Questions and Answers of Coaching Supervision A Practical Guide For Supervisees

(Appendix) AGING RECEIVABLES AND UNCOLLECTIBLE ACCOUNT EXPENSE. Perkinson Corporation sells paper products to a large number of retailers. Perkinson’s accountant has prepared the following aging
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year: LO6
(Appendix) ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS. At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for uncollectible accounts of $6,307. During the year
(Appendix) CORRECTING AN ERRONEOUS WRITE-OFF. The new bookkeeper at Karlin Construction Company was asked to write off two accounts totaling $1,710 that had been determined to be uncollectible.
(Appendix) ENDING INVENTORY AND COST OF GOODS SOLD. Hempstead Company has the following data for 19x9: LO8
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Bradford~Plumbing had the following data for a recent year. LO8 REQUIRED:1. Compute uncollectible account expense for the year. 2.
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. LO3
(Appendix) AVERAGE UNCOLLECTIBLE ACCOUNT LOSSES AND UNCOLLECTIBLE ACCOUNT EXPENSE. The accountant for Porile Company prepared the following data for sales and uncollectible account losses: LO8
(Appendix) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts receivable of
(Appendix) INTERNAL CONTROL FOR SALES. Alcoa Building Products distributes aluminum siding and related building products to building contractors, all of whom purchase on credit. LO6 REQUIRED:List
(Appendix) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During the
(Appendix) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million during
(Appendix) COMPONENTS OF COST OF GOODS SOLD. Anna’s Corner Store has the following data for a recent year. LO9
(Appendix) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200(list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records
(Appendix) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2a) Purchased
(Appendix) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED:1. Prepare the entries to record this sale in Nevada’s journal.2. Prepare the
(Appendix) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net of discount. LO2 REQUIRED:1. Prepare
(Appendix) Name the two allowance methods used to compute uncollectible account expense. For each method, how is uncollectible account expense computed and what does the balance of the allowance for
(Appendix) Why is the allowance procedure preferred over the direct write-off procedure for uncollectible accounts? LO77
(Appendix) What kind of account is allowance for uncollectible accounts? What does it represent? LO86
(Appendix) Why does the accountant make an entry to record uncollectible account expense in the period of sale rather than in the period in which an account is determined to be uncollectible? LO25
(Appendix) Describe the documents that underlie the typical accounting system for sales. Give an example of a failure of internal control that might occur if these documents were not properly
(Appendix) Why do readers of financial statements prefer the separate disclosure of gross sales revenue and sales returns and allowances to the disclosure of a single net sales revenue amount? LO61
(Appendix) What are sales allowances? How do sales allowances differ from sales discounts? LO22
(Appendix) What are sales returns? Why do sales returns occur? LO86
(Appendix) What are trade discounts and quantity discounts? From an accounting viewpoint, how does the effect of trade and quantity discounts on selling (or invoice) price differ from the effect of
(Appendix) What is a sales discount? How can sales discounts be recorded? LO9
(Appendix) Be familiar with management's responsibilities for reporting on internal control under Section 404 of the Sarbanes-Oxley Act. LO8
(Appendix) Write the formulas for the calculation of accounts receivable turnover and inventory turnover. What do these calculations tell us about accounts receivable and inventory? LO53
(Appendix) How do the periodic and perpetual inventory accounting systems differ from each other? LO64
(Appendix) What are the components of cost of goods available for sale and of cost of goods sold? Assume that the firm uses the gross method of recording purchase discounts. LO45
(Appendix) ERRORS IN ENDING INVENTORY. From time to time, business newspapers report that the management of a company has misstated its profits by knowingly establishing an incorrect amount for its
(Appendix) INTERNAL CONTROL FOR SALES. Gateway 2000 is a large mail-order computer and software business located in South Dakota. Most of Gateway’s customers call on its toll-free phone line and
(Appendix) Identify the accounting items for which adjustments are made to the purchase price of goods acquired for resale when determining the cost of purchases. Assume that the firm uses the gross
(Appendix) Describe the difference between F.O.B. shipping point and F.O.B. destination. LO56
(Appendix) Why are adjustments made to the gross purchase price of goods acquired for resale? LO90
(Appendix) Explain how the Federal Reserve Bank affects the money supply in the United States. How do the Fed’s actions, including setting reserve requirements and controlling discount rates, speed
(Appendix) Select a commonly used product, such as gasoline or milk, and track the prices of this product over a 20-year period by creating a line graph.Explain price increases and decreases based on
(Appendix) Compare and contrast the three major ways economies can be organized. What type of economy exists in the United States? Do you think another type of economy would be better? Explain your
(Appendix) PRESENTATION OF SALES REVENUE AND COST OF GOODS SOLD. The accountant for Sneva, Inc., collected the following data for 19x’: LO3 REQUIRED:Assume that Sneva uses the periodic system and
(Appendix) A CLASSIFIED INCOME STATEMENT FOR A MERCHANDISING BUSINESS. For each of the cases presented below, compute the missing amounts: LO8
(Appendix) COMPONENTS OF COST OF GOODS SOLD. Anna’s Corner Store has the following data for a recent year. LO9
(Appendix) AGING RECEIVABLES AND UNCOLLECTIBLE ACCOUNT EXPENSE. Perkinson Corporation sells paper products to a large number of retailers. Perkinson’s accountant has prepared the following aging
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Bradford~Plumbing had the following data for a recent year. LO8 REQUIRED:1. Compute uncollectible account expense for the year. 2.
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. LO3
(Appendix) AVERAGE UNCOLLECTIBLE ACCOUNT LOSSES AND UNCOLLECTIBLE ACCOUNT EXPENSE. The accountant for Porile Company prepared the following data for sales and uncollectible account losses: LO8
(Appendix) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts receivable of
(Appendix) INTERNAL CONTROL FOR SALES. Alcoa Building Products distributes aluminum siding and related building products to building contractors, all of whom purchase on credit. LO6 REQUIRED:List
(Appendix) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year: LO6
(Appendix) ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS. At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for uncollectible accounts of $6,307. During the year
(Appendix) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200(list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records
(Appendix) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2a) Purchased
(Appendix) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million during
(Appendix) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During the
(Appendix) ENDING INVENTORY AND COST OF GOODS SOLD. Hempstead Company has the following data for 19x9: LO8
(Appendix) CORRECTING AN ERRONEOUS WRITE-OFF. The new bookkeeper at Karlin Construction Company was asked to write off two accounts totaling $1,710 that had been determined to be uncollectible.
(Appendix) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED:1. Prepare the entries to record this sale in Nevada’s journal.2. Prepare the
(Appendix) How is this affected by business policies concerning prices and credit sales? LO2
(Appendix) James, age 28, was laid off by an auto manufacturer when the firm began retooling to produce a new model car. He knows he will be called back to work when the model changeover is
(Appendix) Kelly, age 35, spends most of her time at home taking care of her home and children. However, she works all day Friday and Saturday in her husband’s computer store. She receives no
(Appendix) The Bureau of Labor Statistics provides detailed information on unemployment at the national, state, and local level. Go to www.bls.gov/lau/home.htm.See “Latest Numbers” and answer the
(Appendix) Permanent partial workers’ compensation claims are costly and often difficult to administer. The states use different methods to compensate injured workers for such claims. LO4a. What is
(Appendix) Some states have second-injury funds in their workers’ compensation programs.However, in recent years, a number of states have terminated such funds.LO6a. How does a second-injury fund
(Appendix) A luncheon speaker stated, “most firms have a strong financial incentive to reduce occupational injuries because the indirect costs of workplace accidents can exceed the employers’
(Appendix) Courtney, age 22, is a junior at a large midwestern university. In late March, she filed applications for summer jobs with three companies. However, she does not want to start work until
(Appendix) Compare the Original Medicare Plan with Medicare Advantage Plans with respect to each of the following: LO5a. Choice of plan coverageb. Benefits provided by the planc. Need for a Medigap
(Appendix) Forrest, age 23, was honorably discharged from the U.S. Marine Corps after four years, which included two tours of duty in Iraq. He was severely wounded when his platoon engaged in a
(Appendix) State and local governments typically provide defined-benefit retirement plans to eligible employees. Defined-benefit pension plans have certain common Features. LO6a. Briefly describe the
(Appendix) Medicaid is a major public assistance program that provides health care to certain low-income individuals and families. Answer the following questions with respect to current Medicaid
(Appendix) Compare the SSI program with the TANF program with respect to each of the following: LO4a. Eligibility requirementsb. Groups that are coveredc. Benefits providedd. Financing
(Appendix) The Unemployment Insurance Modernization Act was included in the fiscal stimulus package of early 2009. The act was designed to modernize and make corrections to serious defects found in
(Appendix) One of the most critical problems in unemployment compensation at the present time is the inadequate financing of benefits, which caused the majority of states to deplete their trust fund
(Appendix) During the 2007–2009 recession, debate in the U.S. Senate over an extension of unemployment benefits to workers who had exhausted their benefits was often heated and contentious. A
(Appendix) Many employers have both group short-term and long-term disability-income plans. Compare (1) short-term plans with (2) long-term plans with respect to each of the following: LO8a.
(Appendix) James currently earns $3,000 per month. He has an individual disability income policy that will pay $1,800 monthly if he is totally disabled. The policy has a 60-day elimination period and
(Appendix) Copy the ingredients from the labels of the following products:(a) deodorant, (b) liquid cleaning product, (c) bug spray, and(d) breakfast cereal. Do any of the labels carry warnings? What
(Appendix) Compute unit prices for the following pairs and determine which of the two is the better deal: (a) 3 for $0.98 or 8 for $2.99, (b) 4 for $1.00 or 12 for $3.39, (c) 24 oz. for $1.98 or 36
(Appendix) Research Perform research to find a recent news story about a business that used deceptive marketing practices, such as price fixing, bait and switch, fake sales, low-balling, or another
(Appendix) International Studies Using the Internet, compare the value of the dollar to the value of worldwide currencies. Find the value of the Japanese yen, British pound, Chinese yuan, Euro,
(Appendix) Social Studies Conduct a survey of at least three people of varied ages based on the following question. “How is the U.S. economy impacting your life?” As a class, compare and discuss
(Appendix) Economics Select a country with an economic system that is considered communist or socialist. Conduct online research about quality of life, life expectancy rates, tax rates, income and
(Appendix) Choose five food, beauty, or household products you find in your home.Visit a local store and compare three different sizes of the product and compute unit prices. Compile the information
(Appendix) Search magazines, newspapers, and the Internet for advertisements.Collect or print out ads that offer the following: (a) something for nothing, (b) bonus for early reply, (c) offers of
(Appendix) Read the warranty or guarantee for a household product that your family has purchased (examples: coffee maker, blender, or electronic device).What does the manufacturer agree to do? What
(Appendix) Visit Consumer Reports online or obtain an issue from your library and answer the following questions: (a) Who publishes the magazine?(b) Who advertises in the magazine? (c) How are
(Appendix) Megan, age 24, recently graduated from college. She was insured as a dependent under her father’s group health insurance policy, which provided coverage for her as a student until she
(Appendix) Brandon, age 32, is married and has a son, age one. Six months ago, Brandon purchased an individual health insurance policy covering the entire family.His son was recently diagnosed with
(Appendix) Dave, age 58, is the owner of a small firm that sells window blinds and cleans carpets. The company provides health insurance for seven employees. The wife of one employee has breast
(Appendix) Ken, age 52, works only part-time and has no health insurance. The cartilage in both his knees is severely eroded from osteoarthritis, which causes severe pain during his daily activities.
(Appendix) The Social Security trust funds are invested in government securities that are both similar and dissimilar to other government securities available to the Public. LO4a. Explain how the
(Appendix) Ethics Some celebrities lend their names to products that later turn out to be ineffective or harmful to consumers. The celebrities are paid to endorse the product by claiming they have
(Appendix) Visit the Federal Trade Commission’s website to learn about the latest frauds and schemes being carried out against consumers. Write a onepage report on a new scheme that is not
(Appendix) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net of discount. LO2 REQUIRED:1. Prepare
(Appendix) Some states have second-injury funds in their workers’ compensation programs.However, in recent years, a number of states have terminated such funds.LO6a. How does a second-injury fund
(Appendix) Ken, age 52, works only part-time and has no health insurance. The cartilage in both his knees is severely eroded from osteoarthritis, which causes severe pain during his daily activities.
(Appendix) The Social Security trust funds are invested in government securities that are both similar and dissimilar to other government securities available to the Public. LO4a. Explain how the
(Appendix) Ethics Some celebrities lend their names to products that later turn out to be ineffective or harmful to consumers. The celebrities are paid to endorse the product by claiming they have
(Appendix) Visit Consumer Reports online or obtain an issue from your library and answer the following questions: (a) Who publishes the magazine?(b) Who advertises in the magazine? (c) How are
(Appendix) Read the warranty or guarantee for a household product that your family has purchased (examples: coffee maker, blender, or electronic device).What does the manufacturer agree to do? What
(Appendix) Copy the ingredients from the labels of the following products:(a) deodorant, (b) liquid cleaning product, (c) bug spray, and(d) breakfast cereal. Do any of the labels carry warnings? What

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