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business
fundamentals of advanced accounting

Questions and Answers of Fundamentals Of Advanced Accounting

Jeffrey Lowe and Mona Ray are partners in a business. Statement paper, page 12 of a general journal, and a portion of the partnership's completed work sheet for the year ended December 31 of the
Denise Oxley and Charles Tatum agreed to liquidate their partnership on May 31 of the current year. On that date, after financial statements were prepared and closing entries were posted, the general
Why should a partnership agreement be in writing?
What happens to an existing partnership if a partner dies?
What does mutual agency mean?
What happens to an existing partnership when a new partner is admitted?
When admitting a new partner, how is the new partner's equity calculated?
What accounts are debited and credited to record the distribution of goodwill when a new partner is admitted?
A cash receipts journal is provided in the Working Papers. Your instructor will guide you through the following examples. Betty Jensen and Glen Chau agree to form a partnership on April 1 of the
Four independent situations are given below. Assume partners of the existing partnership are Maria Heath and Lisa Curtis. The new partner is Wade Torres. For each situation, prepare the appropriate
A cash receipts journal is provided in the Working Papers. Work independently to complete the following problem.David Rice and Tanya Taylor agree to form a partnership on July 1 of the current year.
Four independent situations are given below. Assume that partners of the existing partnership are Kyle Bowen and Susan Wong. The new partner is Angie Mills. For each situation, prepare the
Carmen Estrada and Paula Jeter agree to form a partnership on June 1 of the current year. The partnership assumes the assets and liabilities of Carmen’s existing business. Paula invests cash equal
Steven Myer and William Riggs are partners in an existing business. Each partner has equity of \($30,000.00.\) On October 1 of the current year, the two partners agree to admit Sandra DeVito as a
Susan Wang and Lelah Burch are partners in an existing business. Each partner has $60,000.00 equity in the partnership. Partners share equally in all changes in equity. On April 1 of the current
Stanley Neal and Helen Jobe each have equity of $40,000.00 in an existing partnership. The partners share equally in all changes in equity. On August 1 of the current year, the existing partners
Arthur Jansky and Edward Thayer are partners, each with $27,000.00 equity in an existing business. The partners share equally in all changes in equity. On March 1 of the current year, Dean McGee is
On July 1 of the current year, Roy Hatfield and Michelle Allen form a partnership. The partners share equally in all changes in equity. The partnership assumes the assets and liabilities of Roy's
On May 1 of the current year, Marsha Huerta and John Ward form a partnership. The partnership assumes the assets and liabilities of the two partners’ existing businesses. Partners share equally in
Partnerships have operating expenses each month. Advertising, depreciation, and rent expense are examples of those operating expenses. Controlling these expenses affects the net income of the
Partner A contracted with a vendor to buy a computer for the partnership. Partner A did not discuss the transac- tion with Partner B or get Partner B's approval. Partner B refused to approve payment
Helen Cole, her husband, and her son were partners in a business. Mrs. Cole's husband died, leaving his equity in the partnership to Mrs. Cole. Mrs. Cole and her son plan to form a new partnership
Amy Cardoza, Jeff Williams, and Claire Mangoni are partners in an existing music business. Each partner's equity is \($32,000,\) for a total equity of \($96,000.\) The partners agree to admit Russ
Financial statements are interrelated and connected to one another. A change on one financial statement will have an impact on other financial statements. For example, if a corporation neglected to
Use the working papers from Work Together 19-1 above. Work independently to complete the following problem.1. For each of the following costs, determine whether the cost should be classified as
A cost sheet and partial finished goods ledger card for Leather Originals, a manufacturer of leather furniture, are provided in the Working Papers. Work independently to complete the following
Krasnoy Tire, a maker of tires for cars, trucks, and tractors, is trying to determine how to account for various factory costs. The costs include the following:a. Wages earned by a factory
Wilmington, Inc., manufactures heating systems. The company maintains a materials ledger for all direct materials.Instructions:1. Prepare a materials ledger card for T-5 thermostats. The thermostat
AutoAnswer, Inc., a manufacturer of telephone answering machines, uses a factory overhead applied rate to charge overhead costs to its manufactured products.The company manager estimates that
On July 1, Esquire Tables, Inc., began work on Job No. 309. The order is for 45 No. ET42 game tables for stock; date wanted is July 10.Instructions:1. Open a cost sheet and record the transactions.2.
Decatur Industries, Inc., maintains a finished goods ledger for all of its manufactured products.Instructions:1. Prepare a finished goods ledger card for stock no. C45 baseball bats. Minimum quantity
Gemini manufactures athletic shoes. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products.The company estimates
Sea Explor manufactures deep-sea diving suits. The company records manufacturing costs by job number and uses a factory overhead applied rate to charge overhead costs to its products.Sea Explor
You are appointed to participate on a time efficiency team. The team includes factory workers, Supervisor and a representative from the accounting department. Currently the factory workers record
Century Fan Company manufactures ceiling fans. During the current year, payments were made for the following items. A new clerk classified the cost items. Are the cost items classified correctly? If
Astro Company has found that total factory overhead is usually about 60% of direct labor cost. The business manufactures one product that is processed in three different manufacturing departments: A,
Advanced Systems is a new company that will produce a line of high-quality wood computer desks. The company’s management is working on its accounting system and has prepared the following policy
Costco's selling, general, and administrative expenses (SG&A expenses) remained steady between 8.7% to 8.8% of net sales during fiscal years 1994 and 2000. Then, in 2001, these expenses began to
Where are direct materials, direct labor, and overhead costs for each job initially recorded?
After factory overhead has been applied to work in process, what does a credit balance in Factory Overhead indicate?
Explain the difference between actual factory overhead and applied factory overhead.
To which work sheet column is the debit balance of Cost of Goods Sold extended?
How is underapplied overhead accounted for on an income statement?
In which section of the balance sheet are the three inventory accounts of a manufacturing business listed?
A materials purchases journal, a cash payments journal, and a general journal for Vanyo, Inc., a manufacturer of cardboard boxes, are provided in the Working Papers. Your instructor will guide you
Work sheets for Bedthings, Inc., a manufacturing firm, are included in the Working Papers. Additional information for Bedthings for the months of March and April follow. Your instructor will guide
A materials purchases journal, a cash payments journal, and a general journal for Vanyo, Inc., a manufacturer of cardboard boxes, are provided in the Working Papers. Work independently to complete
Work sheets for Bedthings, Inc., a manufacturing firm, are included in the Working Papers. Use the information for April from Work Together 20-2. Work independently to complete the following
Perry, Inc., completed the following factory cost transactions during August of the current year:Instructions:1. Journalize the transactions. Use page 4 of a materials purchases journal and page 8 of
The following information is taken from the records of Cramer Corporation on March 31 of the current year.The accounts and balances needed to complete this problem are provided in the Working
Use the working papers from Application Problem 20-2 to complete this problem.Instructions:Prepare a statement of cost of goods manufactured for Cramer Corporation. The statement is for the month
The following information is taken from the records of Simmons Corporation on May 31 of the current year.The accounts and balances needed to complete this problem are provided in the Working
The following information is taken from the records of Cozart Company on July 31 of the current year. The accounts and balances needed to complete this problem are provided in the Working Papers.a.
A new clerk has been hired at the company for which you work. You have been asked to explain the flow of materials from ordering through issuing to the factory. Required: Prepare a chart and a
Kingston Corp., a manufacturing company, uses the perpetual inventory method for all inventory accounts. Direct materials, direct labor, and applied overhead are recorded on cost sheets similar to
John and Candy Moody operate Western Ski Centers, a small retail ski store in southwest Colorado. The couple is concerned that, despite increasing sales, they appear to be making less money each
Like any retail company, Costco knows that some customers will return merchandise after the sale. When a June sale is returned in July, both the sale and the sales return are recorded in the same
What are the three manufacturing cost elements of a finished product?
What term is used to describe products that are being manufactured but are not yet complete?
What are the four sets of columns on a materials ledger card?
What is the name of the form used to authorize a seller to deliver goods with payment to be made later?
What is the purpose of the materials requisition?
What is the formula for calculating the factory overhead applied rate?
Why are unit costs kept separate on the finished goods ledger card?
An analysis sheet for Gutman’s Gutters, a firm that manufactures aluminum and steel gutters, is included in the Working Papers. Your instructor will guide you through the following examples.1. For
A cost sheet and partial finished goods ledger card for Leather Originals, a manufacturer of leather furniture, are provided in the Working Papers. 1. Complete the cost sheet for Job No. 657 by
The following business transactions represent selected cash receipts (cash inflows) and cash payments (cash outflows) of Los Altos Cyclery. A blank form is provided in the Working Papers. Your
A comparative balance sheet for Zephyr Corporation is provided in the Working Papers. The Income statement for the current year indicates that net income was \($10,160.00\) and the depreciation
Use the working papers from Work Together 18-2. A comparative balance sheet and forms for analyzing changes in long-term assets, long-term liabilities, and stockholders' equity are provided in the
The following business transactions represent selected cash receipts (cash inflows) and cash payments (cash outflows) of Burlingame Tuxedo. A blank form is provided in the Working Papers. Work
A comparative balance sheet for Cirrus Corporation is provided in the Working Papers. The income statement for the current year indicates that net income was \($20,900.00\) and the depreciation
Use the working papers from On Your Own 18-2. A comparative balance sheet and forms for analyzing changes in long-term assets, long-term liabilities, and stockholders' equity are provided in the
The following business transactions represent selected cash receipts (cash inflows) and cash payments (cash outflows) of Ridge Development Corporation.a. dividend paymentb. payment of insurance
The following information was taken from the financial statements of Flexcor Corporation on December 31 of the current year. The comparative income statement of Flexcor Corporation reveals the
Use the statement of cash flows started in Application Problem 18-2. The comparative balance sheet of Flexcor Corporation lists the following long-term assets and their ending balances for the
Use the statement of cash flows started in Application Problem 18-2. The comparative balance sheet of Flexcor Corporation lists the following long-term liability and its ending balance for the
Use the abbreviated comparative financial statements for West Coast Construction, Inc. in the Working Papers.Instructions: 1. Review the comparative income statement and identify the amounts of net
Use the abbreviated comparative financial statements for Pacific Digital Corporation in the Working Papers. The comparative balance sheet for Pacific Digital Corporation lists an intangible asset,
You are the president of a non-profit organization that has grown quickly over the last few years. For the first time, you have had an independent accountant audit your financial records. Upon the
Techmart Corporation is a young start-up firm that produces components for high-resolution televisions. During the last two years, sales have grown dramatically. Currently, Techmart is experiencing a
DuWayne Streitman, a newly hired accountant, has prepared the following statement of cash flows. DuWayne has asked you to examine his statement because the ending cash balance does not equal the
Investors often evaluate the investing activities section of the statement of cash flows to measure the future growth of a company. A company that is investing in plant assets is more likely to
The comparative financial statements for CyberOptic Corporation are in the Working Papers. The financial statements have been completed up to the trend analysis section. The following information is
The comparative financial statements for CyberOptic Corporation are in the Working Papers. The financial statements have been completed up to the comparative analysis section.Instructions:1. Complete
Use the comparative statements from Application Problem 17-1 to complete this problem. Instructions: 1. Based on CyberOptic's comparative financial statements prepared in Application Problem 17-1
Use the comparative statements from Application Problem 17-1 to complete this problem.Instructions:1. Based on CyberOptic’s comparative financial statements prepared in Application Problem 17-1 and
Use the comparative balance sheet from Application Problem 17-1 to complete this problem.Instructions:1. Based on CyberOptic’s comparative balance sheet prepared in Application Problem 17-1,
Use the comparative balance sheet from Application Problem 17-1 to complete this problem.Instructions:1. Based on CyberOptic’s comparative balance sheet prepared in Application Problem 17-1,
The comparative financial statements for Advanced Auto Technology, Inc., are in the Working Papers. The financial statements have been completed up to the financial analysis section. The following
The comparative financial statements for CompuCircuit Corporation are in the Working Papers. The financial statements have been completed up to the financial analysis section. The following
Corporate annual reports include a letter from the chief executive officer (CEO). The letter highlights achievements and positive results from the past year. If necessary, it delivers news of
Alpha Network Solutions has had declining net income the past four years. The company president employs you as a consultant to review the company’s operations in an effort to identify the reason
Minta Perry has received year-end information, including financial statements, from her accountant. Among the information is a report that the accounts receivable turnover ratio in the prior year was
Tanisha Greggs, a stockholder in Mentar Corp., has just received a report of the company’s ten-year financial performance that includes the following graph. In the report, management states that
The annual reports of publicly traded companies describe some of the financial ratios presented in this chapter. Other ratios must be calculated using the information provided in the financial
Using the accrual accounting basis, when are revenues and expenses recognized?
Using the cash accounting basis, when are revenues and expenses recognized?
Although depreciation expense is recognized on the income statement under the accrual basis of accounting, it does not involve an outflow of cash. Why?
What does an increase in the balance of accounts receivable indicate?
What does an increase in the balance of accounts payable indicate?

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