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Accounting
For a recent year, Barnes & Noble Inc. (BKS) reported (in thousands) Property and Equipment of $3,076,299 and Accumulated Depreciation of $2,627,007. a. What was the book value of the fixed
At the balance sheet date, a business owes a five-year mortgage note payable of $480,000, the terms of which provide for monthly payments of $8,000. Explain how the liability should be classified on
Pounds-Away Services Co. offers personal weight reduction consulting services to individuals. On November 30, 20Y9, the balances of selected accounts of Pounds-Away Services Co. are as
La-Z-Boy Inc. (LZB) is one of the world's largest manufacturer of furniture and is best known for its reclining chairs. The following data (in thousands) were adapted from recent financial
List any errors you can find in the following balance sheet. Prepare a corrected balance sheet.
Margie Van Epps established Health Services, P.C., a professional corporation, in March of the current year. Health Services offers healthy living advice to its clients. The effect of each
The prepaid insurance account had a balance of $9,600 at the beginning of the year. The account was increased for $28,800 for premiums on policies purchased during the year. What is the adjustment
Using the transactions listed in E3-5 for Health Services, P.C., indicate the effects of each transaction on the liquidity metric Quick Assets and profitability metric Net Income - Accrual Basis.E3-5
Using the transactions listed in P3-1 for San Mateo Health Care, indicate the effects of each transaction on the liquidity metric Quick Assets and profitability metric Net Income - Accrual
Using the adjustment data listed in P3-2 for San Mateo Health Care, indicate the effects of each adjustment on the liquidity metric Quick Assets and profitability metric Net Income - Accrual
Using the adjustment data listed in P3-6 for Ms. Ellen's Laundry, indicate the effects of each adjustment on the liquidity metric Quick Assets and profitability metric Net Income - Accrual
GameStop Corporation (GME) has over 6,500 retail stores worldwide and sells new and used video games. The following asset and liability data (in millions) were adapted from recent financial
The Gap Inc. (GPS) operates specialty retail stores under such brand names as GAP, Old Navy, and Banana Republic. The following asset and liability data (in millions) were adapted from recent
American Eagle Outfitters Inc. (AEO) operates specialty retail stores, selling clothing such as denim, sweaters, t-shirts, and fleece outerwear that targets 15 to 25 year old men and women. that
Wal-Mart Stores Inc. (WMT) operates over retail stores throughout the world. In contrast, Alphabet Inc. (GOOG) is a technology company, formerly known as Google, that provides a variety of online
Several years ago, your brother opened Ready Appliance Repairs. He made a small initial investment and added money from his personal bank account as needed. He withdrew money for living expenses at
Cigna Corp. (CI) provides insurance services, and Deere & Company (DE) manufactures and sells farm and construction equipment. The following data (in millions) were adapted from recent financial
The following data (in millions) were taken from finance.yahoo.com.1. Match each of the following companies with the data for Company A, B, C, or D: Apple Inc. (AAPL) Facebook, Inc.
The following selected accounts and their current balances appear in the ledger of Prescott Inc. for the fiscal year ended September 30, 20Y8:Instruction1. Prepare a multiple-step income statement.2.
Selected accounts and related amounts for Prescott Inc. for the fiscal year ended September 30, 20Y8, are presented in Problem 4-4.Instructions1. Prepare a single-step income statement in the format
What distinguishes a retail business from a service business?
What is the meaning of (a) 2/10, n/30; (b) n/90; (c) n/eom?
During the current year, merchandise is sold for $6,400,000. The cost of the goods sold is $5,376,000. a. What is the amount of the gross profit? b. Compute the gross profit percent. c. Will the
Merchandise is sold on account to a customer for $8,000, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $300. Determine the following: (a) Amount of the sale, (b)
A sale of merchandise on account for $5,000 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
Intrax Inc.'s perpetual inventory records indicate that $815,400 of merchandise should be on hand on December 31, 20Y4. The physical inventory indicates that $798,300 of merchandise is actually on
Assume the following data for Alpine Technologies for the year ending July 31, 20Y2. Sales
On March 31, 20Y5, the balances of the accounts appearing in the ledger of Lange Daughters Inc. are as follows:a. Prepare a multiple-step income statement for the year ended March 31, 20Y5.b. Compare
Summary operating data for Loma Company during the current year ended April 30, 20Y6, are as follows: cost of goods sold, $7,500,000; administrative expenses, $750,000; interest expense, $100,000;
Identify the errors in the following income statement and prepare a corrected income statement:
Burr Company purchased merchandise on account from a supplier for $18,000, terms 2/10, n/30. Burr Company returned $3,000 of the merchandise before payment was made and received full credit. a. If
Illustrate the effects on the accounts and financial statements of the following related transactions of Bowen Inc. a. Purchased $400,000 of merchandise from Swanson Co. on account, terms 1/10,
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
Illustrate the effects on the accounts and financial statements of recording the following transactions: a. Sold merchandise for cash, $62,500. The cost of the goods sold was $30,000. b. Sold
After the amount due on a sale of $16,000, terms 2/10, 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
The following selected transactions were completed by Epic Co. during August of the current year:Aug. 3. Purchased merchandise on account for $33,400, terms FOB destination, 2/10, n/30. 9. Issued
Using transactions listed in P4-1, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent.P4-1The following selected
Companies with low gross profit and markup percents often have higher volumes of sales than companies with high gross profit and markup percents.1. Comment on the preceding statement.2. The following
Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent
Using adjustment data listed in E4-15, indicate the effects the inventory shrinkage adjustment on the liquidity metric working capital and profitability metric gross profit percent.E4-15Intrax Inc.'s
Using adjustment data listed in E4-16, indicate the effects the adjustment for estimated customer refunds and returns on the liquidity metric working capital and profitability metric gross profit
Target Corp. (TGT) operates retail stores throughout the United States and is a major competitor of Wal-Mart. The following data (in millions) were adapted from recent financial statements of
Compare the Target results in MBA 4-5 with those of Wal-Mart (WMT) shown in the chapter illustration. Comment on the differencesTaken From MBA-4.5
Deere & Company (DE) produces and sells tractors, loaders, combines, lawnmowers, and a variety of other equipment. The following data (in millions) were adapted from recent financial statements of
Caterpillar Inc. (CAT) produces and sells various types of equipment, including tractors, loaders, and mining equipment. The following data (in millions) were adapted from recent financial statements
Your sister operates Harbor Ready Parts Company, an online boat parts distributorship that is in its third year of operation. The income statement is shown below and was recently prepared for the
The cash account for Deaver Consulting at October 31, 20Y6, indicated a balance of $15,750. The bank statement indicated a balance of $31,095 on October 31, 20Y6. Comparing the bank statement and the
The cash account for All American Sports Co. on April 1, 20Y5, indicated a balance of $23,600. During April, the total cash deposited was $80,150, and checks written totaled $72,800. The bank
Do items reported as a credit memorandum on the bank statement represent (a) additions made by the bank to the company's balance or (b) deductions made by the bank from the company's balance? Explain.
Jodi Rostad works at the drive-through window of Mamma's Burgers. Occasionally, when a drive-through customer orders, Jodi fills the order and pockets the customer's money. She does not ring up the
The actual cash received from the day's cash sales was $18,125 and the amount indicated by the cash register total was $18,200.a. What is the amount deposited in the bank for the day's sales?b. What
The actual cash received from the day's cash sales was $9,380 and the amount indicated by the cash register total was $9,300. a. What is the amount deposited in the bank for the day's sales? b. What
Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A deduction from the cash balance according to the bank
The following data were accumulated for use in reconciling the bank account of Kaycee Sisters Inc. for August 20Y9:a. Cash balance according to the company's records at August 31, $14,190.b. Cash
Lyle Steinberg has recently been hired as the manager of Laramie Coffee, a national chain of franchised coffee shops. During her first month as store manager, Lyle encountered the following internal
An accounting clerk for Westwind Co. prepared the following bank reconciliation:a. From the bank reconciliation data, prepare a new bank reconciliation for Westwind Co., using the format shown in
Identify the errors in the following bank reconciliation:
Pala Co. records all cash receipts on the basis of its cash register tapes. Pala Co. discovered during April 20Y1 that one of its sales clerks had stolen an undetermined amount of cash receipts when
Illustrate the effect on the accounts and financial statements of the following transactions: a. Established a petty cash fund of $750. b. The amount of cash in the petty cash fund is now $140.
Illustrate the effect on the accounts and financial statements of the following transactions: a. Established a petty cash fund of $500. b. The amount of cash in the petty cash fund is now $45.
Sherry's Fashions is a retail store specializing in women's clothing. The store has established a liberal return policy for the holiday season in order to encourage gift purchases. Any item purchased
One of the largest losses in history from unauthorized securities trading involved a securities trader for a French bank. The trader was able to circumvent internal controls and create over a billion
An employee of a trucking company was responsible for resolving roadway accident claims under $25,000. The employee created fake accident claims and wrote settlement checks of between $5,000 and
Awesome Sound Inc. discovered a fraud wherein one of its front office administrative employees used company funds to purchase goods, such as computers, digital cameras, DVD players, and other
A former chairman, chief financial officer, and controller of an apparel company pleaded guilty to financial statement fraud. These managers used false journal entries to record fictitious sales, hid
At the close of each day's business, the sales clerks count the cash in their respective cash drawers and compare the total cash to the cash register tapes. They then prepare a cash memo noting any
The following procedures were recently implemented by Wind Rivers Clothing Co.: a. Each cashier is assigned a separate cash register drawer to which no other cashier has access. b. All sales are rung
AcelRx Pharmaceuticals, Inc. (ACRX), develops therapies for pain relief for a variety of patients, including cancer and trauma patients. The following data (in thousands) were adapted from financial
Pacira Pharmaceuticals Inc. (PCRX) develops, produces, and sells products used in hospitals and surgery centers. The following data (in thousands) were adapted from recent financial statements.1.
Kips Bay Medical Inc. is a medical device company that develops, produces, and sells products used in coronary surgery. The following data (in thousands) were adapted from recent financial
Boston Scientific Corporation (BSX) is a competitor of Kips Bay Medical (MBA 5-3). It was organized in 1979 and also develops, produces, and sells medical devices. The following data (in thousands)
The following is an excerpt from a conversation between two sales clerks, Tracy Rawlin and Jeff Weimer. Both Tracy and Jeff are employed by Magnum Electronics, a locally owned and operated
The following is an excerpt from a conversation between the store manager of La Food Grocery Stores, Amy Locke, and Steve Meyer, president of La Food Grocery Stores.Steve: Amy, I'm concerned about
The records of Clairemont Company indicate an August 31, 20Y1 cash balance of $6,675, which includes undeposited receipts for August 30 and 31. The cash balance on the bank statement as of August 31
The units of an item available for sale during the year were as follows:Jan. 1 ............... inventory .............. 21 units at $1,800May 15 ............. Purchase .............. 29 units at
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 Exhibit 9.
Determine the due date and the amount of interest due at maturity on the following notes:To simplify, use 360 days per year to compute interest.
Averys All-Natural Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Averys All- Natural prepared the following
Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31, 20Y7, of Amsterdam Appliances are summarized as
Data on the physical inventory of Moyer Company as of December 31, 20Y9, are presented below.Quantity and cost data from the last purchases invoice of the year and the next-to-the-last purchases
After the accounts are adjusted at the end of the fiscal year, Accounts Receivable has a balance of $475,000 and Allowance for Doubtful Accounts has a negative balance of $(46,800). Describe how
Boeing (BA) is one of the world's major aerospace firms, with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems.
Using the data in Exercise 6-10, assume that during the second year of operations Fisher Plumbing Supply Co. had sales of $3,000,000, wrote off $20,000 of accounts as uncollectible using the direct
Qualcomm Incorporated (QCOM) is a leading developer and manufacturer of digital wireless telecommunications products and services. Qualcomm reported the following inventories (in millions) in the
DreamWorks Animation SKG Inc. (DWA) shows "film costs" as an asset on its balance sheet. In the notes to its financial statements, the following disclosure was made:a. Interpret the film cost asset
The units of an item available for sale during the year were as follows: Jan. 1 ............ Inventory .............. 27 units at $400 Feb. 19 ............ Purchase .............. 54 units at
MGM Resorts International (MGM) owns and operates casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. For a recent year, the MGM Resorts International reported accounts and notes
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Valley Care & Supplies Co., a local hospital supply company that uses the direct
Illustrate the effects on the accounts and financial statements of the following transactions in the accounts of Kitchen Depot Company, a restaurant supply company that uses the allowance method of
Quantum Technologies, a computer consulting firm, has decided to write off the $13,000 balance of an account owed by a customer. Illustrate the effects on the accounts and financial statements to
Easy Rider International is a wholesaler of motorcycle supplies. An aging of the company's accounts receivable on December 31, 20Y3, and a historical analysis of the percentage of uncollectible
Using the data in Exercise 6-7, assume that the allowance for doubtful accounts for Easy Rider International had a negative balance of $(13,300) as of December 31, 20Y3.In Exercise 6-7Easy Rider
At the end of the current year, the accounts receivable account has a balance of $2,875,000 and sales for the year total $34,500,000. Determine the amount of the adjusting entry to provide for
For several years, EquiPrime Co.'s sales have been on a "cash only" basis. On January 1, 20Y2, however, EquiPrime Co. began offering credit on terms of n/30. The amount of the adjusting entry to
Using transactions listed in E6-4, indicate the effects of each transaction on the liquidity metric days' sales in receivables and profitability metric return on sales. In E6-4 March 18 Received
The following data (in millions) were adapted from recent financial statements of International Paper Company (IP) and Wal-Mart Stores Inc. (WMT)1. Compute the accounts receivable turnover for
Using transactions listed in E6-5, indicate the effects of each transaction on the liquidity metric days' sales in receivables and profitability metric return on sales. In E6-5 July 3 Received $2,500
The following data (in millions) were adapted from recent financial statements of Apple Inc (AAPL).1. Compute the accounts receivable turnover for Years 1 and 2. Round to one decimal place.2.
The following data (in millions) were adapted from recent financial statements of HP Inc. (HPQ) formerly Hewlett-Packard Company.1. Compute the accounts receivable turnover for Years 1 and 2. Round
Compare and comment on Apple and HP using the results of MBA 6-6 and MBA 6-7.In MBA 6-6 and MBA 6-7The following data (in millions) were adapted from recent financial statements of Apple Inc
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