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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

For each of the following accounts, indicate whether it would be found in the records of a merchandising firm, a service firm, or both.a. Cost of goods sold.b. Service revenue.c. Purchase returns and
Donna Company began operations on June 1. The following transactions took place in June:a. Purchases of merchandise on account were \(\$ 750,000\).b. The cost of freight to receive the inventory was
Use the data from SE5-2 and prepare the journal entries to record the June transactions.Exercise SE5-2Donna Company began operations on June 1. The following transactions took place in June:a.
Kurt Company purchased \(\$ 5,000\) of merchandise from Marilyn Company with terms of \(2 / 10 \mathrm{n} / 40\). What percent discount will Kurt Company get if it pays within the allowed discount
Using the information in SE5-4, what amount will Kurt Company pay to Marilyn Company if Kurt Company takes advantage of the purchase discount?Exercise SE5-4Kurt Company purchased \(\$ 5,000\) of
Madison Company uses the perpetual inventory system. Record the journal entries for the following transactions:a. On July 16, Madison sold \(\$ 500\) of merchandise with terms of \(3 / 10, n / 30\).
Using the data below, compute Ian's gross profit percentage for the month of January. Net sales..... Cost of goods sold Operating expenses. Other income...... Income tax expense. $12,000 3,000 7,000
Return on Sales Ratio Using the data in SE5-7, compute Ian's return on sales ratio for the month of January.Exercise SE5-7Using the data below, compute Ian's gross profit percentage for the month of
Kuyu Company uses the periodic inventory system. Kuyu started the period with \(\$ 12,000\) in inventory. The company purchased an additional \(\$ 25,000\) of merchandise, and returned \(\$ 1,500\)
Layla Company uses the periodic inventory system. Layla started the period with \(\$ 22,000\) in inventory. The company purchased an additional \(\$ 25,000\) of merchandise and returned \(\$ 3,000\)
Prepare the journal entries to record the following transactions for the Kristen Company using a periodic inventory system.a. On June 2, Kristen purchased \(\$ 250,000\) of merchandise from the
Douglas Corporation reports it sold merchandise on account for a total of \(\$ 800,000\) for the current year. The cost to Douglas for the merchandise was \(\$ 300,000\). To encourage early payment,
On June 1, Meadow Company sold merchandise with a list price of \(\$ 40,000\). For each of the sales terms below, determine the proper amount of cash received: Credit Terms Date Paid 1234 1. 2/10,
On September 13, Tomas Company sold merchandise with an invoice price of \(\$ 1,200(\$ 600\) cost \()\), with terms of \(2 / 10, n / 30\), to Dalton Company. On September 17, \(\$ 250\) of the
On April 13, the Albert Company purchased \(\$ 26,000\) of merchandise from the Krausman Company, with terms of \(1 / 10, n / 30\). On April 15, Albert paid \(\$ 400\) to Ace Trucking Company for
The following are selected transactions for Kim, Inc., during the month of June:June 21 Sold and shipped on account to Lowery Company, \(\$ 4,000\) ( \(\$ 2,000\) cost) of merchandise, with terms of
On July 1, Hernandez, Inc. purchased merchandise for \(\$ 2,500\), with terms of \(1 / 10, n / 30\). On July 5 , the firm returned \(\$ 1,000\) of the merchandise to the seller. Payment of the
Erin Enterprises reports the following information on its year-end income statement:Required Calculate Erin's gross profit percentage and return on sales ratio. Net sales... $200,000 Operating
On June 8, James Company sold merchandise listing for \(\$ 1,850\) to Dalton Company, terms \(3 / 10, n / 30\). On June \(12, \$ 550\) worth of the merchandise was returned because it was the wrong
On March 10, Horne Company purchased \(\$ 21,000\) worth of merchandise from James Company, terms \(1 / 10, n / 30\). On March 12, Horne paid \(\$ 300\) freight on the shipment. On March 15, Horne
The following are selected transactions for Jefferson, Inc., during the month of April:27 Lind Stores returned defective merchandise billed at \(\$ 300\) on April 20.29 Received from Lind Stores a
The One sold \(\$ 5,000,000\) of merchandise on account during the current year. The cost for this merchandise to TheOne was \(\$ 1,400,000\). To encourage early payment from its customers, TheOne
On April 1, the Gerald Company sold merchandise with a list price of \(\$ 75,000\). For each of the sales terms below, determine the proper amount of cash received: Credit Terms Date Paid 133 1/15,
On October 14, the Henry Company sold merchandise with an invoice price of \(\$ 1,300\) ( \(\$ 750\) cost) with terms of \(1 / 10, \mathrm{n} / 30\), to the Baxter Company. On October \(18, \$ 300\)
On May 15, Walter Company purchased \(\$ 30,000\) of merchandise from the Terrell Company, with terms of \(1 / 10, n / 30\). On May 17, Walter paid \(\$ 400\) to Swift Trucking Company for freight on
The following are selected transactions of Candy, Inc., during the month of June:June 18 Sold and shipped on account to Dante Company \(\$ 5,000\) ( \(\$ 3,000\) cost) of merchandise, with terms of
On September 12, Burt, Inc., purchased merchandise for \(\$ 4,800\), with terms of \(2 / 10, n / 30\). On September 16 , the firm returned \(\$ 500\) of the merchandise to the seller. Payment of the
Shannon Enterprises reports the following information on its year-end income statement:Required Calculate Shannon's gross profit percentage and return on sales ratio. Net sales... $200,000 Operating
On March 10, the Stone Company sold merchandise listing for \(\$ 3,000\) to the Dillard Company with terms of \(1 / 10, n / 30\). On March 14, \$200 of merchandise was returned because it was the
On August 15, the Ford Company purchased \(\$ 17,500\) of merchandise from Jason Company with terms of \(2 / 10, \mathrm{n} / 30\). On August 17, Ford paid \$350 freight on the shipment. On August
The following are selected transactions of Fedor, Inc., during the month of January:27 Lawrence Stores was granted a \(\$ 500\) allowance on goods shipped January 20.29 Received from Lawrence Stores
Revenue Recognition Standard-Adjusting Journal Entries Prime sold \(\$ 2,000,000\) of merchandise on account during the current year. The cost for this merchandise to Prime was \(\$ 800,000\). To
The following transactions occurred between the Decker Company and Mann Stores, Inc., during March:Mar. 8 Decker sold \(\$ 14,000\) worth of merchandise ( \(\$ 9,600\) cost) to Mann Stores with terms
Rockford Corporation, which began business on August 1 , sells on terms of \(2 / 10, n / 30\). Credit terms for its purchases vary with the supplier. Selected transactions for August are given below.
Watt Wholesale Company purchases merchandise from a variety of manufacturers and sells the merchandise to a variety of retailers. All sales are subject to a cash discount \((2 / 10, n / 30)\). Watt
Cushing Distributing Company uses the perpetual inventory system. Cushing had the following transactions related to merchandise during the month of June:June 1 Purchased on account merchandise for
Kolby Enterprises reports the following information on its income statement:Required Calculate Kolby's gross profit percentage and return on sales ratio. Explain what each ratio tells us about
The following transactions occurred between Southwick Company and Mann Stores, Inc., during March:Mar. 8 Southwick sold \(\$ 7,100\) worth of merchandise to Mann Stores, terms \(2 / 10, n / 30\).10
The Malvado Corporation sells goods on terms of \(2 / 10, n / 30\). Credit terms for its purchases vary with the supplier. Selected transactions for August are given below. Unless noted, all
The following financial data for Brandon \& Company was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31 for Brandon
The following financial data for the St. Joseph Corporation was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31. Accounts
The adjusted trial balance of Patton Corporation on December 31 is shown below.Required Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into
Listed below are items reported on the financial statements of the La Playa Company as of June 30, 2019:Required Prepare a classified balance sheet as of June 30, 2019, and statement of cash flows
Presented below is financial data for the Lite Company as of year-end 2018 and 2019 :Required Calculate Lite's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on the
Presented below are income statement data for Poole \& Company for 2019:Required Prepare a multi-step income statement for 2019 and calculate the company's return on sales ratio. If Poole's
Presented below is financial data for Thomas \& Co. as of December 31:Required Prepare a statement of stockholders' equity as of December 31, 2019. Cash.... Retained earnings, Jan. 1, 2019...
Presented below is financial data for two furniture manufacturing companies:Required Consider the financial data of the two companies. Which company represents the better investment opportunity in
The following balances were reported in the financial statements for Rudy Company.Required 1. Compute the following ratios for 2019 and 2018 for Rudy Company.a. Return on sales ratiob. Current
Washington Distributors, whose accounting year ends on December 31, had the following normal balances in its ledger accounts at December 31:During the year, the accounting department prepared monthly
In order to learn more about the industry and to meet people who could give her advice, Kate attended several industry trade shows. At the most recent trade show, Kate was introduced to Fred Abbott,
The financial statements for Columbia Sportswear can be found in Appendix A at the end of this textbook.Required Answer the following questions using the Consolidated Balance Sheet and the Notes to
The financial statements for Columbia Sportswear can be found in Appendix A and Under Armour's financial statements can be found in Appendix B at the end of this textbook.Requireda. Calculate for
Memoryman, a maker of computer memory devices, reports the following information in its financial statements. Assume that you are a loan officer at a major bank and have been assigned the task of
As part of your internship at Howe Inc. you have been assigned the job of developing a few important ratios from the company's financial statements. This information is intended to be used by the
Go to this book's Website and locate the annual report of General Mills, Inc. for the year ending May 28, 2017 (fiscal year 2017).Required 1. Calculate the company's return on sales for 2015, 2016,
V. J. Simmons is the President of Forward Engineering Associates. He is a very good engineer, but his accounting knowledge is quite limited.Required V. J. has heard that ratio analysis can help him
In the post-Enron environment, and with the enactment of the SarbanesOxley legislation, many firms are proactively portraying themselves as being "ethical." Ethical behavior is, for example, part of
Many investors consider past performance, fees, and investment objectives as the sole criteria for selecting a mutual fund for investment purposes. A growing number of investors are also asking about
Debra Day, a business major at a local college, was recently hired for the summer at Sweet Delights, a popular ice cream parlor near the campus. Debra spent most of her time tending the cash register
Throughout this chapter we have considered the financial statements of Apple Inc. and have undertaken select financial analysis using the Takeaways. Utilize these same tools to analyze the financial
On March 1, Kate Company purchased merchandise with an invoice price of \(\$ 2,700\) and \(2 / 10, n / 30\) terms. On March 3, Kate pays \(\$ 98\) transportation cost on the purchased goods. On March
Angle Company started business on January 1.During the year, the company purchased merchandise with an invoice price of \(\$ 500,000\). Angle also paid \(\$ 20,000\) freight on the merchandise.
Samuel Company uses the perpetual inventory system. Samuel purchased merchandise with an invoice price of \(\$ 800\), terms \(\mathbf{2} / \mathbf{1 0}, \mathbf{n} / \mathbf{3 0}\). If Samuel returns
Jackson Company reports net sales of \(\$ 500\), cost of sales of \(\$ 300\), and net income of \(\$ 50\). What is the gross profit percentage and return on sales ratio for Jackson?a. Gross profit
Jefferson \& Sons purchased \(\$ 5,000\) of merchandise from the Claremont Company with terms of \(3 / 10, n / 30\). How much discount is Jefferson \& Sons entitled to take if it pays within the
Adams Inc. purchased merchandise with a list price of \(\$ 6,000\) from the Sprague Company. Sprague offers its customers credit terms of \(2 / 10, n / 30\). What amount should Adams pay if the cash
The Eureka Company is a merchandiser and reports the following data at year-end:What is the company's gross profit percentage?a. 40 percentc. 15 percentb. 60 percentd. None of the above Net
Using the data in Question 7, what is The Eureka Company's return on sales ratio?a. 40 percentc. 15 percentb. 60 percentd. None of the above
Which of the following statements regarding cost flows is true?a. Cost of goods available for sale is equal to beginning inventory minus cost of goods purchased.b. Cost of goods available for sale is
Daniel Co. uses the periodic inventory system. When goods are purchased, Daniel will:a. debit freight costs to Inventory.b. debit purchase returns and allowance for returned items.c. debit the
Bleu Company began the period with \(\$ 20,000\) in inventory. The company also purchased an additional \(\$ 20,000\) of inventory and returned \(\$ 2,000\) for a full credit. A physical count of the
Describe the differences between(a) a manufacturer,(b) a wholesale distributor,(c) a retailer.
Describe the three primary transactions in the operating cycle of a merchandising firm.
What is the difference between a credit period and a discount period? What is a cash discount?
Spink Company purchased merchandise with a list price of \(\$ 4,000\) from the Thompson Company. Thompson offers a 2 percent cash discount if payment is received within 10 days. What is the payment
Carole Company purchased \(\$ 6,000\) of merchandise and paid \(\$ 300\) in transportation costs to deliver the merchandise. Carole then returned \(\$ 1,000\) of the merchandise before paying the
What is the primary difference between a merchandise return and a merchandise allowance?
Define the return on sales ratio. What does this ratio measure?
Define gross profit on sales.
Define gross profit percentage. How is this percentage used by analysts and investors?
When merchandisers and manufacturers prepare income statements for their annual reports to shareholders, they usually begin the statement with net sales. For internal reporting purposes, however, the
The following financial data for Kravis Distributors was collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31 for Kravis
The following financial data for the Revel Corporation was L01 collected as of December 31. All accounts have normal balances.Required Prepare a classified balance sheet as of December 31. Furniture
The adjusted trial balance of Molly Distributors on December 31 is shown below.Required Prepare a multi-step income statement for the year ended December 31. Combine all the operating expenses into
Listed below are items reported on the financial statements of the Irvine Company as of June 30, 2019:Required Prepare a classified balance sheet as of June 30, 2019, and statement of cash flows for
Presented below is financial data for the Outback Company as of year-end 2018 and 2019:Required Calculate Outback's current ratio, debt-to-total-assets ratio, and return on sales ratio. Comment on
Presented below is income statement data for Short \& Company as of year-end 2019:Required Prepare a multi-step income statement for 2019 and calculate the company's return on sales ratio. If
Presented below is financial data for Jason \& Co. as of year-end 2019 :Required Prepare a statement of stockholders' equity for Jason \& Co. as of December 31, 2019. Cash... $ 8,500
Presented below are financial data for two retail companies:Required Consider the financial ratio data for the two companies. Which company represents the better investment opportunity in your view
The following balances were reported in the financial statements for Nadir Company.Required 1. Compute the following ratios for 2019 and 2018 for Nadir Company.a. Return on sales ratiob. Current
The New England Trading Company, whose accounting year ends on December 31, had the following normal balances in its general ledger at December 31:During the year, the accounting department prepared
Which of the following items will not be reported on a classified balance sheet?a. Current assetsb. Net incomec. Total liabilitiesd. Common stock
Which of the following would not be considered a current asset?a. Inventoryb. Accounts receivablec. Property, plant, and equipmentd. Cash
For the balance sheet to be in balance, the following must exist:a. Total assets must be greater than total liabilities.b. Total assets must be less than total liabilities.c. Total assets must equal
Which of the following would be considered an intangible asset?a. Cashb. Landc. Accounts payabled. Patents
Which of the following would most likely be classified as a long-term liability?a. Accounts payableb. Notes payablec. Accounts receivabled. Common stock
Ratio analysis always involves which type of arithmetic operation?a. Additionb. Subtractionc. Multiplicationd. Division
Which of the following is not a true statement?a. Benchmarking analysis involves comparing a company to its industry's averages.b. Benchmarking analysis involves comparing a company to its
A company reported net income of \(\$ 200\) on net sales of \(\$ 2,000\). The company's return on sales is:a. \(\$ 1,800\).b. 10 percent.c. 0.1 percent.d. None of the above.
The return on sales ratio does not provide insight on which of the following?a. A company's net income per dollar of salesb. A measure of a company's financial performancec. A measure of a company's

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