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Questions and Answers of Financial Accounting

On November 4, 2018, Cain Company sold merchandise inventory on account to Tarin Wholesalers, $12,000, that cost $4,800. Terms 3/10, n/30. On November 5, 2018, Tarin Wholesalers paid shipping of $30.
Jeana's Furniture's unadjusted Merchandise Inventory account at year-end is $69,000. The physical count of inventory came up with a total of $67,600. Journalize the adjusting entry needed to account
Rocky RV Center's accounting records include the following accounts at December 31, 2018.Requirements 1. Journalize the required closing entries for Rocky. 2. Determine the ending balance in the
Macy's, Inc. is a premier retailer in the United States, operating nearly 900 stores in 45 states. Macy's, Bloomingdale's, and Bloomingdale's Outlet are all brands that operate under Macy's, Inc. The
Party-Time T-Shirts sells T-shirts for parties at the local college. The company completed the first year of operations, and the shareholders are generally pleased with operating results as shown by
This case uses both the income statement (consolidated statements of operations) and the balance sheet (consolidated statements of financial position) of Target Corporation. Visit
The Davis Lamp Company (DLC) is a wholesale company that purchases lamps from the manufacturer and resells them to retail stores. The company has three inventory items: desk lamps, table lamps, and
Assume that Toys Galore store bought and sold a line of dolls during December as follows:Requirements1. Compute the cost of goods sold, cost of ending merchandise inventory, and gross profit using
Assume that AB Tire Store completed the following perpetual inventory transactions for a line of tires:Requirements1. Compute cost of goods sold and gross profit using the FIFO inventory costing
Clarmont Resources, which uses the FIFO inventory costing method, has the following account balances at May 31, 2019, prior to releasing the financial statements for the year: Merchandise Inventory,
Nutriset Foods reports merchandise inventory at the lower-of-cost-or-market. Prior to releasing its financial statements for the year ended March 31, 2019, Nutriset's preliminary income statement,
Hot Bread Bakery reported Net sales revenue of $44,000 and cost of goods sold of $33,000. Compute Hot Bread's correct gross profit if the company made either of the following independent accounting
Nature Foods Grocery reported the following comparative income statements for the years ended June 30, 2019 and 2018:During 2019, Nature Foods Grocery discovered that ending 2018 merchandise
Calm Day reported the following income statement for the year ended December 31, 2019:Requirements 1. Compute Calm Day's inventory turnover rate for the year. (Round to two decimal places.) 2.
Assume that Jump Coffee Shop completed the following periodic inventory transactions for a line of merchandise inventory:Requirements 1. Compute ending merchandise inventory, cost of goods sold, and
Consider the data of the following companies which use the periodic inventory system:Requirements 1. Supply the missing amounts in the preceding table. 2. Prepare the income statement for the year
Fit Gym began January with merchandise inventory of 78 crates of vitamins that cost a total of $4,290. During the month, Fit Gym purchased and sold merchandise on account as follows:Requirements 1.
Broadway Communications reported the following figures in its annual financial statements: Cost of Goods Sold ................................ $ 18,400 Beginning Merchandise Inventory
Steel Mill began August with 50 units of iron inventory that cost $35 each. During August, the company completed the following inventory transactions:Requirements1. Prepare a perpetual inventory
1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the specific identification inventory costing method. Assume that Boston sold 10 bicycles that cost $42 each and 24
Some of M and C Electronics's merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $24,000 below the business's cost of
Empire State Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory
Futuristic Electronic Center began October with 65 units of merchandise inventory that cost $82 each. During October, the store made the following purchases: Oct. 3 ................... 25 units @ $
Exercise World began January with merchandise inventory of 90 crates of vitamins that cost a total of $5,850. During the month, Exercise World purchased and sold merchandise on account as
Steel It began January with 55 units of iron inventory that cost $35 each. During January, the company completed the following inventory transactions:Requirements1. Prepare a perpetual inventory
Some of L and K Electronics's merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $32,000 below the business's cost of
Antique Carpets's books show the following data. In early 2020, auditors found that the ending merchandise inventory for 2017 was understated by $8,000 and that the ending merchandise inventory for
Right Now Electronic Center began October with 100 units of merchandise inventory that cost $70 each. During October, the store made the following purchases: Oct. 3 ............... 35 units @ $ 82
Compute ending merchandise inventory and cost of goods sold for Flexon using the FIFO inventory costing method.The periodic inventory records of Flexon Prosthetics indicate the following for the
This problem continues the Canyon Canoe Company situation from Chapter 5. At the beginning of the January 2019, Canyon Canoe Company decided to carry and sell T-shirts with its logo printed on them.
1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the FIFO inventory costing method.2. Journalize the October 16 purchase of merchandise inventory on account and the
Consider the December transactions for Crystal Clear Cleaning that were presented in Chapter 5. (Cost data have been removed from the sale transactions.) Crystal Clear uses the perpetual inventory
1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the LIFO inventory costing method.2. Journalize the October 16 purchase of merchandise inventory on account and the
1. Prepare Boston Cycle's perpetual inventory record assuming the company uses the weighted-average inventory costing method. 2. Journalize the October 16 purchase of merchandise inventory on account
Refer to Short Exercises S6-4 through S6-6. After completing those exercises, answer the following questions: Boston Cycles started October with 12 bicycles that cost $42 each. On October 16, Boston
Assume that a Logan Burger restaurant has the following perpetual inventory record for hamburger patties:At July 31, the accountant for the restaurant determines that the current replacement cost of
New York Pool Supplies's merchandise inventory data for the year ended December 31, 2019, follow:Requirements 1. Assume that the ending merchandise inventory was accidentally overstated by $1,800.
Dick's Sporting Goods, Inc. is headquartered in Pennsylvania and is a leading sporting goods retailer. Dick's offers a variety of high-quality sports equipment, apparel, footwear and accessories. The
Suppose you manage Campbell Appliance. The store's summarized financial statements for 2019, the most recent year, follow:Assume that you need to double net income. To accomplish your goal, it will
Compute ending merchandise inventory and cost of goods sold for Flexon using the LIFO inventory costing method.The periodic inventory records of Flexon Prosthetics indicate the following for the
The notes are an important part of a company's financial statements, giving valuable details that would clutter the tabular data presented in the statements. This case will help you learn to use a
Compute ending merchandise inventory and cost of goods sold for Flexon using the weighted-average inventory costing method.The periodic inventory records of Flexon Prosthetics indicate the following
Super Mart, a regional convenience store chain, maintains milk inventory by the gallon. The first month's milk purchases and sales at its Freeport, Florida, location follow:Nov. 2 Purchased 11
1. Prepare a perpetual inventory record for the putters assuming Golf Unlimited uses the FIFO inventory costing method. Then identify the cost of ending inventory and cost of goods sold for the
1. Prepare Golf Unlimited's perpetual inventory record for the putters assuming Golf Unlimited uses the LIFO inventory costing method. Then identify the cost of ending inventory and cost of goods
1. Prepare Golf Unlimited's perpetual inventory record for the putters assuming Golf Unlimited uses the weighted-average inventory costing method. Round weighted-average cost per unit to the nearest
Review your results from preparing Guard Dog Security Systems's bank reconciliation in Short Exercise S7-9. Journalize the company's transactions that arise from the bank reconciliation. Include an
Jackie's Dance Studio created a $220 imprest petty cash fund. During the month, the fund custodian authorized and signed petty cash tickets as follows:Requirements 1. Make the general journal entry
Just Hangin' Night Club maintains an imprest petty cash fund of $150, which is under the control of Sandra Morgan. At March 31, the fund holds $14 cash and petty cash tickets for office supplies,
Marathon Running Shoes reports the following: 2018 Sep. 1 Recorded National Express credit card sales for of $96,000, net of processor fee of 1%. Ignore Cost of Goods Sold. 15 Recorded ValueMax
Hardy Photography's checkbook lists the following:Hardy's November bank statement shows the following: Requirements 1. Prepare Hardy Photography's bank reconciliation at November 30, 2018. 2. How
Jim Root Corporation operates four bowling alleys. The business just received the October 31, 2018, bank statement from City National Bank, and the statement shows an ending balance of $910. Listed
Seawind Productions makes all sales on credit. Cash receipts arrive by mail. Justin Broadway, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advices.
On June 1, Fab Salad Dressings creates a petty cash fund with an imprest balance of $300. During June, Al Franklin, the fund custodian, signs the following petty cash tickets:On June 30, prior to
Suppose that on June 1, Rockin' Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $300. During June, Michael Martell, fund custodian, signs the following petty
The December cash records of Davidson Insurance follow:Davidson's Cash account shows a balance of $17,450 at December 31. On December 31, Davidson Insurance received the following bank
The August 31 bank statement of Well Healthcare has just arrived from United Bank. To prepare the bank reconciliation, you gather the following data: a. The August 31 bank balance is $4,540. b. The
Pendley Productions makes all sales on credit. Cash receipts arrive by mail. Larry Chipello, the mailroom clerk, opens envelopes and separates the checks from the accompanying remittance advices.
On September 1, Party Salad Dressings creates a petty cash fund with an imprest balance of $600. During September, Michael Martell, the fund custodian, signs the following petty cash tickets:On
Suppose that on September 1, Cool Gyrations, a disc jockey service, creates a petty cash fund with an imprest balance of $350. During September, Ruth Mangan, fund custodian, signs the following petty
The May cash records of Donald Insurance follow:Donald's Cash account shows a balance of $17,750 at May 31. On May 31, Donald Insurance received the following bank statement: Additional data for the
The October 31 bank statement of Wyndham's Healthcare has just arrived from State Bank. To prepare the bank reconciliation, you gather the following data: a. The October 31 bank balance is $6,290. b.
This problem continues the Canyon Canoe Company situation from Chapter 6. Canyon Canoe Company has decided to open a new checking account at River Nations Bank during March 2019. Canyon Canoe
In March 2019, Crystal Clear Cleaning opened a new checking account at First Regional Bank. The bank statement dated March 31, 2019, for Crystal Clear Cleaning follows:Crystal Clear Cleaning's Cash
Prepare the journal entries for the following petty cash transactions of Everly Gaming Supplies: Mar. 1 Established a petty cash fund with a $250 balance. 31 The petty cash fund has $24 in cash and
Restaurants do a large volume of business by credit and debit cards. Suppose Summer, Sand, and Castles Resort restaurant had these transactions on January 28, 2018: National Express credit card sales
The Cash account of Guard Dog Security Systems reported a balance of $2,540 at December 31, 2018. There were outstanding checks totaling $400 and a December 31 deposit in transit of $100. The bank
Buffalo Wild Wings, Inc. owns and operates more than 550 Buffalo Wild Wings, R Taco, and PizzaRev restaurants. Additionally, the corporation has franchised restaurants in both the United States and
During its first year of operations, Fall Wine Tour earned net credit sales of $311,000. Industry experience suggests that bad debts will amount to 3% of net credit sales. At December 31, 2018,
The Accounts Receivable balance for Lake, Inc. at December 31, 2017, was $20,000. During 2018, Lake earned revenue of $454,000 on account and collected $325,000 on account. Lake wrote off $5,600
Surf and Sun had the following balances at December 31, 2018, before the year-end adjustments:The aging of accounts receivable yields the following data: Requirements 1. Journalize Surf and Sun's
A table of notes receivable for 2018 follows:For each of the notes receivable, compute the amount of interest revenue earned during 2018. Round to the nearest dollar.
Sears Holdings Corporation is the parent company of Kmart Holding Corporation and Sears, Roebuck and Co. The corporation operates more than 1,600 retail stores in the United States and offers online
Pauline's Pottery has always used the direct write-off method to account for uncollectibles. The company's revenues, bad debt write-offs, and year-end receivables for the most recent year follow:The
Use Target Corporation's Fiscal 2015 Annual Report and the Note 9 data on "Credit Card Receivables Transaction" to answer the following questions. Visit www.pearsonhighered.com/Horngren to view a
In accounting for bad debts, how do the income statement approach and the balance sheet approach differ?
On June 6, Lakeland Bank & Trust lent $80,000 to Stephan Stow on a 30-day, 9% note. Requirements 1. Journalize for Lakeland the lending of the money on June 6. 2. Journalize the collection of the
On December 1, Kyle Corporation accepted a 60-day, 9%, $12,000 note receivable from J. Michael in exchange for his account receivable. Requirements 1. Journalize the transaction on December 1. 2.
McKale Corporation has a three-month, $18,000, 9% note receivable from L. Peters that was signed on June 1, 2018. Peters defaults on the loan on September 1. Journalize the entry for McKale to record
Silver Clothiers reported the following selected items at April 30, 2018 (last year's-2017-amounts also given as needed):Compute Silver's (a) acid-test ratio, (b) accounts receivable turnover ratio,
Steller Corporation had the following transactions in June: Jun. 1 Sold merchandise inventory on account to Carter Company, $1,575. 6 Sold merchandise inventory for cash, $550. 12 Received cash from
On June 1, 2018, Best Performance Cell Phones sold $21,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and on July 15 paid only $5,000 of the account receivable.
1. Journalize Hilltop's transactions that occurred during 2018. The company uses the allowance method. 2. Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts
1. Journalize Hilltop's transactions that occurred during 2018. The company uses the allowance method. 2. Post Hilltop's transactions to the Accounts Receivable and Allowance for Bad Debts
Record the following transactions for Summer Consulting. Explanations are not required. Apr. 15 Provided consulting services to Bob Jones and billed the customer $1,500. 18 Provided consulting
At December 31, 2018, the Accounts Receivable balance of GPS Technology is $200,000. The Allowance for Bad Debts account has a $24,110 debit balance. GPS Technology prepares the following aging
During August 2018, Lima Company recorded the following: • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of Goods Sold. • Collections on account, $106,400. • Write-offs
Endurance Running Shoes reports the following: 2018 May 6 Recorded credit sales of $102,000. Ignore Cost of Goods Sold. Jul. 1 Loaned $18,000 to Jerry Paul, an executive with the company, on a
On September 30, 2018, Team Bank loaned $94,000 to Kendall Warner on a one-year, 6% note. Team's fiscal year ends on December 31. Requirements 1. Journalize all entries for Team Bank related to the
The following selected transactions occurred during 2018 and 2019 for Baltic Importers. The company ends its accounting year on September 30. 2018 Jul. 1 Loaned $16,000 cash to Bud Shyne on a
Professional Steam Cleaning performs services on account. When a customer account becomes four months old, Professional converts the account to a note receivable. During 2018, the company completed
Abanaki Carpets reported the following amounts in its 2018 financial statements.The 2017 figures are given for comparison.Requirements 1. Calculate Abanaki's acid-test ratio for 2018. (Round to two
Unique Media Sign Incorporated sells on account. Recently, Unique reported the following figures:Requirements 1. Compute Unique's days' sales in receivables for 2018. (Round to the nearest day.) 2.
On August 31, 2018, Bouquet Floral Supply had a $140,000 debit balance in Accounts Receivable and a $5,600 credit balance in Allowance for Bad Debts. During September, Bouquet made: • Sales on
At September 30, 2018, the accounts of Green Terrace Medical Center (GTMC) include the following:Accounts Receivable ................................. $ 145,000Allowance for Bad Debts (credit
Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off method to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During
Delta Watches completed the following selected transactions during 2018 and 2019: 2018 Dec. 31 Estimated that bad debts expense for the year was 2% of credit sales of $450,000 and recorded that
Sleepy Recliner Chairs completed the following selected transactions: 2018 Jul. 1 Sold merchandise inventory to Stan-Mart, receiving a $41,000, nine-month, 8% note. Ignore Cost of Goods Sold. Oct. 31
Carley Realty loaned money and received the following notes during 2018.Requirements 1. Determine the maturity date and maturity value of each note. 2. Journalize the entries to establish each Note
Consider the following transactions for CC Publishing. 2018 Dec. 6 Received a $18,000, 90-day, 6% note in settlement of an overdue accounts receivable from Go Go Publishing. 31 Made an adjusting

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