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Questions and Answers of Accounting

Identify the errors in the following income statement:
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter.
On March 31, 2010, the balances of the accounts appearing in the ledger of El Dorado Furnishings Company, a furniture wholesaler, are as follows: a. Prepare a multiple-step income statement for the
Frazee Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order below. Construct a chart of accounts, assigning account numbers and arranging the accounts in
Journalize the entries for the following transactions:a. Sold merchandise for cash, $18,500. The cost of the merchandise sold was $11,000.b. Sold merchandise on account, $12,000. The cost of the
During the year, sales returns and allowances totaled $65,900. The cost of the merchandise returned was $40,000. The accountant recorded all the returns and allowances by debiting the sales account
After the amount due on a sale of $25,000, terms 1/10, n/eom, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the
Merchandise is sold on account to a customer for $12,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $400. Determine the following:(a) Amount of the sale,(b) Amount debited
Newgen Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Newgen Company returned $1,200 of the merchandise and received full credit.a. If Newgen Company pays the
A retailer is considering the purchase of 100 units of a specific item from either of two suppliers. Their offers are as follows:a. $200 a unit, total of $20,000, 2/10, n/30, no charge for freight.b.
The debits and credits from four related transactions are presented in the following T accounts. Describe eachtransaction.
Versailles Co., a women’s clothing store, purchased $18,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Versailles Co. returned $3,000 of the merchandise,
Journalize entries for the following related transactions of Westcoast Diagnostic Company:a. Purchased $25,000 of merchandise from Presidio Co. on account, terms 2/10, n/30.b. Paid the amount owed on
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
A sale of merchandise on account for $13,750 is subject to an 8% sales tax. (a) Should the sales tax be recorded at the time of sale or when payment is received? (b) What is the amount of the sale?
Journalize the entries to record the following selected transactions:a. Sold $3,400 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $2,000.b. Paid
Summit Co., a furniture wholesaler, sells merchandise to Bitone Co. on account, $23,400, terms 2/10, n/30. The cost of the merchandise sold is $14,000. Summit Co. issues a credit memo for $4,400 for
Based on the data presented in Exercise 6-26, journalize Bitone Co.’s entries for (a) The purchase, (b) The return of the merchandise for credit, and (c) The payment of the invoice within the
What is the normal balance of the following accounts? (a) Cost of Merchandise Sold, (b) Delivery Expense, (c) Merchandise Inventory, (d) Sales, (e) Sales Discounts, (f) Sales Returns and Allowances,
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable,(b) Advertising Expense,
Based on the data presented in Exercise 6-11, journalize the closing entries.
On May 31, 2010, the balances of the accounts appearing in the ledger of Champion Interiors Company, a furniture wholesaler, are as follows: Prepare the May 31, 2010, closing entries for Champion
Crown Rug Company had the following credit sales transactions during August 2010: The August 1 inventory was $44,500, consisting of: During August, Crown Rug Company purchased the following rugs
Indicate which of the following accounts would be included in the chart of accounts of a merchandising company using either the (a) Periodic inventory system or (b) Perpetual inventory system. If the
Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit.
The following selected transactions were completed by Artic Company during February of the current year. Artic Company uses the periodic inventory system.Feb. 2. Purchased $17,500 of merchandise on
Using the data shown in Exercise 6-38, journalize the entries for the transactions assuming that Artic Company uses the perpetual inventory system.
Aladdin Company is a small rug retailer owned and operated by Lin Endsley. After the accounts have been adjusted on October 31, the following account balances were taken from the ledger: Journalize
The Home Depot reported the following data (in millions) in its financial statements: a. Determine the ratio of net sales to average total assets for The Home Depot for 2007 and 2006. Round to two
Kroger, a national supermarket chain, reported the following data (in millions) in its financial statements for 2007:Total revenue
The following selected accounts and their current balances appear in the ledger of Case-It Co. for the fiscal year ended November 30, 2010: 1. Prepare a multiple-step income statement.2. Prepare a
Selected accounts and related amounts for Case-It Co. for the fiscal year ended November 30, 2010, are presented in Problem 6-1A.Instructions1. Prepare a single-step income statement in the format
The following selected transactions were completed by Rayne Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers:Aug. 1. Sold merchandise on
The following selected transactions were completed by Padre Co. during October of the current year:Oct. 1. Purchased merchandise from Wood Co., $15,500, terms FOB shipping point, 2/10, n/eom. Prepaid
The following were selected from among the transactions completed by Sandusky Company during December of the current year:Dec. 3. Purchased merchandise on account from Hillsboro Co., list price
The following selected transactions were completed during November between Sycamore Company and Bonita Company:Nov. 2. Sycamore Company sold merchandise on account to Bonita Company, $16,000, terms
Selected transactions for Padre Co. during October of the current year are listed in Problem 6-4A.InstructionsJournalize the entries to record the transactions of Padre Co. for October using the
Selected transactions for Sandusky Company during December of the current year are listed in Problem 6-5A.InstructionsJournalize the entries to record the transactions of Sandusky Company for
Selected transactions during November between Sycamore Company and Bonita Company are listed in Problem 6-6A.InstructionsJournalize the entries to record the transactions for (1) Sycamore Company and
On June 30, 2010, the balances of the accounts appearing in the ledger of Andover Company are as follows: Instructions1. Does Andover Company use a periodic or perpetual inventory system? Explain.2.
The following selected accounts and their current balances appear in the ledger of Drapery Land Co. for the fiscal year ended July 31, 2010: Instructions 1. Prepare a multiple-step income
The following selected accounts and their current balances appear in the ledger of Drapery Land Co. for the fiscal year ended July 31, 2010: Instructions 1. Prepare a multiple-step income
Selected accounts and related amounts for Drapery Land Co. for the fiscal year ended July 31, 2010, are presented in Problem 6-1B.Instructions1. Prepare a single-step income statement in the format
The following selected transactions were completed by Yukon Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers:Jan. 2. Sold merchandise on account
The following were selected from among the transactions completed by Calworks Company during April of the current year:Apr. 3. Purchased merchandise on account from Prescott Co., list price $42,000,
The following selected transactions were completed during August between Salem Company and Boulder Co.:Aug. 1. Salem Company sold merchandise on account to Boulder Co., $28,600, terms FOB
Selected transactions for Silvertree Company during January of the current year are listed in Problem 6-4B.InstructionsJournalize the entries to record the transactions of Silvertree Company for
Selected transactions for Calworks Company during April of the current year are listed in Problem 6-5B.InstructionsJournalize the entries to record the transactions of Calworks Company for April
Beginning inventory, purchases, and sales for Item VX48 are as follows:July 1 Inventory 100 units at $8 8
On October 31, 2010, the balances of the accounts appearing in the ledger of Triple Creek Company are as follows: Instructions1. Does Triple Creek Company use a periodic or perpetual inventory
What security measures may be used by retailers to protect merchandise inventory from customer theft?
Which inventory system provides the more effective means of controlling inventories (perpetual or periodic)? Why?
Do the terms FIFO and LIFO refer to techniques used in determining quantities of the various classes of merchandise on hand? Explain.
Does the term last-in in the LIFO method mean that the items in the inventory are assumed to be the most recent (last) acquisitions? Explain.
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing—FIFO, LIFO, or average cost—will yield (a) The highest inventory cost,
Which of the three methods of inventory costing—FIFO, LIFO, or average cost— will in general yield an inventory cost most nearly approximating current replacement cost?
If inventory is being valued at cost and the price level is steadily rising, which of the three methods of costing—FIFO, LIFO, or average cost—will yield the lowest annual income tax expense?
Can a company change its method of costing inventory? Explain.
The inventory at the end of the year was understated by $12,750.(a) Did the error cause an overstatement or an understatement of the gross profit for the year?(b) Which items on the balance sheet at
Beginning inventory, purchases, and sales for Item VX48 are as follows:July 1 Inventory 100 units at $8 8 Sale 90 units 15 Purchase 125 units at $12 25 Sale 60
Beginning inventory, purchases, and sales for Item CJ10 are as follows:Apr. 1 Inventory 30 units at $70 8
Beginning inventory, purchases, and sales for Item VX48 are as follows:July 1 Inventory 100 units at $8 8 Sale 90 units 15 Purchase 125 units at $12 25 Sale 60
Beginning inventory, purchases, and sales for Item CJ10 are as follows:Apr. 1 Inventory 30 units at $70 8 Sale 18 units 15 Purchase 25 units at $72 24 Sale 15
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit8.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit8.
During the taking of its physical inventory on December 31, 2010, Euro Bath Company incorrectly counted its inventory as $496,000 instead of the correct amount of $480,000. Indicate the effect of the
During the taking of its physical inventory on December 31, 2010, Best Interiors Company incorrectly counted its inventory as $145,000 instead of the correct amount of $175,000. Indicate the effect
Hammer & Nails Hardware Store currently uses a periodic inventory system. Alice Asaki, the owner, is considering the purchase of a computer system that would make it feasible to switch to a perpetual
Fly Away Luggage Shop is a small retail establishment located in a large shopping mall. This shop has implemented the following procedures regarding inventory items:a. Whenever Fly Away receives a
Beginning inventory, purchases, and sales data for portable video CD players are as follows:Apr. 1 Inventory 50 units at $35 5 Sale 40 units 14 Purchase 60 units at $36 21
Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory
Beginning inventory, purchases, and sales data for cell phones for March are as follows: Assuming that the perpetual inventory system is used, costing by the LIFO method, determine the cost of
Assume that the business in Exercise 7-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory
The following units of a particular item were available for sale during the year:Beginning inventory 150 units at $75Sale 120
The units of an item available for sale during the year were as follows:Jan. 1 Inventory 42 units at $60Mar. 10 Purchase 58 units at $65Aug. 30 Purchase 20 units at $68Dec. 12 Purchase 30
Assume that a firm separately determined inventory under FIFO and LIFO and then compared the results.1. In each space below, place the correct sign [less than (), or equal (=)] for each comparison,
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit8.
Based on the data in Exercise 7-11 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Montana White Water Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2010, Montana White Water incorrectly counted
Boss Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2010, Boss Motorcycle Shop incorrectly counted
During 2010, the accountant discovered that the physical inventory at the end of 2009 had been understated by $11,900. Instead of correcting the error, however, the accountant assumed that an $11,900
A business using the retail method of inventory costing determines that merchandise inventory at retail is $950,000. If the ratio of cost to retail price is 66%, what is the amount of inventory to be
A business using the retail method of inventory costing determines that merchandise inventory at retail is $880,000. If the ratio of cost to retail price is 65%, what is the amount of inventory to be
A business using the retail method of inventory costing determines that merchandise inventory at retail is $375,000. If the ratio of cost to retail price is 60%, what is the amount of inventory to be
On the basis of the following data, estimate the cost of the merchandise inventory at April 30 by the retailmethod:
The merchandise inventory was destroyed by fire on October 11. The following data were obtained from the accounting records:Jan. 1 Merchandise inventory $ 260,000Jan. 1–Oct. 11
Based on the following data, estimate the cost of ending merchandise inventory:Sales (net) $4,800,000Estimated gross profit rate 40%Beginning merchandise inventory
Based on the following data, estimate the cost of ending merchandise inventory:Sales (net) $1,500,000Estimated gross profit rate 38%Beginning merchandise inventory $ 80,000Purchases
The following data were taken from recent annual reports of Apple Computer, Inc., a manufacturer of personal computers and related products, and American Greetings Corporation, a manufacturer and
Kroger, Safeway Inc., and Winn-Dixie Stores Inc. are three grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent balance sheets for
In what section of the balance sheet should a note receivable be listed if its term is (a) 90 days, (b) six years?
Give two examples of other receivables.
Gallatin Hardware is a small hardware store in the rural township of Willow Creek that rarely extends credit to its customers in the form of an account receivable. The few customers that are allowed
Blanchard Company issued a note receivable to Tucker Company. (a) Who is the payee? (b) What is the title of the account used by Tucker Company in recording the note?
The maker of a $10,000, 8%, 90-day note receivable failed to pay the note on the due date of June 30. What accounts should be debited and credited by the payee to record the dishonored note
The note receivable dishonored in Eye Opener 14 is paid on July 30 by the maker, plus interest for 30 days, 10%. What entry should be made to record the receipt of the payment?
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:Feb. 25. Received $500 from Jason Wilcox and wrote off the remainder owed of $4,000
Journalize the following transactions using the allowance method of accounting for uncollectible receivables:Feb. 25. Received $500 from Jason Wilcox and wrote off the remainder owed of $4,000 as
At the end of the current year, Accounts Receivable has a balance of $1,400,000; Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Bad debt
At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a credit balance of $11,250; and net sales for the year total $4,100,000. Bad debt
At the end of the current year, Accounts Receivable has a balance of $1,400,000; Allowance for Doubtful Accounts has a debit balance of $2,250; and net sales for the year total $9,500,000. Using the

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