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business
fundamentals of advanced accounting
Questions and Answers of
Fundamentals Of Advanced Accounting
What two elements are included in the cost of merchandise available for sale?
If ending merchandise inventory is understated, will the net income be overstated or understated?
Name two ways to determine the number of inventory items on hand.
What inventory costing method does a business usually use?
Which inventory costing method uses the earliest purchase prices to determine the cost of merchandise inventory?
During a period of increasing prices, what inventory costing method will result in the highest reported net income?
What two amounts are needed to apply the lower of cost or market inventory costing method?
On what assumptions is the gross profit method of estimating inventory based?
To use the retail method of estimating inventory, what records must be kept?
Explain a merchandise inventory turnover ratio of 5.0.
How is the average number of days' sales in merchandise inventory calculated?
Harper Company uses a voucher system for cash payments. Jonathan Bartell, the bookkeeper, receives and verifies the invoices. He then prepares the voucher and enters the voucher in the voucher
Information is the key to a successful business. The loss of information can inhibit the ability of accountants to prepare reports and managers to make business decisions. Computer viruses can
Kelly White, the bookkeeper for Greenfield, Inc., is setting up the company’s voucher system. As she plans, she is trying to decide how many columns to use in the voucher register. She is also
Harbour House Interiors has two departments: Paint and Wallpaper. Harbor House completed the transactions below.Instructions:Use a form similar to the one below. For each transaction, indicate:a.
LightSource has two departments, Office and Residential. The following data are obtained from the accounting records on March 31 of the current year:Instructions:1. Prepare an estimated merchandise
AllSports Center is a merchandising business that sells sports clothing and equipment. AllSports Center’s December 31 trial balance is recorded on a 12-column work sheet in the Working Papers. The
The work sheet from Application Problem 4-3 is needed to complete this problem.1. Prepare departmental margin statements for AllSports Center’s Clothing Department and Equipment Department.
The work sheet from Application Problem 4-3 is needed to complete this problem.1. Journalize the adjusting entries for AllSports Center. Use page 13 of a general journal.2. Journalize the closing
Klein Sporting Goods is a merchandising business that specializes in golf and tennis equipment. The company uses a yearly fiscal period. Klein’s December 31 trial balance is recorded on a 12-column
The departmental margin statement for the Personal Digital Assistant (PDA) department of DigitalHelp, Inc., for the years 20X8 and 20X9 is provided in the Working Papers. The company has set a goal
What two features are required if responsibility accounting is to be successful?
For what type of accounts does Zytech have separate departmental accounts in the general ledger?
In order to ensure the features of a responsibility accounting system, what should be done if a direct expense used by different departments is documented by a single invoice?
In addition to regular financial statements, what other reports does a departmentalized business prepare?
What are the two principal methods for determining amounts of merchandise on hand?
What are the three sections of a departmental statement of gross profit?
What two reports are prepared to prove the accuracy of posting to subsidiary ledgers?
Why are adjustments made to certain accounts at the end of the fiscal period?
What account balances are extended to the Balance Sheet columns of a work sheet?
Where does Zytech obtain the information to prepare the direct expenses section of the income statement?
How is the component percentage for departmental margin calculated?
What two comparisons can be made using the component percentage for departmental margin to determine if a department is performing satisfactorily?
Where does Zytech obtain the information to prepare the indirect expenses section of the income statement?
Which accounts are closed at the end of an accounting period?
Which accounting activities in the accounting cycle are performed at the end of a fiscal period?
One of the most frequently asked questions or requests during an interview is "Tell me about yourself." When responding to this inquiry, focus on how your education, skills, abilities, personal
The following data are obtained from financial information for InfoTech for the month ended August 31 of the current year:You are asked to report the estimated ending inventory on August 31 using the
Cyber Graphics is a departmentalized business. An interim statement of gross profit is prepared monthly. A departmental statement of gross profit is prepared at the end of each fiscal year. The
Anew accounting clerk for CalTech Corporation prepared the following trial balance using the general ledger account balances listed below.1, Total the trial balance columns for the accounting clerk.
In this chapter, you have learned that the cost of merchandise is a significant cost for all merchandising businesses.In order to maximize profits, management attempts to keep this cost as low as
In a voucher system, what general ledger account is used to record all amounts to be paid by check?
What is the purpose of using prenumbered voucher forms?
A voucher register is similar to and replaces what journal?
A check register is similar to and replaces what journal?
What account is debited for each check recorded in a check register?
What accounts are affected, and how, when a debit memorandum is issued for the return of merchandise purchased and the original voucher is canceled?
What is the first step in canceling a voucher?
Where is the information obtained for preparing a voucher for payroll?
TeleTronics uses a voucher register similar to the one described in this chapter.Instructions:1. Prepare Voucher 87 for the September 1 transaction.2. Journalize the transactions completed during
TeleTronics uses a check register similar to the one described in this chapter.Instructions:1. Use page 9 ofa check register. Record the bank balance brought forward on September 1 oft he current
Nygren Supply Company uses a voucher register similar to the one described in this chapter.Instructions:Journalize the transactions completed during February of the current year. Use page 2 of a
Bowman Service Center uses a voucher form and a voucher register similar to the ones described in this chapter.Bowman Service Center's payroll register for May 15 oft he current year shows the
Jameson Company uses a voucher register and a check register similar to the ones described in this chapter.Instructions:1. Use page 20 of a check register. Record the bank balance brought forward on
Cayman Company uses a voucher system. All of the vendors with whom Cayman Company does business offer terms of 2/10, n/30. Cayman has a policy of paying all invoices within the discount period. The
Stanford Clothiers, an upscale department store, has locations in four different cities. Each quarter, the company charts departmental sales for each location. Use the information presented in the
CarpetWorld employs a departmental supervisor for each of its two departments, Carpet and Drapery.Departmental supervisors receive a biweekly salary and monthly commissions of 1% of net sales. They
CarpetWorld has two departments, Carpet and Drapery. It uses a biweekly payroll system. It pays its salesclerks and employees in the accounting department on an hourly basis, and they receive 1/2
Use the payroll register from Application Problem 3-2. A partially completed employee earnings record for each of CarpetWorld’s employees appears in the Working Papers.Instructions:Complete the
Use the payroll register from Application Problem 3-2.Instructions:1. Record the March 19 payroll payment on page 6 of a cash payments journal. The source document is Check No. 463.2. Use a grid
Use the following payroll data for John’s Automotive for the first quarter of the current year. Employer tax rates are social security, 6.2%; Medicare, 1.45%; federal unemployment, 0.8%; and state
ColdGuard has two departments, Windows and Doors. It uses a biweekly payroll system of 26 pay periods per year. ColdGuard pays salesclerks and employees in the accounting department on an hourly
Assume Congress recently passed an Act raising all payroll taxes. The new rates are as follows:Social Security: 7.1% of earnings up to a maximum of \($94,500\) in each calendar year• Medicare:
Write a letter to two local payroll processing companies. Request information about their services. When you receive the information, compare and contrast the services offered by the two companies.
Zytech deducts department sales returns and allowances and sales discounts from sales before calculating manager discounts. Mary Dennenberg, manager of the Audio Department, does not think this
Tony Parducci, a new payroll clerk for PowerGlide, prepared the commissions record shown here for Dianne Connelly.PowerGlide pays all salespersons a biweekly salary of \($1,300.00\) plus a monthly
Expenses incurred in one fiscal period but not paid until a later date are called accrued expenses. During the last fiscal period of each year, Costco incurs salary and benefit expenses that are not
Sequoia Sport Apparel is a retail store with two departments: Clothing and Shoes. The general ledger and accounts receivable ledger are included in your Working Papers. The balances are recorded as
Colonial Furnishings has two departments: Tables and Chairs. The general ledger and accounts receivable ledger are provided in the Working Papers. The balances are recorded as of June 1 of the
EuroFashions has two departments: Jewelry and Watches.Instructions:1. Journalize the transactions completed during April of the current year. Use page 9 of a sales journal and a general journal and
Assume that EuroFashions, the business described in Mastery Problem 2-3, is located in a state that does not charge a retail sales tax. Also assume that EuroFashions offers customers terms of 1/10,
The preparation of a Career Portfolio was discussed in the Applied Communication activity. In addition to labeling one divider “Resume,’ label another divider “Personal Letters.” One type of
Pacific Patio specializes in tables, umbrellas, and barbeques. All accounting records are kept on a departmental basis. When a customer returns merchandise or receives an allowance, a journal entry
Ogden’s, Inc., sells a complete line of hardware and lawn and garden products. To encourage early payment for sales on account, it offers a sales discount. The company has separate departmental
The preparation of a Career Portfolio can be an extremely useful tool in helping you make the transition from school to work. The purpose of the portfolio is to assist you in collecting, organizing,
Maria Hector manages a card and gift shop. The shop's general ledger includes a single sales account and a single purchases account. Periodically, Ms. Hector has an accountant review her
Selected published financial information for Costco Wholesale Corporation is reproduced in Appendix B of this textbook. Like many companies, Costco rounds dollar amounts when reporting financial data
Write the answers for the following problem in the Working Papers.Instructions:Do the following for each account. The Sales—Video account is given above as an example.1. Write the account title in
Zenix Communications has two departments: Cellular Phones and Pagers. A purchases journal, general journal, partial general ledger, and accounts payable ledger are provided in the Working Papers. The
CraftMart has two departments: Crafts and Plants. A partial general ledger and accounts payable ledger are given in the Working Papers. The balances are recorded as of November 1 of the current year.
Outdoor Sport has two departments: Backpacks and Accessories. Source documents are abbreviated as follows: check, C; debit memorandum, DM; purchase invoice, P.Instructions:1. Journalize the
Introductory remarks: Some businesses record purchases at the net amount to be paid when the cash discount is taken. For example, merchandise is purchased for \($1,000.00\) with a 2% discount allowed
A citizen of the City of Townsend gives it a gift of $22,000 in investments. The citizen requires that the investments be held but any resulting income must be used to help maintain the city’s
Following are descriptions of transactions and other financial events for the City of Tetris for the year ending December 2010. Not all transactions have been included here. Only the General Fund
During 2010, the City of Coyote contracted to build a sidewalk costing \($10,000\) as a special assessments project for which it collected \($10,000\) from affected citizens. The government had no
On December 30, 2010, the City of Coyote borrowed \($20,000\) for the General Fund on a 60-day note. In that fund, both Cash and Other Financing Sources were recorded. In the general information, a
An art display set up for the community was recorded within the General Fund and generated revenues of \($9,000\) but had expenditures of \($45,000\) (\($15,000\) in expenses and \($30,000\) to buy
The City of Coyote mailed property tax bills for 2011 to its citizens during August 2010. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,
The City of Coyote mailed property tax bills for 2011 to its citizens during August 2010. Payments could be made early to receive a discount. The levy becomes legally enforceable on February 15,
In 2010, the City of Coyote received a \($320,000\) cash grant from the state to stop air pollution. Assume that although a special revenue fund could have been set up, the money remained in the
During 2010, the City of Coyote’s General Fund received \($10,000,\) which was recorded as a general revenue when it was actually a program revenue earned by its park program.a. What was the
A city government has obtained an asset through a capital lease. Which of the following is true for the government-wide financial statements?a. The accounting parallels that used in for-profit
A city government has a six-year capital lease for property being used within the General Fund.Minimum lease payments total $70,000 starting next year but have a current present value of$49,000. What
A city government holds a six-year capital lease for property being used within the General Fund.Minimum lease payments total $70,000 starting next year but have a current present value of$49,000.
A city government has a nine-year capital lease for property being used within the General Fund.The lease was signed on January 1, 2010. Minimum lease payments total \($90,000\) starting at the end
A city government has a nine-year capital lease for property being used within the General Fund.The lease was signed on January 1, 2010. Minimum lease payments total \($90,000\) starting at the end
What liability should the city report on government-wide f inancial statements at the end of Year 1?a. It depends on whether the employees work at governmental activities or business-type
What amount of liability should the city recognize on fund-based financial statements at December 31, Year 1? Assume that all remaining vacations will be taken in July.a. It depends on whether the
The City of Bacon holds cash of \($820,000\) that was received from the issuance of a bond and, according to the contract, must be spent for the construction of a new elementary school. The city also
A government reports that its public safety function had expenses of \($900,000\) last year and program revenues of \($200,000\) so that its net expenses were \($700,000\). On which financial
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