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Questions and Answers of
Financial And Managerial Accounting
Assume that a Queen Burger restaurant has the following perpetual inventory record for hamburger patties:Requirements1. At April 30, the accountant for the restaurant determines that the current
Boston Cycles’ inventory data for the year ended December 31, 2011, follow:Assume that the ending inventory was accidentally overstated by $2,200.Requirement 1. What are the correct amounts for
Refer back to the Boston Cycles’ inventory data in Short Exercise 6-11.Requirement1. How would the inventory error affect Boston Cycles’ cost of goods sold and gross profit for the year ended
Electronic Company began the year with inventory of \($55,800\) and purchased \($277,000\) of goods during the year. Sales for the year are \($476,000\), and Electronic s gross profit percentage is
Putter’s Paradise carries an inventory of putters and other golf clubs. Putter’s Paradise uses the FIFO method and a perpetual inventory system. The sales price of each putter is \($135\).
Accounting records for Rich’s Shopping Bags yield the following data for the year ended July 31, 2011:Requirements1. Journalize the inventory transactions for the company using the data given.2.
Assume that an RK Toys store bought and sold a line of dolls during December as follows:RK Toys uses the perpetual inventory system.Requirements1. Compute the cost of ending inventory under FIFO.2.
Rapid Resources, which uses the FIFO method, has the following account balances at December 31, 2012, prior to releasing the financial statements for the year:Rapid has determined that the
Hudson River Bakery reported sales revenue of \($29,000\) and cost of goods sold of $11,000.Requirement 1. Compute Hudson River’s correct gross profit if the company made either of the following
Earth Foods Grocery reported the following comparative income statement for the years ended June 30, 2012 and 2011:During 2012, Earth Foods discovered that ending 2011 inventory, as previously
All Makes Auto Parts holds inventory all over the world. Assume that the records for one auto part show the following:Suppose this inventory, stored in the United States, was lost in a
New Life Landscaping and Nursery began December with inventory of \($47,000\). During December, New Life made net purchases of \($30,300\) and had net sales of \($63,000\). Lor the past several
Some of L and M Electronics’ merchandise is gathering dust. It is now December 31 2012, and the current replacement cost of the ending inventory is \($25,000\) below the business’s cost of the
Vitamin World began January with an inventory of 90 crates of vitamins that cost a total of \($3,600\). During the month, Vitamin World purchased and sold merchandise on account as follows:Vitamin
Fancy Iron Industries began October with 54 units of iron inventory that cost \($39\) each. During October, the company completed the following inventory transactions:Requirements 1. Prepare a
Rocky Bayou Golf Clubs, which uses the FIFO method, has the following account balances at October 31, 2012, prior to releasing the financial statements for the year:Rocky Bayou has determined that
Antique Carpets’ books show the following data (in thousands). In early 2013 auditors found that the ending inventory for 2010 was understated by \($8\) thousand and that the ending inventory for
Gala Costumes estimates its inventory by the gross profit method. The gross profit has averaged 28% of net sales. The company’s inventory records reveal the following data (amounts in
Some of J and B Electronics’ merchandise is gathering dust. It is now December 31, 2012, and the current replacement cost of the ending inventory is \($15,000\) below the business’s cost of the
Fit World began January with an inventory of 60 crates of vitamins that cost a total of \($3,000\). During the month, Fit World purchased and sold merchandise on account as follows:Fit World uses the
Decorative Steel, Inc., began October with 47 units of iron inventory that cost \($35\) each. During October, Decorative Steel completed the following inventory transactions:Requirements 1. Prepare a
Callowater Golf Clubs, which uses the FIFO method, has the following account balances at May 31, 2012, prior to releasing the financial statements for the year:Callowater has determined that the
Harmony Carpets’ books show the following data (in thousands). In early 2013, auditors found that the ending inventory for 2010 was understated by \($9\) thousand and that the ending inventory for
Elite Costumes estimates its inventory by the gross profit method. The gross profit has averaged 33% of net Sales. The company’s inventory records reveal the following data (amounts in
Consider the September transactions for Sherman Lawn Service. (Cost data has been removed from the sale transactions).Requirements1. Prepare perpetual inventory records for September for Sherman
Consider the January transactions for Haupt Consulting Company. (Cost data has been removed from the sale transactions.)Requirements1. Prepare perpetual inventory records for January for Haupt using
Consider the May transactions for Crystal Clear Cleaning. (Cost data has been removed from the sale transactions.)Requirements1. Prepare perpetual inventory records for May for Crystal Clear using
T. J. Brown made sales of \($9,400\) and ended June with inventories totaling \($500\). Cost of goods sold was \($5,400\). Total operating expenses were \($3,000\). How much net income did Brown earn
Assume ShoeFanatic.com began September with 8 units of inventory that cost a total of \($144\). During September, ShoeFanatic purchased and sold goods as follows: Sep 8 Purchase 14 Sale 24 units @
Under the FIFO method, ShoeFanatic.com's journal entry (entries) on September 14 is (are): a. Accounts receivable Inventory 372 372 b. Cost of goods sold Inventory 372 372 Accounts receivable C.
After the purchase on September 22, what is ShoeFanatic's cost of the inventory on hand? ShoeFanatic.com uses FIFO.a. $936b. $864c. $564d. $608
Which inventory costing method results in the lowest net income during a period of rising inventory costs?a. Average costb. Specific unit costc. First-in, first-out (FIFO)d. Last-in, first-out (LIFO)
Suppose ShoeFanatic.com used the average-cost method and the perpetual inventory system. Use the Shoe Fanatic data in question 3 to compute the average unit cost of the company’s inventory on hand
At December 31, 2011, McAdam Company overstated ending inventory by \($40,000\). How does this error affect cost of goods sold and net income for 2011?a. Understates costs of goods sold and
Suppose Colorado Sportswear suffered a hurricane loss and needs to estimate the cost of the goods destroyed. Beginning inventory was \($106,000\), net purchases totaled \($636,000\), and sales came
Case 1 Jan Lorange manages Poppa Rollo’s Pizza, Inc., which has prospered during its second year of operation. In order to help her decide whether to open another pizzeria, Lorange has prepared the
This case uses both the income statement (statement of operations) and the balance sheet of Amazon.com. It will help you understand the closing process of a business.Requirements 1. Journalize
This case will familiarize you with some of the assets and liabilities of that company. Use Amazon.com balance sheet to answer the following questions.Requirements 1. Which balance sheet format does
The journal entry for the purchase of inventory on account is a. Accounts payable....... XXX XXX Inventory..... b. Inventory... XXX XXX Cash...... C. XXX Inventory.... XXX Accounts payable.. d.
Downtown Market purchased inventory for \($4,400\) and also paid a \($370\) freight bill. Downtown Market returned 30% of the goods to the seller and later took a 1% purchase discount. What is
Suppose Old Oak Winery had sales of \($270,000\) and sales returns of \($41,000\). Cost of goods sold was \($169,000\). How much gross profit did Old Oak Winery report?a. $101,000b. $60,000c.
Suppose Greg's Groovy Tunes' Inventory account showed a balance of \($10,000\) before the year-end adjustments. The physical count of goods on hand totaled \($9,700\). To adjust the accounts, Greg
Which account in question 6 would Greg Moore close at the end of the year?a. Accounts receivableb. Inventoryc. Cost of goods soldd. Accounts payable
The final closing entry for a corporation is a. Income summary.. Expenses. XXX XXX b. Sales revenue..... XXX XXX Income summary C. Dividends....... XXX Retained earnings... XXX d. Retained earnings..
Which subtotals appear on a multi-step income statement but do not appear on a single- step income statement?a. Gross profit and Income from operationsb. Operating expenses and Net incomec. Cost of
Assume Old Oak Winery made net Sales of \($74,000\), and Cost of goods sold totaled \($40,000\). Average inventory was \($19,000\). What was Old Oak Winery’s gross profit percentage for this
Supplies has an \($8,000\) unadjusted balance on your trial balance. At year-end you count supplies of \($3,000\). What adjustment will appear on your worksheet?d. No adjustment is needed because the
Carrier Travel has cash of \($200\), receivables of \($800\), and supplies of \($500\). Carrier owes \($400\) on accounts payable and salary payable of \($100\). Carrier's current ratio is:a. 0.541b.
Explain why the following accounts are being adjusted in the following entries:a. Prepaid rentd. Salary payableb. Unearned service revenuee. Accumulated depreciationc. Supplies
Explain what the following terms mean:a. Accounts receivableb. Suppliesc. Prepaid rentd. Furnituree. Accumulated depreciationf. Accounts payableg. Unearned service revenueh. Service revenuei. Rent
Answer the following questions:1. What type of normal balance does the Retained earnings account have—debit or credit?2. Which Income Statement account has the same type of balance as the Retained
It is December 31 and time for you to close the books. Requirement 1. Journalize the closing entries for Brett Kauffman Enterprises:a. Dividends, \($9,000\)b. Service revenue, \($24,300\)c. Make a
It is December 31 and time for your business to close the books. The following balances appear on the books of Cedrick Owens Enterprises.a. Dividends, \($11,000\)b. Service revenue, \($25,200\)c.
Tipsky Insurance Agency reported the following items at September 30, 2011:Requirement 1. Journalize Lipsky’s closing entries, as needed for these accounts. Sales and marketing expense $1,600 Cash
Kaminsky Insurance Agency reported the following items at June 30:Requirement 1. Prepare T-accounts for Kaminsky Insurance Agency. Insert the account balances prior to closing. Post the closing
After closing its accounts at February 28, 2010, Watts Electric Company had the following account balances:Requirement 1. Prepare Watts’ post closing trial balance at February 28, 2010. Long-term
Examine InkJet Printing’s account balances m Short Exercise 4-9.Requirement 1. Identify or compute the following amounts for Ink Jet Printing.a. Total current assetsb. Book value of plant assetsc.
Granite State Telephone and Telegram has these account balances at December Jl 2011:Requirements 1. Compute Granite State Telephone and Telegram’s current ratio and debt ratio.2. How much in
Data for the unadjusted trial balance of Summer's Here Tanning Salon at May 31, 2011, follow.Adjusting data for 2011 are:a. Accrued service revenue, $3,100c. Accrued salary expense, $900b. Supplies
The trial balance of Data Link, Inc., at September 30, follows:Additional information at September 30, 2011.a. Accrued service revenue, $400d. Prepaid rent expired, $500b. Depreciation, $700e.
Use your answer from E4-13.Requirement 1. Journalize Data Link’s adjusting and closing entries at September 30, 2011.Data From E4-13:The trial balance of Data Link, Inc., at September 30,
Emerson St. Paul Book Shop’s accounting records include the following account balances:During 2011, the business recorded the following:a. Prepaid annual rent of $7,000b. Made the year-end
The adjusted trial balance from the September work sheet of Paul Sign Company follows:Requirements 1. Journalize Paul’s closing entries at September 30.2. How much net income or net loss did Paul
Selected accounts of Victor St. Paul Book Shop, Inc., follow:Requirement 1. Prepare the company’s statement of retained earnings for the year ended December 31, 2011. Retained earnings Dividends
Ms. Marcia Mangold recorded the following transactions and year-end ad]ustments during: 2010:Requirements 1. Assuming that there were no other service revenue and rent expense transactions during
The accountant for Oceanside Photography has posted adjusting entries (a)-(e) to the following selected accounts at December 31, 2010.Requirements 1. Journalize Oceanside Photography's closing
Review your answers from Exercises 4-14 and 4-15. Requirement 1. Prepare the post closing trial balance of Data Link at September 30, 2011.Data From Exercise 4-15:Consider the entries prepared in
The adjusted trial balance and the income statement amounts from the December work sheet of Carroll Pet Shop Company follow:Requirements 1. Prepare the classified balance sheet of Carroll Pet Shop
The trial balance work sheet and adjustment data of Kara’s Motors, Inc., at June 30, 2010, follow:Additional data at June 30, 2010:a. Depreciation on equipment, $700b. Accrued wage expense, $700c.
The tml balance 'of Coyote Anvils, Inc., at January 31, 2011, and the data for the month-end adjustments follow:Adjustment data:a. Unearned service revenue still unearned at January 31, $5,200b.
The trial balance of Speedy G Internet, Inc., at May 31, 2011, follows:Adjusting data at May 31:a. Unearned service revenue still unearned, $1,000b. Prepaid rent still in force, $1,900c. Supplies
The accountant for Daniel Ferguson, M.D., encountered the following situations while adjusting and closing the books at December 31. Consider each situation independently.Requirements 1. The
Selected accounts of Blossom Irrigation Systems at December 31, 2011, follow:Requirements 1. Prepare the company’s classified balance sheet in report form at December 31, 2011.2. Compute the
Start from the posted T-accounts and the adjusted trial balance that Haupt Consulting prepared for the company at December 31.Requirements 1. Complete the accounting work sheet at December 31.2.
Case 1. Lee Nicholas has been the principal stockholder and has operated World.com Advertising, Inc., since its beginning 10 years ago. The company has prospered. Recently, Nicholas mentioned that he
The net income of Steinbach & Sons, a department store, decreased sharply during 2011. Mort Steinbach, manager of the store, anticipates the need for a bank loan in 2012. Late in 2011, Steinbach
Amazon.com—like all other businesses—makes adjusting entries prior to year-end in order to measure assets, liabilities, revenues, and expenses properly. Pay particular attention to Accumulated
Consider the following adjustment data gathered by CJ:a. CJ prepared an inventory of supplies and found there were $70 of supplies in the cabinet on April 30.b. One month’s combined depreciation on
This problem helps you develop skill in recording transactions by using a company’s actual account titles. Refer to the Amazon.com financial statements in Appendix A. Assume that Amazon.com
Hercules Workout World gains a client who prepays \($630\) for a package of six physical training sessions. Hercules Workout World collects the \($630\) in advance and will provide the training
Assume you prepay Hercules Workout World for a package of six physical training sessions. Which type of account should you have in your records?a. Prepaid expenseb. Accrued expensec. Accrued
All of the first month’s activity for Crystal Clear Cleaning is as follows.Requirements 1. Journalize transactions as required from the activity data.2. Post journal entries to T-accounts and
Otis Carpenter opened a medical practice in Alexandria, Virginia.Requirement 1. Record the preceding transactions in the journal of Otis Carpenter, M.D., RC. Include an explanation with each entry.
Lakeview Sales Consultants completed the following transactions during the latter part of March:Requirement 1. Journalize the transactions of Lakeview Sales Consultants. Include an explanation with
Nancy Carpenter Optical Dispensary purchased supplies on account for \($1,200\). Two weeks later, the business paid half on account.Requirements 1. Journalize the two transactions for Nancy
Jonathan Law Firm performed legal services for a client who could not pay immediately. The business expected to collect the \($9,000\) the following month. Later, the business received \($5,400\)
Use the September transaction data for Otis Carpenter, M.D., P.C.Requirements 1. Open the following T-accounts: Cash, Accounts receivable, Medical supplies, Accounts payable, Common stock, Service
Redwing Floor Coverings, Inc., reported the following summarized data at December 31, 2009. Accounts appear in no particular order.Requirement 1. Prepare the trial balance of Redwing Floor Coverings
Georgia Lapp Travel Design, Inc., prepared its trial balance. Suppose Lapp made an error: She erroneously listed common stock of \($30,100\) as a debit rather than a credit.Requirement 1. Compute
Review Kelly Long Travel Design’s trial balance. Assume that Long accidentally listed dividends as \($100\) instead of the correct amount of $1,000.Requirement 1. Compute the incorrect trial
Jane’s Cream Soda, Inc., makes specialty soft drinks. At the end of 2010, Jane’s had total assets of \($300,000\) and liabilities totaling $220,000.Requirements 1. Write the company’s
The following transactions occurred for Advanced Engineering:Requirement 1.Record the transactions in the journal. Sep 2 5 10 12 19 21 27 Paid utilities expense of $300. Purchased equipment on
The journal of Bell Technology Solutions, Inc., includes the following entries for August, 2010: Requirements 1. Describe each transaction.2. Set up T-accounts using the following account numbers:
In October, 2011, the first five transactions of Fine’s Maid Service, Corp., have been posted to the accounts as follows:Requirements 1. Prepare the journal entries that served as the sources for
Suppose your name is Grant Scheffer, and Advanced Automotive repaired your car. You settled the bill as noted on the following invoice. To you this is a purchase invoice. To Advanced Automotive, it
The following transactions occurred during the month for Mona Wade, CPA, PC:a. Wade opened an accounting firm by investing \($16,500\) cash and office furniture valued at \($5,300\). The business
Granger Technology Solutions, Inc., completed the following transactions during January 2011, its first month of operations:Requirement 1. Record the preceding transactions in the journal of Granger
The accounts of Valentine Moving Company follow with their normal balances atRequirement 1. Prepare Valentine’s trial balance at April 30, 2010. Common stock Insurance expense $ 59,500 Trucks $
The following trial balance of Jeana Jones Tutoring Service, Inc., at August 31, 2011, does not balance:Investigation of the accounting records reveals that the bookkeeper:Requirement 1. Prepare the
Party Time Amusements Company owns movie theaters. Party Time engaged in the following business transactions in 2012:Party Time Amusements uses the following accounts: Cash, Supplies, Building,
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