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survey of accounting

Questions and Answers of Survey of Accounting

=+b. Describe any possible concerns you may have related to the proposed changes described in(l).A4-5 Shopping for a television GROUP
=+2.a. Based on the projected income statement in (1), would you recommend the implementa¬tion ofthe proposed changes?
=+1. Prepare a projected single-step income statement for the year ending July 31, 2009, based on the proposal. Assume all sales are collected within the discount period.
=+The other income and other expense items will remain unchanged. The shipment of all merchandise FOB shipping point will eliminate all delivery expense, which for the year ended July 31, 2008, was
=+Your sister is considering a proposal to increase net income by offering sales discounts of 2/15, n/30, and by shipping all merchandise FOB shipping point. Currently, no sales discounts are allowed
=+162 Chapter 4/\4-4 Your sister operates Emigrant Parts Company, an online boat parts distributorship that is in its Sales discounts third year of operation. The income statement shown below was
=+2. What might be some considerations other than price that might influence Kate’s decision on where to buy the stereo system?
=+1. Assuming that Big Sound Electronics doesn’t charge sales tax on the sale to Kate, which company is offering the best buy?
=+A4-3 The following is an excerpt from a conversation between Kate Fleming and Bob Dent. Kate is Determining cost of debating whether to buy a stereo system from Design Sound, a locally owned
=+How would you respond to Jared Helms’ request?
=+Jared: Allison, I’ve got a question about this recent balance sheet.Allison: Sure, what’s your question?Jared: Well, as you know, I’m applying for a bank loan to finance our new store in
=+The Eclipse Video Store Co. is owned and operated by Jared Helms. The following is an excerpt from a conversation between Jared Helms and Allison Fain, the chief accountant for The Eclipse Video
=+Discuss whether Corey Gilbert behaved in a professional manner by subtracting the dis¬count, even though the discount period had expired.A4-1 Ethics and professional conduct in business ETHICS
=+Accountingfor Merchandising Businesses 161 Activities On February 24, 2008, Lawn Ranger Company, a garden retailer, purchased $40,000 of corn seed, terms 2/10, n/30, from Nebraska Farm Co. Even
=+2. Why is depreciation added to net income in determining net cash flows from operating activities? Explain.
=+1. Prepare a statement of cash flows, using the indirect method.
=+(final payment due 201 5) 30,000 37,500 (7,500)Total liabilities $ 75,540 $ 72,255 $ 3,285 Stockholders’ Equity Capital stock $ 37,500 $ 37,500 $ 0 Retained earnings 256,800 193,200 63,600 Total
=+Accounts payable $ 33,630 $ 21,405 $12,225 Notes payable (current portion) 7,500 7,500 0 Salaries payable 1,710 2,250 (540)Unearned rent 2,700 3,600 (900)Total current liabilities $ 45,540 $ 34,755
=+Accumulated depreciationstore equipment (8,550) (3,900) (4,650)Office equipment 23,355 15,000 8,355 Accumulated depreciationoffice equipment (7,080) (3,345) (3,735)Total property, plant, and
=+For the year ending December 31, 2009, Mildew Systems Inc. reported net income of $90,600 and paid dividends of $27,000. Comparative balance sheets as ofDecember 31, 2009 and 2008, are as
=+P4-6 Statement ofcash flows using indirect method App•/ 1. Net cash flows from operating activities: $70,680
=+Illustrate the effects of each ofthe preceding transactions on the accounts and financial state¬ments of (1) Sallis Company and (2) Byce Company. Identify each transaction by date.160 Chapter 4
=+30. Byce Company paid Sallis Company on account for purchase of April 24.Instructions
=+26. Byce Company paid transportation charges of $400 on April 24 purchase from Sallis Company.
=+24. Sallis Company sold merchandise on account to Byce Company, $15,000, terms FOB shipping point, n/eom. The cost ofthe merchandise sold was $9,000.
=+23. Byce Company paid Sallis Company for purchase ofApril 8, less discount and less return of April 12.
=+12. Byce Company returned $5,000 ofmerchandise purchased on account on April 8 from Sallis Company. The cost ofthe merchandise returned was $2,900.
=+8. Sallis Company paid transportation costs of $879 for delivery ofmerchandise sold to Byce Company on April 8.
=+April 8. Sallis Company sold merchandise on account to Byce Company, $21,600, terms FOB destination, 1/15, n/eom. The cost ofthe merchandise sold was $13,000.
=+P4-5 Sales-related and purchaserelated transactions for seller and buyer Ob] 6 The following selected transactions were completed during April between Sallis Company and Byce Company:
=+Illustrate the effects of each of the preceding transactions on the accounts and financial state¬ments of Scat Trak Co. Identify each transaction by date.
=+31. Paid Cleghorne Company for invoice ofJuly 10.Instructions
=+13. Paid Phillips Co. for invoice ofJuly 3, less debit memorandum ofJuly 6 and discount.
=+10. Paid transportation charges of $500 on July 10 purchase from Cleghorne Company.
=+10. Purchased merchandise from Cleghorne Company, $18,000, terms FOB shipping point, n/eom.
=+6. Issued debit memorandum to Phillips Co. for $1,900 ofmerchandise returned from purchase on July 3.
=+July 3. Purchased merchandise from Phillips Co., $13,800, terms FOB destination, 2/10, n/30.
=+P4-4 Purchase-related transactions Gbjs 4, 5 The following selected transactions were completed by Scat Trak Co. during July ofthe current year:
=+Illustrate the effects of each ofthe preceding transactions on the accounts and financial state¬ments ofCardroom Supplies Co. Identify each transaction by date.
=+31. Received check for amount due from Glickman Co. for sale ofJanuary 2.Instructions
=+31. Paid Speedy Delivery Service $1,875 for merchandise delivered during January to customers under shipping terms of FOB destination.
=+26. Received check for amount due from Bryan Co. for sale on January 16 less credit memorandum ofJanuary 19 and discount.
=+19. Issued credit memorandum for $3,000 to Bryan Co. for merchandise returned from sale on January 16. The cost ofthe merchandise returned was $1,800.
=+18. Received check for amount due from Kibler Star Company for sale on January 8.
=+8. Sold merchandise on account to Kibler Company, $10,000, terms FOB destination, 1/10, n/30. The cost ofmerchandise sold was $6,500.16. Sold merchandise on account to Bryan Co., $12,000, terms FOB
=+The following selected transactions were completed by Cardroom Supplies Co., which sells office supplies primarily to wholesalers and occasionally to retail customers.Jan. 2. Sold merchandise on
=+2. Prepare a retained earnings statement.P4-3 Sales-related transactions Objs 3, 5
=+1. Prepare a single-step income statement in the format shown in Exhibit 5.
=+P4-2 Single-step income statement Obj 2 SPREADSHEET Selected accounts and related amounts for Magic Vinyl Co. for the fiscal year ended March 31, 2008, are presented in Problem 4-1.Instructions
=+4. Briefly explain (a) how multiple-step and single-step income statements differ and (b) how report-form and account-form balance sheets differ.
=+3. Prepare a report form of balance sheet, assuming that the current portion ofthe note pay¬able is $9,000.
=+2. Prepare a retained earnings statement.
=+1. Prepare a multiple-step income statement.
=+Accounts Payable 66,720 Depreciation ExpenseSalaries Payable 2,880 Office Equipment 15,240 Note Payable Insurance Expense 4,680(final payment due 2018) 67,200 Office Supplies Expense 1,560 Capital
=+P4-1 Multiple-step income state¬ment and report form of balance sheet SPREADSHEET Obj 2/ 1. Net income:$120,000 GROUP The following selected accounts and their current balances appear in the
=+E4-24 Adjusting entry for merchandise inventory shrinkage Obj 7 Teramycin Inc.’s perpetual inventory records indicate that $715,275 ofmerchandise should be on hand on January 31, 2008. The
=+(c) the payment ofthe invoice within the discount period.158 Chapter 4
=+Based on the data presented in Exercise 4-22, illustrate the effects on the accounts and financial statements ofBeyer Co. for (a) the purchase, (b) the return ofthe merchandise for credit, and
=+2/10, n/30. The cost ofthe merchandise sold is $8,800. Sellers Co. issues a credit memorandum for $3,750 for merchandise returned and subsequently receives the amount due within the discount
=+b. Paid $29,183 to the state sales tax department for taxes collected.Sellers Co., a furniture wholesaler, sells merchandise to Beyer Co. on account, $14,500, terms
=+a. Sold $15,750 ofmerchandise on account, subject to a sales tax of 8%. The cost ofthe mer¬chandise sold was $9,450.
=+Illustrate the effects on the accounts and financial statements ofrecording the following selected transactions:
=+(d) What is the title ofthe account to which the $732 ($12,200 x 6%) is recorded?
=+(c) What is the amount ofthe increase to Accounts Receivable?
=+ (b) What is the amount ofthe sale?
=+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 ofsale or when payment is received?
=+a. $ 8,000 — FOB shipping point, 1/10, n/30 $1,500b. 2,900 $125 FOB shipping point, 2/10, n/30 400c. 3,850 — FOB destination, 2/10, n/30 —d. 15,000 — FOB destination, n/30 2,500e. 5,000 275
=+Determine the amount to be paid in full settlement of each ofthe following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
=+. Received a check for the balance owed from the return in (c), after deducting for the pur¬chase in (d).
=+d. Purchased $3,000 ofmerchandise from Harbin Co. on account, terms n/30.
=+c. Discovered that $4,500 ofthe merchandise was defective and returned items, receiving credit.
=+b. Paid the amount owed on the invoice within the discount period.
=+a. Purchased $18,400 ofmerchandise from Harbin Co. on account, terms 2/10, n/30.
=+Madame Co., a womens clothing store, purchased $10,000 ofmerchandise from a supplier on account, terms FOB destination, 2/10, n/30. Madame Co. returned $2,500 ofthe merchandise, receiving a credit
=+E4-17 Purchase-related transactions Obj 4(c) Cash, decreased$7,350 E4-18 Purchase-related transactions
=+Which ofthe two offers, A or B, yields the lower price?Accountingfor Merchandising Businesses 157
=+B: $380 a unit, total of $38,000, 1/10, n/30, no charge for transportation.
=+A: $375 a unit, total of $37,500, 2/10, n/30, plus transportation costs of $1,050.
=+ retailer is considering the purchase of 100 units of a specific item from either oftwo suppliers.Their offers are as follows:
=+b. Under a perpetual inventory system, what account is decreased by Hushpuppy Company to record the return?
=+a. IfHushpuppy Company pays the invoice within the discount period, what is the amount of cash required for the payment?
=+Hushpuppy Company purchased merchandise on account from a supplier for $6,750, terms 2/10, n/30. Hushpuppy Company returned $1,500 ofthe merchandise and received full credit.
=+(d) amount due within the discount period.
=+(b) amount debited to Accounts Receivable, (c) amount ofthe discount for early payment, and
=+(b) Illustrate the effects on the accounts and financial statements ofthe return and the refund.Merchandise is sold on account to a customer for $9,200, terms FOB shipping point, 2/10, n/30.The
=+vAfter the amount due on a sale of $18,500, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to the return ofthe entire shipment. The cost ofthe
=+During the year, sales returns and allowances totaled $172,100. The cost ofthe merchandise returned was $100,300. The accountant recorded all the returns and allowances by decreasing the sales
=+Purchase-related transactions Obj 4 Identify the errors in the following income statement:THE EUCLIDIAN COMPANY Income Statement For the Year Ended March 31, 2008 Revenue from sales:Sales Add:
=+Two items are omitted in each ofthe following four lists of income statement data. Determine the amounts ofthe missing items, identifying them by letter.vSales $400,000 Sales returns and allowances
=+Determining amounts for items omitted from income statement Obj 2/a. $30,000/ h. $690,000
=+b. Compare the major advantages and disadvantages ofthe multiple-step and single-step forms ofincome statements.E4-10
=+a. Prepare a multiple-step income statement for the year ended August 31, 2008.
=+On August 31, 2008, the balances ofthe accounts appearing in the ledger ofThe Bent Needle Company, a furniture wholesaler, are as follows:Administrative Expenses $125,000 Building 512,500 Cash
=+E4-8 Single-step income statement Obj 2•/ Net income:$451,450 E4-9 Multiple-step income statement Obj 2/a. Net income:$137,500
=+6. Salaries of office personnel.7. Salary ofsales manager.8. Sales supplies used.
=+2. Depreciation expense on store equipment.3. Insurance expense on office equipment.4. Interest expense on notes payable.5. Rent expense on office building.
=+E4-7 Income statement for merchandiser Obj 2 The following expenses were incurred by a merchandising business during the year. In which expense section ofthe income statement should each be
=+b. What was the amount of gross profit?
=+a. What was the amount ofnet sales?
=+Obj 2 For the fiscal year, sales were $4,125,800, sales discounts were $380,000, sales returns and allow¬ances were $186,750, and the cost ofmerchandise sold was $2,475,500.

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