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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Identify the requested amount in each of the following situations:a. Munster Company's May 31 bank reconciliation shows deposits in transit of \(\$ 1,400\). The general ledger Cash in Bank account
Explain how each of the following actions strengthens a company's system of internal control:a. Separate work functions.b. Hire competent personnel.c. Develop plans and budgets.d. Use control numbers
Explain how each of the following activities can improve a company's cash management:a. Manage accounts receivable.b. Manage inventory.c. Manage accounts payable.d. Invest excess cash.
Identify each of the following items as either cash (C), cash equivalents (CE), or neither \((\mathrm{N})\) :a. Coinb. U.S. treasury billsc. Checksd. Six-month certificate of deposite. Currency
Explain why parties outside the company, such as bankers and stockholders, prefer an independent appraisal of the company's financial results rather than relying on the work of internal auditors.
Explain the nature of an operational audit.
Explain how each of the following procedures strengthens a company's internal control:a. Susan Corporation's photocopy machines are activated by keying a code number. Each employee is assigned a
Dunn Company operates a retail department store. Most customers pay cash for their purchases. Edwards has asked you to help it design procedures for processing cash received from customers for cash
Use the following information to prepare a bank reconciliation for Dylan Company at April 30 :1. Balance per Cash account, April \(30, \$ 6,042.10\).2. Balance per bank statement, April \(30, \$
Identify the requested amount in each of the following situations:a. MaryAnn Company's August 31 bank reconciliation shows deposits in transit of \(\$ 2,250\). The general ledger Cash in Bank account
Explain how each of the following items strengthens a company's system of internal control:a. Conduct internal audits.b. Establish clear lines of authority and responsibility.c. Maintain adequate
Presented below is the statement of cash flows for Professor \& Sons for the month ended December 31. Identify (a) the major sources of cash, (b) the major uses of cash, and (c) the change in the
Identify each of the following items as either cash (C), cash equivalents \((\mathrm{CE})\), or neither \((\mathrm{N})\) :a. Money market fundsb. Eurosc. A postdated checkd. A savings accounte.
Compare the purpose of an external audit to that of an internal audit.
Explain why the external audit is not considered a fraud audit.
Nevada Manufacturing Company uses the perpetual inventory system and plans to use raw material costing \(\$ 2,100,000\) in making its products. Nevada will operate its factory 300 days during the
Mary Company uses the periodic inventory system. The following May data are for an item in Mary's inventory:May 1 Beginning inventory, 150 units \(@ \$ 30\) per unit.12 Purchased 100 units \(@ \$
The December 31 inventory for the Simpson Company included five products. The year-end physical count revealed the following quantities on hand:The related unit costs were: \(\mathrm{K}, \$ 7 ;
Spanner Company is a retailer that uses the periodic inventory system. On March 1, it had 100 units of product M at a total cost of \(\$ 1,590\). On March 6, Spanner purchased 200 units of M for \(\$
The following information was taken from the records of Hawk Enterprises:The following two errors were made in the physical inventory counts:1. 2018 ending inventory was overstated by \(\$
Determine the proper total inventory value for each of the following items in Parker Company's ending inventory:a. Parker has 70 model \(\mathrm{X} 3\) cameras in stock. The cameras cost \(\$ 160\)
The Caitlin Company, which uses the periodic inventory system, has the following records:Ending inventory was 400 units. Compute the ending inventory and the cost of goods sold for the year using(a)
The following data are for the Lite Corporation, which sells just one product:Calculate the value of ending inventory and cost of goods sold using the periodic method and(a) first-in, first-out,(b)
The French Petroleum Company is a Paris-based oil and gas company that prepares its financial statements using IFRS. During the year, the management of the company undertook a review of the fair
The following data are taken from the Smith \& Barney Corporation's inventory accounts:Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method
The Western Company installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported by the new system:Calculate the
The following data refer to the Fanning Company's ending inventory:Calculate the value of the company's ending inventory by using the lower-of-cost-or-net realizable value method applied to each item
Eastern Steel Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the company's(a) LIFO
Refer to the information in E6-2B and assume the perpetual inventory system is used. Calculate the cost of goods sold for the May 16 sale using(a) first-in, first-out,(b) last-in, first-out, (c) the
Refer to the information in E6-4B and assume the perpetual inventory system is used. Calculate the ending inventory cost of product \(\mathrm{M}\) on March 15 (after the sale) using(a) first-in,
Refer to the information in E6-8B and assume the perpetual inventory system is used. Calculate the value of ending inventory and cost of goods sold using the perpetual method and(a) first-in,
The Mason Manufacturing Company uses the perpetual inventory system with its raw material inventory. Mason plans to include raw material costing \(\$ 2,700,000\) in the products that it manufactures.
Tally Stores uses the periodic inventory system for its merchandise inventory. The April 1 inventory for one of the items in the merchandise inventory consisted of 120 units with a unit cost of \(\$
The following data are taken from the Daley Corporation's inventory accounts:Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to
Inventory Costing Methods-Periodic Method Chou Sales Corporation uses the periodic inventory system. On January 1, 2018, Chou had 1,000 units of product A with a unit cost of \(\$ 20\) per unit. A
The Southern Corporation installed a new inLO5 ventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported by the new system:Calculate
The Yankee Wholesale Company sells merchandise to a variety of retailers. Yankee uses different freight terms with its various customers and suppliers. All sales are made on account.Required For
The Vandy Company had the following inventory at year-end:Requireda. Determine the value of ending inventory after applying the lower-of-cost-or-net realizable value method to each item of
The following data are for the Porter Corporation, which sells just one product:Calculate the value of ending inventory and cost of goods sold at year-end using the periodic method and(a) first-in,
Comanche Stores conducted a physical inventory at December 31. The items counted during the physical inventory are listed below. Comanche's accountant provided the unit costs.Required Prepare a
Inventory Costing Methods-Perpetual Method Refer to the information in P6-2A and assume the perpetual inventory system is used.Requireda. Calculate the cost of goods sold and the ending inventory
Inventory Costing Methods-Perpetual Method Refer to the information in P6-4A and assume the perpetual inventory system is used.Requireda. Assume that Chou uses the first-in, first-out method. Compute
Alaska Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the company's(a)
Inventory Costing Methods-Perpetual Method Using the data in P6-8A, assume that Porter Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold
The Track Manufacturing Company uses the perpetual inventory system for its raw materials inventory. Track plans to include raw material costing \(\$ 2,500,000\) in the products that it manufactures.
The Kali Company uses the periodic inventory system for its merchandise inventory. The June 1 inventory for one of the items in the merchandise inventory consisted of 60 units with a unit cost of
The following data are taken from the Hilton Corporation's inventory accounts:Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to
The Glenn Sales Corporation uses the periodic inventory system. On January 1,2018 , Glenn had 2,600 units of product B with a unit cost of \(\$ 40\) per unit. A summary of purchases and sales during
The Southwestern States Corporation installed a new inventory management system at the beginning of 2018. Shown below are data from the Southwestern States' accounting records as reported by the new
Field Distributors sells merchandise to a variety of retailers. Field uses different LO1 freight terms with its various customers and suppliers. All sales are made on account.Required For each of
The Crow Company had the following inventory at year-end:Requireda. Determine the value of the ending inventory after applying the lower-of-cost-or-net realizable value method to each item of
The following data are for the Cracker Corporation, which sells just one product:Calculate the value of ending inventory and cost of goods sold for the year using the periodic method(a) first-in,
Household City conducted a physical inventory at December 31. The items counted during the physical inventory are listed below. Household City's accountant provided the unit costs.Required Prepare a
Refer to the information in P6-2B and assume the perpetual inventory system is used.Requireda. Compute the cost of goods sold and the ending inventory cost for the month of June using the
Refer to the information in P6-4B and assume the perpetual inventory system is used.Requireda. Assume that Glenn uses the first-in, first-out method. Compute the cost of goods sold for 2018 and the
The Midwestern Manufacturing Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the
Using the data in P6-8B, assume that Cracker Corporation uses the perpetual inventory system. Calculate the value of ending inventory and cost of goods sold for the year using the perpetual method
As expected, the holiday season was very busy for Kate and her greeting card company. In fact, most of her supplies were fully depleted by year-end, necessitating a restocking of inventory. Assume
Mitch Manufacturing Company uses the perpetual inventory system and plans to use raw materials costing \(\$ 1,200,000\) in manufacturing its products. Mitch will operate its factory 300 days during
The Luann Company uses the periodic inventory system. The following July data are for an item in Luann's inventory:July 1 Beginning inventory, 30 units \(@ \$ 9\) per unit.10 Purchased 50 units \(@
The December 31 inventory for the Jeremy Company included five products. The year-end physical count revealed the following:The related unit costs were: A, \(\$ 10 ; B, \$ 6 ; C, \$ 9 ; D, \$ 8\);
Arrow Company is a retailer that uses the periodic inventory system. On August 1, it had 80 units of product A at a total cost of \(\$ 1,600\). On August 5, Arrow purchased 100 units of A for \(\$
The following information was taken from the records of Tinker Enterprises:The following two errors were made in the physical inventory counts:1. 2018 ending inventory was understated by \(\$
Determine the proper total inventory value for each of the following items in Viking Company's ending inventory:a. Viking has 500 video games in stock. The games cost \(\$ 36\) each, but their
The following information is for the Bud Company; the company sells just one product:At year-end, there was an ending inventory of 340 units. Assume the use of the periodic inventory method.
The following data are for the Vista Company, which sells just one product:Calculate the value of ending inventory and cost of goods sold using the periodic method and(a) first-in, first-out,(b)
LVMH is a Paris-based manufacturer of luxury goods that prepares its financial statements using IFRS. During the year, the management of the company undertook a review of the fair value of its
The following data are taken from the Browning Corporation's inventory accounts:Calculate the value of the company's ending inventory using the lower-of-cost-or-net realizable value method applied to
The Northern Company installed a new inventory management system at the beginning of 2018. Shown below are data from the company's accounting records as reported out by the new system:Calculate the
The following data refer to the Ian Company's ending inventory:Calculate the value of the company's ending inventory by using the lower-of-cost-or-net realizable value applied to each item of
Southeast Steel Company uses the LIFO inventory costing method to value its ending inventory. The following data were obtained from the company's accounting records:Calculate the company's(a) LIFO
Refer to the information in E6-2A and assume (Appendix 6A) the perpetual inventory system is used. Calculate the cost of goods sold for the July 15 sale using(a) first-in, first-out,(b) last-in,
Refer to the information in E6-4A and assume the perpetual inventory system is used. Calculate the inventory cost of product A on August 11 (after the sale) using(a) first-in, first-out,(b) last-in,
Refer to the information in E6-8A and assume the perpetual inventory system is used. Calculate the value of ending inventory and cost of goods sold using the perpetual method and(a) first-in,
At year-end, The Kitchen Shop has a refrigerator that has been used as a demonstration model. The refrigerator cost \(\$ 375\) and sells for \(\$ 550\) when new. In its present condition, the
Which inventory costing method requires that a company keep track of the cost of each specific unit of inventory?a. Specific identificationb. Lower of cost or market methodc. LIFOd. All of the above
Lisa Company has the following items at year-end. Identify which items should be included in Lisa's year-end inventory count.1. Goods held on consignment by Sell For You Company.2. Goods held by Lisa
The Claremont Company's ending inventory is composed of 50 units that had cost \(\$ 20\) each and 100 units that had cost \(\$ 15\) each. If all 150 units have an NRV of \(\$ 16\) each, what value
The McQuenny Company's ending inventory is composed of 100 units that had an acquisition cost of \(\$ 25\) per unit and 50 units that had an acquisition cost of \(\$ 30\) per unit. If 150 units have
Bass & Company reported the following information in its recent annual report:Calculate the company's inventory turnover and days' sales in inventory for both years. Cost of goods sold..
Hamm & Company disclosed the following information in its recent annual report:Calculate the company's inventory turnover and days' sales in inventory for both years. Cost of goods sold..
Costing Methods and the Periodic Method Lamb Company experienced the following events in January:If the Lamb Company uses the FIFO inventory costing method, calculate the company's cost of goods sold
Inventory Costing Methods and the Periodic Method Deer Company experienced the following events in February:If the Deer Company uses the LIFO inventory costing method, calculate the company's cost of
Errors in Inventory Count Pow Corp. accidentally overstated its 2018 ending inventory by \(\$ 750\). Assume that ending 2019 inventory is accurately counted. The error in 2018 will have what effect
Kay & Company experienced the following events in March:If Kay & Company uses the weighted-average cost method, calculate the company's cost of goods sold and ending inventory as of March 31
Refer to the information in SE6-11 and assume the perpetual inventory system is used. Use the weighted-average inventory costing method to calculate the company's cost of goods sold and ending
Refer to the information in SE6-9 and assume the perpetual inventory system is used. Use the LIFO inventory costing method to calculate the company's cost of goods sold and ending inventory as of
Lamar Company reports ending inventory of \(\$ 150,000\) on a LIFO basis and also reports a LIFO inventory reserve of \(\$ 32,000\). If Lamar had used FIFO rather than LIFO, ending inventory would
Which of the following concepts relates to the elimination or minimization of inventories by a manufacturing firm?a. Quick responseb. Just-in-timec. Just-in-cased. Specific identification
Which inventory costing method assumes that the most recently purchased merchandise is sold first?a. Specific identificationb. Weighted-average costc. FIFOd. LIFO
Under which of the following freight terms does the seller retain ownership of the shipped goods?a. F.O.B. shipping pointb. F.O.B. destination
When should ending inventory be written down below its acquisition cost on the balance sheet?a. When units are damaged, physically deteriorated, or obsolete.b. When the inventory's net realizable
Which inventory costing method is expensive to implement?a. Specific identificationb. Weighted-average costc. FIFOd. LIFO
Which inventory costing method is frequently used when undifferentiated units are stored in a common area?a. Specific identificationb. Weighted-average costc. FIFOd. LIFO
Which inventory costing method does not require the use of the lower-of-cost-or-net realizable value method?a. Specific identificationb. Weighted-average costc. FIFOd. All methods require the use of
Mack Corp. reported annual cost of goods sold of \(\$ 30,000\) and average inventory on hand during the year of \(\$ 3,750\). What was Mack's inventory turnover?a. 0.125 timesb. 8.0 timesc. \(\$
The Molly Company reports ending inventory under the LIFO method of \(\$ 15,000\). Had Molly used FIFO, the ending inventory would have been reported as \(\$ 16,500\). Molly's LIFO inventory reserve
The periodic inventory system differs from the perpetual inventory system:a. because the periodic system is not compatible with modern technology.b. because the perpetual system continually updates
ShopMart Stores uses point-of-sale equipment at its checkout counters to read universal bar codes. It also uses a quick response system. What is a quick response system?
What are just-in-case inventory and inventory carrying costs?

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