All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
Search
Search
Sign In
Register
study help
business
accounting
Questions and Answers of
Accounting
Biz Zing Inc. (BZI) provides life and work counselling to companies. At the end of 2013, BZI's total assets were $1,120. BZI's unadjusted trial balance includes the following for the twelve months
The December 31, 2014 and 2013 adjusted trial balances for Sportlife Gym Corporation are shown.Required:1. Prepare a comparative income statement for 2014 and 2013, a statement of shareholders'
Refer to C5-2.The December 31, 2014 and 2013 adjusted trial balances for Sportlife Gym Corporation are shown.Required: 1. Prepare a comparative classified statement of financial position, as
1. Calculate the debt-to-assets ratio at December 29, 2013, and December 30, 2012. Based on these calculations, has Rona's financing become more or less risky over these two years?2. Calculate the
1. Calculate the debt-to-assets ratio for The Home Depot at February 2, 2014. Based on this calculation, was The Home Depot's financing more or less risky than Rona's at fiscal year-end 2013?2.
Nordstrom, Inc., started in business in 1901. It took only 100 years, but eventually the company changed from a periodic inventory system to a perpetual inventory system (in 2002). Write a brief
In its 2011 annual report, American Eagle Outfitters states that its "e-commerce operation records revenue upon the estimated customer receipt date of the merchandise." Is this FOB shipping point or
Merchandise costing $1,500 is sold for $2,000 on terms 2/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales and as gross
Progolf Corp. sells a variety of products, including golf balls and golf shoes. Assume that, like many other companies, Progolf reported a drop in net sales from $8.6 million in 2013 to $7.6 million
Grizzly World Wide Inc. prides itself as being the world's leading marketer of Canadian branded non-athletic footwear. The following data (in millions) were taken from its annual report for the
One of the few companies to ever report the extent of sales discounts and returns was sun- glass maker Oakley, Inc. Assume that in the Management Discussion and Analysis section of its 2014 annual
Hills Company's June 30, 2014, bank statement and the June ledger account for cash are summarized here:Required: 1. Prepare a bank reconciliation. A comparison of the cheques written with the cheques
The September 30, 2014, bank statement for Cadieux Company and the September ledger account for cash are summarized here:No outstanding cheques and no deposits in transit were noted in August.
Hudson's Bay Company (HBC) is Canada's largest diversified general merchandise retailer, with over 600 retail locations and nearly 60,000 associates located in every province in Canada. HBC's two
The April 30, 2014, bank statement for KMaxx Company and the April ledger account for cash are summarized here:No outstanding checks and no deposits in transit were noted in March. However, there are
August 2014 bank statement and cash T-account for Martha Company follow:No deposits were in transit and no cheques were outstanding at the end of July. Required 1. Identify and list the deposits in
Campus Co-Op, which is operated by students, uses a perpetual inventory system. The following transactions (summarized) have been selected from 2014:1. Compute Sales Revenue, Net Sales, and Gross
The December 2014 bank statement and cash T-account for Stewart Company follow:There were no deposits in transit or outstanding cheques at November 30. Required 1. Identify and list the deposits in
Jacquie's Greenhouse Corporation is a local greenhouse organized ten years ago as a corporation. The greenhouse is in an excellent location, and sales have increased each year. At the end of 2014,
Lonny's Building Supplies (LBS) is a locally owned and operated hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected from 2014:Required 1.
1. What amount of Net Sales does the company report during the year ended December 29, 2013?2. The company's Cost of Goods Sold for this year end was $3,095,095,000. Compute the company's gross
1. Does The Home Depot report higher or lower Net Sales than Rona during the year ending February 2, 2014?2. Assuming that Cost of Sales is the same thing as Cost of Goods Sold, compute The Home
Assume that you have been hired by Big Sky Corporation as a summer intern. The company is in the process of preparing its annual financial statements. To help in the process, you are asked to prepare
Explain briefly the application of the LC&NRV rule to ending inventory. Describe its effect on the balance sheet and income statement when the net realizable value is lower than cost?
Assume the 2014 ending inventory of Shea's Shrimp Shack was understated by $10,000. Explain how this error would affect the amounts reported for cost of goods sold and gross profit for 2014 and 2015?
Repeat M7-14, except assume the 2014 ending inventory was overstated by $100,000. Refer to M7-14, Assume the 2014 ending inventory of Shea's Shrimp Shack was overstated by $10,000. Explain how this
Assume in its annual report filed with the SEC for the year ended December 31, 2013, General Motors reported that it wrote down inventory by $336 million because its cost exceeded its net realizable
MacPC Inc., is a direct marketer of computer hardware, software, peripherals, and electronics. In a recent annual report, the company reported that its revenue is recognized upon receipt of the
Sublime Sandals Company was formed on January 1, 2014, and is preparing its annual financial statements dated December 31, 2014. Ending inventory information about the four major items stocked for
G. Douglas Corporation prepared the following two income statements:During the third quarter, the company's internal auditors discovered that the ending inventory for the first quarter should have
Supply the missing dollar amounts for Lewis Retailers's income statement for each of the following independent cases:
Supply the missing dollar amounts for Clark Retailers's income statement for each of the following independent cases:
L. Smart Company prepared its annual financial statements dated December 31, 2014. The company used the FIFO inventory costing method, but it failed to apply the LC&NRV to the ending inventory.
Partial income statements for Murphy & Murphy (M & M) reported the following summarized amounts:After these amounts were reported, M & M's accountant determined that the inventory on
Gladstone Limited tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic
Mojohava Industries tracks the number of units purchased and sold throughout each accounting period but applies its inventory costing method at the end of each period, as if it uses a periodic
Amazon.com reported the following amounts in its financial statements (in millions):1. Determine the inventory turnover ratio and average days to sell inventory for 2010 and 2009. Round to one
1. How much inventory does the company hold on December 29, 2013? Does this represent an increase or decrease in comparison to the prior year?2. Does the company follow the lower of cost and net
1. Does The Home Depot hold more or less inventory than Rona at the end of their 2013 fiscal year, which ends on February 2, 2014?2. Does The Home Depot follow the lower of cost and net realizable
Assume you are on a jury hearing a trial involving a large national drugstore company. Your immediate task is to identify suspicious events in the following evidence that suggest financial fraud may
David Eltner is the CEO of Aquatic Gear Enterprises, a seven-year-old manufacturer of boats. After many long months of debate with the company's board of directors, David obtained the board's
Assume you recently obtained a job with Perfumania, the largest specialty retailer of discounted fragrances in the United States. Your job is to estimate the amount of write-down required to value
In October 2014, Nicole of Nicole's Getaway Spa (NGS) eliminated all existing inventory of cosmetic items. The trouble of ordering and tracking each product line had exceeded the profits earned. In
Assume that, as of February 1, 2014, Tim Hortons had $100,000 of Notes Receivable due before January 31, 2015, $1,268,000 of Accounts Receivable, and $249,000 in its Allowance for Doubtful Accounts
A local phone company had a customer who rang up $300 in charges during September 2013, but did not pay. Despite reminding the customer of this balance, the company was unable to collect in October,
Assume that Caterpillar, Inc., reported the following accounts and amounts (in millions) in its December 31, 2014, year-end financial statements. Prepare the current assets section of a classified
At the end of 2013, Donnelly Fitness Centre has adjusted balances of $800,000 in Accounts Receivable and $55,000 in Allowance for Doubtful Accounts. On January 2, 2014, the company learns that
At the end of 2014, Blackberry Hill Productions, Inc., used the aging of accounts receivable method to estimate that its Allowance for Doubtful Accounts should be $19,750. The account had an
The following transactions took place for Christ-off Solutions Ltd. 2013 July 1 .........Loaned $70,000 to an employee of the company and received back a one- year, 10 percent note. Accrued interest
Assume the 2014 annual report for Sears Holding Corporation contained the following information (in millions):A footnote to the financial statements disclosed that accounts receivable write-offs
During 2014, Jesse Jericho Enterprises Corporation recorded credit sales of $650,000. At the beginning of the year, Accounts Receivable, Net of Allowance was $50,000. At the end of the year, after
For each transaction listed in E8-1, indicate the amount and direction (+ or ) of effects on the financial statement accounts and on the overall accounting equation.Information from
During the year ended December 31, 2014, Kelly's Camera Equipment had sales revenue of $170,000, of which $85,000 was on credit. At the start of 2014, Accounts Receivable showed a $10,000 debit
Prior to recording the following, E. Perry Electronics, Incorporated, had a credit balance of $2,000 in its Allowance for Doubtful Accounts. Required: Prepare journal entries for each transaction. a.
Innovations Corp (IC) uses the percentage of credit sales method to estimate bad debts each month and then uses the aging method at year-end. During November 2014, IC sold services on account for
Academic Dishonesty Investigations Ltd. operates a plagiarism detection service for universities and colleges.Required:1. Prepare journal entries for each transaction below.a. On March 31, 10
P & K Consultants has provided business consulting services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting
Fleet Events Corporation has provided event-planning services for several years. The company uses the percentage of credit sales method to estimate bad debts for internal monthly reporting purposes.
1. Does the company report an Allowance for Doubtful Accounts on the balance sheet or in the notes? Explain why it does or does not.2. Compute the company's receivables turnover ratio and days to
1. Does the company report Accounts Receivable or an Allowance for Doubtful Accounts in its financial statements? Explain why it does or does not.2. Based on your observations for requirement 1,
Having just graduated with a business degree, you're excited to begin working as a junior accountant at Sunny Optics, Inc. The company supplies lenses, frames, and sunglasses to opticians and
Canadian Golf Corporation operates over 110 golf courses throughout the country. For each of the following items, enter the correct letter to show whether the cost should be capitalized (C) or
Kreiser Company had three intangible assets at the end of 2014 (end of the accounting year): a. A patent was purchased from J. Miller on January 1, 2014, for a cash cost of $5,640. When purchased,
Conrad Inc. purchased a patent for $1,000,000 for "a specialty line of patented switch plate covers and outlet plate covers specifically designed to light up automatically when the power fails."
Lucky Lake Oil Company (LLOC) paid $3,000,000 for an oil reserve estimated to hold 50,000 barrels of oil. Oil production is expected to be 10,000 barrels in year 1, 30,000 barrels in year 2, and
Bridgadoon Consulting bought a building and the land on which it is located for $182,000 cash. The land is estimated to represent 70 percent of the purchase price. The company paid $22,000 for
Conover Corp. ordered a machine on January 1, 2014, at a purchase price of $30,000. On the date of delivery, January 2, 2014, the company paid $8,000 on the machine and signed a note payable for the
PlasticWorks Corporation bought a machine at the beginning of the year at a cost of $12,000. The estimated useful life was five years, and the residual value was $2,000. Assume that the estimated
On January 1, 2014, the records of Great Grass Corp. (GGC) showed the following regarding production equipment:Required: Based on the data given, compute the estimated useful life of the equipment.
At the beginning of the year, McCoy Company bought three used machines from Colt, Inc. The machines immediately were overhauled, installed, and started operating. Because the machines were different,
During 2014, Bhumika Company disposed of two different assets. On January 1, 2014, prior to the assets' disposal, the accounts reflected the following:The machines were disposed of in the following
At the beginning of the year, CCZ Corporation bought three used machines from Pequita Compression Incorporated. The machines immediately were overhauled, installed, and started operating. Because the
During 2014, Ly Company disposed of two different assets. On January 1, 2014, prior to disposal of the assets, the accounts reflected the following:The machines were disposed of in the following
During 2014, Rayon Corporation disposed of two different assets. On January 1, 2014, prior to disposal of the assets, the accounts reflected the following:The machines were disposed of in the
Grondy's Restaurant Company (GRC) entered into the following transactions during a recent year. April 1 ......... Purchased a new food locker for $5,000 by paying $1,000 cash and signing a $4,000
The following transactions and adjusting entries were completed by Gravure Graphics International, a paper-packaging company. The company uses straight-line depreciation for trucks and other
Buck's Coffee Shop is famous for its large servings of hot coffee. After a famous case involving McDonald's, the lawyer for Buck's warned management (during 2009) that it could be sued if someone
On January 1, 2014, Buchheit Enterprises reported $95,000 in a liability called "Bonds Payable, Net." This liability related to a $100,000 bond with a stated interest rate of 5 percent that was
Assume that on December 1, 2014, your company borrowed $14,000, a portion of which is to be repaid each year on November 30. Specifically, your company will make the following principal payments:
Greener Pastures Corporation borrowed $1,000,000 on November 1, 2014. The note carried a 6 percent interest rate with the principal and interest payable on June 1, 2015. Show the accounting equation
On May 9, 2011, finance.yahoo.com/bonds quoted a bond price of 129.7 for Ford Motor Company's 9.3 percent bonds maturing on March 1, 2030. Were the bonds selling at a discount or premium? Does this
Waterbahn Waterslide Company issued 25,000, 10-year, 6 percent, $100 bonds on January 1, 2014, at face value. Interest is payable each December 31. Show the accounting equation effects and prepare
According to one report, Kraft Foods Inc. sells enough Kool-Aid® mix to make 4,500 litres of the drink every minute during the summer and over 2.5 billion litres each year. At December 31, 2013,
On January 1, 2014, when the market interest rate was 9 percent, Selton Corporation completed a $200,000, 8 percent bond issue for $187,163. The bonds were dated January 1, 2014, pay interest each
Refer to the information in E10-14 and assume Selton Corporation uses the effective-interest method to amortize the bond discount. Refer to E10-14, On January 1, 2014, when the market interest rate
Refer to the information in E10-14 and assume Selton Corporation accounts for the bond using the simplified effective-interest method shown in Supplement 10C. Refer to E10-14, On January 1, 2014,
Macier Company completed the salary and wage payroll for March 2014. The payroll pro- vided the following details:Required: 1. Considering both employee and employer payroll taxes, use the preceding
Bryanger Company sells a wide range of inventories that are initially purchased on account. Occasionally, a short-term note payable is used to obtain cash for current use. The following transactions
On January 1, 2014, Applied Tech Corporation (ATC) issued $600,000 in bonds that mature in 10 years. The bonds have a stated interest rate of 10 percent. When the bonds were issued, the market
On January 1, 2014, InnoSolutions, Inc., issued $200,000 in bonds at face value. The bonds have a stated interest rate of 6 percent. The bonds mature in 10 years and pay interest once per year on
Assume that EZ Curb completed the following transactions during 2014. The annual accounting period ends December 31, 2014.Jan. 8 .... Purchased merchandise on account at a cost of $14,000. (Assume a
The Peg Corporation (TPC) issued bonds and received cash in full for the issue price. The bonds were dated and issued on January 1, 2014. The stated interest rate was payable at the end of each year.
On January 1, 2013, Loop de Loop Raceway issued 600 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31,
On January 1, 2013, Surreal Manufacturing issued 600 bonds, each with a face value of $1,000, a stated interest rate of 3 percent paid annually on December 31, and a maturity date of December 31,
TigerCom completed the following transactions during 2014. The annual accounting period ends December 31, 2014.Jan. 3......Purchased merchandise on account at a cost of $24,000. (Assume a perpetual
Using data from PB10-1, complete the following requirements. Refer tp PB10-1, TigerCom completed the following transactions during 2014. The annual accounting period ends December 31, 2014. Jan.
On January 1, 2013, Methodical Manufacturing issued 100 bonds, each with a face value of $1,000, a stated interest rate of 5 percent paid annually on December 31, and a maturity date of December 31,
1. Calculate, to two decimal places, the company's quick ratio using amounts reported in its financial statements for the years ended December 29, 2013, and December 30, 2012. What do the changes in
1. Calculate, to two decimal places, the companies' quick ratios using amounts reported in each of the financial statements for the 2013 fiscal year-end. What do the changes in this ratio suggest
Academy Driving School reported the following in its financial statements:Calculate 2014 EPS and ROE. Another driving school in the same city reported a higher net income ($45,000) in 2014, yet its
Showing 104000 - 104100
of 104497
First
1031
1032
1033
1034
1035
1036
1037
1038
1039
1040
1041
1042
1043
1044
1045