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business
small business accounting

Questions and Answers of Small Business Accounting

True or False? You can change the inventory valuation method to improve your fi nancial results. Explain your answer.
Defi ne conservatism in accounting.
Defi ne the terms cost and market as they are used in the lower of cost or market rule.
Explain how the lower of cost or market rule adheres to the conservatism convention.
If the value of your inventory on hand has increased since you bought it, should you adjust your accounting records? Why or why not?
The following infomation is given:Sales $150,000 Sales Returns & Allowances 10,000 Sales Discounts 2,000 Calculate Net Sales.
The following information was provided for the month of July:Inventory 07/01/0X__ $10,000 Inventory 07/31/0X__ 8,000 Purchases 56,000 Calculate the Cost of Goods Sold using a periodic inventory
Using the information provided, determine the net purchases when a periodic inventory system is used.Purchases $60,000 Freight-In 1,700 Purchase Discounts 3,000 Purchase Returns & Allowances 2,500
What is a cash discount? When is a cash discount considered a purchase discount? When is a cash discount considered a sales discount?
The Martin Merchandise entity had the following transactions during the month of June:June 2 Purchased $1,500 of merchandise from the Patae entity, invoice #6205, terms 2/10, n/30.5 Returned $150 of
Refer to question
Record the June 2 transaction using a perpetual inventory system.
The following information is available for the Waterfront Merchandising Industry.Sales 125,000 Purchase Returns &Allowances 1,500 Sales Returns &Allowances 3,000 Purchase Discounts 4,000 Sales
Refer to question
The ending inventory consists of 20,000 units.Calculate the cost of the ending inventory using the average cost method.
Refer to question
With the ending inventory of 20,000 units, what is the ending inventory cost using the FIFO method?
Refer to question
What is the cost of the 20,000 ending inventory units using the LIFO method?
Farrah Fairway started up a new business selling Titanium putters over the Internet. She began by buying 45 putters for $22 each. During October—her fi rst month of operations—she sold 28 putters
What is the gross profi t?Sales $ 14,000 Cost of Goods Sold 6,000 Administrative Expenses 1,400 Selling Expenses 3,500
What is the net sales?Sales $ 10,000 Sales Returns and Allowances 400 Sales Discounts 600
Find:a. Net Salesb. Gross Profi tc. Operating Income Sales $ 20,000 Sales Returns and Allowances 300 Sales Discounts 900 Administrative Expenses 2,400 Selling Expenses 4,800 Cost of Goods Sold 9,000
Find:a. Gross Profi tb. Operating Incomec. Net income Administrative Expenses $ 9,000 Cost of Goods Sold 66,000 Interest Expense 3,000 Sales (Net) 110,000 Selling Expenses 19,000
Which asset account would you always expect to see in a merchandising business’s chart of accounts?
What is a common application of the matching principle?
How is cost of goods sold similar to expenses?
In a manual accounting system, what is the fi rst step in preparing adjustments?
True or False? In a perpetual inventory system, you don’t need to make an inventory adjustment. Explain your answer.
How do you determine the value of ending inventory in a periodic inventory system?
How many journal entries are required to update the balance of the Inventory account?
What offset account is used in the inventory adjustments?
What is the difference between the direct write-off method and the allowance method of writing off bad debts?
How do you determine the percentages to use in the allowance method?
What is an accrual?
Why do companies often accrue payroll expenses?
The Income Statement as well as Balance Sheet columns are shown below from a completed merchandiser’s worksheet. The ending inventory is $12,000 and has been correctly placed in the appropriate
An entity has credit sales in the amount of $75,000 at year-end.Based upon historical data, it has been determined that 2% of the accounts will prove to be bad debts. Make the adjusting entry to set
The Joshua Merchandising entity has weekly payroll as follows:Salaries & Wages – Store $10,000 Salaries & Wages – Offi ce $ 5,000 March 31, the end of the accounting period, falls on Wednesday.
Refer to question
There are associate payroll taxes for March 31 in the amount of:Payroll Taxes – Store $1,800 Payroll Taxes – Offi ce $3,500 Accrue the payroll taxes.
Refer to question
Payday is Friday, April 2.a. Reverse the adjusting entry made on March 31.b. Record the April 2 payroll.
Refer to questions 3 and
Record the April 2 payroll without preparing a reversing entry
An entity paid six months’ rent in the amount of $9,000 on January 1.Statements are prepared monthly and an adjustment must be made on January 31 to update the Rent account.a. Prepare the entry to
Depreciation calculations were completed and the depreciation amounts are as follows:Depreciation – Store Equipment $300 Depreciation – Offi ce Equipment $400a. Record the depreciation for the
Explain the requirements of the Matching Principle.
Defi ne classifi ed income statement.
What is meant by nonoperating income?
How do you compute gross profi t percentage?
Defi ne classifi ed balance sheet.
Which temporary accounts are closed out in a merchandising business?
What does COGS stand for?
In closing entries, what is the offset account for COGS?
Do COGS accounts appear on the postclosing trial balance? Why or why not?
Defi ne independent contractor.
What is the purpose of Form W-9?
Which version of Form 1099 is a small-business owner most likely to use?
What is the purpose of Form 1096?
What is the formula for the single-step Income Statement?
What is the formula used to prepare a multistep Income Statement?
What is the difference between Net Income from Operations and Nonoperating Income?
Explain Gross Profi t Percentage. How is it benefi cial to the owner?
Refer to question
Prepare a multistep Income Statement in good form for the J. Eunice Merchandising entity.
Refer to questions 5 and
J. Eunice had a beginning capital balance of $100,000. On July 2 of this current accounting year she invested an additional $5,000. Prepare the Statement of Owner’s Equity for the J. Eunice
Refer to questions 5 and
Prepare a classifi ed Balance Sheet for the J. Eunice Merchandising entity.
Using the information given in question 5, prepare the closing entries for the J. Eunice Merchandising entity.
Explain the need for the following forms:a. Form W-9b. Form 1099c. Form 1096

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