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College Accounting A Practical Approach 14th Edition Jeffrey Slater, Mike Deschamps - Solutions
When a partner withdraws, why would a partnership revalue its assets?
What is meant by a “bonus” when a partner is admitted?
What is meant by a “side transaction” when a new partner is admitted by an existing partner’s selling the new partner equity?
The statement of partners’ capital is a required report. Agree or disagree? Defend your position.
Give an example of a fractional ratio.
Explain why salary and interest allowances are not expenses for a partnership.
Mutual agency could create unlimited liability. Agree or disagree? Defend your position.
Explain how a company could operate even when being dissolved.
What is the function of the articles of partnership?
List five characteristics of a partnership.
On September 13, 2018, Cagnacci Company bought equipment for $6,000. Its estimated life is 4 years with a residual value of $288. Prepare depreciation schedules for 2018, 2019, and 2020 for(a) Straightline(b) Double declining-balance at twice the straight-line rate methods.
On January 1, 2018, a machine was installed at Dunbar Factory at a cost of $53,000. Its estimated residual value at the end of its estimated life of 4 years is $20,000. The machine is expected to produce 66,000 units with the following production schedule:2018: 8,000 units2019: 25,000 units2020:
Record the following transactions (all paid in cash except on March 24) in the general journal of Green Company: 201X Feb. 5 Purchased land for $89,000. The $89,000 included attorney's fees of $6,100. 18 Green Company decided to pave the parking lot for $5,600. Mar. 24 Purchased a building for
On May 13, 2018, Cook Company bought equipment for $4,080. Its estimated life is 4 years with a residual value of $240. Prepare depreciation schedules for 2018, 2019, and 2020 for(a) Straight-line(b) Double declining-balance at twice the straight-line rate methods.
On January 1, 2018, a machine was installed at Jillian Factory at a cost of $58,000. Its estimated residual value at the end of its estimated life of 4 years is $22,000. The machine is expected to produce 180,000 units with the following production schedule:2018: 37,000 units2019: 35,000 units2020:
Harrison Company bought a light general-purpose truck for $9,000 on March 5, 2006. Calculate the yearly depreciation using the MACRS method.
On May 1, 2018, April Company bought a patent at a cost of $5,940. It is estimated that the patent will give April a competitive advantage for 4 years. Record in general journal form amortization for 2018 and 2019. (Assume December 31 is the end of the accounting period for April.)
Lakeville Co., whose accounting period ends on December 31, purchased a machine for $6,920 on January 1 with an estimated residual value of $800 and an estimated useful life of 4 years. Prepare depreciation schedules for the current as well as the following year using(a) Straight line(b) Double
From the following, prepare depreciation schedules for the first 2 years for(a) Straight-line,(b) Units-of-production, (c) Double declining-balance at twice the straight line rate methods.Machine purchased on January 1, $1,420.Residual value, $220.Estimated useful life, 4 years.Total estimated
Ralph Company incurred the following expenditures to buy a new machine:Invoice, $35,000 less 8% cash discountFreight charges, $440.Assembly charges, $1,500.Special base to support machine, $502.Machine dropped and repaired, $390.What is the actual cost of the machine?
Menard Company bought a light general-purpose truck for $8,500 on February 6, 2006. Calculate the yearly depreciation using the MACRS method.
On May 1, 2018, Lincoln Company bought a patent at a cost of $6,120. It is estimated that the patent will give Lincoln a competitive advantage for 6 years. Record in general journal form amortization for 2018 and 2019. (Assume December 31 is the end of the accounting period for Lincoln.)
Falcon Co., whose accounting period ends on December 31, purchased a machine for $6,900 on January 1 with an estimated residual value of $760 and an estimated useful life of 5 years. Prepare depreciation schedules for the current as well as the following year using(a) Straight-line(b) Double
Austin Company incurred the following expenditures to buy a new machine:Invoice, $31,000 less 13% cash discount.Freight charges, $480.Assembly charges, $1,400.Special base to support machine, $500.Machine dropped and repaired, $300.What is the actual cost of the machine?
Assume that in the scenario in Concept Check 8 the cash payment was $10,800.1. What is the loss on the exchange?2. Provide a journal entry to record the exchange.
In a transaction with commercial substance, April Co. exchanged an old machine costing $19,800 with Accumulated Depreciation of $10,400 for a new machine with a market value of $19,100 and a cash payment of $6,010.1. What is the book value of the old machine? What is the recognized gain on the
If Mark Stone depreciated his truck by the double declining-balance method, calculate the depreciation expense for year 1.Cost$9,600Residual value$1,900Service of useful life4 year
If Leo Stone depreciated his truck by the units-of-production method, calculate the first year’s depreciation based on the following:Cost$4,840Residual value$1,600Estimated mileage54,000The truck was driven 7,000 miles in year 1.
If a machine had a cost of $6,400 with an accumulated depreciation of $630, what would be its book value?
Bob Rink depreciates his truck by the straight-line method. Calculate the yearly depreciation expense given the following:Cost$7,300Residual value$2,500Service of useful life4 years
Calculate the total cost of the machine given the following:List price$3,400Cash discount8%Freight$58Assembly350Special foundation63
What is the purpose of the Accumulated Depletion account?
A loss on an exchange of plant assets that has commercial substance must be recognized in the accounting records. True or false?
When a plant asset is sold, a loss results if the cash received is greater than book value. Agree or disagree? Please explain.
Which method of depreciation does not deduct residual value in its calculation?
A betterment is a revenue expenditure. True or false? Please explain.
What is the purpose of the Land Improvements account?
Suarez Computer Center had 350 pieces of merchandise inventory as of June 30, 201X. The inventory was purchased with prices as follows: Using the FIFO, LIFO, and weighted-average methods, calculate the dollar value of Suarez Computer Center?s ending inventory. Lot Price Each Piece Number of
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e. Look on page 39 and find out the balance of inventory. Which method to calculate ending inventory was used by Amazon?
Over the past 4 years the gross profit rate for Davidson Company was 26%. Last week a fire destroyed all of Davidson’s inventory. Luckily, all the records for Davidson were in a fireproof safe and indicated the following facts:Inventory (Januray 1, 201X)$39,100Sales128,500Sales
Matthew Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Matthew’s ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)January 1 inventory at
Addison Company, using the periodic inventory system, began the year with 220 units of product B in inventory with a unit cost of $39. The following additional purchases of the product were made:Apr. 1320 units @ $41 eachJuly 5410 units @ 56 eachAug. 15470 units @ 64 eachNov. 20160 units @ 76
Agree Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use (b) Assuming that the LIFO method is in use. Assume on January 1, 201X, a beginning inventory of 804 units at a cost of $9 each. Received
Salem Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in the inventory follow: Your job is to do the
The Antrim Company uses the perpetual inventory system. Record the transactions in a two-column journal. All credit sales are n/30. 201X 5 Purchased merchandise on account totaling $2,000; terms n/30. 6 Sold merchandise on account to Tommy Donaghey for $70. This merchandise cost $52. July 8
Over the past 4 years, the gross profit rate for Setzer Company was 28%. Last week a fire destroyed all of Setzer’s inventory. Luckily, all the records for Setzer were in a fireproof safe and indicated the following facts:Inventory (January 1, 201X)$38,700Sales128,000Sales
Mosher Company uses the retail method to estimate the cost of ending inventory for its monthly interim reports. From the following facts, estimate Mosher’s ending inventory at cost for the end of January. (Round the cost ratio to the nearest tenth percent.)January 1 inventory at
Ashlyn Company, using the periodic inventory system, began the year with 280 units of product B in inventory with a unit cost of $35. The following additional purchases of the product were made: At end of year, Ashlyn Company had 460 units of its product unsold. Calculate the cost of ending
Ashley Company uses a perpetual inventory system. From the following information, prepare an inventory record form (a) Assuming that the FIFO method is in use (b) Assuming that the LIFO method is in use. Assume on January 1, 201X, a beginning inventory of 806 units at a cost of $12 each. Received
Sturebridge Electronics, an electronics supply company, uses the perpetual inventory system with a subsidiary inventory ledger to maintain control over an inventory of thousands of electronic parts. The quantities and costs for three of the parts in inventory follow: Your job is to do the
The Athol Company uses the perpetual inventory system. Record these transactions in a two-column journal. All credit sales are n/30. 201X July 5 Purchased merchandise on account totaling $2,000; terms n/30. 6 Sold merchandise on account to Tommy Donaldson for $85. This merchandise cost $76. 8.
Amy Company on November 1, 201X, had inventory costing $32,000 and during November had net purchases of $67,100. Over the years, Amy Company’s gross profit averaged 44% on sales. Given that the company has net sales of $110,500, calculate an estimated cost of ending inventory using the gross
Miles Company’s November 1 inventory had a cost of $59,800 and a retail value of $72,600. During November, net purchases cost $256,000 with a retail value of $405,200. Net sales at retail for Miles Company during November were $228,600. Calculate the ending inventory at cost using the retail
From the following facts, calculate the correct cost of inventory for Bob Company.Cost of inventory on shelf, $4,300, which includes $310 of goods received on consignment.Goods in transit en route to Bob Company shipped F.O.B. shipping point, $22,200.Goods in transit en route to Bob shipped F.O.B.
The Dandylion Company uses the periodic inventory system. Calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO,? (c) Weighted average methods. Dandylion sells only one product, called SM57. Units Costs per Unit January 1 Beginning inventory 50 $12 March 18
Mullen Sales uses the FIFO method with the perpetual inventory system. Enter the following information into the inventory record form for product 44BX. Be sure to keep the balance on hand up-to-date. 201X 1 Balance on hand:7 units ata cost of $19.00 each. 2 Purchased 14 units at a cost of $23.00
Journalize and post the preceding transactions (Exercise 15B-2 ) using a two-column journal and T accounts.Exercise 15B-2 201X 5 Purchased on account 5 units at a cost of $8 each. (Inventory on hand prior to this purchase was zero units.) Nov. 6 Sold 2 units for $16.40 each. (Hint: The inventory
The JAB Company uses the perpetual inventory system with a subsidiary ledger for inventory. Enter the following information into the inventory balance for product U47. Be sure to keep the balance on hand up-to-date. 201X 5 Purchased on account 5 units at a cost of $8 each. (Inventory on hand prior
The Black Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X 3 Purchased 10 Model 77 DX light fixture(s) on account from Flashing Electric at total cost of $400; terms n/30. Feb. 5 Sold 8 model U67 light fixtures for cash for $224 total.
Kelly Company on April 1, 201X, had inventory costing $33,000 and during April had net purchases of $68,000. Over the years, Kelly Company’s gross profit averaged 40% on sales. Given that the company has net sales of $107,500, calculate an estimated cost of ending inventory using the gross profit
Goodman Company’s April 1 inventory had a cost of $59,500 and a retail value of $73,200. During April, net purchases cost $255,600 with a retail value of $405,000. Net sales at retail for Goodman Company during April were $227,800. Calculate the ending inventory at cost using the retail inventory
From the following facts, calculate the correct cost of inventory for Sam Company.Cost of inventory on shelf, $4,200, which includes $280 of goods received on consignment.Goods in transit en route to Sam Company shipped F.O.B. shipping point, $22,000.Goods in transit en route to Sam shipped F.O.B.
Mannon Sales uses the FIFO method with the perpetual inventory system. Enter the following information in the inventory record form for product 44BX. Be sure to keep the balance on hand upto- date. 201X Apr. 1 Balance on hand: 8 units at a cost of $20 each. 2 Purchased 8 units at a cost of $23
The Brown Electric Company uses the perpetual inventory system. Record these transactions in a two-column journal. 201X 3 Purchased 45 model 77 DX Light fixtures on account from Nonstop Electric at total cost of $1,800; terms n/30. Feb. 5 Sold 9 model U67 light fixtures for cash for $252 total.
If in Exercise 6B-2 cash on hand is $45, prepare the entry to replenish the petty cash on December 31.Exercises 6B-2 201X December 1 A $108 petty cash fund is established. At the end of the month, $35 cash plus the following paid vouchers exist: donations expense, $15; postage expense, $13; office
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Find the Consolidated Statement of Operations. How much did Amazon’s net product sales increase or decrease from 2015 to 2016?
Go to https://tinyurl.com/slaterca14e to access Amazon 2016 Annual Report. Did Amazon’s Accounts Payable go up or down from 2015 to 2016? What does change mean?
Computers cannot do debits and credits—agree or disagree and explain why.
Which of the following statements are false?1. Revenue provides only outward flows of cash.2. Revenue is a subdivision of Assets.3. Revenue provides an inward flow of cash or accounts receivable.4. Expenses are part of Total Assets.
Owner’s equity is subdivided into what categories?
Define capital.
How has technology affected the role of the bookkeeper?
How are businesses classified?
Why would a manager prefer the perpetual inventory system over the periodic system of inventory?
Go to https://tinyurl.com/slaterca14e to access Amazon’s 2016 Annual Report. Go to page 37 and find the balance of interest income in 2016.
Journalize the following transactions for Falcon Company: 201X Apr. 18 Received an $11,000, 90-day, 4% note from Cathy Bora in payment of account past due. 9 Wrote off the April Deacy account as uncollectible for $640. (Falcon uses the Allowance method to record bad debts.) May July 17 Cathy Bora
Journalize the following transactions for Jones Company: 201X June 18 Jones Company disCounted its own $49,000, 90-day note at International Bank at 16%. 16 Paid the amount due on the note of June 18. (Be sure to record interest expense from Discount on Notes Payable.) Sept. 2 Jones Company
On May 1, 201X, Lake Company received a $26,000, 90-day, 5% note from Walker Company dated May 1. On June 20, 201X, Lake discounted the note at Reading Bank at a discount rate of 8%.1. Calculate the following:a. Maturity value of the noteb. Number of days the bank will hold the note until maturity
Journalize the following entries for (1) the buyer and (2) the seller. Record all entries for the buyer first. Both companies use the perpetual inventory method. Assume a 360 day year. 201X June 11 lyons Company sold $8,000 of merchandise costing $7,000 on account to Ramsay Сompany. July 11 lyons
Journalize the following transactions for Carney Company: 5 Received a $2,000, 90-day, 5% note dated December 5 from Thomas Haden in payment of account past due. 11 Paid principal and interest due on note issued to Flower Company from November 11 note. Dec. Dec. 16 Received a $26,000, 180-day, 12%
Journalize the following transactions for Jackson Company: 201X June 18 Jackson Company discounted its own $43,000, 90-day note at Newport Bank at 12%. Sept. 16 Paid the amount due on the note of June 18. (Be sure to record interest expense from Discount on Notes Payable.) Nov. 2 Jackson Company
On May 1, 201X, Jason Company received a $30,000, 90-day, 9% note from Quincy Company dated May 1. On June 20, 201X, Jason discounted the note at Pittsfield Bank at a discount rate of 12%.a. Calculate the following:1. Maturity value of the note2. Number of days the bank will hold the note until
John Short negotiated a bank loan for $21,000 for 180 days at a bank rate of 10%. Assuming the interest is deducted in advance, prepare the entry for John to record the bank loan.
On May 15, 201X, Ramon Co. gave Silver Co. a 180-day, $14,000, 10% note. On July 14, Silver Co. discounted the note at 12%.1. Journalize the entry for Silver to record the proceeds.2. Record the entry for Silver if Ramon fails to pay at maturity.
Calculate the interest for the following. Assume a 360-day year.a.$14,0003%2 yearsb.$20,00011%10 monthsc.$10,50014%120 days
Jake Spady negotiated a bank loan for $36,000 for 150 days at a bank rate of 18%. Assuming the interest is deducted in advance, prepare the entry for Jake to record the bank loan. Assume a 360-day year.
On May 15, 201X, Reed Co. gave Fuligin Co. a 180-day, $9,000, 8% note. On July 14, Fuligin Co. discounted the note at 10%.Assume a 360-day year.1. Journalize the entry for Fuligin to record the proceeds.2. Record the entry for Fuligin if Reed fails to pay at maturity.
Calculate the interest for the following assume a 360-day year:a.$12,0002%2 yearsb.$19,0009%10 monthsc.$7,00016%90 days
Nicole Co. discounts its own note at a bank. This $58,000 note results in the bank deducting $410 interest in advance. Draw a transaction analysis box for this situation.
If Pearl Co. defaults on the note from Concept Check 5, what would be the journal entry for Dove Co., assuming a $10 protest fee?Concept check 5Dove Co. received a $6,000, 8%, 90-day note from Pearl Co. dated June 6. On June 26, Dove discounted the note at Faithful Bank, which charged a discount
Dove Co. received a $6,000, 8%, 90-day note from Pearl Co. dated June 6. On June 26, Dove discounted the note at Faithful Bank, which charged a discount rate of 10%. Calculate the following:1. Maturity value2. Discount period3. Bank discount4. Proceeds
Jay Munson discounted a $9,600, 7%, 90-day note at Orchid Bank. He recorded the following entry: How much interest did Jay Munson lose by discounting the note? Journal Entry Accounts PR Debit Credit Cash 9,703 Notes Receivable 9,600 Interest Income 103
Find the maturity value of the following:a. $4,000 3% 10 monthsb. $13,200 3% 90 days
Find the maturity date of the following:1. 120-day note dated May 14.2. 70-day note dated November 9.
How could Discount on Notes Payable be adjusted?
How is the effective interest rate calculated?
When could interest be deducted in advance by a lender?
List the four steps to arrive at proceeds in the process of discounting a note.
Explain what will happen if a maker defaults on a note. (Assume that the note has not been discounted.)
Only matured notes are listed in the Notes Receivable account. Agree or disagree? Please discuss.
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