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business
financial accounting

Questions and Answers of Financial Accounting

FedEx Corporation (FDX) and United Parcel Service, Inc. (UPS) compete in the package delivery business. The major fixed assets for each business include aircraft, sorting and handling facilities,
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $225,000.a. Determine the proceeds of the note, assuming the note carries an interest rate of
Lindsey Vater’s weekly gross earnings for the week ended March 9 were $800, and her federal income tax withholding was $128.96. Assuming the social security tax rate is 6% and Medicare tax is 1.5%
The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Federal withholding for the period
The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to
Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $40,000 for the period. The pension formula calculated a pension cost of
Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had
A business issued a 120-day, 5% note for $60,000 to a creditor on account. Journalize the entries to record(a) The issuance of the note and(b) The payment of the note at maturity, including interest.
A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Journalize the entries to record(a) The issuance of the note and(b) The payment of the note at maturity.
An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 54 hours during the week, determine the employee’s(a) Gross pay and(b)
K. Mello Company has three employees€”a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For hourly employees,
The payroll register for D. Salah Company for the week ended May 18 indicated the following:Salaries .......................................................$615,000Federal income tax withheld
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal
Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state
In a recent year’s financial statements, Procter & Gamble (PG) showed an unfunded pension liability of $5,955 million and a periodic pension cost of $432 million. Explain the meaning of the
Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 2% of sales. Assume that sales were $1,500,000 for January. On February 7, a customer received warranty
General Motors Company (GM) disclosed estimated product warranty payable for comparative years as follows:Assume that GM€™s sales were $166,380 million in the current year and that the
The following items were selected from among the transactions completed by Sherwood Co. during the current year:Mar. 1. Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30.31.
Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy, Co. Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States. Amazon
Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in
The Hershey Company (HSY) is the largest producer of chocolate in North America under the Hershey€™s and Reese€™s brand names. The following balance sheet information is provided
Neiman Marcus Group (NMG) is one of the largest luxury fashion retailers in the world. Kohl€™s Corporation (KSS) sells moderately priced private and national branded products through more
Cabela€™s Incorporated (CAB) is a leading specialty retailer of outdoor sports merchandise. Dick€™s Sporting Goods, Inc. (DKS) is a leading full-line retailer of sporting
On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10-year bond that pays semiannual interest of $120,000 ($3,000,000 × 8% × ½ year), receiving cash of
On the first day of the fiscal year, a company issues a $3,500,000, 6% five year bond that pays semiannual interest of $105,000 ($3,500,000 × 6% × ½), receiving cash of $3,350,000. Journalize the
On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays semiannual interest of $175,000 ($5,000,000 × 7% × ½), receiving cash of $5,400,000. Journalize the
An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds.
United States Steel Corporation’s (X) 7.5% bonds due in 2022 were reported as selling for 103.2. Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell its
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $800,000 of 10-year, 6% bonds on May 1 of the current year at face value, with interest payable
Hoover Corp., a wholesaler of music equipment, issued $20,000,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal
Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $22,000,000 of 20-year, 4% callable bonds on May 1, 20Y5, at their face amount, with
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of
On July 1, 20Y1, Danzer Industries Inc. issued $50,000,000 of 10-year, 8% bonds at a market (effective) interest rate of 10%, receiving cash of $43,768,920. Interest on the bonds is payable
Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $30,000,000 of 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $31,951,110.
Amazon.com, Inc. (AMZN) is one of the largest internet retailers in the world. Wal-Mart Stores, Inc. (WMT) is the largest retailer in the United States. Amazon and Wal-Mart compete in similar
The Clorox Company (CLX) and The Procter & Gamble Company (PG) produce and sell packaged consumer products around the world. Income and interest expense information from financial statements for
Aeropostale, Inc. (ARO) is a specialty fashion retailer targeting young adults. The income before income tax expense and interest expense for four recent years follow (in millions):a. Compute the
Hilton Worldwide Holdings, Inc. (HLT) and Marriott International, Inc. (MAR) are two of the largest hotel operators in the world. Selected financial information from recent income statements for both
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in,
Monster Beverage Corporation (MNST) develops, markets, and sells energy and other alternative beverage brands. Brown-Forman Corporation (BF.B) manufactures and sells a wide variety of spirit and wine
The general merchandise retail industry has a number of segments represented by the following companies:Company Name .........................................................Merchandise ConceptCostco
Darden Restaurants, Inc. (DRI) is the largest full-service restaurant company in the world. It operates over 2,200 restaurants under a variety of brand names, including Olive Garden, Bahama Breeze,
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Target Corporation (TGT) is one of the largest value-priced general merchandisers operating in the United States. Target
Based on the following data, estimate the cost of the ending inventory:Sales .....................................................$9,250,000Estimated gross profit rate
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y1, Fonda incorrectly counted its inventory as
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 Exhibit 10. Inventory
The units of an item available for sale during the year were as follows: There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine
Beginning inventory, purchases, and sales for WCS12 are as follows:Assuming a perpetual inventory system and using the weighted average method, determine(a) The weighted average unit cost after the
Beginning inventory, purchases, and sales for Item 88-HX are as follows:Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine(a) The cost of goods sold on
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine(a) The cost of goods sold on
The following three identical units of Item P401C are purchased during April:Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30
Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of the various classes of inventory on hand? Explain.
J. C. Penney Company, Inc. (JCP) is a large general merchandise retailer in the United States. The following data (in millions) were obtained from its financial statements for four recent years:a.
The Kroger Company (KR), a national supermarket chain, reported the following data (in millions) in its financial statements for a recent year:Total sales
The Home Depot (HD) reported the following data (in millions) in its recent financial statements:a. Determine the asset turnover ratio for Home Depot for Year 2 and Year 1. Round to two decimal
CSX Corporation (CSX) and Union Pacific Corporation (UNP) are major railroads, operating primarily in the eastern and western portion of the United States, respectively. YRC Worldwide Inc. (YRCW) is
The asset turnover ratios for two recent years for Dollar Tree, Inc. (DLTR) are shown in the Analysis for Decision Making section of this chapter. Using your results from MAD 5-2, compare and
Dollar General Corporation (DG) is a discount retailer with more than 12,000 stores. It offers a wide range of merchandise normally for $10 or less. The following data (in millions) were taken from
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in
The following selected transactions were completed by Betz Company during July of the current year:July 1. Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30.3.
Based on the following data, determine the cost of goods sold for July:Estimated returns of July sales .....................................................$ 34,900Inventory, July 1
The following were selected from among the transactions completed by Strong Retail Group during August of the current year:Aug. 5. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30.
Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize
The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4:a. Journalize the June 30, 20Y4, adjusting entry for estimated sales
The following were selected from among the transactions completed by Essex Company during March of the current year:Mar. 2. Sold merchandise on account to Parsley Co., $32,000, terms 1/10, n/30. The
Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording
From the following list, identify the accounts that should be closed at the end of the fiscal year under a perpetual inventory system:(a) Accounts Payable,(b) Advertising Expense,(c) Cost of Goods
What is the normal balance of the following accounts:(a) Cost of Goods Sold,(b) Customer Refunds Payable,(c) Delivery Expense,(d) Estimated Returns Inventory,(e) Inventory,(f) Sales,(g) Sales Tax
Journalize the entries to record the following selected transactions:a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.b. Paid $61,750
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
The debits and credits for five related transactions, (1) through (5), are presented in the following T accounts. Assume the credit terms were 2/10, n/30.a. Describe each transaction.b. What was the
Stylon Co., a women’s clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an invoice amount of $7,500,
The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were
A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers.Their offers are as follows:Supplier One: $34.80 a unit, 1/10, n/30, no charge for
The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full
For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy’s cost of goods sold?
During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit
Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison Company follow:a. Determine the asset turnover ratio for 20Y3 and 20Y2.b. Is the change in the asset turnover ratio
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Journalize the following merchandise transactions:a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800.b. Received payment less the discount.c.
New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified
Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10, n/30. Elkhorn returned merchandise with an invoice amount of $8,000 and received full credit.a. If
During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of the goods sold is $848,500. What is the amount of the gross profit?
Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the
The following balance sheet was prepared by Labyrinth Services Co. for its year ended August 31, 20Y3.a. List the errors in the preceding balance sheet.b. Prepare a corrected balance sheet. Labyrinth
Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the fiscal year, the balances of
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows:Prepare a statement of stockholders€™ equity for the year. Common Stodk May 1
Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as
The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm, for the fiscal year ended November 30, 20Y1:Prepare an income
Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of period spreadsheet was prepared for the year ended August 31, 20Y9:Based on the preceding spreadsheet,
After the accounts have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the ledger of Diamond Landscaping Co.:Retained Earnings
Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $40,000, and Retained Earnings had a balance of $815,500. During the year, no additional
Which step of the accounting cycle is optional?
From the list that follows, identify the accounts that should be closed at the end of the fiscal year:a. Accounts Payableb. Accumulated Depreciation—Equipmentc. Depreciation Expense—Equipmentd.
Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the
Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payableb. Accumulated Depreciationc. Cashd. Common Stocke. Dividendsf. Depreciation Expenseg. Fees
On the basis of the following data,(a) Journalize the adjusting entries at December 31, the end of the current fiscal year, and(b) Journalize the reversing entries on January 1, the first day of the
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this

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