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Questions and Answers of College Accounting

Use the following data to compute the estimated inventory cost for Sloan Company under the gross profit method:Average gross profit rate: 30% of salesInventory on January 1 (at cost):
Given the choice between average cost, FIFO, and LIFO, which method will give the lowest net income and which will give the highest net income in a period of rising prices?
The following excerpt was taken from The Home Depot, Inc., 2015 Annual Report (for the fiscal year ended January 31, 2016):Analyze:1. By what amount has merchandise inventory increased or decreased
One of Wells Company€™s retail outlets was destroyed by fire on March 18. All merchandise was burned. The company has fire insurance on its merchandise inventory. It will therefore file a claim
Sadler Computer Supply Company has just been destroyed by fire. Fortunately, however, the computerized accounting records had been “backed up” and were in a remote computer location so that the
Beasley Realty Group had two completed unsold buildings on hand on January 1, 2019.Unit 06-92: Cost, $395,000; retail price, $482,000Unit 06-94: Cost, $436,500; retail price, $504,000During the
Over the last two years, McAllister Company has averaged 35 percent gross profit. At the end of 2019, the auditor found the following data in the records of the company:Inquiry by the auditor
Paulson Sailing Company sells boats as a supplement to its boat storage operations. Data for its boat sales for August 2019 are given below. The beginning inventory on August 1 was composed of the
Over the past several years, Hyman Electronics has had an average gross profit of 30 percent. At the end of 2019, the income statement of the company included the following information:Investigation
This data is for selected inventory items at Deluxe Supply Company:INSTRUCTIONSDetermine the amount to be reported as the inventory valuation at cost or net realizable value, whichever is lower,
Based on the following data, compute the estimated cost of the ending inventory at Cummings Company. Use the retail method. Retail Cost $ 678,000 Beginning inventory Purchases Freight in Sales
The balances of selected accounts of Spartan Sportswear Company on December 31, 2019, are given below. Credit sales totaled $19,240,000. The returns and allowances on these sales were
How, if at all, does computation of the maturity value of an interest-bearing note receivable differ from that for an interest-bearing note payable?
What is meant by “discounting a note receivable”?
Explain a cashier’s check.
Explain a sight draft.
What are the requirements that must be met in order for a document to be negotiable?
Find the due date of each of the following notes:1. A note dated June 12, 2019, due in 120 days.2. A note dated November 1, 2019, due two years from 6that date.3. A note dated April 10, 2019, due six
Compute the maturity value for each of the following notes:1. A note payable with a face amount of $25,000, dated June 15, 2019, due in three months, bearing interest at 7 percent.2. A note payable
Find the maturity value of each of the following notes payable:1. A 60-day note, dated February 15, 2019, with a face value of $26,000, bearing interest at 8 percent.2. A six-month note, dated March
Wrigley Company issued the following notes during 2019. Find the interest due on each of the notes, using the interest formula method. Show all calculations.1. A $15,000 note at 9 percent for 180
The following notes were received by Miller Company during 2019:Compute the maturity value of each note.Analyze: What is the total interest expense on these notes for the year? Note No. Date Jan. 5
The notes receivable held by the Tuttle Company on August 3, 2019, are summarized below. On August 4, 2019, Tuttle discounted all of these notes at Community Bank and Trust at a discount rate of 10
The notes listed below were issued by Carter Company during 2019:1. A $15,000 note at 10 percent for 90 days, issued on June 15.2. A $30,000 note at 6 percent for 30 days, issued on August 21.3. A
Marlowe Company received the notes listed below in 2019. Compute the interest to be paid and the maturity value of each note. Show all computations.Analyze: Assuming all notes are paid when due, what
The following notes receivable are held by the Rodriguez Company on January 1, 2019. On January 2, 2019, Rodriguez discounted all of these notes at First National Bank at a discount rate of 10
A business manager should know how one company’s transaction will affect another company. In teams of two students, assign one student to be the notes receivable clerk of Heavenly Baths and another
McCormick & Company, Incorporated, reported the following in its 2015 Annual Report:Analyze:1. What were total trade accounts receivable at November 30, 2015, before the allowance was deducted?2.
How are notes payable maturing less than one year from the balance sheet date shown on the balance sheet?
What is meant by “discounting a note payable”?
What is the maturity value of a $9,000 note, bearing interest at 9 percent, and due 105 days after date of issue of the note?
If a note dated February 28 has a three-month term, on what date must the note be paid?
Pittman Company records uncollectible accounts expense as they occur. Selected transactions for 2019 and 2020 are described below. The accounts involved in these transactions are Notes Receivable,
The balances of selected accounts of the Dexter Company on December 31, 2019, are given below:Accounts Receivable..........................................................................$
Wilson Leather Products sells leather clothing at both wholesale and retail. The company has found that there is a higher rate of uncollectible accounts from retail credit sales than from wholesale
Use the information given in Exercise 15.8, except assume that Electric Utilities received the check for $840 on January 28, 2020 (instead of on December 8, 2019). Give the general journal entry
On December 8, 2019, Electric Utilities Services Company received a check for $840 from Alexander Sanders, whose $1,680 account was written off on September 10 (Exercise 15.7). In the accompanying
Assume the same facts as in Exercise 15.5, except that the recovery of the $7,400 from Ashley Madison was received on February 28, 2020. Give the entry in general journal form to record the
Electric Utilities Services Company uses the direct charge-off method to record uncollectible accounts. On September 10, 2019, the company learned that Alexander Sanders, a customer who owed $1,680,
On December 8, 2019, after a threatened lawsuit by Alonzo Plumbing, Ashley Madison paid the $7,400 account charged off on April 30, 2019 (Exercise 15.4). Give the entries in general journal form to
On April 30, 2019, Alonzo Plumbing, which uses the allowance method, decided that the $7,400 account of Ashley Madison was worthless and should be written off. Give the general journal entry to
On December 31, 2019, before adjusting entries, the balances of selected accounts of the Battlefield Equipment Company were as follows:Accounts
On December 31, 2019, certain account balances at Galaxy Company were as follows before year-end adjustments:Accounts Receivable...................................................$ 941,500Allowance
At December 31, 2019, Gerald Company had accounts receivable of $1,500,000 and an allowance for doubtful accounts of $8,250. On January 1, 2020, Gerald Company wrote off a $1,500 bad debt against
List some common internal controls for accounts receivable.
List some duties that should routinely be separated as part of the internal control procedures for accounts receivable.
Under the direct charge-off method, what entry is made when a firm collects an account that was charged off in a prior year?
What entry is made to record an uncollectible account under the direct charge-off method?
What are the major weaknesses of the direct charge-off method?
Under the allowance method, what account is credited in the adjusting entry to record estimated uncollectible accounts?
For each of the following cases, respond to the question asked and indicate the accounting principle or concept that applies.1. Baxter Company charges off the cost of all magazine advertising in the
Explain the direct charge-off method for recording uncollectible accounts expense.
How is Allowance for Doubtful Accounts shown in the balance sheet?
Explain how to record the collection of an account receivable in the same year in which it was previously written off if the allowance method of recording estimated doubtful accounts is used.
What basic accounting concepts, assumptions, principles, or constraints support the allowance method?
Under the allowance method, what entry is made when a specific customer’s account is deemed to be uncollectible?
If a company is interested primarily in matching expenses and revenues each period, would it base its estimate of uncollectible accounts on sales or on accounts receivable? Explain.
Name three approaches to estimating losses from uncollectible accounts when the allowance method is used.
Explain the purpose of the allowance method of accounting for losses from uncollectible accounts.
For each of the unrelated situations below, identify the accounting principle or concept violated (if a violation exists) and explain the nature of the violation. If you believe that the treatment is
Country Cooking Prepared Meals is a retail shop owned by Beatrice Wilson. She wants to expand her business and has submitted the following balance sheet to her bank as part of the business loan
The income statement shown below was prepared by Karen Carter, owner of Karenâ€™s Beauty Supplies. The business is a sole proprietorship that sells skin and hair care products. An accountant who
The accounting treatment or statement presentation of various items is discussed below. The items pertain to unrelated businesses.INSTRUCTIONSIndicate in each case whether the item has been handled
Sadie Hawkins owns The Education Supply Center, a small store that sells educational supplies. Hawkins recently approached the local bank for a loan to finance a planned expansion of her store.
Baxter & Baxter sells copy equipment. It grants all customers a 12-month warranty, agreeing to make necessary repairs within the following 12-month after-sale period free of charge. At the end of
For each of the following cases, respond to the question asked and indicate the accounting principle or concept that applies.1. Gomez Company has decided to charge off as a loss the portion of its
For each of the following cases, respond to the question asked and indicate the accounting principle or concept that applies.1. Wilson Company purchased many small tools during 2019 at a total cost
For each of the following cases, respond to the question and indicate the accounting principle or concept that applies.1. Williamson, LLC, paid insurance premiums of $8,400 on December 1, 2019. These
What criteria must exist in order for revenues to be recognized by public entities for reporting periods beginning after December 15, 2017?
What two tests must be met in order for revenues to be recognized by public entities for reporting periods beginning before December 15, 2017?
On December 1, 2019, Robert Santo, the accountant for Euro Specialty Products, downloaded the company’s November 30, 2019, bank statement from the bank’s website. The balance shown on the bank
On January 2, The Public Legal Clinic issued Check 2108 for $500 to establish a petty cash fund. Indicate how this transaction would be recorded in a cash payments journal.
Why do some wholesale businesses offer cash discounts to their customers?
How does a firm record a payment on account to a creditor when a cash discount is involved? Which journal is used?
What type of account is Purchases Discounts? How is this account presented on the income statement?
Go to the QuickBooks and Sage websites at quickbooks.com and na.sage.com. Select product overview and more information. You want to be sure to see a copy of a check and purchase order. Compare and
A company needs to develop an objective for paying bills. Does it want to stretch its cash flow as far as it can? Does it want to have a good reputation of always paying bills on time? Does it want
Many current assets are not shown at historic cost in the financial statements. For example, inventories are usually shown at the “lower of cost or market.” What concepts or conventions warrant
The Garden Supply Center is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for December are shown below. The general
The following transactions took place at Sonoma Auto Parts and Custom Shop during the first week of July. Indicate how these transactions would be entered in a purchases journal like the one shown in
On June 30 the general ledger of Beverly Hills Clothiers, a clothing store, showed a balance of $63,895 in the Purchases account, a balance of $2,975 in the Freight In account, and a balance of
On March 9, Modern Kitchens, a retail store, received Credit Memorandum 244 for $3,420 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors
A business has purchased some new equipment for use in its operations, not for resale to customers. The terms of the invoice are n/30. Should this transaction be entered in the purchases journal? If
What is the normal balance of the Purchases account?
Why are the invoice date and terms recorded in the purchases journal?
The balances of certain accounts of Brittany Corporation on April 30, 2019, were as follows:Sales............................................................$220,000Sales Returns and
What is open-account credit?
What is the discount on credit card sales? What type of account is used to record this item?
How is a multicolumn special journal proved at the end of each month?
Understanding the steps in the accounting cycle is important to get accurate information about the condition of your company. In teams, make strips of paper with the nine steps of the accounting
From the following list, identify the accounts that will appear on the post-closing trial balance.ACCOUNTS1. Cash2. Accounts Receivable3. Supplies4. Equipment5. Accumulated Depreciation6. Accounts
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.Complete the following statements:1. Total revenue for the period is
Prepaid insurance is the most common adjusting entry for a company. Use google.com to do a search of the various insurance companies that provide a variety of insurances to business. Try business
What effect does each of the following items have on net income?a. The owner withdrew cash from the business.b. Credit customers paid $3,000 on outstanding balances that were past due.c. The business
Enter “Accounting Careers” in a search tool like Google. Select a site that will provide the skills and talents required for an accountant. Also find the salaries for accountants in your local
Financial statements can reveal a great deal about a company. Corporations are required to produce a 10K report that includes the income statement and balance sheet. Go to the companies’ websites
Indicate whether each of the following accounts normally has a debit balance or a credit balance:1. Equipment2. Accounts Receivable3. Salaries Expense4. Supplies5. Accounts Payable6. Fee Income7.
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Determine the totals that would appear in the firm’s fundamental

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