Questions and Answers of Essentials Of Accounting For Governmental

Beeler Furniture Company deposits all cash receipts each Wednesday and Friday in a night depository after banking hours. The data required to reconcile the bank statement as of June 30 have been
The following data were gathered to use in reconciling the bank account of Conway Company:Balance per bank ...................................................... $28,240Balance per company records
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $1,410.b. The amount of cash in the petty cash fund is $440. Issued a check to replenish the
Prepare journal entries for each of the following:a. Issued a check to establish a petty cash fund of $1,270.b. The amount of cash in the petty cash fund is $160. Issued a check to replenish the
Financial data for Abrams Company follow:a. Compute the ratio of cash to monthly cash expenses.b. Interpret the results computed in (a). For Year Ended December 31 $ 54,270 Cash on December 31 Cash
TearLab Corp. is a health care company that specializes in developing diagnostic devices for eye disease. TearLab reported the following data (in thousands) for three recent years:1. Determine the
Financial data for McMasters Company follow:a. Compute the ratio of cash to monthly cash expenses.b. Interpret the results computed in (a). For Year Ended December 31 Cash on December 31 Cash flow
The actual cash received from cash sales was $25,538, and the amount indicated by the cash register total was $25,670. Journalize the entry to record the cash receipts and cash sales.
The actual cash received from cash sales was $66,670, and the amount indicated by the cash register total was $66,341. Journalize the entry to record the cash receipts and cash sales.
Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A deduction from the cash balance according to the bank
Journalize the entries to record the following:a. Check is issued to establish a petty cash fund of $1,290.b. The amount of cash in the petty cash fund is now $303. Check is issued to replenish the
Capstone Turbine Corporation produces and sells turbine generators for such applications as charging electric, hybrid vehicles. Capstone Turbine reported the following financial data for a recent
Journalize the following transactions, using the direct write-off method of accounting for uncollectible receivables: Apr. 15. Received $1,800 from Joe Brown and wrote off the remainder owed of
Using the data presented in Exercise 8-18, journalize the entry or entries that should be made by the company.Data from Exercise 8-18,The following data were accumulated for use in reconciling the
The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:1. Cash balance according to the company’s records at July 31, $49,910.2. Cash balance according
Which of the reconciling items listed in Exercise 8-16 require an entry in the company’s accounts?Data from Exercise 8-16,Identify each of the following reconciling items as: (a) An addition
Boeing is one of the world’s major aerospace firms with operations involving commercial aircraft, military aircraft, missiles, satellite systems, and information and battle management systems. As
The following transactions were completed by Emmanuel Company during the current fiscal year ended December 31:Jan. 29. Received 35% of the $17,000 balance owed by Jankovich Co., a bankrupt business,
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Apr. 15. Received $1,800 from Joe Brown and wrote off the remainder owed of $2,700 as
Wig Creations Company supplies wigs and hair care products to beauty salons throughout Texas and the Southwest. The accounts receivable clerk for Wig Creations prepared the following partially
At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Bad debt
Journalize the following transactions in the accounts of Arrow Medical Co., a medical equipment company that uses the direct write-off method of accounting for uncollectible receivables: Jan. 19.
Journalize the following transactions, using the allowance method of accounting for uncollectible receivables: Oct. 2. Received $1,140 from Elita Ramirez and wrote off the remainder owed of $2,570 as
Journalize the following transactions in the accounts of Arizona Interiors Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables: May 1. Sold
Capstone Solutions Company, a computer consulting firm, has decided to write off the $45,850 balance of an account owed by a customer, Philadelphia Inc. Journalize the entry to record the write-off,
The following data relate to notes receivable and interest for Owens Co., a financial services company. (All notes are dated as of the day they are received.)Mar. 8. Received a $33,000, 5%, 60-day
At the end of the current year, the accounts receivable account has a debit balance of $2,700,000 and sales for the year total $32,400,000. Determine the amount of the adjusting entry to provide for
The following were selected from among the transactions completed by Caldemeyer Co. during the current year. Caldemeyer Co. sells and installs home and business security systems. Jan. 3. Loaned
The following were selected from among the transactions completed during the current year by Danix Co., an appliance wholesale company:Jan. 21. Sold merchandise on account to Black Tie Co., $28,000.
At the end of the current year, Accounts Receivable has a balance of $2,450,000, Allowance for Doubtful Accounts has a credit balance of $14,860, and sales for the year total $31,600,000. Using the
Apple Inc. designs, manufactures, and markets personal computers and related personal computing and communicating solutions for sale primarily to education, creative, consumer, and business
The following selected transactions were taken from the records of Rustic Tables Company for the year ending December 31: June 8. Wrote off account of Kathy Quantel, $8,440. Aug. 14. Received $3,000
Financial statement data for years ending December 31 for Schultze-Solutions Company follow:a. Determine the accounts receivable turnover for 20Y2 and 20Y1.b. Determine the days’ sales in
At the end of the current year, Accounts Receivable has a balance of $4,770,000, Allowance for Doubtful Accounts has a debit balance of $17,230, and sales for the year total $63,800,000. Using the
Linstrum Company received a 60-day, 9% note for $56,000, dated July 23, from a customer on account. a. Determine the due date of the note.b. Determine the maturity value of the note.c.
Maggiano Supply Company received a 120-day, 6% note for $420,000, dated June 12, from a customer on account.a. Determine the due date of the note.b. Determine the maturity value of the note.c.
Financial statement data for years ending December 31 for Cinderella Company follow:a. Determine the accounts receivable turnover for 20Y9 and 20Y8.b. Determine the days’ sales in receivables for
Determine the due date and the amount of interest due at maturity on the following notes: Date of Note Face Amount Interest Rate Term of Note January 10 $40,000 90 days a. 5% b. March 19 180 days
Autumn Designs & Decorators issued a 120-day, 4% note for $93,000, dated April 13 to Zebra Furniture Company on account.a. Determine the due date of the note.b. Determine the maturity value of
The series of five transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe each transaction. Cash Notes
List any errors you can find in the following partial balance sheet: Napa Vino Company Balance Sheet December 31, 2016 Assets Current assets: Cash $ 78,500 $ 300,000 Notes receivable Less interest
Ralph Lauren Corporation designs, markets, and distributes a variety of apparel, home decor, accessory, and fragrance products. The company’s products include such brands as Polo by Ralph Lauren,
The Campbell Soup Company manufactures and markets food products throughout the world. The following sales and receivable data (in millions) were reported by Campbell Soup for two recent years:Assume
American Eagle Outfitters, Inc. sells clothing, accessories, and personal care products for men and women through its retail stores. American Eagle reported the following data (in millions) for two
Use the data in Exercises 9-27 and 9-28 to analyze the accounts receivable turnover ratios of the Campbell Soup Company and American Eagle Outfitters, Inc. a. Compute the average accounts
United Rug Company is a small rug retailer owned and Operated by Pat Kirwan. After the accounts have been adjusted on December 31, the following selected account balances were taken from the
Identify the errors in the following schedules of the cost of merchandise sold for the ended May 31, 20Y4 Cost of merchandise sold: Merchandise inventory, May 31, 20Y4.... Cost of merchandise
Based on the following data, determine the cost of merchandise sold for July: Merchandise inventory, July 1 .................... $ 190,850Merchandise inventory, July 31
Based on the following data, determine the cost of merchandise sold for November:Merchandise Inventory, November ............ $ 28.000Merchandise inventory, November .......... 30 46,000Purchases
Sinclair Company had Sale $12,000,000 and related cost of merchandise sold of $7,200,000 for its first year of operations ending December 31, 20Y1. Sinclair Company provides customers :1 refund for
On April 23, Stilwell Inc. sold $15,000 of merchandise to Bosch Inc. with terms 2/10, n/30. The cost of the merchandise sold was 9,000. On May 2, Bosch Inc. paid Stilwell for the April 23
The following were selected from among the transactions completed by Essex Company during March of the current year: Mar. 2. Sold merchandise on account to parsley Co., $32,000, terms 1/10, n/30. the
Kroger Co., a national supermarket chain, reported the following data (in millions) in its financial statements for a recent year:a. Compute the asset turnover. Round to two decimal places.b. Tiffany
The Home Depot reported the following data (in millions) in its recent financial statements:a. Determine the asset turnover for The Home Depot for Year 2 and Year 1. Round to two decimal
On July 31, 20Y7, the balances of the accounts appearing in the ledger of yang Interiors Company, a furniture wholesaler, are as follows:Accumulated Depr.—Building .................
Zell Company had sales of $1,800,000 and related cost of merchandise sold of $1,150,000 for its first year of operations ending December 31, 20Y3. Zell Company provides customers refunds and
One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by letter. Sales $463,400 (b) $1,295,000 (d) Cost of
On March 31, 20Y4, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows:a. Prepare a multiple-step income statement for the year
Identify the errors in the following income statement: Curbstone Company Income Statement For the Year Ended August 31, 20Y5 $8,595,000 Sales..... 6,110,000 $2,485,000 Cost of merchandise sold.
Based on the data presented in Exercise 6-25, journalize the closing entries.Data from Exercise 6-25,On March 31, 20Y4, the balances of the accounts appearing in the ledger of Racine Furnishings
From the following list, identify the accounts that should be closed to Tim Button, Capital at the end of the fiscal year under a perpetual inventory system: (a) Accounts Receivable(b) Cost of
Assume the following data for Oshkosh Company before its year-end adjustments:Sales
Paragon Tire Co.’s perpetual inventory records indicate that $2,780,000 of merchandise should be on hand on March 31, 20Y9. The physical inventory indicates that $2,734,800 of merchandise is
Journalize the entries to record the following selected transactions:a. Sold $62,800 of merchandise on account, subject to a sales tax of 5%. The cost of the merchandise sold was $37,500.b. Paid
Financial statement data for years ending December 31, 20Y3 and 20Y2, for Lawson Company follow:a. Determine the asset turnover for 20Y3 and 20Y2.b. Does the change in the asset turnover from 20Y2 to
Based on the data presented in Exercise 6-14, journalize Balboa Co.’s entries for (a) the purchase, (b) the return of the merchandise for credit, and (c) the payment of the invoice. Data from
Financial statement data for years ending December 31, 20Y3 and 20Y2, for Linstrum Company follow:a. Determine the asset turnover for 20Y3 and 20Y2.b. Does the change in the asset turnover from 20Y2
Showcase Co., a furniture wholesaler, sells merchandise to Balboa Co. on account, $254,500, terms n/30. The cost of the merchandise sold is $152,700. Showcase Co. issues a credit memo for $30,000 for
Assume the following data for Casper company before its year-end adjustments:Sales for the year ................................................................. $1,750,000Estimated
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
On December 31, 20y6, the balances of the accounts appearing in the ledger of Wyman Company are as follows:Instructions1. Does Wyman Company use a periodic or perpetual inventory system?
Assume the following data for Lusk Inc. before its year-end adjustments:Sales for the year ................................................................. $3,600,000Estimated percent
Stanley Flooring Company’s perpetual inventory records indicate that $1,129,000 of merchandise should be on hand on December 31, 20Y1. The physical inventory indicates that $1,109,300 of
The debits and credits for four related entries for a sale of $15,000, terms 1/10, n/30, are presented in the following T accounts. Describe each transaction. Cash Customer Refunds Payable (4) 14,400
Novelty Furnishings Company’s perpetual inventory records indicate that $755,000 of merchandise should be on hand on November 30, 20Y1. The physical inventory indicates that $742,000 of merchandise
After the amount due on a sale of $28,000, terms 2/10, n/eom, is received from a customer within the discount period, the seller consents to a $3,000 cash refund for defective merchandise. Journalize
Statham Co. sold merchandise to Bloomingdale Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. Journalize the entries for Statham Co. and Bloomingdale Co. for
Poff’s Co., a women’s clothing store, purchased $53,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Poff’s returned $9,000 of the merchandise, receiving a
Journalize entries for the following related transactions of Greenville Heating & Air Company:a. Purchased $57,000 of merchandise from Wright Co. on account, terms 2/10, n/30.b. Paid the amount
Sally Co. sold merchandise to Buck Co. on account, $58,900, terms 2/15, n/30. The cost of the merchandise sold is $35,200. Journalize the entries for sally Co. and Buck Co. for the sale, purchase,
Selected transactions for Harrison Company during November of the current year are listed in Problem 6-3A.InstructionsJournalize the entries to record the transactions of Harrison Company for
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Selected transactions for Niles Co. during March of the current year are listed in Problem 6-1B.InstructionsJournalize the entries to record the transactions of Niles Co. for March using the periodic
Selected transactions for Capers Company during October of the current year are listed in Problem 6-1A.InstructionsJournalize the entries to record the transactions of Capers Company for October
Determine the amount to be paid in full settlement of each of two invoices, (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Selected accounts and related amounts for Kanpur Co. for the fiscal year ended June 30, 20Y5, are presented in Problem 6-5B.Instructions1. Prepare a single-step income statement in the format shown
Journalize the following merchandise transactions:a. Sold merchandise on account, $78,600 with terms 2/10, n/30. The cost of the merchandise sold was $47,200.b. Received payment less the discount.c.
Selected accounts and related amounts for Druid hills Co. for the fiscal year ended May 31, 20Y8, are presented in Problem 6-5A.Instructions1. Prepare a single-step income statement in the format
The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y5:Instructions1. Prepare a multiple-step income statement.2.
Journalize the following merchandise transactions:a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900.b. Received payment less the discount.c.
The following selected accounts and their current balances appear in the ledger of Druid Hills Co. for the fiscal year ended May 31, 20Y8:Cash .......................................... $
Suzi Nomro operates Watercraft Supply Company, an online boat parts distributorship that is in its third year of operation. The following income statement was prepared for the year ended October 31,
The following selected transactions were completed during August between Summit Company and Bear tooth Co.: Aug. 1. Summit Company sold merchandise on account to Beartooth Co., $48,000, terms
Oppenheimer Company purchased merchandise on account from a supplier for $84,000, terms 1/10, n/30. The Wheatland Company returned $16,000 of the merchandise and received full credit.a. What is the
Wiseman Company purchased merchandise on account from a supplier for $65,000, terms 1/10, n/30. Wiseman Company returned $7,500 of the merchandise and received full credit.a. If Wiseman Company pays
The following were selected from among the transactions completed by Harrison Company during November of the current year:Nov. 3. Purchased merchandise on account from Moonlight Co., list price
Monet Paints Co. is a newly organized business with a list of accounts arranged in alphabetical order, as follows:Accounts PayableAccounts ReceivableAccumulated Depreciation—Office
Flounder Company purchased merchandise on account from a supplier for $32,100, terms 2/10, n/30. Flounder Company returned $8,600 of the merchandise and received full credit.a. If Flounder Company
On April 18, 20Y1, Bontanica Company, a garden retailer, purchased $9,800 of seed, terms 2/10, n/30, from Whitetail Seed Co. Even though the discount period had expired, Shelby Davey subtracted the
For a recent year, Best Buy reported sales of $42,879 million. Its gross profit was $9,961 million. What was the amount of Best Buy’s cost of merchandise sold?

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