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business
fundamental accounting

Questions and Answers of Fundamental Accounting

The Keys Company had cash sales of \(\$ 250,000\) for 2011, its first year of operation. On April 2, the company purchased 200 units of inventory at \(\$ 350\) per unit. On September 1 , an
The following inventory transactions apply to Willow Company for 2012.The beginning inventory consisted of 175 units at \(\$ 34\) per unit. All transactions are cash transactions.Required a. Record
Sand Hill, Inc., had the following series of transactions for 2012:Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming Sand Hill uses the FIFO cost flow
The following information pertains to Superior Woodwork Co.'s ending inventory for the current year.Required a. Determine the value of the ending inventory using the lower-of-cost-or-market rule
Wygal Company carries three inventory items. The following information pertains to the ending inventory:Required a. Determine the ending inventory that Wygal will report on the balance sheet,
A substantial portion of inventory owned by Prairie Hunting Goods was recently destroyed when the roof collapsed during a rainstorm. Prairie also lost some of its accounting records. Prairie must
Ralph Kaye owned a small company that sold garden equipment. The equipment was expensive, and a perpetual system was maintained for control purposes. Even so, lost, damaged, and stolen merchandise
Sharp Company failed to count \(\$ 50,000\) of inventory in its 2011 year-end physical count.Required Write a memo explaining how Sharp Company's balance sheet will be affected in 2011. Assume Sharp
The ending inventory for Elm Co. was incorrectly adjusted, which caused it to be understated by \(\$ 12,500\) for 2011.Required Was each of the following amounts overstated, understated, or not
The following footnote related to accounting for inventory was taken from the 2008 annual report of Alcoa, Inc.Inventory Valuation Inventories are carried at the lower of cost or market, with cost
Evans Winery Inc. has inventory that cost \(\$ 500,000\). The aging process for the inventory requires several years. At the company's closing date (December 31, 2011) the inventory had a market
The accounting records of Helen's Clock Shop reflected the following balances as of January 1,2011.The following five transactions occurred in 2011:1. First purchase (cash) 120 units \(@ \$ 300\)2.
The Fireplace Shop had the following sales and purchase transactions during 2012. Beginning inventory consisted of 60 items at \(\$ 350\) each. The company uses the FIFO cost flow assumption and
At the end of the year, Ralph's Repair Service had the following items in inventory:Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each
The inventory of Second Chance Grocery was destroyed by a tornado on October 6 of the current year. Fortunately, some of the accounting records were at the home of one of the owners and were not
Mae's Market Place wishes to produce quarterly financial statements, but it takes a physical count of inventory only at year end. The following historical data were taken from the 2011 and 2012
The following income statement was prepared for Hot Fireworks for the year 2011:During the year-end audit, the following errors were discovered:1. A \(\$ 2,000\) payment for repairs was erroneously
The following accounting information pertains to Frost and Wells companies at the end of 2011. The only difference between the two companies is that Frost uses FIFO while Wells uses LIFO.Requireda.
The following data were extracted from the 2008 financial statements of Penske Automotive Group, Inc. This company operates automobile dealerships, mostly in the United States and the United Kingdom.
Safeway, Inc., operated 1,739 stores as of January 3, 2009. The following data were taken from the company's annual report. All dollar amounts are in thousands.Requireda. Compute Safeway's inventory
Ruby Tuesday's, Inc., operated 680 casual dining restaurants across the United States as of June 3, 2008. Zale Corporation claims to be a leading supplier retailer of fine jewelry. The following data
The trial balance of Pacilio Security Services Inc. as of January 1, 2015, had the following normal balances:During 2015, Pacilio Security Services experienced the following transactions:1. Paid the
The following information pertains to Porter Company for 2011.Ending inventory consisted of 30 units. Porter sold 320 units at \(\$ 30\) each. All purchases and sales were made with cash.Required a.
Bristol Sales had the following transactions for DVDs in 2012, its first year of operations.During the year, Bristol Sales sold 775 DVDs for \(\$ 60\) each.Required a. Compute the amount of ending
The following inventory transactions apply to TNT Company for 2011.The beginning inventory consisted of 175 units at \(\$ 11\) per unit. All transactions are cash transactions.Required a. Record
Solar Heating, Inc., had the following transactions for 2011:Required a. Determine the quantity and dollar amount of inventory at the end of the year, assuming Solar Heating Inc. uses the FIFO cost
Guzman Company carries three inventory items. The following information pertains to the ending inventory:Required a. Determine the ending inventory that will be reported on the balance sheet,
Rich French, the owner of Rich's Fishing Supplies, is surprised at the amount of actual inventory at the end of the year. He thought there should be more inventory on hand based on the amount of
Carol Lapaz owned a small company that sold boating equipment. The equipment was expensive, and a perpetual system was maintained for control purposes. Even so, lost, damaged, and stolen merchandise
The ending inventory for Tokro Co. was erroneously written down causing an understatement of \(\$ 5,200\) at the end of 2011.Required Was each of the following amounts overstated, understated, or not
The following footnote related to accounting for inventory was taken from the 2008 annual report of Wal-Mart, Inc.Inventories The Company values inventories at the lower of cost or market as
The accounting records of Clear Photography, Inc., reflected the following balances as of January 1, 2011:The following five transactions occurred in 2011:Required a. Compute the cost of goods sold
Lacey, Inc., had the following sales and purchase transactions during 2011. Beginning inventory consisted of 80 items at \(\$ 120\) each. Lacey uses the FIFO cost flow assumption and keeps perpetual
At the end of the year, Upton Computer Repair had the following items in inventory:Required a. Determine the amount of ending inventory using the lower-of-cost-or-market rule applied to each
A hurricane destroyed the inventory of Metal Supplies on September 21 of the current year. Although some of the accounting information was destroyed, the following information was discovered for the
Don Green, owner of Plains Company, is reviewing the quarterly financial statements and thinks the cost of goods sold is out of line with past years. The following historical data is available for
The following income statement was prepared for Bell Company for the year 2012:During the year-end audit, the following errors were discovered.1. A \(\$ 1,400\) payment for repairs was erroneously
The following accounting information pertains to Boardwalk Taffy and Beach Sweets companies at the end of 2012. The only difference between the two companies is that Boardwalk Taffy uses FIFO while
Presented here is selected information from the 2008 fiscal-year \(10-\mathrm{K}\) reports of four companies. The four companies, in alphabetical order, are: Caterpillar, Inc., a manufacturer of
The following data were taken from Jack in the Box (JIB) 2008 annual report. All dollar amounts are in millions.Required a. Compute JIB's gross margin percentage for 2008 and 2007.b. Compute JIB's
The following accounts, balances, and other financial information are drawn from the records of Vong Company for the year 2011:The Cash account revealed the following cash flows:Required Build an
At the end of 2011, the following information is available for Short and Wise Companies:Required a. Set up the spreadsheet shown here. Complete the income statements by using Excel formulas.b.
Assuming that 1,500 units are sold, what is the amount of cost of goods sold using FIFO? LIFO? Weighted average?
The following information is available for two different types of businesses for the 2011 accounting period. Eady CPAs is a service business that provides accounting services to small businesses.
Mark Dixon started a small merchandising business in 2012. The business experienced the following events during its first year of operation. Assume that Dixon uses the perpetual inventory system.1.
During 2011, Knight Merchandising Company purchased \(\$ 15,000\) of inventory on account. Knight sold inventory on account that cost \(\$ 12,500\) for \(\$ 17,500\). Cash payments on accounts
Kona Clothing experienced the following events during 2011, its first year of operation:1. Acquired \(\$ 14,000\) cash from the issue of common stock.2. Purchased inventory for \(\$ 8,000\) cash.3.
The trial balance for Jerry's Auto Shop as of January 1, 2011 follows:The following events affected the company during the 2011 accounting period:1. Purchased merchandise on account that cost \(\$
On April 6, 2011, Taylor Furnishings purchased \$12,400 of merchandise from Bergin's Imports, terms 2/10 n/45. On April 8, Taylor returned \$1,200 of the merchandise to Bergin's Imports for credit.
In 2012, Baker Company sold land for \(\$ 75,000\) cash. The land had originally cost \(\$ 95,000\). Also, Baker sold inventory that had cost \(\$ 260,000\) for \(\$ 350,000\) cash. Operating
The following information was drawn from the 2011 accounting records of Goldstein Merchandisers.1. Inventory that had cost \(\$ 22,400\) was sold for \(\$ 34,000\) under terms \(2 / 20\), net \(/
Super Buys started the 2011 accounting period with the balances given in the financial statements model shown below. During 2011 Super Buys experienced the following business events.1. Paid cash to
The following information was taken from the accounts of Healthy Foods Market, a small grocery store at December 31, 2011. The accounts are listed in alphabetical order, and all have normal
Stark Company began the 2011 accounting period with \(\$ 10,000\) cash, \(\$ 38,000\) inventory, \(\$ 25,000\) common stock, and \(\$ 23,000\) retained earnings. During 2011, Stark experienced the
The following income statements were drawn from the annual reports of the Banks Company and the Stone Company.Required a. One of the companies is a high-end retailer that operates in exclusive
At the end of 2011 the following information is available for Denver and Wheeling companies.Required a. Prepare a common size income statement for each company.b. Compute the return on assets and
The following transactions apply to Sarah's Specialties Shop for 2012, its first year of operations:1. Acquired \(\$ 70,000\) cash from the issue of common stock.2. Acquired \(\$ 16,000\) of
Ginger's Flower Company was started in 2011 when it acquired \(\$ 80,000\) cash from the issue of common stock. The following data summarize the company's first three years' operating activities.
The following information was drawn from the records of Laufer Sales Company.Required a. Prepare a multistep income statement for each year.b. Prepare a common size income statement for each year.c.
At the beginning of 2011, the Jeater Company had the following balances in its accounts:During 2011 , the company experienced the following events.1. Purchased inventory that cost \(\$ 2,200\) on
The following account titles and balances were taken from the adjusted trial balance of Brisco Farm Co. for 2012. The company uses the periodic inventory system.Required a. Prepare a schedule to
The following trial balance pertains to Nate's Grocery as of January 1, 2012:The following events occurred in 2012. Assume that Nate's uses the periodic inventory method.1. Purchased land for \(\$
The following information is available for two different types of businesses for the 2011 accounting period. Dixon Consulting is a service business that provides consulting services to small
Kevin Morris started a small merchandising business in 2011. The business experienced the following events during its first year of operation. Assume that Morris uses the perpetual inventory
During 2011, Kwon Merchandising Company purchased \(\$ 20,000\) of inventory on account. The company sold inventory on account that cost \(\$ 15,000\) for \(\$ 22,500\). Cash payments on accounts
Ben's Paint Supply experienced the following events during 2011, its first year of operation:1. Acquired \(\$ 30,000\) cash from the issue of common stock.2. Purchased inventory for \(\$ 24,000\)
For each of the following events, indicate whether the freight terms are FOB destination or FOB shipping point.a. Sold merchandise and paid the freight costs.b. Purchased merchandise and paid the
Marino Basket Company had a \(\$ 6,200\) beginning balance in its Merchandise Inventory account. The following information regarding Marino's purchases and sales of inventory during its 2011
The trial balance for The Copy Shop as of January 1, 2011 was as follows:The following events affected the company during the 2011 accounting period:1. Purchased merchandise on account that cost \(\$
Cramer Co. experienced the following events for the 2011 accounting period:1. Acquired \(\$ 10,000\) cash from the issue of common stock.2. Purchased \(\$ 18,000\) of inventory on account.3. Received
On March 6, 2011, Bob's Imports purchased merchandise from Watches Inc. with a list price of \(\$ 31,000\), terms \(2 / 10, n / 45\). On March 10, Bob's returned merchandise to Watches Inc. for
Lopez Company experienced the following events:1. Purchased merchandise inventory on account.2. Purchased merchandise inventory for cash.3. Sold merchandise inventory on account. Label the revenue
In 2011, Grice Incorporated sold land for \(\$ 95,000\) cash. The land had originally cost \(\$ 50,000\). Also, Grice sold inventory that had cost \(\$ 200,000\) for \(\$ 275,000\) cash. Operating
The following information was drawn from the 2011 accounting records of Brislin Merchandisers.1. Inventory with a list price of \(\$ 30,000\) was purchased under terms \(2 / 10\), net \(/ 30\).2.
Mia Sales experienced the following events during 2011, its first year of operation:1. Started the business when it acquired \(\$ 50,000\) cash from the issue of common stock.2. Paid \(\$ 21,000\)
Cain Company began the 2011 accounting period with \(\$ 18,000\) cash, \(\$ 60,000\) inventory, \(\$ 50,000\) common stock, and \(\$ 28,000\) retained earnings. During the 2011 accounting period,
At the end of 2012 the following information is available for Davis and Long companies.Required a. Prepare a common size income statement for each company.b. Compute the return on assets and return
Don Moon is the owner of ABC Cleaning. At the beginning of the year, Moon had \(\$ 2,400\) in inventory. During the year, Moon purchased inventory that cost \(\$ 13,000\). At the end of the year,
The following events apply to Tops Gift Shop for 2012, its first year of operation:1. Acquired \(\$ 45,000\) cash from the issue of common stock.2. Issued common stock to Kayla Taylor, one of the
Ramsey Company was started in 2011 when it acquired \(\$ 60,000\) from the issue of common stock. The following data summarize the company's first three years' operating activities. Assume that all
For each of the following events, determine the amount of freight paid by The Book Shop. Also indicate whether the freight cost would be classified as a product or period (selling and administrative)
Indicate whether each of the following costs is a product cost or a period (selling and administrative) cost.a. Transportation-in.b. Insurance on the office building.c. Office supplies.d. Costs
The following account titles and balances were taken from the adjusted trial balance of Scoggins Sales Co. at December 31, 2011. The company uses the periodic inventory method.Required a. Prepare a
The following trial balance pertains to Reeves Hardware as of January 1, 2011:The following events occurred in 2011. Assume that Reeves Hardware uses the periodic inventory system.1. Purchased land
Matt, Allison, and Sarah, three accounting students, were discussing the rules of debits and credits. Matt says that debits increase account balances and credits decrease account balances. Allison
Indicate whether each of the following accounts normally has a debit balance or a credit balance. a. Land b. Dividends c. Accounts Payable d. Unearned Revenue e. Consulting Revenue f. Salaries
Boone Company performed services on account for \(\$ 40,000\) in 2011 . Boone collected \(\$ 25,000\) cash from accounts receivable during 2011 , and the remaining \(\$ 15,000\) was collected in cash
Wayne Dunn started and operated a small family architectural firm in 2011. The firm was affected by two events: (1) Dunn provided \(\$ 25,000\) of services on account, and (2) he purchased \(\$
Margarete received a \(\$ 60,000\) cash advance payment on June 1, 2011, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1,
\(\mathrm{ABC}\) began the accounting period with a \(\$ 58,000\) debit balance in its Accounts Receivable account. During the accounting period, ABC earned revenue on account of \(\$ 126,000\). The
The Dive Company began the accounting period with a \(\$ 40,000\) credit balance in its Accounts Payable account. During the accounting period, Dive incurred expenses on account of \(\$ 95,000\). The
The Far East Company began operations when it issued common stock for \(\$ 50,000\) cash. It paid \(\$ 48,000\) cash in advance for a one-year contract to lease delivery equipment for the business.
On December 31, 2011, IBC Company had accrued salaries of \(\$ 9,600\).Required a. Record in general journal format the adjustment required as of December 31, 2011.b. Record the above adjustment in a
The following financial information was taken from the books of Better Shape Health Club, a small spa and health club.Required a. Prepare the journal entries necessary to close the temporary accounts
The following events apply to Godwin Company for 2011, its first year of operation.1. Received cash of \(\$ 48,000\) from the issue of common stock.2. Performed \(\$ 85,000\) of services on
On December 31, 2011, Grey Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Land Unearned Revenue Dividends $ 80,000 52,000
The following events apply to Electronics Services Inc. in its first year of operation.1. Acquired \(\$ 80,000\) cash from the issue of common stock.2. Earned \(\$ 56,000\) of service revenue on
At the beginning of 2011, Tim's Consulting had the following normal balances in its accounts:The following events apply to Tim's Consulting for 2011.1. Provided \(\$ 118,000\) of services on
Indicate whether each of the following accounts normally has a debit or credit balance. a. Common Stock b. Retained Earnings c. Land d. Accounts Receivable e. Insurance Expense f. Cash g. Dividends
The following accounting events apply to Ginger's Designs for the year 2011.Asset Source Transactions 1. Began operations by acquiring \(\$ 40,000\) of cash from the issue of common stock.2.

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