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Accounting
Given the transactions in M2-9 [including (a)], prepare a classified balance sheet for Spotlighter Inc. as of January 31, 2014. In M2-9 For each of the following transactions of Spotlighter Inc. for
J.K. Builders was incorporated on July 1, 2014. Prepare journal entries for the follow- ing events from the first month of business. If the event is not a transaction, write "no transaction." a.
Analyze the accounting equation effects of the transactions in M2-13 using the format shown in the chapter, and compute total assets, total liabilities, and total shareholders' equity. In M2-13 J.K.
Joel Henry founded JHenryBooks.com at the beginning of August, which sells new and used books online. He is passionate about books, but does not have a lot of accounting experi- ence. Help Joel by
Analyze the accounting equation effects of the transactions in M2-15 using the format shown in the chapter, and compute total assets, total liabilities, and total shareholders' equity. In M2-15 Joel
The following accounts are taken from the financial statements of Knight Entertainments Resorts, Inc., at its September 30, 2014, year-end. (Amounts are in thousands.)Required: 1. Prepare a
The balance sheet of Robust Ribs Restaurant reports current assets of $30,000 and current liabilities of $15,000. Calculate and interpret the current ratio. Does it appear likely that Robust Ribs
Refer to M2-23. Evaluate whether the current ratio of Robust Ribs Restaurant will increase or decrease as a result of the following transactions.In M2-23The balance sheet of Robust Ribs Restaurant
For each of the following transactions of Spotlighter Inc. for the month of January 2014, indicate the accounts, amounts, and direction of the effects on the accounting equation. The first
During its first month of operations, March 2014, Falla Fashions, Inc., completed four transactions with the dollar effects indicated in the following schedule:Required: 1. Write a brief explanation
Assume Downer.com was organized on May 1, 2014, to compete with Despair, Inc.®-a company that sells demotivational posters and office products. The following events occurred during the first month
Lee Delivery Company Inc. (LDC) was incorporated in 2014. The following transactions occurred during the year:a. Received $40,000 cash from organizers in exchange for shares in the new company.b.
Delamy Design Ltd. is a clothing designer, marketer, and distributor. The company reported the following in recent balance sheets (amounts in thousands):Required: 1. Calculate the current ratio at
Digital Design Diversions, Inc. (DDDI) designs, develops, and distributes videogames for computers and advanced game systems such as Playnation, Y-Box, and Yeee. DDDI has been operating for only one
The following events occurred for Favanta Company:a. Received $10,000 cash from owners and issued shares to them.b. Borrowed $7,000 cash from a bank and signed a note due later this year.c. Purchased
NIKE, Inc., with its Canadian headquarters in Thornhill, Ontario, is one of the world's lead- ing manufacturers of athletic shoes and sports apparel. The following activities occurred during a recent
Refer to E2-5.NIKE, Inc., with its Canadian headquarters in Thornhill, Ontario, is one of the world's leading manufacturers of athletic shoes and sports apparel. The following activities occurred
Refer to E2-6.NIKE, Inc., with its Canadian headquarters in Thornhill, Ontario, is one of the world's lead- ing manufacturers of athletic shoes and sports apparel. The following activities occurred
Harrigan Service Company, Inc., was incorporated by Ian Harrigan and five other managers. The following activities occurred during the year:a. Received $60,000 cash from the managers; each was issued
During its first week of operations, January 1 to 7, 2014, Cosy Comfort Furniture Company completed six transactions with the dollar effects indicated in the following schedule:Required: 1. Write a
Plaudere Plastics Company (PPC) has been operating for three years. The December 31, 2013, account balances are:During the year 2014, the company had the following summarized activities:a. Purchased
Model trains for sale to toy stores are produced by Whistle Stop Incorporated, a small manufacturing company. Whistle Stop also has a small service department that repairs customers' model trains for
Lex Systems Inc. is a computer software company that makes online public access cata- loguing systems for library, business, or home use. It also has a small service department that provides initial
Fruitopia Farms was incorporated as a private company on January 1, 2014. The company's accounts included the following at January 31, 2014:During the month of February, the company had the following
Alezandray's Interiors, Inc., is a leading international manufacturer and retailer of home furnishings. The following is adapted from Alexander's balance sheet as of September 30, 2014. Dollars are
Swish Watch Corporation manufactures, sells, and services expensive watches. The com- pany has been in business for three years. At the end of the most recent year, 2013, the accounting records
Blockhead and Sons is a motor vehicle repair centre specializing in engine repair. At the end of the most recent year, 2013, the accounting records reported total assets of $746,000 and total
Lakeshore Cottages was incorporated as a private company on January 1, 2014. The company's accounts included the following at January 31, 2014:During the month of February, the company had the
Refer to the financial statements of Rona Inc. in Appendix A at the back of this book, or download the annual report from the Cases section on Connect.Refer to Appendix A,RONA INC.CONSOLIDATED
Assume you recently started up a new company called Slusher Gusher that rents machines for making frozen drinks like smoothies, frozen juices, tea slush, and iced cappuccinos. For $100, your business
Bachman Music Company had the following transactions in March:a. Sold music lessons to customers for $10,000; received $6,000 in cash and the rest on account.b. Paid $600 in wages for the month.c.
The following transactions are February 2014 activities of Swing Right Incorporated, which offers golfing lessons in western Canada. For each of the following transactions, complete the spreadsheet,
The following accounts are taken from Buck Up! Inc., a company that specializes in horse breaking services and rodeo lessons, as of December 31, 2014.RequiredUsing the unadjusted trial balance
Assume that the following accounts are taken from the December 31, 2014, financial statements of Rogers Communications Inc. (Amounts are in millions.)Required Prepare an income statement for the
The following transactions are July 2014 activities of Bill's Extreme Bowling, Inc., which operates several bowling centres. If revenue is to be recognized in July, indicate the amount. If revenue is
Again, the following transactions are July 2014 activities of Bill's Extreme Bowling, Inc. If an expense is to be recognized in July, indicate the amount. If an expense is not to be recognized in
For each of the following July 2014 transactions of Bill's Extreme Bowling, Inc., complete the spreadsheet, indicating the amount and effect (+ for increase and - for decrease) of each transaction
Given the transactions in M3-6 [including transaction (a)], prepare an income statement for Bill's Extreme Bowling, Inc., for the month ended July 31, 2014. (This income statement would be considered
The following transactions are February 2014 activities of Swing Hard Incorporated, which offers indoor golfing lessons in the western Canada. If revenue is to be recognized in February, indicate the
The following transactions are February 2014 activities of Swing Hard Incorporated, which offers indoor golfing lessons in the western Canada. If an expense is to be recognized in February, indicate
Assume a recent annual report of Dow Jones & Company, the world leader in business and financial news and information (and publisher of The Wall Street Journal), included the following accounts.
In January 2014, Tongo Inc., a branding consultant, had the following transactions. Indicate the accounts, amounts, and direction of the effects on the accounting equation under the accrual basis.
An analysis of transactions made during July 2014 by NepCo, an Internet service provider, during its first month of operations is shown below. Increases and decreases affecting revenues and expenses
E&Z Reader was founded in January 2014 to provide text reading and recording services.Selected transactions for E&Z Reader's first month of business are as follows:a. Issued shares to
Sysco is a global leader in marketing and distributing food products to restaurants, health- care and educational facilities, lodging establishments, and other customers who prepare meals away from
Silver Star Mountain Resort is a ski resort northeast of Vernon in British Columbia. Besides maintaining well-groomed ski runs, the company sells lift tickets, ski lessons, and ski equipment. It
Longlake Tennis Club (LTC) operates an indoor tennis facility. The company charges a $150 annual membership fee plus a member rental rate of $20 per court per hour. LTC's fiscal year end is August
Diana Mark is the president of TempEmp, Inc., a company that provides temporary employees for not-for-profit companies. TempEmp has been operating for five years; its revenues have increased each
The following transactions are February 2014 activities of InGolfHelp, which offers indoor golfing lessons. You have been hired to analyze the following transactions for a week in February
Sunny Valley Stables Inc. was established on April 1, 2014. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant
You have been hired as the new assistant financial controller for Autobody Corp., an auto body repair shop. Prepare journal entries for the following transactions, which occurred during August
SmartAutoTrader is an online company that specializes in matching buyers and sellers of used items. Buyers and sellers can purchase a membership with SmartAutoTrader, which provides them with advance
Since June 1, 2014, FunnyFlatables has been renting out fun items like moon walks and inflatable slides for parties and corporate events. The company has obtained the use of an abandoned ice rink
1. Did Rona Inc.'s sales revenues increase or decrease in the year ended December 29, 2013, as compared to the previous year? By how much? Calculate this change as a percentage of the previous year's
1. Did The Home Depot's sales revenues increase or decrease in the year ended February 2, 2014, as compared to the previous year? By how much? Calculate this change as a percentage of the previous
Read the following excerpt from a September 2, 2002, article in Fortune magazine and answer the questions that appear below. Forget about fraud. Companies don't need to lie, cheat, and steal to fool
Mike Lynch is the manager of a Toronto office for an insurance company. As the regional manager, his pay package includes a base salary, commissions, and a bonus when the region sells new policies in
Hordichuk Painting Service Company was organized on January 20, 2014, by three individuals, each receiving 5,000 shares from the new company. The following is a schedule of the cumulative account
Assume you recently were hired for a job in Evansville, Indiana, at the head office of Escalade, Inc.-the company that makes GoalrillaTM and Goaliath® basketball systems, and is the exclu- sive
Refer to M4-9. Prepare a statement of retained earnings for 2014.Data from M4-9,
Refer to M4-9. Prepare a classified balance sheet at December 31, 2014. Are the SkyBlue Corporation's assets financed primarily by debt or equity?Data from M4-9,The SkyBlue Corporation has the
Refer to the adjusted trial balance in M4-9. Prepare closing journal entries on December 31,2014.Data from M4-9,Prepare closing journal entries on December 31, 2014.
Mid-county Manufacturing purchased a three-year insurance policy for $30,000 on January 2, 2013. Prepare any journal entries, adjusting journal entries, and closing journal entries required on
For each of the following transactions for the SkyBlue Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2014: a. Collected $2,400
For each of the following transactions for the SkyBlue Corporation, give the accounting equation effects of the adjustments required at the end of the month on December 31, 2014: a. Received a $600
Service Pro Corp (SPC) determined that its unadjusted net income was $10,000 for the year ended September 30, 2015. For the following transactions and events, show the September 30, 2015, adjusting
Macro Company had the following adjusted accounts and balances at year-end (June 30, 2014):Required Prepare an adjusted trial balance for Macro Company at June 30, 2014?
The SkyBlue Corporation has the following adjusted trial balance at December 31, 2014.Prepare an income statement for the year ended December 31, 2014. How much net income did the SkyBlue Corporation
Glidden Consulting provides marketing research for clients in the retail industry. The company had the following adjusted balances at December 31, 2014 (listed alphabetically):Required1. Prepare an
On December 31, 2014, J. Alan and Company prepared an income statement and balance sheet but failed to take into account four adjusting journal entries. The income statement, prepared on this
Mint Cleaning Inc. prepared the following unadjusted trial balance at the end of its second year of operations, ending December 31, 2014. To simplify this exercise, the amounts given in the
During the month of September, the Bridge City Go-Kart Company had the following business activities: a. On September 1, paid rent on the track facility for six months at a total cost of $12,000. b.
Mobol, a wireless phone carrier, completed its first year of operations on December 31, 2013. All of the 2013 entries have been recorded, except for the following: a. At year-end, employees earned
Fesel Company is making adjusting journal entries for the year ended December 31, 2014. In developing information for the adjusting journal entries, you learned the following:a. A two-year insurance
Refer to E4-6.Fesel Company is making adjusting journal entries for the year ended December 31, 2014. In developing information for the adjusting journal entries, you learned the following:a. A
Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2014. The transactions during 2014 have been journalized and posted. The following data are available
Refer to E4-8.Nickleby's Ski Store is completing the accounting process for its first year ended December 31, 2014. The transactions during 2014 have been journalized and posted. The following data
ElecBooks Corporation provides an online bookstore for electronic books. The following is a simplified list of accounts and amounts reported in its accounting records. The accounts have normal debit
Regis Corporation operates hair salons under various brand names including Supercuts, Mia & Maxx, and Style America. Assume the following is a simplified list of accounts and amounts (in
Cactus Company's annual accounting year ends on June 30. It is June 30, 2014, and all of the 2014 entries except the following adjusting journal entries have been made:a. The company earned service
Refer to PB4-2.Cactus Company's annual accounting year ends on June 30. It is June 30, 2014, and all of the 2014 entries except the following adjusting journal entries have been made:a. The company
Brothers Harry and Herman Hausyerday began operations of their machine shop (H & H Tool Co.) on January 1, 2010. The annual reporting period ends December 31. The trial balance on January 1,
1. How much does Rona have recorded as prepaid expenses on the balance sheet as of December 29, 2013? Give a couple of examples of items that could make up this prepaid expense amount.2. How much
1. How much did The Home Depot owe for salaries and wages at February 2, 2014? Was this an increase or decrease from the previous year? What factors could cause these two numbers to be different?2.
On December 12, 2002, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against four executives of Safety-Kleen Corp., a leading provider of industrial waste collection and disposal
Pirate Pete Moving Corporation has been in operation since January 1, 2014. It is now December 31, 2014, the end of the annual accounting period. The company has not done well financially during its
Assume it is now December 31, 2014, and Nicole has just completed her first year of operations at Nicole's Getaway Spa. Looking through her trial balance, she notices that there are some items that
What aspect(s) of the changes made to corporate governance in Canada might counteract the incentive to commit fraud?
What aspect(s) of the changes made to corporate governance in Canada might reduce the opportunities for fraud?
What aspect(s) of the changes made to corporate governance in Canada might allow honest employees to prevail?
On December 31, 2013, WOR Productions reported $100,000 of contributed capital and $20,000 of retained earnings. During 2014, the company had the following transactions. Prepare a statement of
Complete the blanks in the following comparative income statements, statement of share- holders' equity, and balance sheets.
THQ Inc. is among the biggest video game makers in the world. Assume that THQ made the following announcement:Required 1. Does the reason given for the change in year-end indicate that this change
Before spinning off its businesses in 2006, Cendant Corporation owned and operated Super 8 Motels, Ramada, Howard Johnson, Century 21, Orbitz.com, Avis, and Budget. Cendant also was notorious for
The information in E5-5 indicated that the Cendant Corporation press release was issued on February 13, yet the company's year-end was six weeks earlier on December 31. Why did the company wait so
The following amounts (in millions) were reported in the SnarkShark income statement and balance sheet.1. Compute the asset turnover and net profit margin ratios for 2014 and 2013. 2. Would analysts
M&H, an international retail clothing company headquartered in Sweden, began its 2014 fiscal year with assets totalling 41,734 (in millions of Swedish krona) but ended the year (on November 30,
The following ratios for Kool's Corporation and its competitor Willant's, Inc., were obtained from independent sources. Compare the two companies based on the following ratios:Required: 1. Which
GluÌcklich Golfspieler (GG) is a golf club company headquartered in Germany. The company began its 2013 fiscal year with assets totalling 10 million euro but ended the year (on December
Carnival Cruise Lines prides itself on delivering memorable vacations to its guests by offering a wide array of quality cruises. Assume the company began its 2014 fiscal year with assets totalling
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