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public accounting

Questions and Answers of Public Accounting

=+c. Will the income statement necessarily report a net income? Explain.
=+b. Compute the gross profit percentage (gross profit divided by sales).
=+a. What is the amount of the gross profit?
=+PE 6-7B Inventory shrinkage During the current year, merchandise is sold for $795,000. The cost of the merchandise sold is $477,000.
=+PE 6-7A Inventory shrinkage obj. 4 EE 6-7 p. 275 Chapter 6 Accounting for Merchandising Businesses 291 Hairology Company’s perpetual inventory records indicate that $120,500 of merchandise
=+PE 6-6B Transactions for buyer and seller obj. 3 EE 6-6 p. 273 Retro Company’s perpetual inventory records indicate that $975,000 of merchandise should be on hand on October 31, 2010. The
=+PE 6-6A Transactions for buyer and seller obj. 3 EE 6-6 p. 273 Santana Co. sold merchandise to Birch Co. on account, $6,000, terms 2/15, n/30. The cost of the merchandise sold is $4,000. Santana
=+a. $9,000 $300 FOB shipping point, 1/10, n/30 $2,500b. 7,500 200 FOB destination, 2/10, n/30 400
=+PE 6-5A Freight terms obj. 3 EE 6-5 p. 271 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
=+b. 32,100 900 FOB shipping point, 2/10, n/30 5,000
=+PE 6-4B Purchase transactions obj. 3 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
=+b. Under a perpetual inventory system, what account is credited by Enduro Tile Company to record the return?
=+a. If Enduro Tile Company pays the invoice within the discount period, what is the amount of cash required for the payment?
=+PE 6-4A Purchase transactions obj. 3 EE 6-4 p. 268 Enduro Tile Company purchased merchandise on account from a supplier for $8,000, terms 2/10, n/30. Enduro Tile Company returned $3,500 of the
=+b. Under a perpetual inventory system, what account is debited by Kosmos Company to record the return?
=+a. If Kosmos Company pays the invoice within the discount period, what is the amount of cash required for the payment?
=+PE 6-3B Sales transactions obj. 3 EE 6-3 p. 265 Kosmos Company purchased merchandise on account from a supplier for $21,500, terms 1/10, n/30. Kosmos Company returned $1,500 of the merchandise and
=+a. Sold merchandise on account, $16,000 with terms 2/10, n/30. The cost of the merchandise sold was $9,600.
=+PE 6-3A Sales transactions obj. 3 EE 6-3 p. 265 290 Chapter 6 Accounting for Merchandising Businesses Journalize the following merchandise transactions:
=+b. Received payment less the discount.
=+a. Sold merchandise on account, $41,000 with terms 1/10, n/30. The cost of the merchandise sold was $22,500.
=+EE 6-2 p. 257 Journalize the following merchandise transactions:
=+PE 6-2B Cost of merchandise sold obj. 2
=+During the current year, merchandise is sold for $32,800 cash and $379,500 on account.The cost of the merchandise sold is $250,000. What is the amount of the gross profit?During the current year,
=+15. Assume that Business Outfitters Inc. in Eye Opener 14 experienced an abnormal inventory shrinkage of $80,750. Business Outfitters Inc. has decided to record the abnormal inventory shrinkage so
=+14. Business Outfitters Inc., which uses a perpetual inventory system, experienced a normal inventory shrinkage of $9,175. What accounts would be debited and credited to record the adjustment for
=+13. Who bears the freight when the terms of sale are (a) FOB shipping point, (b) FOB destination?
=+12. What is the nature of (a) a credit memo issued by the seller of merchandise, (b) a debit memo issued by the buyer of merchandise?
=+11. What is the meaning of (a) 1/15, n/60; (b) n/30; (c) n/eom?
=+10. The credit period during which the buyer of merchandise is allowed to pay usually begins with what date?
=+9. How are sales to customers using MasterCard and VISA recorded?
=+8. Name at least three accounts that would normally appear in the chart of accounts of a merchandising business but would not appear in the chart of accounts of a service business.
=+7. What type of revenue is reported in the other income section of the multiple-step income statement?
=+6. What are the major advantages and disadvantages of the single-step form of income statement compared to the multiple-step statement?
=+5. Differentiate between the multiple-step and the single-step forms of the income statement.
=+4. Describe how the periodic system differs from the perpetual system of accounting for merchandise inventory.
=+3. In computing the cost of merchandise sold, does each of the following items increase or decrease that cost? (a) freight, (b) beginning merchandise inventory,(c) purchase discounts, (d) ending
=+2. Can a business earn a gross profit but incur a net loss? Explain.
=+1. What distinguishes a merchandising business from a service business?
=+5. Which of the following expenses would normally be classified as other expense on a multiple-step income statement?A. Depreciation expense—office equipment B. Sales salaries expense C.
=+4. On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is called:A. operating income.B. income from operations.C. gross profit.D. net income.
=+3. The income statement in which the total of all expenses is deducted from the total of all revenues is termed the:A. multiple-step form. C. account form.B. single-step form. D. report form.
=+2. If merchandise is sold on account to a customer for $1,000, terms FOB shipping point, 1/10, n/30, and the seller prepays $50 in freight, the amount of the discount for early payment would be:A.
=+1. If merchandise purchased on account is returned, the buyer may inform the seller of the details by issuing a(n):A. debit memo. C. invoice.B. credit memo. D. bill.
=+2. Journalize the adjusting entry for merchandise inventory shrinkage, $3,750.
=+1. Journalize the preceding transactions.
=+31. Paid a service processing fee of $140 for MasterCard sales.Instructions
=+25. Received merchandise returned by Comer Co. from sale on May 22, $1,480.The cost of the returned merchandise was $600.
=+24. Sold merchandise for cash, $4,350. The cost of the merchandise sold was$1,750.
=+22. Sold merchandise on account to Comer Co., $3,480, terms 2/10, n/30. The cost of the merchandise sold was $1,400.
=+19. Sold merchandise on MasterCard credit cards, $2,450. The cost of the merchandise sold was $980.
=+16. Received cash on account from sale of May 6 to C. F. Howell Co., less discount.
=+15. Paid Kramer Co. on account for purchase of May 5, less return of May 10 and discount.
=+14. Purchased merchandise for cash, $10,500.
=+13. Paid Floyd Co. on account for purchase of May 3, less discount.
=+10. Returned merchandise purchased on May 5 from Kramer Co., $1,300.
=+8. Purchased office supplies for cash, $150.
=+6. Sold merchandise on account to C. F. Howell Co., list price $4,000, trade discount 30%, terms 2/10, n/30. The cost of the merchandise sold was $1,125.
=+May 5. Purchased merchandise on account from Kramer Co., $8,500, terms FOB destination, 1/10, n/30.
=+May 3. Purchased merchandise on account from Floyd Co., $4,000, terms FOB shipping point, 2/10, n/30, with prepaid freight of $120 added to the invoice.
=+The following transactions were completed by Montrose Company during May of the current year. Montrose Company uses a perpetual inventory system.
=+the text’s Web site at academic.cengage.com/accounting/warren) and list the functions provided by each company’s application.
=+SA 5-5 Web-based accounting systems Internet Project The two leading software application providers for supply chain management (SCM)and customer relationship management (CRM) software are I2 and
=+disadvantages of Web-based accounting compared to running software on a company’s internal computer network.
=+Go to the text’s Web site at academic.cengage.com/accounting/warren and click on the link to the NetSuite Inc. site. Read about the product from the site, and prepare a memo to management,
=+Web. Net-Suite Inc. is one of the most popular small business Web-based accounting systems.
=+Web-based application software is a recent trend in business computing. Major software firms such as Oracle, SAP, and NetSuites are running their core products on the
=+3. Which subsidiary ledgers would you recommend for the medical practice?
=+Design the format for each journal, giving special consideration to the needs of the medical practice.
=+2. Assume that CMG has decided to use a revenue journal and a purchases journal.
=+1. Briefly discuss the circumstances under which special journals would be used in place of a two-column (all-purpose) journal. Include in your answer your recommendations for CMG’s medical
=+A local sales tax is collected on all patient invoices, and monthly financial statements are prepared.
=+SA 5-4 Design of accounting systems Chapter 5 Accounting Systems 249 Estimated Frequency per Type of Transaction Month Fees earned on account 240 Purchase of medical supplies on account 190 Cash
=+asked you to help with this project and has compiled the following information:
=+SA 5-3 Accounts receivable and accounts payable For the past few years, your client, Central Medical Group (CMG), has operated a small medical practice. CMG’s current annual revenues are
=+transactions, while for individuals it is more common?
=+Why is it unusual for businesses such as Manor Company to engage in cash
=+SA 5-2 Manual vs.computerized accounting systems Like most businesses, when Manor Company renders services to another business, it is typical that the service is rendered “on account,” rather
=+Do you agree with Ken? Why might a computerized environment be preferred over the manual system?
=+SA 5-1 Ethics and professional conduct in business The following conversation took place between Jacob Construction Co.’s bookkeeper, Ken Monroe, and the accounting supervisor, Chase
=+b. Discuss whether customer “lock in” is an ethical business practice.
=+a. Discuss whether the half-price offer is an ethical business practice.
=+Web Books, Inc., provides accounting applications for business customers on the Web for a monthly subscription. Web Books customers run their accounting system on the Web;thus, the business data
=+6. Verify the agreement of each subsidiary ledger with its control account. The sum of the balances of the accounts in the subsidiary ledgers as of July 31 are:Accounts Receivable $17,530 Accounts
=+2. Journalize the transactions for July 2010, using the following journals similar to those illustrated in this chapter: cash receipts journal, purchases journal (with columns for Accounts Payable,
=+Vehicles 82,300 63 Advertising Expense —19 Accum. Depr.—Vehicles 11,700 64 Miscellaneous
=+17 Accum. Depr.—Office 61 Office Salaries Expense —Equip. 5,800 62 Rent Expense —
=+14 Maintenance Supplies 9,150 51 Driver Salaries Expense —15 Office Supplies 4,200 52 Maintenance Supplies Exp. —16 Office Equipment 24,000 53 Fuel Expense —
=+1. Enter the following account balances in the general ledger as of July 1:11 Cash $155,300 32 J. Bourne, Drawing —12 Accounts Receivable 12,690 41 Fees Earned —
=+31. Issued Check No. 622 in payment for office supplies, $750.Instructions
=+30. Issued Check No. 621 for monthly salaries as follows: driver salaries, $16,150;office salaries, $7,880.31. Cash fees earned for July 17–31, $16,700.
=+25. Issued Invoice No. 944 to Darr Co., $6,080.25. Received check for $3,820 from Perkins Co. in payment of balance.26. Issued Check No. 620 to Austin Computer Co. in payment of $4,100 invoice of
=+. Issued Invoice No. 943 to Sing Co., $5,000.24. Issued Check No. 619 to J. Bourne as a personal withdrawal, $2,500.
=+20. Used $3,000 maintenance supplies to repair delivery vehicles.23. Purchased office supplies on account from Office To Go Inc., $500.
=+$1,820; office supplies, $430.20. Issued Check No. 618 in payment of advertising expense, $1,625.
=+18. Purchased maintenance supplies on account from Crowne Supply Co., $1,630.19. Purchased the following on account from McClain Co.: maintenance supplies,
=+12. Received check from Capps Co. in payment of $2,340 invoice.13. Issued Check No. 615 to Browning Transportation in payment of $30,200 balance.16. Issued Check No. 616 for $37,300 for cash
=+11. Issued Check No. 613 for $3,520 to Crowne Supply Co. in payment of account.11. Issued Check No. 614 for $725 to Porter Co. in payment of account.
=+10. Received check from Sing Co. in payment of $3,720 invoice.10. Issued Check No. 612 for $880 to Office To Go Inc. in payment of invoice.10. Issued Invoice No. 942 to Joy Co., $1,210.
=+PR 5-5B All journals and general ledger;trial balance obj. 2 Chapter 5 Accounting Systems 247✔ 2. Total cash receipts, $48,030 July 6. Purchased office equipment on account from Austin Computer

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