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Financial Accounting 12th Edition Warren, Reeve, Duchac - Solutions

The following were selected from among the transactions completed by The Grill Company during April of the current year:Apr. 3. Purchased merchandise on account from Grizzly Co., list price $60,000, trade discount 30%, terms FOB destination, 2/10, n/30.4. Sold merchandise for cash, $23,750. The
The following selected transactions were completed during May between Sky Company and Big Co.:May 1. Sky Company sold merchandise on account to Big Co., $72,000, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $43,200.2. Sky Company paid freight of $3,000 for delivery of
Selected transactions for Gourmet Company during January of the current year are listed in Problem 6-4A.InstructionsJournalize the entries to record the transactions of Gourmet Company for January using the periodic inventory system.
On July 31, 2012, the balances of the accounts appearing in the ledger of Sagebrush Company are as follows:Instructions1. Does Sagebrush Company use a periodic or perpetual inventory system? Explain.2. Prepare a multiple-step income statement for Sagebrush Company for the year ended July 31, 2012.
The following selected accounts and their current balances appear in the ledger of Black Lab Co. for the fiscal year ended April 30, 2012:Instructions1. Prepare a multiple-step income statement.2. Prepare a statement of owner's equity.3. Prepare a report form of balance sheet, assuming that the
On March 13, 2012, Plant-Wise Company, a garden retailer, purchased $18,000 of seed, terms 2/10, n/30, from Premium Seed Co. Even though the discount period had expired, Brendan Morton subtracted the discount of $360 when he processed the documents for payment on March 26, 2012.Discuss whether
Ocean Atlantic Co. is a merchandising business. The account balances for Ocean Atlantic Co. as of July 1, 2012 (unless otherwise indicated), are as follows:During July, the last month of the fiscal year, the following transactions were completed:July 1. Paid rent for July, $4,000.3. Purchased
Mountain Gear Inc., which uses a perpetual inventory system, experienced a normal inventory shrinkage of $21,950. What accounts would be debited and credited to record the adjustment for the inventory shrinkage at the end of the accounting period?
Assume that Mountain Gear Inc. in Discussion Question 9 experienced an abnormal inventory shrinkage of $263,750. Mountain Gear Inc. has decided to record the abnormal inventory shrinkage so that it would be separately disclosed on the income statement. What account would be debited for the abnormal
During the current year, merchandise is sold for $275,000 cash and $990,000 on account. The cost of the merchandise sold is $950,000. What is the amount of the gross profit?
During the current year, merchandise is sold for $40,000 cash and $415,000 on account. The cost of the merchandise sold is $360,000. What is the amount of the gross profit?
Journalize the following merchandise transactions:a. Sold merchandise on account, $29,000 with terms 2/10, n/30. The cost of the merchandise sold was $21,750.b. Received payment less the discount.
House of Clean Company’s perpetual inventory records indicate that $375,000 of merchandise should be on hand on June 30, 2012. The physical inventory indicates that $366,500 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for House of Clean Company
The following financial statement data for years ending December 31 for Foodworks Company are shown below.a. Determine the ratio of net sales to assets for 2012 and 2011.b. Does the change in the ratio of net sales to assets from 2011 to 2012 indicate a favorable or an unfavorabletrend?
For the year ended February 28, 2009, Best Buy reported revenue of $45,015 million. Its gross profit was $10,998 million. What was the amount of Best Buy’s cost of merchandise sold?
Assume that a trial balance is prepared with an account balance of $21,740 listed as $2,174 and an account balance of $4,500 listed as $5,400. Identify the transposition and the slide.
Two income statements for Hitt Company are shown below.Prepare a horizontal analysis of Hitt Company€™s incomestatements.
Innerscape Interiors is owned and operated by Jean Cartier, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates its major account classification (1—assets, 2—liabilities, 3—owner’s equity, 4—revenues, 5— expenses). The second
Alpha School is a newly organized business that teaches people how to inspire and influence others. The list of accounts to be opened in the general ledger is as follows:Accounts Payable ......... Miscellaneous ExpenseAccounts Receivable ...... Prepaid InsuranceCash .............. Rent
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or acredit.
During the month, Iris Labs Co. has a substantial number of transactions affecting each of the following accounts. State for each account whether it is likely to have (a) Debit entries only, (b) Credit entries only, or (c) Both debit and credit entries.1. Accounts Payable2. Accounts Receivable3.
Identify each of the following accounts of Advanced Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a credit.a. Accounts Payableb. Accounts Receivablec. Barbara Mallary, Capitald. Barbara Mallary, Drawinge.
Chalet Co. has the following accounts in its ledger: Cash; Accounts Receivable; Supplies; Office Equipment; Accounts Payable; Andee Freese, Capital; Andee Freese, Drawing; Fees Earned; Rent Expense; Advertising Expense; Utilities Expense; Miscellaneous Expense. Journalize the following selected
As of January 1, Brenda Cikan, Capital, had a credit balance of $125,000. During the year, withdrawals totaled $7,000, and the business incurred a net loss of $130,000.a. Compute the balance of Brenda Cikan, Capital, as of the end of the year.b. Assuming that there have been no recording errors,
The accounts in the ledger of Diva Co. as of July 31, 2012, are listed in alphabetical order as follows. All accounts have normal balances. The balance of the cash account has been intentionally omitted.Prepare an unadjusted trial balance, listing the accounts in their normal order and inserting
Leila Durkin, an architect, opened an office on May 1, 2012. During the month, she completed the following transactions connected with her professional practice:a. Transferred cash from a personal bank account to an account to be used for the business, $30,000.b. Paid May rent for office and
On October 1, 2012, Faith Schultz established Heavenly Realty, which completed the following transactions during the month:a. Faith Schultz transferred cash from a personal bank account to an account to be used for the business, $20,000.b. Paid rent on office and equipment for the month, $3,750.c.
On April 1, 2012, Kathleen Alvarez established an interior decorating business, Intrex Designs. During the month, Kathleen completed the following transactions related to the business:Apr. 1. Kathleen transferred cash from a personal bank account to an account to be used for the business,
Utopia Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on October 31, 2012, is shown below.The following business transactions were completed by Utopia Realty during November2012:Nov. 1. Paid rent on office for month, $5,000.2. Purchased
Imperial Carpet has the following unadjusted trial balance as of March 31, 2012.The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was understated by $12,000.b. A cash receipt of $13,900 was posted as a debit to Cash of $19,300.c. A debit of $15,000
Prime Time Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on July 31, 2012, is shown below.The following business transactions were completed by Prime Time Realty during August 2012:Aug. 1. Purchased office supplies on account, $1,800.2.
Elite Video has the following unadjusted trial balance as of October 31, 2012.The debit and credit totals are not equal as a result of the following errors:a. The balance of cash was overstated by $7,500.b. A cash receipt of $7,200 was posted as a debit to Cash of $2,700.c. A debit of $5,000 to
The transactions completed by PS Music during June 2012 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business’s operations:July 1. Pat Sharpe made an additional investment in PS Music by depositing $4,000 in PS Music’s
Elite Hardware is a small hardware store in the rural township of Rexburg that rarely extends credit to its customers in the form of an account receivable. The few customers that are allowed to carry accounts receivable are long-time residents of Rexburg and have a history of doing business at
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $471,200 and Allowance for Doubtful Accounts has a balance of $27,500. Describe how the accounts receivable and the allowance for doubtful accounts are reported on the balance sheet.
Calypso Company issued a note receivable to Kearny Company.(a) Who is the payee?(b) What is the title of the account used by Kearny Company in recording the note?
If a note provides for payment of principal of $150,000 and interest at the rate of 4%, will the interest amount to $6,000? Explain.
The maker of a $60,000, 5%, 90-day note receivable failed to pay the note on the due date of April 30. What accounts should be debited and credited by the payee to record the dishonored note receivable?
The note receivable dishonored in Discussion Question 9 is paid on May 30 by the maker, plus interest for 30 days, 8%. What entry should be made to record the receipt of the payment?
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:Jan. 17. Received $250 from Ian Kearns and wrote off the remainder owed of $750 as uncollectible.Apr. 6. Reinstated the account of Ian Kearns and received $750 cash in full payment.
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:July 7. Received $500 from Betty Williams and wrote off the remainder owed of $2,000 as uncollectible.Nov. 13. Reinstated the account of Betty Williams and received $2,000 cash in
Journalize the following transactions using the allowance method of accounting for uncollectible receivables:Jan. 17. Received $250 from Ian Kearns and wrote off the remainder owed of $750 as uncollectible.Apr. 6. Reinstated the account of Ian Kearns and received $750 cash in full payment.
Journalize the following transactions using the allowance method of accounting for uncollectible receivables:July 7. Received $500 from Betty Williams and wrote off the remainder owed of $2,000 as uncollectible.Nov. 13. Reinstated the account of Betty Williams and received $2,000 cash in full
At the end of the current year, Accounts Receivable has a balance of $325,000; Allowance for Doubtful Accounts has a credit balance of $3,900; and net sales for the year total $4,500,000. Bad debt expense is estimated at ½ of 1% of net sales.Determine (a) The amount of the adjusting entry for
At the end of the current year, Accounts Receivable has a balance of $2,500,000; Allowance for Doubtful Accounts has a debit balance of $9,000; and net sales for the year total $32,000,000. Bad debt expense is estimated at ¼ of 1% of net sales.Determine (a) The amount of the adjusting entry for
At the end of the current year, Accounts Receivable has a balance of $325,000; Allowance for Doubtful Accounts has a credit balance of $3,900; and net sales for the year total $4,500,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $25,000. Determine (a)
At the end of the current year, Accounts Receivable has a balance of $2,500,000; Allowance for Doubtful Accounts has a debit balance of $9,000; and net sales for the year total $32,000,000. Using the aging method, the balance of Allowance for Doubtful Accounts is estimated as $76,000. Determine
Vista Supply Company received a 30-day, 4% Note for $90,000, dated September 8 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the entry to record the receipt of the payment of the note at maturity.
Gorilla Supply Company received a 120-day, 5% note for $150,000, dated March 27 from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the entry to record the receipt of the payment of the note at maturity.
Financial statement data for years ending December 31 for Blum Company are shown below.a. Determine the accounts receivable turnover for 2012 and 2011.b. Determine the number of days' sales in receivables for 2012 and 2011. Round to one decimal place.c. Does the change in accounts receivable
Financial statement data for years ending December 31 for Sherick Company are shown below.a. Determine the accounts receivable turnover for 2012 and 2011.b. Determine the number of days' sales in receivables for 2012 and 2011. Round to one decimal place.c. Does the change in accounts receivable
Boeing 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. As of December 31, 2009, Boeing had $3,090 million of receivables involving U.S. government contracts
The MGM Mirage owns and operates casinos including the MGM Grand and the Bellagio in Las Vegas, Nevada. As of December 31, 2009, The MGM Mirage reported accounts and notes receivable of $465,580,000 and allowance for doubtful accounts of $97,106,000.Johnson & Johnson manufactures and sells a wide
Journalize the following transactions in the accounts of Cecena Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables:Feb. 13. Sold merchandise on account to Dr. Ben Katz, $120,000. The cost of the merchandise sold was $72,000.May
Journalize the following transactions in the accounts of Metromark Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:Feb. 11. Sold merchandise on account to Dakota Co., $29,000. The cost of the merchandise sold was $17,400.Apr. 15.
Acropolis Company, a computer consulting firm, has decided to write off the $12,950 balance of an account owed by a customer, Aaron Guzman. Journalize the entry to record the write-off, assuming that(a) The direct write-off method is used and(b) The allowance method is used.
At the end of the current year, the accounts receivable account has a debit balance of $1,275,000 and net sales for the year total $16,000,000. Determine the amount of the adjusting entry to provide for doubtful accounts under each of the following assumptions:a. The allowance account before
Honest Abe€™s Auto Supply distributes new and used automobile parts to local dealers throughout the Northeast. Honest Abe€™s credit terms are n/30. As of the end of business on July 31, the following accounts receivable were past due:Determine the number of days each account is
The accounts receivable clerk for Quigley Industries prepared the following partially completed aging of receivables schedule as of the end of business on November 30:The following accounts were unintentionally omitted from the aging schedule and not included in the subtotals above:a. Determine
Quigley Industries has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging of receivables schedule you completed in Exercise 9-8. PercentAge Class UncollectibleNot past due .....
Using data in Exercise 9-9, assume that the allowance for doubtful accounts for Quigley Industries has a credit balance of $14,280 before adjustment on November 30. Journalize the adjusting entry for uncollectible accounts as of November 30.
Imperial Bikes Co. is a wholesaler of motorcycle supplies. An aging of the company€™s accounts receivable on December 31, 2012, and a historical analysis of the percentage of uncollectible accounts in each age category are as follows:Estimate what the proper balance of the allowance for
Using the data in Exercise 9-11, assume that the allowance for doubtful accounts for Imperial Bikes Co. had a debit balance of $1,400 as of December 31, 2012.Journalize the adjusting entry for uncollectible accounts as of December 31, 2012.Data From 9-11Imperial Bikes Co. is a wholesaler of
The following selected transactions were taken from the records of Aprilla Company for the first year of its operations ending December 31, 2012:Jan. 27. Wrote off account of C. Knoll, $6,000.Feb. 17. Received $1,000 as partial payment on the $3,000 account of Joni Lester. Wrote off the remaining
The following selected transactions were taken from the records of Silhouette Company for the year ending December 31, 2012:Mar. 4. Wrote off account of Myron Rimando $7,500.May 19. Received $2,000 as partial payment on the $10,000 account of Shirley Mason. Wrote off the remaining balance as
During its first year of operations, Filippi’s Plumbing Supply Co. had net sales of $4,800,000, wrote off $65,000 of accounts as uncollectible using the direct write-off method, and reported net income of $375,000. Determine what the net income would have been if the allowance method had been
Using the data in Exercise 9-15, assume that during the second year of operations Filippi’s Plumbing Supply Co. had net sales of $5,500,000, wrote off $70,000 of accounts as uncollectible using the direct write-off method, and reported net income of $450,000.a. Determine what net income would
Spangler Company wrote off the following accounts receivable as uncollectible for the first year of its operations ending December 31, 2012:Customer AmountWill Boyette ..... $10,000Stan Frey ....... 8,000Tammy Imes ........ 5,000Shana Wagner ..... 6,000Total ....... $29,000a. Journalize the
Magnetics International wrote off the following accounts receivable as uncollectible for the year ending December 31, 2012:Customer AmountTrey Betts .... $15,500Cheryl Carson .... 9,000Irene Harris .... 29,700Renee Putman .... 3,100Total ...... $57,300The company prepared the following aging
Determine the due date and the amount of interest due at maturity on the followingnotes:
Oregon Interior Decorators issued a 90-day, 6% note for $90,000, dated April 9, to Corvallis Furniture Company on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c. Journalize the entries to record the following:(1) Receipt of the note by Corvallis
The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe eachtransaction.
The following selected transactions were completed by Zip-Up Co., a supplier of zippers for clothing:2011Dec. 10. Received from Point Loma Clothing & Bags Co., on account, a $36,000,90-day, 4% note dated December 10.31. Recorded an adjusting entry for accrued interest on the note of December 10.31.
Journalize the following transactions of Frankenstein Productions:May 3. Received a $150,000, 120-day, 6% note dated May 3 from Sunrider Co. on account.Aug. 31. The note is dishonored by Sunrider Co.Oct. 30. Received the amount due on the dishonored note plus interest for 60 days at 9% on the total
Journalize the following transactions in the accounts of Jamba Co., which operates a riverboat casino:Mar. 1. Received an $80,000, 60-day, 6% note dated March 1 from Tomekia Co. on account.18. Received a $75,000, 60-day, 8% note dated March 18 from Mystic Co. on account.Apr. 30. The note dated
List any errors you can find in the following partial balancesheet:
Polo Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company€™s products include such brands as Polo by Ralph Lauren, Ralph Lauren Purple Label, Ralph Lauren, Polo Jeans Co., and Chaps. Polo Ralph Lauren
H.J. Heinz Company was founded in 1869 at Sharpsburg, Pennsylvania, by Henry J. Heinz. The company manufactures and markets food products throughout the world, including ketchup, condiments and sauces, frozen food, pet food, soups, and tuna. For the fiscal years 2009 and 2008, H.J. Heinz reported
The Limited Brands Inc. sells women€™s clothing and personal health care products through specialty retail stores including Victoria€™s Secret and Bath & Body Works stores. The Limited Brands reported the following (in millions):Assume that accounts receivable (in millions) were
Use the data in Exercises 9-27 and 9-28 to analyze the accounts receivable turnover ratios of H.J. Heinz Company and The Limited Brands Inc.a. Compute the average accounts receivable turnover ratio for The Limited Brands Inc. and H.J. Heinz Company for the years shown in Exercises 9-27 and
The following transactions were completed by Axiom Management Company during the current fiscal year ended December 31:Feb. 17. Received 25% of the $30,000 balance owed by Gillespie Co., a bankrupt business, and wrote off the remainder as uncollectible.Apr. 11. Reinstated the account of Colleen
Angler€™s Dream Company supplies flies and fishing gear to sporting goods stores and outfitters throughout the western United States. The accounts receivable clerk for Angler€™s Dream prepared the following partially completed aging of receivables schedule as of the end of
Tel-Com Company, a telephone service and supply company, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the entire period. Because of substantial increases in sales volume and the amount of uncollectible accounts, the
Old Town Co. wholesales bathroom fixtures. During the current fiscal year, Old Town Co. received the following notes:Instructions1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.2. Journalize the entry to record the dishonor
The following data relate to notes receivable and interest for Viking Co., a cable manufacturer and supplier. (All notes are dated as of the day they are received.)June 3. Received a $24,000, 4%, 60-day note on accountJuly 26. Received a $27,000, 5%, 120-day note on accountAug. 2. Received $24,160
The following were selected from among the transactions completed by Sorento Co. during the current year. Sorento Co. sells and installs home and business security systems.Jan. 5. Loaned $17,500 cash to Marc Jager, receiving a 90-day, 8% note.Feb. 4. Sold merchandise on account to Tedra & Co.,
The following transactions were completed by The Spencer Gallery during the current fiscal year ended December 31:Mar. 15. Reinstated the account of Brad Atwell, which had been written off in the preceding year as uncollectible. Journalized the receipt of $3,750 cash in full payment of Brad’s
Capri Wigs Company supplies wigs and hair care products to beauty salons throughout California and the Pacific Northwest. The accounts receivable clerk for Capri Wigs prepared the following partially completed aging of receivables schedule as of the end of business on December 31, 2011:The
Cyber Tech Company, which operates a chain of 25 electronics supply stores, has just completed its fourth year of operations. The direct write-off method of recording bad debt expense has been used during the entire period. Because of substantial increases in sales volume and the amount of
Media Ads Co. produces advertising videos. During the last six months of the current fiscal year, Media Ads Co. received the following notes:Instructions1. Determine for each note (a) the due date and (b) the amount of interest due at maturity, identifying each note by number.2. Journalize the
The following data relate to notes receivable and interest for El Rayo Co., a financial services company. (All notes are dated as of the day they are received.)Mar. 1. Received a $90,000, 6%, 60-day note on account.25. Received a $10,000, 4%, 90-day note on account.Apr. 30. Received $90,900 on
The following were selected from among the transactions completed during the current year by Indigo Co., an appliance wholesale company:Jan. 13. Sold merchandise on account to Boylan Co., $32,000. The cost of merchandise sold was $19,200.Mar. 10. Accepted a 60-day, 6% note for $32,000 from Boylan
Stacey Ball, vice president of operations for Clinton County Bank, has instructed the bank’s computer programmer to use a 365-day year to compute interest on depository accounts (liabilities). Stacey also instructed the programmer to use a 360-day year to compute interest on loans
For several years, Dolphin Co.€™s sales have been on a €œcash only€ basis. On January 1, 2009, however, Dolphin Co. began offering credit on terms of n/30. The amount of the adjusting entry to record the estimated uncollectible receivables at the end of each year has
Best Buy is a specialty retailer of consumer electronics, including personal computers, entertainment software, and appliances. Best Buy operates retail stores in addition to the Best Buy, Media Play, On Cue, and Magnolia Hi-Fi Web sites. For two recent years, Best Buy reported the following (in
Apple Computer, Inc., designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business customers. Substantially all of the company€™s net sales over the last five years are
EarthLink, Inc., is a nationwide Internet Service Provider (ISP). EarthLink provides a variety of services to its customers, including narrowband access, broadband or high-speed access, and Web hosting services. For two recent years, EarthLink reported the following (in thousands):Assume that the
Arentz Office Supplies has a fleet of automobiles and trucks for use by salespersons and for delivery of office supplies and equipment. Universal Auto Sales Co. has automobiles and trucks for sale. Under what caption would the automobiles and trucks be reported in the balance sheet of(a) Arentz
Cleanway Co. acquired an adjacent vacant lot with the hope of selling it in the future at a gain. The lot is not intended to be used in Cleanway’s business operations. Where should such real estate be listed in the balance sheet?
Airy Company solicited bids from several contractors to construct an addition to its office building. The lowest bid received was for $575,000. Airy Company decided to construct the addition itself at a cost of $435,000. What amount should be recorded in the building account?

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