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business
understanding financial accounting

Questions and Answers of Understanding Financial Accounting

Delta Company has found that, historically, 0.5% of its current accounts receivable, 1% of accounts | to 30 days past due, 1.5% of accounts 31 to 60 days past due, 3% of accounts 61 to 90 days past
Ulysis Corporation makes and sells clothing to fashion stores throughout the country. On December 31, 2003, before adjusting entries were made, it had the following account balances on its books:
The following aging of accounts receivable is for Coby Company at the end of 2003:Coby Company had a credit balance of $20,000 in its allowance for bad debts account at the beginning of 2003.
Milton Company has just received the following monthly bank statement for June 2003.At the end of May, Milton had three checks outstanding for a total of $4,560. All three checks were processed by
The following accounts receivable information is for MaScare Company:1. With the big increase in the Allowance for Bad Debts in 2003, MaScare Company is concerned that the creditworthiness of its
Kim Lee, the bookkeeper for Briton Company, had never missed a day’s work for the past ten years until last week. Since that time, he has not been located. You now suspect that Kim may have
The following information is for Lyman Irrigation Company: Mar. 1 Sold sprinkling pipe to Federated Farms for $16,000, terms 2/10, n/30 (omit entries for cost of goods sold or inventory). Mar. 12
On May 1, your company accepted a $24,000, three-month, 12% note from a customer in ex- change for services rendered. 1. As the accountant for the company, prepare an appropriate journal entry to
On December 19, 2003, Mr. Kitty Company performed services for Cartour Company. The contracted price for the services was 20,000 euros, to be paid on March 23, 2004. On December 19, 2003, one euro
You are a consultant for the ABC Consulting Company. You have been hired by Eddie’s Electronics, a company that owns 25 electronics stores selling radios, televisions, compact disc players,
Company A has consignment arrangements with Supplier B and with Customer C. In particular, Supplier B ships some of its goods to Company A on consignment, and Company A ships some of its goods to
On June 24, 2003, Hansen Company sold merchandise to Jill Selby for $80,000 with terms 2/10, n/30. On June 30, Selby paid $39,200, receiving the cash discount on her payment, and returned $16,000 of
On June 24, 2003, Mowen Company sold merchandise to Jack Simpson for $80,000 with terms 2/10, n/30. On June 30, Simpson paid $39,200, receiving the cash discount on his payment, and returned $16,000
As of December 31, 2003, Deer Company had the following account balances: Inventory (beginning). ..... $120,000 PURCHASES
The accounts of Meeks Company have the following balances for 2003: Purchases. (2.213 20th oes $260,000 Inventory, January 1, 2003 ...... 40,000 Furchase returnSis. © 25 eee 6 Galen 7,640 Purchase
Fleming Machinery uses the periodic method of inventory accounting. 1. Journalize the following transactions relating to the company’s purchases in 2003: Jan. 21 Purchased $8,000 of inventory on
E’s Diamond Shop is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, these items were in stock: Quantity Cost Total Ring A Ring A 10 Ring B Ring B
Jefferson's Jewelry Store is computing its inventory and cost of goods sold for November 2003. At the beginning of the month, the following jewelry items were in stock (rings were purchased in the
The following transactions took place with respect to Model M computers in Alpha’s Computer Store during April 2003: April 1. Beginning inventory .... 2-2-5. . eee eee tee ee eee ee 40 computers at
The following data are available for 2003, regarding the inventory of two companies: eee eee ee eee o=E==~ Atkins Computers Burbank Electronics Beginning inventory .........--++.++-- $ 40,000 $
As the accountant for Mt. Pleasant Enterprises, you are in the process of preparing the income statement for the year ended December 31, 2003. In doing so, you have noticed that merchandise costing
The July 2003 inventory records of Mario’s Bookstore showed the following: Se HUNKY SSSXCTIMIAITIAYG) MEMO. ne eo ee tac seen: 28,000 at $2.00 = $56,000 Be SOC ene ener ce er ere re ne es en Se
Broderick Company sells lumber. Inventory cost data per 1,000 board feet of lumber for the Broderick Company are as follows: Item Plywood Oak Pine Redwood QUATITILVZONhLalNG sir cus eetine baie
Jason Company needs to estimate the inventory balance for its quarterly financial statements. The periodic inventory method is used. Records show that quarterly sales totaled $400,000, beginning
Sandra’s Boutique was recently destroyed by fire. For insurance purposes, she must determine the value of the destroyed inventory. She knows the following information about her 2003 operations
Ted Smyth manages an electronics store. He suspects that some employees are stealing items from inventory. Determine the cost of the missing inventory. The following information is available from the
The following information was taken from the records of Dallen Company for the year 2004: Salesian ard Sear, ene en cia tic $600,000 Beginning inventory.............. 114,000 LCNGHIMNG) (MMENMOIV.
Demetrius is trying to compute the inventory balance for the December 31, 2002, financial statements of his automotive parts shop. He has computed a tentative balance of $52,600 but suspects that
The following transactions for Goodmonth Tire Company occurred during the month of March a 2003:a. Purchased 500 automobile tires on account at a cost of $40 each for a total of $20,000.b. Purchased
Waukesha Company has gross sales of 160% of cost of goods sold. It has also provided the following information for the calendar year 2003: Inventory balance, January 1, 2003........ $100,000 Total
Complete the income statement calculations by filling in all missing numbers. Company A Company B Company C Company D Sales revenue. $2,000 (4) $480 $1,310 Beginning inventory 200 76 0 600
Stocks, Inc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2003 were as follows: Weight Sets Unit Cost Total Cost Beginning inventory, Jan.
Dudley Wholesale buys peaches from farmers and sells them to canneries. During August 2003, Dudley's inventory records showed the following:Dudley Wholesale uses the periodic inventory method to
Captain Geech Boating Company sells fishing boats to fishermen. Its beginning and ending inventories for 2003 are $462 million and $653 million, respectively. It had cost of goods sold of $1,578
The accountant for Steele Company reported the following accounting treatments for several purchase transactions (FOB shipping point) that took place near December 31, 2003, the company’s year-end:
The annual reported income for Salazar Company for the years 2000-2003 is shown here. However, a review of the inventory records reveals inventory misstatements. 2000 2001 2002 2003 AX) OV UeLel [VEL
You have been hired as the accountant for Tracy Company, which uses the periodic inventory method. In reviewing the firm’s records, you have noted what you think are several accounting errors made
Stan’s Wholesale buys canned tomatoes from canneries and sells them to retail markets. During August 2003, Stan’s inventory records showed the following: Cases Price AUQGUSIS SEB
Pump-lIt, Inc., sells weight-lifting equipment. The sales and inventory records of the company for January through March 2003 were as follows: Weight Sets Unit Cost Total Cost Beginning inventory,
Jamestown Clothing Store has the following information available: eee ee a ee ee ee eee SD Cost Selling Price Other Purchases during mamnWanyr2 0035 smn meneettec tet wer stort $120,000 $170,000
Describe the DuPont framework for analysis of finan- cial statements.
Explain why there are alternative ways of recording certain transactions, either as assets or expenses, or as liabilities or revenues.
Several doctors are considering the purchase of a small real estate business as an investment. Because you have some training in the mechanics of the accounting cycle, they have hired you to review
Silva and Wanita Rodriques are the owners of Year-Round Landscape, Inc., a small landscape and yard service business in southern California. The business is three years old and has grown
Dian Karen and Kathy Gillen are considering forming a company to purchase a small business that specializes in interior decoration services. The business records show a modest profit over each of the
On December 31, 2003, Matt Morgan completed the first year of operations for his new computer retail store. The following data were obtained from the company’s accounting records:
On December 31, Brian Silvaggi completed the first year of operations for his new business. The following data are available from the company’s accounting records: Salesito: Customerse rematch cc
For each of the following accounts, indicate whether it would be found in the income statement or in the balance sheet. atl Cash 10.nterest Receivable 19.Sales Revenue 2.Inventory 11.Capital Stock
For each type of adjustment listed, indicate whether it is an unrecorded receivable, an unrecorded liability, an unearned revenue, or a prepaid expense at December 31, 2003. 1. Property taxes that
Boswell Group is a professional corporation providing management consulting services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned
Cannon Group provides computer network consulting, services. The company initially debits assets in recording prepaid expenses and credits liabilities in recording unearned revenues. Give the
Consider the following two independent situations: 1. On June 1, Brown Company received $4,800 cash for a two-year subscription to its monthly magazine. The term of the subscription begins on June 1.
Consider the following items for Burton Company: 1. On November 1 of the current year, Burton Company borrowed $150,000 at 8% interest. As of December 31, no interest expense has been recognized. 2.
1. If office supplies on hand amounted to $4,000 at the beginning of the period and total purchases of office supplies during the period amounted to $22,000, determine the ending balance of office
The following information is for Ina Company: 2003 2002 2001 OtalRasSetSteeettey es eae cn wis cite Badtie S coniwaeia $200,000 $160,000 $180,000 VOtalWiabiitiCS ieee cate ete + Atak ahekaisy cts a
The numbers below are for Iffy Company and Model Company for the year 2003:Gaslraitta het hea tes ea eee een, eh es oR = $ 120 $ 900 Accolintsureceivableis tira Spat eee a eee Senet, 2 se ie ae 600
The numbers below are for Question Company and Standard Company for the year 2003: SS Question Standard Cash's ions SAREE agaod Bip ee a Gene tise ee ee $ 60 $ 300 Accounts TeceiVable s.r ye ee ed ee
The income statement and balance sheet for the Rollins Company are provided below. Using the DuPont framework, compute the profit margin, asset turnover, assets-to-equity ratio, and resulting return
Using the income statement and balance sheet for the Jacobson and Sons Company, compute the three components of return on equity—profitability, efficiency, and leverage—based on the DuPont
The following data are taken from the comparative balance sheet prepared for Elison Company:Sales for 2003 were $2,000,000. Sales for 2002 were $1,600,000. 1. Prepare the asset section of a
Comparative income statements for Callister Company for 2003 and 2002 are given on the following page. — Prepare common-size income statements for Callister Company for 2003 and 2002. 2. The profit
Classify each of the following accounts as either a real account (R) or a nominal account (N): ieveGash 10. Interest Expense 18. Property Tax Expense 2. Sales Revenue 11. Insurance Premiums 19. Rent
The income statement for Eriksen Enterprises for the year ended June 30, 2003, is provided.1. Prepare a journal entry to close the accounts to Retained Earnings. 2. What problem may arise in closing
Revenue and expense accounts of Rushford Publishing Company for November 30, 2003, are given as follows. Prepare a compound journal entry that will close the revenue and expense accounts to the
A listing of account balances taken from the adjusted ledger account balances of Farmers’ CoOp shows the following: CaS lige ie eee Tee ne Oe nae, CR Re eet cae tn et Aen aa eee $ 22,580
Below is a listing of account balances taken from the adjusted ledger account balances of Goldsmith Corporation. CaSiishtn ss ct ee ai octre BS Greed Mako ees bo OD I ee ee $25,500
The trial balance of Dallas Company shows the following balances, among others, on December 31, 2003, the end of its first fiscal year: RentiRevenle er. Sch itiy se, Tok hs he ae es Pater er. Ce Rae
In the course of your examination of the books and records of Hickory Company, you find the following data: Salariessearned! byaemPloVeeSulme200S a: yan eis) ey ran erie Maes esac ea eee $ 53,000
The information presented below is for Sun Marketing, Inc.a. Salaries for the period December 26, 2003, through December 31, 2003, amounted to $14,240 and have not been recorded or paid. (Ignore
The information presented below is for Averrett Marketing, Inc.a. Rent of $56,500 was credited to an unearned revenue account when received. Of this amount, $24,750 is still unearned at year-end.b.
An analysis of cash records and account balances of Wells, Inc., for 2003 is as follows: Account Account Cash Balances Balances Received or Jan. 1, 2003 Dec. 31, 2003 Paid in 2003 Wages
An analysis of cash records and account balances of Computer Networking, Inc., for 2003 is as SSS follows: Account Account Cash Balances Balances Received or Jan. 1, 2003 Dec. 31, 2003 Paid in 2003
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
Refer to the financial statements for Sports Haven Company for the year-ended December 31, 2003 (shown in the review problem for this chapter, pp. 176-177). 1. Using the DuPont framework, compute:a.
The income statement and the balance sheet for the Hamblin Company for the year ended December 31, 2003, are provided below. 1. Using the DuPont framework, compute Hamblin’s return on equity
The income statement for Home Light, Inc., for the year ended December 31, 2003, is as follows: Sales revenue Less expenses: Cost of goods sold Salaries expense. Interest expense Office supplies
The income statement for Quality Plumbing, Inc., for the year ended December 31, 2003, is as follows: Dividends of $23,200 were paid on December 30, 2003. Required: 1. Give the entry required on
The unadjusted and adjusted trial balances af White Company as of December 31, 2003, are presented below. Prepare the journal entries that are required to adjust the accounts at December 31, 2003.
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
At the end of November 2003, the general ledger of Porridge Milling Company showed the following amounts: ASSCIS IS, >. gacccce cag Ee Mes ©. col aa ronan tee TO OP ee eT ete eR nee, te ee $64,250
The post-closing trial balance of Anderson Company at December 31, 2002, is shown here.During 2003, Anderson Company had the following transactions:a. Inventory purchases were $80,000, all on credit
Do you believe that outside auditors (CPAs) who ex- amine the financial statements of a company, while being paid by that company, can be truly indepen- dent?
In the early 1990s, the top executive of a large oil refining company (based in New York) was convicted of financial statement fraud. One of the issues in the case involved the way the company
As an auditor, you have discovered the following problems with the accounting system control procedures of Jefferson Retailers. For each of the following occurrences, tell which of the five internal
Which of the following is not applicable to the internal audit function? Deter or catch employee fraud. Issue an opinion for investors regarding the reliability of the financial statements. Be guided
North, CPA, is planning an audit of the financial statements of General Company. In determining the nature, timing, and extent of the auditing procedures, North is considering General’s internal
Three college seniors with majors in accounting are discussing alternative career plans. All three want to enter careers that will help to ensure the integrity of financial reporting. The first wants
Which organization—the Securities and Exchange Commission, the American Institute of Certified Public Accountants, or the Financial Accounting Standards Board—has federal gov- ernment authority
Describe the role of the Securities and Exchange Commission and its influence on the practice of auditing.
As an investor you are considering buying stock in a relatively new company. American Ship- ping, Ltd., has been in existence for 10 years and is now about to go public. The first stock offering will
A few years ago, the officers of PHAR-MOR, a discount retail chain, were convicted of issu- ing fraudulent financial statements. It was learned at the trial that the company overstated its inventory
What is the major purpose of A balance sheet?b. An income statement? Explain.c. A statement of cash flows?
Assume you want to invest in the stock market, and your friends tell you about a company’s stock that is “guaranteed” to have an annual growth rate of 150 percent. Should you trust your friends
Indicate for each of the following items whether it would appear on a balance sheet (BS) or an income statement (IS). If a balance sheet item, is it an asset (A), a liability (L), or an owners’
Assuming no additional investments by or distributions to owners, compute the missing eS amounts for companies X, Y, and Z. X Y Z Assets: January 1, 2003 $360 $ ? 1070 $230 Liabilities: January 1,
From the information provided, determine: 1.The amount of retained earnings at December 31.2. The amount of revenues for the period.Additional data: Expenses for the period were $35,000. Dividends
From the following data, prepare a classified balance sheet for Low Price Company at December 31, 2003. ACCOUMTSHDAY.a bl Cree sae eae eee eases GAS ake $ 46,500 Accountsaneceivablein. ams smack dys
Following are the operating data for an advertising firm for the year ended December 31, 2003. Reventieserins prin tn. tyatens fen aheaeeekimae.: SUPPlieSiEXPENSE Aare noite siete. see des creer pas
The following selected information is taken from the records of Sel Tec Corporation. AACCOUNtSNDay.ab| Oni ei! mt setherensrisireites Gher. wll INGCOUNTSHRECCINADIOMs SRIMeer sp he ce ev ws
From the following selected data, compute:1.Net cash flow provided (used) by operating activities.2.Net cash flow provided (used) by investing activities.3.Net cash flow provided (used) by financing

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