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Questions and Answers of College Accounting

From the following transactions, prepare the appropriate general journal entries for the month of May:1. Raw materials costing $77,000 were issued from the storeroom.2. Direct labor of $50,000 was
From the following, calculate total manufacturing costs:Direct Labor$74,000Raw Materials Inventory, May 318,600Raw Materials Purchases76,000Raw Materials Inventory, May 19,600Overhead79,000Finished
From the following balances, calculate the cost of raw material used:Raw Materials Inventory, January 1$68,000Raw Materials Inventory, December 3192,000Purchases of Raw Materials840,000
Classify each of the following as raw material, direct labor, or overhead:1. The steel in making automobiles2. The rent for a factory3. The wages of a line employee4. A manufacturing foreman’s
Journalize the following transactions:1. Storeroom issued raw materials costing $5,000.2. Direct labor of $4,300 was charged to production.3. Supplies costing $3,000 were issued by the storeroom.4.
From the following, calculate total manufacturing costs:Direct labor$8,200Raw Materials Inventory, June5,400Raw Materials purchases17,400Raw Materials Inventory, June 14,600Overhead6,800Finished
From the following, calculate the cost of raw materials used:Raw Material Inventory, Januray 1$6,100Raw Material Inventory, December 3113,300Purchases of Raw Materials70,000
Dot Lovet works in the receiving department of a leading publishing company. She has become good friends with many of the suppliers. At 4:00 p.m., Joe Andrews delivered a truckload of art supplies.
Compare and contrast the structure of a worksheet for a merchandise company and a manufacturing company.
What tickets become the basis for transferring costs between departments to finished goods inventory?
Explain the purpose of receiving reports as well as materials requisitions.
Direct labor includes the wages of those personnel whose efforts indirectly change the quality or characteristics of the product. Agree or disagree? Please explain.
Complete the following using the gross profit method. Assume a normal gross profit rate of 24% of net sales. Goods Available for Sale Inventory January 1, 201X $67 Net Purchases 23 Cost of Goods
Complete the following using the retail inventory method. (Round cost ratio to the nearest whole percent.) Cost Retail Goods Available for Sale Beginning Inventory $61 $110 Net Purchases 26 64 Cost
From the following information, calculate the cost of ending inventory and cost of goods sold using the (a) FIFO, (b) LIFO,? (c) Weighted average methods. Units Cost January 1 Beginning Inventory 6
Journalize the following transaction in correct form:201XMar. 20 The business returned to the vendor a damaged inventory item that cost $350.
Journalize the following transaction in correct form:Mar. 15 A customer returned merchandise for a cash refund of $190. The item cost the seller $75.
Journalize the following transaction in correct form:201XApr. 1 Sold merchandise on account, $1,230. The merchandise cost $680.
When ending inventory is understated, what effect will it have on cost of goods sold and net income?
Explain why goods in transit (F.O.B. shipping point) to buyer and goods issued on consignment are added to inventory valuations.
Which inventory method provides the most current valuation of inventory on the balance sheet? Please explain.
During inflation, which inventory method will provide the lowest income on the income statement?
Must the flow of cost in inventory match the physical movement of merchandise? Please explain.
Explain the relationship between the Merchandise Inventory account and the subsidiary inventory ledger.
In the perpetual system, what account is debited to record the cost of merchandise purchased?
Bill Smith leaves his job on July 9. He requests a copy of his W-2 form when he leaves. His boss tells him to wait until January of next year. Please discuss whether Bill?s boss is correct in making
Into what three elements can manufacturing costs be broken?
Go to the 2016 annual report for Amazon at https://tinyurl.com/slaterca14e. Go to page 15 and find the amount for leased square footage for North America and International for 2016.
Park Company requested that you (1) Assign indirect expenses to its jewelry and shoes departments as appropriate (2) Prepare an income statement for September 201X showing departmental contribution
From the following partial data, prepare an income statement showing departmental income before tax along with net income for Jack?s Corporation for the year ended December 31, 201X. Net Sales,
Given the following information about the clothing and hardware departments of Nickolas Company, prepare a departmental expense allocation sheet showing expenses by department. Direct Expenses
From the following data, prepare in proper form an income statement showing departmental gross profit (assume a 18% tax rate) for Prompt Stop for the year ended December 31, 201X.Cash$13,500Accounts
Sabatini Company has requested that you (1) Assign indirect expenses to its jewelry and shoes departments as appropriate? (2) Prepare an income statement for August 201X showing departmental
From the following partial data, prepare an income statement showing departmental income before tax along with net income for Jay?s Corporation for the year ended December 31, 201X. Net Sales,
Given the following information about the clothing and hardware departments of Herrings Company, prepare a departmental expense allocation sheet showing expenses by department. Direct Expenses
From the following data, prepare in proper form an incomestatement showing departmental gross profit (assume a 20% tax rate) forInstant Stop for the year ended December 31, 201X.Cash$13,000Accounts
Calculate the contribution margin for each department and income before taxes, based on the following: Dept. A 7,000 square feet Dept. B 17,000 square feet Net Sales $66,000 $81,000 Cost of Goods
From the following, calculate departmental income before tax. Assume a tax rate of 30%. Dept. A Dept. B Net Sales $220,000 $350,000 Costof Goods Sold 104,000 127,000 Delivery Expense 24,500 28,600
Given the following, calculate net income: Dept. 1 Dept. 2 Net Sales $36,000 $42,000 Cost of Goods Sold 21,000 33,000 Operating Expenses $16,500 Income Tax Expense, 30% rate
Complete the assignment of fire insurance expense to each department. Indirect Basis of Ice Cream Еxpense Amount Assignment Candy Sales Sales Pizza Sales Fire Insurance $118,000 31,200 а. 13,728
The cost of rent of $8,200 for Lee Company is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Jewelry Hardware Automotive Sales
Calculate the contribution margin for each department and income before taxes, based on the following: Dept. A 12,000 square feet Dept. B 18,000 square feet Net Sales $51,000 $87,000 Cost of Goods
From the following, calculate departmental income before tax. Assume a tax rate of 30%. Dept. A Dept. B Net Sales $210,000 $280,000 Cost of Goods Sold 108,000 129,000 Delivery Expense 24,800 28,200
Given the following, calculate net income: Dept. 1 Dept. 2 Net Sales $39,000 $43,000 Costof Goods Sold 24,000 30,000 Operating Expenses $16,400 Income Tax Expense, 30% rate
Complete the assignment of fire insurance expense to each department. Indirect Basis of Ice Cream Expense Amount Assignment Candy Sales Sales Pizza Sales Fire Insurance $115,000 33,000 а. 15,510 b.
The cost of rent of $9,000 for Wilberg Company is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Jewelry Hardware Automotive
Calculate the contribution margin for each department and income before taxes, based on the following: Dept. A 1,500 square feet Dept. B 3,600 square feet Net Sales $5,500 $11,200 Cost of Goods Sold
From the following, calculate departmental income before tax. Assume a tax rate of 20%. Dept. A Dept. B Net Sales $4,000 $6,000 Cost of Goods Sold 2,000 2,200 Delivery Expense 640 830 Advertising
Given the following, calculate net income: Dept. 1 Dept. 2 Net Sales $38,000 $46,000 Cost of Goods Sold 18,000 36,000 Operating Expenses $21,150 Income Tax Expense, 40% rate
Calculate the assignment of fire insurance of $30,000 to each department based on square footage. Indirect Expense Basis of Assignment Bakery Gтоcery Fire Insurance 5,800 square feet total 1,160
The cost of rent of $25,000 for Kable Co. is appropriated to each department based on its sales. Given the following, assign the cost of rent to each department: Rent Toys Sales Clothing Sales
Explain why a company might prepare an income statement showing each department’s contribution margin.
An income statement showing departmental income before tax does not list individual operating expenses for each department. Agree or disagree? Please explain.
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
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
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
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
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
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
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
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.
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
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.
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
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
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
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
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.
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
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
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
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
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
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
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.
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)
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
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
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
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
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
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
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
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
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
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
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
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

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