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College Accounting 20th Edition Heintz and Parry - Solutions

Lam Company purchased the following long-term assets. Determine the purchase cost of eachasset.
A light truck is purchased on January 1 at a cost of $19,000. It is expected to serve for five years and have a salvage value of $1,000. Calculate the depreciation expense for the first and third years of the truck’s life using the following methods:1. Straight-line2. Double-declining-balance3.
The truck purchased in Exercise 18-2B is expected to be used for 100,000 miles over its five-year useful life. Using the units-of production method, calculate the depreciation expense for the first and third years of use if the truck is driven 18,000 miles in year 1 and 22,000 miles in year 3.
Journal entries: repairs, maintenance, additions, improvements, And replacements Enter the following transactions for Larry’s Lawn Service in a general journal:1. Added a second mower deck to Tractor A for $550 cash to decrease mowing time.2. Replaced the engine in Mower D for $200 cash. The
Prepare the entries for the following transactions using a general journal:1. Discarding an asset.(a) On January 4, shelving units, which had a cost of $7,200 and accumulated depreciation of $6,900, were discarded.(b) On June 15, a hand cart, which had a cost of $2,500 and accumulated depreciation
Prepare the following entries using a general journal:1. A coal mine was acquired at a cost of $1,750,000 and estimated to contain 2,500,000 tons of ore. During the year, 110,000 tons were mined and sold. Prepare the journal entry for the year’s depletion expense.2. A silver mine was acquired at
A machine is purchased January 1 at a cost of $77,000. It is expected to serve for eight years and have a salvage value of $5,000.REQUIREDPrepare a schedule showing depreciation for each year and the book value at the end of each year using the following methods:(a) Straight-line(b)
A machine is purchased January 1 at a cost of $58,000. It is expected to produce 110,000 units and have a salvage value of $3,000 at the end of its useful life.Units produced are as follows:Year 1 . 18,000Year 2 . 16,000Year 3 . 20,000Year 4 . 16,000Year 5 . 12,000REQUIREDPrepare a schedule showing
Equipment records for Byerly Construction Co. for the year follow. Byerly Construction uses the straight-line method of depreciation. In the case of assets acquired by the fifteenth day of the month, depreciation should be computed for the entire month. In the case of assets acquired after the
On January 1, 20-1, Dan’s Demolition purchased two jackhammers for $2,500 each with a salvage value of $100 each and estimated useful lives of four years. On January 1, 20-2, a stronger blade to improve performance was installed in Jackhammer A for $800 cash and the compressor was replaced in
Mayer Delivery Co. had the following plant asset transactions during the year:1. Assets discarded or sold:Jan. 1 Van #11, which had a cost of $8,800 and accumulated depreciation of $8,800, was discarded.8 Van #7, which had a cost of $9,400 and accumulated depreciation of $9,000, was sold for
Mining Works Co. acquired a copper mine at a cost of $1,200,000. The estimated number of units available for production from the mine is 3,000,000 tons.(a) During the first year, 400,000 tons are mined and sold.(b) During the second year, 700,000 tons are mined and sold.REQUIRED1. Calculate the
B. J. Bakery had the following transactions involving intangible assets:Jan. 1 Purchased a patent for a new pastry for $10,000 and estimated its useful life to be 10 years.Apr. 1 Purchased a copyright for a cookie cutter design for $5,000 with a life left on the copyright of 15 years. Estimated
A friend owns and operates her own business and is concerned about completing her tax return. She owns several assets and uses straight-line depreciation for business purposes. She intended to use straight-line depreciation for tax purposes also, but recently heard about another method called
Creative Solutions purchased a patent from Russell Lazarus, an inventor. At the time of the purchase, the patent had two years remaining. The president of Creative Solutions decided to have the accountant amortize the cost of the patent, $200,000, over 10 years rather than two years. His reasoning
On April 1, 20-3, Kwik Kopy Printing purchased a copy machine for $50,000. The estimated life of the machine is five years, and it has an estimated salvage value of $5,000. The machine was used until July 1, 20-6.REQUIRED1. Assume that Kwik Kopy uses straight-line depreciation and prepare the
Don Burnette is starting a new home planning business. For years, people have asked Don to draw up the blueprints for their homes and he has done so in his spare time. Don has decided to go into business full time and believes that he will need to add one new draftsman each year for the next five
Identify the major documents commonly used in the purchasing process.
Distinguish between a cash discount and a trade discount.
Describe how each of the following accounts is used:(1) Purchases,(2) Purchases Returns and Allowances,(3) Purchases Discounts, and(4) Freight-In.
How are cost of goods sold and gross profit computed?
What steps are followed in posting purchases from the general journal to the general ledger?
What steps are followed in posting purchases from the general journal to the accounts payable ledger?
What steps are followed in posting purchases returns and allowances from the general journal to the general ledger and accounts payable ledger?
What steps are followed in posting cash payments from the general journal to the general ledger?
What steps are followed in posting cash payments from the general journal to the accounts payable ledger?
If the total of the schedule of accounts payable does not agree with the Accounts Payable balance, what procedures should be used to search for the error?
A partially completed flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Identify documents 1, 3, and4.
Merchandise was purchased on account from Jacob’s Distributors on May 17. The purchase price was $2,000, less a 10% trade discount and credit terms of 2/10, n/30.1. Calculate the net amount to record the invoice, less the 10% trade discount.2. Calculate the amount to be paid on this invoice
Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions, 1–4.1.
The following data were taken from the accounts of Delhi Hardware, a small retail business. Determine the gross profit.Sales ...................... $113,500Sales returns and allowances .............. 800Sales discounts ................... 500Merchandise inventory, January 1 ...........
Journalize the following transactions in a general journal:May 3 Purchased merchandise from Cintron, $6,500. Invoice No. 321, dated May 1, terms n/30.9 Purchased merchandise from Mitsui, $2,300. Invoice No. 614, dated May 8, terms 2/10, n/30.18 Purchased merchandise from Aloha Distributors, $4,200.
Journalizing purchases returns and allowances and posting to general ledger and accounts payable ledger Using page 3 of a general journal and the following general ledger and accounts payable ledger accounts, journalize and post the following transactions:July 7 Returned merchandise to Starcraft
Enter the following cash payments transactions in a general journal:Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28, $6,000, terms 2/10, n/30. Payment is made within the discount period.12 Issued Check No. 319 to Mitchell Company for merchandise purchased September
Ryan's Express, a retail business, had the following beginning balances and purchases and payments activity in its accounts payable ledger during October. Prepare a schedule of accounts payable for Ryan's Express as of October 31,20--.
J. B. Speck, owner of Speck’s Galleria, made the following purchases of merchandise on account during the month of September:Sept. 3 Purchase Invoice No. 415, $2,650, from Smith Distributors.8 Purchase Invoice No. 132, $3,830, from Michaels Wholesaler.11 Purchase Invoice No. 614, $3,140, from J.
Sam Santiago operates a retail variety store. The books include a general journal and an accounts payable ledger.Selected account balances on May 1 are as follows:General LedgerCash .......... $40,000Accounts Payable ...... 20,000Accounts Payable LedgerFantastic Toys ....... $5,200Goya Outlet
Freddy Flint owns a small retail business called Flint’s Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:July 1 Issued Check No. 414 in payment of July rent, $1,500.1 Purchased merchandise on account from Tang’s Toys, Invoice No.
Based on the information provided in Problem 11-11A, prepare a schedule of accounts payable for Flint’s Fantasy as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.
A flowchart showing some of the major documents commonly used in the purchasing function of a merchandise business is presented below. Briefly describe eachdocument.
Merchandise was purchased on account from Grant’s Distributors on June 12. The purchase price was $5,000, less a 10% trade discount and credit terms of 3/10, n/30.1. Calculate the net amount to record the invoice, less the 10% trade discount.2. Calculate the amount to be paid on this invoice
Using T accounts for Cash, Accounts Payable, Purchases, Purchases Returns and Allowances, Purchases Discounts, and Freight-In, enter the following purchase transactions. Identify each transaction with its corresponding letter. Use a new set of T accounts for each set of transactions, 1–4.1.
The following data were taken from the accounts ofBurnside Bedknobs, a retail business. Determine the gross profit.Sales ..................... $116,900Sales returns and allowances ............. 1,100Sales discounts .................. 400Merchandise inventory, January 1 ........... 30,000Purchases
Journalize the following transactions in a general journal:Jan. 3 Purchased merchandise from Feng, $6,000. Invoice No. 416, dated January 1, terms 2/10, n/30.12 Purchased merchandise from Miranda, $9,000. Invoice No. 624, dated January 10, terms n/30.Jan. 19 Purchased merchandise from J. B. Barba,
Using page 3 of a general journal and the following general ledger accounts and accounts payable ledger accounts, journalize and post the following transactions:Mar. 5 Returned merchandise to Tower Industries, $500.11 Returned merchandise to A & D Arms, $625.23 Returned merchandise to Mighty
Enter the following cash payments transactions in a general journal:Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased March 27, $8,000, terms 2/10, n/30. Payment is made within the discount period.19 Issued Check No. 430 to Finest Company for merchandise purchased April
Crystal's Candles, a retail business, had the following balances and purchases and payments activity in its accounts payable ledger during November. Prepare a schedule of accounts payable for Crystal's Candles as of November 30,20--.
Ann Benton, owner of Benton’s Galleria, made the following purchases of merchandise on account during the month of October:Oct. 2 Purchase Invoice No. 321, $1,950, from Boggs Distributors.7 Purchase Invoice No. 152, $2,915, from Wolfs Wholesaler.10 Purchase Invoice No. 634, $3,565, from Komuro
Kay Zembrowski operates a retail variety store. The books include a general journal and an accounts payable ledger. Selected account balances on May 1 are as follows:General LedgerCash $40,000Accounts Payable 20,000Accounts Payable LedgerCortez Distributors $4,200Indra & Velga 6,800Toy Corner
Debbie Mueller owns a small retail business called Debbie’s Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:July 1 Issued Check No. 314 for July rent, $1,400.1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211,
Based on the information provided in Problem 11-11B, prepare a schedule of accounts payable for Debbie’s Doll House as of July 31, 20--. Verify that the accounts payable account balance in the general ledger agrees with the schedule of accounts payable total.
You are working as a summer intern at a rapidly growing organic food distributor. Part of your responsibility is to assist in the accounts payable department. You notice that most bills from suppliers are not paid within the discount period. The manager of accounts payable says the bills are
Bob’s Discount Auto Parts receives a cash discount of 2% from Auto Warehouse if it pays an invoice within 10 days. Bob, the owner, consistently sends payments 15 to 20 days after receiving the invoice and still deducts the amount of the discount. Last week, Bob received a call from Auto Warehouse
Michelle French owns and operates Books and More, a retail book store. Selected account balances on June 1 are as follows:General LedgerCash ............... $32,200.00Accounts Payable ........... 2,000.00M. French, Drawing .......... 18,000.00Purchases ............... 67,021.66Purchases Returns and
Record the following transactions in a general journal:May 4 Merchandise listed at $2,900, less a trade discount of 10%, is purchased on account, credit terms of 1/10, n/30, shipping terms FOB destination.8 Merchandise purchased on May 4, listed at $520, is returned for credit.14 Partial payment is
At what amount are purchases recorded under the net-price method?
Under the net-price method, if payment for merchandise is not made within the discount period, what accounts are debited when the payment is made?
(a) What kind of an account is Purchases Discounts Lost?(b) How is this item reported on the income statement?
Romero’s Heating and Cooling had the following transactions during April:Apr. 2 Purchased merchandise on account from Alanon Valve for $1,000, terms 2/10, n/30.5 Purchased merchandise on account from Leon’s Garage for $1,400, terms 1/10, n/30.11 Paid the amount due to Alanon Valve for the
Gloria’s Repair Shop had the following transactions during May:May 2 Purchased merchandise on account from Delgado’s Supply for $900, terms 2/10, n/30.6 Purchased merchandise on account from Goro’s Auto Care for $1,200, terms 1/10, n/30.11 Paid the amount due to Delgado’s Supply for the
What is the primary purpose of using special journals?
List four items of information about each sale entered in the sales journal.
What steps are followed in posting from the sales journal to the general ledger?
What steps are followed in posting from the sales journal to the accounts receivable ledger?
List three items of information about each cash receipt entered in the cash receipts journal.
What steps are followed in posting from the cash receipts journal to the general ledger?
What steps are followed in posting from the cash receipts journal to the accounts receivable ledger?
List four items of information about each purchase entered in the purchases journal.
What steps are followed in posting from the purchases journal to the general ledger?
What steps are followed in posting from the purchases journal to the accounts payable ledger?
List four items of information about each cash payment entered in the cash payments journal.
What steps are followed in posting from the cash payments journal to the general ledger?
What steps are followed in posting from the cash payments journal to the accounts payable ledger?
Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded:(a) Sold merchandise on account.(b) Purchased delivery truck on account for use in the business.(c) Received payment from customer on account.(d)
Enter the following transactions in a sales journal. Use a 6% sales tax rate.May 1 Sold merchandise on account to J. Adams, $2,000, plus sales tax. Sale No 488.4 Sold merchandise on account to B. Clark, $1,800, plus sales tax. Sale No. 489.8 Sold merchandise on account to A. Duck, $1,500, plus
Enter the following transactions in a cash receipts journal:July 6 James Adler made payment on account, $643.10 Made cash sales for the week, $2,320.14 Betty Havel made payment on account, $430.15 J. L. Borg made payment on account, $117.17 Made cash sales for the week, $2,237.
Enter the following transactions in a purchases journal like the one below.May 3 Purchased merchandise from Cintron, $6,500. Invoice No. 321, dated May 1, terms n/30.9 Purchased merchandise from Mitsui, $2,300. Invoice No. 614, dated May 8, terms 2/10, n/30.18 Purchased merchandise from Aloha
Landmark Industries uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased:Sept. 5 Issued Check No. 318 to Clinton Corp. for merchandise purchased August 28,
JOURNAL J. K. Bijan owns a retail business and made the following sales during the month of August 20--. There is a 6% sales tax on all sales.Aug. 1 Sale No. 213 to Jung Manufacturing Co., $1,200, plus sales tax3 Sale No. 214 to Hassad Co., $3,600, plus sales tax.7 Sale No. 215 to Helsinki, Inc.,
Zebra Imaginarium, a retail business, had the following cash receipts during December 20--. The sales tax is 6%.Dec. 1 Received payment on account from Michael Anderson, $1,360.2 Received payment on account from Ansel Manufacturing, $382.7 Made cash sales for the week, $3,160, plus tax. Bank credit
Owens Distributors is a retail business. The following sales, returns, and cash receipts occurred during March 20--. There is an 8% sales tax. Beginning general ledger account balances were Cash, $9,741.00; and Accounts Receivable, $1,058.25. Beginning customer account balances were Thompson
J. B. Speck, owner of Speck's Galleria, made the following purchases of merchandise on account during the month of September:Sept. 3 Purchase Invoice No. 415, $2,650, from Smith Distributors8 Purchase Invoice No. 132, $3,830, from Michaels Wholesaler.11
The purchases journal of Kevin's Kettle, a small retail business, is as follows:REQUIRED1. Post the total of the purchases journal to the appropriate general ledger accounts.Use account numbers as shown in the chapter.2. Post the individual purchase amounts to the accounts payableledger.
Sam Santiago operates a retail variety store. The books include a cash payments journal and an accounts payable ledger. All cash payments (except petty cash) are entered in the cash payments journal.Selected account balances on May 1 are as follows:General LedgerCash $40,000Accounts Payable
Freddy Flint owns a small retail business called Flint's Fantasy. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:July 1 Issued Check No. 414 in payment of July rent, $1,500.1 Purchased merchandise on account from Tang’s Toys, Invoice No. 311,
Identify the journal (sales, cash receipts, purchases, cash payments, or general) in which each of the following transactions should be recorded.(a) Issued credit memo to customer for merchandise returned.(b) Sold merchandise for cash.(c) Purchased merchandise on account.(d) Issued checks to
Enter the following transactions in a sales journal. Use a 5% sales tax rate.Sept. 1Sold merchandise on account to K. Smith, $1,800, plus sales tax. Sale No. 228.3 Sold merchandise on account to J. Arnes, $3,100, plus sales tax. Sale No. 229.5 Sold merchandise on account to M. Denison, $2,800, plus
Enter the following transactions in a cash receipts journal:Nov. 1 Jean Haghighat made payment on account, $750.12 Marc Antonoff made payment on account, $464.15 Made cash sales, $3,763.18 Will Mossein made payment on account, $241.25 Made cash sales, $2,648.
Enter the following transactions in a purchases journal like the one below.Jan. 3Purchased merchandise from Feng, $6,000. Invoice No. 416, dated January 1, terms 2/10, n/30.12 Purchased merchandise from Miranda, $9,000. Invoice No. 624, dated January 10, terms n/30.19 Purchased merchandise from J.
Sandcastles Northwest uses a cash payments journal. Prepare a cash payments journal using the same format and account titles as illustrated in the chapter. Record the following payments for merchandise purchased:Apr. 5 Issued Check No. 429 to Standard Industries for merchandise purchased April 3,
T. M. Maxwell owns a retail business and made the following sales during the month of July 20--. There is a 5% sales tax on all sales.July 1 Sale No. 101 to Saga, Inc., $1,200, plus sales tax.8 Sale No. 102 to Vinnie Ward, $2,100, plus sales tax.15 Sale No. 103 to Dvorak Manufacturing, $4,300, plus
Color Florists, a retail business, had the following cash receipts during January 20--. The sales tax is 5%.Jan. 1 Received payment on account from Ray Boyd, $880.3 Received payment on account from Clint Hassell, $271.5 Made cash sales for the week, $2,800, plus tax. Bank credit card sales for the
Paul Jackson owns a retail business. The following sales, returns, and cash receipts are for April 20--. There is a 7% sales tax.Apr. 1 Sold merchandise to O. L. Meyers, $2,100, plus sales tax. Sale No. 111.3 Sold merchandise to Andrew Plaa, $1,000, plus sales tax. Sale No. 112.6 O. L. Meyers
Ann Benton, owner of Benton's Galleria, made the following purchases of merchandise on account during the month of October:Oct. 2 Purchase Invoice No. 321, $1,950, from Boggs Distributors.7 Purchase Invoice No. 152, $2,915, from Wolfs Wholesaler.10 Purchase Invoice No. 634, $3,565, from Komuro
The purchases journal of Ryan's Rats Nest, a small retail business, is as follows:REQUIRED1. Post the total of the purchases journal to the appropriate general ledger accounts. Use account numbers as shown in the chapter.2. Post the individual purchase amounts to the accounts payableledger.
Kay Zembrowski operates a retail variety store. The books include a cash payments journal and an accounts payable ledger. All cash payments (except petty cash) are entered in the cash payments journal. Selected account balances on May 1 are as follows:General LedgerCash ......... $40,000Accounts
Debbie Mueller owns a small retail business called Debbie's Doll House. The cash account has a balance of $20,000 on July 1. The following transactions occurred during July:July 1 Issued Check No. 314 for July rent, $1,400.1 Purchased merchandise on account from Topper’s Toys, Invoice No. 211,
You have a part-time job as a bookkeeper at a local office supply store. The accounting records consist of a general journal and general ledger. The manager is concerned about efficiency and feels that too much time is spent recording transactions. In addition, there sometimes is difficulty
Judy Baresford, the store manager of Comfort Futons, noticed that the amount of time the two bookkeepers were spending on accounts receivable, accounts payable, and cash receipts was increasing due to the store’s increase in sales. A friend of Judy’s who is also a store manager suggested that
During the month of October 20--, The Pink Petal flower shop engaged in the following transactions:Oct. 1 Sold merchandise on account to Elizabeth Shoemaker, $1,000, plus tax of $50. Sale No. 222.2 Issued Check No. 190 to Jill Hand in payment of October 1 balance of $500, less 2% discount.2

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