shown.(a) Rent Expense.
What transactions might be included in a multi-column purchases journal that would not be included in a single-column purchases journal?
In what journal would the following transactions be recorded? (Assume that a two-column sales journal and a single-column purchases journal are used.) (a) Cash received from signing a note
Leffler Company is considering purchasing equipment. The equipment will produce the following cash flows: Year 1, $40,000; Year 2, $45,000; and Year 3, $50,000. Leffler requires a minimum rate of
Assume the same information as BED-13 except that the discount rate is 12% instead of 10%. In this case, how much can Hanna expect to receive from the sale of these bonds?Data From BED-13:Hanna
Assume the same information as BED-13 except that the discount rate is 12% instead of 10%. In this case, how much can Hanna expect to receive from the sale of these bonds?
Refer back to E26-9 to address the following.InstructionsPrepare a memo to Maria Fierro, your supervisor. Show your calculations from E26-9, (a) and (b). In one or two paragraphs, discuss important
Wallowa Company is considering a long-term investment project called ZIP. ZIP will require an investment of $120,000. It will have a useful life of 4 years and no salvage value. Annual cash inflows

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