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survey of accounting

Questions and Answers of Survey of Accounting

Diamond Auto Supply distributes new and used automobile parts to local dealers throughout the Southeast. Diamond’s credit terms are n/30. As of the end of business on July 31, the following
Swenson Co. is a wholesaler of office supplies. An aging of the company’s accounts receivable on December 31, 2002, and a historical analysis of the percentage of uncollectible accounts in each age
Debbie Byers has recently been hired as the manager of Long Island Deli. Long Island Deli is a national chain of franchised delicatessens. During her first month as store manager, Debbie encountered
Gypsy Fashions is a retail store specializing in women’s, clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item purchased
Las Gruz Bank provides loans to businesses in the community through its Commercial Lending Department. Small loans (less than \($100,000)\) may be approved by an individual loan officer, while larger
Memphis Sounds is a retail store specializing in the sale of jazz compact discs and cassettes. The store employs 3 full-time and 10 part-time workers. The store’s weekly payroll averages \($1,800\)
Don Carey works at the drive-through window of Bob’s Burgers. Occasionally, when a drive-through customer orders, Don fills the order and pockets the customer’s money. He does not ring up the
The actual cash received from cash sales was \($11,940.50,\) and the amount indicated by the cash register total was \($11,965.75\).a. What is the amount deposited in the bank account for the day’s
Silverburg Grocery store is owned and operated by Daniel S. Silverburg. The grocery store maintains five checkout registers. At the beginning of a work shift, each cash register clerk is given a cash
Panatone Co. is a medium-size merchandising company. An investigation re- vealed that in spite of a sufficient bank balance, a significant amount of available cash discounts had been lost because of
Comm3 Company, a communications equipment manufacturer, recently fell victim to an embezzlement scheme masterminded by one of its employees. To understand the scheme, it is necessary to review
Why is the accounting system of a business an information system?
What is the three-step process of systems evolution?
What are the three objectives of internal control?
In the Equity Funding fraud, approximately $2 billion of insurance policies that were claimed to have been sold by the company were bogus.The bogus policies, which were supported by falsified policy
What adjustment should be made if a check received from a customer and deposited is returned by the bank for lack of sufficient funds (an NSF check)?
A petty cash fund of \($500\) has been established.At the end of the accounting period there is \($93\) in the petty cash fund along with petty cash receipts totaling \($407.\) Should the fund be
How is a compensating balance reported in the financial statements?
What are the three elements common to most employee fraud?
What are the two types of preventive controls for employee fraud?
What are the three types of detective controls for employee fraud?
The initial step in the process of developing an accounting system is called:A. analysis B. design C. implementation D. feedback
The policies and procedures used by management to protect assets from misuse, ensure accurate business information, and ensure compliance with laws and regulations are called:A. internal controls B.
Adjustments based on the bank reconciliation are required for:A. additions to the cash balance according to the depositor’s records.B. deductions from the cash balance according to the
What is the name of the account in which purchases of merchandise are recorded in a perpetual inventory system?
If the equipment account has a balance of\($22,500\) and its accumulated depreciation account has a balance of \($14,000,\) the carrying value of the equipment is:A. \($36,500\) B. \($22,500\) C.
Fees for services provided are billed to a customer during 2001. The customer remits the amount owed in 2002. During which year would the revenues be reported on the income statement under (a) the
Employees performed services in 2001, but the wages were not paid until 2002. During which year would the wages expense be reported on the income statement under(a) the cash basis?(b) the accrual
In accounting for depreciation on equipment, what is the name of the contra asset account?
To what account is the dividends account closed?
What are the four basic steps of the accounting cycle?
Tanya Maguire established Five Star Services, P.C., a professional corporation, on March 1 of the current year. Five Star Services offers financial planning advice to its clients. The effect of each
The balance in the unearned fees account, before adjustment at the end of the year, is \($7,000\).a. Determine the amount of adjustment if the amount of unearned fees at the end of the year is
River Realty Inc. pays weekly salaries of \($10,500\) on Friday for a five-day week ending on that day.a. Determine the amount of the adjustment at the end of the accounting period, assuming that the
The balances of Wages Payable and Wages Expense at December 31, after adjustments at the end of the first year of operations, are shown below.Determine the amount of wages paid during the year. Wages
A recent balance sheet for The Quaker Oats Company included the following accrued expenses as liabilities:The net income for The Quaker Oats Company for the year was \($284,500,000\).a. If the
Jhe balance in the unearned fees account, before adjustment at the end of the year, is \($31,700.\) Of these fees, \($21,500\) have been earned. In addition, \($9,100\) of fees have been earned but
A list of assets, liabilities, and owners’ equity of a business entity as of a specific date is:A. a balance sheet B. an income statement C. a retained earnings statement D. a statement of cash
What are the two major objectives of financial accounting?
Jamie Niles is the owner of Niles Delivery Service. Recently, famie paid interest of \($1,500\) on a personal loan of \($50,000\) that she used to begin the business. Should Niles Delivery Service
On February 15, Adams Repair Service extended an offer of \($75,000\) for land that had been priced for sale at \($100,000.\) On February 25, Adams Repair Service accepted the seller’s counteroffer
What are the two principal claims to the resources of a business?
A business had revenues of \($300,000\) and operating expenses of \($270,000.\) Did the business(a) incur a net loss or(b) realize a net income?
Name the two types of transactions that increase the owners’ equity of a corporation.
Name the three types of activities reported in the statement of cash flows.
The going concern concept of accounting assumes that a business will continue in operation for an indefinite period of time. If there is strong evidence that a business is planning on discontinuing
The unit of measure concept of accounting requires all business transactions to be recorded in dollars. Does this mean that the accounting system should not record nonfinancial information?
David Plymouth is the sole stockholder and operator of Dyn-A-Go, a motivational consulting business organized as a professional corporation. At the end of its accounting period, December 31, 2001,
a. A vacant lot acquired for \($90,000,\) on which there is a balance owed of \($30,000,\) is sold for \($160,000\) in cash. What is the effect of the sale on the total amount of the seller’s (1)
The following selected transactions were completed by On Time Delivery Service during May:1. Received cash from customers, \($6,250\).2. Paid creditors, \($250\).3. Received cash for capital stock,
Joe Norwood operates his own catering service. Summary financial data for August are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on
Financial information related to Eldora Corporation for the month ended September 30, 2002, is as follows:Prepare a retained earnings statement for the month ended September 30, 2002. Net income for
Temporary Help Services was organized on November 1. A summary of the revenue and expense transactions for November are as follows:Prepare an income statement for the month ended November 30. Fees
Financial information related to Lynch Interiors for May and June of the current year is as follows:a. Prepare balance sheets for Lynch Interiors as of May 31 and as of June 30 of the current year.b.
Cremation Services was organized on January 1, 2002. A summary of cash flows for January is shown below.Prepare a statement of cash flows for the month ended January 31, 2002. Cash receipts: Cash
Vineyard Realty Inc., organized July 1, 2002, is operated by Barbara Straud. How many errors can you find in the following financial statements for Vineyard RealtyInc., prepared after its second
Business Applications Case Lottery winnings consulting job The February 20, 2004, drawing for the Merg millions multistate lottery produced one winning ticket. More than a month after the drawing no
In recent years companies have devoted considerable time trying to decide if new software systems should be purchased. Vendors trying to sell the systems in question are happy to provide their own
Vince Jacobs is the manufacturing production supervisor for High-Five Inline Skates Company. Try¬ ing to explain why he did not get the year-end bonus he had expected, he told his wife, “This is
The Curious Accountant story in this chapter related how one company. The Home Depot, grew from a small business into a large business in about 20 years. Another company that has experienced
The CFO of Advo Corporation is considering two investment opportunities. The expected future cash inflows for each opportunity follow:Both investments require an initial payment of \($400,000\).
Indicate which of the following items will result in cash inflows and which will result in cash outflows. The first one is shown as an example. Item a. Incremental revenue b. Initial investment. c.
Mark Nelson turned 20 years old today. His grandfather established a trust fund that will pay Mr. Nelson \($50,000\) on his next birthday. However, Mr. Nelson needs money today to start his college
Ginger Smalley expects to receive a \($300,000\) cash benefit when she retires five years from today. Ms. Smalley’s employer has offered an early retirement incentive by agreeing to pay her
Transit Shuttle Inc. is considering investing in two new vans that are expected to generate combined cash inflows of \($20,000\) per year. The vans’ combined purchase price is \($65,000\). The
Travis Vintor is seeking part-time employment while he attends school. He is considering purchasing technical equipment that will enable him to start a small training services company that will offer
Wrencher Company has a choice of two investment alternatives. The present value of cash inflows and outflows for the first alternative is \($60,000\) and \($56,000\) , respectively. The present value
Medina Manufacturing Company has an opportunity to purchase some technologically advanced equipment that will reduce the company’s cash outflow for operating expenses by \($1,280,000\) per year.The
Smith and Hough (S&H) is a partnership that owns a small company. It is considering two alternative investment opportunities. The first investment opportunity will have a five-year useful life, will
To open a new store, Ross Tire Company plans to invest \($640,000\) in equipment expected to have a four-year useful life and no salvage value. Ross expects the new store to generate annual cash
Kay Vickery is angry with Gene Libby. He is behind schedule developing supporting material for tomorrow’s capital budget committee meeting. When she approached him about his apparent lackadaisical
Cascade Airline Company is considering expanding its territory. The company has the opportunity to purchase one of two different used airplanes. The first airplane is expected to cost \($1,800,000\)
Shaw Company has an opportunity to purchase a forklift to use in its heavy equipment rental business. The forklift would be leased on an annual basis during its first two years of operation.
Tharpe Painting Company is considering whether to purchase a new spray paint machine that costs \($3,000\) . The machine is expected to save labor, increasing net income by \($450\) per year. The
Padgett Rentals can purchase a van that costs \($48,000\) ; it has an expected useful life of three years and no salvage value. Padgett uses straight-line depreciation. Expected revenue is
Parcel Delivery is a small company that transports business packages between Boston and Philadelphia. It operates a fleet of small vans that moves packages to and from a central depot within each
Brice Looney owns a small retail ice cream parlor. He is considering expanding the business and has identified two attractive alternatives. One involves purchasing a machine that would enable Mr.
Jane Crawford, the president of Crawford Enterprises, is considering two investment opportunities. Because of limited resources, she will be able to invest in only one of them. Project A is to
Lowell Cox saved \($800,000\) during the 25 years that he worked for a major corporation. Now he has retired at the age of 50 and has begun to draw a comfortable pension check every month. He wants
Hilyer Electronics is considering investing in manufacturing equipment expected to cost \($184,000\) .The equipment has an estimated useful life of four years and a salvage value of \($24,000\). It
Buck Novak, the chief executive officer of Novak Corporation, has assembled his top advisers to evaluate an investment opportunity. The advisers expect the company to pay \($400,000\) cash at the
Masters Auto Repair Inc. is evaluating a project to purchase equipment that will not only expand the company’s capacity but also improve the quality of its repair services. The board of directors
Sean Roberts is reviewing his company’s investment in a cement plant. The company paid \($15,000,000\) five years ago to acquire the plant. Now top management is considering an opportunity to sell
Burrel Manufacturing Company established the following standard price and cost data. Sales price Variable manufacturing cost $7.50 per unit 3.00 per unit Fixed manufacturing cost 3,000 total Fixed
Burrel planned to produce and sell 1,100 units. Actual production and sales amounted to 1,200 units.Requireda. Prepare the pro forma income statement in contribution format that would appear in a
Use the information provided in Exercise 15-3.a. Determine the sales volume variances.b. Classify the variances as favorable (F) or unfavorable (U).c. Comment on the usefulness of the variances with
Rauch Educational Services had budgeted its training service charge at \($80\) per hour. The company planned to provide 40,000 hours of training services during 2007. By reducing the service charge
Holbrook Company expected to sell 400,000 of its pagers during 2006. It set the standard sales price for the pager at \($30\) each. During June, it became obvious that the company would be unable to
Geis Company has provided the following 2005 data.RequiredPrepare in good form a budgeted and actual income statement for internal use. Separate operating income from net income in the statements.
Herrera Medical Equipment Company makes a blood pressure measuring kit. Cedric Major is the production manager. The production department’s static budget and actual results for 2005
Shelia Parham, the president of Best Toys Corporation, is trying to determine this year’s pay raises for the store managers. Best Toys has seven stores in the southwestern United States. Corporate
An investment center of Milton Corporation shows an operating income of \($7,200\) on total operating assets of \($30,000\) .RequiredCompute the return on investment.
Giddens Company calculated its return on investment as 15 percent. Sales are now \($180,000\) , and the amount of total operating assets is \($300,000\) .Requireda. If expenses are reduced by
Tyler Corporation has a desired rate of return of 10 percent. Andy Tan is in charge of one of Tyler s three investment centers. His center controlled operating assets of \($3,000,000\) that were used
Brannon Cough Drops operates two divisions. The following information pertains to each division for 2005.Requireda. Compute each division’s residual income.b. Which division increased the
Supply the missing information in the following table for Haley Company. Sales ROI Operating assets Operating income $300,000 ? ? ? Turnover 2 Residual income ? Margin 0.10 Desired rate of return 18%
The Spokane Division of Cascade Inc. has a current ROI of 20 percent. The company target ROI is 15 percent. The Spokane Division has an opportunity to invest \($4,000,000\) at 18 percent but is
Tolbert Publications established the following standard price and costs for a hardcover picture book that the company produces.Tolbert planned to make and sell 30,000 copies of the book.Requireda.
Use the standard price and cost data supplied in Problem 15-18. Assume that Tolbert actually produced and sold 31,000 books. The actual sales price and costs incurred follow.Requireda. Determine the
Tommie Okes, the president of Star Computer Services, needs your help. Fie wonders about the potential effects on the firm’s net income if he changes the service rate that the firm charges its

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