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Questions and Answers of Financial Accounting

The following information relates to the intangible assets of University Testing Services (UTS):a. On January 1, 2021, UTS completed the purchase of Heinrich Corporation for $3,510,000 in cash. The
The following information relates to the intangible assets of Lettuce Express:a. On January 1, 2021, Lettuce Express completed the purchase of Farmers Produce, Inc., for $1,600,000 in cash. The fair
Solich Sandwich Shop had the following long-term asset balances as of December 31, 2021: Solich purchased all the assets at the beginning of 2019 (3 years ago). The building is depreciated over a
Tasty Subs acquired a delivery truck on October 1, 2021, for $21,600. The company estimates a residual value of $1,200 and a six-year service life.Required:Calculate depreciation expense using the
Piper’s Pizza sold baking equipment for $25,000. The equipment was originally purchased for $72,000, and depreciation through the date of sale totaled $51,000. What was the gain or loss on the sale
Tasty Subs acquired a delivery truck on October 1, 2021, for $21,500. The company estimates a residual value of $2,500 and a six-year service life. It expects to drive the truck 100,000 miles. Actual
Masterson Supply purchased a small storage building for $20,000 to be used over a five-year period. The building has no residual value. Early in the fourth year, the storage building burned down.
On August 31, 2021, the general ledger of The Dean Acting Academy shows a balance for cash of $7,944. Cash receipts yet to be deposited into the checking account total $3,338, and checks written by
Assume selected financial data for Walmart and Target, two close competitors in the retail industry, are as follows: Required:1. Calculate the receivables turnover ratio and average collection
Pete?s Tennis Shop has the following transactions related to its top-selling Wilson tennis racket for the month of August: Required:1. Calculate ending inventory and cost of goods sold at August
On June 5, Staley Electronics purchases 200 units of inventory on account for $19 each, with terms 2/10, n/30. Staley pays for the inventory on June 12.Required:1. Record transactions for the
Creative Technology reports inventory using the lower of cost and net realizable value (NRV). Below is information related to its year-end inventory. Calculate the total amount to be reported for
Lewis Incorporated and Clark Enterprises report the following amounts for the year. Required:1. Calculate cost of goods sold for each company.2. Calculate the inventory turnover ratio for each
Using the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit ratio. Net sales Cost of goods sold Beginning inventory Ending inventory $250,000 180,000
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000. In addition to the cost of inventory, the company also
Shankar Company uses a perpetual system to record inventory transactions. The company purchases 1,500 units of inventory on account on February 2 for $60,000 ($40 per unit) but then returns 100
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays
Mulligan Corporation purchases inventory on account with terms FOB shipping point.The goods are shipped on December 30, 2021, but do not reach Mulligan until January 5, 2022.Mulligan correctly
During the year, TRC Corporation has the following inventory transactions. For the entire year, the company sells 450 units of inventory for $70 each. Required:1. Using FIFO, calculate (a) ending
Ebbers Corporation overstated its ending inventory balance by $15,000 in the current year. What impact will this error have on cost of goods sold and gross profit in the current year and following
On January 1, 2021, the general ledger of Big Blast Fireworks includes the following account balances: The $30,000 beginning balance of inventory consists of 300 units, each costing $100. During
Ebbers Corporation overstated its ending inventory balance by $15,000 in the current year. What impact will this error have on cost of goods sold and gross profit in the current year and following
For each company, calculate the missing amount. Cost of Goods Sold Sales Revenue Operating Expenses $3,500 Company Gross Profit Net Income $18,000 20,000 13,000 16,000 Lennon Harrison McCartney
Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Required:1. Prepare a multiple-step income statement.2. Explain how analyzing the multiple levels of
Wayman Corporation reports the following amounts in its December 31, 2021, income statement. Required:Prepare a multiple-step income statement. $ 50,000 $390,000 Income tax expense Sales revenue
T. L. Jones Trucking Services establishes a petty cash fund on April 3 for $200. By the end of April, the fund has a cash balance of $97. The company has also issued a credit card and authorized its
The cash records and bank statement for the month of July for Glover Incorporated are shown below. Additional information:a. The difference in the beginning balances in the company?s records and
An examination of the cash activities during the year shows the following. Suzie has not reconciled the company?s cash balance with that of the bank since the company was started. She asks Summit
Midshipmen Company borrows $15,000 from Falcon Company on July 1, 2021. Midshipmen repays the amount borrowed and pays interest of 12% (1%/month) on June 30, 2022. (1) Record the borrowing for
Below are transactions for Wolverine Company during 2021.1. On December 1, 2021, Wolverine receives $4,000 cash from a company that is renting office space from Wolverine. The payment, representing
Boilermaker House Painting Company incurs the following transactions for September.1. September 3 Paint houses in the current month for $20,000 on account.2. September 8 Purchase painting equipment
RiverHawk Expeditions provides guided tours in scenic mountainous areas. After the first 11 months of operations in 2021, RiverHawk has the following account balances. The following transactions
Omaha Beef Co. purchased a delivery truck for $50,000. The residual value at the end of an estimated eight-year service life is expected to be $10,000. The company uses straight-line depreciation for
Powder Ski Shop reports inventory using the lower of cost and net realizable value (NRV). Information related to its year-end inventory appears below. Calculate the total amount to be reported for
El Tapitio purchased restaurant furniture on September 1, 2021, for $45,000. Residual value at the end of an estimated 10-year service life is expected to be $6,000. Calculate depreciation expense
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000, with terms 3/10, n/30. On February 10, the company pays
Betty Foods has separate patents for its chocolate chip cookie dough and vanilla ice cream. In the current year, both patents were challenged in court. Betty Foods spent $240,000 in legal fees to
Shankar Company uses a perpetual system to record inventory transactions. The company purchases 1,500 units of inventory on account on February 2 for $60,000 ($40 per unit) but then returns 100
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000. In addition to the cost of inventory, the company also
Finley Co. is looking for a new office location and sees a building with a fair value of $400,000. Finley also notices that much of the equipment in the existing building would be useful to its own
For each item below, indicate whether FIFO or LIFO will generally result in a higher reported amount when inventory costs are rising versus falling. The first answer is provided as an example.
Financial information for American Eagle is presented in Appendix A at the end of the book, and financial information for Buckle is presented in Appendix B at the end of the book.Required:1. Which
At the beginning of November, Yoshi Inc.’s inventory consists of 60 units with a cost per unit of $94. The following transactions occur during the month of November.November 2 Purchase 90 units of
Trends by Tiffany sells high-end leather purses. The company has the following inventory transactions for the year. Required:1. Using FIFO, calculate ending inventory and cost of goods sold.2. Using
Horizon Corporation manufactures personal computers. The company began operations in 2012 and reported profits for the years 2012 through 2019. Due primarily to increased competition and price
During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of
During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of
Bingerton Industries began the year with inventory of $85,000. Purchases of inventory on account during the year totaled $310,000. Inventory costing $335,000 was sold on account for
Baskin-Robbins is one of the world?s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ?n Cream. Assume that a local
Toys ?R? Us sells a variety of children?s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021.Required:1. Prepare a multiple-step
During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of
On June 5, Staley Electronics purchases 200 units of inventory on account for $20 each.After closer examination, Staley determines 40 units are defective and returns them to its supplier for full
Payless ShoeSource and Dillard?s both offer men?s formal footwear. Payless offers lower- to middle-priced footwear, whereas Dillard?s offers more specialized, higher-end footwear. The average price
During the year, Wright Company sells 470 remote-control airplanes for $110 each. The company has the following inventory purchase transactions for the year. Calculate ending inventory and cost of
Over a four-year period, Jackie Corporation reported the following series of gross profits. In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on
Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the
Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $40,000 and then sells this inventory on account on March 17 for
Now that operations for outdoor clinics and TEAM events are running smoothly, Suzie thinks of another area for business expansion. She notices that a few clinic participants wear multiuse (MU)
Jimmie?s Fishing Hole has the following transactions related to its top-selling Shimano fishing reel for the month of June: Required:1. Calculate ending inventory and cost of goods sold at June 30,
Sandra?s Purse Boutique has the following transactions related to its top-selling Gucci purse for the month of October. Required:1. Calculate ending inventory and cost of goods sold at October 31,
On April 1, 2021, Shoemaker Corporation realizes that one of its main suppliers is having difficulty meeting delivery schedules, which is hurting Shoemaker’s business. The supplier explains
Describe the year-end adjustment to the allowance for uncollectible accounts in the year subsequent to establishing it
Brady is hired in 2021 to be the accountant for Anderson Manufacturing, a private company. At the end of 2021, the balance of Accounts Receivable is $29,000. In the past, Anderson has used only the
Sanders Inc. is a small brick manufacturer that uses the direct write-off method to account for uncollectible accounts. At the end of 2021, its balance for Accounts Receivable is $35,000. The
At the beginning of 2021, Brad’s Heating & Air (BHA) has a balance of $26,000 in accounts receivable. Because BHA is a privately owned company, the company has used only the direct write-off
At the end of 2021, Worthy Co.’s balance for Accounts Receivable is $20,000, while the company’s total assets equal $1,500,000. In addition, the company expects to collect all of its receivables
The Physical Therapy Center specializes in helping patients regain motor skills after serious accidents. The center has the following balances on December 31, 2021, before any adjustment: Accounts
Mercy Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $70,000; Allowance for Uncollectible Accounts = $1,400 (credit). Mercy estimates
How does accounting for uncollectible accounts affect the amount reported for net accounts receivable?
On December 1, 2021, Liang Chemical provides services to a customer for $90,000. In payment for the services, the customer signs a three-year, 10% note. The face amount is due at the end of the third
Humanity International sells medical and food supplies to those in need in underdeveloped countries. Customers in these countries are often very poor and must purchaseitems on account. At the end of
On April 15, 2021, Sampson Consulting provides services to a customer for $110,000. To pay for the services, the customer signs a three-year, 12% note. The face amount is due at the end of the third
In an effort to boost sales in the current year, Roy?s Gym has implemented a new program where members do not have to pay for their annual membership until the end of the year. The program seems to
Refer to the information in BE5–8, but now assume that the balance of Allowance for Uncollectible Accounts before adjustment is $3,000 (debit). The company still estimates future uncollectible
The following events occur for The Underwood Corporation during 2021 and 2022, its first two years of operations.June 12, 2021 Provide services to customers on account for $41,000. September 17, 2021
At the beginning of the year, Bryers Incorporated reports inventory of $8,000. During the year, the company purchases additional inventory for $23,000. At the end of the year, the cost of inventory
Southwest Pediatrics has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $130,000; Allowance for Uncollectible Accounts = $2,100 (debit). On December 31,
Physicians’ Hospital has the following balances on December 31, 2021, before any adjustment: Accounts Receivable = $60,000; Allowance for Uncollectible Accounts = $1,100 (credit). On December 31,
During 2021, its first year of operations, Pave Construction provides services on account of $160,000. By the end of 2021, cash collections on these accounts total $110,000. Pave estimates that 25%
Willie Cheetum is the CEO of Happy Foods, a distributor of produce to grocery store chains throughout the Midwest. At the end of the year, the company’s accounting manager provides Willie with the
Letni Corporation engages in the manufacture and sale of semiconductor chips for the computing and communications industries. During the past year, operating revenues remained relatively flat
Pearl E. White Orthodontist specializes in correcting misaligned teeth. During 2021, Pearl provides services on account of $590,000. Of this amount, $80,000 remains receivable at the end of the year.
Facial Cosmetics provides plastic surgery primarily to hide the appearance of unwanted scars and other blemishes. During 2021, the company provides services of $410,000 on account. Of this amount,
The following events occur for Morris Engineering during 2021 and 2022, its first two years of operations.February 2, 2021 Provide services to customers on account for $38,000.July 23, 2021 Receive
Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales discounts = $20,000; sales returns = $50,000; sales allowances = $30,000. In addition, at the
Data Recovery Services (DRS) specializes in data recovery from crashed hard drives. The price charged varies based on the extent of damage and the amount of data being recovered. DRS offers a 10%
Assume the following scenarios.Scenario 1: During 2021, IBM provides consulting services on its mainframe computer for $11,000 on account. The customer does not pay for those services until
Tony and Suzie are ready to expand Great Adventures even further in 2022. Tony believes that many groups in the community (for example, Boy Scouts, church groups, civic groups, and local businesses)
Assume the following scenarios.Scenario 1: During 2021, The Hubbard Group provides services of $900,000 for repair of a state highway. The company receives an initial payment of $300,000 with the
Oscar?s Red Carpet Store maintains a checking account with Academy Bank. Oscar?s sells carpet each day but makes bank deposits only once per week. The following provides information from the
The cash records and bank statement for the month of May for Diaz Entertainment are shown below. Additional information:a. The difference in the beginning balances in the company?s records and the
Below is a summary of all transactions of Pixar Toy Manufacturing for the month of August 2021. Required:Prepare a statement of cash flows for the month of August 2021, properly classifying each of
Spielberg Company’s general ledger shows a checking account balance of $22,970 on July 31, 2021. The July cash receipts of $1,885, included in the general ledger balance, are placed in the night
On October 31, 2021, Damon Company’s general ledger shows a checking account balance of $8,397. The company’s cash receipts for the month total $74,320, of which $71,295 has been deposited in the
Smith Law Firm specializes in the preparation of wills for estate planning. On October 1, 2021, the company begins operations by issuing stock for $11,000 and obtaining a loan from a local bank for
For each company, calculate the ratio of cash to non-cash assets. Total Assets Total Liabilities Cash Tuohy Incorporated Oher Corporation $4,200 $3,500 $23,400 $25,700 $3,600 $6,200
Below are amounts (in millions) for Glasco Company and Sullivan Company.Both companies have total revenues of $2,500, $3,000, and $3,500 in each year.Required:Make a prediction as to which firm will
You may refer to the opening story of Tony and Suzie and their decision to start Great Adventures in AP 1–1. More of their story and the first set of transactions for the company in July are
Fighting Irish Incorporated pays its employees $5,600 every two weeks ($400/ day). The current two-week pay period ends on December 28, 2021, and employees are paid $5,600. The next two-week pay

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