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College Accounting A Practical Approach 14th Edition Jeffrey Slater, Mike Deschamps - Solutions
Square footage is often used to allocate indirect costs to various departments within a company. Agree or disagree?
Explain how advertising expense could be both a direct cost and an indirect cost for a company.
Special journals are not used in departmental accounting. Agree or disagree? Please explain.
Explain how gross profit is calculated.
The Swellon Company uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X Dec. 1 Voucher no. 250 was prepared for the purchase of $3,600 worth of merchan- dise inventory on account from Rodney
Joie Corporation has been using a voucher system for several years and records invoices at gross. Prepare entries in the voucher register and check register for the following transactions: 201X Sept. 1 Purchased merchandise inventory on account from River Corporation for $6,800; terms 3/10, n/30;
Saidi Corporation uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X July 5 Purchased merchandise on account for $1,600 from Dara Company; terms 7/10, n/30; voucher no. 280 was prepared
Fairwell Company uses a voucher system. Record the following transactions in the voucher register: 201X June 8 Purchased office equipment on account from Taffy Corporation, $700; voucher no. 300 was prepared. 12 Established a petty cash fund of $150; voucher no. 301 was prepared. 14 Purchased
The Sikes Company uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X Oct. 1 Voucher no. 500 was prepared for the purchase of $4,000 worth of merchan- dise inventory on account from Roland
Jace Corporation has been using a voucher system for several years and records invoices at gross. Prepare entries in the voucher register and check register for the following transactions: 201X Sept. 1 Purchased merchandise inventory on account from Rocco Corporation for $6,400; terms 2/10, n/30;
Sabin Corporation uses a voucher system and records invoices at gross. Record the following transactions in the voucher register and/or check register as appropriate: 201X July 5 Purchased merchandise on account for $2,200 from Daisy Company; terms 5/10, n/30; voucher no. 280 was prepared
Farrah Corporation uses a voucher system. Record the following transactions in the voucher register: 201X June 8 Purchased office equipment on account from Takala Corporation, $1,400; voucher no. 300 was prepared. 12 Established a petty cash fund of $90; voucher no. 301 was prepared. 14 Purchased
Morrow Company records invoices at gross in its voucher system. From the following transactions, (a) Record in general journal form the appropriate entries at gross and? (b) Record the entries as if Morrow Company recorded invoices at net. 201X Aug. 12 Bought merchandise on account from Kable
On June 15, 201X, Thompson Company prepared voucher no. 93 to record the purchase of equipment on account for $870. On June 18, Thompson Company decided to pay $870 in two equal installments. (Voucher nos. 94 and 95 were prepared.) Prepare the appropriate journal entries in general journal form for
On November 10, 201X, a voucher for $1,020 for merchandise purchased on account from Gardner Company was prepared by Nicole Corporation. On November 14, Nicole decided to return the merchandise due to poor workmanship. The price of the defective merchandise was $560. Record the entries in general
Dome Company uses a voucher system along with a petty cash fund. Record each of the following entries in journal entry form. Assume that Dome Company records all vouchers at gross. 201X May 11 Purchased $900 Of merchandise on account from Green Company; voucher no. 147 was prepared; terms 2/10,
Carney Company, which is a medium-sized firm, uses a voucher system. Record each of the following entries in general journal form. Assume that Carney Company records all vouchers at gross. 201X June 7 Voucher no. 50 was prepared for the purchase of $7,400 of merchandise on account from Nathan
Lamy Company records invoices at gross in its voucher system. From the following transactions, (a) Record in general journal form the appropriate entries at gross and? (b) Record the entries as if Lamy Company recorded invoices at net. 201X May 7 Bought merchandise on account from Hubley
On August 15, 201X, Quincy Company prepared voucher no. 90 to record the purchase of equipment on account for $930. On August 18, Quincy Company decided to pay $930 in two equal installments. (Voucher nos. 91 and 92 were prepared.) Prepare the appropriate journal entries in general journal form for
On November 10, 201X, a voucher for $1,000 for merchandise purchased on account from Beverly Company was prepared by Lake Corporation. On November 14, Lake decided to return merchandise due to poor workmanship. The price of the merchandise returned was $570. Record the entries in general journal
Elliott Company uses a voucher system along with a petty cash fund. Record each of the following entries in general journal form. Assume that Elliott Company records all vouchers at gross. 201X Aug 3 Purchased $450 of merchandise on account from Greely Company; voucher no. 151 was prepared; terms
Becky Company, which is a medium-sized firm, uses a voucher system. Record each of the following entries in general journal form. Assume that Becky Company records all vouchers at gross. 201X May 3 Voucher no. 50 was prepared for the purchase of $6,700 of merchandise on account from Mark Company;
Record the following transactions at (a) Gross (b) Net: 201X Sept. 3 Bought merchandise on account from Fisher Co.; terms 9/10, n/30, $8,000. Voucher no. 34 was prepared. 18 Issued check no. 481 in payment of voucher no. 34.
On August 6, Lane Co. prepared voucher no. 14 to record purchases of equipment on account for $1,300. On August 11, Lane Co. decided to pay the $1,300 in two equal installments (voucher nos. 17 and 18). Record the general journal entries.
On November 15, Lesko Co. prepared a voucher for $750 for merchandise purchased on account from Rowe Co. On November 19, Lesko Co. decided to return merchandise valued at $100 due to poor workmanship. Record the general journal entries.
Record the following transactions into the general journal. The company uses a voucher system along with a petty cash fund. 201X Mar. 11 Voucher no. 12 was prepared to establish petty cash for $170. 23 Voucher no. 36 was prepared to replenish the petty cash fund from the following receipts:
Explain how partial payments would be recorded in the voucher register.
Once a voucher is recorded, it cannot be canceled. Agree or disagree? Why?
Posting from a voucher register is quite different from posting from other special journals. Agree or disagree? Why?
Why are vouchers filed by due dates?
Compare a voucher register to a purchases journal.
What source documents are attached to a voucher?
List the five components of a voucher system.
Go to the annual report for Amazon at https://tinyurl.com/slaterca14eand calculate the Current Ratio for 2016.
From the information about Vargo Corporation in Figures 22.16 and 22.17, do the following: Comparative Income Statement for Vargo Corporation Comparative Balance Sheet for Vargo Corporation (c) 2020 Current assets 63% 1. For each year calculate its current ratio and acid test ratio. 2. For
From the income statement and balance sheet of Andrews Company (Figures 22.14 and 22.15), compute the following for 2020: (a) Current ratio, (b) Acid test ratio, (c) Accounts receivable turnover, (d) Average collection period, (e) Inventory turnover, (f) Asset turnover, (g) Debt to total
From the comparative income statement of Miller Company in Figure 22.13 , do the following: Comparative Income Statement for Miller Co. 1. Prepare a horizontal analysis with the amount of increase or decrease during 2020 along with the percent increase or decrease during 2019 (to the nearest
MILLER COMPANY COMPARATIVE INCOME STATEMENT FOR YEARS ENDED DECEMBER 31, 2020 AND 2019 From the comparative balance sheet of Salmon Corporation in Figure 22.12 , do the following: (a) Prepare a horizontal analysis of each item for the amount of increase or decrease as well as the percent increase
From the information about Valerius Corporation in Figures 22.10 and 22.11, do the following: Comparative Income Statement for Valerius Corporation Comparative Balance Sheet for Valerius Corporation 1. For each year calculate its current ratio and acid test ratio. 2. For each year prepare the
From the income statement (Figure 22.8 ) and balance sheet (Figure 22.9 ) of Augustus Company, compute the following for 2020: (a) Current ratio, (b) Acid test ratio, (c) Accounts receivable turnover, (d) Average collection period, (e) Inventory turnover, (f) Asset turnover, (g) Debt to total
From the comparative income statement of Wayda Company in Figure 22.7 , do the following: Comparative Income Statement for Wayda Co. 1. Prepare a horizontal analysis with the amount of increase or decrease during 2020 along with the percent increase or decrease during 2019 (to the nearest tenth
From the comparative balance sheet of Dean Corporation in Figure 22.6 : (a) prepare a horizontal analysis of each item for the amount of increase or decrease as well as the percent increase or decrease (to the nearest tenth of a percent); (b) Vertically analyze the 2020 column of the balance sheet
From the given income statement and additional information of Clark Co., compute the following: 1. Asset turnover for 2020 2. Inventory turnover for 2020 3. Accounts receivable turnover for 2020 2020 2019 Net Sales $1,000,000 $750,000 Costof Goods Sold 556,000 504,000 Gross Profit $ 444,000
Complete a trend analysis from the following data of Hail Corporation using 2019 as the base year. (Round to the nearest percent.) 2022 2021 2020 2019 Sales $620,000 $530,000 $440,000 $350,000 Gross Profit 169,000 141,500 112,000 124,400 Net Income 48,400 40,000 23,200 38,400
From the following comparative balance sheet of Holt Co., prepare a common-size comparative balance sheet. (Round all percentages to the nearest tenth of a percent.) 2020 2019 Current Assets $123,900 $ 65,250 Plant and Equipment 466,100 369,750 Total Assets $590,000 $435,000 $ 78,300 Current
From the following, prepare a common-size income statement for Tom Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as 100%. 2020 2019 Net Sales $700,000 $450,000 Cost of Goods Sold 504,000 346,500 Gross Profit from Sales 196,000
Prepare a horizontal analysis of the comparative income statement for Abbie Co. for the years ending December 31, 2020, and December 31, 2019. (Round to the nearest hundredth of a percent as needed.) 2020 2019 Net Sales $70,000 $45,000 Cost of Goods Sold 36,000 20,000 Operating Expenses 17,900
From the given income statement and additional information of Connors Co., compute the following: 1. Asset turnover for 2020 2. Inventory turnover for 2020 3. Accounts receivable turnover for 2020 2020 2019 Net Sales $680,000 $750,000 Costof Goods Sold 500,500 502,000 Gross Profit $179,500
Complete a trend analysis from the following data of Hall Corporation using 2019 as the base year. (Round to the nearest percent.) 2022 2021 2020 2019 Sales $580,000 $490, 000 $400,000 $310,000 Gross Profit 168,000 141,750 112,000 124,000 Net Income 48,800 40,800 21,800 39,000
From the following comparative balance sheet of Howard Co., prepare a common-size comparative balance sheet. (Round all percentages to the nearest tenth of a percent.) 2020 2019 Current Assets $104,550 $ 74,700 Plant and Equipment 510,450 340,300 Total Assets $615,000 $415,000 Current
From the following, prepare a common-size income statement for Tony Co. by converting the dollar amounts into percentages. (Round to the nearest hundredth of a percent.) Use net sales as 100%. 2020 2019 Net Sales $750,000 $430,000 Costof Goods Sold 540,000 352,600 Gross Profit from Sales 210,000
Prepare a horizontal analysis of the comparative income statement for Alvin Co. for the years ending December 31, 2019, and December 31, 2020. (Round to the nearest hundredth of a percent as needed.) 2020 2019 Net Sales $110,000 $60,000 Cost of Goods Sold 38,000 19,000 Operating Expenses 17,700
From the data given calculate the following. (Round to the nearest hundredth or hundredth of a percent as needed.)1. Current ratio2. Acid test ratio3. Asset turnover ratio4. Gross profit rateNet Sales$240,000Current Assets51,300Gross Profit96,000Current Liabilities19,000Total
Complete a trend analysis from the following data of Carter Corporation using 2019 as the base year. (Round to the nearest percent.) 2022 2021 2020 2019 Sales $1,000 $650 $550 $400 Gross Profit 350 250 350 160 Net Income 220 88 55 55
Prepare a common-size income statement from the following (use net sales as 100%):Net Sales$1,100Cost of Goods Sold385Gross profit from Sales715Operating Expenses275Net Income$440
Complete a vertical analysis of the assets. (Round to the nearest tenth of a percent as needed.)a. Cash$ 784b. Accounts Receivable952c. Merchandise Inventory1,064d. Office Equipment2,800Total Assets$5,600
Calculate the amount of increase or decrease as well as the percentage of increase or decrease. (Round to the nearest tenth of a percent as needed.) 2020 2019 Amount a. Accounts Receivable $650 $520 b. Accounts Payable 520 650
Rate of return on assets is affected by return on sales and asset turnover. Agree or disagree?
What does possible liquidation have to do with the ratio of debt to total assets?
Stockouts could easily result if inventory is higher than it should be. Agree or disagree? Please explain.
What current asset accounts are deleted in the calculation of the acid test ratio? Why?
How can ratios be expressed?
Why is a base year chosen in trend analysis?
Common-size statements use horizontal analysis. Agree or disagree? Please explain.
Horizontal analysis cannot be presented on comparative financial statements. Agree or disagree? Please explain.
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e on page 17 and find the net cash provided by operating activities in 2016.
From the following income statement (Figure 21.14 ), balance sheet (Figure 21.15 ), and additional data for Webber Company, prepare a statement of cash flows using the indirect method. Income Statement for Webber Additional Data 1. All Plant and Equipment were purchased with cash. 2. Sold
From the following income statement (Figure 21.12 ), balance sheet (Figure 21.13 ), and additional data for Salmon Company, prepare a statement of cash flows using the indirect method. Income Statement for Salmon Balance Sheet for Salmon Additional Data 1. All Plant and Equipment were
From the following, calculate the net cash flows from operating activities (use the direct method):Sales$9,300Cost of Goods Sold4,400Salaries Expense1,400Insurance Expense840Other Expenses (all cash)1,400Changes in current assets and liabilitiesAccounts Receivable increased by $570.Inventory
From the following, calculate the net cash flows from operating activities (use the indirect method): 2018 2019 Accounts Receivable $ 5,200 $7,400 Prepaid Insurance 905 849 Accounts Payable 4,000 4,597 Salaries Payable 900 2,050 For the year ended 2019: Net Income $17,900 Depreciation Expense 3,900
From the following, calculate the net cash flows from operating activities (use the direct method):Sales$9,700Cost of Goods Sold4,200Salaries Expense1,200Insurance Expense800Other Expenses (all cash)800Changes in current assets and liabilitiesAccounts Receivable increased by $560.Inventory
From the following, calculate the net cash flows from operating activities (use the indirect method): 2018 2019 Accounts Receivable $ 4,900 $7,300 Prepaid Insurance 908 851 Accounts Payable 3,993 4,602 Salaries Payable 1,100 2,100 For the year ended 2019: Net Income $18,000 Depreciation Expense
Given the following, calculate net change in cash:Net cash provided by operating activities$6,000Net cash used by investing activities(2,200)Net cash provided by financing activities1,300
From the following, calculate net cash flows from financing activities:Payments of dividends$17,000Issuance of common stock4,000Issuance of long-term note payable16,075
Using the data from Concept Check 2 plus the additional information in Figure 21.11 , compute net cash flows from operating activities using the direct method. Income Statement $8400 00 229000 $6110 00 Sales Cost of Goods Sold Gross Profit Expenses: $ 63000 225000 50000 Depreciation Expense
From the following, calculate the net cash flow from operating activities using the indirect method: 2018 2019 Accounts Receivable $ 620 $ 850 Merchandise Inventory 2,500 4,400 Prepaid Insurance 750 290 Accounts Payable 1,000 780 Salaries Payable 610 840 For the year ended 2019: Net Income $2,450
The issuance of stock is an investing activity. Agree or disagree? Why?
Go to the annual 2016 report for Amazon at https://tinyurl.com/slaterca14e and find the amount of long-term debt in 2016. How much of that debt relates to Bonds?
On April 1, 201X, Leffer Corporation issued $160,000 of 11%, 5-year bonds for $179,537, yielding a market rate of 8%. Interest is paid on October 1 and April 1. Leffer Corporation uses the interest method to amortize the premium.1. Prepare an amortization schedule for the first three semiannual
On January 1, 201X, Wilcox Corporation issued $300,300 of 10%, 10-year bonds for $265,916, yielding a market rate of 12%. Interest is paid on July 1 and December 31. Wilcox uses the interest method to amortize the discount.1. Prepare an amortization schedule for the first three semiannual
On May 1, 201X, Langston Corporation issued $400,000 of 12%, 20-year bonds at 109. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amortization schedule for the first three semiannual periods and journalize the following
On January 1, 201X, Lemming Corporation sold $480,000 of 6%, 10-year bonds at 96. Interest is to be paid on June 30 and December 31. The straight-line method of amortizing the discount is used. Prepare(1) an amortization schedule for the first three semiannual periods and(2) journal entries to
On June 1, 201X, Leffer Corporation issued $300,000 of 10%, 5- year bonds for $324,465, yielding a market rate of 8%. Interest is paid on December 1 and June 1. Leffer Corporation uses the interest method to amortize the premium.1. Prepare an amortization schedule for the first three semiannual
On January 1, 201X, Acorn Corporation issued $300,000 of 10%, 10-year bonds for $265,650, yielding a market rate of 12%. Interest is paid on July 1 and December 31. Acorn uses the interest method to amortize the discount.1. Prepare an amortization schedule for the first three semiannual periods.2.
On May 1, 201X, Douglas Corporation issued $600,000 of 6%, 20-year bonds at 107. The interest is payable on November 1 and May 1. The premium is amortized by the straight-line method. Prepare an amortization schedule for the first three semiannual periods and journalize the following transactions:
On January 1, 201X, Lester Corporation sold $380,000 of 5%, 10-year bonds at 99. Interest is to be paid on June 30 and December 31. The straight-line method of amortizing the discount is used. Prepare(1) An amortization schedule for the first three semiannual periods(2) Journal entries to record
From the following, prepare the long-term liabilities section of a balance sheet:a. Bond sinking fund$450,000b. Premium on 9% bonds3,000c. Discount on 11% bonds13,000d. 9% Bonds Payable580,000e. 11% bonds Payable200,000
On January 1 Lincoln Corporation sold $400,000 of 10-year sinking fund bonds. The corporation expects to earn 10% on the sinking fund balance and is required to deposit $23,100 at the end of each year with the trustee. Record the following entries:a. The first deposit.b. Earnings of $2,310 at the
On July 1, Colden Corporation issued 6%, 25-year bonds with a face value of $105,000 for $66,641 because the current market rate is 10%. Record the following entries, assuming the interest method is used to amortize the discount on bonds. Round discount to the nearest dollar.a. Issuance of
Morris Corporation issued $250,000 of 11%, 20-year bonds at 88 on March 1, 201X, with semiannual interest payable on March 1 and September 1. Amortization of discount is by the straight-line method.Record the journal entries for the following:a. Issuance of bonds.b. Semiannual interest payment on
On November 1, 201X, Alpha Corporation issued $875,000 of 3%, 12-year bonds to lenders at par (100). Interest is to be paid semiannually on May 1 and November 1. Journalize the following entries:1. Issued the bonds.2. Paid semiannual interest payment.3. Retirement of bonds, assuming interest
Ryan Corporation and Hart Corporation have both earned $160,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. The bond and stocks have been outstanding all year. Calculate the earnings per share of common stock for these
From the following, prepare the long-term liabilities section of a balance sheet:a. Bond sinking fund$375,000b. Premium on 5% bonds5,000c. Discount on 9% bonds15,000d. 5% Bonds Payable470,000e. 9% bonds Payable275,000
On January 1 Rixon Corporation sold $360,000 of 10-year sinking fund bonds. The corporation expects to earn 9% on the sinking fund balance and is required to deposit $23,000 at the end of each year with the trustee. Record the following entries:1. The first deposit.2. Earnings of $2,070 at end of
On July 1, Johnson Corporation issued 6%, 12-year bonds with a face value of $100,000 for $62,350 because the current market rate is 12%. Record the following entries, assuming that the interest method is used to amortize the discount on bonds. Round discount to the nearest dollar.a. Issuance of
Quick Corporation issued $275,000 of 4%, 10-year bonds at 96 on February 1, 201X, with semiannual interest payable on February 1 and August 1. Amortization of discount is by the straight-line method.Record the journal entries for the following:a. Issuance of bonds.b. Semiannual interest payment on
On May 1, 201X, Maltby Corporation issued $925,000 of 12%, 25-year bonds to lenders at par (100). Interest is to be paid semiannually on November 1 and May 1. Journalize the following entries:1. Issued the bonds.2. Paid semiannual interest payment.3. Retirement of bonds, assuming interest expense
Boice Corporation and Hamlin Corporation have both earned $180,000 before bond interest and taxes. The companies have the same number of outstanding shares but different capital structures. The bond and stocks have been outstanding all year. Calculate the earnings per share of common stock for
Journalize the following transactions:1. Set up a bond sinking fund with an initial deposit of $7,000.2. Earned $230 interest on sinking fund balance.3. Sinking fund of $25,000 was used to pay off bondholders in the amount of $25,000.
Facts: Bond issue: $104,000, 11%, 25-year bonds; selling price ofbonds $249,600; market rate 3%. Use the interest method. Calculate thefollowing:1. Carrying value at beginning of period2. Interest paid to bondholders each 6 months3. Interest expense for the first semiannual period4. Premium to be
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