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managerial accounting
Questions and Answers of
Managerial Accounting
Mark Brown opened a medical practice in Alexandria, Virginia. Record the following transactions in the journal of Mark Brown, M.D. Include an explanation with each entry. June 1 Brown invested
Return to Cookie Lapp Travel Design's trial balance . Assume that Lapp accidentally listed her withdrawals as \(\$ 200\) instead of the correct amount of \(\$ 2,000\). Compute the incorrect trial
Woodward Technology Solutions completed the following transactions during August 2007, its first month of operations:Requirement Record the preceding transactions in the journal of Woodward
The journal of Alert Defensive Driving includes the following entries for May 2006.Requirements 1. Describe each transaction.2. Set up T-accounts using the following account numbers: Cash, 110 ;
Prepare the trial balance of Reed's Home Care at October 31, 2007, using the accounts from Exercise 2-21.Exercise 2-21The first five transactions of Reed's Home Care, have been posted to the accounts
The accounts of Mayflower Moving Company follow with their normal balances at December 31, 2006. The accounts are listed in no particular order.Requirement Prepare Mayflower's trial balance at
Open the following four-column accounts of Lee Bivona, CPA: Cash; Accounts Receivable; Office Supplies; Office Furniture; Accounts Payable; Lee Bivona, Capital; Lee Bivona, Withdrawals; Service
After recording and posting the transactions in Exercise 2-24, prepare the trial balance of Lee Bivona, CPA, at December 31, 2007.Exercise 2-24Open the following four-column accounts of Lee Bivona,
Amber Shea, owner of the Shea Law Firm, is considering adding another lawyer. Courtney Martinez is considering joining Shea and asks to see Shea's financial information. Shea gives Martinez the
Showtime Amusements owns movie theaters. Showtime engaged in the following business transactions:Showtime Amusements uses the following accounts: Cash; Supplies; Building; Accounts Payable; Notes
Doris Higgins started her practice as a design consultant on September 1 of the current year. During the first month of operations, the business completed the following transactions:Requirement Open
The trial balance of John Hilton, CPA, is dated January 31, 2007:Requirements 1. Record the February transactions on page 3 of the journal. Include an explanation for each entry.2. Post the
Judy Kroll, owner of A+ Fire \& Safety, is selling the business. Kroll offers the following trial balance to prospective buyers. Your best friend is considering buying the company. He seeks your
Dan Bell practices medicine under the business title Dan Bell, M.D. During April, his medical practice engaged in the following transactions:Bell's business uses the following accounts: Cash;
Vince Serrano started Serrano Carpet Installers, and during the first month of operations (January 2007) he completed the following selected transactions:a. Serrano began the business with an
Refer to Problem 2-41B. After completing the trial balance in Problem 2-41B, prepare the following financial state- ments for Serrano Carpet Installers: 1. Income statement for the month ended
What are the distinctive features of accrual accounting and cash-basis accounting?a. Cash-basis accounting records all transactions.b. Accrual accounting records only receivables, payables, and
The revenue principle saysa. Divide time into annual periods to measure revenue properly.b. Record revenue after you receive cash.c. Measure revenues and expenses in order to compute net income.d.
Adjusting the accounts is the process ofa. Zeroing out account balances to prepare for the next periodb. Subtracting expenses from revenues to measure net incomec. Recording transactions as they
Which types of adjusting entries are natural opposites?a. Prepaids and accrualsb. Expenses and revenuesc. Prepaids and depreciationd. Net income and net loss
Body Studio gains a client who prepays \(\$ 600\) for a package of six physical training sessions. Body Studio collects the \(\$ 600\) in advance and will provide the training later. After two
Unearned revenue is always a (an)a. Assetb. Revenuec. Liabilityd. Owner's equity because you collected the cash in advance
Assume you prepay Body Studio for a package of six physical training sessions. Which type of account should you have in your records?a. Prepaid expenseb. Accrued expensec. Accrued revenued. Unearned
The adjusted trial balance showsa. Amounts that may be out of balanceb. Revenues and expenses onlyc. Amounts ready for the financial statementsd. Assets, liabilities, and owner's equity only
Accounting data flow from thea. Balance sheet to the income statementb. Income statement to the statement of owner's equityc. Statement of owner's equity to the balance sheetd. Both \(b\) and
Suppose on January 1 you prepaid apartment rent of \(\$ 3,600\) for the ful\} year. At September 30, what are your two account balances for this situation? Identify the two accounts and give their
Cookie Lapp Travel borrowed \(\$ 50,000\) on October 1 by signing a one year note payable to Community One Bank. Lapp's interest expense for the remainder of the year (October through December) is
Best Yet Catering completed the following selected transactions during April:Show whether each transaction would be handled as a revenue or an expense using the accrual basis. Give the amount of
Identify the accounting concept or principle (there may be more than one) that gives the most direction on how to account for each of the following situations:a. The owner of a business desires
Suppose you start up your own photography business to shoot videos at college parties. The freshman class pays you \($100\) in advance just to guarantee your services for its party. The sophomore
Journalize the adjusting entry needed at December 31 for each of the following independent situations. a. On October 1, we collected \(\$ 4,000\) rent in advance, debiting Cash and crediting
Merry Maids, the cleaning service, started the preparation of its adjusted trial balance as follows:During the six months ended June 30, 2007, Merry Maids:a. Used supplies of \(\$ 1,500\).b. Used up
The adjusted trial balance of Job Link Employment Service is incomplete. Enter the adjustment amounts directly in the Adjustments columns below. JOB LINK EMPLOYMENT SERVICE Preparation of Adjusted
Lake Air Interiors began the year with capital of \($20,000.\) On July 12, Cynthia Norcross (the owner) invested \($12,000\) cash in the business. On September 26, Xorcross transferred to the company
Tee's Golf School completed the following transactions during January:Requirements 1. Show how each transaction would be handled using the accrual basis of accounting. Give the amount of revenue or
The trial balance of Dynaclean Air Purification Systems at November 30, 2007, and the data needed for the month-end adjustments follow.Adjustment data at November 30 :a. Unearned service revenue
The adjusted trial balance of Festive Occasions Party Planners at December 31,2008 , follows.Requirements 1. Prepare Festive Occasions' 2008 income statement and statement of owner's equity and
Consider the unadjusted trial balance of Hummer Limo Service at October 31, 2007, and the related month-end adjustment data.Adjustment data:a. Accrued service revenue at October \(31, \$ 2,000\).b.
Multiplex Medical Clinic completed these transactions during October:Requirements 1. Show how each transaction would be handled using the accrual basis of accounting. Give the amount of revenue or
Journalize the adjusting entry needed on December 31, end of the current year, for each of the following independent cases affecting MidAmerica Water Park. a. Details of Prepaid Insurance are shown
The trial balance of Lexington Inn at December 31, 2008, and the data needed for the month-end adjustments follow.Adjustment data at December 31:a. Prepaid insurance still in force, \(\$ 600\).b.
The adjusted trial balance of Snyder Piano Tuning Service at December 31, 2007 , follows.Requirements 1. Prepare the 2007 income statement, statement of owner's equity; and year-end balance sheet of
The unadjusted trial balance of Solar Energy Consulting at July 31, 2007, and the related month-end adjustment data follow.Adjustment data:a. Accrued service revenue at July \(31, \$ 2,000\),b.
Which accounting concept or principle specifically states that we should record transactions at amounts that can be verified?a. Entity conceptb. Going-concern conceptc. Cost principled. Reliability
Assume that Fossil sold watches to a department store on account for $50,000. How would this transaction affect Fossil's accounting equation?a. Increase both liabilities and owners' equity by
Assume that Fossil paid expenses totaling $35,000. How does this transaction affect Fossil's accounting equation?a. Increases assets and decreases liabilitiesb. Increases both assets and
Consider the overall effects of transactions 5 and 7 on Fossil. What is Fossil's net income or net loss?a. Net income of $15,000b. Net loss of $35,000c. Net income of $50,000d. Cannot determine
The income statement reportsa. Financial position on a specific dateb. Results of operations on a specific datec. Results of operations for a specific periodd. Financial position for a specific period
Suppose you are starting a business, T-Shirts Plus, to imprint logos on T-shirts. In organizing the business and setting up its accounting records, consider the following:1. Should you combine your
Claire Hunter owns and operates Claire Hunter Floral Designs. She proposes to account for flowers at current market value in order to have realistic amounts on the books if the business liquidates.
You begin A-1 Accounting Service by investing \(\$ 2,000\) of your own money in a business bank account. Before starting operations, you borrow \(\$ 1,000\) cash by signing a note payable to Summit
Wendy Craven owns a travel agency near the campus of Prince George's Community College. The business has cash of \(\$ 2,000\) and furniture that cost \(\$ 8,000\). Debts include accounts payable of
Monte Jackson paid \(\$ 20,000\) cash to purchase land. To buy the land, Jackson was obligated to pay for it. Why, then, did Jackson record no liability in this transaction?
Brad Polson collected cash on account from a client for whom he had provided delivery services one month earlier. Why didn't Polson record revenue when he collected the cash on account?
Suppose you have saved some moner and you are investing in eBay stock. What accounting information will you use to decide whether to invest in eBay? Which accounting principle do you hope eBay's
Terry Maness publishes a travel magazine. In need of cash, Maness asks Metro Bank for a loan. The bank requires borrowers to submit financial statements. With little knowledge of accounting, Maness
Jake's Roasted Peanuts, a proprietorship, supplies snack foods. The business experienced the following events. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total
A-1 Rentals' balance sheet data at May 31, 2009, and June 30, 2009, follow.RequirementsFollowing are three situations about investments and withdrawals by the owner of the business during June. For
Maria Lange opened a medical practice. During July, the first month of operation, the business, titled Maria Lange, M.D., experienced the following events.Requirement Analyze the effects of these
In this exercise you will practice using the data of a well-known company with the amounts rounded. The 2004 annual report of UPS, the overnight shipping company, reported revenue of \(\$ 32\)
Compute the missing amount for Jupiter Company: You will need to prepare a statement of owner's equity.Did Jupiter earn a net income or suffer a net loss for the year? Compute the amount. Jupiter
Abraham Woody practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a proprietorship. The name of the new entity is Abraham Woody,
Presented here are(a) the assets and liabilities of Gotcha Covered Security Systems at December 31,2007, (b) the revenues and expenses of the company for the year ended on that date.The capital
Jan Featherston is a realtor. She organized her business as a proprietorship on November 1, 2006. Consider the following facts at November 30, 2006.a. Featherston owes \(\$ 55,000\) on a note payable
Amy Fisk practiced law with a partnership for 10 years. Recently she opened her own law office, which she operates as a proprietorship. The name of the new entity is Amy Fisk, Attorney. Fisk
Studio Gallery provides pictures for high school yearbooks. During 2009 Mike Magid, the owner, withdrew \(\$ 16,000\) for personal use. At December 31,2009 , the business's accounting records show
The amounts of(a) the assets and liabilities of Town \& Country Realty at December 31, 2007, (b) the revenues and expenses of the company for the year ended on that date follow.The capital
Martha Agee operates a Kinko's store. Agee organized the business as a proprietorship on March 1, 2006. Consider the following facts at March 31, 2006:a. Agee has \(\$ 3,000\) in her personal bank
The bookkeeper of Dave Lundy Tax Service prepared the balance sheet of the company while the accountant was ill. The balance sheet contains numerous errors. In particular, the bookkeeper knew that
Carl Redmon completed these transactions during the first half of December;Requirements 1. Analyze the effects of Redmon's transactions on the accounting equation. Use the format to include these
In vertical analysis, the base used for comparison on the income statement isa. total expenses.b. total assets.c. net sales.d. gross profit.
Vertical analysis would rarely be performed on which of the following statements or schedules?a. Income statementb. Adjusting entry worksheetc. Balance sheetd. All of the above are common targets of
A statement that lists the assets, liabilities, and stockholders’ equity of a company in percentages only with no dollar amounts is aa. common-size income statement.b. benchmarking analysis.c.
Which ratio measures the ability of a company to collect its receivables?a. Current ratiob. Quick ratioc. Days’ sales in receivablesd. Return on assets
Which ratio measures the ability of a company to pay its current debts?a. Current ratiob. Inventory turnover ratioc. Days’ sales in receivablesd. Return on assets
To calculate the debt ratio, total liabilities should be divided bya. income from operations.b. total assets.c. interest expense.d. total stockholders’ equity.
Which of the following ratios measures a company’s profitability?a. Rate of return on net salesb. Current ratioc. Days’ sales in receivablesd. Times-interest-earned
Parkins Corporation reported the following on its comparative income statement:Perform a horizontal analysis of revenues and gross profit—both in dollar amounts and in percentages—for 2023 and
Bradley Group reported the following revenues and net income amounts:a. Show Bradley Group’s trend percentages for revenues and net income. Use 2020 as the base year and round to the nearest
McCormick Optical Company reported the following amounts on its balance sheet at December 31:Perform a vertical analysis of McCormick Optical Company’s assets at year-end. Cash and
Zoaring Music, Inc., is a start-up tech company that streams live music via various channels and plans. When Zoaring released its earnings for the second half of 2021, earnings were less than
Refer to the Cartwright’s Data Set.a. Compute Cartwright’s current ratio at December 31, 2023 and 2022.b. Did Cartwright’s current ratio improve, deteriorate, or hold steady during 2023?Data
Use the Cartwright’s Data Set to compute the following:a. The rate of inventory turnover for 2023.b. Days’ sales in average receivables during 2023. Assume all sales are on credit.Data From
Refer to the Cartwright’s Data Set.a. Compute the debt ratio at December 31, 2023.b. Is Cartwright’s ability to pay its liabilities strong or weak? Explain your reasoning.Data From Cartwright’s
Use the Cartwright’s Data Set to compute these profitability measures for 2023:a. Gross profit percentageb. Operating income percentagec. Rate of return on net salesd. Rate of return on total
Use the Cartwright’s Data Set when making the following calculations:a. Compute earnings per share (EPS) for Cartwright’s. The number of shares outstanding was 720,000.b. Compute Cartwright’s
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility).1.
Prepare a horizontal analysis of the following comparative income statement of The Ruby Group.Why did net income increase by a higher percentage than net sales revenue during 2023? 1 2 3 The Ruby
Prepare a comparative common-size income statement for Jubilee Corporation. To an investor, how does the current year compare with the prior year? Explain your reasoning. 1 2 3 Jubilee Corporation
Jason Home Products currently sells its products through multiple distribution channels.When the company first started, its home cleaning products were sold strictly through home party sales. About
Prepare a horizontal analysis of the following comparative income statement of The Slate Group.Why did net income increase by a higher percentage than net sales revenue during 2023? 1 2 3 The Slate
Martin Home Products currently sells its products through multiple distribution channels.When the company first started, its home cleaning products were sold strictly through home party sales. About
The Dotz Bookzzz Company currently sells its products, children’s books, through multiple distribution channels. It sells subscriptions that provide children with a box every month containing an
Net sales revenue, net income, and common stockholders’ equity for Vallen Optical Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements:1. Compute trend
Comparative financial statement data of Tennyson, Inc., follow:1. Market price of Tennyson’s common stock: \($43.51\) at December 31, 2023, and \($31.36\) at December 31, 2022 2. Common shares
Net sales revenue, net income, and common stockholders’ equity for Connor Vision Corporation, a manufacturer of contact lenses, follow for a four-year period.Requirements:1. Compute trend
Comparative financial statement data of Hollingsworth, Inc., follow:1. Market price of Hollingsworth’s common stock: \($50.60\) at December 31, 2023, and \($33.49\) at December 31, 2022 2. Common
Select a company and obtain its financial statements. Convert the income statement and the balance sheet to common size and compare the company you selected to the industry average. Discuss how the
Describe horizontal analysis. Describe vertical analysis. What is each technique used for? How are the two methods similar? How are they different?
How is the current ratio calculated? What is it used to measure? How is it interpreted?
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