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fundamentals financial accounting

Questions and Answers of Fundamentals Financial Accounting

(Appendix) Your roommate is uncertain about the advantages of a promissory note. Compare the advantages of a note receivable with those of an account receivable.
(Appendix) How may the maturity date of a promissory note be stated?
(Appendix) Indicate the maturity date of each of the following promissory notes: Date of Note (a) March 13 (b) May 4 (c) June 20 (d) July 1 Terms one year after date of note 3 months after date 30
(Appendix) Compute the missing amounts for each of the followinj notes. Face Annual Value (a) ? Interest Rate Time Total Interest 9% 120 days $ 450 (b) $30,000 10% 3 years ? (c) $60,000 5 months
(Appendix) In determining interest revenue, some financial institutions use 365 days per year and others use 360 days. Why might a financial institution use 360 days?
(Appendix) Jana Company dishonors a note at maturity. What actions by Jana may occur with the dishonoring of the note?
(Appendix) General Motors Corporation has accounts receivable and notes receivable. How should the receivables be reported on the balance sheet?
(Appendix) The accounts receivable turnover ratio is 8.14, and average net receivables during the period are $300,000. What is the amount of net credit sales for the period?
During its first year of operations. Energy Company had credit sales of $3,000,000:$600,000 remained uncollected at year-end. The credit manager estimates that $32,000 of these receivables will
At the end of 2006. Endrun Co. has accounts receivable of $700,000 and an allowance for doubtful accounts of $54,000. On January 24. 2007. the company learns that its receivable from Oswego Inc. is
Assume the same information as BE9-4. On March 4. 2007. Endrun Co. receives payment of $6,400 in full from Oswego Inc. Prepare the journal entries to record this transaction.
Elgin Co. elects to use the percentage of sales basis in 2006 to record bad debts expense.It estimates that 2% of net credit sales will become uncollectible. Sales are $800,000 for 2006.sales returns
Gleason Co. uses the percentage of accounts receivable basis to record bad debts expense.It estimates that 1% of accounts receivable will become uncollectible. Accounts receivable are $400,000 at the
Presented below are two independent transactions.(a) Si Charles Restaurant accepted a VISA card in payment oi a $200 lunch bill. The bank charges ;i 4",. fee. What entry should St. Charles
On January 10, 2006, Batavia Co. sold merchandise on account to Dustin Eola for$11.MM). n/30. On February l>. Dustin Eola gave Batavia Co. a 10% promissory note in settlement ol this account. Prepare
The financial statements of Minnesota Mining and Manufacturing Company (3M) re- Compute ratios to analyze port net sales of $15.0 billion. Accounts receivable (net) are $2.5 billion at the beginning
Presented below are two independent situations.(a) On January 6. Bennett Co. sells merchandise on account to Jackie, Inc. for $7,000, terms 2/10. n/30. On January 16. Jackie Inc. pays the amount due.
The ledger of Elburn Company at the end of the current year shows Accounts Receivable$110,000, Sales $840,000. and Sales Returns and Allowances $28,000.Instructions(a) If Elburn uses the direct
Leland Company has accounts receivable of $98,100 at March 31. An analysis of the accounts shows the following.Credit terms are 2/10. n/30. At March 31, Allowance for Doubtful Accounts has a credit
On December 31. 2006. Crawford Co. estimated that 1.5% of its net sales of $400,000 will become uncollectible. The company recorded this amount as an addition to Allowance for Doubtful Accounts. On
Presented below are two independent situations.(a) On March 3, Hinckley Appliances sells $580,000 of its receivables to Marsh Factors Inc.Marsh Factors assesses a finance charge of 3% of the amount
Presented below are two independent situations.(a) On April 2, Julie Keiser uses her JCPenney Company credit card to purchase merchandise from a JCPenney store for $1,800. On May 1, Keiser is billed
Ottawa Stores accepts both its own and national credit cards. During the year the following selected summary transactions occurred.Jan. 15 Made Ottawa credit card sales totaling $18,000. (There were
Mexico Supply Co. has the following transactions related to notes receivable during the last 2 months of 2006.Nov. 1 Loaned $18,000 cash to Norma Hanson on a 1-year. 10% note.Dec. 1 1 Sold goods to
Record the following transactions lor Sandwich i'o. in the general journal.2006 May 1 Received an $8,700. 1-year. 10".. note in exchange for Linda Andersons outstanding accounts receivable.Dec. 31
On M,i\ 2, Maple Park Company lends $6,600 to Cortland. Inc.. issuing a 6-month. 9%note. At the maturit) date. November 2. Cortland indicates that it cannot pay.Instructions (a) Prepare the entry to
The following information pertains to Sosa Merchandising Company.Instructions (a) Calculate the amount of credit sales made during the year. (Hint: You will need to use income statement
Inventoriable costs consist of two elements: beginning inventory anda. ending inventory.b. cost of goods purchased.c. cost of goods sold.d. cost of goods available for sale.
Tinker Bell Company has the following:If 9,000 units are on hand at December 31, the cost of the ending inventory under FIFO is:a. $99,000.c. $113,000.b. $108,000.d. $117,000. Units Unit Cost
Using the data in (3) above, the cost of the ending inventory under LIFO is:a. $113,000.c. $99.00(1.b. $108,000.d. $100,000.
In periods of rising prices. LIFO will produce:a. higher net income than FIFO.b. the same net income as FIFO.c. lower net income than FIFO.d. higher net income than average costing.
Songbird Company has sales of $150,000 and cost of goods available for sale of S 135.000. If the gross profit rate is 30%. the estimated cost of the ending inventory under the gross profit method
Your friend Art Mega has been hired to help take the physical inventory in Hawkeye Hardware Store. Explain to Art Mega what this job will entail.
(a) Hansen Company ships merchandise to Fox Com- pany on December 30. The merchandise reaches the buyer on January 6. Indicate the terms of sale that will result in the goods being included in (1)
What is the primary basis of accounting for inventories? What is the major objective in accounting for inventories? What accounting principles are involved here?
In a period of rising prices, the inventory reported in Barto Company's balance sheet is close to the current cost of the inventor). Cecil Company's inventor) is considerably below its current cost.
Steve Kerns is studying for the accounting mid-term examination. What should Steve know about (a) departing from the cost basis of accounting for inventories and(b) the meaning of "market" in the
Steering Music Center has 5 CD players on hand a' the balance sheet date. Each cost $400. The current replacement cost is $360 per unit. Under the lower of cost or market basis of accounting for
Maggie Stores has 20 toasters on hand at the balance sheet date. Each cost $28. The current replacement cost is $30 per unit. Under the lower of cost or market basis of accounting for inventories,
Cohen Company discovers in 2006 that its ending inventorv at December 31,2005, was $7,000 understated. What effect will this error have on (a) 25 net income, (b) 21X16 net income, and (c) the
Yin cV Yang Company's balance sheet shows Inventories$162,800 What additional disclosures should be made?
"When perpetual inventorv records are kept, the results under the FIFO and LIFO methods are the same as they would be in a periodic inventorv svstem." Do vou agree'.'Explain.
Park Shoe Shop had goods available for sale in 2006 with a retail price of $120,000. The cost of these goods was$84,000. If sales during the period were $90,000, what is the ending inventory at cost
The ledger of Perez Company includes the following items: (a) Freight-in. (b) Purchase Returns and Allowances, (c) Purchases, (d) Sales Discounts, (e) Purchase Discounts. Identify which items are
Data for Rusch Company are presented in BE6-3. Compute the cost of the ending inventory under the average cost method, assuming there are 450 units on hand.
Farr Company reports net income of $90,000 in 2006. However, ending inventory was understated $5,000. What is the correct net income for 2006? What effect, if any, will this error have on total
At December 31. 2006. the following information was available for J. Simon Company:ending inventory $40,000. beginning inventory S60.000. cost of goods sold $300,000. and sales revenue $380,000.
Abbott's Department Store uses a perpetual inventory system. Data for product E2-D2 include the following purchases.On June 1 Abbott's sold 30 units, and on August 27. 35 more units. Prepare the
On June 30. Dusto Fabrics has the following data pertaining to the retail inventory method: Goods available for sale: at cost S35.000. at retail S50.000: net sales $42,000. and ending inventory at
Premier Bank and Trust is considering giving Alou Company a loan. Before doing so.they decide that further discussions with Alou's accountant may be desirable. One area of particular concern is the
Kale Thompson, an auditor with Sneed CPAs. is performing a review of Platinum Comnventory account. Platinum did not have a good year and top management is under pressure to boost reported income.
On December 1, Discount Electronics Ltd. has three DVD players left in stock. All are identical, all are priced to sell at $750. One of the three DVD players left in stock, with serial #1012, was
Sherpers sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Below is information relating to Sherpers's purchases of Xpert snowboards during September. During the same month, 124
Zambia Co. uses a periodic inventory system. Its records show the following for the month of May, in which 70 units were sold.Instructions Compute the ending inventory at May 31 using the FIFO and
Zambia Company reports the following for the month of June.Instructions (a) Compute the cost of the ending inventory and the cost of goods sold under ( 1 ) FIFO and (2) LIFO.(b) Which costing method
Inventory data for Zambia Company are presented in E6-6. Instructions (a) Compute the cost of the ending inventory and the cost of goods sold using the average cost method. (b) Will the results in
Delhi Hardware reported cost of goods sold as follows.Delhi made two errors: (1) 2006 ending inventor) was overstated $2,000. and (2) 2007 ending inventory was understated $6,000.Instructions Compute
Horner Watch Compan) reported the following income statement data tor a 2-year period.Horner uses a periodic inventory system. The inventories at January 1,2006, and December 31, 2007. are correct.
This information is available for Telia's Photo Corporation for 2004, 2005, and 2006.Instructions Calculate inventory turnover, days in inventory, and gross profit rate (from Chapter 5) for Telia's
Simpson Appliance uses a perpetual inventory system. For its flat-screen television sets.fhe^Fanuary 1 inventory was 3 sets at $600 each. On January 10, Alpine purchased 6 units at$660 each. The
Newport Company reports the following for the month of June.Instructions (a) Calculate the cost of the ending inventory and the cost of goods sold for each cost flow assumption, using a perpetual
Information about Sherpers is presented in E6-4. Additional data regarding Sherpers's sales of Xpert snowboards are provided below. Assume that Sherpers uses a perpetual inventory
The inventory of Lemon Company was destroyed by fire on March 1. From an exami- nation of the accounting records, the following data for the first 2 months of the year are ob- tained: Sales $51,000,
Kananaskis Country Limited is trying to determine the value of its ending inventory as of February 28, 2005. the company's year-end. The following transactions occurred, and the accountant asked your
Breathless Distribution markets CDs of the performing artist Christina Spears. At the beginning of October. Breathless had in beginning inventory 1.000 Spears CDs with a unit cost oi $5. During
Milokimball Company had a beginning inventory on January 1 of 100 units of Product WD-44 at a cost of $21 per unit. During the year, the following purchases were made.700 units were sold. Milokimball
The management of Red Robin Inc. is reevaluating the appropriateness of using its present inventory cost flow method, which is average cost. The company requests your help in determining the results
You are provided with the following information for Danielle Inc. for the month ended June 30. 2006. Danielle uses the periodic method for inventory.Instructions (a) Calculate ( i ) ending inventory,
You are provided with the following information for Gas Guzzlers. Gas Guzzlers uses the periodic method of accounting for its inventory transactions.March 1 Beginning inventory 1.500 litres at a cost
The management oi ("reek Co. asks your help in determining the comparative effects of the FIFO and LIFO inventory cost flow methods. For 2006, the accounting records show the following data.nits
Matthew Inc. is a retailer operating in Dartmouth, Nova Scotia. Matthew uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory: the
Ramos Co. began operations on July 1. It uses a perpetual inventory system. During July the company had the following purchases and sales.Instructions (a) Determine the ending inventory under a
Virginia Company lost all of its inventory in a fire on December 26. 2006. The accounting records showed the following gross profit data for November and December.Virginia is fully insured lor fire
Hooked on 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, 2006.At December 31,
Banff Limited is trying to determine the value of its ending inventory at February 28.2006. the company's year end. The accountant counted everything that was in the warehouse as of February 28,
Doom's Da\ Distribution markets CDs ol the performing artist Harrilyn Hannson. At the beginning ol March, Doom's Day had in beginning inventory 1.500 Hannson CDs with a unit c ol $7. During March
Collins Company had a beginning inventory of 400 units of Product E2-D2 at a cost of$8.00 per unit. During the year, purchases were:Collins Company uses a periodic inventory system. Sales totaled
The management of Gilbert Co. is reevaluating the appropriateness of using its present inventory cost flow method, which is average cost. They request your help in determining the results of
You are provided with the following information for Lahti Inc. for the month ended October 31. 2006. Lahti uses a periodic method for inventory.Instructions (a) Calculate (i ) ending inventory, (ii)
You have the following information for Discount Diamonds. Discount Diamonds uses the periodic method of accounting for its inventory transactions. Discount only carries one brand and size of
The management of Zwick Inc. asks your help in determining the comparative effects(>t the FIFO and LIFO inventor) cost flow methods. For 2006 the accounting records show these data.Units purchased
Yuan Li Ltd. is a retailer operating in Edmonton. Alberta. Yuan Li uses the perpetual inventory method. All sales returns from customers result in the goods being returned to inventory:the
Lemansky Appliance Mart began operations on May 1. It uses a perpetual inventory system. During May the company had the following purchases and sales for its Model 25 Sureshot camera.Instructions (a)
Levi Johnson Company lost 70% of its inventory in a fire on March 25, 2006. The accounting records showed the following gross profit data for February and March.Levi Johnson Company is fully insured
Which of the following is not an objective of financial reporting?a. Provide information that is useful in investment and credit decisions.b. Provide information about economic resources, claims to
The primary criterion by which accounting information can be judged is:a. consistency.c. decision-usefulness.b. predictive value.d. comparability.
Verifiable is an ingredient of: Reliability Relevance a. Yes Yes b. No No c. Yes No d. No Yes
Valuing assets at their liquidation value rather than their cost is inconsistent with the:a. time period assumption.b. matching principle.c. going concern assumption.d. materiality constraint.
The accounting constraint that says that when in doubt the accountant should choose the method that will be least likely to overstate assets and income is called:a. matching principle.b.
Erika Pechacek Inc. has current assets of $90,000 and current liabilities of $30,000. Its current ratio and working capital are:a. .33:1; $60,000.b. 3:1: $60,000.c. .33:1; $90,000.d. 3:1; $90,000.
Suster Company has a retained earnings balance of$170,000 at the beginning of the period. At the end of the period, the retained earnings balance was $222,000.Assuming a dividend of $25,000 was
The basic formula for computing earnings per share is (SO 1 net income divided by:a. common shares authorized.b. common shares issued.c. common shares outstanding.d. common stock purchased.
Phish Corp. has total liabilities of $1,200,000, total stock- (SO 7)holders' equity of $1,800,000, current assets of $800,000, and current liabilities of $400,000. Phish 's debt to total assets ratio
(a) What are generally accepted accounting principles(GAAP)? (b) What bodies provide authoritative support lor GAAP?
What elements comprise the FASB's conceptual framework?
(a) What are the objectives of financial reporting?(b) Identify the qualitative characteristics of accounting information.
Kirk Douglas, the president of Spartan Company, is pleased. Spartan substantially increased its net income in 2006 while keeping the number of units in its inventory relatively the same.Toni Curtis,
Why is it necessary for accountants to assume that an economic entity will remain a going concern?
When should revenue be recognized? Why has the date of sale been chosen as the point at which to recognize the revenue resulting from the entire producing and selling process?
Distinguish between expired costs and unexpired costs.

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