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college accounting
College Accounting Chapters 1-30 15th edition John Price, M. David Haddock, Michael Farina - Solutions
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 in accordance with GAAP, state this as your position and defend it.1. T. J. Lewis owns Lewis
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 application.INSTRUCTIONS1. Identify any errors in the balance sheet and explain why they should be
The income statement shown below was prepared by Karen Carter, owner of Karen’s Beauty Supplies. The business is a sole proprietorship that sells skin and hair care products. An accountant who looked at the income statement told Carter that the statement does not conform to generally
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 in accordance with generally accepted accounting principles. If so, indicate which of the basic
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. Hawkins prepared the balance sheet shown below and submitted it to one of the bank’s loan officers in
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 each year, the company estimates the total cost to be incurred during the next period under the
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 accounts receivable that it estimates will be uncollectible. The accounts involved resulted from the
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 of $6,000. Some tools were expected to last for a few weeks, some for several months, and some for
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 premiums covered a two-year period beginning on that date. What amount, from this payment, should
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 statement was $29,734. The November 30, 2019, balance in the Cash account in the general ledger was
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 contrast the information contained on each check and purchase order. How many copies can you get of
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 to be sure to get paid by its customers before they pay their vendors? In a group, discuss what would
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 this practice?
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 ledger accounts used to record these transactions are also provided. The balance shown is for the
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 this chapter. TRANSACTIONS Purchased batteries for $1,890 plus a freight charge of $95 from
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 $4,280 in the Purchases Returns and Allowances account. What was the delivered cost of the purchases made
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 originally purchased on Invoice 4101 dated February 3. Prepare the general journal entry that Modern
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 not, where should it be recorded?
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 Allowances.......................2,000The firm’s net sales are subject to a 6 percent sales tax. Prepare the
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 cycle. Give two or three strips to each member of the group. Each team member needs to put his or her
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 Payable7. Brianna Celina, Capital8. Brianna Celina, Drawing9. Fees Income10. Depreciation Expense11.
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 a debit balance of $12,000 and Madison Wells, Capital has a credit balance of $174,000. Record the
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 journal in journalizing the closing entries. Use account number 399 for the Income Summary account.
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 __________.2. Total expenses for the period are __________.3. Net income 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 insurance companies. Which types of insurance do they offer a 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 bought equipment on account that cost $15,000.d. The business journalized and posted an adjustment
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 area. Note the amount of experience and education needed to receive the salary you want to be earning
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 listed below, select investor relations, annual report, and 10K report. From the income statement,
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. Taylor Brown, Capital8. Cash
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 accounting equation (Assets = Liabilities + Owner’s
What are assets, liabilities, and owner’s equity?
What are expenses?
What is revenue?
In recent years, there have been many charges, some of them substantiated, that large companies have manipulated business transactions and accounting records to move income from one year to another in order to change the income reported in different years. Suggest three concepts, assumptions,
Many times a negative cash flow is a potential problem in a business. Go to the website for the local banks in your community. Check the requirements for a line of credit or mortgage in case your company needs cash quickly to buy a product you know you will sell for a large profit. Some bank
The Home Depot, Inc., reported the following data in its FY 2015 10-K (for the fiscal year ended January 31, 2016):Analyze:1. What percentage of total current liabilities is made up of accrued salaries and related expenses at January 31, 2016?2. By what amount did accrued salaries and related
On April 30, 2019, Chung Furniture Company prepared its state unemployment tax return for the first quarter of the year. The firm had taxable wages of $100,050. Because of a favorable experience rating, Chung pays SUTA tax at a rate of 1.4 percent. How much SUTA tax did the firm owe for the quarter?
On January 31, AC Baking Company prepared its Employer’s Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $462,150 to its 14 employees. Of this amount, $98,000 was subject to FUTA tax. Using a rate of 0.6 percent, determine the FUTA tax
What is the periodicity of income concept?
How does the materiality convention affect day-to-day accounting?
The Home Depot, Inc. reported the following data in its Form 10-K filing (for the fiscal year ended January 31, 2016):Number of employees at January 31, 2016..................................385,000Contributions to employees’ retirement plansduring the year ended January 31,
Go to the Internal Revenue website at www.irs.gov. Does the website contain the necessary federal forms? Can you use these forms to submit your report? What reports must be obtained from the IRS in an original, not downloaded, form?
Give an example of an expense that is classified as Other Expense in the income statement.
Gomez Company had a current ratio of 2.0 in 2018 and 2.2 in 2019. Does this signify an improvement or decline in Gomez Company’s liquidity from 2018 to 2019?
Why is a conceptual framework necessary in developing accounting standards and rules?
What are the two most important bodies or organizations involved in developing generally accepted accounting principles in the United States?
Why is it desirable to have a set of fundamental concepts to be used in developing accounting standards and rules?
How will U.S. companies be affected by IFRS?
What is meant by the concept of neutrality in accounting?
Identify the normal balance of the following accounts. Use “Dr.” for debit or “Cr.” for credit.1. _____ Merchandise Inventory2. _____ Sales Tax Payable3. _____ Sales4. _____ Sales Discounts5. _____ Sales Returns and Allowances6. _____ Cost of Goods Sold7. _____ Credit Card Expense
Income Summary amounts are extended to which statement columns on the worksheet?
The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $199,000 recorded in the Debit column and $215,345 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise Inventory?
The president of Murray Stainless Steel Corporation has told you to go out to the factory and count merchandise inventory. He said the stockholders were coming for a meeting and he wanted to put on a good show. He asked you to make the inventory a bit heavy by counting one row twice. The higher
Give examples of some current assets that usually are classified as Current Assets on the balance sheet.
What types of accounts, permanent or temporary, appear on the post-closing trial balance?
Kagan Company’s inventory turnover ratio was nine times in 2018 and eight times in 2019. Did Kagan Company sell its inventory more quickly, or more slowly, in 2019 compared to 2018?
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