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Real Communication An Introduction 3rd Edition Dan O'Hair, Mary Wiemann, Dorothy Imrich Mullin - Solutions

(Appendices) PURCHASES, SALES, AND COST OF GOODS SOLD. The following data were available for Jeans Inc., a seller of denim clothing, at January 1 of a recent year:Jeans Inc. records purchases and sales gross. During the year, Jeans Inc. engaged in the following transactions:a) Sold merchandise for
(Appendices) ADJUSTING ENTRY AND PREPARATION OF FINANCIAL STATEMENTS.Michael’s Hardware has the following unadjusted trial balance at the end of 19x3:The following data are also available for preparation of adjusting entries:a) One month’s insurance ($250) remains prepaid at December 31,
(Appendices) ADJUSTING ENTRIES AND PREPARATION OF FINANCIAL STATEMENTS. Sacramento Stores’ unadjusted trial balance as of December 31, 19x2, appears below:The following information is also available for preparation of adjusting entries for Sacramento:a) An electric bill in the amount of $1,100 is
(Appendices) DETERMINING UNCOLLECTIBLE ACCOUNT EXPENSE USING THE AGING METHOD. At the beginning of the year, Tennyson Auto Parts had an accounts receivable balance of $31,800 and a balance in the allowance for uncollectible accounts of$2,980 (credit). During the year Tennyson had credit sales of
(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Cindy Bagnal, the manager of Cayce Printing Service, has provided you with the following aging schedule for Cayce’s accounts receivable:Cindy indicates that the $126,700 of accounts receivable identified in the table does not include
(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. The Glass House, a glass and china store, sells nearly half its merchandise on credit. During the past 4 years, the following data were developed for credit sales and uncollectible account losses:In 19x4 The Glass House expanded its
(Appendices) SALES AND SALES RETURNS WITH DISCOUNTS. Fuente Office Supply sells all merchandise on credit with terms 2/10, n/30. Fuente engaged in the following transactions:a) May 1: Fuente sold 50 staplers to Aaron Enterprises at a list price of $12 per stapler.b) May 5: Fuente accepted 4
(Appendices) RECORDING SALES. Sullivan Company sells industrial cleaning supplies and equipment to other businesses. During the first quarter of 19x2, the following transactions occurred:a) On January 10, Sullivan sold on credit 50 cases of paper towels to the WMT Manufacturing Company at a list
(Appendices) SALES AND PURCHASE DISCOUNTS: GROSS AND NET METHODS. Sims Company regularly sells merchandise to Lauber Supply on terms 3/15, n/20. During a recent month, the two firms engaged in the following transactions:a) Sims sold merchandise with a list price of $33,000.b) Sims sold merchandise
(Appendices) EFFECTS OF DISCOUNTS ON SALES AND PURCHASES. Helmkamp Products sells golf clubs and accessories to pro shops. During 19x5, Helmkamp purchased merchandise with a list price of $628,500 on terms 2/10, n/30. Helmkamp paid for $555,000(suppliers’ list price) of the purchases within the
(Appendices) TERMS OF SHIPMENT AND RECORDING PURCHASES. On May 12, Digital Distributors received three shipments of merchandise. The first was shipped F.0.B.shipping point, had a total invoice price of $150,000, and was delivered by a trucking company that collected an additional $12,000 for
(Appendices) TERMS OF SHIPMENT AND ENDING INVENTORY. On December 31, Archive Products had two shipments of merchandise in transit from different suppliers. The first shipment, which arrived on January 5, was shipped F.O.B. shipping point and had a total invoice price of $28,600. The second
(Appendices) PURCHASES, SALES, AND COST OF GOODS SOLD. Printer Supply Company sells computer printers and printer supplies. One of its products is toner cartridges for laser printers. At the beginning of 19x8 there were 200 cartridges on hand at a cost of $60 each. During 19x8 Printer Supply
(Appendices) COMPONENTS OF COST OF GOODS SOLD. Anna’s Corner Store has the following data for a recent year. LO9
(Appendices) PURCHASES AND PURCHASES RETURNS. On November 6, Lubin Products purchased on credit 350 parts kits from Michaels Electronics for $38 per kit. Michaels paid $320 to have the kits shipped to Lubin. Lubin paid for the kits on December 1.On December 15, Lubin discovered that 4 kits were
(Appendices) COST OF PURCHASES. Compass, Inc., purchased 1,000 bags of insulation from Glassco, Inc. The bags of insulation cost $4.25 each. Compass paid Turner Trucking $260 to have all 1,000 bags of insulation shipped to its warehouse. Compass returned 50 bags that were defective and paid for the
(Appendices) PURCHASES RECORDED NET. Clean Wheels Car Wash purchased $54,200(list price) of soap for its car-washing machines. The seller offered credit terms of 2/10, n/20. Clean Wheels records purchases net of discounts. LO2 REQUIRED:1. Prepare the entry to record this purchase in Clean Wheels’
(Appendices) PURCHASES RECORDED GROSS. Dawson Enterprises uses the periodic system and records purchases gross. On a recent day, Dawson engaged in the following three transactions: LO2a) Purchased merchandise on credit with a list price of $24,600 on terms 3/15, n/25.b) Paid for a purchase made 9
(Appendices) PREPARATION OF MERCHANDISING FINANCIAL STATEMENTS. Jay Coat Company has prepared the following unadjusted trial balance as of December Ble Ox2: LO9 The following data are also available:a) The building has an expected life of 20 years and a residual value of $29,000.b) The cost of
(Appendices) PERIODICAND PERPETUAL INVENTORY SYSTEMS. A list of inventory-system characteristics is presented below. Match each characteristic with one of the following:(A) periodic inventory systems, (B) perpetual inventory systems, or (C) both periodic and perpetual inventory systems.1. Inventory
(Appendices) INVENTORY TURNOVER. A recent annual report for The Limited shows cost of goods sold for the year of approximately $5,286 million and average inventory of approximately $769 million during the year.REQUIRED:1. Calculate The Limited’s inventory turnover.2. Assuming a 365-day year, how
(Appendices) ENDING INVENTORY, COST OF GOODS SOLD, AND GROSS MARGIN. Wilson Company sells a single product. At the beginning of the year, Wilson had 120 units in stock at a cost of $8 each. During the year Wilson purchased 850 more units at a cost of $8 each and sold 210 units at $13 each, 250
(Appendices) ENDING INVENTORY AND COST OF GOODS SOLD. Hempstead Company has the following data for 19x9: LO8
(Appendices) CORRECTING AN ERRONEOUS WRITE-OFF. The new bookkeeper at Karlin Construction Company was asked to write off two accounts totaling $1,710 that had been determined to be uncollectible. Accordingly, he debited accounts receivable for 5 $1,710 and credited uncollectible account expense for
(Appendices) ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS. At the beginning of the year, Kullerud Manufacturing had a credit balance in its allowance for uncollectible accounts of $6,307. During the year Kullerud made credit sales of $890,000, collected receivables in the amount of $812,000, wrote off
(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: AGING METHOD. Glencoe Supply had the following accounts receivable aging schedule at the end of a recent year: LO6
(Appendices) AGING RECEIVABLES AND UNCOLLECTIBLE ACCOUNT EXPENSE. Perkinson Corporation sells paper products to a large number of retailers. Perkinson’s accountant has prepared the following aging schedule for its accounts receivable at the end of the year:LO7 Before adjusting entries are
(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Bradford~Plumbing had the following data for a recent year. LO8 REQUIRED:1. Compute uncollectible account expense for the year. 2. Determine the ending balances in accounts receivable and allowance for uncollectible accounts.
(Appendices) UNCOLLECTIBLE ACCOUNT EXPENSE: CREDIT SALES METHOD. Gilmore Electronics had the following data for a recent year. LO3
(Appendices) AVERAGE UNCOLLECTIBLE ACCOUNT LOSSES AND UNCOLLECTIBLE ACCOUNT EXPENSE. The accountant for Porile Company prepared the following data for sales and uncollectible account losses: LO8 REQUIRED:1. What is the weighted average percentage of uncollectible account losses for 19x4 through
(Appendices) ACCOUNTS RECEIVABLE TURNOVER. A recent annual report for Gerber Products Company shows credit sales for the year of approximately $1,269 million and average accounts receivable of approximately $118 million during the year. LO2 REQUIRED:1. Calculate Gerber’s accounts receivable
(Appendices) INTERNAL CONTROL FOR SALES. Alcoa Building Products distributes aluminum siding and related building products to building contractors, all of whom purchase on credit. LO6 REQUIRED:List three documents prepared by Alcoa for each sales transaction and describe the purpose of each
(Appendices) SALES RETURNS. Swan and Bloom, Inc., is a wholesaler of novelty items to small stores. All sales are on credit with no discount offered. During March, Swan and Bloom accepted the following sales returns:a) Johnson Company returned merchandise with a list price of $600. Johnson had not
(Appendices) SALES, SALES RETURNS, AND SALES ALLOWANCES. The contractor sales department of a Builders’ Square store in suburban Chicago had the following salesrelated transactions on a recent day:a) List price of building supplies sold on credit was $14,700; terms 3/15, n/45.b) Cash sales of
(Appendices) SALES RECORDED NET. Using the data in Exercise 6-27, assume that Nevada records sales gross. LO8 REQUIRED:1. Prepare the entries to record this sale in Nevada’s journal.2. Prepare the entry for Nevada’s journal to record receipt of cash for the sale within the discount period.3.
(Appendices) SALES RECORDED GROSS. Nevada Company sold merchandise with a list price of $12,500 to Small Enterprises on terms 3/15, n/30. Nevada records sales net of discount. LO2 REQUIRED:1. Prepare the entries to record this sale in Nevada’s journal.2. Prepare the entry for Nevada’s journal
(Appendices) EFFECTS OF SALES DISCOUNTS. Castore Security Systems makes all sales on credit, with terms 2/10, n/30. During 19x9, the list price (prediscount) of goods sold was $720,000. Customers paid $550,000 (list price) of these sales within the discount period and the remaining $170,000 (list
(Appendices) DISCOUNT POLICY AND GROSS MARGIN. Compton Electronics sells Motorola cellular phones. During 19x8, Compton sold 1,000 units for $300 per unit. Each unit costs Compton $180. At present, Compton offers no sales discount. Compton’s controller suggests that a generous sales discount
(Appendices) ETHICS AND INVENTORIES. Mary Cravens is an accountant for City Appliance Corporation. One of Mary’s responsibilities is developing the ending inventory amount for the calculation of cost of goods sold each month. At the end of September, Mary noticed that the ending inventory for a
(Appendices) ERRORS IN ENDING INVENTORY. From time to time, business newspapers report that the management of a company has misstated its profits by knowingly establishing an incorrect amount for its periodic-system ending inventory.LO6 REQUIRED:1. Explain how a misstatement of ending inventory can
(Appendices) INCOME EFFECTS OF UNCOLLECTIBLE ACCOUNTS. The credit manager and the accountant for Goldsmith Company are attempting to assess the effect on net income of writing off $100,000 of receivables. Goldsmith uses the aging method of determining uncollectible account expense and has the
(Appendices) INTERNAL CONTROL FOR SALES. Yancy’s Hardware has three stores. Each store manager is paid a salary plus a bonus on the sales made by his or her store. On January 5, 19x6, Bill Slick, manager of one of the stores, resigned. Bill’s store had doubled its expected December 19x5 sales,
(Appendices) INTERNAL CONTROL FOR SALES. Gateway 2000 is a large mail-order computer and software business located in South Dakota. Most of Gateway’s customers call on its toll-free phone line and order computers and software, paying with a credit card. LO85 REQUIRED:Explain why the shipping and
(Appendices) FINANCIAL ANALYSIS OF RECEIVABLES. A chain of retail stores located in Kansas and Nebraska has requested a loan from First Chicago. The balance sheet of the retail chain shows significant accounts receivable related to its in-house credit card. You are employed by First Chicago as a
(Appendices) SALES DISCOUNT POLICIES. Consider three businesses, all of which offer price reductions to their customers. The first is an independently owned Shell service station located at a busy intersection in Cincinnati, Ohio, that offers a 3% discount for cash purchases of gasoline. The second
(Appendices) Identify the accounting items for which adjustments are made to the purchase price of goods acquired for resale when determining the cost of purchases. Assume that the firm uses the gross method of recording purchase discounts. LO70
(Appendices) Describe the difference between F.O.B. shipping point and F.O.B. destination. LO56
(Appendices) Why are adjustments made to the gross purchase price of goods acquired for resale? LO90
(Appendices) What are the components of cost of goods available for sale and of cost of goods sold? Assume that the firm uses the gross method of recording purchase discounts. LO45
(Appendices) How do the periodic and perpetual inventory accounting systems differ from each other? LO64
(Appendices) Write the formulas for the calculation of accounts receivable turnover and inventory turnover. What do these calculations tell us about accounts receivable and inventory? LO53
(Appendices) Name the two allowance methods used to compute uncollectible account expense. For each method, how is uncollectible account expense computed and what does the balance of the allowance for uncollectible accounts represent? LO54
(Appendices) Why is the allowance procedure preferred over the direct write-off procedure for uncollectible accounts? LO77
(Appendices) What kind of account is allowance for uncollectible accounts? What does it represent? LO86
(Appendices) Why does the accountant make an entry to record uncollectible account expense in the period of sale rather than in the period in which an account is determined to be uncollectible? LO25
(Appendices) Describe the documents that underlie the typical accounting system for sales. Give an example of a failure of internal control that might occur if these documents were not properly prepared. LO65
(Appendices) Why do readers of financial statements prefer the separate disclosure of gross sales revenue and sales returns and allowances to the disclosure of a single net sales revenue amount? LO61
(Appendices) What are sales allowances? How do sales allowances differ from sales discounts? LO22
(Appendices) What are sales returns? Why do sales returns occur? LO86
(Appendices) What are trade discounts and quantity discounts? From an accounting viewpoint, how does the effect of trade and quantity discounts on selling (or invoice) price differ from the effect of sales discounts? LOy
(Appendices) What is a sales discount? How can sales discounts be recorded? LO9
(Appendices) Be familiar with management's responsibilities for reporting on internal control under Section 404 of the Sarbanes-Oxley Act. LO8
(Appendices) How is this affected by business policies concerning prices and credit sales? LO2
(Appendices) Compare the Original Medicare Plan with Medicare Advantage Plans with respect to each of the following: LO5a. Choice of plan coverageb. Benefits provided by the planc. Need for a Medigap policy
(Appendices) Forrest, age 23, was honorably discharged from the U.S. Marine Corps after four years, which included two tours of duty in Iraq. He was severely wounded when his platoon engaged in a firefight with an insurgent group, and received the Purple Heart and a commendation from his company
(Appendices) State and local governments typically provide defined-benefit retirement plans to eligible employees. Defined-benefit pension plans have certain common Features. LO6a. Briefly describe the following provisions that appear in a typical definedbenefit retirement plan:– Normal
(Appendices) Medicaid is a major public assistance program that provides health care to certain low-income individuals and families. Answer the following questions with respect to current Medicaid programs.LO5a. Identify the major groups that are covered under Medicaid.b. Describe the eligibility
(Appendices) Compare the SSI program with the TANF program with respect to each of the following: LO4a. Eligibility requirementsb. Groups that are coveredc. Benefits providedd. Financing
(Appendices) The Unemployment Insurance Modernization Act was included in the fiscal stimulus package of early 2009. The act was designed to modernize and make corrections to serious defects found in existing state unemployment compensation programs.a. Explain the major defects present in most
(Appendices) One of the most critical problems in unemployment compensation at the present time is the inadequate financing of benefits, which caused the majority of states to deplete their trust fund accounts in the recent 2008 and 2009 recession.a. Explain the reasons for the inadequate financing
(Appendices) During the 2007–2009 recession, debate in the U.S. Senate over an extension of unemployment benefits to workers who had exhausted their benefits was often heated and contentious. A prominent U.S. senator stated that unemployment compensation“doesn’t create new jobs. In fact, if
(Appendices) Although eligibility requirements for unemployment compensation vary among the states, there are a number of common eligibility requirements.Assume that a worker meets the qualifying wages requirement and waiting period and is available for work on a full-time basis. For each of the
(Appendices) Courtney, age 22, is a junior at a large midwestern university. In late March, she filed applications for summer jobs with three companies. However, she does not want to start work until June 15 after the spring semester is completed.Would Courtney be classified as employed,
(Appendices) James, age 28, was laid off by an auto manufacturer when the firm began retooling to produce a new model car. He knows he will be called back to work when the model changeover is completed. Although he is available for work, he is not seeking a job. Would James be counted as employed
(Appendices) Kelly, age 35, spends most of her time at home taking care of her home and children. However, she works all day Friday and Saturday in her husband’s computer store. She receives no compensation for her work. Would Kelly be counted as employed or unemployed in the monthly labor force
(Appendices) The Bureau of Labor Statistics provides detailed information on unemployment at the national, state, and local level. Go to www.bls.gov/lau/home.htm.See “Latest Numbers” and answer the following questions:a. What is the latest unemployment rate in the state where you are now
(Appendices) Permanent partial workers’ compensation claims are costly and often difficult to administer. The states use different methods to compensate injured workers for such claims. LO4a. What is a permanent partial disability claim?b. Explain the difference between a scheduled injury and
(Appendices) Some states have second-injury funds in their workers’ compensation programs.However, in recent years, a number of states have terminated such funds.LO6a. How does a second-injury fund protect injured workers?b. Why have some states terminated their second-injury funds? Explain your
(Appendices) Although workers’ compensation laws differ among the states, they have certain common features. Explain whether each of the following persons would be eligible for workers’ compensation benefits. In each case, assume that the disabled worker works in a covered occupation. Treat
(Appendices) A luncheon speaker stated, “most firms have a strong financial incentive to reduce occupational injuries because the indirect costs of workplace accidents can exceed the employers’ direct costs. Risk management can be especially useful in this regard.”LO3a. Describe the direct
(Appendices) Jeremy, age 45, is the general manager of five fast-food restaurants. Each restaurant has a delivery service for customers who call in orders. Employees drive company cars to deliver the food. Employee turnover is high, and employee applications are not carefully verified. One
(Appendices) The Original Medicare Plan consists of Hospital Insurance (Part A) and Medical Insurance (Part B). For each of the following losses, indicate whether the loss is covered under Medicare. If the loss is covered, indicate whether it is covered under Part A or Part B. (Ignore any
(Appendices) Many employers have both group short-term and long-term disability-income plans. Compare (1) short-term plans with (2) long-term plans with respect to each of the following: LO8a. Definition of disability under the planb. Elimination periodc. Length of the benefit period
(Appendices) James currently earns $3,000 per month. He has an individual disability income policy that will pay $1,800 monthly if he is totally disabled. The policy has a 60-day elimination period and also provides residual disability benefits.Benefits are payable to age 65.a. Assume that James is
(Appendices) Megan, age 28, is insured under an individual major medical policy. The plan has a calendar-year deductible of $1,500, a 25 percent coinsurance provision, and an annual out-of-pocket limit of $4,000. Megan recently had arthroscopic surgery on her knee, which she injured while playing
(Appendices) Megan, age 24, recently graduated from college. She was insured as a dependent under her father’s group health insurance policy, which provided coverage for her as a student until she graduated. However, she has been unable to find a job because of a soft labor market and high
(Appendices) Brandon, age 32, is married and has a son, age one. Six months ago, Brandon purchased an individual health insurance policy covering the entire family.His son was recently diagnosed with congenital heart disease. When Brandon submitted the medical bill for his son’s treatment, the
(Appendices) Dave, age 58, is the owner of a small firm that sells window blinds and cleans carpets. The company provides health insurance for seven employees. The wife of one employee has breast cancer and has incurred substantial medical bills, which resulted in a 40 percent increase in health
(Appendices) Ken, age 52, works only part-time and has no health insurance. The cartilage in both his knees is severely eroded from osteoarthritis, which causes severe pain during his daily activities. As a result, Ken requires major surgery and a total knee replacement for both knees. He has been
(Appendices) The Social Security trust funds are invested in government securities that are both similar and dissimilar to other government securities available to the Public. LO4a. Explain how the excess of income over outgo is invested in the Social Security trust funds.b. Explain how the Social
(Appendices) There is no single solution to reducing or eliminating the long-range actuarial deficit in the Social Security program. The Academy of Actuaries has a game that allows viewers to make hypothetical changes to the Social Security program to eliminate the long-range deficit. Go to
(Appendices) Ethics Some celebrities lend their names to products that later turn out to be ineffective or harmful to consumers. The celebrities are paid to endorse the product by claiming they have used it. But in many cases, the celebrities know very little about it. Some celebrities have been
(Appendices) Visit Consumer Reports online or obtain an issue from your library and answer the following questions: (a) Who publishes the magazine?(b) Who advertises in the magazine? (c) How are products tested and compared for quality? Select a tested product and summarize three key findings that
(Appendices) Read the warranty or guarantee for a household product that your family has purchased (examples: coffee maker, blender, or electronic device).What does the manufacturer agree to do? What exceptions are stated?What actions does the manufacturer state it will not agree to do?LO2-2
(Appendices) Copy the ingredients from the labels of the following products:(a) deodorant, (b) liquid cleaning product, (c) bug spray, and(d) breakfast cereal. Do any of the labels carry warnings? What types of precautions are suggested? Why is it important that customers are informed of product
(Appendices) Compute unit prices for the following pairs and determine which of the two is the better deal: (a) 3 for $0.98 or 8 for $2.99, (b) 4 for $1.00 or 12 for $3.39, (c) 24 oz. for $1.98 or 36 oz. for $2.49, and (d) 2 lbs. for$2.19 or 5 lbs. for $5.89?LO2-2
(Appendices) Research Perform research to find a recent news story about a business that used deceptive marketing practices, such as price fixing, bait and switch, fake sales, low-balling, or another scam. Write a one-page report describing the deception and the final outcome. LO2-1
(Appendices) International Studies Using the Internet, compare the value of the dollar to the value of worldwide currencies. Find the value of the Japanese yen, British pound, Chinese yuan, Euro, Canadian dollar, and Mexican peso. Make a chart that shows the value of each.LO1-3
(Appendices) Social Studies Conduct a survey of at least three people of varied ages based on the following question. “How is the U.S. economy impacting your life?” As a class, compare and discuss the results.LO1-2
(Appendices) Economics Select a country with an economic system that is considered communist or socialist. Conduct online research about quality of life, life expectancy rates, tax rates, income and education levels, and other lifestyle data from this country. Locate the same data for the United

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