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Accounting Principles 9th Edition Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso - Solutions

J. B. Bucks owns a department store that has a $45,000 balance in Accounts Receivable and a $3,000 credit balance in Allowance for Bad Debts.1. Determine the net realizable value of the accounts receivable.2. Assume that an account receivable in the amount of $400 was written off using the
Ryan’s Express has total credit sales for the year of $180,000 and estimates that 3% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent conditions
Tammie’s Toyota Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. After aging the accounts, it is estimated that $4,250 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the
Julia Alvarez, owner of Alvarez Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 7 Wrote off $5,350 owed by Randy Dalzell, who has no assets.Aug. 12 Wrote off $2,870 owed by Jason Flint, who declared
At the end of the current year, the accounts receivable account of Glenn’s Nursery Supplies has a debit balance of $390,000. Credit sales are $2,800,000. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the
Maria Rivera, owner of Rivera Pharmacy, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 20 Wrote off $2,325 owed by Joe Balouka, who has no assets.Oct. 15 Wrote off $1,675 owed by Alice Rose, who declared
Como’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:20-1May 8 Wrote off $1,745 owed by Vickie Lawrence, who has no assets.July 15 Wrote off $1,300 owed by Dan Utter, who declared bankruptcy.Sept. 2
Emery Nurseries used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--:Feb. 9 Received 60% of the $5,000 balance owed by Patty’s Petunias, a bankrupt business, and wrote off the remainder as uncollectible.May
At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Yang’s Gift Shop was $30,000. Credit sales for the year were $355,200.REQUIREDMake the necessary adjusting entry in general journal form under each of the following assumptions. Show
An analysis of the accounts receivable of Johnson Company as of December 31, 20--, reveals the following:REQUIRED1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible.2. Assuming that Allowance for Bad
Williams & Hendricks Distributors uses the direct write-off method in accounting for uncollectible accounts.20-1Feb. 18 Sold merchandise on account to Merry Merchants, $17,500.Mar. 22 Sold merchandise on account to Utter Unicorns, $14,300.June 3 Received $10,000 from Merry Merchants and wrote
Mary Martin owns a department store that has a $65,200 balance in Accounts Receivable and a $5,175 credit balance in Allowance for Bad Debts.1. Determine the net realizable value of the accounts receivable.2. Assume that an account receivable in the amount of $900 was written off using the
Nicole’s Neckties has total credit sales for the year of $380,000 and estimates that 2% of its credit sales will be uncollectible. Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the following independent
Charlie’s Chevy Sales and Service estimates the amount of uncollectible accounts using the percentage of receivables method. After aging the accounts, it is estimated that $3,935 will not be collected. Record the end-of-period adjusting entry on December 31, in general journal form, for the
Raynette Ramos, owner of Ramos Rentals, uses the allowance method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 9 Wrote off $6,040 owed by Sue Sanchez, who has no assets.Aug. 15 Wrote off $4,790 owed by Lonnie Jones, who declared
At the end of the current year, the accounts receivable account of Parker’s Nursery Supplies has a debit balance of $350,000. Credit sales are $2,300,000.Record the end-of-period adjusting entry on December 31, in general journal form, for the estimated uncollectible accounts. Assume the
Brent Mussellman, owner of Brent’s Barbells, uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:July 19 Wrote off $1,935 owed by Arnold Swartz, who has no assets.Oct. 12 Wrote off $2,125 owed by Janice Strong, who
Madonna’s Music Store uses the direct write-off method in accounting for uncollectible accounts. Record the following transactions in general journal form:20-1May 5 Wrote off $2,360 owed by Neal Dammond, who has no assets.July 18 Wrote off $1,255 owed by Maxine Mouse, who declared
Lewis Warehouse used the allowance method to record the following transactions, adjusting entries, and closing entries during the year ended December 31, 20--:Feb. 7 Received 70% of the $8,000 balance owed by Luxury Sofas, a bankrupt business, and wrote off the remainder as uncollectible.May 26
At the completion of the current fiscal year ending December 31, the balance of Accounts Receivable for Anderson’s Greeting Cards was $180,000. Credit sales for the year were $1,950,000.REQUIREDMake the necessary adjusting entry in general journal form under each of the following assumptions.
An analysis of the accounts receivable of Matsushita Company as of December 31, 20--, reveals the following:REQUIRED1. Prepare an aging schedule as of December 31, 20--, by adding the following column to the three columns shown above: Estimated Amount Uncollectible.2. Assuming that Allowance for
Lee and Chen Distributors uses the direct write-off method in accounting for uncollectible accounts.20-1Feb. 16 Sold merchandise on account to Biggs and Daughters, $16,000.Mar. 23 Sold merchandise on account to Lloyd Place, $12,800.June 8 Received $12,000 from Biggs and Daughters and wrote off the
The heads of the marketing and finance areas at your business are arguing about tight versus easy credit policies. One feels the policy should be tightened, and the other feels it should be eased. The division manager is concerned about which approach to use and asks for your advice. Prepare a memo
Preston Enterprises uses the direct write-off method of accounting for uncollectible accounts. On October 12, a very large account was written off. The amount was subsequently recovered on December 15. Ray Preston, the owner of the company, instructed the accountant to not make a journal entry for
Sam and Robert are identical twins. They opened identical businesses and experienced identical transactions. However, they decided to estimate uncollectible accounts in different ways. Sam elected to use the percentage of sales method, and Robert elected to use the percentage of receivables method.
Martel Co. has $320,000 in Accounts Receivable on December 31, 20-1, the end of its first year of operations. The business is new, so it has no prior experience with uncollectible accounts. In Martel’s overall industry, the percentage of uncollectible accounts receivable is about 3%. For
At the end of 20-2, Martel Co. had $380,000 in Accounts Receivable and a debit balance of $6,000 in Allowance for Bad Debts. Because it has been operating for only two years, Martel once again wants to base its estimate of uncollectible accounts on the industry average or the experience of similar
At the end of 20-3, Martel Co. had $410,000 in Accounts Receivable and a credit balance of $300 in Allowance for Bad Debts. Martel has now been in business for three years and wants to base its estimate of uncollectible accounts on its own experience.REQUIREDAssume that Martel Co.’s adjusting
Explain when revenues are recorded under the modified cash basis and accrual basis of accounting.
Explain when wages expense is recorded under the modified cash basis and accrual basis of accounting.
Explain the purpose of an appointment record.
Explain the purpose of a patient ledger account.
Explain the purpose of a special column in the combination journal.
Explain the purpose of the General columns in the combination journal.
How does the use of the combination journal save time and space in entering cash transactions?
Explain the purpose of the Description column in the combination journal.
What is the purpose of proving the totals in the combination journal?
When an entry is posted from the combination journal to a ledger account, what information is entered in the Posting Reference column of the combination journal? In the Posting Reference column of the ledger account?
JOURNAL ENTRIES Jean Akins opened a consulting business. Journalize the following transactions that occurred during the month of January of the current year using the modified cash basis and a combination journal. Set up special columns for Consulting Fees (credit) and Wages Expense (debit).Jan. 1
JOURNAL ENTRIES Bill Rackes opened a bicycle repair shop. Journalize the following transactions that occurred during the month of October of the current year. Use the modified cash basis and a combination journal with special columns for Repair Fees (credit) and Wages Expense (debit). Prove the
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING A TRIAL BALANCE Angela McWharton opened an on-call nursing services business. She rented a small office space and pays a part-time worker to answer the telephone. Her chart of accounts is shown below.Angela McWharton Nursing ServicesChart of
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING FINANCIAL STATEMENTS Sue Reyton owns a suit tailoring shop. She opened her business in September with a cash investment of $5,430. She rents a small work space and has an assistant to receive job orders and process claim tickets. Her trial
JOURNAL ENTRIES Bill Miller opened a bookkeeping service business. Journalize the following transactions that occurred during the month of March of the current year. Use the modified cash basis and a combination journal with special columns for Bookkeeping Fees (credit) and Wages Expense
JOURNAL ENTRIES Amy Anjelo opened a delivery service. Journalize the following transactions that occurred in January of the current year. Use the modified cash basis and a combination journal with special columns for Delivery Fees (credit) and Wages Expense (debit). Prove the combination
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING A TRIAL BALANCE J. B. Hoyt opened a training center at the marina where he provides private water-skiing lessons. He rented a small building at the marina and has a part-time worker to assist him. His chart of accounts is shown below.Water Walking
JOURNALIZING AND POSTING TRANSACTIONS AND PREPARING FINANCIAL STATEMENTS Molly Claussen owns a lawn care business. She opened her business in April with a cash investment of $5,000. She rents a small shop area where she stores her equipment and has an assistant to receive orders and process
Your friend is planning to start her own business and has asked you for advice. In particular, she is concerned about which method of accounting she should use. She has heard about the modified cash and accrual methods of accounting. However, she does not really understand the differences. Write a
Nancy Bowles, the owner of Bowles Services, a sole proprietorship, rushed into the office late Monday morning carrying a deposit receipt from the bank. Upon handing the receipt to Sarah, the accountant, she instructed her to debit Cash and credit Professional Fees for the full $10,000. When Sarah
John McRoe opened a tennis resort in June 20--. Most guests register for one week, arriving on Sunday afternoon and returning home the following Saturday afternoon. Guests stay at an adjacent hotel. The tennis resort provides lunch and dinner. Dining and exercise facilities are provided in a
Gerald Resler recently opened a financial consulting business. Summary transactions for the month of June, his second month of operation, are provided below.1. Cash collected from clients for consulting fees, $10,000. $1,500 of the $10,000 was for consulting fees earned in May, but received in
Your consulting firm was recently hired to improve the performance of Shin-Soenen Inc, which is highly profitable but has been experiencing cash shortages due to its high growth rate. As one part of your analysis, you want to determine the firms cash conversion cycle. Using the following
On January 1, 2008, Grate Company (as lessor) entered into a noncancelable lease agreement with Barrell Company for machinery which was carried on the accounting records of Grate at $4,530,000 and had a market value of $5,000,000. Minimum lease payments under the lease agreement which expires on
1. During April of the current year, Ronen purchased a warehouse that he used for business purposes. The basis was $1,600,000. Calculate the maximum depreciation expense during the current year?2 Alexandra purchased a $35,000 automobile during 2011. The business use was 70%. What is the allowable
Rene Rogers has adjusted gross income of $40,000. She has medical expenses of $5,000 and $3,000 of miscellaneous itemized deductions subject to the two-percent-of-AGI limit. In addition, she has a casualty loss of $6,000 and state income taxes of $1,500. Compute the deductible amounts of these
On October 29, 2010, Lue Co. began operations by purchasing razors for resale. Lue uses the perpetual inventory method. The razors have a 90-day warranty that requires the company to replace any nonworking razor. When a razor is returned, the company discards it and mails a new one from Merchandise
Affleck Inc.'s business is booming, and it needs to raise more capital. The company purchases supplies on terms of 1/10 net 20, and it currently takes the discount. One way of getting the needed funds would be to forgo the discount, and the firm's owner believes she could delay payment to 40 days
Smith and Jones each own tracts of land. Because of the location of their current operations, each would prefer to have the others land. Smith and Jones agree to exchange tracts.Jones pays Smith $36,000 based upon the following data.Smith Land Jones LandOriginal Cost $270,000 $280,000Appraised fair
On March 15, 20X9, Troy, Peter, and Sarah formed Picture Perfect general partnership.This partnership was created to sell a variety of cameras, picture frames, and other photography accessories. When it was formed, the partners received equal profits and capital interests and the following items
Parker is a 100% shareholder of Johnson Corp. (an S corporation). At the beginning of 2010, Parkers basis in his Johnson Corp. stock was $14,000.During 2010, Parker loaned $20,000 to Johnson Corp. and Johnson Corp.reported a $25,000 ordinary business loss and no separately stated items. In 2011,
1. Josh recently died at the age of 63, leaving a qualified plan account with a balance of $1,000,000. Josh was married to Kay, age 53 who is the designated beneficiary of the qualified plan. Which of the following is correct?a. Kay must distribute the entire account balance within five years of
1. Nancy, age 70 on February 2, 2011, had the following account balances in a qualified retirement plan. 12.13.2007 $300,00012.13.2009 $350.00012.13.2010 $500,00012.13.2011 $478,00012.13.2012
1. During 2011, Barry (who is single and has no children) earned a salary of $13,000. He is age 30. His earned income credit for the year is:a. $0.b. $50.c. $414.d. $464.e. None of the above.2. During the year, Purple Corporation (a U.S. Corporation) has U.S. source income of $1,800,000 and
1. George and Martha are married and file a joint tax return claiming their two children, ages 10 and 8 as dependents. Assuming their AGI is $123,450, George and Martha's child tax credit is:a. $0,b. $750.c. $1,300.d. $2,000.e. None of the above.2. Bob and Sally are married, file a joint tax
A companys employees had the following earnings records at the close of the current payroll period:The companys payroll taxes expense on each employee's earnings includes: FICA Social Security taxes of 6.2% on the first $84,900 plus 1.45% FICA Medicare on all wages; 0.8% federal unemployment taxes
The Granger Co. had the following information about its pension plan for 2008:1. Projected benefit obligation 400,0002. The company granted prior service benefits to employees on Jan. 1, 80,0003. Service Cost 60,0004. Settlement rates 10%5. Expected and actual return on plan assets 15,0006. Actual
1. A corporation sold property with an adjusted basis of $300,000 in an installment sale in Year 1. The terms of the sale called for a payment of $100,000 at the time of the sale and five annual payments of $100,000 each, plus interest on the outstanding balance.(a) Compute the corporations gross
Prepare journal entries (debit and credit or no entry) for the following events of a company 05/12/08 Received charter authorizing issuing of 10,000 shares of common stock at a par value of $3 per share. 06/03/08 Issued 6,000 shares of stock, receiving $42,000. 06/04/08 Paid a law firm for
The Torre Company has the following balances in stockholders equity on December 31st.Common Stock - $5.00 par, 60,000 issued $300,000Additional paid in capital - common 600,000Preferred stock - $100 par, 5,000 issued 500,000Additional paid in capital - preferred 100,000Retained earnings
You just took a $20,000, Eight-year loan. Payments at the end of each month are flat (equal in every month) at an annual interest rate of 8 percent.Calculate the monthly payment.Provide the appropriate loan table, showing the breakdown in each month between principal repayment and interest.
Janice has $5,000 invested in a bank that pays 3.8% annually. How long will it take for her funds to triple?
Use Excel to construct an amortization table for the following mortgage. In the amortization table, provide all the information listed below. (Assuming interest is compounded monthly and payments are due at the end of the month). For a 15-year variable-rate-level-payment mortgage (VRM) of $350,000
EFFECTIVE ANNUAL RATE : Gloria bought a car for a price of $17,345 the down payment amount $6,00.00 & financed the rest through the dealer at an APR of 4.9% for 4 yrs what is the effective annual rate if payments are made monthly
Present value of an a ordinary Annuity: An investment opportunity requires a payment of $750 for 12 yrs starting a year from today if your required rate of return is 8 % what is the value of the investment today?
Future value with multiple cash flows: Expects to earn cash flows of $13,227, $15,611, $18,970 and $19,114 over the next four years. If the company uses an 8% disc. Rate what is the future value of these cash flows at the end of the 4 yrs.
Present value with multiple cash flows: Jeremy borrowed from his friend a certain amt. & promised to repay the amt of $1,225, $1,350, $2,500$1, 600 & $1,600 over the next 5 yrs. If the friend normally Disc. Investments @8%annually how much did Jeremy borrow.
Jill Loomis believes a current liability is a debt that can be expected to be paid in one year. Is Jill correct? Explain. Discuss.
Frederickson Company obtains $40,000 in cash by signing a 9%, 6-month, $40,000 note payable to First Bank on July 1. Frederickson’s fiscal year ends on September 30. What information should be reported for the note payable in the annual financial statements? Discuss.
What is liquidity? What are two measures of liquidity? Discuss.
Under what circumstances is a contingent liability disclosed only in the notes to the financial statements? Under what circumstances is a contingent liability not recorded in the accounts nor disclosed in the notes to the financial statements?
Which payroll tax is levied on both employers and employees?
What do the following acronyms stand for: FICA, FUTA, and SUTA?
What information is shown in a W-2 statement? Discuss.
What is the difference between a defined-contribution pension plan and a defined-benefit pension plan? Discuss.
Describe the two major obligations incurred by a company when bonds are issued.
Assume that Koslowski Inc. sold bonds with a face value of $100,000 for $104,000. Was the market interest rate equal to, less than, or greater than the bonds’ contractual interest rate? Explain.
If a 7%, 10-year, $800,000 bond is issued at face value and interest is paid semiannually, what is the amount of the interest payment at the end of the first semiannual period?
If the Bonds Payable account has a balance of $900,000 and the Discount on Bonds Payable account has a balance of $40,000, what is the carrying value of the bonds?
Clooney Company rents a warehouse on a month-to month basis for the storage of its excess inventory. The company periodically must rent space when its production greatly exceeds actual sales. What is the nature of this type of lease agreement, and what accounting treatment should be used?
Rondelli Company entered into an agreement to lease 12 computers from Estes Electronics Inc. The present value of the lease payments is $186,300. Assuming that this is a capital lease, what entry would Rondelli Company make on the date of the lease agreement? Discuss.
Did PepsiCo redeem any of its debt during the fiscal year ended December 29, 2007?
Sampson and Stevens form a partnership. Sampson contributes land with a book value of $50,000 and a fair market value of $65,000. Sampson also contributes equipment with a book value of $52,000 and a fair market value of $57,000. The partnership assumes a $20,000 mortgage on the land. What should
W. Mantle, N. Cash, and W. DiMaggio have a partnership called Outlaws. A dispute has arisen among the partners. Mantle has invested twice as much in assets as the other two partners, and he believes net income and net losses should be shared in accordance with the capital ratios. The partnership
M. Carson and R. Leno have partnership capital balances of $40,000 and $80,000, respectively. The partnership agreement indicates that net income or net loss should be shared equally. If net income for the partnership is $36,000, how should the net income is divided?
Bobby Donal and Bill Spader are discussing the liquidation of a partnership. Bobby maintains that all cash should be distributed to partners on the basis of their income ratios. Is he correct? Explain.
In continuing their discussion from Question 13, Bill says that even in the case of a capital deficiency, all cash should still be distributed on the basis of capital balances. Is Bill correct? Explain.
Linda Ratzlaff decides to purchase from an existing partner for $50,000 a one-third interest in a partnership. What effect does this transaction have on partnership net assets?
Steve Renn decides to invest $25,000 in a partnership for a one-sixth capital interest. How much do the partnership’s net assets increase? Does Renn also acquire a one-sixth income ratio through this investment?
Why is PepsiCo not a partnership?
Why common stock is usually not issued at a price that is less than par value?
How many shares of treasury stock did PepsiCo have at December 29, 2007, and at December 30, 2006?

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