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principles of financial accounting

Questions and Answers of Principles Of Financial Accounting

Vintage Interiors deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of July 31 have been taken from
The following is an excerpt from a conversation between two sales clerks, Fred Loya and Steph Gillespie. Both Fred and Steph are employed by Wireless Electronics, a locally owned and operated
The following is an excerpt from a conversation between the store manager of Trader Sam's Grocery Stores, Jennings Maloy, and Sam Burley, president of Trader Sam's Grocery Stores.objs. 4, 5 Sam:
Select a business in your community and observe its internal controls over cash receipts and cash payments. The business could be a bank or a bookstore, restaurant, department store, or other
OccuLogix, Inc., provides treatments for eye diseases, including age-related macular degeneration (AMD). The company's treatment system, called the RHEO system, consists of an Octonova pump and
What is the due date of a \(\$ 12,000,90\)-day, \(8 \%\) note receivable dated August 5 ?A. October 31 C. November 3 B. November 2 D. November 4
What are the three classifications of receivables?Appendix
What types of transactions give rise to accounts receivable?Appendix
In what section of the balance sheet should a note receivable be listed if its term is (a) 120 days, (b) six years?Appendix
Give two examples of other receivables.Appendix
Wilson's Hardware is a small hardware store in the rural township of Struggleville that rarely extends credit to its customers in the form of an account receivable. The few customers that are allowed
Which of the two methods of accounting for uncollectible accounts provides for the recognition of the expense at the earlier date?Appendix
What kind of an account (asset, liability, etc.) is Allowance for Doubtful Accounts, and is its normal balance a debit or a credit?Appendix
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of \(\$ 783,150\) and Allowance for Doubtful Accounts has a balance of \(\$ 41,694\).
A firm has consistently adjusted its allowance account at the end of the fiscal year by adding a fixed percent of the period's net sales on account. After five years, the balance in Allowance for
Which of the two methods of estimating uncollectibles provides for the most accurate estimate of the current net realizable value of the receivables?Appendix
For a business, what are the advantages of a note receivable in comparison to an account receivable?Appendix
Tecan Company issued a note receivable to Bauer Company. (a) Who is the payee? (b) What is the title of the account used by Bauer Company in recording the note?Appendix
If a note provides for payment of principal of \(\$ 75,000\) and interest at the rate of \(8 \%\), will the interest amount to \(\$ 6,000\) ? Explain.Appendix
The maker of a \(\$ 6,000,10 \%, 120\)-day note receivable failed to pay the note on the due date of April 30. What accounts should be debited and credited by the payee to record the dishonored note
The note receivable dishonored in Eye Opener 14 is paid on May 30 by the maker, plus interest for 30 days, \(9 \%\). What entry should be made to record the receipt of the payment?Appendix
Under what section should accounts receivable be reported on the balance sheet?Appendix
During the current year, merchandise is sold for \(\$ 127,500\) cash and \(\$ 435,600\) on account. The cost of the merchandise sold is \(\$ 422,325\). What is the amount of the gross profit?obj. 3
During the current year, merchandise is sold for \(\$ 17,500\) cash and \(\$ 141,750\) on account. The cost of the merchandise sold is \(\$ 127,400\). What is the amount of the gross profit?obj. 3
Based upon the following data, determine the cost of merchandise sold for July:obj. 3 Merchandise inventory, July 1 Merchandise inventory, July 31 Purchases Purchases returns and allowances Purchases
Based upon the following data, determine the cost of merchandise sold for April:obj. 3 Merchandise inventory, April 1 Merchandise inventory, April 30 Purchases Purchases returns and allowances
Journalize the following merchandise transactions:a. Sold merchandise on account, \(\$ 12,250\) with terms \(2 / 10, n / 30\). The cost of the merchandise sold was \(\$ 7,400\).b. Received payment
Journalize the following merchandise transactions:a. Sold merchandise on account, \(\$ 22,500\) with terms \(1 / 10, n / 30\). The cost of the merchandise sold was \(\$ 14,150\).b. Received payment
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
In 2005, Best Buy reported revenue of \(\$ 27,433\) million. Its gross profit was \(\$ 6,495\) million. What was the amount of Best Buy's cost of merchandise sold?obj. 3
For (a) through (d), identify the items designated by " \(\mathrm{X}\) " and " \(\mathrm{Y}\)."a. Purchases \(-(\mathrm{X}+\mathrm{Y})=\) Net purchases.b. Net purchases \(+X=\) Cost of merchandise
Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31, 2008:obj. 3 Cost of merchandise sold: Merchandise inventory, March 31, 2008 Purchases
For the fiscal year, sales were \(\$ 4,125,800\), sales discounts were \(\$ 380,000\), sales returns and allowances were \(\$ 186,750\), and the cost of merchandise sold was \(\$ 2,475,500\).a. What
Identify the errors in the following income statement:obj. 3 The Euclidian Company Income Statement For the Year Ended March 31, 2008 Revenue from sales: Sales invivics Add: Sales returns and
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter.obj. 3 Sales $400,000 $500,000 $1,000,000 $
Gemini Co. is a newly organized business with a list of accounts arranged in alphabetical order belowConstruct a chart of accounts, assigning account numbers and arranging the accounts in balance
After the amount due on a sale of \(\$ 18,500\), terms \(2 / 10, \mathrm{n} /\) eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment.
The debits and credits for three related transactions are presented in the following \(\mathrm{T}\) accounts. Describe each transaction.obj. 3 (5) 9,310 (1) (4) Cash Accounts Receivable 11,750 (3)
Merchandise is sold on account to a customer for \(\$ 9,200\), terms FOB shipping point, \(2 / 10\), \(\mathrm{n} / 30\). The seller paid the transportation costs of \(\$ 638\). Determine the
Hushpuppy Company purchased merchandise on account from a supplier for \(\$ 6,750\), terms \(2 / 10, \mathrm{n} / 30\). Hushpuppy Company returned \(\$ 1,500\) of the merchandise and received full
The debits and credits from four related transactions are presented in the following \(\mathrm{T}\) accounts. Describe each transaction.obj. 3 Cash (2) (4) Merchandise Inventory 8 (1) 11,500 (3) (2)
Madamé Co., a women's clothing store, purchased \(\$ 10,000\) of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Madamé Co. returned \(\$ 2,500\) of the merchandise,
Journalize entries for the following related transactions of La Paz Company:a. Purchased \(\$ 18,400\) of merchandise from Harbin Co. on account, terms 2/10, n/30.b. Paid the amount owed on the
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
A sale of merchandise on account for \(\$ 12,200\) is subject to a \(6 \%\) sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount of
Based on the data presented in Exercise 5-26, journalize Beyer Co.'s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice within the discount
What is the normal balance of the following accounts: (a) Sales, (b) Sales Discounts, (c) Sales Returns and Allowances, (d) Cost of Merchandise Sold, (e) Delivery Expense, (f) Merchandise Inventory,
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable, (b) Advertising Expense,
On October 31, 2008, the balances of the accounts appearing in the ledger of Kavanaugh Company, a furniture wholesaler, are as follows:Prepare the October 31, 2008, closing entries for Kavanaugh
Kroger, a national supermarket chain, reported the following data (in millions) in its financial statements for 2005:a. Compute the ratio of net sales to assets for 2005. Round to two decimal
Indicate which of the following accounts would be included in the chart of accounts of a merchandising company using either the (a) periodic inventory system or (b) perpetual inventory system. If the
Complete the following table by indicating for (a) through ( \(\mathrm{g}\) ) whether the proper answer is debit or credit.obj. 3 Normal Account Increase Decrease Balance Purchases (a) credit (b)
The following selected transactions were completed by Lorimer Company during August of the current year. Lorimer Company uses the periodic inventory system.obj. 3 Aug. 3. Purchased $24,500 of
Greenway Company is a small rug retailer owned and operated by Lorene Greenway. After the accounts have been adjusted on March 31, the following account balances were taken from the ledger:obj. 3
The following selected accounts and their current balances appear in the ledger of Magic Vinyl Co. for the fiscal year ended March 31, 2008:{Instructions}1. Prepare a multiple-step income
Selected accounts and related amounts for Magic Vinyl Co. for the fiscal year ended March 31, 2008, are presented in Problem 5-1A.{Instructions}1. Prepare a single-step income statement in the format
The following selected transactions were completed by Cardroom Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:{Instructions}Journalize the
The following selected transactions were completed by Scat Trak Company during July of the current year:{Instructions}Journalize the entries to record the transactions of Scat Trak Company for
The following were selected from among the transactions completed by Southmont Company during April of the current year:{Instructions}Journalize the transactions.obj. 3 Apr. 3. Purchased merchandise
The following selected transactions were completed during August between Sellars Company and Beyer Co.:Instructions Journalize the August transactions for (1) Sellars Company and (2) Beyer Co.obj. 3
Selected transactions for Scat Trak Company during July of the current year are listed in Problem 5-4A.{Instructions}Journalize the entries to record the transactions of Scat Trak Company for July
Selected transactions for Southmont Company during April of the current year are listed in Problem 5-5A.{Instructions}Journalize the entries to record the transactions of Southmont Company for April
Selected transactions during August between Sellars Company and Beyer Co. are listed in Problem 5-6A.{Instructions}Journalize the entries to record the transactions for (1) Sellars Company and (2)
On July 31, 2008, the balances of the accounts appearing in the ledger of Odell Company are as follows:obj. 3 Cash Accounts Receivable $ 73,200 Sales Discounts $ 37,500 288,500 Purchases 2,146,000
The following selected accounts and their current balances appear in the ledger of Hobbs' Co. for the fiscal year ended June 30, 2008:obj. 3 Cash Accounts Receivable Merchandise Inventory Office
Selected accounts and related amounts for Hobbs' Co. for the fiscal year ended June 30, 2008, are presented in Problem 5-1B.{Instructions}1. Prepare a single-step income statement in the format shown
The following selected transactions were completed by Water Tech Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:obj. 3 July 1. Sold
The following selected transactions were completed by Bodyworks Co. during October of the current year:obj. 3 Oct. 1. Purchased merchandise from Mantooth Co., $11,800, terms FOB shipping point, 2/10,
The following were selected from among the transactions completed by Theisen Company during December of the current year:obj. 3 Dec. 3. Purchased merchandise on account from Shipley Co., list price
The following selected transactions were completed during November between Sallis Company and Byce Company:obj. 3 Nov. 2. Sallis Company sold merchandise on account to Byce Company, $12,500, terms
The inventory costing method that is based on the assumption that costs should be charged against revenue in the order in which they were incurred is:A. FIFO.C. average cost.B. LIFO.D. perpetual
The following units of a particular item were purchased and sold during the period:Beginning inventoryWhat is the cost of the 35 units on hand at the end of the period as determined under the
If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that will yield the highest net income is:A. LIFO.C. average.B. FIFO, D. periodic.
If the inventory at the end of the year is understated by \(\$ 7,500\), the error will cause an:A. understatement of cost of merchandise sold for the year by \(\$ 7,500\).B. overstatement of gross
Before inventory purchases are recorded, the receiving report should be reconciled to what documents?Appendix
What security measures may be used by retailers to protect merchandise inventory from customer theft?Appendix
Which inventory system provides the more effective means of controlling inventories (perpetual or periodic)? Why?Appendix
Why is it important to periodically take a physical inventory if the perpetual system is used?Appendix
Do the terms FIFO and LIFO refer to techniques used in determining quantities of the various classes of merchandise on hand? Explain.Appendix
Does the term last-in in the LIFO method mean that the items in the inventory are assumed to be the most recent (last) acquisitions? Explain.Appendix
If merchandise inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing-FIFO, LIFO, or average cost-will yield (a) the highest inventory cost,
Which of the three methods of inventory costing-FIFO, LIFO, or average cost-will in general yield an inventory cost most nearly approximating current replacement cost?Appendix
If inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing-FIFO, LIFO, or average cost-will yield the lowest annual income tax expense?
Can a company change its method of costing inventory? Explain.Appendix
Because of imperfections, an item of merchandise cannot be sold at its normal selling price. How should this item be valued for financial statement purposes?Appendix
How is the method of determining the cost of the inventory and the method of valuing it disclosed in the financial statements?Appendix
The inventory at the end of the year was understated by \(\$ 8,750\). (a) Did the error cause an overstatement or an understatement of the gross profit for the year? (b) Which items on the balance
Fargo Co. sold merchandise to Keepsakes Company on December 31, FOB shipping point. If the merchandise is in transit on December 31, the end of the fiscal year, which company would report it in its
A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?Appendix
What uses can be made of the estimate of the cost of inventory determined by the gross profit method?Appendix
Three identical units of Item T4W are purchased during July, as shown below.Assume that one unit is sold on July 28 for \(\$ 150\).Determine the gross profit for July and ending inventory on July 31
Three identical units of Item S77 are purchased during October, as shown below.Assume that one unit is sold on October 26 for \(\$ 100\).Determine the gross profit for October and ending inventory on
Beginning inventory, purchases, and sales for Item SJ68 are as follows:Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise
Beginning inventory, purchases, and sales for Item FC33 are as follows:Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise
Beginning inventory, purchases, and sales for Item SJ68 are as follows:objs. 4, 5 Aug. 1 Inventory 28 units at $34 8 Sale 15 units 15 Purchase 22 units at $38 30 Sale 20 units
Beginning inventory, purchases, and sales for Item FC33 are as follows:Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, de- termine (a) the cost of merchandise
The units of an item available for sale during the year were as follows:There are 20 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
The units of an item available for sale during the year were as follows:There are 38 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit 7.objs. 4, 5

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