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financial and managerial accounting
Questions and Answers of
Financial And Managerial Accounting
You are presented with the following list of accounts from the adjusted trial balance for merchandiser Gorman Company. Indicate in which financial statement and under what classification each of the
The adjusted trial balance columns of Falcetto Company’s worksheet for the year ended December 31, 2014, are as follows.Instructions Prepare a multiple-step income statement for Falcetto Company.
Which of the following statements is false?(a) IFRS specifically requires use of a multiple-step income statement.(b) Under IFRS, companies can use either a perpetual or periodic system.(c) The
Under the new format for financial statements being proposed under a joint IASB/FASB project:(a) all financial statements would adopt headings similar to the current format of the balance sheet.(b)
Indicate whether each of the five statements presented below is true or false.1. The three steps in the accounting process are identification, recording, and communication.2. The two most common
Classify the following items as issuance of stock (I), dividends (D), revenues (R), or expenses (E). Then indicate whether each item increases or decreases stockholders’ equity.(1) Rent
Transactions made by Virmari & Co., a public accounting fi rm, for the month of August are shown below. Prepare a tabular analysis which shows the effects of these transactions on the expanded
Presented below is selected information related to Flanagan Corporation at December 31, 2014. Flanagan reports financial information monthly.(a) Determine the total assets of Flanagan at December 31,
Legal Services Inc. was incorporated on July 1, 2014. During the first month of operations, the following transactions occurred.1. Stockholders invested $10,000 in cash in exchange for common stock
Which of the following statements about users of accounting information is incorrect?(a) Management is an internal user.(b) Taxing authorities are external users.(c) Present creditors are external
The cost principle states that:(a) assets should be initially recorded at cost and adjusted when the fair value changes.(b) activities of an entity are to be kept separate and distinct from its
Which of the following statements about basic assumptions is correct?(a) Basic assumptions are the same as accounting principles.(b) The economic entity assumption states that there should be a
The three types of business entities are:(a) proprietorships, small businesses, and partnerships.(b) proprietorships, partnerships, and corporations.(c) proprietorships, partnerships, and large
Net income will result during a time period when:(a) assets exceed liabilities.(b) assets exceed revenues.(c) expenses exceed revenues.(d) revenues exceed expenses.
Performing services on account will have the following effects on the components of the basic accounting equation:(a) increase assets and decrease stockholders’ equity.(b) increase assets and
As of December 31, 2014, Stoneland Company has assets of $3,500 and stockholders’ equity of $2,000.What are the liabilities for Stoneland Company as of December 31, 2014?(a) $1,500. (b) $1,000. (c)
Which of the following events is not recorded in the accounting records?(a) Equipment is purchased on account.(b) An employee is terminated.(c) A cash investment is made into the business.(d) The
During 2014, Gibson Company’s assets decreased $50,000 and its liabilities decreased $90,000. Its stockholders’ equity therefore:(a) increased $40,000.(b) decreased $140,000.(c) decreased
Payment of an account payable affects the components of the accounting equation in the following way:(a) decreases stockholders’ equity and decreases liabilities.(b) increases assets and decreases
Which of the following statements is false?(a) A statement of cash flows summarizes information about the cash inflows (receipts) and outflows (payments) for a specific period of time.(b) A balance
On the last day of the period, Jim Otto Company buys a $900 machine on credit. This transaction will affect the:(a) income statement only.(b) balance sheet only.(c) income statement and retained
The financial statement that reports assets, liabilities, and stockholders’ equity is the:(a) income statement.(b) retained earnings statement.(c) balance sheet.(d) statement of cash flows.
Services provided by a public accountant include:(a) auditing, taxation, and management consulting.(b) auditing, budgeting, and management consulting.(c) auditing, budgeting, and cost accounting.(d)
Which of the following is not a reason why a single set of high-quality international accounting standards would be beneficial?(a) Mergers and acquisition activity.(b) Financial markets.(c)
The Sarbanes-Oxley Act determines:(a) international tax regulations.(b) internal control standards as enforced by the IASB.(c) internal control standards of U.S. publicly traded companies.(d) U.S.
IFRS is considered to be more:(a) principles-based and less rules-based than GAAP.(b) rules-based and less principles-based than GAAP.(c) detailed than GAAP.(d) None of the above.
Which of the following statements is false?(a) IFRS is based on a conceptual framework that is similar to that used to develop GAAP.(b) Assets are defined by the IASB as resources controlled by the
Which of the following statements is true?(a) Under IFRS, the term income refers to what would be called revenues and gains under GAAP.(b) The term income is not used under IFRS.(c) The term income
Mercia Corporation is authorized to issue 100,000 shares of common stock and 8,000 shares of preferred stock. During the first year ended 31 December 2024, Mercia Corporation completed the following
Simon’s Garment Company issued $150,000, 6%, 10-year bond payable. Assume that the accounting year of Simon’s Garment Company ends on December 31. Journalize the following transactions for
Modern Bike’s balance sheet appears as follows (amounts in thousands):Use the following ratio data to complete Modern Bike’s balance sheet.1. Current ratio is 1.40.2. Acid-test ratio is 0.45.
What is a prior-period adjustment?
Martin Martini Winery’s comparative income statement follows The 2022 data are given as needed.Requirements1. Calculate the profit margin ratio for 2024 and 2023.2. Calculate the rate of return on
The unadjusted trial balance of Orange Home Cleaning Service at November 30, 2024, follows:Additional information at November 30, 2024:a. The unadjusted prepaid rent of $1,200 relates to rent period
Louise’s Bookstore has been in operation since January 2024. Consider the following independent situations for the bookstore in 2024:a. The bookstore has an interest expense of $4,200 that it must
Lucas Tax Consultancy gathered the following information for the adjusting entries on April 30, 2024:a. Accrued service revenue, $900.b. Earned $800 of the service revenue collected in advance.c. The
Refreshing Salon’s adjusted trial balance follows. Prepare Refreshing Salon’s income statement for the year ended December 31, 2024. REFRESHING SALON Adjusted Trial Balance December 31,
Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s statement of retained earnings for the year ended December 31, 2024.Data From S-F:4-1Refreshing Salon’s adjusted trial
Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s unclassified balance sheet at December 31, 2024. Use the account form.Data From S-F:4-1Refreshing Salon’s adjusted trial
Refer to the data in Short Exercise S-F:4-1. Prepare Refreshing Salon’s classified balance sheet at December 31, 2024. Use the report form.Data From S-F:4-1Refreshing Salon’s adjusted trial
Use your answer from Exercise E-F:4-20 to prepare Orange Home Cleaning Service’s financial statements.Requirements1. Complete the income statement for the month ended November 30, 2024.2. Complete
Natalia Louis opened a pet shop called Natalia’s Pet Shop. Answer the following questions based on two different situations related to the pet shop.Requirements1. Natalia’s Pet Shop began the
Balinese Traditional Massage Service completed the following transactions during November 2024, its first month of operations:Requirements1. Record the transactions in the journal of Balinese
Consider the following independent situations for Tropical View:a. Tropical View had a January 1, 2024 beginning balance in its Prepaid Rent account of $1,400. During the year the company made
Online Gaming collects cash from subscribers in advance and then provides online games to subscribers over a one-year period.Requirements1. Record the journal entry to record the original receipt of
During 2024, Fun Tuition Center, which provides creative tuition services for kids, earned revenues of $400,000, but only collected $380,000. Expenses incurred during the year totaled $280,000 and
The following information is related to Natural Water Company and Clean Water Company for the month of December 2024.Compare the return on assets (ROA) of these two companies and suggest which
Barry Lim is a 28-year old data analyst who lives in Singapore. He recently made a few decisions that affected his professional life. Identify the accounting assumptions and principles that apply to
Emerson St. Book Shop’s unadjusted Merchandise Inventory at June 30 was $5,200. The cost associated with the physical count of inventory on hand on June 30 was $4,900. In addition, Emerson St. Book
Sam Mario works as an Admissions Officer at the Arts Center. Mario’s duty includes welcoming visitors and ensuring visitors pay the admission fee of $5 per person. No ticket is issued to visitors
Stay Fit Gym’s checkbook lists the following:Stay Fit’s June bank statement shows the following:Requirements1. Prepare Stay Fit Gym’s bank reconciliation at June 30, 2024.2. How much cash does
The manager of Creative Hair Salon has just received the May 31, 2024, bank statement for the salon from Park Cities Bank. The statement shows an ending balance of $1,755. Listed on the statement are
Describe the single-step income statement.
Describe the multi-step income statement.
Mellony Corp. reported the following on its comparative income statement: Prepare a horizontal analysis of net sales revenue, cost of goods sold, and gross profit—both in dollar amounts and in
Neville Corporation, a home improvement store chain, reported the following summarized figures: Neville Corporation has 500,000 common shares outstanding during 2025.Requirements 1. Compute Neville
Twin Sisters Optical Company reported the following amounts on its balance sheet at December 31, 2025 and 2024.Prepare a vertical analysis of Twin Sisters Optical Company’s assets for 2025 and
Mouscateer Corp. reported the following revenue and net income amounts: Requirements 1. Calculate Mouscateer Corp.’s trend analysis for revenue and net income. Use 2023 as the base year and
Neville Corporation, a home improvement store chain, reported the following summarized figures: Requirements 1. Compute the profit margin ratio for Neville Corporation for 2025. 2. Compute the
Data for Elderberry Designs, Inc. follow: Requirements 1. Prepare a horizontal analysis of the comparative income statement of Elderberry Designs, Inc. Round percentage changes to one decimal
Timber Realty’s net revenue and net income for a five-year period follow: Requirements 1. Using 2022 as the base year, compute a trend analysis for net revenue and net income. Round to the
Lyall Mills’ balance sheet appears as follows (amounts in thousands): Use the following ratio data to complete Lyall Mills’ balance sheet. 1. Current ratio is 0.80. 2. Acid-test ratio is 0.40.
Janice Creations, Inc. has the following data: Perform a vertical analysis of Janice Creations, Inc.’s balance sheet for each year. JANICE CREATIONS, INC. Comparative Balance Sheet December 31,
Financial statement data of Excursion Trips, Inc. include the following items: Requirements 1. Compute Excursion Trips, Inc.’s current ratio, debt ratio, and earnings per share. Round all ratios
The financial statements of Morton’s Natural Foods include the following items: Compute the following ratios for the current year: a. Current ratio b. Cash ratio c. Acid-test ratio d.
Focused Photo Shop has asked you to determine whether the company’s ability to pay current liabilities and total liabilities improved or deteriorated during 2025. To answer this question, you
Casimiro, Inc.’s comparative income statement follows. The 2024 data are given as needed. Requirements 1. Calculate the profit margin ratio for 2026 and 2025. 2. Calculate the rate of return on
Assume that you are purchasing an investment and have decided to invest in a company in the digital phone business. You have narrowed the choice to Electronic Corp. and All Region, Inc. and have
Comparative financial statement data of Romano, Inc. follow: 1. Market price of Romano, Inc.’s common stock: $86.58 at December 31, 2025, and $46.54 at December 31, 2024. 2. Common shares
Caridad, Inc. has assembled the following data for the year ended December 31, 2025: Prepare Caridad, Inc.’s statement of cash flows using the indirect method. Include an accompanying schedule of
Early Company earned net income of $75,000 during the year ended December 31, 2025. On December 15, Early Company declared the annual cash dividend on its 5% preferred stock (par value, $115,000) and
Quality Suites Hotels includes the following selected accounts in its general ledger at December 31, 2025: Prepare the liabilities section of Quality Suites Hotels’ balance sheet at December 31,
On January 1, 2025, Alvarado-Hayes signed a $200,000, 5-year, 6% note. The loan required Alvarado-Hayes to make annual payments on December 31 of $40,000 principal plus
Fire Company purchased a building with a market value of $250,000 and land with a market value of $50,000 on January 1, 2025. Fire Company paid $20,000 cash and signed a 20-year, 6% mortgage payable
Shah Entertainment Center borrowed money by issuing $6,000,000 of 4% bonds payable at 97.5. Interest is paid semiannually.Requirements 1. How much cash did Shah Entertainment Center receive when
On December 31, 2025, when the market interest rate is 6%, Fernandez Realty issues $800,000 of 7.25%, 10-year bonds payable. The bonds pay interest semiannually. Fernandez Realty received $874,662 in
Reece Pharmacy borrowed $390,000 on January 2, 2025, by issuing a 10% serial bond payable that must be paid in three equal annual installments plus interest for the year. The first payment of
On January 1, 2025, Izabella Company issued $200,000 of 9%, five-year bonds payable at 106. Izabella Company has extra cash and wishes to retire the bonds payable on January 1, 2026, immediately
Makai Company issued $50,000 of 10-year, 9% bonds payable on January 1, 2025. Makai Company pays interest each January 1 and July 1 and amortizes discount or premium by the straight-line amortization
Sanford Insurance Company issued a $50,000, 5%, 10-year bond payable at 108 on January 1, 2025. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the
On December 31, 2025, when the market interest rate is 10%, Judah Realty issues $800,000 of 7.25%, 10-year bonds payable. The bonds pay interest semiannually. Determine the present value of the bonds
Yang Company issued a $600,000, 4%, 10-year bond payable at face value on January 1, 2025. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of
Genesis Company issued a $40,000, 5%, 10-year bond payable at 90 on January 1, 2025. Interest is paid semiannually on January 1 and July 1. Requirements 1. Journalize the issuance of the
Beck Company issued a $110,000, 6.5%, 15-year bond payable. Journalize the following transactions for Beck Company and include an explanation for each entry: a. Issuance of the bond payable at
Marina Booker is entering high school and is determined to save money for college. Booker feels she can save $6,000 each year for the next four years from her part-time job. If Booker is able to
On January 1, 2025, Kayaking Unlimited issues 9%, 20-year bonds payable with a face value of $200,000. The bonds are issued at 103 and pay interest on June 30 and December
Ochoa Corporation has the following data as of December 31, 2025: Compute the debt to equity ratio at December 31, 2025. Total Current Liabilities Total Current Assets Long-term Liabilities $ 49,020
The accounting records of Shepherd Communications include the following as of December 31, 2025: Requirements1. Report these liabilities on the Shepherd Communications balance sheet, including
Gecko Manufacturing issued 9%, 10-year bonds payable at 85 on December 31, 2025. At December 31, 2027, Gecko Manufacturing reported the bonds payable as follows: Gecko Manufacturing pays
The following transactions of Quality Home Supply occurred during 2025 and 2026: Requirements 1. Journalize the transactions in the Quality Home Supply general journal. Round to the nearest dollar.
The accounting records of Franco Wireless include the following as of December 31, 2025: Requirements 1. Report these liabilities on the Franco Wireless balance sheet, including headings and totals
Taniya, Inc.’s 2025 balance sheet reported the following items—with 2024 figures given for comparison: Net income for 2025 was $3,890. Compute Taniya, Inc.’s rate of return on common
On January 1, 2025, Teachers Credit Union (TCU) issued 7%, 20-year bonds payable with face value of $300,000. The bonds pay interest on June 30 and December 31. Requirements 1. If the
On January 1, 2025, Veterans Credit Union (VCU) issued 5%, 20-year bonds payable with face value of $800,000. These bonds pay interest on June 30 and December 31. The issue price of the bonds is
Italian Imports, Inc. recently reported the following stockholders’ equity: Suppose Italian Imports, Inc. split its common stock 2-for-1 in order to decrease the market price per share of its
Office Goods, Inc. completed the following treasury stock transactions in 2025: Requirements 1. Journalize these transactions. Explanations are not required. 2. How will Office Goods, Inc. report
Damaris Co. has the following classes of stock: Requirements 1. Damaris Co. declares cash dividends of $25,000 for 2025. How much of the dividends goes to preferred stockholders? How much goes to
Turtle Co. had beginning retained earnings of $800,000 on January 1, 2025. During the year, Turtle Co. declared and paid $65,000 of cash dividends and earned $240,000 of net income. In addition,
TLM Corporation’s accounting records include the following items, listed in no particular order, at December 31, 2025: The income tax rate for TLM Corporation is 21%. Prepare TLM Corporation’s
The Grove, Inc. issued $300,000 of 11%, 10-year bonds payable on January 1, 2025. The market interest rate at the date of issuance was 10%, and the bonds pay interest
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