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business
principles of accounting volume 1

Questions and Answers of Principles Of Accounting Volume 1

E Company accepts goods on consignment from R Company and also purchases goods from S Company during the current month. E Company plans to sell the merchandise to customers during the following
Can a business change from one inventory costing method to another any time they wish? Explain.
Calculate the goods available for sale for Soros Company, in units and in $ (dollar amounts), given the following facts about their inventory for the period. Beginning inventory Purchased goods
If a company has three lots of products for sale, purchase 1 (earliest) for $17, purchase 2 (middle) for $15, purchase 3 (latest) for $12, which of the following statements is true?A. This is an
Search the SEC website (https://www.sec.gov/edgar/searchedgar/companysearch html) and locate the latest Form 10-K for a company you would like to analyze. When you are choosing, make sure the company
When prices are falling (deflation), which costing method would produce the highest gross margin for the following? Choose first-in, first-out (FIFO); last-in, first-out (LIFO); or weighted average,
Calculate the goods available for sale for Atlantis Company, in units and in dollar amounts, given the following facts about their inventory for the period: Beginning inventory Purchased goods during
When prices are rising (inflation), which costing method would produce the highest value for gross margin? Choose between first-in, first-out (FIFO); last-in, first-out (LIFO); and weighted average
What is meant by the term gross margin?
What are three differences between accounts receivable and notes receivable?
A customer was unable to pay the accounts receivable on time in the amount of $34,000. The customer was able to negotiate with the company and transferred the accounts receivable into a note that
What is the principal of a note?
Chemical Enterprises issues a note in the amount of $156,000 to a customer on January 1, 2018. Terms of the note show a maturity date of 36 months, and an annual interest rate of 8%. What is the
British Imports is unable to collect on a note worth $215,000 that has accumulated interest of $465. What is the journal entry to record the conversion of the note to accounts receivable?
Mark Industries issues a note in the amount of $45,000 on August 1, 2018 in exchange for the sale of merchandise. Which of the following is the correct journal entry for this sale?A.B.C.D. Cash Sales
Orion Rentals is unable to collect on a note worth $25,000 and has accumulated interest of $250. It convert this note and interest to accounts receivable. After some time, Orion is still unable to
What is the percentage of completion method?
A company collects an honored note with a maturity date of 24 months from establishment, a 10% interest rate, and an initial loan amount of $30,000. Which accounts are used to record collection of
What is the completed contract method?
A customer takes out a loan of $130,000 on January 1, with a maturity date of 36 months, and an annual interest rate of 11%. If 6 months have passed since note establishment, what would be the
What is a possible ramification of deferred revenue reporting?
What is the installment method?
Which of the following is true of a maturity date?A. It must be calculated in days, not in months or years.B. It is the date when principal and interest on a note are to be repaid to the lender.C. It
What are the two methods of revenue recognition for long-term construction projects?
Michelle Company reports $345,000 in credit sales and $267,500 in accounts receivable at the end of 2019. Michelle currently uses the income statement method to record bad debt estimation at 4%. To
What is an earnings management benefit from showing an increased figure for bad debt expense?
Which statement is most directly affected by a change to net income?A. Balance sheetB. Income statementC. Statement of retained earningsD. Statement of cash flows
Mystic Magic issued a $120,250 note on January 1, 2018 to a customer, Amy Arnold, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 9.6% annual interest
Element Surfboards issued a $210,800 note on January 1, 2018 to a customer, Leona Marland, in exchange for merchandise. Terms of the note are 9-month maturity date on October 1, 2018 at a 10.2%
Angelo’s Outlet used to report bad debt using the balance sheet method and is now switching to the income statement method. The percentage uncollectible will remain constant at 5%. Credit sales
Which of the following is true about earnings management?A. It works within the constraints of GAAP.B. It works outside the constraints of GAAP.C. It tries to improve stakeholder’s views of the
Shimmer Products is considering which bad debt estimation method works best for its company. It is deciding between the income statement method, balance sheet method of receivables, and balance sheet
Resin Milling issued a $390,500 note on January 1, 2018 to a customer in exchange for merchandise. The merchandise had a cost to Resin Milling of $170,000. The terms of the note are 24-month maturity
Organics Plus is considering which bad debt estimation method works best for its company. It is deciding between the income statement method, balance sheet method of receivables, and balance sheet
Rain T-Shirts issued a $440,600 note on January 1, 2018 to a customer, Larry Potts, in exchange for merchandise. The merchandise had a cost to Rain T-Shirts of $220,300. The terms of the note are
What is an earnings management benefit from showing a reduced figure for bad debt expense?
Which of the following is not a way to manage earnings?A. Change the method for bad debt estimation.B. Change the figure for the uncollectible percentage.C. Under the balance sheet aging method,
Record journal entries for the following transactions of Trout Masters. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 May 6, 2020 Issued a $390,820 note to customer Fishing Warehouse as terms of a
Arvan Patel is a customer of Bank’s Hardware Store. For Mr. Patel’s latest purchase on January 1, 2018, Bank’s Hardware issues a note with a principal amount of $480,000, 13% annual interest
Record journal entries for the following transactions of Piano Wholesalers. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Apr. 12, 2020 Issued a $1,235,650 note to customer Arrowstar as terms of a
Anderson Air is a customer of Handler Cleaning Operations. For Anderson Air’s latest purchase on January 1, 2018, Handler Cleaning Operations issues a note with a principal amount of $1,255,000, 6%
What is the difference between earnings management and earnings manipulation?
Ancient Grains Unlimited has an accounts receivable turnover ratio of 3.34 times. The net credit sales for the year are $567,920. What is the days’ sales in receivables ratio for 2018 (rounded to
Record journal entries for the following transactions of Graphics & Signs. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Issued a $248,400 note to customer Elliott Thompson as terms of a
Dortmund Stockyard reports $896,000 in credit sales for 2018 and $802,670 in 2019. It has a $675,000 accounts receivable balance at the end of 2018, and $682,000 at the end of 2019. Dortmund uses the
Fortune Accounting reports $1,455,000 in credit sales for 2018 and $1,678,430 in 2019. It has an $825,000 accounts receivable balance at the end of 2018 and $756,000 at the end of 2019. Fortune uses
Record journal entries for the following transactions of Commissary Productions. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Issued a $425,530 note to customer June Solkowski as terms of a
What are the two most common receivables ratios, and what do these ratios tell a stakeholder about the company?
What information can best be elicited from a receivable ratio?A. Company performance with current debt collectionB. Credit extension effect on cash salesC. Likelihood of future customer bankruptcy
Aerospace Electronics reports $567,000 in credit sales for 2018 and $632,500 in 2019. They have a $499,000 accounts receivable balance at the end of 2018, and $600,000 at the end of 2019. Aerospace
Clovis Enterprises reports $845,500 in credit sales for 2018 and $933,000 in 2019. It has a $758,000 accounts receivable balance at the end of 2018 and $841,000 at the end of 2019. Clovis uses the
Berry Farms has an accounts receivable balance at the end of 2018 of $425,650. The net credit sales for the year are $924,123. The balance at the end of 2017 was $378,550. What is the number of
South Rims has an accounts receivable balance at the end of 2018 of $357,470. The net credit sales for the year are $769,346. The balance at the end of 2017 was $325,300. What is the accounts
Record journal entries for the following transactions of Wind Solutions. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Mar. 8, 2020 Issued a $2,350,100 note to customer Solar Plex as terms of a
Record journal entries for the following transactions of Mesa Construction. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Apr. 4, 2020 Issued a $1,460,200 note to customer Miramar Industries as terms of a
Mirror Mart uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019.To manage
Outpost Designs uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019.To
Record journal entries for the following transactions of Noreen Turbines. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Issued a $1,800,500 note to customer Axel Premium Metal as terms of a
What are some possible negative signals when the product of the accounts receivable turnover ratio is lower (i.e., fewer times)?
Record journal entries for the following transactions of Telesco Enterprises. Jan. 1, 2018 Dec. 31, 2018 Dec. 31, 2019 Dec. 31, 2020 Issued a $330,700 note to customer Abe Willis as terms of a
Which of the following best represents a positive product of a lower number of days’ sales in receivables ratio?A. Collection of receivables is quick, and cash can be used for other business
Millennial Manufacturing has net credit sales for 2018 in the amount of $1,433,630, beginning accounts receivable balance of $585,900, and an ending accounts receivable balance of $621,450. Compute
Goods for Less uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019.To
Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the
What are bad debts?
Which of the following estimation methods considers the amount of time past due when computing bad debt?A. Balance sheet methodB. Direct write-off methodC. Income statement methodD. Balance sheet
Elegant Universal uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019.To
Using the following select financial statement information from Mover Supply Depot, compute the number of days’ sales in receivables ratios for 2018 and 2019 (round answers to two decimal places).
Using the following select financial statement information from Black Water Industries, compute the number of days’ sales in receivables ratios for 2018 and 2019 (round answers to two decimal
The following accounts receivable information pertains to Growth Markets LLC.What is the total uncollectible estimated bad debt for Growth Markets LLC? Past-Due Category 0-30 days 31-90 days Over 90
Elegant Linens uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019.To
Noren Company uses the balance sheet aging method to account for uncollectible debt on receivables. The following is the past-due category information for outstanding receivable debt for 2019.To
Which method delays recognition of bad debt until the specific customer accounts receivable is identified?A. Income statement methodB. Balance sheet methodC. Direct write-off methodD. Allowance method
The following accounts receivable information pertains to Marshall Inc.Determine the estimated uncollectible bad debt from Marshall Inc. using the balance sheet aging of receivables method, and
Olena Mirrors records bad debt using the allowance, balance sheet method. They recorded $343,160 in accounts receivable for the year and $577,930 in credit sales. The uncollectible percentage is
Earrings Depot records bad debt using the allowance, balance sheet method. They recorded $97,440 in accounts receivable for the year and $288,550 in credit sales. The uncollectible percentage is
Prepare the journal entry to reconcile the bank statement in EA7.Data from in EA7Using the following information, prepare a bank reconciliation.• Bank balance: $3,678• Book balance: $2,547•
Which of the following assets require the strongest of internal controls?A. InventoryB. Credit cardsC. Computer equipmentD. Cash
Prepare journal entries for the following transactions from Barrels Warehouse. Jul. 1 Jul. 3 Jul. 5 Jul. 8 Jul. 13 Sold 2,000 barrels with a sales price of $30 per barrel to customer Luck's
Using the following select financial statement information from Black Water Industries, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What
Using the following select financial statement information from Mover Supply Depot, compute the accounts receivable turnover ratios for 2018 and 2019 (round answers to two decimal places). What do
The following select financial statement information from Vortex Computing.Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2018 and 2019
The following select financial statement information from Candid Photography.Compute the accounts receivable turnover ratios and the number of days’ sales in receivables ratios for 2018 and 2019
The following accounts receivable information pertains to Envelope Experts.Determine the estimated uncollectible bad debt from Envelope Experts using the balance sheet aging of receivables method,
Aron Larson is a customer of Bank Enterprises. Mr. Larson took out a loan in the amount of $120,000 on August 1. On December 31, Bank Enterprises determines the loan to be uncollectible. Larson had
Review the select information for Liquor Plaza and Beer Buddies (industry competitors) and complete the following.A. Compute the accounts receivable turnover ratios for each company for 2018 and
Conner Pride reports year-end credit sales in the amount of $567,000 and accounts receivable of $134,000. Conner uses the balance sheet method to report bad debt estimation. The estimation percentage
Racing Adventures records bad debt using the allowance, income statement method. They recorded $134,560 in accounts receivable for the year and $323,660 in credit sales. The uncollectible percentage
Balloons Plus computes bad debt based on the allowance method. They determine their current year’s balance estimation to be a credit of $84,000. The previous period had a credit balance in
Identify where each of the following transactions would be found on the bank reconciliation. Transaction Overcharge by Bank (Error) Interest Income Automatic Loan Payment Wire Transfer
Millennium Associates records bad debt using the allowance, balance sheet method. They recorded $299,420 in accounts receivable for the year, and $773,270 in credit sales. The uncollectible
When a customer is delinquent on paying a notes receivable, your company has the option to continue to attempt collection or sell the debt to a collection agency. Research the benefits and challenges
Doer Company reports year-end credit sales in the amount of $390,000 and accounts receivable of $85,500. Doer uses the income statement method to report bad debt estimation. The estimation percentage
Ink Records recorded $2,333,898 in credit sales for the year and $1,466,990 in accounts receivable. The uncollectible percentage is 3% for the income statement method and 5% for the balance sheet
Funnel Direct recorded $1,345,780 in credit sales for the year and $695,455 in accounts receivable. The uncollectible percentage is 4.4% for the income statement method and 4% for the balance sheet
Millennium Associates records bad debt using the allowance, income statement method. They recorded $299,420 in accounts receivable for the year, and $773,270 in credit sales. The uncollectible
You own a construction company and have recently received a contract with the local school district to refurbish one of its elementary schools. You are given an up-front payment from the school
Tines Commerce computes bad debt based on the allowance method. They determine their current year’s balance estimation to be a credit of $45,000. The previous period had a credit balance in
Which of the following transactions will require a journal entry? Indicate if it will be a debit or a credit and to what account the entry will be recorded. Transaction Outstanding check Interest
The bank reconciliation revealed that one deposit had cleared the bank two weeks after the date of the deposit. Should this be of concern? Why, or why not?

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