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financial accounting
Corporate Financial Accounting 15th Edition Carl S. Warren, James M. Reeve, Jonathan Duchac - Solutions
On January 26, Nyree Co. borrowed cash from Conrad Bank by issuing a 45-day note with a face amount of $225,000.a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%.b. Determine the proceeds of the note, assuming the note is discounted at 8%.
Lindsey Vater’s weekly gross earnings for the week ended March 9 were $800, and her federal income tax withholding was $128.96. Assuming the social security tax rate is 6% and Medicare tax is 1.5% of all earnings, what is Lindsey’s net pay?
The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Federal withholding for the period totaled $15,350. Retirement savings withheld from employee paychecks were $2,800 for the period.
The payroll register of Heritage Co. indicates $4,200 of social security withheld and $1,050 of Medicare tax withheld on total salaries of $70,000 for the period. Earnings of $12,000 are subject to state and federal unemployment compensation taxes at the federal rate of 0.8% and the state rate of
Regling Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $40,000 for the period. The pension formula calculated a pension cost of $222,750. Only $185,000 was contributed to the pension plan administrator. Journalize the entry to
Bon Nebo Co. sold 30,000 annual subscriptions of Bjorn for $105 during December 20Y5. These new subscribers will receive monthly issues, beginning in January 20Y6. In addition, the business had taxable income of $970,000 during the first calendar quarter of 20Y6. The federal tax rate is 40%. A
A business issued a 120-day, 5% note for $60,000 to a creditor on account. Journalize the entries to record(a) The issuance of the note and(b) The payment of the note at maturity, including interest.
A business issued a 60-day note for $60,000 to a bank. The note was discounted at 8%. Journalize the entries to record(a) The issuance of the note and(b) The payment of the note at maturity.
An employee earns $30 per hour and 1.5 times that rate for all hours in excess of 40 hours per week. If the employee worked 54 hours during the week, determine the employee’s(a) Gross pay and(b) Net pay for the week. Assume that the social security tax rate is 6.0%, the Medicare tax rate is 1.5%,
K. Mello Company has three employees€”a consultant, a computer programmer, and an administrator. The following payroll information is available for each employee:For hourly employees, overtime is paid for hours worked in excess of 40 hours per week.For the current pay period, the computer
The payroll register for D. Salah Company for the week ended May 18 indicated the following:Salaries .......................................................$615,000Federal income tax withheld .........................165,000The salaries were all subject to the 6.0% social security tax and the 1.5%
According to a summary of the payroll of Mountain Streaming Co., $110,000 was subject to the 6.0% social security tax and the 1.5% Medicare tax. Also, $25,000 was subject to state and federal unemployment taxes.a. Calculate the employer’s payroll taxes, using the following rates: state
Widmer Company had gross wages of $320,000 during the week ended June 17. The amount of wages subject to social security tax was $320,000, while the amount of wages subject to federal and state unemployment taxes was $48,000. Tax rates are as follows:Social security
In a recent year’s financial statements, Procter & Gamble (PG) showed an unfunded pension liability of $5,955 million and a periodic pension cost of $432 million. Explain the meaning of the $5,955 million unfunded pension liability and the $432 million periodic pension cost.
Fosters Manufacturing Co. warrants its products for one year. The estimated product warranty is 2% of sales. Assume that sales were $1,500,000 for January. On February 7, a customer received warranty repairs requiring $325 of parts and $120 of labor.a. Journalize the adjusting entry required at
General Motors Company (GM) disclosed estimated product warranty payable for comparative years as follows:Assume that GM€™s sales were $166,380 million in the current year and that the total paid on warranty claims during the current year was $3,710 million.a. Why are short- and long-term
The following items were selected from among the transactions completed by Sherwood Co. during the current year:Mar. 1. Purchased merchandise on account from Kirkwood Co., $225,000, terms n/30.31. Issued a 30-day, 8% note for $225,000 to Kirkwood Co., on account.Apr. 30. Paid Kirkwood Co. the
Ehrlich Co. began business on January 2. Salaries were paid to employees on the last day of each month, and social security tax, Medicare tax, and federal income tax were withheld in the required amounts. An employee who is hired in the middle of the month receives half the monthly salary for that
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Best Buy, Co. Inc. (BBY) is a leading retailer of consumer electronics and media products in the United States. Amazon and Best Buy compete in similar markets; however, Best Buy sells through both traditional retail
Abercrombie & Fitch Co. (ANF) and The Gap, Inc. (GPS) are two U.S. apparel retailers. The current assets and current liabilities for each company from recent balance sheets are as follows (in thousands):a. Compute the working capital for each company.b. Compute the current ratio for each
The Hershey Company (HSY) is the largest producer of chocolate in North America under the Hershey€™s and Reese€™s brand names. The following balance sheet information is provided at the end of three recent years (in thousands):a. Compute the working capital for the three
Neiman Marcus Group (NMG) is one of the largest luxury fashion retailers in the world. Kohl€™s Corporation (KSS) sells moderately priced private and national branded products through more than 1,100 department stores located throughout the United States. The current assets and current
Cabela€™s Incorporated (CAB) is a leading specialty retailer of outdoor sports merchandise. Dick€™s Sporting Goods, Inc. (DKS) is a leading full-line retailer of sporting equipment and apparel. The current assets and current liabilities of both companies are provided as follows
On January 1, the first day of the fiscal year, Designer Fabric Inc. issues a $3,000,000, 8%, 10-year bond that pays semiannual interest of $120,000 ($3,000,000 × 8% × ½ year), receiving cash of $3,000,000. Journalize the entries to record(a) The issuance of the bonds,(b) The first interest
On the first day of the fiscal year, a company issues a $3,500,000, 6% five year bond that pays semiannual interest of $105,000 ($3,500,000 × 6% × ½), receiving cash of $3,350,000. Journalize the bond issuance.
On the first day of the fiscal year, a company issues a $5,000,000, 7%, five-year bond that pays semiannual interest of $175,000 ($5,000,000 × 7% × ½), receiving cash of $5,400,000. Journalize the bond issuance.
An $800,000 bond issue on which there is an unamortized premium of $57,000 is redeemed for $785,000. Journalize the redemption of the bonds.
United States Steel Corporation’s (X) 7.5% bonds due in 2022 were reported as selling for 103.2. Were the bonds selling at a premium or at a discount? Why is United States Steel able to sell its bonds at this price?
Thomson Co. produces and distributes semiconductors for use by computer manufacturers. Thomson issued $800,000 of 10-year, 6% bonds on May 1 of the current year at face value, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year.Journalize the entries
Hoover Corp., a wholesaler of music equipment, issued $20,000,000 of 20-year, 6% callable bonds on March 1, 20Y2, at their face amount, with interest payable on March 1 and September 1. The fiscal year of the company is the calendar year. Journalize the entries to record the following selected
Mia Breen Corp. produces and sells wind-energy-driven engines. To finance its operations, Mia Breen issued $22,000,000 of 20-year, 4% callable bonds on May 1, 20Y5, at their face amount, with interest payable on May 1 and November 1. The fiscal year of the company is the calendar year. Journalize
Shunda Corporation wholesales parts to appliance manufacturers. On January 1, Shunda issued $30,000,000 of five-year, 10% bonds at a market (effective) interest rate of 8%, receiving cash of $32,433,150. Interest is payable semiannually. Shunda’s fiscal year begins on January 1. The company uses
On July 1, 20Y1, Danzer Industries Inc. issued $50,000,000 of 10-year, 8% bonds at a market (effective) interest rate of 10%, receiving cash of $43,768,920. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company is the calendar year.Instructions1.
Campbell Inc. produces and sells outdoor equipment. On July 1, 20Y1, Campbell issued $30,000,000 of 10-year, 10% bonds at a market (effective) interest rate of 9%, receiving cash of $31,951,110. Interest on the bonds is payable semiannually on December 31 and June 30. The fiscal year of the company
Amazon.com, Inc. (AMZN) is one of the largest internet retailers in the world. Wal-Mart Stores, Inc. (WMT) is the largest retailer in the United States. Amazon and Wal-Mart compete in similar markets; however, Wal-Mart sells through both traditional retail stores and the internet, while Amazon
The Clorox Company (CLX) and The Procter & Gamble Company (PG) produce and sell packaged consumer products around the world. Income and interest expense information from financial statements for a recent year follows (in millions):a. Compute the times interest earned for each company. Round to
Aeropostale, Inc. (ARO) is a specialty fashion retailer targeting young adults. The income before income tax expense and interest expense for four recent years follow (in millions):a. Compute the times interest earned ratio for each year. Round to one decimal place.b. Plot the four points on a
Hilton Worldwide Holdings, Inc. (HLT) and Marriott International, Inc. (MAR) are two of the largest hotel operators in the world. Selected financial information from recent income statements for both companies follows (in millions):a. Compute the times interest earned ratio for each company. Round
Assume that the business in Exercise 6-9 maintains a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale, assuming the last-in, first-out method. Present the data in the form illustrated in Exhibit 4.Exhibit 4 Allowance Method Direct
Monster Beverage Corporation (MNST) develops, markets, and sells energy and other alternative beverage brands. Brown-Forman Corporation (BF.B) manufactures and sells a wide variety of spirit and wine beverages, such as Jack Daniel€™s®. The cost of goods sold and inventory were
The general merchandise retail industry has a number of segments represented by the following companies:Company Name .........................................................Merchandise ConceptCostco Wholesale Corporation (COST) .................Membership warehouseWal-Mart Stores, Inc. (WMT)
Darden Restaurants, Inc. (DRI) is the largest full-service restaurant company in the world. It operates over 2,200 restaurants under a variety of brand names, including Olive Garden, Bahama Breeze, and LongHorn Steakhouse. Panera Bread Company (PNRA) operates over 1,800 bakery-café
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Target Corporation (TGT) is one of the largest value-priced general merchandisers operating in the United States. Target sells through nearly 1,800 brick-and-mortar stores and through the Internet. Amazon and Target
Based on the following data, estimate the cost of the ending inventory:Sales .....................................................$9,250,000Estimated gross profit rate ...............................36%Beginning inventory .................................$ 180,000Purchases (net)
Fonda Motorcycle Shop sells motorcycles, ATVs, and other related supplies and accessories. During the taking of its physical inventory on December 31, 20Y1, Fonda incorrectly counted its inventory as $452,500 instead of the correct amount of $425,500.a. State the effects of the error on the
On the basis of the following data, determine the value of the inventory at the lower of cost or market. Apply lower of cost or market to each inventory item, as shown in Exhibit 10. Inventory Quantity Cost per Unit Market Value per Unit (Net Realizable Value) Item JFW1 6,330 1,140 $10 $11 SAW9 36
The units of an item available for sale during the year were as follows: There are 75 units of the item in the physical inventory at December 31. The periodic inventory system is used. Determine the inventory cost using the (a) First-in, first-out (FIFO) method;(b) Last-in, first-out (LIFO)
Beginning inventory, purchases, and sales for WCS12 are as follows:Assuming a perpetual inventory system and using the weighted average method, determine(a) The weighted average unit cost after the October 22 purchase,(b) The cost of goods sold on October 29, and(c) The inventory on October 31.
Beginning inventory, purchases, and sales for Item 88-HX are as follows:Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine(a) The cost of goods sold on July 27 and(b) The inventory on July 31. 90 units at $52 75 units 125 units at $58 100 units July 1
Beginning inventory, purchases, and sales for Item Zeta9 are as follows:Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine(a) The cost of goods sold on October 24(b) The inventory on October 31. 200 units at $30 Inventory Oct. Sale Purchase 180 units at
The following three identical units of Item P401C are purchased during April:Assume that one unit is sold on April 27 for $300.Determine the gross profit for April and ending inventory on April 30 using the(a) First-in, first-out (FIFO);(b) Last-in, first-out (LIFO); and(c) Weighted average cost
Do the terms FIFO, LIFO, and weighted average refer to techniques used in determining quantities of the various classes of inventory on hand? Explain.
J. C. Penney Company, Inc. (JCP) is a large general merchandise retailer in the United States. The following data (in millions) were obtained from its financial statements for four recent years:a. Compute the asset turnover ratio for each year. Round to two decimal places.b. Plot the asset
The Kroger Company (KR), a national supermarket chain, reported the following data (in millions) in its financial statements for a recent year:Total sales ...................................................$115,337Total assets:Beginning of year ...........................................33,897End
The Home Depot (HD) reported the following data (in millions) in its recent financial statements:a. Determine the asset turnover ratio for Home Depot for Year 2 and Year 1. Round to two decimal places.b. What conclusions can be drawn from these ratios concerning the change in the ability of Home
CSX Corporation (CSX) and Union Pacific Corporation (UNP) are major railroads, operating primarily in the eastern and western portion of the United States, respectively. YRC Worldwide Inc. (YRCW) is one of the largest trucking companies in the United States. The sales and total assets (in millions)
The asset turnover ratios for two recent years for Dollar Tree, Inc. (DLTR) are shown in the Analysis for Decision Making section of this chapter. Using your results from MAD 5-2, compare and interpret the asset turnover ratios for Dollar Tree and Dollar General (DG).
Dollar General Corporation (DG) is a discount retailer with more than 12,000 stores. It offers a wide range of merchandise normally for $10 or less. The following data (in millions) were taken from recent financial statements of Dollar General:a. Compute the asset turnover ratio for Year 2 and
Amazon.com, Inc. (AMZN) is one of the largest Internet retailers in the world. Netflix, Inc. (NFLX) provides digital streaming and DVD rentals in the United States. Amazon and Netflix compete in streaming and digital services; however, Amazon also sells many other products through the Internet. The
The following selected transactions were completed by Betz Company during July of the current year:July 1. Purchased merchandise from Sabol Imports Co., $20,500, terms FOB destination, n/30.3. Purchased merchandise from Saxon Co., $12,000, terms FOB shipping point, 2/10, n/eom. Prepaid freight of
Based on the following data, determine the cost of goods sold for July:Estimated returns of July sales .....................................................$ 34,900Inventory, July 1 .............................................................................190,850Inventory, July 31
The following were selected from among the transactions completed by Strong Retail Group during August of the current year:Aug. 5. Sold merchandise on account to M. Quinn, $7,500, terms 2/10, n/30. The cost of the merchandise sold was $4,200.9. Sold merchandise on account to R. Busch., $4,000,
Using the data for Sacajawea Mercantile Co. in Exercise 5-35, assume that Mark Bishop pays his June 30, 20Y4, account receivable of $1,500 on July 6, 20Y4, and takes a 2% sales discount. Journalize the entry to record the payment on account from Mark Bishop.Data from exercise 5.35The following data
The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4:a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts.b. How would sales and accounts receivable be reported on the financial statements for the year
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 cost of the merchandise sold was $18,500.8. Sold merchandise on account to Tabor Co., $24,000, terms
Schofield Co. sold merchandise on account to Bernard Retail Inc. for $15,000, terms 2/10, n/30. The cost of the merchandise sold was $8,000. Assuming Schofield Co. uses the gross method of recording sales discounts, journalize the entries to record(a) The sale,(b) The receipt of payment assuming it
From the following list, identify the accounts that should be closed at the end of the fiscal year under a perpetual inventory system:(a) Accounts Payable,(b) Advertising Expense,(c) Cost of Goods Sold,(d) Office Equipment,(e) Inventory,(f) Sales,(g) Supplies,(h) Supplies Expense,(i) Wages Payable.
What is the normal balance of the following accounts:(a) Cost of Goods Sold,(b) Customer Refunds Payable,(c) Delivery Expense,(d) Estimated Returns Inventory,(e) Inventory,(f) Sales,(g) Sales Tax Payable.
Journalize the entries to record the following selected transactions:a. Sold $640,000 of merchandise on account, subject to a sales tax of 7%. The cost of the goods sold was $385,000.b. Paid $61,750 to the state sales tax department for taxes collected.
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 within the discount period: Merchandise Invoice Amount Customer Returns and Allowances Freight Paid by
The debits and credits for five related transactions, (1) through (5), are presented in the following T accounts. Assume the credit terms were 2/10, n/30.a. Describe each transaction.b. What was the invoice amount of the merchandise that was returned? Sales Cash 10,290 (1) 11,760 Cost of Goods Sold
Stylon Co., a women’s clothing store, purchased $48,000 of merchandise from a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an invoice amount of $7,500, receiving a credit memo. Journalize Stylon’s entries to record(a) The purchase,(b) The merchandise
The debits and credits from four related transactions, (1) through (4), are presented in the following T accounts. Assume that the freight terms were FOB shipping point and that the credit terms were 1/10, n/30.a. Describe each transaction.b. Determine the invoice amount of the merchandise that was
A retailer is considering the purchase of 1,000 units of a specific item from either of two suppliers.Their offers are as follows:Supplier One: $34.80 a unit, 1/10, n/30, no charge for freight.Supplier Two: $35.00 a unit, 2/10, n/30, plus freight of $200.Which of the two offers, Supplier One or
The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit.a. What is the amount of cash required for the payment?b. Under a perpetual inventory system,
For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy’s cost of goods sold?
During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
Financial statement data for years ended December 31, 20Y3 and 20Y2, for Edison Company follow:a. Determine the asset turnover ratio for 20Y3 and 20Y2.b. Is the change in the asset turnover ratio from 20Y2 to 20Y3 favorable or unfavorable? 20Υ3 20Y2 Sales $1,562,000 $1,884,000 Total assets:
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 within the discount period. Returns and Allowances (Invoice Amount) Merchandise (Invoice Amount)
Journalize the following merchandise transactions:a. Sold merchandise on account, $18,000 with terms 1/10, n/30. The cost of the goods sold was $10,800.b. Received payment less the discount.c. Refunded $600 to customer for defective merchandise that was not returned.
New Wave Images is a graphics design firm that prepares its financial statements using a calendar year. Manny Kinn, the company treasurer and vice president of finance, has prepared a classified balance sheet as of December 31. In January, this balance sheet will be submitted along with an
Elkhorn Company purchased merchandise on account from Springhill Company for $42,000, terms 2/10, n/30. Elkhorn returned merchandise with an invoice amount of $8,000 and received full credit.a. If Elkhorn Company pays the invoice within the discount period, what is the amount of cash required for
During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of the goods sold is $848,500. What is the amount of the gross profit?
Beacons Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Beacons Company prepared the following end-of-period spreadsheet at December 31, 20Y5, the end of the fiscal year:Instructions1. Prepare an income statement for the year ended December 31,
Dynamic Weight Loss Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on June 30, 20Y7, the end of the fiscal year, the balances of selected accounts from the ledger of Dynamic Weight Loss are as follows:Prepare a classified balance
Selected accounts from the ledger of Restoration Arts for the fiscal year ended April 30, 20Y5, are as follows:Prepare a statement of stockholders€™ equity for the year. Common Stodk May 1 (20Y4) July 1 10,000 7,500 Retained Earnings 31,200 May 1 (20Y4) 475,500 5,000 July 31 (20Y4) Oct.
Climate Control Systems Co. offers its services to residents in the Spokane area. Selected accounts from the ledger of Climate Control Systems for the fiscal year ended December 31, 20Y2, are as follows:Prepare a statement of stockholders€™ equity for the year. Common Stock Jan. 1 Feb. 15
The following account balances were taken from the adjusted trial balance for Urgent Messenger Service, a delivery service firm, for the fiscal year ended November 30, 20Y1:Prepare an income statement. Depreciation Expense Fees Earned $ 12,200 Rent Expense 990,000 Salaries Expense 5,750 Supplies
Demo Consulting is a consulting firm owned and operated by Jesse Flatt. The following end-of period spreadsheet was prepared for the year ended August 31, 20Y9:Based on the preceding spreadsheet, prepare an income statement, statement of stockholders€™ equity, and balance sheet for Demo
After the accounts have been adjusted at November 30, the end of the fiscal year, the following balances were taken from the ledger of Diamond Landscaping Co.:Retained Earnings ............................................$2,550,000Dividends
Scott Lockhart owns and operates AAA Delivery Services. On January 1, 20Y7, Common Stock had a balance of $40,000, and Retained Earnings had a balance of $815,500. During the year, no additional common stock was issued, and $10,000 of dividends were paid. For the year ended December 31, 20Y7, AAA
Which step of the accounting cycle is optional?
From the list that follows, identify the accounts that should be closed at the end of the fiscal year:a. Accounts Payableb. Accumulated Depreciation—Equipmentc. Depreciation Expense—Equipmentd. Equipmente. Common Stockf. Dividendsg. Fees Earnedh. Landi. Suppliesj. Supplies Expensek. Wages
Automation Services Co. offers its services to companies desiring to use technology to improve their operations. After the accounts have been adjusted at December 31, the end of the fiscal year, the following balances were taken from the ledger of Automation Services:Fees Earned
Summit Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at May 31, the end of the fiscal year, the following balances were taken from the ledger of Summit Services:Journalize the closing entries required to close the
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payableb. Accumulated Depreciationc. Cashd. Common Stocke. Dividendsf. Depreciation Expenseg. Fees Earnedh. Office Equipmenti. Salaries Expensej. Salaries Payablek. Supplies
On the basis of the following data,(a) Journalize the adjusting entries at December 31, the end of the current fiscal year, and(b) Journalize the reversing entries on January 1, the first day of the following year:1. Sales salaries are uniformly $11,750 for a five-day workweek, ending on Friday.
Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 20Y8. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter.During May, Kelly Consulting entered into the following transactions:May 3. Received cash from clients
Amazon.com, Inc. (AMZN) is the largest internet retailer in the United States. Best Buy, Inc. (BBY) is a leading retailer of technology and media products in the United States. Amazon and Best Buy compete in similar markets; however, Best Buy sells through both traditional retail stores and the
Data (in millions) from recent financial statements of Zynga Inc. (ZNGA), Electronic Arts Inc. (EA), and Take-Two Interactive Software, Inc. (TTWO) are as follows:a. Compute the working capital for Year 2 and Year 1 for each company.b. Which company has the largest working capital?c. Compute the
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