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survey of accounting

Questions and Answers of Survey of Accounting

During 2007 Calico Company experienced the following accounting events:1. Provided \($120,000\) of services on account.2. Collected \($85,000\) cash from accounts receivable.3. Wrote off \($1,800\)
What is the advantage of using the allowance method of accounting for uncollectible accounts? What is the advantage of using the direct write-off method?
Assume that on July 1, 2006, Big Corp. loaned Little Corp. \($12,000\) for a period of one year at 6 percent interest. What amount of interest revenue will Big report for 2006? What amount of cash
In which section of the statement of cash flows will Big report the cash collected in question 23?Data From Question 23:-Assume that on July 1, 2006, Big Corp. loaned Little Corp. \($12,000\) for a
Use the Topps Company’s annual report to answer the following questions.a. What was Topps' inventory turnover ratio and average days to sell inventory for the years ended March 1, 2003, and March
The accounting records of Blue Bird Co. showed the following balances at January 1, 2008:Transactions for 2008 were as follows:Required:a. Organize the class into three sections, and divide each
Real-World Case Analyzing inventory management issues at Campbell’s Soup After more than a decade of generally positive economic news, the United States economy began to slow in 2000. At that time,
Edna Valley Fruits has applied for a loan and has agreed to use its inventory to collateralize the loan. The company currently has an inventory balance of \($206,000\). The cost of goods sold for the
Business Applications Case Using ratios to make comparisons The following accounting information pertains to Java Joint and Coffee Corner at the end of 2008. The only difference between the two
The following information pertains to Porter Company for 2005.Ending inventory consisted of 30 units. Porter sold 320 units at \($30\) each. All purchases and sales were made with cash.Required:a.
Bristol Sales had the following transactions for DVDs in 2004, its first year of operations.During the year, Bristol Sales sold 775 DVDs for \($60\) each.Required:a. Compute the amount of ending
The following information pertains to the inventory of the La Bonne Company:During the year, La Bonne sold 3,400 units of inventory at \($40\) per unit and incurred \($17,000\) of operating expenses.
Holly Hocks Inc. had sales of \($225,000\) for 2006, its first year of operation. On April 2, the company purchased 200 units of inventory at \($190\) per unit. On September 1, an additional 150
Assume you are the owner of a small business that has only two employees.a. Which of the internal control procedures are most important to you?b. How can you overcome the limited opportunity to use
The bank statement of Zone Supplies included a \($200\) NSF check that one of Zone’s customers had written to pay for services that were provided by Zone.Required:a. Show the effects of recognizing
Identify which of the following items are added to or subtracted from the unadjusted book balance to arrive at the true cash balance. Distinguish the additions from the subtractions by placing a +
Identify which of the following items are added to or subtracted from the unadjusted bank balance to arrive at the true cash balance. Distinguish the additions from the subtractions by placing a +
Adjusting the cash account As of May 31, 2004, the bank statement showed an ending balance of \($17,250\). The unadjusted Cash account balance was \($16,450\). The following information is
The following information is available for Stone Company for the month of August:1. The unadjusted balance per the bank statement on August 31 was \($56,300\) .2. Deposits in transit on August 31
Lee Company had an unadjusted cash balance of \($7,850\) as of April 30. The company’s bank statement, also dated April 30, included a \($75\) NSF check written by one of Lee’s customers. There
Safeway, Inc. operated 1,802 stores as of January 1, 2005. The following data were taken from the company’s annual report. All dollar amounts are in thousands.Required:a. Compute Safeway’s
The accounting records of Clear Photography, Inc., reflected the following balances as of January 1, 2007:The following five transactions occurred in 2007:1. First purchase (cash) 120 units @ \($92\)
Jim Guidry owns a construction business, Guidry Supply Co. The following cash information is avail¬ able for the month of October 2006.As of October 31, the bank statement shows a balance of
The following data apply to Smoot Sports Inc. for April 2007:1. Balance per the bank on April 30, \($12,250\) .2. Deposits in transit not recorded by the bank, \($2,100\) .3. Bank error; check
The following items apply to National Imports’ bank reconciliation. Indicate whether each item would be added to, subtracted from, or not included when converting the bank balance to the true cash
The following information is available for Mountain Top Hotel for July 2005:The following is a list of checks and deposits recorded on the books of the Mountain Top Hotel for July 2005:Other
Following is a bank reconciliation for Holt’s Sandwich Shop for May 31, 2006:Because of limited funds. Holt’s employed only one accountant who was responsible for receiving cash, recording
Ruby Tuesday’s, Inc., operated 484 casual dining restaurants across the United States as of June 1, 2004. Zale Corporation claims to be “North America’s largest specialty' retailer of fine
Erie Jewelers sells gold earrings. Its beginning inventory of Model 407 gold earrings consisted of 100 pairs of earrings at \($50\) per pair. Erie purchased two batches of Model 407 earrings during
The following information pertains to Terry’s Pest Control Company (TPCC) for July:1. The unadjusted bank balance at July 31 was \($870\).2. The bank statement included the following items:(a) A
Refer to Questions 9 and 10. Which method might be preferable for financial statements? For income tax reporting? Explain.Data From Question 10:-Assume that Key Co. purchased 1,500 units of
Use the Topps Company’s annual report to answer the following questions.a. What was Topps’ gross margin percentage for 2003 and 2002?b. What was Topps’ return on sales percentage for 2003 and
Real-World Case Identifying companies based on financial statement information Presented here is selected information from the 2002 fiscal-year reports of four companies. The four companies, in
At the end of 2006, the following information is available for Kinlaw and Parker companies:Required:a. Prepare common size income statements for each company.b. Compute the return on assets and
The following information is available for two different types of businesses for the 2007 accounting period. Markin Consulting is a service business that provides consulting services to small
Justin Harris started a small merchandising business in 2006. The business experienced the following events during its first year of operation. Assume that Harris uses the perpetual inventory
During 2007, Etc. Merchandising Company purchased \($40,000\) of inventory on account. The company sold inventory on account that cost \($30,000\) for \($45,000\). Cash payments on accounts payable
Tom’s Paint Supply experienced the following events during 2006, its first year of operation:1. Acquired $ 15,000 cash from the issue of common stock.2. Purchased inventory for \($12,000\) cash.3.
The trial balance for The Copy Shop as of January 1, 2006, was as follows:The following events affected the company during the 2006 accounting period:1. Purchased merchandise on account that cost
Brislin Co. experienced the following events for the 2007 accounting period:1. Acquired \($5,000\) cash from the issue of common stock.2. Purchased \($18,000\) of inventory on account.3. Received
On March 6, 2006, Lie’s Imports purchased merchandise from The Glass Exchange with a list price of \($15,500\), terms 2/10, n/45. On March 10, Lie’s returned merchandise to The Glass Exchange for
Cain Company began the 2006 accounting period with \($18,000\) cash, \($50,000\) inventory, \($40,000\) com¬ mon stock, and \($28,000\) retained earnings. During the 2006 accounting period, Cain
Lane Sales was started in 2006. The company experienced the following accounting events during its first year of operation:1. Started business when it acquired \($40,000\) cash from the issue of
Boone Sales Company had the following balances in its accounts on January 1, 2005:Boone experienced the following events during 2005:1. Sold merchandise inventory that cost \($16,000\) for
Mia Sales experienced the following events during 2005, its first year of operation:1. Started the business when it acquired \($50,000\) cash from the issue of common stock 2. Paid \($42,000\) cash
Lopez Sales Company experienced the following events:1. Purchased merchandise inventory for cash.2. Purchased merchandise inventory on account.3. Sold merchandise inventory for cash. Label the
The following information was taken from the accounts of Good Foods Store, a delicatessen. The accounts are listed in alphabetical order, and each has a normal balance.Required:First, prepare an
On January 1, 2008, Mel Stark started a small sailboat merchandising business that he named Mel’s Sails. The company experienced the following events during the first year of operation:1. Started
May Haynes came to you for advice. She has just purchased a large amount of inventory with the terms 2/TO, n/60. The amount of the invoice is \($260,000\). She is currently short on cash but has good
Sunset Retailers uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from Sunset’s records for the year 2007:
Ramsey Company was started in 2007 when it acquired \($30,000\) from the issue of common stock. The following data summarize the company’s first three years’ operating activities. Assume that all
For each of the following events, determine the amount of freight paid by Tom’s Parts House. Also in- Event (b): Freight Costs dicate whether the freight is classified as a product or period cost.
At the beginning of 2005, the C. Eaton Company had the following balances in its accounts:During 2005, the company experienced the following events.1. Purchased inventory with a list price of
The following income statements were drawn from the annual reports of Hall Company:The president’s message in the company’s annual report stated that the company had implemented a strat¬ egy to
The following account titles and balances were taken from the adjusted trial balance of Scoggins Sales Co. at December 31, 2004. The company uses the periodic inventory method.Required:a. Prepare a
The following trial balance pertains to Reeves Hardware as of January 1, 2005:The following events occurred in 2005. Assume that Reeves Hardware uses the periodic inventory system.1. Purchased land
Supervalu, Inc., claims to be the largest publicly held food wholesaler in the United States. In addition to being a food wholesaler, it operates “extreme value” retail grocery stores under the
Academy Sales Company (ASC) started the 2007 accounting period with the balances given in the following financial statements model. During 2007 ASC experienced the following business events.1.
Verizon Communications Inc. is one of the world’s largest providers of communication services. The following information, taken from the company’s annual reports, is available for the years 2003,
Following are the net earnings of four large companies for the fiscal years from 1999 to 2002. These amounts are in thousands of dollars.Required:Based on this information alone, decide which of the
The following information relates to two companies in the same industry.Required:a. Calculate the percentage growth rate of each company’s net earnings from 2004 to 2007.b. Based on this
The following information was drawn from the financial statements of Last Minute Inc. and the Just-in-Time Co.Required:a. Calculate the earnings per share (EPS) for each company.b. Calculate the
Many companies grant certain members of management stock options that allow them to purchase designated amounts of stock for less than its market price. These arrangements are referred to as stock
Glenn’s Cleaning Services Company is experiencing cash flow problems and needs a loan. Glenn has a friend who is willing to lend him the money he needs provided she can be convinced that he will be
Although most of this course is concerned with the financial statements themselves, all sections of a company’s annual report are important. A company must file various reports with the SEC, and
Hamby Inc. experienced the following events in 2006, in its first year of operation.1. Received \($15,000\) cash from the issue of common stock.2. Performed services on account for \($48,000\).3.
Pilgram Company earned \($6,000\) of service revenue on account during 2008. The company collected \($5,200\) cash from accounts receivable during 2008.Required:Based on this information alone,
The following events apply to 2005, the first year of operations of ITS Consulting Services:1. Acquired \($20,000\) cash from the issue of common stock.2. Paid $ 12,000 cash in advance for a one-year
The Copy Center Inc. started the 2005 accounting period with \($8,000\) cash, \($6,000\) of common stock, and \($2,000\) of retained earnings. The Copy Center was affected by the following accounting
Meg Sanderfert started a personal financial planning business when she accepted \($60,000\) cash as advance payment for managing the financial assets of a large estate. Sanderfert agreed to manage
Steve Chang received \($500\) in advance for tutoring fees when he agreed to help Jon Seng with his in¬ troductory accounting course. Upon receiving the cash, Steve mentioned that he would have to
Clair Seaton tells you that the accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean
On September 1, 2007, Ameriship paid West Coast Rentals \($36,000\) for a 12-month lease on ware¬ house space.Required:a. Record the deferral and the related December 31,2007, adjustment for
The following transactions pertain to the operations of Stone Company for 2008:1. Acquired \($24,000\) cash from the issue of common stock.2. Provided \($40,000\) of services on account.3. Incurred
Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cashflowfrom operating activities reported on the
D. Downs, Attorney at Law, experienced the following transactions in 2007, the first year of operations:1. Purchased \($1,200\) of office supplies on account.2. Accepted \($18,000\) on February 1,
On May 1, 2007, Dobler Corporation paid \($9,600\) to purchase a 24-month insurance policy. Assume that Dobler records the purchase as an asset and that the books are closed on December
In 2008, Lott Inc. billed its customers \($56,000\) for services performed. The company collected \($42,000\) ofthe amount billed. Lott incurred \($38,000\) of other operating expenses on account.
Morgan Associates experienced the following accounting events during its 2006 accounting period.1. Recognized revenue on account.2. Issued common stock.3. Paid cash to purchase supplies.4. Collected
The following information was drawn from the accounting records of Pearson Company as of December 31,2007, before the temporary accounts had been closed. The Cash balance was \($3,000\), and Notes
Which of the following accounts are closed at the end of the accounting period?a. Accounts Payableb. Unearned Revenuec. Cashd. Accounts Receivablee. Service Revenuef. Advertising Expense g.
Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE), balance sheet (BS), or statement of cash flows (CF). Some
The following information is available for two companies.Required:a. Compute the price-earnings ratio for each company.b. Explain why one company would have a higher price-earnings ratio than the
The following events pertain to The Plains Company:1. Acquired \($12,000\) cash from the issue of common stock.2. Provided services for \($4,000\) cash.3. Provided \($12,000\) of services on
a. On February 1, 2005, Business Help Inc. was formed when it received \($60,000\) cash from the is¬ sue of common stock. On May 1, 2005, the company paid \($36,000\) cash in advance to rent office
Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affect the accounting equation. Assume a December 31 closing date.
Texas Drilling Company was formed on January 1,2008.Events Affecting the 2008 Accounting Period 1. Acquired cash of \($50,000\) from the issue of common stock.2. Purchased \($800\) of supplies on
Rios Company had the following balances in its accounting records as of December 31, 2006:The following accounting events apply to Rios's 2007 fiscal year:Jan. 1 Acquired an additional \($40,000\)
The following accounts and balances were drawn from the records of Warren Company at December 31, 2005:Required:Use the accounts and balances from Warren Company to construct an income statement,
Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders’ equity (SE), balance sheet (BS), or statement of cash flows (CF). Some
What does the P/E ratio measure?
Why might a high-growth company sell for a higher P/E multiple than a low-growth company?
The following selected financial information is available for J&G Inc. Amounts are in millions of dollars.Required:-a. Divide the class into groups of four or five students each. Organize the
The following cash transactions occurred in five real world companies during 2004:1. FedEx Corp., which is the holding company of Federal Express, purchased Kinko's, Inc., on February 12, 2004, for
The following information was drawn from the annual report of Machine Import Company (MIC):Required:-a. Compute the percentage of growth in net income from 2001 to 2002. Can stockholders expect a
Research Assignment Finding real-world accounting information The Curious Accountant story at the beginning of this chapter referred to McDonald’s Corporation and discussed who its stakeholders
Gifford Company experienced the following accounting events during 2008.1. Started operations on January 1 when it acquired \($20,000\) cash by issuing common stock.2. Earned \($18,000\) of revenue
Assume that Mallory Company acquires \($700\) cash from creditors and \($900\) cash from investors (stockholders). The company then has an operating loss of \($1,000\) cash and goes out of
Reza Piemo recently started a business. During the first few days of operation, Mr. Pierno transferred \($15,000\) from his personal account into a business account for a company he named Pierno
White a briefmemo that distinguishes between the dements of financial statements and the accounts that appear on financial statements.

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