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Accounting 22nd Edition Carl S. Warren, James M. Reeve, Jonathan E. Duchac - Solutions

For a recent year, the balance sheet for The Campbell Soup Company includes accrued liabilities of $606,000,000. The income before taxes for The Campbell Soup Company for the year was $1,030,000,000.a. If the accruals had not been recorded at the end of the year, by how much would income before
The accountant for Cyprus Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for(a) Unearned revenue earned during the year ($12,450) and(b) Accrued wages ($7,280). Indicate the effect of each error, considered individually, on the income statement for the current
On December 31, a business estimates depreciation on equipment used during the first year of operations to be $18,100.a. Journalize the adjusting entry required as of December 31.b. If the adjusting entry in (a) were omitted, which items would be erroneously stated on(1) The income statement for
The unadjusted and adjusted trial balances for Tomahawk Services Co. on July 31, 2008, are shown below.Journalize the five entries that adjusted the accounts at July 31, 2008. None of the accounts were affected by more than one adjustingentry.
The accountant for Sweetwater Laundry prepared the following unadjusted and adjusted trial balances. Assume that all balances in the unadjusted trial balance and the amounts of the adjustments are correct. Identify the errors in the accountant€™s adjustingentries.
On July 31, 2008, the following data were accumulated to assist the accountant in preparing the adjusting entries for Fremont Realty:a. The supplies account balance on July 31 is $1,975. The supplies on hand on July 31 are $625.b. The unearned rent account balance on July 31 is $3,750, representing
Selected account balances before adjustment for Foxboro Realty at December 31, 2008, the end of the current year, are as follows:Data needed for year-end adjustments are as follows:a. Unbilled fees at December 31, $1,650.b. Supplies on hand at December 31, $200.c. Rent expired, $5,000.d.
Iron River Company, an electronics repair store, prepared the unadjusted trial balance at the end of its first year of operations shown below.For preparing the adjusting entries, the following data were assembled:a. Fees earned but unbilled on April 30 were $1,775.b. Supplies on hand on April 30
Danville Company specializes in the repair of music equipment and is owned and operated by Harry Nagel. On April 30, 2008, the end of the current year, the accountant for Danville Company prepared the following trial balances:InstructionsJournalize the seven entries that adjusted the accounts at
Cambridge Company is a small editorial services company owned and operated by Dave Maier. On December 31, 2008, the end of the current year, Cambridge Company's accounting clerk prepared the unadjusted trial balance shown at the top of the following page.The data needed to determine year-end
At the end of June, the first month of operations, the following selected data were taken from the financial statements of Teryse Weire, an attorney:Net income for June ......... $155,000Total assets at June 30 ........ 350,000Total liabilities at June 30 ....... 120,000Total owner's equity at
On October 31, 2008, the following data were accumulated to assist the accountant in preparing the adjusting entries for Twin Bluffs Realty:a. Fees accrued but unbilled at October 31 are $11,385.b. The supplies account balance on October 31 is $2,973. The supplies on hand at October 31 are $740.c.
Selected account balances before adjustment for Green Lake Realty at August 31, 2008, the end of the current year, are shown below.Data needed for year-end adjustments are as follows:a. Supplies on hand at August 31, $500.b. Depreciation of equipment during year, $1,375.c. Rent expired during year,
Lander Outfitters Co., an outfitter store for fishing treks, prepared the unadjusted trial balance shown on the following page at the end of its first year of operations.For preparing the adjusting entries, the following data were assembled:a. Supplies on hand on June 30 were $300.b. Fees earned
Elkton Company specializes in the maintenance and repair of signs, such as billboards. On July 31, 2008, the accountant for Elkton Company prepared the following trial balances.InstructionsJournalize the seven entries that adjusted the accounts at July 31. None of the accounts were affected by more
Lincoln Service Co., which specializes in appliance repair services, is owned and operated by Molly Jordan. Lincoln Service Co.'s accounting clerk prepared the following unadjusted trial balance at December 31, 2008, shown below.The data needed to determine year-end adjustments are as follows:a.
At the end of October, the first month of operations, the following selected data were taken from the financial statements of Lauren Powell, an attorney:Net income for October .........$ 99,480Total assets at October 31 ........ 400,000Total liabilities at October 31 ........ 100,000Total owner's
The unadjusted trial balance that you prepared for Dancin Music at the end of Chapter 2 should appear as follows:The data needed to determine adjustments for the two-month period ending May 31, 2008, are as follows:a. During May, Dancin Music provided guest disc jockeys for KPRG for a total of 115
Annette Kagel opened Harre Real Estate Co. on January 1, 2007. At the end of the first year, the business needed additional capital. On behalf of Harre Real Estate, Annette applied to Lake County State Bank for a loan of $200,000. Based on Harre Real Estate's financial statements, which had been
The following is an excerpt from a conversation between Sybil Towns and Greg Gibbs just before they boarded a flight to London on American Airlines. They are going to London to attend their company's annual sales conference.Sybil: Greg, aren't you taking an introductory accounting course at
Several years ago, your brother opened Pomona Television Repair. He made a small initial investment and added money from his personal bank account as needed. He withdrew money for living expenses at irregular intervals. As the business grew, he hired an assistant. He is now considering adding more
What is the meaning of? (a) 2/10, n/60; (b) n/30; (c) n/eom?
Based upon the following data, determine the cost of merchandise sold for July:Merchandise inventory, July 1 ....... $ 88,370Merchandise inventory, July 31 ........ 92,120Purchases ................ 681,400Purchases returns and allowances ...... 9,250Purchases discounts ............
Based upon the following data, determine the cost of merchandise sold for April:Merchandise inventory, April 1 .......$128,120Merchandise inventory, April 30 ........ 140,500Purchases ................. 983,400Purchases returns and allowances ....... 10,250Purchases discounts .............
Journalize the following merchandise transactions:a. Sold merchandise on account, $12,250 with terms 2/10, n/30. The cost of the merchandise sold was $7,400.b. Received payment less the discount.
Journalize the following merchandise transactions:a. Sold merchandise on account, $22,500 with terms 1/10, n/30. The cost of the merchandise sold was $14,150.b. Received payment less the discount.
Wilder Company purchased merchandise on account from a supplier for $7,500, terms 2/10, n/30. Wilder Company returned $1,500 of the merchandise and received full credit.a. If Wilder Company pays the invoice within the discount period, what is the amount of cash required for the payment?b. Under a
Gupta Company purchased merchandise on account from a supplier for $13,200, terms 1/10, n/30. Gupta Company returned $1,700 of the merchandise and received full credit.a. If Gupta Company pays the invoice within the discount period, what is the amount of cash required for the payment?b. Under a
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discountperiod.
Determine the amount to be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discountperiod.
Stuckey Co. sold merchandise to Bullock Co. on account, $5,250, terms 2/15, n/30. The cost of the merchandise sold is $3,150. Stuckey Co. issued a credit memorandum for $650 for merchandise returned and later received the amount due within the discount period. The cost of the merchandise returned
Sparks Co. sold merchandise to Boyt Co. on account, $8,500, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $5,100. Sparks Co. paid transportation charges of $225 and later received the amount due within the discount period. Journalize Sparks Co.'s and Boyt Co.'s entries
Triangle Company's perpetual inventory records indicate that $111,500 of merchandise should be on hand on September 30, 2008. The physical inventory indicates that $107,400 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Triangle Company for the
Three Turtles Company's perpetual inventory records indicate that $543,735 of merchandise should be on hand on August 31, 2008. The physical inventory indicates that $520,250 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Three Turtles Company for
During the current year, merchandise is sold for $2,850,750. The cost of the merchandise sold is $1,995,525.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report a net income? Explain.
Identify the errors in the following schedule of cost of merchandise sold for the current year ended March 31,2008:
For the fiscal year, sales were $4,125,800, sales discounts were $380,000, sales returns and allowances were $186,750, and the cost of merchandise sold was $2,475,500.a. What was the amount of net sales?b. What was the amount of gross profit?
The following expenses were incurred by a merchandising business during the year. In which expense section of the income statement should each be reported: (a) Selling, (b) Administrative,(c) Other?1. Advertising expense.2. Depreciation expense on store equipment.3. Insurance expense on office
Summary operating data for The Voodoo Company during the current year ended November 30, 2008, are as follows: cost of merchandise sold, $2,175,350; administrative expenses, $500,000; interest expense, $23,200; rent revenue, $30,000; net sales, $4,000,000; and selling expenses, $880,000. Prepare a
Identify the errors in the following incomestatement:
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter.
On August 31, 2008, the balances of the accounts appearing in the ledger of The Bent Needle Company, a furniture wholesaler, are as follows:a. Prepare a multiple-step income statement for the year ended August 31, 2008.b. Compare the major advantages and disadvantages of the multiple-step and
Gemini Co. is a newly organized business with a list of accounts arranged in alphabetical order below.Accounts Payable ..............Miscellaneous Administrative ExpenseAccounts Receivable ............Miscellaneous Selling ExpenseAccumulated Depreciation—Office Equipment .Notes PayableAccumulated
Journalize the entries for the following transactions:a. Sold merchandise for cash, $12,150. The cost of the merchandise sold was $9,100.b. Sold merchandise on account, $6,000. The cost of the merchandise sold was $4,000.c. Sold merchandise to customers who used MasterCard and VISA, $30,780. The
During the year, sales returns and allowances totaled $172,100. The cost of the merchandise returned was $100,300. The accountant recorded all the returns and allowances by debiting the sales account and crediting Cost of Merchandise Sold for $172,100. Was the accountant's method of recording
After the amount due on a sale of $18,500, 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 merchandise returned was $11,100. (a) What is the amount of the refund owed to the customer? (b) Journalize
The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction.
Merchandise is sold on account to a customer for $9,200, terms FOB shipping point, 2/10, n/30. The seller paid the transportation costs of $638. Determine the following: (a) Amount of the sale, (b) Amount debited to Accounts Receivable, (c) Amount of the discount for early payment, (d) Amount due
Hushpuppy Company purchased merchandise on account from a supplier for $6,750, terms 2/10, n/30. Hushpuppy Company returned $1,500 of the merchandise and received full credit.a. If Hushpuppy Company pays the invoice within the discount period, what is the amount of cash required for the payment?b.
A retailer is considering the purchase of 100 units of a specific item from either of two suppliers.Their offers are as follows:A: $375 a unit, total of $37,500, 2/10, n/30, plus transportation costs of $1,050.B: $380 a unit, total of $38,000, 1/10, n/30, no charge for transportation.Which of the
The debits and credits from four related transactions are presented in the following T accounts. Describe eachtransaction.
Madamé Co., a women's clothing store, purchased $10,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Madamé Co. returned $2,500 of the merchandise, receiving a credit memorandum, and then paid the amount due within the discount period. Journalize Madamé Co.'s
Journalize entries for the following related transactions of La Paz Company:a. Purchased $18,400 of merchandise from Harbin Co. on account, terms 2/10, n/30.b. Paid the amount owed on the invoice within the discount period.c. Discovered that $4,500 of the merchandise was defective and returned
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 within the discountperiod.
A sale of merchandise on account for $12,200 is subject to a 6% 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 the sale? (c) What is the amount debited to Accounts Receivable? (d) What is the title of the account to which
Journalize the entries to record the following selected transactions:a. Sold $15,750 of merchandise on account, subject to a sales tax of 8%. The cost of the merchandise sold was $9,450.b. Paid $29,183 to the state sales tax department for taxes collected.
Sellers Co., a furniture wholesaler, sells merchandise to Beyer Co. on account, $14,500, terms 2/10, n/30. The cost of the merchandise sold is $8,800. Sellers Co. issues a credit memorandum for $3,750 for merchandise returned and subsequently receives the amount due within the discount period. The
Based on the data presented in Exercise 6-26, journalize Beyer Co.'s entries for (a) The purchase, (b) The return of the merchandise for credit, and (c) The payment of the invoice within the discount period.
Teramycin Inc.'s perpetual inventory records indicate that $715,275 of merchandise should be on hand on January 31, 2008. The physical inventory indicates that $698,150 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for Teramycin Inc. for the year
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year under a perpetual inventory system: (a) Accounts Payable, (b) Advertising Expense, (c) Cost of Merchandise Sold, (d) Merchandise Inventory, (e) Sales, (f) Sales Discounts, (g) Sales
On October 31, 2008, the balances of the accounts appearing in the ledger of Kavanaugh Company, a furniture wholesaler, are as follows:Prepare the October 31, 2008, closing entries for KavanaughCompany.
The Home Depot reported the following data (in millions) in its financial statements for2005 and 2004:a. Determine the ratio of net sales to average total assets for The Home Depot for 2005 and 2004. Round to two decimal places.b. What conclusions can be drawn from these ratios concerning the
Kroger, a national supermarket chain, reported the following data (in millions) in its financial statements for 2005:Total revenue .......... $56,434Total assets at end of year ..... 20,491Total assets at beginning of year .. 20,763a. Compute the ratio of net sales to assets for 2005. Round to
Patel Rug Company had the following credit sales transactions during March 2008:The March 1 inventory was $26,000, consisting of:During March, Patel Rug Company purchased the following rugs from Lee Rug Importers:The general ledger includes the following accounts:AccountNumber Account11
Indicate which of the following accounts would be included in the chart of accounts of a merchandising company using either the (a) Periodic inventory system or (b) Perpetual inventory system. If the account would be included in the chart of accounts of a company using the periodic and perpetual
Complete the following table by indicating for (a) through (g) whether the proper answer is debit orcredit.
The following selected transactions were completed by Lorimer Company during August of the current year. Lorimer Company uses the periodic inventory system.Aug. 3. Purchased $24,500 of merchandise on account, FOB shipping point, terms 2/10, n/30.4. Paid transportation costs of $475 on the August 3
Using the data shown in Exercise 6-38, journalize the entries for the transactions assuming that Lorimer Company uses the perpetual inventory system.
Greenway Company is a small rug retailer owned and operated by Lorene Greenway. After the accounts have been adjusted on March 31, the following account balances were taken from the ledger:Advertising Expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
The following selected accounts and their current balances appear in the ledger of MagicVinyl Co. for the fiscal year ended March 31, 2008: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
Selected accounts and related amounts for Magic Vinyl Co. for the fiscal year ended March 31, 2008, are presented in Problem 6-1A.Instructions1. Prepare a single-step income statement in the format shown in Exhibit 3.2. Prepare a statement of owner's equity.3. Prepare an account form of balance
The following selected transactions were completed by Cardroom Supply Co., which sells office supplies primarily to wholesalers and occasionally to retail customers.Jan. 2. Sold merchandise on account to Kibler Co., $10,000, terms FOB destination, 1/10, n/30. The cost of the merchandise sold was
The following selected transactions were completed by Scat Trak Company during July of the current year:July 1. Purchased merchandise from Kermit Co., $18,750, terms FOB destination, n/30.3. Purchased merchandise from Basaway Co., $12,150, terms FOB shipping point, 2/10, n/eom. Prepaid
The following were selected from among the transactions completed by Southmont Company during April of the current year:Apr. 3. Purchased merchandise on account from Mandell Co., list price $30,000, trade discount 40%, terms FOB destination, 2/10, n/30.4. Sold merchandise for cash, $12,800. The
The following selected transactions were completed during August between Sellars Company and Beyer Co.:Aug. 1. Sellars Company sold merchandise on account to Beyer Co., $17,850, terms FOB destination, 2/15, n/eom. The cost of the merchandise sold was $10,700.2. Sellars Company paid transportation
Selected transactions for Scat Trak Company during July of the current year are listed in Problem 6-4A.InstructionsJournalize the entries to record the transactions of Scat Trak Company for July using the periodic inventory system.
Selected transactions for Southmont Company during April of the current year are listed in Problem 6-5A.InstructionsJournalize the entries to record the transactions of Southmont Company for April using the periodic inventory system.
Selected transactions during August between Sellars Company and Beyer Co. are listed in Problem 6-6A.InstructionsJournalize the entries to record the transactions for (1) Sellars Company and (2) Beyers Co. assuming that both companies use the periodic inventory system.
On July 31, 2008, the balances of the accounts appearing in the ledger of Odell Company are as follows:Instructions1. Does Odell Company use the periodic or perpetual inventory system? Explain.2. Prepare a multiple-step income statement for Odell Company for the year ended July 31, 2008. The
The following selected accounts and their current balances appear in the ledger of Hobbs'Co. for the fiscal year ended June 30, 2008: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 current
Selected accounts and related amounts for Hobbs' Co. for the fiscal year ended June 30, 2008, are presented in Problem 6-1B.Instructions1. Prepare a single-step income statement in the format shown in Exhibit 3.2. Prepare a statement of owner's equity.3. Prepare an account form of balance sheet,
The following selected transactions were completed by Water Tech Supplies Co., which sells irrigation supplies primarily to wholesalers and occasionally to retail customers.July 1. Sold merchandise on account to Upshaw Co., $8,000, terms FOB shipping point, n/eom. The cost of merchandise sold was
The following selected transactions were completed by Bodyworks Co. during October of the current year:Oct. 1. Purchased merchandise from Mantooth Co., $11,800, terms FOB shipping point, 2/10, n/eom. Prepaid transportation costs of $325 were added to the invoice.5. Purchased merchandise from Hauck
The following were selected from among the transactions completed by Theisen Company during December of the current year:Dec. 3. Purchased merchandise on account from Shipley Co., list price $24,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $615
The following selected transactions were completed during November between Sallis Company and Byce Company:Nov. 2. Sallis Company sold merchandise on account to Byce Company, $12,500, terms FOB shipping point, 2/10, n/30. Sallis Company paid transportation costs of $425, which were added to the
Selected transactions for Bodyworks Co. during October of the current year are listed in Problem 6-4B.InstructionsJournalize the entries to record the transactions of Bodyworks Co. for October using the periodic inventory system.
Selected transactions for Theisen Company during December of the current year are listed in Problem 6-5B.InstructionsJournalize the entries to record the transactions of Theisen Company for December using the periodic inventory system.
Selected transactions during November between Sallis Company and Byce Company are listed in Problem 6-6B.InstructionsJournalize the entries to record the transactions for (1) Sallis Company (2) Byce Company assuming that both companies use the periodic inventory system.
On April 30, 2008, the balances of the accounts appearing in the ledger of Headwinds Company are as follows:Instructions1. Does Headwinds Company use a periodic or perpetual inventory system? Explain.2. Prepare a multiple-step income statement for Headwinds Company for the year ended April 30,
World Boards Co. is a merchandising business. The account balances for World Boards Co. as of March 1, 2008 (unless otherwise indicated), are as follows:During March, the last month of the fiscal year, the following transactions were completed:Mar. 1. Paid rent for March, $2,400.3. Purchased
On February 24, 2008, Lawn Ranger Company, a garden retailer, purchased $40,000 of corn seed, terms 2/10, n/30, from Nebraska Farm Co. Even though the discount period had expired, Corey Gilbert subtracted the discount of $800 when he processed the documents for payment on March 25, 2008.Discuss
The Eclipse Video Store Co. is owned and operated by Jared Helms. The following is an excerpt from a conversation between Jared Helms and Allison Fain, the chief accountant for The Eclipse Video Store.Jared: Allison, I've got a question about this recent balance sheet.Allison: Sure, what's your
The following is an excerpt from a conversation between Kate Fleming and Bob Dent. Kate is debating whether to buy a stereo system from Design Sound, a locally owned electronics store, or Big Sound Electronics, an online electronics company.Kate: Bob, I don't know what to do about buying my new
Your sister operates Emigrant Parts Company, an online boat parts distributorship that is in its third year of operation. The income statement is shown at the top of the following page and was recently prepared for the year ended July 31, 2008.Your sister is considering a proposal to increase net
Tecan Company issued a note receivable to Bauer Company. (a) Who is the payee? (b) What is the title of the account used by Bauer Company in recording the note?
If a note provides for payment of principal of $75,000 and interest at the rate of 8%, will the interest amount to $6,000? Explain. Discuss.
The maker of a $6,000, 10%, 120-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?
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 as uncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in
Journalize the following transactions using the direct write-off method of accounting for uncollectible receivables:Aug. 7. Received $175 from Roosevelt McLair and wrote off the remainder owed of $400 as uncollectible.Nov. 23. Reinstated the account of Roosevelt McLair and received $400 cash in
Journalize the following transactions using the allowance method of accounting for uncollectible receivables:Feb. 12. Received $750 from Manning Wingard and wrote off the remainder owed of $2,000 as uncollectible.June 30. Reinstated the account of Manning Wingard and received $2,000 cash in full

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