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survey of accounting

Questions and Answers of Survey of Accounting

Patterson Company issued 30-year bonds on June 30. The face value of the bonds is $\$ 750,000$. The stated interest rate on the bonds is 6 percent. The market rate of interest at the time of issuance
On July 1, 2000, Paramount Inc. issued $\$ 500,000,8$ percent, 30 -year bonds with interest paid semiannually on January 1 and July 1. The bonds were sold when the market rate of interest was 8
The following amounts are shown on the Plymouth Company's adjusted trial balance for the year 2000 :Accounts Payable ..... $\$ 36,000$Property Taxes Payable ..... 6,300 Short-Term Notes Payable .....
The following selected items and amounts were taken from the balance sheet of Quale Company as of December 31, 2000 Cash $\$ 93,000$Property, plant, and equipment . . . . . . . . . . . . . . . . . .
The following is West Valley Company's stockholders' equity section of the balance sheet on December 31, 1999 .1. Journalize the following 2000 transactions:a. Issued 2,000 preferred shares at $\$
Zina Corporation was organized during 1999. At the end of 1999, the stockholders' equity section of the balance sheet appeared as follows:Preferred stock $18 \%, \$ 40$ par, 10,000 shares authorized,
The balance sheet for Lakeland Corporation as of December 31, 1999, is as follows\begin{tabular}{|c|c|c|}\hline . . . . . . . . . & & $\$ 750,000$ \\\hline Liabilities & & $\$ 410,000$ \\\hline
Salty Corporation was organized in January 1997 and issued shares of preferred and common stock as shown. As of December 31, 2000, there have been no changes in outstanding stock Preferred stock $(8
A computer virus destroyed important financial information pertaining to Denton Company's stockholders' equity section. Your expertise is needed to compute the missing account balances. The only
Richard Corporation was founded on January 1, 2000, and entered into the following stock transactions during 2000 .a. Received authorization for 100,000 shares of $\$ 20$ par-value common stock,
Icon Corporation was organized during 1998. At the end of 1999, the equity section of its balance sheet appeared as follows Preferred stock ( $6 \%, \$ 20$ par, 10,000 shares authorized, 5,000 shares
Jenson Company and Marshall Company operate in the same industry. At the end of 2000 , selected information from their financial statements (in millions of dollars) was as
What are the major characteristics of property, plant, and equipment?
When buying a long-term asset such as a building or piece of equipment, the time value of money must be considered. With respect to time value, it is often said that the last payment (say, 20 years
Why are expenditures other than the net purchase price included in the cost of an asset?
Why are fair market values used to determine the cost of operating assets acquired in a basket purchase?
Companies usually depreciate assets such as buildings even though those assets may be increasing in value. Why?
Why is it common to have a gain or loss on the disposal of a long-term operating asset? Is it true that if the useful life and salvage value of an asset are known with certainty and are realized,
When recording the disposal of a long-term operating asset, why is it necessary to debit the accumulated depreciation of the old asset?
Why are intangible assets considered assets if they have no physical substance?
Goodwill can only be recorded when a business is purchased. Does this result in similar businesses having incomparable financial statements?
Why do firms invest in assets that are not directly related to their primary business operations?
Describe the risk and return tradeoff of investments.
What are the four different classifications of debt and equity securities?
When would a security be classified as "trading"?
What types of securities can be classified as "heldto-maturity"?
To be classified as an equity method security, the investor must typically own at least a certain percentage of the outstanding common stock of the investee. What is that minimum percentage? That
Identify the different types of returns an investor can realize when investing in debt and equity securities.
When a security is sold, what information must be known to account for that transaction?
What is the difference between a realized gain or loss and an unrealized gain or loss?
What does the account "Market Adjustment" represent?
How are changes in the value of trading securities accounted for on the books of the investor?
How are changes in the value of available-for-sale securities accounted for on the books of the investor?
For trading and available-for-sale securities, what is the process for adjusting the value of a security after a valuation account has been established?
Why aren't premiums and discounts on availablefor-sale securities amortized?
Why aren't changes in the value of held-to-maturity and equity method securities accounted for on the books of the investor?
How are the changes in the values of trading and available-for-sale securities accounted for differently?
Renford Company owns two restaurants. One, located in Tacoma, was purchased from a previous owner and the other, located in Seattle, was built by Renford Company after purchasing the franchise. The
Pentron Data Corporation has a significant amount of excess cash on hand and has decided to make a long-term investment in either debt or equity securities. After a careful analysis, the investment
Memphis Company has just purchased five securities; it intends to hold the stock until the price increases to a sufficiently high level, at which time it plans to sell the stock. In fact, it is
As of January 1, 2000, Kendrick Corp. had the following balances in its general ledger:\begin{tabular}{|c|c|c|}\hline & Debits & Credits \\\hline Cash & $\$ 31,500$ & \\\hline Accounts Receivable . .
Assume you are interviewing for a part-time accounting job at Spilker \& Associates, Inc., and the interviewer gives you the following list of company transactions in September 2000 .Sept. 1 Received
T-accounts for RAM Technology, Inc., are shown below.\begin{tabular}{lr|lr}\multicolumn{4}{c}{ Cash } \\\hline (a) & 100,000 & (b) & 45,000 \\(c) & 50,000 & (d) & 5,000 \\(e) & 25,000 & (f) & 20,000
Pat Bjornson, owner of Pat's Beauty Supply, completed the following business transactions during March 2000.Mar. 1 Purchased $\$ 53,000$ of inventory on credit.4 Collected $\$ 5,000$ from customers
a. Sam Jeakins began business by investing the following assets, receiving capital stock in exchange:Cash $\$ 20,000$37,000 Land . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
The following list is a selection of transactions from Trafalga Inc.'s business activities during 2000 , the first year of operations.a. Received $\$ 50,000$ cash for capital stock.b. Paid $\$ 5,000$
The trial balance at the top of the following page was prepared by a new employee.Prepare the corrected company trial balance. (Assume all accounts have "normal" balances and the recorded amounts are
The following balances were taken from the general ledger of Benson Company on January 1, 2000\begin{tabular}{|c|c|c|}\hline & Debits & Credits \\\hline . . . . . . . . . . & $\$ 13,500$ & \\\hline
The information presented below is for Sun Marketing, Inc.a. Salaries for the period December 26, 2000, through December 31, 2000, amounted to $\$ 14,240$ and have not been recorded or paid. (Ignore
Using the format provided, for each account identify (1) whether the account is a balance sheet (B/S) or an income statement (I/S) account; (2) whether it is an asset (A), a liability (L), an owners'
The bookkeeper for Careless Company accidentally pressed the wrong computer key and erased the amount of Retained Earnings. You have been asked to analyze the following data and provide some key
What are the three types of basic business activities?
Why is the purchase of inventory for resale to customers classified as an operating activity rather than an investing activity?
When should revenues be recognized and reported?
Why do you think misstatements of revenues (e.g., recognizing revenues before they are earned) is one of the most common ways to manipulate financial statements?
Why is it important to have accounts for Sales Returns and Allowances and Sales Discounts? Wouldn't it be much easier to directly reduce the sales revenue account for these adjustments?
Why do companies usually have more controls for cash than for other assets?
What are three generally practiced controls for cash, and what is the purpose of each control?
Why do most companies tolerate having a small percentage of uncollectible accounts receivable?
Why does the accounting profession require use of the allowance method of accounting for losses due to bad debts rather than the direct write-off method?
Why is the net balance, or net realizable value, of accounts receivable the same after the write-off of a receivable as it was prior to the write-off of the uncollectible account?
Why is the "aging" of accounts receivable usually more accurate than basing the estimate on total receivables?
Why is it important to monitor operating ratios such as accounts receivable turnover?
Why must the customer service expense (warranty) sometimes be recorded in the period prior to when the actual customer services will be performed?
HealthCare Incorporated* operates a number of medical testing facilities around the United States. Drug manufacturers, such as Merck and Bristol-Myers Squibb, contract with HealthCare for testing of
The president, vice president, and sales manager of Moorer Corporation were discussing the company's present credit policy. The sales manager suggested that potential sales were being lost to
Supposedly, there is over a 200 -year wait to buy Green Bay Packers season football tickets. The fiscal year end (when they close their books) for the Green Bay Packers is March 30 of each year. When
In the year 2002, Salt Lake City, Utah, will host the Winter Olympics. To get ready for the Olympics, most of the major roads and highways in and around Salt Lake City are being renovated. It will
Yummy, Inc., is a franchiser that offers for sale an exclusive franchise agreement for $\$ 30,000$. Under the terms of the agreement, the purchaser of a franchise receives a variety of services
Molly Maloney is an employee of Marshall Company, a small manufacturing concern. Her responsibilities include opening the daily mail, depositing the cash and checks received into the bank, and making
On June 24,2000 , Hansen Company sold merchandise to Jill Selby for $\$ 80,000$ with terms $2 / 10, n / 30$. On June 30 , Selby paid $\$ 39,200$ on her account and was allowed a discount for the
Lopez Company sold merchandise on account to Atlantic Company for $\$ 4,000$ on June 3, 2000, with terms $2 / 10, \mathrm{n} / 30$. On June 7, 2000, Lopez Company received $\$ 200$ of returned
The trial balance of Stardust Company at the end of its 2000 fiscal year included the\section*{Estimating Bad Debts} following account balances:\section*{Account}Accounts Receivable$\$
The following data were associated with the accounts receivable and uncollectible accounts of Hilton, Inc., during 2000:a. The opening credit balance in Allowance for Bad Debts was $\$ 900,000$ at
Dodge Company had the following information relating to its accounts receivable at December 31, 1999, and for the year ended December 31, 2000:Accounts receivable balance at 12/31/99$\$
Cicero Company's accounts receivable reveals the following balances:
The vice president for Tres Corporation provides you with the following list of accounts receivable written off in the current year. (These accounts were recognized as bad debt expense at the time
The trial balance of Sporting House, Inc., shows a $\$ 100,000$ outstanding balance in Accounts Receivable at the end of 1999 . During 2000, 75 percent of the total credit sales of $\$ 4,000,000$ was
The following are summary financial data for Parker Enterprises, Inc., and Boulder, Inc., for three recent years:\begin{tabular}{|c|c|c|c|}\hline & Year 3 & Year 2 & Year 1 \\\hline
Assume the Hickory Company has the following data related to its accounts receivable:\begin{tabular}{|c|c|c|}\hline & 1999 & 2000 \\\hline Net sales. . . . . & $\$ 1,425,000$ & $\$ 1,650,000$
Rick Procter, president of Sharp Television Stores, has been concerned recently with declining sales due to increased competition in the area. Rick has noticed that many of the national stores
Johnson Auto sells used cars and trucks. During 2000, it sold 51 cars and trucks for a total of $\$ 1,350,000$. Johnson provides a 12 -month, 12,000 mile warranty on the used cars and trucks sold.
Company $\mathrm{R}$ and Company S entered into the following transactions.a. Company $R$ sold merchandise to Company $\mathrm{S}$ for $\$ 40,000$, terms $2 / 10, \mathbf{n} / 30$.b. Prior to
Boulder View Corporation accounts for uncollectible accounts receivable using the allowance method.As of December 31, 1999, the credit balance in Allowance for Bad Debts was $\$ 130,000$. During
Assume that Dome Company had the following balances in its receivable accounts on December 31, 1999:Accounts receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $\$
Juniper Company was formed in 1990. Sales have increased on the average of 5 percent per year during its first 10 years of existence, with total sales for 1999 amounting to $\$ 400,000$. Since
During 2000, Wishbone Corporation has a total of $\$ 5,000,000$ in sales, of which 80 percent are on credit. At year-end, the accounts receivable balance shows a total of $\$ 2,300,000$, which has
Delta Company has found that, historically, 1/2 percent of its current accounts re- ceivable, 1 percent of accounts 1 to 30 days past due, 1 1/2 percent of accounts 31 to 60 days past due, 3 percent
Ulysis Corporation makes and sells clothing to fashion stores throughout the coun- try. On December 31, 2000, before adjusting entries were made, it had the following account balances on its books:3.
In wholesale and retail companies, inventory is comprised of the items that have been purchased for resale. What types of inventory does a manufacturing firm have?
What comprises the cost of inventory?
Why is it more difficult to account for the inventory of a manufacturing firm than for that of a merchandising firm?
When is the cost of inventory transferred from an asset to an expense?
Which inventory method (perpetual or periodic) provides better control over a firm's inventory?
Is the accounting for purchase discounts and purchase returns the same with the perpetual and the periodic inventory methods? If not, what are the differences?
Are the costs of transporting inventory into and out of a firm treated the same way? If not, what are the differences?
Why is it usually important to take advantage of purchase discounts?
Why are the closing entries for inventory under a periodic system more complicated than those for a perpetual system?
Why is it necessary to physically count inventory when the perpetual inventory method is being used?
What adjusting entries to Inventory are required when the perpetual inventory method is used?

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