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Financial and Managerial Accounting 11th Edition Jonathan E. Duchac, James M. Reeve, Carl S. Warren - Solutions
Determine the missing amount for each of thefollowing:
Todd Olson is the sole stockholder and operator of Alpha, a motivational consulting bossiness. At the end of its accounting period, December 31, 2011, Alpha has assets of $800,000 and liabilities of $350,000. Using the accounting equation and considering each case independently, determine the
Indicate whether each of the following is identified with (1) an asset, (2) a liability, or (3) stockholders’ equity (retained earnings):a. Cashb. Wages expensec. Accounts payabled. Fees earnede. Suppliesf. Land
Describe how the following business transactions affect the three elements of the accounting equation.a. Invested cash in business in exchange for capital stockb. Purchased supplies on account.c. Purchased supplies for cash.d. Received cash for services performed.e. Paid for utilities used in the
a. A vacant lot acquired for $100,000 is sold for $350,000 in cash. What is the effect of the sale on the total amount of the seller’s (a) assets, (2) liabilities, and (3) stockholder’s equity (retained earnings)?b. Assume that the seller owes $75,000 owed. What is the effect of the payment on
Indicate whether each of the following types of transactions will either (a) Increase stockholders’ equity or(b) Decrease stockholder’s equity:1. Issuing capital stock in exchange for cash.2. Revenues 3. Expenses4. Paying dividends
The following selected transaction were completed by Speedy Deliver Service during October.1. Received cash in exchange for capital stock, $30,000.2. Purchased supplies for cash, $1,500.3. Paid rent for October, $4,000.4. Paid advertising expense, $2,500.5. Received cash for providing delivery
Jeremy Zabel operates his own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction on the equation. Each increase and decrease in stockholders?? equity, except transaction (5), affects
The income statement of a corporation for the month of December indicates a net income of $120,000. During the same period, $130,000 in cash dividends were paid. Would it be correct to say that the business incurred a net loss of $10,000 during the month? Discuss.
Four different corporations, Aries, Germini, Leo, and Pisces, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders?? equity, are summarized as follows: On the basis of the above data and the following additional information for
From the following list of selected items taken from the records of Hoosier Appliance service as of a specific data, identify those that would appear on the balance sheet.1. Accounts Receivable 2. Capital Stock 3. Cash4. Fees Earned 5. Land6. Supplies7. Supplies Expense 8. Utilities Expense 9.
Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement. Discuss.
Financial information related to Lost Trail Company, a corporation, for the month ended June 30, 2012, is as follows. Net income for June $125,000 Dividends 18,000 Retained earnings, June 1, 2012 375,000a. Prepare a retained earnings statement for the month ended June 30, 2012.b.
Universal Services was organized on October 1, 2010. A summary of the revenue and expense transaction for October follows. Fees earned $800,000 Wages expense 270,000 Rent expense 60,000 Supplies expense 9,000 Miscellaneous expense
One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different corporations: Determine the missing amounts, identifying them byletter.
Financial information related to the corporation of Lady interiors for July and August 2012 is as follows. a. Prepare balance sheets for Lady Interiors as July 31 and August 31, 2010.b. Determine the amount of net income for August, assuming that no additional capital stock was issued and no
Each of the following items is shown in the financial statements of ExonMobil Corporation.1. Accounts payable 2. Cash equivalents 3. Crude oil inventory4. Equipment5. Exploration expenses6. Income taxes payable7. Investments8. Long-term debt9. Marketable securities 10. Notes and loans payable 11.
Indicate whether each of the following activities would be reported on the statement of cash flows as (a) An operating activity(b) An investing activity or (c) A financing activity:1. Cash received from fees earned.2. Cash paid for expenses.3. Cash paid for land.4. Cash received from issuing
A summary of cash flows for Absolute Consulting Group for the year ended July 31, 2012, is shown below.Cash receipts:Cash received from customers$187,500Cash received from issuing additional capital stock 40,000Cash payments:Cash paid for operating expenses 127,350Cash paid for land 30,000Cash paid
Heidi Fritz established Freedom Financial Services on March 1, 2012. Freedom financial Services offers financial planning advice to its clients. The effect of each transaction and the balances after each transactions for March are shown below.1. Prepare an income statement for the month ended
On January 1, 2012, Carlton Myers established Vista Realty. Carlton completed the following transactions during the month of January:a. Opened a business bank account with a deposit of $25,000 in exchange for capital stock.b. Purchased supplies (pens file folders, paper, etc.) on account, $2,500.c.
Kean Dry Cleaners is owned and operated by Wally Lowman. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities, and capital stock of the business on March 1,
The financial statements at the end of Alpine Realty?s first month of operations are as follows: Instructions By analyzing the interrelationships among the four financial statements, determine the proper amounts for (a) through (q).
Cody Macedo established an insurance agency on January 1 of the current year and completed the following transactions during January:a. Opened a business band account with a deposit of $75,000 in exchange for capital stock.b. Purchased supplies on account, $3,000.c. Paid creditors on account,
The amounts of the assets and liabilities of St. Simon Travel Service at June 30, 2012, the end of the current year, and its revenue and expenses for the year are listed below. The retained earnings was $90,000 at July 1, 2011, the beginning of the current year, and dividends of $30,000 were paid
Rory Kalur established Computers 4Less on February 1, 2012. The effect of each transaction and the balances after each transaction for February are shown below. Instructions1. Prepare an income statement for the month ended February 29, 2012.2. Prepare a retained earnings statement for the month
On June 1, 2010, Lindsey Brown established Equity Realty. Lindsey completed the following transactions during the month of June:a. Opened a business ban account with a deposit of $15,000 in exchange for capital stock.b. Paid rent on office and equipment for the month, $4,000.c. Paid automobile
Anny’s Dry Cleaners is owned and operated by Anny Brum. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleanings is done by another company at wholesale rates. The assets, liabilities, and capital stock of the business on June 1,
Before inventory purchases are recorded, the receiving report should be reconciled to what documents?
If merchandise inventory is being valued at cost and the price level is decreasing, which of the three methods of costing-FIFO, LIFO, or average cost-will yield (a) The highest inventory cost, (b) The lowest inventory cost, (c) The highest gross profit, and (d) The lowest gross profit?
The inventory at the end of the year was understated by $23,950.(a) Did the error cause an overstatement or an understatement of the gross profit for the year?(b) Which items on the balance sheet at the end of the year were overstated or understated as a result of the error?
X-mas Co. sold merchandise to Mistletoe Company on October 31, FOB shipping point. If the merchandise is in transit on October 31, the end of the fiscal year, which company would report it in its financial statements? Explain.
A manufacturer shipped merchandise to a retailer on a consignment basis. If the merchandise is unsold at the end of the period, in whose inventory should the merchandise be included?
Three identical units of item K113 are purchased during July, as shown below.Assume that one unit is sold on July 31 for $225.Determine the gross profit for July and ending inventory on July 31 using the(a) First-in, first-out (FIFO);(b) Last-in, first-out (LIFO) and(c) Average costmethods.
Three identical units of item ZE9 are purchased during April, as shown below. Assume that one unit is sold on April 27 for $29.Determine the gross profit for April and ending inventory on April 30 using the(a) First-in, first-out (FIFO);(b) Last-in, first-out (LIFO) and(c) Average costmethods.
Beginning inventory, purchases and sales for item B901 are as follows; Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) The cost of merchandise sold on August 28 and (b) The inventory on August31.
Beginning inventory, purchases and sales for item CSW15 are as follows; Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) The cost of merchandise sold on March 24 and (b) The inventory on March31.
Beginning inventory, purchases, and sales for item (QED9) are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) The cost of merchandise sold on November 26 and (b) The inventory on November30.
Beginning inventory, purchases, and sales for item MMM8 are as follows: Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) The cost of merchandise sold on January 27 and (b) The inventory on January31.
The units of an item available for sale during the year were as follows: There are 11 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) The first-in, first-out (FIFO) method;(b) The last-in, first-out (LIFO)
The units of an item available for sale during the year were as follows: There are 23 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using (a) The first-in, first-out (FIFO) method;(b) The last-in, first-out (LIFO)
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit8.
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item as shown in Exhibit8.
Assume that the business in Exercise 6-5 maintains a perpetual inventory system, costing by the first-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 3.
The following units of a particular item were available for sale during the year:The firm uses the perpetual inventory system, and there are 185 units of the item on hand at the end of the year. What is the total cost of the ending inventory according to(a) FIFO,(b)LIFO?
The units of an item available for sale during the year were as follows: There are 16 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost by (a) The first-in, first-out method,(b) The last-in, first-out method, and(c) The
The units of an item available for sale during the year were as follows: There are 24 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost and the cost of merchandise sold by three methods, presenting your answer in the
Assume that a firm separately determine inventory under FIFO and LIFO and then compared the results.a. In each space below, place the correct sign [less than (<), greater than (>), or equal (=)] for each comparison, assuming periods of rising prices.1. FIFO Inventory _______________LIFO
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Assemble the data in the form illustrated in Exhibit8.
Based on the data in Exercise 6-11 and assuming that cost was determined by the FIFO method, show how the merchandise inventory would appear on the balance sheet.
Hydro White Water Co. Sells canoes, kayaks, whitewater rafts, and other boating supplies, during the taking of its physical inventory on December 31, 2012, Hydro White Water incorrectly counted its inventory as $439,650 instead of the correct amount of $451,000. a. State the effect of the error on
Eclipse Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 2012, Eclipse Motorcycle Shop incorrectly counted its inventory as $350,000 instead of the correct amount of $338,000.a. State the effect of the
During 2012, the accountant discovered that the physical inventory at the end of 2011 had been understated by $18,000. Instead of correcting the error, however, the accountant assumed that an $18,000 overstatement of the physical inventor in 2012 would balance out the error.Are there any flaws in
The following data were taken from recent annual reports of Apple Inc., a manufacturer of personal computers and related products, and American Greetings Corporation, a manufacturer and distributor of greeting cards and related products: a. Determine the inventor turnover for Apple and American
Kroger, Safeway Inc., and Winn-Dixie Stores Inc. are three grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent balance sheets for these three companies indicated the following merchandise inventory information:The cost of goods
On the basis of the following data, estimate the cost of the merchandise inventory at November 30 by the retailmethod:
The merchandise inventory was destroyed by fire on December 13. The following data were obtained from the accounting records: a. Estimate the cost of the merchandise destroyed.b. Briefly describe the situations in which the gross profit method isuseful.
Based on the following data, estimate the cost of ending merchandise inventory:Sales (net) $ 5,260,000Estimated gross profit rate 40%Beginning merchandise inventory $ 180,000Purchases (net) 3,200,000Merchandise available for sale $ 3,380,000
Based on the following data, estimate the cost of ending merchandise inventory:Sales (net) $ 2,080,000Estimated gross profit rate 37%Beginning merchandise inventory $ 75,000Purchases (net) 1,325,000Merchandise available for sale $ 1,400,000
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are as follows: Instructions 1. Based the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 3, using the
The beginning inventory at Keats Office Supplies and data on purchases and sales for a three-month period are shown in Problem 6-1A.Instructions1. Record the inventory, purchases, and cost of merchandise sold data in a perpetual inventory record similar to the one illustrated in Exhibit 4, using
Bulldog Appliances uses the periodic inventory system. Details regarding the inventory of appliances at September 1, 2011, purchases invoices during the next 12 months, and the inventory count at August 31, 2012, are summarized as follows: Instructions1. Determine the cost of the inventory on
Artic Appliances uses the periodic inventory system. Details regarding the inventory of appliances January 1, 2012, purchases invoices during the year, and the inventory count at December 31, 2012, are summarized as follows: Instructions1. Determine the cost of the inventory on December 31, 2012,
Date on the physical inventory of Chiron Co. as of December 31, 2012, is presented in the working papers. The quantity of each commodity on hand has been determined and recorded on the inventory sheet. Unit market prices have also been determined as of December 31 and recorded on the sheet. The
Selected data on merchandise inventory, purchases, and sales for Segal Co and Iroquois Co. are as follows: Instructions1. Determine the estimate cost of the merchandise inventory of Segal Co. on March 31 by the retail method, presenting details of the computations.2. a. Estimate the cost of the
Contours Co. is experiencing a decrease in sales and operating income for the fiscal year ending July 31, 2012. Mark Irwin, controller of Contours Co., has suggested that all orders received before the end of the fiscal year be shipped by midnight, July 31, 2012, even if the shipping department
The following is an excerpt from a conversation between Gary Ortiz, the warehouse manager for Ivey Foods Wholesale Co., and its accountant, Lori Cray, Ivey Foods operates a large regional warehouse that supplies produce and other grocery products to grocery stores in smaller communities.Gary: Lori,
White Dove Company began operations in 2012 by selling a single product. Data on purchases and sales for the year were as follows: On January 4, 2013, the president of the company, Joel McLees, asked for your advice on costing the 64,000-unit physical inventory that was taken on December 31,
Dell Inc. and Hewlett-Packard Development Company, LP. (HP) are both manufacturers of computer equipment and peripherals. However, the two companies follow two different strategies. Dell follows primarily a build-to-order strategy, where the consumer orders the computer from a Web page. The order
Tiffany Co. is a high-end jewelry retailer, while Amazon.com uses its e-commerce services, features, and technologies to sell its products through the Internet. Recent balance sheet inventory disclosures for Tiffany and Amazon.com (in millions) are as follows:The cost of merchandise sold reported
The general merchandise retail industry has a number of segments represented by the following companies:Company Name Merchandise
There phases of the management process are controlling, planning, and decision making. Match the following descriptions to the proper phase.Phase of management process DescriptionControlling ................ a. Long-rang courses of action.Decision making ....... b. Inherent in planning, directing,
Three phases of the management process are planning, directing, and controlling. Match the following descriptions to the proper phase.Phase of management process DescriptionDirecting ........... a. Isolating significant departures from plans for further investigation and possible remedial action.
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture.a. Steel b. Wages of employ that operate painting equipment c. Oil used for assembly line machinery d. Wages of the plant supervisor
Identify the following costs as direct materials (DM), direct labor (DL), or factory overhead (FO) for an automobile manufacture.a. Paper used in the magazine b. Maintenance on printing machinesc. Wages of printing machine employeesd. Staples used to bind magazines
Identify the following costs as a prime cost (P), conversion cost (C), or both (B) for an automobile manufacture.a. Steelb. Wages of employees that operate painting equipmentc. Oil used for assembly line machineryd. Wages of the plant manager
The following report was prepared for evaluating the performance of the plant manager of Nuuman Inc. Evaluate and correct this report.Nuuman Inc.Manufacturing CostsFor the Quarter Ended June 30, 2012Materials used in production (including$70,000 of indirect materials) ...............$ 760,000Direct
The following events took place for Air Temp Manufacturing Company during January, the first month of its operations as a producer of digital thermometers:a. Purchased $68,000 of materials.b. Used $48,000 of direct materials in production. c. Incurred $92,000 of direct labor wages. d. Incurred
Cost data for Bedford Manufacturing company for the month ending May 31, 2012, as follows: a. Prepare a cost of goods manufactured statement for May 2012. b. Determine the cost of goods sold for May2012.
The following information is available for Vega Manufacturing Company for the monthe ending July 31, 2012:Cost of goods manufactured ..........$270,000Selling expenses ................ 58,000Administrative expenses ............ 46,000Sales ................... 515,000Finished goods inventory,
The following information is available for the first month of operations of Enders Company, a manufacturer of mechanical pencils:Sales ................. $630,000Gross profit .............. 370,000Cost of goods manufactured ........ 315,000Indirect labor ............. 84,000Factory
A Partial list of Berry Hotel’s costs is provided below. a. cost of laundering towels and bedding. b. Cost of food. c. Cost to paint lobby. d. Cost of advertising in local newspaper. e. Cost to mail a customer survey.f. Training for hotel restaurant servers.g. Champagne for guests. h. Wages of
Figg Inc. has fixed costs of $420,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products are provided below.Product .Selling Price.Variable Cost per Unit .contribution margin per UnitL$100$80$20M 80 62 18The sales mix for products L
Golub Company has fixed costs of $100,000. The unit selling price, variable cost per unit, and contribution margin per unit for the company’s two products are provided below. Product.Selling Price..Variable Cost per Unit...contribution margin per Unit X $30 $25 $ 5 Y 20 10
For a major university, match each cost in the following table with the activity base most appropriate to it. An activity base may be used more than once, or not used at all. Cost: Activity Base:1. Financial aid office salaries a. Student credit hours2. School supplies b. Number of students
From the following list of activity bases for an automobile dealership, select the base that would be most appropriate for each of these cost:(1) Preparation costs (cleaning, oil, and gasoline costs) for each car received, (2) Salespersons’ commission of 5% of the sales price for each car sold,
Intuit Inc, develops and sells software products for the personal finance market, including popular titles such as Quicken and TurboTax. Classify each of the following costs and expenses for this company as either variable or fixed to the number of units produced and sold:a. Salaries of human
Data related to the expected sales of mountain bikes and road bikes for Cycle Sports Inc, for the current year, which is typical of recent years, are as follows:Products......Unit Selling Price....Unit Variable Cost....Sales MixMountain bikes$800$47560%Road bikes 700 32540%The estimated fixed costs
Blythe Industries Inc. expects to maintain the same inventories at the end of 2012 as at the beginning of the year. The total of all production costs for the year is therefore as, summed to be equal to the cost of goods sold. With this in mind, the various department heads were asked to submit
Hand-Made Furniture Company manufactures sofas for distribution to several major retail chains. The following costs are incurred in the production and sale of sofas:a. Wood for framing the sofasb. Salary of production vice presidentc. Rent on experimental equipment, $50 for every sofa produced d.
Carrie Skilling is a financial consultant to Ron En Trust Inc., a real estate syndicate. Ron En Trust Inc. finances and develops commercial real estate (office buildings). The completed projects are then sold as limited partnership interests to individual investors. The syndicate makes a profit on
“For a student, a grade of 65 percent is nothing to write home about. Bur for the airline [industry], filling 65 percent of the seats is the difference between profit and loss. The [economy] might be just strong enough to sustain all the carriers on a cash basis, but not strong enough to bring
Timbuk 3 Inc. has finished a new video game, Snowboard Challenge. Management is now considering its marketing strategies. The following information is available:Anticipated sales price pr unit ................ $50Variable cost per unit ....................
The owner of Varsity printing, a printing company, is planning direct labor needs for the upcoming year. The owner has provided you with the following information for next year’s plans:One Color Two ColorThree color Four Color TotalNumber of banners 106 137 308 349 900Each color on the banner
Sales volume has been dropping at Textron Company. During this time, however, the shipping Department manager has been under severe financial constraints. The manager knows that most of the shipping Department’s effort is related to pulling inventory from the warehouse for each order and
What is the difference between horizontal and vertical analysis of financial statements?
The current year’s amount of net income (after income tax) is 20% larger than that of the preceding year. Does this indicate an improved operating performance? Discuss.
a. Why is it advantageous to have a high inventory turnover?b. Is it possible for the inventory turnover to be too high? Discuss. c. Is it possible to have a high inventory turnover and a high number of days’ sales inventory? Discuss.
a. How does the rate earned on total assets differ from the rate earned on stockholders’ equity?b. Which ratio is normally higher? Explain.
a. Why is the rate earned on stockholders’ equity by a thriving business ordinarily higher than the rate earned on total assets?b. Should the rate earned on common stockholders’ equity normally be higher or lower than the rate earned on total stockholders’ equity? Briefly explain.
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