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Questions and Answers of
Managerial Accounting
Assume that La-Z Recliner Chairs completed the following selected transactions:Requirement Record the transactions in the journal of La-Z Recliner Chairs. Explanations are not required. 2007 July
FedEx bought two used Boeing airplanes. Each plane was worth \(\$ 35\) million, but the owner sold the combination for \(\$ 60\) million. How much is FedEx's cost of each plane?a. \(\$ 60\) millionb.
Which depreciation method would you prefer to use for income tax purposes? Why?a. Straight-line because it is simplestb. Units-of-production because it best tracks the asset's usec.
A copy machine cost \(\$ 40,000\) when new and has accumulated depreciation of \(\$ 35,000\). Suppose Kinko's junks this machine, receiving nothing. What is the result of the disposal transaction?a.
Suppose Kinko's in the preceding question sold the machine for \(\$ 5,000\). What is the result of this disposal transaction?a. Gain of \(\$ 2,000\)b. Loss of \(\$ 2,000\)c. Gain of \(\$ 3,000\)d. No
Which method is used to compute depletion?a. Depletion methodb. Units-of-production methodc. Straight-line methodd. Double-declining-balance method
At the beginning of the year, Texas Aero purchased a used Boeing jet for \(\$ 35,000,000\). Texas Aero expects the plane to remain useful for five years ( 6 million miles) and to have a residual
At the beginning of 2007, Texas Aero purchased a used Boeing jet at a cost of \(\$ 35,000,000\). Texas Aero expects the plane to remain useful for five years ( 6 million miles) and to have a residual
On March 31, 2008, FedEx Kinko's purchased a Xerox copy machine for \(\$ 80,000\). FedEx Kinko's expects the machine to last for five years and to have a residual value of \(\$ 8,000\). Compute
Assume that the Chicago Cubs baseball organization paid \(\$ 50,000\) for a hot dog stand with a 10 -year life and zero expected residual value. After using the hot dog stand for four years, the
Return to the American Airlines baggage-handling truck in Exhibit 10-7. Suppose American sold the truck on December 31, 2009, for \(\$ 28,000\) cash, after using the truck for two full years.
Air \& Sea Travel purchased a Dell Computer for \(\$ 3,000\), debiting Computer Equipment. During 2007 and 2008, Air \& Sea recorded depreciation of \$2,200 on the computer. In January 2009, Air \&
British Petroleum (BP) holds huge reserves of oil and gas assets. Assume that at the end of 2006 , BP's cost of oil and gas reserves totaled \(\$ 24\) billion, representing 2.4 billion barrels of oil
This exercise summarizes the accounting for patents and for research and development.During 2008, Digital Cable Company paid \(\$ 50,000\) to research and develop a new technology, and also purchased
Trautschold Furniture Co. purchased land, paying \(\$ 80,000\) cash plus a \(\$ 300,000\) note payable. In addition, Trautschold paid delinquent property tax of \(\$ 2,000\), title insurance costing
Northwood Properties bought three lots in a subdivision for a lump-sum price. An independent appraiser valued the lots as follows:Northwood paid \(\$ 150,000\) in cash. Record the purchase in the
Pulley-Bone Fried Chicken bought equipment on January 2, 2007, for \(\$ 15,000\). The equipment was expected to remain in service 4 years and to perform 3,000 fry jobs. At the end of the equipment's
Flips Gymnastics Center paid \(\$ 140,000\) for fitness equipment that is expected to have a 10 -year life. The expected residual value is \(\$ 40,000\).Select the appropriate MACRS depreciation
A-1 Security Consultants purchased a building for \(\$ 500,000\) and depreciated it on a straight-line basis over a 40 -year period. The estimated residual value was \(\$ 100,000\). After using the
On January 2, 2006, Ditto Clothing Consignments purchased showroom fixtures for \(\$ 10,000\) cash, expecting the fixtures to remain in service 5 years. Ditto has depreciated the fixtures on a
Covenant Trucking Company uses the units-of-production (UOP) depreciation method because UOP best measures wear and tear on the trucks. Consider these facts about one Mack truck in the company's
PepsiCo, Inc., has acquired several other companies. Assume that PepsiCo purchased Kettle Chips Co. for \(\$ 8\) million cash. The book value of Kettle Chips' assets is \(\$ 12\) million (market
The board of directors of Park Place Porsche is having a quarterly meeting. Accounting policies are on the agenda, and depreciation is being discussed. A new board member, an attorney, has some
On January 2, 2006, Speedway: Delivery Service purchased a truck at a cost of \(\$ 63,000\). Before placing the truck in service, Speedway spent S2,200 painting it, \(\$ 800\) replacing tires, and
On May 31, 2004, FedEx, the overnight shipper, had total assets of \(\$ 19\) billion and total liabilities of \(\$ 11\) billion. Included among the assets were property, plant, and equipment with a
Vandergiff Jewelry incurred the following costs to acquire land, make land improvements, and construct and furnish a new building.Vandergriff depreciates land improvements over 20 years, buildings
The accounts of Haley-Davis Printing Company include Land, Buildings, and Equipment. Haley-Davis has a separate accumulated depreciation account for each asset. During 2007 , the company completed
The board of directors of Computer Solutions is reviewing the 2007 annual repothat has not occurred. Further, growth in the city is increasing the values of property. He asks why the company is
On January 3, 2007, Joe Griffin Photography paid \(\$ 224,000\) for photo equipment. In addition to the purchase price, Griffin paid \(\$ 700\) transportation charges, \(\$ 100\) insurance for the
RKI Properties' balance sheet includes a natural resource asset, Coal. RKI paid \(\$ 600,000\) cash for the right to work a mine with an estimated 100,000 tons of coal. The company paid \(\$ 60,000\)
The balance sheet of MBC Television reports intangible assets. Assume that MBC purchased the intangibles as part of the acquisition of another company, which carried these figures:Requirements 1.
At the end of 2004, PepsiCo had total assets of \(\$ 28\) billion and total liabilities of \(\$ 14\) billion. Included among the assets were property, plant, and equipment with a cost of \(\$ 16\)
On January 1, 2008, you borrowed \(\$ 10,000\) on a five-year, \(8 \%\) note payable. At December 31, 2009, you should recorda. Interest payable of \(\$ 800\)b. Nothing (The note is already on the
Your company sells \(\$ 100,000\) of goods and you collect sales tax of \(3 \%\). What current liability does the sale create?a. . Yone; you collected cash up front.b. Unearned revenue of \(\$
At December 31, your company owes employees for three days of the five-day workweek. The total payroll for the week is \(\$ 8,000\). What journal entry should you make at December 31? a. Nothing,
What is unearned revenue?a. Receivableb. Current assetc. Revenued. Current liability
Payroll expenses includea. Salaries and wagesb. Employee benefitsc. Payroll taxesd. All of the above
What is the most that an employee paid the federal government for old age, survivors', and disability insurance (FICA tax) during 2008?a. \(\$ 5,580\).b. \(\$ 90,000\).c. Nothing. The employer paid
The document that an employer gives each employee at the end of the year to report annual earnings and taxes paid is thea. Form W-2b. Form W-4c. Payroll recordd. Form 941
The foundation of internal control over payroll isa. Paying the correct amount of payroll taxb. Separating payroll dutiesc. Filing government tax forms on timed. Accurately computing gross pay,
"Bad debts" are the same asa. Uncollectible accountsc. Neither of the aboveb. Doubeful accountsd. Both \(a\) and \(b\)
Which method of estimating uncollectible receivables focuses on UncollectibleAccount Expense for the income statement?a. Percent-of-sales approachb. Aging-of-accounts approachc. Net-realizable-value
Your company uses the allowance method to account for uncollectible receivables. At the beginning of the year, Allowance for Uncollectibles had a credit balance of \(\$ 1,100\). During the year you
Your ending balance of Accounts Receivable is \(\$ 20,000\). Use the data in the preceding question to compute the net realizable value of Accounts Receivable at year-end.a. \(\$ 18,000\)b. \(\$
At December 31 , you have a \(\$ 10,000\) note receivable from a customer. Interest of \(8 \%\) has accrued for 6 months on the note. What will your financial statements report for this situation?a.
Return to the data in the preceding question. What will the income statement report for this situation?a. Nothing, because you haven't received the cash yetb. Interest revenue of \(\$ 400\)c. Note
At year-end, your company has cash of \(\$ 10,000\), receivables of \(\$ 50,000\), inventory of \(\$ 40,000\), and prepaid expenses totaling \(\$ 5,000\). Liabilities of \(\$ 60,000\) must be paid
Return to the data in the preceding question. A year ago receivables stood at \(\$ 70,000\), and sales for the current year total \(\$ 730,000\). How many days did it take you to collect your average
Jackson Auto Glass's accounting records carried the following accounts at January 31,2008.Requirements 1. Journalize all of Jackson's closing entries at January 31, 2008. Use a Jackson, Capital
Selected amounts from the accounting records of Azalea Technology follow.Requirements 1. Prepare Azalea's multi-step income statement for the year ended December 31,2008.2. Compute the rate of
Prepare Azalea Technology's single-step income statement for 2008, using the data from Exercise 5-23. Compute the gross profit percentage, and compare it with last year's gross profit percentage of
Terry's Amusements completed in the following transactions during May:Requirements Journalize the preceding transactions on the books of Terry's Amusements. May 1 Purchased supplies for cash, $300.
Explain what the following terms meana. Accounts receivablef. Accounts payableb. Supplies g. Unearned service revenuec. Prepaid rent h. Service revenued. Furniture i. Rent expensee. Accumulated
Which columns of the accounting work sheet show unadjusted amounts?a. Trial balanceb. Adjustmentsc. Income Statementd. Balance Sheet
Which columns of the work sheet show net income?a. Trial Balanceb. Adjustmentsc. Income Statementd. Both b and c
Supplies has a $6,000 unadjusted balance on your trial balance. At year-end you count supplies of $2,000. What adjustment will appear on your work sheet? a. Supplies. 4,000 Supplies Expense.. 4,000
Riley Insurance Agency reported the following items at May 31:Make Riley's closing entries, as needed, for these accounts. Sales and marketing expense Other assets Depreciation expense Long-term
After closing its accounts at May 31, 2008, Hueske Electric Company had the following account balances:Prepare Hueske's postclosing trial balance at May 31, 2008. List accounts in proper order, as
Heart of Texas Telecom had these account balances at December 31, 2007.Compute Heart of Texas' current ratio and debt ratio. Note payable, long-term $ 9,000 Accounts payable $ 4,000 Prepaid rent
Sherman Lawn Service has cash of \($300,\) receivables of \($800,\) and supplies of \($400.\) Sherman owes \($500\) on accounts payable and salary payable of \($100. Sherman's\) current ratio isa.
The trial balance of Wireless Solutions follows.Additional information at November 30, 2007 :a. Accrued service revenue, \(\$ 300\)d. Prepaid rent expired, \(\$ 800\)b. Depreciation, \(\$ 100\)e.
Journalize Wireless Solutions' adjusting and closing entries in Exercise 4-13. Exercise 4-13The trial balance of Wireless Solutions follows.Additional information at November 30, 2007 :a. Accrued
After completing Exercises 4-14 and 4-15, prepare the postclosing trial balance of Wireless Solutions at November 30, 2007. Exercises 4-14Journalize Wireless Solutions' adjusting and closing entries
Todd McKinney Magic Shows' records include the following account balances:During 2007, McKinney recorded the following:a. Prepaid annual rent of \(\$ 6,000\).b. Made the year-end adjustment to record
Refer to the Todd McKinney data in Exercise 4-17. After making the adjusting entries in Exercise 4-17, journalize McKinney's closing entries at the end of 2007. Also set up T-accounts or four-column
From the following selected accounts of Pikasso Party Planning at June 30, 2008, prepare the entity's closing entries :Prepare a T-account for Pablo Pikasso, Capital. What is Pikasso's ending capital
The accountant for Passport Photography has posted adjusting entries (a) through (e) to the following selected accounts at December 31, 2008.Requirements 1. Journalize Passport Photography`s closing
The adjusted trial balance and the income statement amounts from the April work sheet of Swift Sign Company follow:Requirements 1. Journalize Swift's closing entries at April 30.2. How much net
Refer to Exercise 4-22.Requirements 1. After solving Exercise 4-22, use the data in that exercise to prepare the classified balance sheet of Swift Sign Company at April 30 of the current year. Use
Data for the unadjusted trial balance of Planet Beach Tanning Salon at December 31, 2007 follow.Adjusting data for 2007 are:a. Accrued service revenue, \(\$ 3,100\).c. Accrued salary expense, \(\$
The trial balance of Victoria Motors at June 30, 2008, follows.Additional data at June 30,2008 :a. Depreciation on equipment, \(\$ 600\).b. Accrued wage expense, \(\$ 200\).c. Supplies on hand, \(\$
The unadjusted T-accounts of Paladdin Investment Advisers, at December 31, 2007, and the related year-end adjustment data follow.Adjustment data at December 31, 2007:a. Unearned service revenue
The unadjusted trial balance of Glenn Real Estate Appraisal at June 30, 2009 follows.Adjustment data at June 30, 2009:a. Prepaid insurance expired, \(\$ 3,000\).b. Accrued service revenue, \(\$
Refer to the data for Glenn Real Estate Appraisal in Problem 4-27A. After journalizing and posting Cilenn's adjusting and closing entries, prepare the company's income statement for the year ended
The trial balance of Road Runner Internet at August 31, 2009, and the data for the month-end adjustments follow.Adjustment data:a. Unearned service revenue still unearned at August \(31, \$
Selected accounts of Blume Irrigation Systems at December 31, 2007, follow:Requirements 1. Prepare Blume's classified balance sheet in reporf form at December 31, 2007. Show totals for total assets,
The trial balance of Jane's Preschool at May 31, 2008, follows.Additional data at May 31, 2008 .a. Depreciation: furniture, \(\$ 500\); building, \(\$ 400\).b. Accrued salary expense, \(\$ 600\).c.
The accountant for William Smith, M.D., encountered the following situations while adjusting and closing the books at December 31. Consider each situation independently.a. The accountant failed to
The unadjusted T-accounts of Investors Brokerage at December 31, 2007 , and the related year-end adjustment data follow.Adjustment data at December 31, 2007.a. Depreciation for the year, \(\$
The unadiusted trial balance of Jen Weaver Insurance at April 30, 2008, follow's on the next page. Adjustment data at April 30, 2008, consist ofa. Accrued service revenue, \(\$ 1,600\).b.
Refer to the data for Jen Weaver Insurance in Problem 4-34B. After journalizing and posting Weaver's adjusting and closing entries, prepare the company's income statement for the year ended April 30,
The trial balance of Alpha Graphics at October 31, 2007, follows, along with the data for the month-end adjustments.Adjusting data at October 31:a. Unearned service revenue still unearned, \(\$
Selected accounts of Elevator Service Company, at December 31, 2008, follow.Requirements 1. Prepare the company's classified balance sheet in report form at December 31, 2008. Show totals for total
The accountant of Lancer Copy Center encountered the following situations while adjusting and closing the books at February 28. Consider each situation independently.a. The accountant failed to make
The journal enrry for rhe purchase of invenrory on accounr is: a. Inventory. XXX Accounts Payable. XXX b. Accounts Payable................... XXX Inventory. XXX c. Inventory. XXX Accounts
JDC purchased invenrory for $5,000 and also paid a $300 freighr bill. JDC rerurned half the goods to rhe seller and later rook a 2% purchase discounr.Whar is JDC's cost of the inventory rhar ir
Suppose a Target store purchases $60,000 of women's sportswear on account from Tommy. Credit terms are 2/10, net 30. Target pays electronically, and Tommy receives the money on the tenth
Suppose Ausrin Sound had sales of \($300,000\) and sales rerurns of \($40,000.\) Cosr of goods sold was \($160,000.\) How much gross profit did Austin Sound
Suppose DeFilippo Carering's Invenrory accounr showed a balance of \($10,000\) before the year-end adjustments. The physical count of goods on hand totaled \($9,700.\) To adjusr the accounrs,
Tommy sells \($60,000\) of women's sportswear to a Target store under credit terms of 2/10, net 30. Tommy's cost of the goods is \($32,000,\) and Tommy collects cash from Target on the tenth
Suppose Amazon.com sells 1,000 books on account for \($10\) each (cost of these books is \($6,000).\) One hundred of these books (cost, \($600)\) were damaged in shipment, so Amazon later received
Which account in question 6 would DeFilippo close at the end of the year?a. Cost of Goods Soldb. Accounts Receivablec. Accounts Payabled. Inventory
The final closing entry for a proprietorship is: a. Owner, Withdrawals.............. XXX Owner, Capital............ XXX b. Owner, Capital............ XXX Owner, Withdrawals.......... XXX c. Sales
Use the data in Short Exercise 5-6 to compute Amazon. corn's(a) net sales revenue(b) gross profit.Exercise 5-6Suppose Amazon.com sells 1,000 books on account for \($10\) each (cost of these books is
Patio Furniture's Inventory account at year-end appeared as follows:The physical count of inventory came up with a total of $63,900.Journalize the adjusting entry. Inventory Unadjusted balance 65,000
Which subtotals appear on a multi-step income statement but not on a singlestep income statement?a. Net sales and Cost of goods soldb. Operating expenses and Net incomec. Cost of good sold and Net
Hayes RV Center accounting records include the following accounts at December 31:Journalize closing entries for Haves':a. Revenuesb. Expensesc. Income Summary accountd. Withdrawals Cost of goods sold
Austin Sound made net sales of $85,000, and cost of goods sold totaled $51,000. Average inventory was Sl~,000. What was Austin Sound's gross profit percentage for this period?a. 34%b. 40%c. 60%d. 3.0
Carolina Communications reported these figures in its financial statements:Prepare Carolina's multi-step income statement for the year ended fanuary 31,2007. Cash........ Total operating expenses.
Use the data in Short Exercise 5-10 to prepare Carolina Communications' classified balance sheet at January 31, 2007. Use the report form with all headings, and list accounts in proper order.Exercise
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