Accounting Cycle Assets Related Questions Homework Help
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1. Wright Company was started in 2012 when it acquired $25,000 cash by issuing common stock to Cal Wright.
a. Was this event an asset source, use, or exchange transaction for Wright Company?
b. Was this event an asset source, use, or exchange transaction for Cal Wright?
c. Was the cash flow an operating, investing, or a financing activity on Wright Company’s 2012 statement of cash flows?
d. Was the cash flow an operating, investing, or a financing activity on Cal Wright’s 2012 statement of cash flows?
2. XYZ Corporation pays for advertising costs all the time. Sometimes the company records these payments as assets, and sometimes it records them as expenses. Why would XYZ use different accounting treatments?
3. Identifying asset source, use, and exchange transactions
a. Name an asset use transaction that will affect the income statement.
b. Name an asset use transaction that will not affect the income statement.
c. Name an asset exchange transaction that will not affect the statement of cash flows.
d. Name an asset exchange transaction that will affect the statement of cash flows.
e. Name an asset source transaction that will not affect the income statement.
4. Arthur Chen, a newly minted CPA, was on his second audit job in the Midwest with a new client called Parson Farm Products, Inc. He was looking through the last four years of financials, and doing a few ratios, when he noticed something odd. The current ratio went from 1.9 in 2007 down to 0.3 in 2008, despite the fact that 2008 had record income. He decided to sample a few transactions from December 2008. He found that many of Parson’s customers had returned products to the company because of substandard quality. Chen discovered that the company was clearing the receivables (i.e., crediting accounts receivable) but ?ostashing?? the debits in an obscure long-term asset account called ?ograin reserves?? to keep the company’s income ?oin the black?? (i.e., positive income).
1. How did the fraudulent accounting just described affect the current ratio?
2. Can you think of any reasons why someone in the company would want to take this kind of action?
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5. Identifying inventory cost inclusions. Trembly Department Store commenced operations on January 1, 2008. It engaged in the following transactions during January. Identify the amount that the firm should include in the valuation of merchandise inventory.
a. Purchases of merchandise on account during January totaled $300,000.
b. The freight cost to transport merchandise to Trembly’s warehouse was $13,800.
c. The salary of the purchasing manager was $3,000.
d. Depreciation, taxes, insurance, and utilities for the warehouse totaled $27,300.
e. The salary of the warehouse manager was $2,200.
f. The cost of merchandise that Trembly purchased in part a and returned to the supplier was $18,500.
g. Cash discounts taken by Trembly from purchases on account in part a totaled $4,900.
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