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financial managerial accounting

Questions and Answers of Financial Managerial Accounting

Using the information in E23.3, assume that in July 2020, Myers Company incurs the following manufacturing overhead costs. Instructions a. Prepare a flexible budget performance report, assuming
Hassellhouf Company's trial balance at December 31, 2020, is presented below. All 2020 transactions have been recorded except for the items described following the trial balance. Unrecorded
On January 1, 2020, the ledger of Accardo Company contains the following liability accounts.Accounts Payable ................................ $52,000Sales Taxes Payable
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company's
PepsiCo, Inc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
1. Eubank Corporation issues $500,000 of bonds for $520,000.(a) Prepare the journal entry to record the issuance of the bonds(b) show how the bonds would be reported on the balance sheet at the date
Amazon.com, Inc.'s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart,
The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the notes to its financial statements, is available at the company's
Grouper Company provides you with the following balance sheet information as of December 31, 2020. In addition, Grouper reported net income for 2020 of $16,000, income tax expense of $3,200, and
Moreno Company publishes a monthly sports magazine, Fishing Preview. Subscriptions to the magazine cost $20 per year. During November 2020, Moreno sells 15,000 subscriptions beginning with the
The following section is taken from Hardesty's balance sheet at December 31, 2018.Current liabilitiesInterest payable .................................................................. $
Meera Corporation issued 4,000, 8%, 5-year, $1,000 bonds dated January 1, 2020, at 100. Interest is paid each January 1.a. Prepare the journal entry to record the sale of these bonds on January 1,
The following section is taken from Ohlman Corp.'s balance sheet at December 31, 2019.Current liabilitiesInterest payable ....................................................... $ 112,000Long-term
The adjusted trial balance for Karr Farm Corporation at the end of the current year contained the following accounts.Interest Payable ................................ $ 9,000Bonds Payable, due
Sanchez, Inc. reports the following liabilities (in thousands) on its December 31, 2020, balance sheet and notes to the financial statements. Instructions Prepare the liabilities section of
Presented here are liability items for O'Brian Inc. at December 31, 2020. Prepare the liabilities section of O'Brian's balance sheet.? Accounts payable Notes payable (due May 1, 2020) Bonds payable
Suppose the 2020 adidas financial statements contain the following selected data (in millions). Compute the following values and provide a brief interpretation of each. a. Working capital. b.
Suppose McDonald's 2020 financial statements contain the following selected data (in millions). Adcock Company issued $600,000, 9%, 20-year bonds on January 1, 2020, at 103. Interest is payable
DeLong Corporation was organized on January 1, 2020. It is authorized to issue 10,000 shares of 8%, $100 par value preferred stock, and 500,000 shares of no-par common stock with a stated value of
Hawkeye Corporation?s balance sheet at December 31, 2019, is presented below. During 2020, the following transactions occurred. 1. On January 1, 2020, Hawkeye issued 1,200 shares of $40 par, 7%
The stockholders’ equity section for Apple Inc. is shown in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company’s
Fechter Corporation had the following stockholders' equity accounts on January 1, 2020: Common Stock ($5 par) $500,000, Paid-in Capital in Excess of Par-Common Stock $200,000, and Retained Earnings
Karen Noonan opened Clean Sweep Inc. on February 1, 2020. During February, the following transactions were completed.Feb. 1 Issued 5,000 shares of Clean Sweep common stock for $13,000. Each share
PepsiCo, Inc.’s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
a. Beauty Island Corporation began operations on April 1 by issuing 60,000 shares of $5 par value common stock for cash at $13 per share. On April 19, it issued 2,000 shares of common stock to
The stockholders’ equity accounts of Castle Corporation on January 1, 2020, were as follows. Preferred Stock (8%, $50 par, cumulative, 10,000 shares authorized) ..........................
Amazon.com, Inc.’s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart,
a. Herr Corporation has 3,000 shares of 7%, $100 par value preferred stock outstanding at December 31, 2020. At December 31, 2020, the company declared a $105,000 cash dividend. Determine the
The financial statements of Louis Vuitton are presented in Appendix F. The complete annual report, including the notes to its financial statements, is available at the company’s
On January 1, 2020, Geffrey Corporation had the following stockholders’ equity accounts.Common Stock ($20 par value, 60,000 shares issued and outstanding) ............................
a. Hoyle Corporation has issued 100,000 shares of $5 par value common stock. It was authorized 500,000 shares. The paid-in capital in excess of par value on the common stock is $263,000. The
Hodge Corporation issued 100,000 shares of $20 par value, cumulative, 6% preferred stock on January 1, 2019, for $2,300,000. In December 2021, Hodge declared its first dividend of
The post-closing trial balance of Storey Corporation at December 31, 2020, contains the following stockholders’ equity accounts.Preferred Stock (15,000 shares issued)
Irwin Corporation has been authorized to issue 20,000 shares of $100 par value, 10%, noncumulative preferred stock and 1,000,000 shares of no-par common stock. The corporation assigned a $2.50 stated
Assume the same information as BE9.15, except that the fair value of the old delivery equipment is $33,000. Prepare the entry to record the exchange. Data from BE9.15Olathe Company exchanges old
The adjusted trial balance of Feagler Company for the year ended December 31, 2020, is as follows Instructions Prepare a multiple-step income statement and retained earnings statement for 2020,
The intangible assets section of Sappelt Company at December 31, 2020, is presented below.Patents ($70,000 cost less $7,000 amortization) ............................. $63,000Franchises ($48,000 cost
Pinson Company and Estes Company are two proprietorships that are similar in many respects. One difference is that Pinson Company uses the straight-line method and Estes Company uses the
At December 31, 2020, Grand Company reported the following as plant assets. During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2,130,000. May 1 Sold
At the beginning of 2018, Mazzaro Company acquired equipment costing $120,000. It was estimated that this equipment would have a useful life of 6 years and a salvage value of $12,000 at that time.
On January 1, 2020, Evers Company purchased the following two machines for use in its production process.Machine A: The cash price of this machine was $48,000. Related expenditures included: sales
In recent years, Avery Transportation purchased three used buses. Because of frequent turnover in the accounting department, a different accountant selected the depreciation method for each bus, and
The following expenditures relating to plant assets were made by Prather Company during the first 2 months of 2020.Paid $5,000 of accrued taxes at time plant site was acquired.Paid $200 insurance to
The financial statements of Apple Inc. are presented in Appendix A. The complete annual report, including the notes to the financial statements, is available at the company’s
Compute the missing amounts for each of the following notes. Principal Annual Interest Rate Time Total Interest $ 450 120 days 9% a. b. $30,000 10% 3 years ? 5 months c. $60,000 $1,500 d. $45,000
Record the following transactions for Redeker Co. in the general journal.2020May 1 Received a $9,000, 12-month, 6% note in exchange for Mark Chamber's outstanding accounts receivable.Dec. 31 Accrued
Godfreid Company has accounts receivable of $95,400 at March 31, 2019. Credit terms are 2/10, n/30. At March 31, 2019, there is a $2,100 credit balance in Allowance for Doubtful Accounts prior to
Carol and Sam Foyle own Campus Fashions. From its inception, Campus Fashions has sold merchandise on either a cash or credit basis, but no credit cards have been accepted. During the past several
PepsiCo, Inc.'s financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. Instructions for accessing and using the complete annual
RLF Company sells office equipment and supplies to many organizations in the city and surrounding area on contract terms of 2/10, n/30. In the past, over 75% of the credit customers have taken
Winter Company's balance sheet at December 31, 2019, is presented below. During January 2020, the following transactions occurred. Winter uses the perpetual inventory method. Jan. 1 Winter accepted
A new accountant at Wyne Inc. is trying to identify which of the amounts shown below should be reported as the current asset “Cash and cash equivalents” in the year-end balance sheet, as of April
The information below relates to the Cash account in the ledger of Minton Company. Balance September 1?$17,150; Cash deposited?$64,000.Balance September 30?$17,404; Checks written?$63,746. The
The following information pertains to Lance Company.1. Cash balance per bank, July 31, $7,263.2. July bank service charge not recorded by the depositor $28.3. Cash balance per books, July 31,
Daisey Company is a very profitable small business. It has not, however, given much consideration to internal control. For example, in an attempt to keep clerical and office expenses to a minimum,
Timmins Company of Emporia, Kansas, spreads herbicides and applies liquid fertilizer for local farmers. On May 31, 2020, the company's Cash account per its general ledger showed a balance of
The bank portion of the bank reconciliation for Bogalusa Company at October 31, 2020, is shown below. ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ??Bogalusa Company? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ? ?Bank
All organizations should have systems of internal control. Universities such as Boston College are no exception.InstructionsDo an Internet search of “Boston College audit controls” to access the
Amazon.com, Inc.'s financial statements are presented in Appendix D. Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart,
PepsiCo's financial statements are presented in Appendix B. Financial statements of The Coca-Cola Company are presented in Appendix C. The complete annual reports of PepsiCo and Coca-Cola,
Identify which control activity is violated in each of the following situations, and explain how the situation creates an opportunity for fraud or inappropriate accounting practices.1. Once a month,
On December 1, 2020, Fullerton Company had the following account balances. During December, the company completed the following transactions. Dec. 7 Received $3,600 cash from customers in payment of
Brenda Company reported the following information for November and December 2020. Brenda's ending inventory at December 31 was destroyed in a fire. Instructions a. Compute the gross profit rate
Dixon Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2020. At December 31, Dixon
Mercer Inc. is a retailer operating in British Columbia. Mercer uses the perpetual inventory method. All sales returns from customers result in the goods ?eing returned to inventory; the inventory is
These financial statement items are for Norsted Company at year-end, July 31, 2020. Instructions a. Prepare an income statement and a retained earnings statement for the year. b. Prepare a
Greenock Limited has the following information available for accruals for the year ended December 31, 2020. The company adjusts its accounts annually.The December utility bill for $425 was unrecorded
Action Quest Games Inc. adjusts its accounts annually. The following information is available for the year ended December 31, 2020.Purchased a 1-year insurance policy on June 1 for $1,800 cash.Paid
On December 31, 2020, Waters Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $150,000, total
The Skyline Motel opened for business on May 1, 2020. Its trial balance before adjustment on May 31 is as follows. In addition to those accounts listed on the trial balance, the chart of accounts
Hamid's Hardware reported cost of goods sold as follows. Hamid's made two errors: (1) 2019 ending inventory was overstated $3,000, and (2) 2020 ending inventory was understated
Emporia Shoe Shop had goods available for sale in 2020 with a retail price of $120,000. The cost of these goods was $84,000. If sales during the period were $80,000, what is the estimated cost of
What inventory cost flow does Apple use for its inventories? You will need to examine the notes for Apple's financial statements.
Kuzu Company discovers in 2020 that its ending inventory at December 31, 2019, was $7,000 understated. What effect will this error have ona. 2019 net income.b. 2020 net income.c. the combined net
On December 1, 2020, Prosen Distributing Company had the following account balances. During December, the company completed the following summary transactions.Dec. 6 Paid $1,600 for salaries and
ArndtCompany provides the following information for the month ended October 31, 2020; sales on credit $280,000, cash sales $100,000, sales discounts $5,000, and sales returns and allowances $11,000.
Dao Vang, CPA, was retained by Universal Cable to prepare financial statements for April 2019. Vang accumulated all the ledger balances per Universal's records and found the following. Dao Vang
Heidi Jara opened Jara's Cleaning Service on July 1, 2020. During July, the following transactions were completed. July1 Stockholders invested $20,000 cash in the business in exchange for common
Whitegloves Janitorial Service was started 2 years ago by Lynn Sanders. Because business has been exceptionally good, Lynn decided on July 1, 2020, to expand operations by acquiring an additional
Jarmuz Management Services began business on January 1, 2019, with a capital investment of $90,000. The company manages condominiums for owners (service revenue) and rents space in its own office
At June 30, 2020, the end of its most recent fiscal year, Green River Computer Consultants' post-closing trial balance was as follows: The company underwent a major expansion in July. New staff was
The following information is available for Lessila Bowling Alley at December 31, 2020.Buildings ..........................................................................................
The adjusted trial balance for Plevin Company is presented in E4.8.Adjusted trial balance from E4.8Instructionsa. Prepare an income statement and a retained earnings statement for the year.b. Prepare
Plevin Company ended its fiscal year on July 31, 2020. The company's adjusted trial balance as of the end of its fiscal year is shown as follows. Instructions a. Prepare the closing entries using
Kay Magill Company had the following adjusted trial balance. Instructions a. Prepare closing entries at June 30, 2020. b. Prepare a post-closing trial balance. Kay Magill Company Adjusted Trial
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Goulet Company: Accumulated Depreciation—Equipment, Depreciation Expense, Common Stock, Dividends,
On August 1, 2020, the following were the account balances of B&B Repair Services. During August, the following summary transactions were completed. Aug. 1 Paid $400 cash for advertising in
Amazon.com, Inc.'s financial statements are presented in Appendix D.Financial statements of Wal-Mart Stores, Inc. are presented in Appendix E. The complete annual reports of Amazon and Wal-Mart,
Worksheet data for DeSousa Company are presented in E4.2.Instructionsa. Journalize the closing entries at April 30.b. Post the closing entries to Income Summary and Retained Earnings. (Use
The completed financial statement columns of the worksheet for Fleming Company are as follows. Instructions a. Prepare an income statement, a retained earnings statement, and a classified balance
Worksheet data for DeSousa Company are presented in E4.2. InstructionsPrepare an income statement, a retained earnings statement, and a classified balance sheet.Worksheet from E4.2 DeSousa
The adjusted trial balance columns of the worksheet for Alshwer Company are as follows. Instructions a. Complete the worksheet by extending the balances to the financial statement columns. b.
Lars Linken opened Lars Cleaners on March 1, 2020. During March, the following transactions were completed.Mar. 1 Issued 10,000 shares of common stock for $15,000 cash.1 Borrowed $6,000 cash by
The trial balance columns of the worksheet for Lampert Roofing at March 31, 2020, are as follows. Other data:1. A physical count reveals only $550 of roofing supplies on hand.2. Depreciation for
Mike Greenberg opened Kleene Window Washing Inc. on July 1, 2020. During July, the following transactions were completed.July 1 Issued 12,000 shares of common stock for $12,000 cash.1 Purchased used
The financial statements of Apple Inc. are presented in Appendix A at the end of this textbook. The complete annual report, including the notes to the financial statements, is available at the
Rosman Co. had three major business transactions during 2020.a. Reported at its fair value of $260,000 merchandise inventory with a cost of $208,000.b. The president of Rosman Co., Jay Rosman,
Aaron Lynch Company has the following balances in selected accounts on December 31, 2020. Service Revenue $40,000 Insurance Expense 2,700 Supplies Expense 2,450 All the accounts have normal
The following data are taken from the comparative balance sheets of Cascade Billiards Club, which prepares its financial statements using the accrual basis of accounting. Members are billed based
The adjusted trial balance for Frinzi Company is given in E3.17. The trial balances before and after adjustment for Frinzi Company at the end of its fiscal year are presented below. Data from

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