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business
principles financial accounting

Questions and Answers of Principles Financial Accounting

At the close of business, Jim's Restaurant had credit card sales of \(\$ 12,000\). Of this amount, \(\$ 4,000\) were VISA (bank credit card) sales invoices, which can be deposited in a bank for
Ruiz Company sells merchandise in a state that has a 5\% sales tax. On January 2, 1999, Ruiz sold goods with a sales price of \(\$ 80,000\) on credit. Sales taxes collected are recorded in a separate
Honest Tim's Auto Company sells used cars and warrants all parts for one year. The average price per car is $10,000, and the company sold 900 in 1998. The company expects 30% of the cars to develop
Celoron Power Boat Company is in the power boat manufacturing business. As of September 1 , the balance in its Notes Receivable account is \(\$ 256,000\). The balance in Dishonored Notes Receivable
Premium Office Equipment, Inc., discounted its own $30,000, noninterest-bearing, 180-day note on November 16, 1998, at Niagara County Bank at a discount rate of 12%. Prepare dated journal entries
Sally Stillwagon owns a hardware store; she sells items for cash and on account. During 1998, which seemed to be a typical year, some of her company's operating data and other data were as follows:A
Jim Perry operates a large fruit and vegetable stand on the outskirts of a city. In a typical year he sells \(\$ 600,000\) of goods to regular customers. His sales are \(40 \%\) for cash and \(60
Refer to the annual reports of The Coca-Cola Company, Maytag Corporation, The Limited, Inc., and John H. Harland Company in the annual report booklet. For the most recent year shown, calculate
In groups of two or three students, write a two-page, double-spaced paper on one of the following topics:Which is better-the percentage-of-sales method or the percentage-of-receivables method?Why not
"Lapping" of accounts receivable has been used to conceal the fact that payments received on accounts receivable have been "borrowed" and used by an employee for personal use. With one or two other
In a group of two or three students, visit a fairly large company in your community to investigate the effectiveness of its management of accounts receivable. Inquire about its credit and sales
Visit the following Internet site:\section*{http://www.networth.galt.com}Click on Morningside Profiles to check out some mutual funds. You might start by clicking on some of the Premier Partners
\section*{Visit Procter \& Gamble's site at:}\section*{http://www.pg.com}Procter \& Gamble markets more than 300 brands to nearly five billion consumers in over 140 countries. Click on any items that
a. Candle Carpet Company engaged in the following transactions in August 1999:Aug. 2 Sold merchandise on account for \(\$ 300,000\); terms \(2 / 10, n / 30\), FOB shipping point, freight collect.18
Edwardo Auto Parts Company and Spoon Company engaged in the following transactions with each other during August 1999:Aug. 15 Edwardo Auto Parts Company purchased merchandise on account with a list
Gardner Company engaged in the following transactions in June 1999, the company's first month of operations:June 1 Stockholders invested \(\$ 384,000\) cash and \(\$ 144,000\) of merchandise
Organized on May 1, 1999, Noah Cabinet Company engaged in the following transactions:May 1 The stockholders invested \(\$ 900,000\) in this new business by purchasing capital stock 1 Purchased
The following data are for Bayer Lamp Company:1. Depreciation expense on the store building is $8,800. 2. Depreciation expense on the store fixtures is $22,240. 3. Accrued sales salaries are $5,600.
a. Spencer Sporting Goods Company engaged in the following transactions in April 1999:Apr. 1 Sold merchandise on account for \(\$ 288,000\); terms \(2 / 10, n / 30\), FOB shipping point, freight
Mars Musical Instrument Company and Tiger Company engaged in the following transactions with each other during July 1999 :July 2 Mars Musical Instrument Company purchased merchandise on account with
The following data for June 1999 are for Rusk Company's first month of operations:June 1 Rusk Company was organized, and the stockholders invested \(\$ 1,008,000\) cash, \(\$ 336,000\) of merchandise
The Western Wear Company, a wholesaler of western wear clothing, sells to retailers. The company entered into the following transactions in May 1999:The inventory on hand at the close of business on
The following data are for Leone Lumber Company:1. A total of $3,400 of the prepaid insurance has expired. 2. An inventory of supplies showed that $1,700 are still on hand. 3. Prepaid rent expired
Candy's Shirts, Inc., has an opportunity to purchase 40,000 shirts with the logo of the 2000 Olympics in January 1998. Candy, who is not currently in business, is considering buying these shirts and
Perkin-Elmer is one of the leaders in the life science systems and analytical instrument markets. Using the following information from Perkin-Elmer's 1996 annual report, calculate the gross margin
Refer to the consolidated statements of income of The Coca-Cola Company in the annual reports booklet. Identify the 1996 net operating revenues; cost of goods sold; gross profit; selling,
Based on the ethics case related to World Auto Parts Corporation on page 228, respond in writing to the following questions:a. Do you agree that the total impact of this practice could be as much as
In teams of two or three students, go to the library to locate one merchandising company's annual report for the most recent year. Calculate the company's gross margin percentage for each of the most
In a team of two or three students, contact a variety of businesses in your area and inquire as to the types of sales discount terms they offer to credit customers and the types of purchase discount
In a team of two or three students, obtain access to several annual reports of companies in different industries. Examine their income statements and identify differences in their for- mats. Discuss
Visit the Coca-Cola Company website at:\section*{http://www.cocacola.com}Browse around the site for interesting information. How does the information at this website differ from the information you
Visit the Accounting Professionals Resource Center site at:http://www.kentis.com Check out some of the news items at this site. Also look at anything else that looks interesting. Write a brief
Overstated ending inventory results in an overstatement of cost of goods sold and an understatement of gross margin and net income.
In a period of rising prices, FIFO results in the lowest cost of goods sold.
Under LCM, inventory is written down to market value when the market value is less than the cost, and inventory is written up to market value when the market value is greater than the cost.
Under the gross margin method, an estimate must be made of gross margin to determine estimated cost of goods sold and estimated ending inventory.
To use the retail inventory method, both cost and retail prices must be known for the goods available for sale.
Under perpetual procedure, cost of goods sold is determined as a result of the closing entries made at the end of the period.
On July 1, 1999, Jack Company began the accounting period with inventory of 3,000 units at \(\$ 30\) each. During the period, the company purchased an additional 5,000 units at \(\$ 36\) each and
Cost of goods sold using FIFO is :a. \(\$ 165,600\).b. \(\$ 150,000\).c. \(\$ 147,600\).d. \(\$ 122,400\).e. None of the above
Cost of ending inventory using LIFO is:a. \(\$ 104,400\).b. \(\$ 114,750\).c. \(\$ 156,000\).d. \(\$ 122,400\).e. None of the above.
Cost of goods sold using LIFO is:a. \(\$ 155,250\).b. \(\$ 114,000\).c. \(\$ 147,600\).d. \(\$ 165,600\).e. None of the above.
Cost of ending inventory using weighted-average is:a. \(\$ 114,750\).b. \(\$ 157,600\).c. \(\$ 122,400\).d. \(\$ 109,650\).e. None of the above.
Cost of goods sold using weighted-average is:a. \(\$ 147,200\).b. \(\$ 160,350\).c. \(\$ 155,250\).d. \(\$ 114,000\).e. None of the above.
During a period of rising prices, which inventory method might be expected to give the highest net income?a. Weighted-average.b. FIFO.c. LIFO.d. Specific identification.e. Cannot determine.
Why is proper inventory valuation so important?
Why does an understated ending inventory understate net income for the period by the same amount?
Why does an error in ending inventory affect two accounting periods?
What is the meaning of taking a physical inventory?
What is the accountant's responsibility regarding taking a physical inventory?
Which cost elements are included in inventory? What practical problems arise by including the costs of such elements?
Which accounts that are used under periodic inventory procedure are not used under perpetual inventory procedure?
What entries are necessary under perpetual inventory procedure when goods are sold?
Why is there closer control over inventory under perpetual inventory procedure than under periodic inventory procedure?
Why is perpetual inventory procedure being used increasingly in business?
What is the cost flow assumption? What is meant by the physical flow of goods? Does a relationship between cost flows and the physical flow of goods exist, or should such a relationship exist?
Indicate how a company can manipulate its net income if it uses LIFO. Is the same opportunity available under FIFO? Why or why not?
What are the main advantages of using FIFO and LIFO?
Which inventory method is the correct one? Can a company change inventory methods?
Why are ending inventory and cost of goods sold the same under FIFO perpetual and FIFO periodic?
Would you agree with the following statement? Reducing the amount of taxes payable currently is a valid objective of business management and, since LIFO results in such a reduction, all businesses
What is net realizable value, and how is it used?
Why is it acceptable accounting practice to recognize a loss by writing down an item in inventory to market, but unacceptable to recognize a gain by writing up an inventory item?
Under what conditions would the gross margin method of computing an estimated inventory yield approximately correct amounts?
What are the main reasons for estimating ending inventory?
Should a company rely exclusively on the gross margin method to determine the ending inventory and cost of goods sold for the end-of-year financial statements?
How can the retail method be used to estimate inventory?
Real World Question Based on the notes to the financial statements of Maytag Corporation contained in the annual report booklet, what inventory methods were used?
Real World Question Based on the notes to the financial statements of The Limited, Inc., contained in the annual report booklet, what inventory methods were used?
Real World Question Based on the notes to the financial statements of John H. Harland Company contained in the annual report booklet, what inventory methods were used?
Crocker Company reported annual net income as follows:Analysis of its inventories revealed the following incorrect inventory amounts and these correct amounts:Compute the annual net income for each
Slate Truck Company manufactures trucks and identifies each truck with a unique serial plate. On December 31, a customer ordered 5 trucks from the company, which currently has 20 trucks in its
Miami Discount Company inventory records show:The December 31 inventory was 4,200 units. Miami Discount Company uses perpetual inventory procedure. Present a schedule showing the measurement of the
Using the data in Exercise 7-3 for Miami Discount Company, present a schedule showing the measurement of the ending inventory using LIFO perpetual inventory procedure.
London Company had a beginning inventory of 160 units at \(\$ 24\) (total \(=\$ 3,840\) ) and the following inventory transactions during 1998:1. January 8 , sold 40 units.2. January 11 , purchased
Kettle Company made the following purchases of Product A in its first year of operations:The ending inventory that year consisted of 2,400 units. Kettle uses periodic inventory procedure.a. Compute
The following are selected transactions and other data of the Custer Company:1. Purchased 20 units @ \(\$ 360\) per unit on account on September 18, 1999.2. Sold 6 units on account for \(\$ 576\) per
Following are selected transactions of Gamble Company:1. Purchased 100 units of merchandise at \(\$ 240\) each; terms \(2 / 10, n / 30\).2. Paid the invoice in transaction 1 within the discount
Wells Company had the following transactions during February:1. Purchased 135 units at \(\$ 65\) on account.2. Sold 108 units at \(\$ 90\) on account.3. Purchased 170 units at \(\$ 75\) on account.4.
Following are inventory data for 1999 for Kintech Company:1. January 1 inventory on hand, 400 units @ \(\$ 28.80\).2. January sales were 80 units.3. February sales totaled 120 units.4. March 1,
A company purchased 1,000 units of a product at \(\$ 12.00\) and 2,000 units at \(\$ 13.20\). It sold all of these units at \(\$ 18.00\) each at a time when the current cost to replace the units sold
Clayton Company's inventory was 12,000 units with a cost of \(\$ 160\) each on January 1, 1999 . During 1999, numerous units were purchased and sold. Also during 1999, the purchase price of this
Levi Motor Company owns a luxury automobile that it has used as a demonstrator for eight months. The auto has a list or sticker price of \(\$ 85,000\) and cost Levi \(\$ 75,000\). At the end of the
Pure Sound Systems used one sound system as a floor model. It cost \(\$ 3,600\) and had an original selling price of \(\$ 4,800\). After six months, the sound system was damaged and replaced by a
Your assistant has compiled the following data:Calculate the dollar amount of the ending inventory using the LCM method, applied on an item-by-item basis, and the amount of the decline from cost to
Use the data in Exercise 7-15 to compute the cost of the ending inventory using the LCM method applied to the total inventory.
Tilley-Mill Company takes a physical inventory at the end of each calendar-year accounting period to establish the ending inventory amount for financial statement purposes. Its financial statements
Ryan Company takes a physical inventory at the end of each calendar-year accounting period. Its financial statements for the past few years indicate an average gross margin on net sales of \(30
Victoria Falls Company, Inc., records show the following account balances for the year ending December 31, 1999:Using these data, compute the estimated cost of ending inventory using the retail
Harris Company reported net income of \(\$ 312,000\) for \(1998, \$ 324,000\) for 1999 , and \(\$ 348,000\) for 2000, using the incorrect inventory amounts shown for December 31, 1998, and 1999.
An examination of the financial records of Jersey Company on December 31, 1998, disclosed the following with regard to merchandise inventory for 1998 and prior years:1. December 31,1994 , inventory
High Surf Company sells the Ultra-Light model wind surfer and uses the specific identification method to account for its inventory. The Ultra-Lights are identical except for identifying serial
The inventory records of Coral Company show the following:Jan. 1 Beginning inventory consists of 12 units costing \(\$ 48\) per unit.5 Purchased 15 units @ \(\$ 49.92\) per unit.10 Sold 9 units @
Following are data for Dandy Company for the year 1999:a. Compute the ending inventory as of December 31,1999 , assuming use of perpetual inventory procedure, under each of the following methods: (1)
Refer to the data in Problem 7-5.a. Give the journal entries to record the purchases and sales (Cost of Goods Sold entry only) for the year under FIFO perpetual.b. Give the journal entries to record
Following are data related to a product of Coen Company for the year 1999:a. Assuming use of perpetual inventory procedure, compute the ending inventory and cost of goods sold under each of the
Star Company accounts for its inventory using the LIFO method under periodic inventory procedure. Data on purchases, sales, and inventory for the year ended December 31, 1998, are:During
Data on the ending inventory of Jannis Company on December 31, 1998, are:a. Compute the ending inventory applying the LCM method to the total inventory.b. Determine the ending inventory by applying
The sales and cost of goods sold for Lively Company for the past five years were as follows:To secure a loan, Lively Company has been asked to present current financial statements. However, the
Apple Company's records contained the following inventory information for 1999:Required Compute the estimated year-end inventory balance at cost using the retail method of inventory valuation. Cost

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