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business
accounting

Questions and Answers of Accounting

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 $4,150,000. Using the
Cannondale Supply Company received a 120-day, 9% note for $200,000, dated March 13 from a customer on account.b. Determine the maturity value of the note.c. Journalize the entry to record the receipt
Northrop Supply Company received a 30-day, 6% note for $40,000, dated September 23 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c.
The MGM Mirage owns and operates casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of December 31, 2007, the MGM Mirage reported accounts and notes receivable of $452,945,000
Journalize the following transactions in the accounts of Laser Tech Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:Feb. 23. Sold
Journalize the following transactions in the accounts of Food Unlimited Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:Jan. 18. Sold
Tech Savvy, a computer consulting firm, has decided to write off the $8,375 balance of an account owed by a customer, Nick Wadle. Journalize the entry to record the write-off, assuming that (b) The
At the end of the current year, the accounts receivable account has a debit balance of $825,000 and net sales for the year total $9,400,000. Determine the amount of the adjusting entry to provide
Bubba's Auto Supply distributes new and used automobile parts to local dealers throughout the Southeast. Bubba's credit terms are n/30. As of the end of business on July 31, the following accounts
The accounts receivable clerk for Summit Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:The following accounts were
Summit Industries has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise
Using data in Exercise 9-8, assume that the allowance for doubtful accounts for Summit Industries has a credit balance of $16,175 before adjustment on November 30. Journalize the adjusting entry for
Fonda Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 2010, and a historical analysis of the percentage of uncollectible accounts in
Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Fonda Bikes Co. had a debit balance of $4,145 as of December 31, 2010. Journalize the adjusting entry for
The following selected transactions were taken from the records of Lights of the West Company for the first year of its operations ending December 31, 2010:Jan. 24. Wrote off account of J. Huntley,
The following selected transactions were taken from the records of Burrito Company for the year ending December 31, 2010: Mar. 13. Wrote off account of B. Hall, $4,200. Apr. 19. Received $3,000 as
During its first year of operations, Master Plumbing Supply Co. had net sales of $3,500,000, wrote off $50,000 of accounts as uncollectible using the direct write-off method, and reported net income
Isner Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2010:Customer
OK International wrote off the following accounts receivable as uncollectible for the year ending December 31, 2010: Customer ? ? ? ? ? ? ? ? ??Amount Eva Fry? ? ? ? ? ? ? ? ? ? ? ? $ 6,500 Lance
Determine the due date and the amount of interest due at maturity on the followingnotes:
The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction.
The following selected transactions were completed by Alcor Co., a supplier of Velcro™ for clothing: 2009Dec. 13. Received from Penick Clothing & Bags Co., on account, an $84,000, 90-day, 9% note
Journalize the following transactions of Funhouse Productions:July 8. Received a $120,000, 90-day, 8% note dated July 8 from Mystic Mermaid Company on account.Oct. 6. The note is dishonored by Mystic
Journalize the following transactions in the accounts of Lemon Grove Co., which operates a riverboat casino:Mar. 1. Received a $30,000, 60-day, 6% note dated March 1 from Bradshaw Co. on account.18.
List any errors you can find in the following partial balancesheet:
D. Stoner Co., a building construction company, holds a 120-day, 9% note for $60,000, dated August 7, which was received from a customer on account. On October 6, the note is discounted at the bank
Journalize the following transactions in the accounts of Zion Theater Productions: Mar. 1. Received a $40,000, 90-day, 8% note dated March 1 from Gymboree Company on account.31. Discounted the note
Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company's products include such brands as Polo by Ralph
H.J. Heinz Company was founded in 1869 at Sharpsburg, Pennsylvania, by Henry J. Heinz. The company manufactures and markets food products throughout the world, including ketchup, condiments and
Use the data in Exercises 9-29 and 9-30 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited, Inc.a. Compute the average accounts receivable turnover ratio for
The following transactions were completed by The Bronze Gallery during the current fiscal year ended December 31:June 6. Reinstated the account of Ian Netti, which had been written off in the
Wigs Plus Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Wigs Plus prepared the following partially
J. J. Technology Company, which operates a chain of 30 electronics supply stores, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been
Boutique Ads Co. produces advertising videos. During the last six months of the current fiscal year, Boutique Ads Co. received the following notes: Instructions1. Determine for each note (a) The due
The following data relate to notes receivable and interest for Vidovich CoMar. 3. Received a $72,000, 9%, 60-day note on account.25. Received a $10,000, 8%, 90-day note on account.May 2. Received
The following were selected from among the transactions completed during the current year by Bonita Co., an appliance wholesale company:Jan. 20. Sold merchandise on account to Wilding Co., $30,750.
The following transactions were completed by Interia Management Company during the current fiscal year ended December 31:Feb. 24. Received 40% of the $18,000 balance owed by Broudy Co., a bankrupt
Cutthroat Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Cutthroat prepared the following
Maywood Company, a telephone service and supply company, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the entire
Hauser Co. wholesales bathroom fixtures. During the current fiscal year, Hauser Co. received the following notes: Instructions1. Determine for each note (a) the due date and (b) the amount of
The following data relate to notes receivable and interest for Optic Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)June 10. Received a $15,000, 9%,
The following were selected from among the transactions completed by Mair Co. during the current year. Mair Co. sells and installs home and business security systems.Jan. 10. Loaned $12,000 cash to
What are the main advantages of:(a) Proprietorships, (b) Partnerships, and (c) Limited liability companies?
What are the disadvantages of a partnership over a limited liability company form of organization for a profit-making business?
What are the major features of a partnership agreement for a partnership, or an operating agreement for a limited liability company?
(a) What accounts are debited and credited to record a partners cash withdrawal in lieu of salary? (b) The articles of partnership provide for a salary allowance of $6,000 per month to partner C. If
Why might a partnership pay a bonus to a newly admitted partner?
How is the statement of members’ equity similar to the statement of partners’ equity?
Josh Beach contributed land, inventory, and $24,000 cash to a partnership. The land had a book value of $65,000 and a market value of $114,000. The inventory had a book value of $60,000 and a market
Jen Hall contributed a patent, accounts receivable, and $22,000 cash to a partnership. The patent had a book value of $56,000. However, the technology covered by the patent appeared to have
Brandon Smithson and Lakendra Mooney formed a partnership, dividing income as follows:1. Annual salary allowance to Mooney of $53,000.2. Interest of 14% on each partner’s capital balance on January
Alex Hutchins and Caitlin Jenkins formed a partnership, dividing income as follows:1. Annual salary allowance to Hutchins of $24,000.2. Interest of 12% on each partner’s capital balance on January
Brandon Tarr invested $64,000 in the Garmon and Miller partnership for ownership equity of $64,000. Prior to the investment, equipment was revalued to a market value of $45,000 from a book value of
Jamarcus Webster purchased one-half of Drew Akins’s interest in the Perry and Akins partnership for $25,000. Prior to the investment, land was revalued to a market value of $100,000 from a book
Maples has a capital balance of $65,000 after adjusting assets to fair market value. Baker contributes $25,000 to receive a 30% interest in a new partnership with Maples.Determine the amount and
Amory has a capital balance of $340,000 after adjusting assets to fair market value. Perez contributes $550,000 to receive a 60% interest in a new partnership with Amory.Determine the amount and
Prior to liquidating their partnership, Penn and Ryan had capital accounts of $160,000 and $100,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was
Prior to liquidating their partnership, Myers and Baird had capital accounts of $22,000 and $30,000, respectively. Prior to liquidation, the partnership had no cash assets other than what was
Prior to liquidating their partnership, Min and Alvarez had capital accounts of $120,000 and $200,000, respectively. The partnership assets were sold for $60,000. The partnership had no liabilities.
Prior to liquidating their partnership, Greer and Murphy had capital accounts of $70,000 and $30,000, respectively. The partnership assets were sold for $25,000. The partnership had no liabilities.
Gwen Delk and Alliesha Johnson decide to form a partnership by combining the assets of their separate businesses. Delk contributes the following assets to the partnership:Cash, $13,000; accounts
Brandi Bonds and Cesar Ruiz form a partnership by combining assets of their former businesses. The following balance sheet information is provided by Bonds, sole proprietorship: Bonds obtained
Candace Hassell and Abby Lawson formed a partnership, investing $240,000 and $80,000, respectively. Determine their participation in the year’s net income of $200,000 under each of the following
Determine the income participation of Hassell and Lawson, according to each of the five assumptions as to income division listed in Exercise 12-3 if the year’s net income is $380,000.
Casey Fisher and Logan Baylor formed a partnership in which the partnership agreement provided for salary allowances of $40,000 and $35,000, respectively. Determine the division of a $20,000 net loss
Ben Bowman and Savannah Mapes formed a limited liability company with an operating agreement that provided a salary allowance of $75,000 and $60,000 to each member, respectively. In addition, the
Intermedia, LLC, has three members: WYXT Partners, Lindsey Wilson, and Daily Sun Newspaper, LLC. On January 1, 2010, the three members had equity of $200,000, $50,000, and $120,000, respectively.
The notes to the annual report for KPMG LLP (U.K.) indicated the following policies regarding the partners’ capital:The allocation of profits to those who were partners during the financial year
Lia Wu and Becca Sims are partners who share in the income equally and have capital balances of $150,000 and $62,500, respectively. Wu, with the consent of Sims, sells onethird of her interest to
The public accounting firm of Grant Thornton LLP disclosed U.S. revenues of $940 million for a recent year. The revenues were attributable to 489 active partners.(a) What was the average revenue per
The capital accounts of Brad Hughes and Mitchell Isaacs have balances of $120,000 and $100,000, respectively. Leah Craft and Jayme Clark are to be admitted to the partnership. Craft buys one-fifth of
After the tangible assets have been adjusted to current market prices, the capital accounts of Travis Harris and Keelyn Kidd have balances of $60,000 and $90,000, respectively. Felix Flores is to be
Excel Medical, LLC, consists of two doctors, Douglass and Finn, who share in all income and losses according to a 2:3 income-sharing ratio. Dr. Lindsey Koster has been asked to join the LLC. Prior to
J. Taylor and K. Garcia are partners in Green Earth Consultants. Taylor and Garcia share income equally. L. Harris will be admitted to the partnership. Prior to the admission, equipment was revalued
The partnership of Angel Investor Associates began operations on January 1, 2010, with contributions from two partners as follows:Jen Wilson
Luke Gilbert is to retire from the partnership of Gilbert and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as
Pryor and Lester are partners, sharing gains and losses equally. They decide to terminate their partnership. Prior to realization, their capital balances are $12,000 and $8,000, respectively. After
Jason Bradley and Abdul Barak, with capital balances of $26,000 and $35,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is
Matthews, Williams, and Shen share equally in net income and net losses. After the partnership sells all assets for cash, divides the losses on realization, and pays the liabilities, the balances in
Bianca Houston, Jana Alsup, and KeKe Cross arranged to import and sell orchid corsages for a university dance. They agreed to share equally the net income or net loss of the venture. Houston and
Hilliard, Downey, and Petrov are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were: Hilliard, $24,000 Dr.; Downey, $90,000 Cr.;
After closing the accounts on July 1, prior to liquidating the partnership, the capital account balances of Dover, Goll, and Chamberland are $35,000, $50,000, and $22,000, respectively. Cash, noncash
Gordon, Hightower, and Mills are members of Capital Sales, LLC, sharing income and losses in the ratio of 2:2:1, respectively. The members decide to liquidate the limited liability company. The
The capital accounts of Hossam Abdel-Raja and Aly Meyer have balances of $90,000 and $65,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Abdel-Raja
The accounting firm of Deloitte & Touche is the largest international accounting firm in the world as ranked by total revenues. For the last two years, Deloitte & Touche reported the
Office-Brite Cleaning Services, LLC, provides cleaning services for office buildings. The firm has 10 members in the LLC, which did not change between 2008 and 2009. During 2009, the business
What is the objective of most businesses? Explain
What is the difference between a manufacturing business and a service business? Is a restaurant a manufacturing business, a service business, or both?
Name some users of accounting information.
What is the role of accounting in business?
Why are most large companies like Microsoft, PepsiCo, Caterpillar, and AutoZone organized as corporations?
Barry Bergan is the owner of Elephant Delivery Service. Recently, Barry paid interest of $3,000 on a personal loan of $40,000 that he used to begin the business. Should Elephant Delivery Service
On April 2, Gremlin Repair Service extended an offer of $100,000 for land that had been priced for sale at $125,000. On May 10, Gremlin Repair Service accepted the seller’s counteroffer of
a. Land with an assessed value of $300,000 for property tax purposes is acquired by a business for $475,000. Ten years later, the plot of land has an assessed value of $500,000 and the business
Describe the difference between an account receivable and an account payable.
A business had revenues of $600,000 and operating expenses of $715,000. Did the business (a) Incur a net loss or (b) Realize net income?
A business had revenues of $687,500 and operating expenses of $492,400. Did the business (a) Incur a net loss or (b) Realize net income?
What particular item of financial or operating data appears on both the income statement and the statement of owner’s equity? What item appears on both the balance sheet and the statement of
On February 7, Snap Repair Service extended an offer of $75,000 for land that had been priced for sale at $85,000. On February 21, Snap Repair Service accepted the seller’s counteroffer of $81,000.

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