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survey of accounting

Questions and Answers of Survey of Accounting

Illustrate the effects on the accounts and financial statements of recording the following selected transactions:a. Sold $22,500 of merchandise on account, terms n/30, subject to a sales tax of 6%.
A retailer is considering the purchase of 100 units of a specific item from either of two suppliers.Their offers are as follows:A: $780 a unit, total of $78,000, 1/10, n/30, plus freight of $1,500.B:
Shepherd Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. Shepherd Company returned $1,500 of the merchandise before payment was made and received full credit.a.
For a recent year, Target Corporation (TGT) reported revenue of $71,879 million. Its gross profit was $20,754 million. What was the amount of Target’s cost of goods sold?
During the current year, merchandise is sold for $3,200,000. The cost of the goods sold is $2,688,000.a. What is the amount of the gross profit?b. Compute the gross profit percent.c. Will the income
What is the meaning of (a) 2/10, n/30; (b) n/90; (c) n/eom?
The following data (in millions) were taken from http://finance.yahoo.com.1. Match each of the following companies with the data for Company A, B, C, or D:Apple Inc. (AAPL)Facebook, Inc.
Cigna Corp. (CI) provides insurance services, and Deere & Company (DE) manufactures and sells farm and construction equipment. The following data (in millions) were adapted from recent financial
Walmart Stores Inc. (WMT) operates over retail stores throughout the world. In contrast, Alphabet Inc. (GOOG) is a technology company, formerly known as Google, that provides a variety of online
Compare The Gap Inc. (MBA 3-6) and American Eagle Outfitters Inc. (MBA 3-7) liquidity positions for Year 2. Comment on the differences.Data from MBA 3-6The Gap Inc. (GPS) operates specialty retail
American Eagle Outfitters Inc. (AEO) operates specialty retail stores, selling clothing such as denim, sweaters, t-shirts, and fleece outerwear that targets 15-to-25-year-old men and women. The
The Gap Inc. (GPS) operates specialty retail stores under such brand names as GAP, Old Navy, and Banana Republic. The following asset and liability data (in millions) were adapted from recent
GameStop Corporation (GME) has over 7,000 retail stores worldwide and sells new and used video games. The following asset and liability data (in millions) were adapted from recent financial
Using the adjustment data listed in P3-2 for SLO Health Care, indicate the effects of each adjustment on the liquidity metric Quick Assets and the profitability metric Net Income – Accrual
Using the transactions listed in P3-1 for SLO Health Care, indicate the effects of each transaction on the liquidity metric Quick Assets and the profitability metric Net Income – Accrual Basis.Data
Adjustment data for SLO Health Care Inc. for January are as follows:1. Insurance expired, $450.2. Supplies on hand on January 31, $600.3. Depreciation on building, $1,150.4. Unearned rent revenue
SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 20Y6, SLO Health Care entered into the following transactions:Jan. 1 Received $13,500 from Glenn
The following balance sheet was prepared for Atlas Services Co.a. List any errors in the preceding balance sheet.b. Prepare a corrected balance sheet. ATLAS SERVICES cO. Balance Sheet For the Year
La-Z-Boy Inc. (LZB) is one of the world’s largest manufacturer of furniture and is best known for its reclining chairs. The following data (in thousands) were adapted from recent financial
Eleven-Eleven, Inc. creates guided meditation programs for individuals. On November 30, 20Y9, the balances of selected accounts of Eleven-Eleven, Inc. are as follows:Prepare a classified balance
For a recent year, Barnes & Noble Inc. (BKS) reported (in thousands) Property and Equipment of $2,682,981 and Accumulated Depreciation of $2,406,859.a. What was the book value of the fixed
If the net income for the current year had been $2,224,600 in Exercise 3-18, what would have been the correct net income if the proper adjustments had been made?Data from 3-18The accountant for
For a recent year, the balance sheet for The Campbell Soup Company (CPB) includes accrued expenses of $561 million. The income before taxes for the year was $1,293 million.a. Assume the accruals
At the end of August, the first month of the business year, the usual adjustment transferring rent earned of $36,750 to a revenue account from the unearned rent account was omitted. Indicate which
For a recent year, Microsoft Corporation (MSFT) reported short-term unearned revenue of $34,102 million. For the same year, Microsoft also reported total revenues of $89,950 million.a. Assuming that
The balance in the unearned fees account, before adjustment at the end of the year, is $1,375,000. What is the adjustment if the amount of unearned fees at the end of the year is $1,100,000? Indicate
The prepaid insurance account had a balance of $19,200 at the beginning of the year. The account was increased for $57,600 for premiums on policies purchased during the year. What is the adjustment
Answer each of the following independent questions concerning supplies and the adjustment for supplies.a. The balance in the supplies account, before adjustment at the end of the year, is $7,000.
Using the data from Exercises 3-1 and 3-2, prepare financial statements for February, including income statement, statement of stockholders’ equity, balance sheet, and statement of cash flows.Data
Using the data from Exercise 3-1, record the adjustments at the end of February to record the insurance expense and supplies expense. There was $300 of supplies on hand as of February 28. Identify
Alex Vera organized Succulent Express at the beginning of February 20Y4. During February, Succulent Express entered into the following transactions:a. Terry Mason invested $30,000 in Succulent
Which of the following accounts would appear only in an accrual basis accounting system, and which could appear in either a cash basis or an accrual basis accounting system? (a) Common
Fees for services provided are billed to a customer during 20Y6. The customer remits the amount owed in 20Y7. During which year would the revenues be reported on the income statement under(a) The
Employees performed services in 20Y8, but the wages were not paid until 20Y9. During which year would the wages expense be reported on the income statement under (a) The cash basis? (b) The
Would AT&T (T) and Microsoft (MFST) use the cash basis or the accrual basis of accounting? Explain.
The following end-of-the-year balance sheets (in millions) were adapted from recent financial statements of Apple (AAPL).1. Prepare common-sized balance sheets for Apple for Years 1 and 2. Round to
Using your answers to MBA 2-6 and MBA 2-7, compare and analyze Year 2 common-sized income statements of Kellogg (K) to those of General Mills (GIS).
General Mills Inc. (GIS) produces, markets, and distributes cereal and food products including Cheerios, Wheaties, Cocoa Puffs, Yoplait, and Pillsbury branded products. The following partial income
Kellogg Company (K) produces, markets, and distributes cereal and food products including Cheez-It, Coco Pops, Rice Krispies, and Pringles. The following partial income statements (in millions) were
Southwest Airlines Co. (LUV) provides passenger services throughout the United States, Mexico, Jamaica, the Bahamas, Aruba, and the Dominican Republic. The following operating data (in millions) were
Delta Air Lines, Inc. (DAL) provides cargo and passenger services throughout the world. The following operating data (in millions) were adapted from recent financial statements of Delta.1. Prepare
Using transactions listed in P2-1 for Smith Insurance Inc. indicate the effects of each transaction on the liquidity metric Cash and profitability metric Net Income – Cash Basis.Data From P2-1Roger
The following amounts were taken from the accounting records of Dust, Sweep, Repeat Services, Inc., as of December 31, 20Y7. The company began its operations on January 1, 20Y7.Cash
The financial statements at the end of Network Realty, Inc.’s first month of operations are shown below. By analyzing the interrelationships among the financial statements, fill in the proper
Dust, Sweep, Repeat Services, Inc. began its operations on January 1, 20Y7 (see Problem 2-3). After its second year of operations, the following amounts were taken from the accounting records of
Aaron Lee established Restart Technology Services on August 1, 20Y4. The effect of each transaction and the balances after each transaction for August are shown below in the integrated financial
Roger Smith established an insurance agency on July 1, 20Y5, and completed the following transactions during July:a. Opened a business bank account in the name of Smith Insurance Inc., with a deposit
Using the financial data shown in Exercise 2-17 for West Coast Dreams Realty Inc., prepare a statement of cash flows for the month ended June 30, 20Y9.Data from Exercise 2-17After its first month of
Using the financial data shown in Exercise 2-17 for West Coast Dreams Realty Inc., prepare a balance sheet as of June 30, 20Y9.Data from Exercise 2-17After its first month of operations, the
Using the financial data shown in Exercise 2-17 for West Coast Dreams Realty Inc., prepare a statement of stockholders’ equity for the month ended June 30, 20Y9.Data from Exercise 2-17After its
After its first month of operations, the following amounts were taken from the accounting records of West Coast Dreams Realty Inc. as of June 30, 20Y9.Prepare an income statement for the month ended
One item is omitted from each of the following summaries of balance sheet and income statement data for four different corporations.Determine the amounts of the missing items, identifying them by
The income statement of a corporation for the month of February indicates a net income of $32,000. During the same period, $40,000 in cash dividends were paid.Would it be correct to say that the
The following are recent year summaries of balance sheet and income statement data (in millions) for Apple Inc. (AAPL) and Verizon Communications (VZ).Determine the amounts of the missing items (a)
Campbell Soup Co. (CPB) had the following assets and liabilities (in millions) at the end of Year 1.Assets ....................................... $7,837Liabilities
The Walt Disney Company (DIS) had the following assets and liabilities (in millions) at the end of Year 1.Assets .................................. $92,033Liabilities
Assume that Larsh Realty Inc. borrowed $75,000 from Country Bank and Trust. In recording the transaction, Larsh erroneously recorded the receipt as an increase in cash, $75,000, and an increase in
Review financial statements for three well-known companies, such as Ford Motor Co. (F), General Motors (GM), International Business Machines (IBM), Microsoft (MSFT), or Amazon (AMZN).The financial
The management of The Hershey Company (HSY) has asked union workers in two of its highest-cost Pennsylvania plants to accept higher health insurance premiums and take a wage cut. The workers’
Tiffany & Co. (TIF) designs and sells jewelry including rings, watches, and necklaces throughout the world. The following data (in millions) were taken from recent financial statements of
ExxonMobil Corporation (XOM) explores, produces, and distributes oil and natural gas. The Coca-Cola Company (KO) produces and distributes soft drink beverages, including Coke. Walmart Stores, Inc.
Pfizer Inc. (PFE) discovers, produces, and distributes medicines, including Celebrex and Lipitor. Ford Motor Co. (F) develops, markets, and produces automobiles and trucks. Microsoft Corporation
The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR):Sales ................................. $521Cost of sales
The following cash data for the year ended December 31 were adapted from a recent annual report of Alphabet (GOOG), formerly known as Google. The cash balance as of January 1 was $12,918 (in
The following financial data were adapted from a recent annual report of Target Corporation (TGT) for the year ending January 31.
The financial statements at the end of Paradise Realty’s first month of operations are shown below.Instructions1. Would you classify a realty business such as Hamel Realty as a manufacturing,
The amounts of the assets and liabilities of Viva Travel Service as of September 30, 20Y6, the end of the current year, and its revenue and expenses for the year are listed below. The retained
Apple, Inc. (AAPL), designs, manufactures, and markets personal computers (iPad™) and related software. Apple also manufactures and distributes music players (iPod™) along with related

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