FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof. To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

Question

Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

Answer 1

Question

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

c)

To determine

To describe: Disclosure requirement

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Swifty Supply Co. has the following transactions related to notes receivable during the last 2 months of 2027. The company does not make entries to accrue interest except at December 31. Nov. 1 Loaned $30,000 cash to Manny Lopez on a 12 month, 10% note. Dec. 11 Sold goods to Ralph Kremer, Inc., receiving a $85,500, 90-day, 8% note. 16 Received a $87,840, 180 day. 10% note to settle an open account from Joe Fernetti. 31 Accrued interest revenue on all notes receivable. (a) Journalize the transactions for Swifty Supply Co. (Ignore entries for cost of goods sold.) (Credit account titles are automatically indented when amount is entered. Do not indent manually. Use 360 days for cal in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit

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Howard James started a business in 2011 in Jamaica and has been operating in the wholesale/retail industries, where he buys and sells household items to the local market. In 2012, he expanded his business operations and opened two other businesses in Trinidad and Tobago and Antigua and Barbuda, respectively. The annual sales of the respective businesses in 2015 are: Jamaica: J$3,000.00 Trinidad and Tobago: TT$251,000.00 Antigua and Barbuda: $299.00 Mr. James failed to register his business for VAT/GCT as specified by the respective Sales Tax Acts and Regulations. He stated that there is no need for his businesses to be registered because their sales are under the VAT thresholds and thus not required to be registered. a) You are to advise Mr. James if his decision not to register his businesses is justifiable. b) Search the respective VAT Acts for the 3 countries and advise Mr. James of the benefits of being a registered taxpayer; also the penalties for not registering for VAT/GCT.

Answer 2

Question

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

c)

To determine

To describe: Disclosure requirement

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Answer 3

Question

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

c)

To determine

To describe: Disclosure requirement

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Answer 4

Question

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

c)

To determine

To describe: Disclosure requirement

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Answer 5

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

c)

To determine

To describe: Disclosure requirement

Answer 6

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

Answer 7

Chapter 3, Problem 3.13E

a)

To determine

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

Answer 8

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

Answer 9

b)

To determine

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

Answer 10

c)

To determine

To describe: Disclosure requirement

Answer 11

c)

To determine

To describe: Disclosure requirement

Answer 12

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Answer 23

Ch. 3 - Prob. 3.1Q Ch. 3 - Prob. 3.2Q Ch. 3 - Define current assets and list the typical asset...Ch. 3 - Prob. 3.4Q Ch. 3 - Prob. 3.5Q Ch. 3 - Prob. 3.6Q Ch. 3 - Describe the common characteristics of assets...Ch. 3 - Prob. 3.8Q Ch. 3 - Prob. 3.9Q Ch. 3 - Define the terms paid-in-capital and retained...

FASB Accounting Standards Codification: It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof. To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

Solution Summary: The author explains that FASB Accounting Standards Codification simplifies user access to authoritative US GAAPs by providing all the information related to a particular topic under one roof.

FASB Accounting Standards Codification:

It simplifies user access to all the authoritative US GAAPs by providing all the information related to a particular topic under one roof.

To provide: Topic number that provides guidance on information contained in the notes to the financial statements.

To specify: What the specific citation that describes the information the companies must disclose in the accounting policies note.

To describe: Disclosure requirement

Chapter 3 Solutions