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Questions and Answers of
College Accounting
What are withdrawals, and how are they recorded?
Bobby Collins decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) determine which two accounts are affected, (2) set up T accounts for
Sara-Jayne Parsons is an architect who operates her own business. The accounts and transactions for the business follow.INSTRUCTIONS1. Analyze the transactions for January 20X1. Record each in the
The following transactions took place at Transport Truck Maintenance Company.INSTRUCTIONSFor each transaction, set up T accounts from the following list: Cash; Shop Equipment; Store Equipment; Truck;
The following transactions took place at Thomas Capital Investments.INSTRUCTIONSAnalyze each of the transactions. For each transaction, decide what accounts are affected and set up T accounts. Record
What type of accounts are found on the balance sheet?
The accounts and transactions of Zachary Morrow, Counselor and Attorney at Law, are reflected below.INSTRUCTIONSAnalyze the transactions. Record each transaction on the appropriate side of the T
On which side of asset, liability, and owner’s equity accounts are decreases recorded?
The accountant for the firm owned by Zachary Morrow prepares financial statements at the end of each month.INSTRUCTIONSUse the figures in the T accounts for Problem 3.4B to prepare a trial balance,
Your friend has prepared financial statements for her business. She has asked you to review the statements for accuracy. The trial balance debit column totals $91,000 and the credit column totals
On June 1, 20X1, Zenna Brown opened the Leadership Coaching Agency. She plans to use the chart of accounts given below.INSTRUCTIONS1. Journalize the transactions. Be sure to number the journal pages
The transactions that follow took place at the City Recreation and Sports Arena during September 20X1. This firm has indoor courts where customers can play tennis for a fee. It also rents equipment
What is recorded in the Posting Reference column of a general journal?
The transactions listed below took place at Rodriguez Cleaning Services during September 20X1. This firm cleans commercial buildings and new residential homes prior to move in for a
On October 1, 20X1, Shonna Pumphrey opened an advertising agency. She plans to use the chart of accounts listed below.INSTRUCTIONS1. Journalize the transactions. Number the journal page 1, write the
Why is the ledger called the “record of final entry”?
In June 20X1, Gigi Antoni opened a photography studio that provides services to public and private schools. Her firm’s financial activities for the first month of operations and the chart of
The following journal entries were prepared by an employee of Global Travel Agency who does not have an adequate knowledge of accounting.INSTRUCTIONSExamine the journal entries carefully to locate
How do you correct an incorrect journal entry that has not been posted?
Four transactions for Automotive Maintenance and Repair Shop that took place in November 20X1 appear below, along with the general ledger accounts used by the company.INSTRUCTIONSRecord the
Give examples of items that might appear in an audit trail.
Several transactions that occurred during December 20X1, the first month of operation for Richey’s Accounting Services, follow. The company uses the general ledger accounts listed
The following transactions took place at the Townsend Employment Agency during October 20X1. Record the general journal entries that would be made for these transactions. Use a compound entry for
Which of the following shows both the debits and credits of the entire transaction?1. An entry in the general journal2. A posting to a general ledger account
The following transactions took place at Johnson Office Supplies during December 20X1. Record the general journal entries that would be made for these transactions. Use a compound entry for each
The trial balance of Escobedo Company as of January 31, 20X1, after the company completed the first month of operations, is shown in the partial worksheet below.INSTRUCTIONSComplete the worksheet by
On June 19, 20X1, an employee of Anderson Corporation mistakenly debited Supplies Expense rather than Telephone Expense when recording a bill of $4,000 for the May telephone service. The error was
On August 23, 20X1, an employee of Beal Company mistakenly debited the Utilities Expense account rather than the Repair Expense account when recording a bill of $2,150 for a truck expense. The error
The Drawing account is extended to which column of the worksheet?
The adjusted trial balance of Heritage Book Store and Supply Company as of November 30, 20X1, after the firm’s first month of operations, appears below.Appropriate adjustments have been made for
Why is the net income for a period recorded in the Balance Sheet section of the worksheet as well as the Income Statement section?
Angela Mosley owns Innovative Designs. The trial balance of the firm for January 31, 20X1, the first month of operations, is shown below.INSTRUCTIONS 1. Complete the worksheet for the month.2.
Is the normal balance for Accumulated Depreciation a debit or credit balance?
Consumer Research, owned by Chandler Robertson, is retained by large companies to test consumer reaction to new products. On January 31, 20X1, the firm’s worksheet showed the following adjustments
The Supplies account has a debit balance of $9,000 in the Trial Balance column. The Credit column in the Adjustments section is $3,600. What is the new balance? The new balance will be extended to
On December 31, 20X1, the ledger of De La Rosa Company contained the following account balances:Table Summary: A list of account names and amounts are shown in seven rows and four columns. The list
A completed worksheet for The Oxford Group is shown below.INSTRUCTIONS1. Journalize and post the adjusting entries. Use account number 131 for Prepaid Advertising and the same account numbers for all
What three financial statements are prepared during the accounting cycle?
Alexis Wesson, the bookkeeper for Home Interiors, has just finished posting the closing entries for the year to the ledger. She is concerned about the following balances:Table Summary: Capital
Based on the account balances in Exercise 6.1 and the account balances after the closing entries, prepare a postclosing trial balance for the De La Rosa Company on December 31, 20X1.Data from
A firm has the following expenses: Rent Expense, $3,600; Salaries Expense, $7,000; Supplies Expense, $1,500. Give the entry to close the expense accounts.
The Income Summary and Henry Peterson, Capital accounts for Peterson Production Company at the end of its accounting period follow.Table Summary:Account income summary and account number 399 are
The ledger accounts of Perera Company appear as follows on March 31, 20X1: Table Summary: Table consists of 17 rows and 3 columns. Account number, account, and balance are the three column
A firm has $90,000 in revenue for the period. Give the entry to close the Fees Income account.
On December 31, the Income Summary account of Davidson Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Jackson Davidson, Drawing
On December 31, the Income Summary account of Johnson Company has a Credit balance of $226,000 after revenue of $519,000 and expenses of $293,000 were closed to the account. Gloria Johnson, Drawing
A company offers a 2 percent discount if the customer pays within 10 days of the invoice. Otherwise, the amount is due in whole in 30 days. How would this company express these credit terms on its
Bella Beauty Products is a retailer selling various hair, skin, and other beauty products. Bella Beauty Products is owned and operated by Vanessa Domingo. The company has three retail locations. Each
Why does a small merchandising business usually need a more complex set of financial records and statements than a small service business?
Why is it useful for a firm to have an accounts receivable ledger?
What does the accounting process involve?
Using the earnings data given in Exercise 10.3, determine the amount of Medicare tax to be withheld from each employee’s gross pay for December. Assume a 1.45 percent Medicare tax rate and that all
The monthly salaries for December and the year-to-date earnings of the employees of Bush Consulting Company as of November 30 follow.Determine the amount of social security tax to be withheld from
The following financial statement excerpt is taken from the 2015 Annual Report (for the fiscal year ended January 31, 2016) for The Home Depot, Inc.:1. The Cost of Sales amount on The Home Depot,
1. Open the general ledger accounts and accounts receivable ledger accounts indicated below.2. Post the entries from the general journal in Problem 7.2A to the appropriate accounts in the general
1. Use the final balances of the customer accounts after completing Exercise 7.9 to prepare a schedule of accounts receivable for Calderone Company at January 31, 2019.2. Should the total of your
Where does the accountant obtain the data needed for the adjusting entries?
What effect does each item in Question 8 have on owner’s equity?Items From Question 8:a. The owner withdrew cash from the business.b. Credit customers paid $3,000 on outstanding balances that
What is the accounting cycle?
Annual reports released by publicly held companies include a letter to the stockholders written by the chief executive officer, chairman of the board, or president.Analyze Online: Locate the Adobe
The accountant for the firm owned by Conner McAllister prepares financial statements at the end of each month.INSTRUCTIONSUse the figures in the T accounts for Problem 3.4B to prepare a trial
What are accounts?
Using the information provided in Exercise 2.8, prepare a statement of owner’s equity for the month of September and a balance sheet for Cantu Wealth Management Consulting as of September 30,
What are expenses?
What is revenue?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. What is the cost of finished goods inventory for 2013 as shown in note 17?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. Find the net sales figure for Latin America for 2013 in Project K in note 3.
What is the difference between a cost center and a profit center?
What is the difference between a cost center and a profit center?
When you look at the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports, do you think Kellogg’s uses a voucher system?
Posting to a voucher register is quite different from posting to other special journals. Agree or disagree? Why?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. Calculate for Kellogg’s the current ratio for 2012 and 2013.
From the comparative income statement of Wood Company in Figure 22.7, do the following:a. Prepare a horizontal analysis with the amount of increase or decrease during 2016 along with the percent
What is meant by vertical analysis?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports and find the Statement of Cash Flows for Kellogg’s. What is net cash provided
From the financial statements and additional information provided in Problem 21B-1 for Cygan Company, prepare a statement of cash flows using the direct method.Problem 21B-1:From the following income
From the financial statements and additional information provided in Problem 21A-1 for Dent Company, prepare a statement of cash flows using the direct method.Problem 21A-1:From the following income
For each of the following transactions, identify the appropriate section of the statement of cash flows (OA, Operating; IA, Investing; FA, Financing; and NC, Noncash). Use the direct method._____ a.
For each of the following transactions, identify the appropriate section of the statement of cash flows (OA, Operating; IA, Investing; FA, Financing; and NC, Noncash). Use the direct method._____ a.
The following accounts showed an increase or a decrease from the comparative balance sheet. Explain which account will be added to net income and which will be subtracted in calculating net cash
Explain how net cash flows from operating activities is calculated using the direct method.
List the three main sections of the statement of cash flows.
Redo the journal entries for Exercise 20B-3, assuming that bonds sold at 107.Data From Exercise 20B-3:Smith Corporation issued $320,000 of 4%, 25-year bonds at 91 on November 1, 201X, with semiannual
Redo Concept Check 2 with the straight-line method, assuming that the bond sells for 104.Data From Concept Check 2:On October 1, Morris Co. issued 15, $3,000, 7%, 10-year bonds at 95. Record the
Why does the interest method of amortizing a discount or premium use the market rate in calculating interest expense to be recorded?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports and find the consolidated balance sheet. What is the cost of treasury stock for
Explain the difference between a stock dividend and a stock split.
What is the difference between market value and book value?
What is the difference between market value and book value?
Go to the consolidated balance sheet in the 2013 annual report for Kellogg’s Company at http://investor.kelloggs.com/investor-relations/annual-reports. What is the amount of retained earnings in
Prior to the current year, Joseph Co. owed $14,200 each year for 10 years to holders of cumulative preferred stock. This year Joseph’s pays out $175,000 in dividends to preferred and common. How
Leaf Corporation has capital stock of $7,500. Its Retained Earnings account has a $14,900 balance. Cash has a balance of $9,200. What is the total of stockholders’ equity for Leaf Corporation?
How does one calculate Paid-In Capital in Excess of Par Value or Stated Value?
Go to the 2013 annual report for Kellogg’s Company at http://investor.kelloggs .com/investor-relations/annual-reports and explain why Kellogg’s is not classified as a partnership.
Savannah, Brooke, and Melody have capital balances before liquidation of $13,000, $21,000, and $28,000, respectively. Cash balance is $48,000, and the partners share losses and gains in a 3:2:1
Josh, Chase, and Cameron have capital balances before liquidation of $12,000, $28,000, and $34,000, respectively. Cash balance is $45,000, and the partners share losses and gains in a 3:2:1 ratio.
Pete Robinson wants to have a one-third interest in a law practice that has two partners with capital balances as follows:How much must Pete invest into the partnership?
Using your answer from Concept Check 4, how much more income is to be distributed to the partners (assume each shares equally) after the salary and interest allowances? If net income was $16,700, how
If the partners in Concept Check 2 share net income based on their beginning capital investments, what would be the journal entry at closing to allocate net income?Data From Concept Check 2:John
Quincy Company incurred the following expenditures to buy a new machine:• Invoice, $30,000 less 12% cash discount• Freight charges, $450.• Assembly charges, $1,900.• Special base to support
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