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financial accounting

Questions and Answers of Financial Accounting

Lakeside Software began January with $3,900 of merchandise inventory. During January, Lakeside made the following entries for its inventory transactions:How much was Lakeside’s inventory at the end
When does the cost of inventory become an expense?a. When cash is collected from the customerb. When inventory is delivered to a customerc. When payment is made to the supplierd. When inventory is
Simon Granite & Stone Corporation reported the following comparative income statements for the years ended September 30, 2018, and 2017:Simon’s president and shareholders are thrilled by the
Sokol Antiques, Inc., began June with inventory of $48,400. The business made net purchases of $51,300 and had net sales of $104,000 before a fire destroyed the company’s inventory. For the past
Spicer Industries prepares budgets to help manage the company. Spicer is budgeting for the fiscal year ended January 31, 2018. During the preceding year ended January 31, 2017, sales totaled $9,700
The Red Wagon Shop had the following inventory data:Company managers need to know the company’s gross profit percentage and rate of inventory turnover for 2018 under1. FIFO.2. LIFO.Which method
Refer to the data in E6-37B. Compute all ratio values to answer the following questions:■ Which company has the highest and which company has the lowest gross profit percentage?■ Which company
Supply the missing amounts for each of the following companies:Requirement1. Prepare the income statement for Altieri Company for the year ended December 31, 2018. Use the cost-of-goods-sold model to
Huron Garden Supplies uses a perpetual inventory system. The company has these account balances at October 31, 2018, prior to making the year-end adjustments:A year ago, the net realizable value of
Suppose a Target store in Chicago, Illinois, ended November 2018 with 500,000 units of merchandise that cost $8.00 each. Suppose the store then sold 110,000 units for $960,000 during December.
Paulson’s specializes in sound equipment. Company records indicate the following data for a line of speakers:Requirements1. Determine the amounts that Paulson’s should report for cost of goods
Sherwood Company’s inventory records for the most recent year contain the following data:Sherwood Company sold a total of 19,800 units during the year.Requirements1. Using the average-cost method,
Use the data for Spear Corporation in E6-30B to illustrate Spear’s income tax advantage from using LIFO over FIFO. Sales revenue is $10,080, operating expenses are $800, and the income tax rate is
Spear Corporation’s inventory records for its retail division show the following at May 31:At May 31, 11 of these units are on hand. Journalize the following for Spear Corporation under the
Accounting records for Allegheny Corporation yield the following data for the year ended June 30, 2018:Inventory, June 30,
Banta Tile & Marble Corporation reported the following comparative income statements for the years ended November 30, 2018, and 2017:Banta’s president and shareholders are thrilled by the
Valentine Antiques, Inc., began May with inventory of $49,300. The business made net purchases of $50,200 and had net sales of $81,300 before a fire destroyed the company’s inventory. For the past
McGuire Industries prepares budgets to help manage the company. McGuire is budgeting for the fiscal year ended January 31, 2018. During the preceding year ended January 31, 2017, sales totaled $9,200
The Blue Heron Shop had the following inventory data:Company managers need to know the company’s gross profit percentage and rate of inventory turnover for 2018 under1. FIFO.2. LIFO.Which method
Refer to the data in E6-23A. Compute all ratio values to answer the following questions:■ Which company has the highest and which company has the lowest gross profit percentage?■ Which company
Supply the missing income statement amounts for each of the following companies:Requirement1. Prepare the income statement for Sutherland Company for the year ended December 31, 2018. Use the
Oak Ridge Garden Supplies uses a perpetual inventory system. The company has these account balances at May 31, 2018, prior to making the year-end adjustments:A year ago, the net realizable value of
Suppose a Walmart store in Fillmore, Missouri, ended January 2018 with 900,000 units of merchandise that cost $5 each. Suppose the store then sold 50,000 units for $510,000 during February. Further,
Woody’s specializes in sound equipment. Company records indicate the following data for a line of speakers:Requirements 1. Determine the amounts that Woody’s should report for cost
Selma Company’s inventory records for the most recent year contain the following data:Selma Company sold a total of 18,500 units during the year.Requirements1. Using the average-cost method,
Use the data for Griffin Company in E6-16A to illustrate Griffin’s income tax advantage from using LIFO over FIFO. Sales revenue is $8,000, operating expenses are $2,000, and the income tax rate is
Use the data for Griffin Company in E6-16A to answer the following.Requirements1. Compute cost of goods sold and ending inventory, using each of the following methods:a. Specific identification, with
Accounting records for Jubilee Corporation yield the following data for the year ended June 30, 2018 (assume sales returns are non-existent):Inventory, June 30,
Here is the original schedule of cost of goods sold for Talladega Company for the years of 2016 through 2019:During the preparation of its 2019 financial statements, Talladega Company discovered that
Warner Supply’s $3.5 million cost of inventory at the end of last year was understated by $1.9 million.1. Was last year’s reported gross profit of $3.1 million overstated, understated, or
Volcano Technology began the year with inventory of $275,000 and purchased $1,850,000 of goods during the year. Sales for the year are $2,600,000, and Volcano Technology’s gross profit percentage
Company made sales of $24,600 million during 2018. Cost of goods sold for the year totaled $9,840 million. At the end of 2017, Fairbanks’ inventory stood at $1,000 million, and Fairbanks ended 2018
It is December 31, the end of the year, and the controller of Reed Corporation is applying the lowerof- cost-or-market (LCM) rule to inventories. Before any year-end adjustments, the company reports
Using the LIFO method, calculate the cost of ending inventory and cost of goods sold for Sandy Corporation.Use the following data of Sandy Corporation: A1 Total Unit Cost 4.00 $ 90 $ 180 $ 7.00 $
Using the FIFO method, calculate the cost of ending inventory and cost of goods sold for Sandy Corporation.Use the following data of Sandy Corporation: A1 Total Unit Cost 4.00 $ 90 $ 180 $ 7.00 $
Using the average-cost method, calculate the cost of ending inventory and cost of goods sold for Sandy Corporation.Use the following data of Sandy Corporation: A1 Total Unit Cost 4.00 $ 90 $ 180 $
This exercise should be used in conjunction with S6-4. Carson Print Supplies, Inc., is a corporation subject to a 25% income tax. Compute the company’s income tax expense under the average-cost,
Carson Print Supplies, Inc., sells laser printers and supplies. Assume Carson started the year with 100 containers of ink (average cost of $8.90 each, FIFO cost of $9.00 each, LIFO cost of $7.80
Marshall Company made total purchases of $260,000 in the most current year. It paid freight in of $3,500 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to
Beavercreek Company sold 14,000 jars of its organic honey in the most current year for $15 per jar. The company had paid $10.50 per jar of honey. (Assume that sales returns are nonexistent.)
Jasmine Corporation purchased inventory costing $125,000 and sold 75% of the goods for $163,750. All purchases and sales were on account. Jasmine later collected 25% of the accounts receivable.
Record the following note receivable transactions in the journal of Mediterranean Services. How much interest revenue did Mediterranean earn this year? Use a 365-day year for interest computations,
Walnut Foods, Inc., experienced the following revenue and accounts receivable write-offs:Suppose Walnut estimates that 4% of (gross) revenues will become uncollectible. Assume all revenues are on
At December 31, 2018, before any year-end adjustments, the Accounts Receivable balance of Alpha Company, Inc., is $390,000. The Allowance for Uncollectible Accounts has a $15,500 credit balance.
On June 30, Premier Party Planners had a $35,000 balance in Accounts Receivable and a $2,752 credit balance in Allowance for Uncollectible Accounts. During July, Premier made credit sales of
At December 31, 2018, Waco Travel Agency has an Accounts Receivable balance of $93,000. Allowance for Uncollectible Accounts has a credit balance of $870 before the year-end adjustment. Service
Perform the following accounting for the receivables of Andrews and Johnson, a law firm, at December 31, 2018.Requirements1. Set up T-accounts and start with the beginning balances for these
Southeast Corporation made sales of $950 million during 2018. Of this amount, Southeast collected cash for $876 million. The company’s cost of goods sold was $260 million, and all other expenses
Assume Island Coffee Roasters Corporation ended the month of August 2019 with these data:Requirement1. Prepare the income statement and the statement of retained earnings for Island Coffee Roasters
Refer to the data in Exercises 1-27A and 1-28A.Requirement1. Prepare the statement of cash flows of Giada Coffee Roasters Corp., for the month ended August 31, 2019. Using Exhibit 1-11 as a model,
Antique Interiors reported the following transactions in October:Oct 2 .............. Sold merchandise on account to Tim Hinkel, $1,200, terms 1/10, n/30.10 .................. Sold merchandise on
What effect does the adjusting entry in question 3-46 have on Oliver’s net income for February?a. Net income will decrease by $350.b. Net income will increase by $350.c. Net income will increase by
In which month should Newbury report the $55 revenue on its income statement?a. Septemberb. Augustc. Octoberd. JulyJenna Newbury began a music business in July 2018. Newbury prepares monthly
In which month should Newbury record the cost of the music as an expense?a. Julyb. Augustc. Septemberd. OctoberJenna Newbury began a music business in July 2018. Newbury prepares monthly financial
Using the accrual basis, in which month should revenue be recorded?a. In the month that cash is collected from the customerb. In the month that goods are ordered by the customerc. In the month that
If Newbury Company uses the cash basis of accounting instead of the accrual basis, in what month will Newbury report revenue and in what month will it report expense?Revenue Expensea. August
Refer to Exercise 3-37B.Requirements1. Use the data in the partial worksheet to prepare Lauer Production Company’s classified balance sheet at December 31 of the current year. Use the report
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Lauer Production Company follow:Requirement1. Journalize the adjusting and closing entries of
Burnes Consulting Company reported these ratios at December 31, 2018 (dollar amounts in millions):Burnes Consulting completed these transactions during 2019:a. Purchased equipment on account, $4b.
Prepare the closing entries from the following selected accounts from the records of North Shore, Inc., at December 31, 2018:How much net income did North Shore earn during 2018? Prepare a T-account
The adjusted trial balances of Verne Corporation at August 31, 2018, and August 31, 2017, include these amounts (in millions):Verne completed these transactions (in millions) during the year ended
The adjusted trial balance of Sabrina, Inc., follows:Requirement1. Prepare Sabrina’s single-step income statement and statement of retained earnings for the year ended December 31, 2018, and its
Fairmount Co. prepaid three years’ rent ($31,500) on January 1, 2018. At December 31, 2018, Fairmount prepared a trial balance and then made the necessary adjusting entry at the end of the year.
Thornton Company faced the following situations. Journalize the adjusting entry needed at December 31, 2020, for each situation. Consider each fact separately.a. The business has interest expense of
Englewood Corporation experienced four situations for its upplies. Calculate the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction.
An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, $400. Payments for insurance during the period, $2,100. Prepaid
During 2018, Barron Network, Inc., which designs network servers, earned revenues of $740 million. Expenses totaled $560 million. Barron collected all but $26 million of the revenues and paid $610
Peyton Company reported these ratios at December 31, 2018 (dollar amounts in millions):Peyton Company completed these transactions during 2019:a. Purchased equipment on account, $5b. Paid long-term
Refer to Exercise 3-26A.Requirements1. Use the data in the partial worksheet to prepare Crawford Production Company’s classified balance sheet at December 31 of the current year. Use the report
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Crawford Production Company follow.Requirement1. Journalize the adjusting and closing entries
Prepare the closing entries from the following selected accounts from the records of North Pole Enterprises at December 31, 2018:How much net income did North Pole Enterprises earn during 2018?
The adjusted trial balances of Patterson Corporation at August 31, 2018, and August 31, 2017, include these amounts (in millions):Patterson Corporation completed these transactions (in millions)
The adjusted trial balance of Pearl Industries, Inc., follows.Requirement1. Prepare Pearl Industries, Inc.’s single-step income statement and statement of retained earnings for the year ended
Dizzy Toys prepaid three years’ rent ($36,000) on January 1, 2018. At December 31, 2018, Dizzy prepared a trial balance and then made the necessary adjusting entry at the end of the year. Dizzy
Jenkins Rentals Company faced the following situations. Journalize the adjusting entry needed at December 31, 2020, for each situation. Consider each fact separately.a. The business has interest
Greenville Corporation experienced four situations for its supplies. Calculate the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction.
An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $2,000. Prepaid
The adjusted trial balance of Amana Corporation at December 31 shows that sales revenue for the year was $513,000 and other revenue was $37,000. Cost of goods sold for that same period was $256,000,
Robin Sporting Goods reported the following data at July 31, 2018, with amounts in thousands:1. Calculate Robin’s net working capital.2. Calculate Robin’s current ratio. Round to two decimal
Use the Robin Sporting Goods Company data in Short Exercise 3-14 to make the company’s closing entries at July 31, 2018. Then set up a T-account for Retained Earnings and post to that account.
During 2018, Able Network, Inc., which designs network servers, earned revenues of $820 million. Expenses totaled $520 million. Able collected all but $20 million of the revenues and paid $610
Suppose Robin Sporting Goods Company reported the following data at July 31, 2018, with amounts in thousands:Use these data to prepare Robin Sporting Goods Company’s single-step income statement
Dexter, Inc., collects cash from customers in advance and from other customers after the sale. Journalize the following transactions for Dexter:a. Accrued revenue. Some customers pay Dexter after
Due to the terms of its lease, Hawke Services, Inc., pays the rent for its new office space in one annual payment of $26,800 on August 1, 2018. The lease covers the period of August 1, 2018, through
Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your explanation, use the following actual example: The New York Times, a national newspaper, collects cash
Return to the situation in Short Exercise 3-9. Here you are accounting for the same transactions on the books of Hometown Bank, which lent the money to Trent Restaurant.1. Make Hometown Bank’s
Trent Restaurant borrowed $110,000 on October 1 by signing a note payable to Hometown Bank. The interest expense for each month is $825. The loan agreement requires Trent to pay interest on January 2
Suppose that on January 1 Sunbeam Travel Company paid cash of $50,000 for equipment that is expected to remain useful for four years. At the end of four years, the equipment’s value is expected to
Answer the following questions about prepaid expenses:a. On March 1, Meadow Tree Service prepaid $7,200 for six months’ rent. Give the adjusting entry to record rent expense at March 31. Include
During 2018, Peoria Airlines paid salary expense of $40.8 million. At December 31, 2018, Peoria accrued salary expense of $2.3 million. Peoria then paid $2.6 million to its employees on January 3,
Identify the accounting concept or principle that gives the most direction on how to account for each of the following situations:a. A utility bill is received on December 27 and will be paid next
A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget and Hertz. Suppose Budget is negotiating with the auto manufacturer to purchase 1,000 vehicles. Write
As the controller of Chardon Consulting, you have hired a new employee, whom you must train. She objects to making an adjusting entry for accrued salaries at the end of the period. She reasons, “We
Portage Corporation began 2018 owing notes payable of $4.0 million. During 2018, Portage borrowed $1.9 million on notes payable and paid off $1.7 million of notes payable from prior years. Interest
This case is based on Under Armour, Inc.’s, consolidated balance sheets, consolidated statements of income, and Note 2 of its financial statements (Significant Accounting Policies) found online in
Refer to Apple Inc.’s consolidated financial statements in Appendix A and online in the filings section of www.sec.gov.Requirements1. Using the Revenue Recognition section of Note 1 as a
Strasburg Loan Company is in the consumer loan business. Strasburg borrows from banks and loans out the money at higher interest rates. Strasburg’s bank requires Strasburg to submit quarterly
Suppose you work in the loan department of Third National Bank. Byron Blakely, the owner of Byron’s Beauty Solutions, has come to you seeking a loan for $500,000 to expand operations. He proposes
A fire during 2018 destroyed most of the accounting records of Lyons Entertainment, Inc. The only accounting data for 2018 that Lyons can come up with are the following balances at December 31, 2018.
The Cheesecake Factory Incorporated (NASDAQ: CAKE) operates two bakeries in the United States where it makes over 70 desserts for its own restaurants. In addition, the Cheesecake Factory bakeries

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