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College Accounting Chapters 1-30 15th edition John Price, M. David Haddock, Michael Farina - Solutions

It is possible that one company might consider an item, such as glue, as one of its direct materials, while another company with identical manufacturing processes might classify the item as one of its indirect materials. Why?
How would the wages of the employee who issues materials from the factory storeroom be classified?
What is manufacturing overhead?
Why does the figure for total manufacturing cost not equal the cost of goods manufactured?
Tent Manufacturing Company makes camping equipment. Selected account balances (listed alphabetically) for this firm on December 31, 2019, the end of its fiscal year, are given below. Data about the beginning and ending inventories is also shown.INSTRUCTIONS1. Prepare a statement of cost of goods
How is the work in process inventory determined?
Give some examples of manufacturing overhead items.
What is the source of the information for preparing the journal entry to close manufacturing cost accounts to the Manufacturing Summary account?
Are the financial statements prepared after the closing entries have been posted? Explain.
Is the statement of cost of goods manufactured prepared before or after the income statement? Explain.
Describe the flow of costs through the inventory accounts of a manufacturing firm.
Give three examples not given in the chapter of indirect labor for a manufacturing firm.
How is the cost of goods sold determined for a manufacturing business?
Explain how a manufacturing business records reversing entries and why the reversing entries are made.
The following selected items appeared in the adjusted trial balance columns of the worksheet for Blue Company on December 31, 2019. From this information, prepare the section of the statement of cost of goods manufactured relating to the cost of raw materials used: Debit Credit Finished Goods
Using the data given in Exercise 26.1, prepare the general journal entry to record adjustments for inventory accounts. Debit Credit Finished Goods Inventory Work in Process Inventory Raw Materials Inventory $ 60,000 $62,000 85,000 45,000 90,000 50,000 Materials Purchases Purchases Returns and
JEB Company’s beginning raw materials inventory was $95,000. Its net purchases for the period were $875,000, and its ending raw materials inventory was $75,000. What was its cost of raw materials used?
Dog Company’s total manufacturing cost for the year was $1,900,000. Its manufacturing overhead was $300,000, and its cost of raw materials used was $750,000. What was its direct labor cost for the year?
Which of the following items would not appear on the statement of cost of goods manufactured?1. Insurance on office building2. Depreciation of factory equipment3. Direct labor
Which of the following items would appear on the statement of cost of goods manufactured?1. Work in process inventory2. Finished goods inventory3. Raw materials inventory
Which of the following items would not be included in the Manufacturing Overhead section of the statement of cost of goods manufactured?1. Payroll taxes on wages of plant security guards2. Insurance costs for factory3. Freight-in charges on purchases of raw materials
Which of the following items would be included in the Manufacturing Overhead section of the statement of cost of goods manufactured?1. Direct labor2. Raw materials used3. Indirect materials and supplies4. Repairs to factory building5. Depreciation of factory equipment6. Office supplies expense7.
Information about certain account balances in the trial balance of Vol Corporation on December 31, 2019, follows:a. Balance in Raw Materials Inventory account that reflects the beginning balance, December 31, $52,000; physical count on December 31 that reflects the ending balance, $50,000b. Balance
Amora Manufacturing Company makes water heaters. Selected account balances on December 31, 2019, the end of its fiscal year, are given below. Data about the beginning and ending inventories are also given.INSTRUCTIONS1. Prepare a statement of cost of goods manufactured for 2019.2. Prepare an income
PlayTime Inc. manufactures parts for DVD players. The Trial Balance section of its worksheet and other year-end data follow.INSTRUCTIONS1. Prepare a 12-column manufacturing worksheet for the year ended December 31, 2019. Enter the trial balance in the first two columns.2. Using the data given,
In January 2019, Jane Joli started Warmers, a business manufacturing ladies’ scarves. Joli was so busy with the manufacturing side of the business that she did not take time to set up detailed accounting records; the business checkbook was her only record of accounting transactions. When cash
Certain information about the statement of cost of goods manufactured and the income statement for the year ended December 31, 2019, for Paul’s Production, Inc., is given below:Beginning inventory of finished goods, 105 percent of ending inventoryWork in process inventory, January 1, 95 percent
The costs for items manufactured are collected in work in process and then sent to finished goods when the items are complete. When the items are sold, the costs are taken out of finished goods and put into cost of goods sold. As a group, select a product to be manufactured, such as a skateboard.
Since 1972, the Institute of Management Accountants has been issuing certification for the certified management accountant (CMA). Go to the IMA website at www.imanet.org. What are the two parts of the CMA exam to become certified?
Compute the rate of net income before income taxes on total assets for each of these two years. Base your calculation on total ending assets each year. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000
Compute the rate of net income on stockholders€™ equity for 2019 and 2018. Retained earnings on January 1, 2018, was $69,160. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000 Sales Less
Calculate the rate of net income on sales for these two years. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000 Sales Less Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit
Prepare a horizontal analysis of all items on the comparative balance sheet for the years shown. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000 Sales Less Sales Returns and Allowances Net
Using the comparative income statement, prepare a horizontal analysis of all items on the income statement for years displayed. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000 Sales Less Sales
Prepare a vertical analysis of all asset items on the comparative balance sheet for these years. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000 Sales Less Sales Returns and Allowances Net
Using the comparative income statement, prepare a vertical analysis of all items from sales through gross profit on sales for the years shown. Canna, Inc. Comparative Income Statement Years Ended December 31, 2019 and 2018 Amounts 2018 2019 1635750 9 6750 1539000 106 6 300 4 72700 2 15000 2 10000
What is the procedure for measuring earnings per share of common stock?
What does the rate of net income on stockholders’ equity tell stockholders?
Which is more important: a larger change in percentage or a large change in dollar amount?
In a vertical analysis of the balance sheet, what is the base for comparing each item on the statement?
What is meant by vertical analysis of the income statement?
If a company’s net sales and its cost of goods sold both increase by 12 percent from 2018 to 2019, would gross profit on sales also increase by 12 percent?
Why would a short-term creditor be interested in the analysis of a company’s income statement?
What are common-size statements?
The board of directors of Calmont, LLC, authorized the issuance of $600,000 face value, 20-year, 6 percent bonds, dated March 1, 2019, and maturing on March 1, 2039. Interest is payable semiannually on September 1 and March 1.INSTRUCTIONS1. Record the following transactions in general journal form.
The April 1 inventory of Andrew Stores had a cost of $459,000 and a retail value of $670,000. During April, merchandise was purchased for $534,500 and marked to sell for $838,000. Freight in was $9,000. April sales totaled $1,075,000.INSTRUCTIONS1. Compute the retail value of the ending inventory
The following data concerns inventory at Joshua€™s Boat & Bike Shop:INSTRUCTIONSDetermine the amount that the company should report as the inventory valuation at cost or net realizable value, whichever is lower. Use each of the following three valuation methods:1. Lower of cost or net
The following data pertain to Model Q two-wheeled trailers in the inventory of Travel Trailers Equipment Company during the year 2019:Inventory, January 1.........................50 units at $5,240Purchases:February 27......................................38 units at $4,660August
The following data relates to the inventory and purchases of item 125 for Sanders Company during May:Inventory, May 1 .................................520 units at $21.00Purchases:May 10 ...............................................380 units at $20.75May 19
The August 1 inventory of Hawkins Company had a cost of $180,000 and a retail value of $250,000. During August, merchandise was purchased for $202,260 and marked to sell for $304,000. August sales totaled $272,000.INSTRUCTIONS1. Compute the retail value of the ending inventory as of August 31.2.
The following data concerns inventory and purchases at Muse Company:Inventory, January 1 .........................200 units at $113Purchases:January 6 ..........................................140 units at $112January 15 ........................................108 units at $112January 22
James Walker owns Walker Auto Sales. He periodically borrows money from New Orleans State Bank and Trust. He permits some customers to sign short-term notes for their purchases. He usually discounts these notes at the bank. Following are selected transactions that occurred in March
On April 2, 2019, Wu Company received a 6-month, 8 percent interest-bearing note from Jenna Blackmon in settlement of a past-due account receivable of $15,000. On May 3, Wu discounted this note at Mercantile State Bank. The bank charged a discount rate of 10 percent. On October 2, Wu received word
Give the general journal entry to record each of the following transactions:1. On June 3, 2019, Nicholson Company issued a 120-day, 9 percent note for $18,000 to purchase new office equipment.2. Nicholson Company paid the June 3 note when it became due.3. On September 18, 2019, Nicholson Company
On May 16, 2019, Safeway Company received a 90-day, 8 percent, $10,500 interest-bearing note from Black Company in settlement of Black’s past-due account. On June 30, Safeway discounted this note at Fargo Bank and Trust. The bank charged a discount rate of 13 percent. On August 15, Safeway
Give the general journal entry to record each of the following transactions for Davidson Company:1. Issued a 6-month, 9 percent note for $90,000 to purchase two forklifts on May 14, 2019 (debit Warehouse Equipment).2. Discounted its own 180-day, noninterest-bearing note with a principal amount of
Give the entries in general journal form that Alaska State Company would make if Samuel Adams dishonored the note receivable discounted by Alaska State in Exercise 16.6, assuming the bank deducted the maturity value of the dishonored note plus a $45 service charge from Alaska State’s bank account
In general journal form, give the entry required by Alaska State Company when Samuel Adams paid the note discounted in Exercise 16.6 on the maturity date.Data from 16.6On June 3, 2019, Alaska State Company received a $5,200, 45-day, 10 percent note from Samuel Adams, a customer whose account was
On June 3, 2019, Alaska State Company received a $5,200, 45-day, 10 percent note from Samuel Adams, a customer whose account was past due.1. Record in the general journal receipt of the note.2. Give the entry in general journal form to record the discounting of this note receivable on June 18 at
On August 1, 2019, Rodriguez Company purchased a truck (delivery equipment) for $52,800, signing a 90-day, 8 percent note for the entire purchase price. Give the entry in general journal form to record this transaction.
During 2019, Williamson Company borrowed money at First State Bank and Trust on two occasions. On June 8, the company borrowed $30,000, giving a 120-day, 7 percent note, and on September 8, the company discounted at 7 percent a $40,000, 90-day note payable.1. Give entries in general journal form to
Richelle Ray is president of Richelle Company, a manufacturer of toys for children. For the past 10 years, the company has sold its product to both wholesale and retail dealers of toys in the northeast United States. Over the years, the company has come to know its customers well. While all sales
The Family Place Kitchen is a small chain of kitchen remodeling stores. The company's year-end trial balance on December 31, 2019, included the information shown below:Accounts Receivable..................................................$495,220Allowance for Doubtful Accounts
Interactive Planning Software uses the direct charge-off method to account for uncollectible accounts expenses as they occur. Selected transactions for 2019 and 2020 follow. The accounts involved are Accounts Receivable, Notes Receivable, and Uncollectible Accounts Expense. Record each transaction
The Majestic Plumbing Company provides plumbing installations for both business and individual customers. The company records sales for the two types of customers in separate Sales accounts. The company€™s experience has been that each type of sales has a different rate of losses from
How is the amount of impairment to be recorded determined?
List the major advantages of the partnership form of business over a corporation.
What is a collateral trust bond?
How is the Bonds Payable account classified on the balance sheet?
Why might a company use a special bank account for paying bond interest?
In a bond indenture dated January 1, 2019, Pink Company authorized the issuance of $500,000 face value, 10 percent, 20-year bonds payable. No bonds were issued until July 1, 2020, when bonds with a face value of $200,000 were issued. At that time, the market rate of interest on similar debt was 9
Why is a bond premium or discount amortized as part of the adjustment process at the end of the year?
Why is the year-end adjusting entry for amortization of a bond premium or discount reversed at the start of the new year?
How are the legal costs and other costs related to issuing bonds accounted for?
Give the general journal entry to record the April 1, 2019, bond issue.Third Corporation issued $500,000 of its 6 percent bonds payable on April 1, 2019. The bonds were issued at face value. Interest is payable semiannually on October 1 and April 1.
Give the entry in general journal form to record the interest payment on October 1, 2019.Third Corporation issued $500,000 of its 6 percent bonds payable on April 1, 2019. The bonds were issued at face value. Interest is payable semiannually on October 1 and April 1.
Give the entry to accrue bond interest on Third’s bonds payable on December 31, 2019.Third Corporation issued $500,000 of its 6 percent bonds payable on April 1, 2019. The bonds were issued at face value. Interest is payable semiannually on October 1 and April 1.
Give the general journal entry to record the April 1, 2019, bond issue.Cort Inc. was authorized to issue $1,000,000 of 8 percent bonds. On April 1, 2019, the corporation issued bonds with a face value of $200,000 at a price of 102.0. The bonds mature 10 years from the date of issue. Interest is
Using the data given above, what amount of premium will be amortized by Cort Inc. on October 1, 2019, using straight-line amortization? Give the general journal entry to record this amortization.Cort Inc. was authorized to issue $1,000,000 of 8 percent bonds. On April 1, 2019, the corporation
Using the data given above, give the adjusting entry that would be made by Cort Inc. on December 31, 2019, to record accrued interest and to amortize the premium.Cort Inc. was authorized to issue $1,000,000 of 8 percent bonds. On April 1, 2019, the corporation issued bonds with a face value of
Give the general journal entries to record the following transactions:a. On December 31, 2018, Red Bird Company established a bond sinking fund investment by depositing $25,000 with the fund trustee.b. On December 31, 2019, Red Bird Company recorded $2,000 net income from its bond sinking fund
On April 1, 2019, Dave’s Deli issued $70,000 of its 9 percent bonds, maturing 10 years later. Interest is payable semiannually on April 1 and October 1. The issue price was 94.0. Dave’s has decided to retire the bonds on August 1, 2022, three years and four months after the bonds were initially
The board of directors of Allen Services Inc. authorized the issuance of $400,000 face value, 20-year, 5 percent bonds dated April 1, 2019, and maturing on April 1, 2039. Interest is payable semiannually on April 1 and October 1. Allen uses the calendar year as its fiscal year. The bond
The board of directors of Machine Shop, Inc., authorized the issuance of $1,000,000 face value, 10-year, 5 percent bonds dated April 1, 2019, and maturing on April 1, 2029. Interest is payable semiannually on April 1 and October 1.INSTRUCTIONS1. Record the transactions below in general journal
The Technology Company has outstanding $600,000 of its 10 percent bonds payable, dated January 1, 2019, and maturing on January 1, 2039, 20 years later. The corporation is required under the bond contract to transfer $30,000 to a sinking fund each year. The directors have also voted to restrict
Zale Corporation has outstanding 110,000 shares of 12 percent, $80 par-value cumulative preferred stock and 500,000 shares of no-par-value common stock.1. During 2019, the corporation distributed dividends of $792,000. What amount will be paid on each share of preferred stock? What amount will be
The board of directors of Court Products, Inc., authorized the issuance of $1,000,000 face value, 6 percent bonds dated April 1, 2019. The bonds will mature on April 1, 2029. The interest is payable semiannually on April 1 and October 1. The bond transactions that occurred in 2019 and 2020 are
The board of directors of ACR Corporation authorized the issuance of $1,000,000 face value, 6 percent bonds. The bonds mature 10 years from their issue date of March 1, 2019. The interest is payable semiannually on March 1 and September 1. Because the funds were not immediately needed, no bonds
The board of directors of Roma Company authorized issuance of $1,000,000 of 5 percent bonds. Each bond has a face value of $10,000. The interest is payable semiannually on February 1 and August 1. The bonds are dated February 1, 2019, and mature 10 years later.INSTRUCTIONS1. Record the
Market Research, Inc., has outstanding $200,000 face value, 10 percent bonds payable dated January 1, 2019, and maturing 10 years later. The corporation is required under the bond contract to transfer $18,000 each year to a sinking fund. The directors have also voted to restrict retained earnings
On April 1, 2019, Big Sky Corporation issued $400,000 face value, 10 percent bonds at 99.16. The bonds were dated April 1, 2019, and will mature in 10 years. The discount is to be amortized on each interest payment date. The interest is payable semiannually on April 1 and October 1. On October 1,
On December 31, 2019, the equity accounts of Bank Solutions, Inc., contained the following balances:Common stock ($10 par, 100,000 shares authorized) 50,000shares issued and outstanding..............................................................................$500,000Retained
On December 31, 2019, Flight Express, Inc., has $1,000,000 of 6 percent, 10-year bonds outstanding. These bonds were issued on January 1, 2013, at par value. Interest rates have dropped to 5 percent, and the president of the company is considering buying back the outstanding 6 percent bonds and
1. What would cause corporate management to obtain cash by issuing bonds instead of selling stock?2. Which type of bonds would give management greater flexibility in formulating and controlling a corporation’s financial affairs?3. In what situations would management be wise to issue additional
Lawrence Jones is the president of the Jones Water Filter Company. As president, he is in control of the issuance of stocks and bonds. Three years ago when the company needed cash, Lawrence purchased from the company a $100,000, 4 percent, 10-year unsecured bond. The interest rate has begun to
Refer to the 2015 Form 10-K (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.Analyze:1. Locate the Notes to Consolidated Financial Statements. The 10-Year Summary of Financial and Operating Results presents a detailed list of earnings, selected balance sheet items, cash flow
Just Us Corporation is a corporate dance studio. It is a popular investment with investors between the ages of 20 and 30. Just Us has a dilemma. It needs money to expand its business to cash in on its popularity. However, management is not sure whether to sell stock in the company or to sell
Educating yourself in the various bonds is important before investing in bonds. Use your favorite search engine to find websites that have tutorials about bonds. Find the bond in which you are interested. It could be convertible bonds, junk bonds, Treasury notes (STRIPS), or zero coupon bonds.
Plymouth Corporation has only one class of stock. There are 100,000 shares outstanding. During 2019, the corporation’s net income after taxes was $900,000. The policy of the corporation is to declare dividends equal to 20 percent of its net income. Elaine White owns 400 shares of the stock. How
If there is only one class of stock, what is it called?

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