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principles financial accounting

Questions and Answers of Principles Financial Accounting

All About You: Employee Theft—An Inside Job (p. 263)
Samsung Uses a Different Strategy (p. 262)
"Fill 'Em Up"—With Water, Not Oil (p. 248)
How Wal-Mart Tracks Inventory (p. 247)
6 Compute and interpret the inventory turnover ratio.
5 Indicate the effects of inventory errors on the financial statements.
4 Explain the lower-of-cost-or-market basis of accounting for inventories.
3 Explain the financial effects of the inventory cost flow assumptions.
2 Explain the accounting for inventories and apply the inventory cost flow methods.
1 Describe the steps in determining inventory quantities.
(Appendix) Be familiar with management's responsibilities for reporting on internal control under Section 404 of the Sarbanes-Oxley Act. LO8
(Appendix) What is a sales discount? How can sales discounts be recorded? LO9
(Appendix) What are trade discounts and quantity discounts? From an accounting viewpoint, how does the effect of trade and quantity discounts on selling (or invoice) price differ from the effect of
(Appendix) What are sales returns? Why do sales returns occur? LO86
(Appendix) What are sales allowances? How do sales allowances differ from sales discounts? LO22
(Appendix) Why do readers of financial statements prefer the separate disclosure of gross sales revenue and sales returns and allowances to the disclosure of a single net sales revenue amount? LO61
(Appendix) Describe the documents that underlie the typical accounting system for sales. Give an example of a failure of internal control that might occur if these documents were not properly
(Appendix) Why does the accountant make an entry to record uncollectible account expense in the period of sale rather than in the period in which an account is determined to be uncollectible? LO25
(Appendix) What kind of account is allowance for uncollectible accounts? What does it represent? LO86
(Appendix) Why is the allowance procedure preferred over the direct write-off procedure for uncollectible accounts? LO77
(Appendix) Name the two allowance methods used to compute uncollectible account expense. For each method, how is uncollectible account expense computed and what does the balance of the allowance for
(Appendix) Write the formulas for the calculation of accounts receivable turnover and inventory turnover. What do these calculations tell us about accounts receivable and inventory? LO53
(Appendix) How do the periodic and perpetual inventory accounting systems differ from each other? LO64
(Appendix) What are the components of cost of goods available for sale and of cost of goods sold? Assume that the firm uses the gross method of recording purchase discounts. LO45
(Appendix) Why are adjustments made to the gross purchase price of goods acquired for resale? LO90
(Appendix) Describe the difference between F.O.B. shipping point and F.O.B. destination. LO56
(Appendix) Identify the accounting items for which adjustments are made to the purchase price of goods acquired for resale when determining the cost of purchases. Assume that the firm uses the gross
(Appendix) INTERNAL CONTROL FOR SALES. Gateway 2000 is a large mail-order computer and software business located in South Dakota. Most of Gateway’s customers call on its toll-free phone line and
(Appendix) ERRORS IN ENDING INVENTORY. From time to time, business newspapers report that the management of a company has misstated its profits by knowingly establishing an incorrect amount for its
(Appendix) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net of discount. LO2 REQUIRED:1. Prepare
(Appendix) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED:1. Prepare the entries to record this sale in Nevada’s journal.2. Prepare the
(Appendix) INTERNAL CONTROL FOR SALES. Alcoa Building Products distributes aluminum siding and related building products to building contractors, all of whom purchase on credit. LO6 REQUIRED:List
(Appendix) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts receivable of
(Appendix) AVERAGE UNCOLLECTIBLE ACCOUNT LOSSES AND UNCOLLECTIBLE ACCOUNT EXPENSE. The accountant for Porile Company prepared the following data for sales and uncollectible account losses: LO8
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. LO3
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Bradford~Plumbing had the following data for a recent year. LO8 REQUIRED:1. Compute uncollectible account expense for the year. 2.
(Appendix) AGING RECEIVABLES AND UNCOLLECTIBLE ACCOUNT EXPENSE. Perkinson Corporation sells paper products to a large number of retailers. Perkinson’s accountant has prepared the following aging
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year: LO6
(Appendix) ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS. At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for uncollectible accounts of $6,307. During the year
(Appendix) CORRECTING AN ERRONEOUS WRITE-OFF. The new bookkeeper at Karlin Construction Company was asked to write off two accounts totaling $1,710 that had been determined to be uncollectible.
(Appendix) ENDING INVENTORY AND COST OF GOODS SOLD. Hempstead Company has the following data for 19x9: LO8
(Appendix) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During the
(Appendix) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million during
(Appendix) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2a) Purchased
(Appendix) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200(list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records
(Appendix) COMPONENTS OF COST OF GOODS SOLD. Anna’s Corner Store has the following data for a recent year. LO9
(Appendix) A CLASSIFIED INCOME STATEMENT FOR A MERCHANDISING BUSINESS. For each of the cases presented below, compute the missing amounts: LO8
(Appendix) PRESENTATION OF SALES REVENUE AND COST OF GOODS SOLD. The accountant for Sneva, Inc., collected the following data for 19x’: LO3 REQUIRED:Assume that Sneva uses the periodic system and
(Appendix) Compare and contrast the three major ways economies can be organized. What type of economy exists in the United States? Do you think another type of economy would be better? Explain your
(Appendix) Select a commonly used product, such as gasoline or milk, and track the prices of this product over a 20-year period by creating a line graph.Explain price increases and decreases based on
(Appendix) Explain how the Federal Reserve Bank affects the money supply in the United States. How do the Fed’s actions, including setting reserve requirements and controlling discount rates, speed
(Appendix) Visit the Federal Trade Commission’s website to learn about the latest frauds and schemes being carried out against consumers. Write a onepage report on a new scheme that is not
(Appendix) Search magazines, newspapers, and the Internet for advertisements.Collect or print out ads that offer the following: (a) something for nothing, (b) bonus for early reply, (c) offers of
(Appendix) Choose five food, beauty, or household products you find in your home.Visit a local store and compare three different sizes of the product and compute unit prices. Compile the information
(Appendix) Economics Select a country with an economic system that is considered communist or socialist. Conduct online research about quality of life, life expectancy rates, tax rates, income and
(Appendix) Social Studies Conduct a survey of at least three people of varied ages based on the following question. “How is the U.S. economy impacting your life?” As a class, compare and discuss
(Appendix) International Studies Using the Internet, compare the value of the dollar to the value of worldwide currencies. Find the value of the Japanese yen, British pound, Chinese yuan, Euro,
(Appendix) Research Perform research to find a recent news story about a business that used deceptive marketing practices, such as price fixing, bait and switch, fake sales, low-balling, or another
(Appendix) Compute unit prices for the following pairs and determine which of the two is the better deal: (a) 3 for $0.98 or 8 for $2.99, (b) 4 for $1.00 or 12 for $3.39, (c) 24 oz. for $1.98 or 36
(Appendix) Copy the ingredients from the labels of the following products:(a) deodorant, (b) liquid cleaning product, (c) bug spray, and(d) breakfast cereal. Do any of the labels carry warnings? What
(Appendix) Read the warranty or guarantee for a household product that your family has purchased (examples: coffee maker, blender, or electronic device).What does the manufacturer agree to do? What
(Appendix) Visit Consumer Reports online or obtain an issue from your library and answer the following questions: (a) Who publishes the magazine?(b) Who advertises in the magazine? (c) How are
(Appendix) Ethics Some celebrities lend their names to products that later turn out to be ineffective or harmful to consumers. The celebrities are paid to endorse the product by claiming they have
(Appendix) The Social Security trust funds are invested in government securities that are both similar and dissimilar to other government securities available to the Public. LO4a. Explain how the
(Appendix) Ken, age 52, works only part-time and has no health insurance. The cartilage in both his knees is severely eroded from osteoarthritis, which causes severe pain during his daily activities.
(Appendix) Dave, age 58, is the owner of a small firm that sells window blinds and cleans carpets. The company provides health insurance for seven employees. The wife of one employee has breast
(Appendix) Brandon, age 32, is married and has a son, age one. Six months ago, Brandon purchased an individual health insurance policy covering the entire family.His son was recently diagnosed with
(Appendix) Megan, age 24, recently graduated from college. She was insured as a dependent under her father’s group health insurance policy, which provided coverage for her as a student until she
(Appendix) James currently earns $3,000 per month. He has an individual disability income policy that will pay $1,800 monthly if he is totally disabled. The policy has a 60-day elimination period and
(Appendix) Many employers have both group short-term and long-term disability-income plans. Compare (1) short-term plans with (2) long-term plans with respect to each of the following: LO8a.
(Appendix) A luncheon speaker stated, “most firms have a strong financial incentive to reduce occupational injuries because the indirect costs of workplace accidents can exceed the employers’
(Appendix) Some states have second-injury funds in their workers’ compensation programs.However, in recent years, a number of states have terminated such funds.LO6a. How does a second-injury fund
(Appendix) Permanent partial workers’ compensation claims are costly and often difficult to administer. The states use different methods to compensate injured workers for such claims. LO4a. What is
(Appendix) The Bureau of Labor Statistics provides detailed information on unemployment at the national, state, and local level. Go to www.bls.gov/lau/home.htm.See “Latest Numbers” and answer the
(Appendix) Kelly, age 35, spends most of her time at home taking care of her home and children. However, she works all day Friday and Saturday in her husband’s computer store. She receives no
(Appendix) James, age 28, was laid off by an auto manufacturer when the firm began retooling to produce a new model car. He knows he will be called back to work when the model changeover is
(Appendix) Courtney, age 22, is a junior at a large midwestern university. In late March, she filed applications for summer jobs with three companies. However, she does not want to start work until
(c) Should Laura continue the practice started by Danny? Does she have any choice?
(b) Who are the stakeholders that are harmed or benefitted in this situation?
(a) What are the ethical considerations in this case?
P5-7B At the beginning of the current season on April 1, the ledger of Four Oaks Pro Shop showed Cash $2,500; Merchandise Inventory $3,500; and Common Stock $6,000. These transac¬tions occured
P5-6B Howit Inc. operates a retail operation that purchases and sells snowmobiles, assess profitability. amongst other outdoor products. The company purchases all merchandise inventory on credit(SO
P5-5B At the end of Duckwall Department Store’s fiscal year on November 30,2008, these acand gross profit under periodic approach.counts appeared in its adjusted trial balance.
P5-4B Mike Palmer, a former professional golf star, operates Mike’s Pro Shop at Bay Golf Course. At the beginning of the current season on April 1, the ledger of Mike’s Pro Shop showed Cash
P5-3B Huffman Department Store is located in midtown Metropolis. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company’s
P5-2B Newson Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Newson showed Cash of $10,000 and Common Stock of $10,000.
P5-1B Sorvino Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Sorvino’s inventory consisted of 240
P5-8A The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the company’s fiscal year.
P5-7A At the beginning of the current season, the ledger ofVillage Tennis Shop showed Cash$2,500; Merchandise Inventory $1,700; and Common Stock $4,200. The following transactions were completed
P5-6A Kristen Montana operates a retail clothing operation. She purchases all merchandise in¬ventory on credit and uses a periodic inventory system. The accounts payable account is used for
2. Note that Gordman Department Store uses a periodic system.
1. Merchandise inventory on December 31,2008, is $75,000.
P5-5A At the end of Gordman Department Store’s fiscal year on December 31, 2008, these accounts appeared in its adjusted trial balance.Freight-in $5,600 Merchandise Inventory 40,500 Purchases
P5-4A J. Hafner, a former professional tennis star, operates Hafner’s Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner’s Tennis Shop showed Cash
P5-3A Maine Department Store is located near the Village Shopping Mall. At the end of the company’s fiscal year on December 31,2008, the following accounts appeared in two of its trial balances.
P5-2A Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of $9,000 and Common Stock of
P5-1A Sansomite Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, Sansomite’s inventory consisted of 40 suitcases
E5-19 The trial balance columns of the worksheet for Green Company at June 30,2008, are Prepare a worksheet.as follows.?
E5-18 Presented below are selected accounts for Carpenter Company as reported in the Complete worksheet.worksheet at the end of May 2008?
E5-17 Presented below and on page 231 is information related to Chevalier Co.1. On April 5, purchased merchandise from Paris Company for $22,000, terms 2/10, net/30, FOB shipping point.

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