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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Note receivable OBJ. 6 Prefix Supply Company received a 120-day, 8% note for $450,000, dated April 9 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value
Note receivable OBJ. 6 Guzman Company received a 60-day, 5% note for $54,000 dated July 12 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the
Analysis of receivables method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $3,460,000; Allowance for Doubtful Accounts has a debit balance of $12,500; and sales for
Analysis of receivables method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $1,975,000;Allowance for Doubtful Accounts has a credit balance of $19,670; and sales for
Percent of sales method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $3,460,000; Allowance for Doubtful Accounts has a debit balance of $12,500; and sales for the year
Percent of sales method OBJ. 4 At the end of the current year, Accounts Receivable has a balance of $1,975,000; Allowance for Doubtful Accounts has a credit balance of $19,670; and sales for the year
Allowance method OBJ. 4 Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:Oct. 2. Received $600 from Rachel Elpel and wrote off the
Allowance method OBJ. 4 Journalize the following transactions, using the allowance method of accounting for uncollectible receivables:June 2. Received $1,200 from Melissa Crone and wrote off the
Direct write-off method OBJ. 3 Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:Oct. 2. Received $600 from Rachel Elpel and wrote
Direct write-off method OBJ. 3 Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables:June 2. Received $1,200 from Melissa Crone and
The note receivable dishonored in Discussion Question 9 is paid on December 30 by the maker, plus interest for 30 days at 9%. What entry should be made to record the receipt of the payment?
The maker of a $240,000, 6%, 90-day note receivable failed to pay the note on the due date of November 30. What accounts should be debited and credited by the payee to record the dishonored note
If a note provides for payment of principal of$85,000 and interest at the rate of 6%, will the interest amount to $5,100? Explain.
Neptune Company issued a note receivable to Sailfish Company. (a) Who is the payee? (b) What is the title of the account used by Sailfish Company in recording the note?
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period’s sales on account. After seven years, the balance in Allowance for
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $673,400, and Allowance for Doubtful Accounts has a balance of $11,900. Describe how the
Dan’s Hardware is a small hardware store in the rural township of Twin Bridges. It rarely extends credit to its customers in the form of an account receivable. The few customers who are allowed to
Compute and interpret the accounts receivable turnover and the number of days’ sales in receivables.
Describe two measures of the efficiency of managing receivables.
Describe the disclosures related to receivables that should be reported in the financial statements.
Describe how receivables are reported in the Current Assets section of the balance sheet.
Prepare a journal entry for the dishonored note receivable.
Prepare journal entries for the receipt of the payment of a note receivable.
Determine the due date and maturity value of a note receivable.
Describe the characteristics of a note receivable.
Record journal entries, using the direct write-off and allowance methods.
Describe the differences in accounting for uncollectible accounts under the direct write-off and allowance methods.
Determine the adjustment, bad debt expense, and net realizable value of accounts receivable, using the analysis of receivables method.
Determine the adjustment, bad debt expense, and net realizable value of accounts receivable, using the percent of sales method.
Prepare journal entries to write off an account, using the allowance method.
Prepare journal entries for the reinstatement and collection of an account previously written off.
Prepare journal entries to write off an account, using the direct write-off method.
Describe two methods of accounting for uncollectible accounts receivable.
List factors that indicate an account receivable is uncollectible.
Describe how a company may shift the risk of uncollectible receivables to other companies.
List some common classifications of receivables.
Define the term receivables.
Cash to monthly cash expenses ratio TearLab Corp. is a health care company that specializes in developing diagnostic devices for eye disease. TearLab reported the following data (in thousands) for
Observe internal controls over cash Group Project Select a business in your community and observe its internal controls over cash receipts and cash payments. The business could be a bank or a
Bank reconciliation and internal control The records of Parker Company indicate a July 31, 2016 cash balance of $10,400, which includes undeposited receipts for July 30 and 31. The cash balance on
Ethics and professional conduct in business Doris Tidwell and Jo Yost are both cash register clerks for Fuller’s Organic Markets. Tom Ward is the store manager for Fuller’s Organic Markets. The
Internal controls The following is an excerpt from a conversation between the store manager of Wholesome Grocery Stores, Kara Dahl, and Lynn Shutes, president of Wholesome Grocery Stores:Lynn: Kara,
Internal controls The following is an excerpt from a conversation between two sales clerks, Jean Moen and Sara Cheney. Jean and Sara are employed by Turpin Meadows Electronics, a locally owned and
Ethics and professional conduct in business During the preparation of the bank reconciliation for Building Concepts Co., Joel Kimmel, the assistant controller, discovered that Lone Peak National Bank
Bank reconciliation and entries OBJ. 5 Sunshine Interiors deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the bank
Bank reconciliation and entries OBJ. 5 The cash account for Collegiate Sports Co. on November 1, 2016, indicated a balance of$81,145. During November, the total cash deposited was $293,150, and
Bank reconciliation and entries OBJ. 5 The cash account for Stone Systems at July 31, 2016, indicated a balance of $17,750. The bank statement indicated a balance of $33,650 on July 31, 2016.
Transactions for petty cash, cash short and over OBJ. 3, 6 Cedar Springs Company completed the following selected transactions during June 2016:June 1. Established a petty cash fund of $1,000.12. The
Evaluating internal control of cash OBJ. 2, 3 The following procedures were recently installed by The China Shop:a. All sales are rung up on the cash register, and a receipt is given to the customer.
Bank reconciliation and entries OBJ. 5 Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository, after banking hours. The data required to reconcile the
Bank reconciliation and entries OBJ. 5 The cash account for Brentwood Bike Co. at May 1, 2016, indicated a balance of $34,250.During May, the total cash deposited was $140,300, and checks written
Bank reconciliation and entries OBJ. 5 The cash account for Capstone Medical Co. at November 30, 2016, indicated a balance of $89,620. The bank statement indicated a balance of $128,660 on November
Transactions for petty cash, cash short and over OBJ. 3, 6 Cactus Restoration Company completed the following selected transactions during May 2016:Oct. 1. Established a petty cash fund of $750.12.
Evaluating internal control of cash OBJ. 2, 3 The following procedures were recently installed by Raspberry Creek Company:a. After necessary approvals have been obtained for the payment of a voucher,
Cash to monthly cash expenses ratio OBJ. 8 Amicus Therapeutics, Inc., is a biopharmaceutical company that develops drugs for the treatment of various diseases, including Parkinson’s disease. Amicus
Cash to monthly cash expenses ratio OBJ. 8 Capstone Turbine Corporation produces and sells turbine generators for such applications as charging electric, hybrid vehicles. Capstone Turbine reported
Cash to monthly cash expenses ratio OBJ. 8 During 2016, El Dorado Inc. has monthly cash expenses of $168,500. On December 31, 2016, the cash balance is $1,415,400.a. Compute the ratio of cash to
Variation in cash flows OBJ. 7 Mattel, Inc., designs, manufactures, and markets toy products worldwide. Mattel’s toys include Barbie™ fashion dolls and accessories, Hot Wheels™, and
Petty cash fund entries OBJ. 6 Journalize the entries to record the following:a. Check No. 245-13 is issued to establish a petty cash fund of $1,100.b. The amount of cash in the petty cash fund is
Using bank reconciliation to determine cash receipts stolen OBJ. 2, 3, 5 Alaska Impressions Co. records all cash receipts on the basis of its cash register tapes.Alaska Impressions Co. discovered
Bank reconciliation OBJ. 5 Identify the errors in the following bank reconciliation:Poway Co.Bank Reconciliation For the Month Ended June 30, 2016 Cash balance according to bank statement . . . . . .
Bank reconciliation OBJ. 5 An accounting clerk for Chesner Co. prepared the following bank reconciliation:Chesner Co.Bank Reconciliation July 31, 2016 Cash balance according to company’s records .
Entries for note collected by bank OBJ. 5 Accompanying a bank statement for Santee Company is a credit memo for $15,120 representing the principal ($14,000) and interest ($1,120) on a note that had
Entries for bank reconciliation OBJ. 5 Using the data presented in Exercise 7-18, journalize the entry or entries that should be made by the company.
Entries based on bank reconciliation OBJ. 5 Which of the reconciling items listed in Exercise 7-16 require an entry in the company’s accounts?
Bank reconciliation OBJ. 5 Identify each of the following reconciling items as: (a) an addition to the cash balance according to the bank statement, (b) a deduction from the cash balance according to
Internal control of cash payments OBJ. 2, 3 Paragon Tech Company, a communications equipment manufacturer, recently fell victim to a fraud scheme developed by one of its employees. To understand the
Internal control of cash payments OBJ. 2, 3 Abbe Co. is a small merchandising company with a manual accounting system. An investigation revealed that in spite of a sufficient bank balance, a
Entry for cash sales; cash over OBJ. 2, 3 The actual cash received from cash sales was $51,175 and the amount indicated by the cash register total was $50,997. Journalize the entry to record the cash
Entry for cash sales; cash short OBJ. 2, 3 The actual cash received from cash sales was $33,854 and the amount indicated by the cash register total was $33,866. Journalize the entry to record the
Internal control of cash receipts OBJ. 2, 3 The mailroom employees send all remittances and remittance advices to the cashier. The cashier deposits the cash in the bank and forwards the remittance
Internal control of cash receipts OBJ. 2, 3 Sergio Flores works at the drive-through window of Big & Bad Burgers. Occasionally, when a drive-through customer orders, Sergio fills the order and
Internal control of cash receipts OBJ. 2, 3 The procedures used for over-the-counter receipts are as follows. At the close of each day’s business, the sales clerks count the cash in their
Financial statement fraud OBJ. 2, 3 A former chairman, CFO, and controller of Donnkenny, Inc., an apparel company that makes sportswear for Pierre Cardin and Victoria Jones, pleaded guilty to
Internal controls OBJ. 2, 3 All-Around Sound Co. discovered a fraud whereby one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras,
Internal controls OBJ. 2, 3 An employee of JHT Holdings, Inc., a trucking company, was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and
Internal controls OBJ. 2, 3 One of the largest losses in history from unauthorized securities trading involved a securities trader for the French bank, Societe Generale. The trader was able to
Internal controls for bank lending OBJ. 2, 3 Pacific Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than $100,000) may be approved by
Internal controls OBJ. 2, 3 Ramona’s Clothing is a retail store specializing in women’s clothing. The store has established a liberal return policy for the holiday season in order to encourage
Internal controls OBJ. 2, 3 Faith Cassen has recently been hired as the manager of Gibraltar Coffee Shop. Gibraltar Coffee Shop is a national chain of franchised coffee shops. During her first month
Sarbanes-Oxley internal control report OBJ. 1 Using Wikipedia (www.wikipedia.com), look up the entry for Sarbanes-Oxley Act. Look over the table of contents and find the section that describes
Ratio of cash to monthly cash expenses OBJ. 8 Financial data for Bonita Company follows:For Year Ended December 31, 2016 Cash on December 31, 2016 $ 187,180 Cash flow from operations (458,400)a.
Ratio of cash to monthly cash expenses OBJ. 8 Financial data for Otto Company follows:For Year Ended December 31, 2016 Cash on December 31, 2016 $ 69,350 Cash flow from operations (114,000)a. Compute
Petty cash fund OBJ. 6 Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $900.b. The amount of cash in the petty cash fund is $115. Issued a check
Petty cash fund OBJ. 6 Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $750.b. The amount of cash in the petty cash fund is $115. Issued a check
Bank reconciliation OBJ. 5 The following data were gathered to use in reconciling the bank account of Conway Company:Balance per bank $23,900 Balance per company records 8,700 Bank service charges 50
Bank reconciliation OBJ. 5 The following data were gathered to use in reconciling the bank account of Eves Company:Balance per bank $9,350 Balance per company records 8,510 Bank service charges 35
Items on company’s bank statement OBJ. 4 The following items may appear on a bank statement:1. Bank correction of an error from posting another customer’s check (disbursement) to the company’s
Items on company’s bank statement OBJ. 4 The following items may appear on a bank statement:1. Bank correction of an error from recording a $6,200 deposit as $2,600 2. EFT payment 3. Note collected
Internal control elements OBJ. 2 Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) monitoring:1. Hiring of external auditors to review the
Internal control elements OBJ. 2 Identify each of the following as relating to (a) the control environment, (b) control procedures, or (c) information and communication:1. Organizational structure 2.
Compute the ratio of cash to monthly cash expenses.1. (a) Name and describe the five elements of internal control. (b) Is any one element of internal control more important than another?2. Why should
Describe the use of the ratio of cash to monthly cash expenses.
Illustrate the reporting of cash and cash equivalents in the financial statements.
Describe the reporting of cash and cash equivalents in the financial statements.
Journalize the entry to replenish a petty cash fund.
Journalize the entry to establish a petty cash fund.
Describe the use of special-purpose cash funds.
Journalize any necessary entries on the company’s records, based on the bank reconciliation.
Prepare a bank reconciliation.

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