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Questions and Answers of Financial Accounting

On July 1, 2014, Moton Company needs exactly $206,400 in cash to pay an existing obligation. Moton has decided to borrow from State Bank, which charges 14% interest on loans. The loan will be due in
On January 1, 2014, Chen Yu’s Office Supply Store plans to remodel the store and install new display cases. Chen has the following options of payment. Chen’s interest rate is 8%.a. Pay $180,000
On June 30, 2014, Rolf Inc. borrowed $25,000 from its bank, signing an 8%, two-year note.Required1. Assuming that the bank charges simple interest on the note, prepare the journal entry Rolf will
The following items are classified as current liabilities on Burger King Holdings, Inc.€™s balance sheets as of December 31, 2011, and December 31, 2010:Required1. Burger King uses the
On October 1, 2014, Ratkowski Inc. borrowed $18,000 from Second National Bank by issuing a 12-month note. The bank discounted the note at 9%.Required1. Prepare the journal entry needed to record the
You are required to pay $5,000 for college fees for each of the next four years, and a not-quiteas-generous uncle offers to give you $15,187 toward your college fees. What annual interest rate do you
On July 1, 2014, Jo’s Flower Shop borrowed $25,000 from the bank. Jo signed a ten-month, 8% promissory note for the entire amount. Jo’s uses a calendar year-end.Required1. Prepare the journal
Several accounts that appeared on Kruse€™s 2014 balance sheet are as follows:Required1. Prepare the Current Liabilities section of Kruse€™s 2014 balance sheet.2. Compute
Brinker International operates Chili€™s, Macaroni Grill, and other restaurant chains. The following items are classified as current liabilities on Brinker International€™s balance
Is the account Discount on Notes Payable an income statement or a balance sheet account? Does it have a debit or credit balance?
Glencoe Inc. operates with a June 30 year-end. During 2014, the following transactions occurred:a. January 1: Signed a one-year, 10% loan for $25,000. Interest and principal are to be paid at
McLaughlin Inc. operates with a June 30 year-end. During 2014, the following transactions occurred:a. January 1: Signed a one-year, 10% loan for $35,000. Interest and principal are to be paid at
A friend says to you: ‘‘I’m confused. I have a memo included with my bank statement indicating a $20 service charge for printing new checks. If the bank is deducting this amount from my
List the names of at least four important internal control procedures.
The following current assets are listed in a company’s general ledger. The accountant wants to place the items in order of liquidity on the balance sheet.Accounts ReceivableCertificates of Deposit
At the beginning of 2014, Miyazaki Company’s Accounts Receivable balance was $105,000, and the balance in Allowance for Doubtful Accounts was $1,950. Miyazaki’s sales in 2014 were $787,500, 80%
During 2009, Reynosa Inc.’s research and development department developed a new manufacturing process. Research and development costs were $85,000. The process was patented on October 1, 2009.
Badger recorded $500,000 of net sales for the year of which 2% is estimated to be uncollectible. Prepare the journal entry at the end of the year to record bad debts.
At the beginning of 2014, EZ Tech Company’s Accounts Receivable balance was $140,000, and the balance in Allowance for Doubtful Accounts was $2,350 (Cr.). EZ Tech’s sales in 2014 were
You are considering making a loan to The Coca-Cola Company. The following information is from the financial statements included in Form 10-K for fiscal years 2011 and 2010 (in millions of
The following current asset appears on the balance sheet in 3M Company€™s Form 10-K for the year ended December 31, 2012 (amounts in millions of dollars):Required1. What is the balance in
Kandel Company had the following data available for 2014 (before making any adjustments):Accounts receivable, 12/31/14 ................................ $320,100 (Dr.)Allowance for
You are considering making a loan to The Hershey Company. The following information is from the financial statements included in Form 10-K for fiscal years 2012 and 2011 (in thousands of
On November 1, 2014, Gopher received a $50,000, 6%, 90-day promissory note. Prepare any necessary journal entry on December 31, the end of the company’s fiscal year.
On July 20, Wolverine presents credit card receipts to its bank in the amount of $10,000; the collection charge is 4%. Prepare the journal entry on Wolverine’s books on July 20, the date of deposit.
Swartz Inc. enters into the following transactions during 2014:July 1: Paid $10,000 to acquire on the open market $10,000 face value of Gallatin bonds.The bonds have a stated annual interest rate of
Vermont Corp. enters into the following transactions during 2014:July 1: Paid $10,000 to acquire on the open market $10,000 face value of Maine bonds.The bonds have a stated annual interest rate of
On March 5, Spartan sold stock in another company for $12,300. Spartan bought the stock on February 14 for $10,100. Prepare the journal entry on Spartan’s books on March 5.
The financial statements included in the 2011 Form 10-K of Columbia Sportswear reported the following amounts (in thousands of dollars):Net sales, for the year ended December 31, 2011
Stanzel Corp. purchased 1,000 shares of Canby Company common stock. What will determine whether the shares are classified as current assets or noncurrent assets?
On September 1, 2014, Dougherty Corp. accepted a six-month, 7%, $45,000 interest-bearing note from Rozelle Company in payment of an account receivable. Dougherty’s year-end is December 31. Rozelle
On December 1, 2014, Roper Corp. accepted a two-month, $24,000 interest-bearing note from a customer in payment of an account receivable. On December 31, 2014, Roper made the following adjusting
On May 31, 2014, Elmer Corp. purchased a 120-day, 9% certificate of deposit for $50,000. The CD was redeemed on September 28, 2014. Prepare the journal entries on Elmer’s books to account for:a.
Starship Enterprises enters into the following transactions during 2014 and 2015:2014Jan. 1: Purchased $100,000 face value of Northern Lights Inc. bonds at face value.The newly issued bonds have an
On October 1, 2014, Chicago Corp. purchases 1,000 shares of the preferred stock of Denver Corp. for $40 per share. Chicago pays another $1,000 in commissions. On October 20, 2014, Denver declares and
On August 15, 2014, Cubs Corp. purchases 5,000 shares of common stock in Sox Inc. at a market price of $15 per share. In addition, Cubs pays brokerage fees of $1,000. On October 20, 2014, Cubs sells
On its December 31, 2014, income statement, Durango reported a loss on sale of stock of $4,500. The loss resulted from the sale of 2,000 shares of ABC Corp. stock that Durango purchased during 2014
On January 1, 2014, Ruby Company purchased a piece of equipment with a list price of $60,000. The following amounts were related to the equipment purchase:• Terms of the purchase were 2/10, net 30.
Koffman’s Warehouse purchased a forklift on January 1, 2014, for $6,000. The forklift is expected to last for five years and have a residual value of $600. Koffman’s uses the
Book Company’s only asset as of January 1, 2014, was a copyright. During 2014, only the following three transactions occurred:Royalties earned from copyright use, $500,000 in cashCash paid for
A company purchased an asset on January 1, 2012, for $10,000. The asset was expected to have a ten-year life and a $1,000 salvage value. The company uses the straight-line method of depreciation. On
A company purchased an asset on January 1, 2012, for $10,000. The asset was expected to have a ten-year life and a $1,000 salvage value. The company uses the straight-line method of depreciation. On
Merton Company purchased a building on January 1, 2013, at a cost of $364,000. Merton estimated that its life would be 25 years and its residual value would be $14,000.On January 1, 2014, the company
On January 1, 2014, Castlewood Company purchased machinery for its production line for $104,000. Using an estimated useful life of eight years and a residual value of $8,000, the annual straight-line
O’hare Company’s only asset as of January 1, 2014, was a limousine. During 2014, only the following three transactions occurred:Services of $100,000 were provided on account.All accounts
On January 1, 2012, Jose Company purchased a building for $200,000 and a delivery truck for $20,000. The following expenditures have been incurred during 2014:• The building was painted at a cost
During 2014, Mercator Company borrowed $80,000 from a local bank. In addition, Mercator used $120,000 of cash to construct a new corporate office building. Based on average accumulated expenditures,
Erin Company incurred the following costs during 2014 and 2015:a. Research and development costing $20,000 was conducted on a new product to sell in future years. A product was successfully
Starks Products uses the cost method to account for investments in bonds. Journalize the entries to record the following selected bond investment transactions for Starks Products:a. Purchased for
On January 1, 20Y9, Valuation Allowance for Trading Investments had a zero balance. On December 31, 20Y9, the cost of the trading securities portfolio was $42,500 and the fair value was $48,400.
Parilo Company acquired $200,000 of Makofske Co., 5% bonds on May 1, 20Y5, at their face amount. Interest is paid semiannually on May 1 and November 1. On November 1, 20Y5, Parilo sold $80,000 of the
Walgreen Co.’s 2012 Form 10-K includes the following in the note that summarizes its accounting policies:InventoriesInventories are valued on a lower of last-in, first-out (LIFO) cost or market
Kramer began operations early in 2014 and made the following purchases:Kramer used the FIFO method to value its inventory and reported cost of goods sold expense for the year of
Fill in the missing amounts in the following income statement for Carpenters Department Store Inc. $125,600 Sales revenue Less: Sales returns and allowances (a) Net sales $122,040 Cost of goods sold:
The 2011 Form 10-K ofThe New York Times Companyincludes the following note: 4. InventoriesInventories as shown in the accompanying Consolidated Balance Sheets were as follows:Inventories are
The 2011 Form 10-K forGap Inc.includes the following information in the note that summa-rizes its accounting policies:Merchandise InventoryWe value inventory at the lower of cost or market, with cost
Refer to the financial information for Under Armour and Columbia Sportswear reproduced at the end of this book and answer the following questions:Required1. What is the dollar amount of inventories
On June 1, 2014, MicroTel Enterprises lends $60,000 to MaxiDriver Inc. The loan will be repaid in 60 days with interest at 10%.Required1. Prepare the journal entry on MicroTel’s books on June 1,
Lexington Builders owns property in Kaneland County. Lexington’s 2013 property taxes amounted to $50,000. Kaneland County will send out the 2014 property tax bills to property owners during April
One asset account will always be carried over from the unadjusted trial balance columns of a work sheet to the balance sheet columns of the work sheet without any adjustment. What account is this?
Glendive takes out a 12%, 90-day, $100,000 loan with Second State Bank on March 1, 2014. Assume that Glendive prepares adjusting entries only four times a year: on March 31, June 30, September 30,
Does the Retained Earnings account that appears in the balance sheet credit column of a work sheet reflect the beginning or the ending balance in the account? Explain your answer.
Why do the income statement columns appear before the balance sheet columns on a work sheet?
Billings Company takes out a 12%, 90-day, $100,000 loan with First National Bank on March 1, 2014.Required1. Prepare the journal entry on March 1, 2014.2. Prepare the adjusting entries for the months
Some companies use an eight-column work sheet rather than the ten-column format illustrated in the chapter. Which two columns are not used in the eight-column format? Why could these two columns be
Rock N Roll produces an outdoor concert festival that runs from June 28, 2014, through July 1, 2014. Concertgoers pay $80 for a four-day pass to the festival, and all 10,000 tickets are sold out by
Which of the following steps in the accounting cycle requires the most thought and judgment by the accountant: (a) preparing a trial balance, (b) posting adjusting and closing entries, or (c)
On April 1, 2014, Briggs Corp. purchases a 24-month property insurance policy for $72,000. The policy is effective immediately. Assume that Briggs prepares adjusting entries only once a year, on
What are the rules of debit and credit as they apply to the contra-asset account Accumulated Depreciation?
Refer to the information provided for Lewis and Associates in Problem 4-9A.Data from 4-9ALewis and Associates has been in the termite inspection and treatment business for five years. An unadjusted
Refer to the information provided for Four Star Video in Problem 4-9.Data from 4-9Four Star Video has been in the video rental business for five years. An unadjusted trial balance at May 31, 2014,
Explain why the income statement columns come before the balance sheet columns on a work sheet.
For the following accounts, indicate whether each would be (Yes) or would not be (No) closed at the end of the accounting period._______ 1. Prepaid Insurance_______ 2. Supplies Expense_______ 3.
What is the meaning of the following statement? The choice between historical cost and current value is a good example of the trade-offs in accounting that must sometimes be made.
The following accounts appear on Nordstrom’s 2011 financial statements as reported in its Form 10-K for the fiscal year ended January 28, 2012. The accounts are listed in alphabetical order, and
Indicate whether the amount in each of the following accounts should be carried over from the adjusted trial balance column of the work sheet to the income statement (IS) column or to the balance
During 2014, Carter Company acquired three assets with the following costs, estimated useful lives, and estimated salvage values.The company uses the straight-line method to depreciate all assets and
On July 1, 2014, Rogers Corp. took out a 60-day, $100,000 loan at the bank. On July 31, 2014, Rogers made the following adjusting entry:Required1. What is the interest rate on the loan? Explain your
Assuming the use of a work sheet, are the formal adjusting entries recorded and posted to the accounts before or after the financial statements are prepared? Explain your answer. Would your answer
Why is the Dividends account closed directly to Retained Earnings rather than to the Income Summary account?
Wolfe & Wolfe collected $9,000 from a customer on April 1 and agreed to provide legal services during the next three months. Wolfe & Wolfe expects to provide an equal amount of services each
Horse Country Living publishes a monthly magazine for which a 12-month subscription costs $30. All subscriptions require payment of the full $30 in advance. On August 1, the balance in the
On July 1, 2014, Dexter Corp. buys a computer system for $260,000 in cash. Assume that the computer is expected to have a four-year life and an estimated salvage value of $20,000 at the end of that
Refer to the information provided for Matlock Graphic Arts Studio in Problem 4-6A.Data from 4-6ALori Matlock operates a graphic arts business. A trial balance on June 30, 2014,before recording any
Refer to the information provided for Reynolds Realty Company in Problem 4-6.Data from 4-6Bob Reynolds operates a real estate business. A trial balance on April 30, 2014,beforeany adjust-ing entries
Refer to the information provided for Flood Relief Inc. in Problem 4-1 A.Data from 4-1AFlood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the end of every
Refer to the information provided for Kretz Corporation in Problem 4-1.Data from 4-1Kretz Corporation prepares monthly financial statements and therefore adjusts its accounts at the end of every
The following item appears in the current liabilities section of Carnival Corporation’s balance sheet included in the Form 10-K for the year ended November 30, 2011:Customer deposits
As chief lending officer for a bank, you need to decide whether to make a loan to Starwood Hotels & Resorts Worldwide, Inc.The current items, listed in alphabetical order, are taken from the
As chief lending officer for a bank, you need to decide whether to make a loan toThe Coca-Cola Company. The current items, listed in alphabetical order, are taken from the consolidated balance sheets
Does the IASB recognize similar qualitative characteristics of useful financial information to those recognized by the FASB? Explain your answer.
What two fundamental characteristics make accounting information useful? What other qualities enhance the usefulness of financial information?
Fort Worth Corporation began business in January 2014 as a commercial carpet-cleaning and drying service. Shares of stock were issued to the owners in exchange for cash. Equipment was purchased by
Upon graduation from MegaState University, you and your roommate decide to start your respective careers in accounting and salmon fishing in Remote, Alaska. Your career as a CPA in Remote is going
List the names of three companies with which you are familiar that are manufacturers or producers. Also list the names of three companies that are retailers. Finally, provide the names of three
The financial statements of Sprinto Ltd. are as follows for the year endedAnalyse the performance of Sprinto Ltd. as far as the above information permits. Year ended Year ended Income statement for
The following adjustments need to be made in the accounts of Ricksu at the year-end 31.03.03.(a) Bad debts of £3,000 are to be written off against total trade receivables balance of
On January 1, 20Y5, Valuation Allowance for Available-for-Sale Investments had a zero balance. On December 31, 20Y5, the cost of the available-for-sale securities was $22,280 and the fair value was
The investments of Charger Inc. include a single investment: 18,500 shares of Raiders Inc. common stock purchased on February 24, 20Y1, for $46 per share including brokerage commission. These shares
Seamus Industries Inc. buys and sells investments as part of its ongoing cash management. The following investment transactions were completed during the year:Feb. 24. Acquired 2,000 shares of Tett

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