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Accounting
Consider the unadjusted trial balance of Reliable Limo Service Company at June 30, 2012, and the related month-end adjustment data.Adjustment data at June 30 follow:a. Accrued service revenue at June
The adjusted trial balance of Party Piano Tuning Service, Inc., at fiscal year end May 31, 2012, follows.Requirements1. Prepare Party's 2012 income statement.2. Prepare the statement of retained
Smiths Stews, Inc., completed the following transactions during April, 2012:Apr 1 Prepaid rent for April through July, $4,800.2 Purchased computer for cash, $3,600.3 Performed catering
Nibble’s Cookies uses the accrual method of accounting and properly records transactions on the date they occur. Descriptions of customer transactions follows:a. Received $4,800 cash from customer
Descriptions of transactions and how they were recorded follows for October, 2012 for Ashley Acoustics, Inc.a. Received $3,600 cash from customer for three months of service beginning October 1, 2012
Carolinas Golf School, Inc., completed the following transactions during October, 2012:Oct 1 Prepaid insurance for October through December, $900.4 Performed services (gave golf lessons)
Lindsey Landscaping has the following independent cases at the end of the year on December 31, 2014.a. Each Friday, Lindsey pays employees for the current weeks work. The amount of the
Showtime Theater Production Companys unadjusted and adjusted trial balances at December 31, 2012, follow.Requirement1. Journalize the adjusting entries that account for the differences
The trial balance of Canton Air Purification System, Inc., at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Unearned service
The trial balance of Concord Bed and Breakfast Corporation at December 31, 2012, and the data needed for the month-end adjustments follow.Adjustment data at December 31 follow:a. Prepaid insurance
Consider the unadjusted trial balance of Star Limo Service Company at September 30, 2012, and the related month-end adjustment data.Adjustment data at September 30 follow:a. Accrued service revenue
The adjusted trial balance of A Plus Events Piano Tuning Service, Inc., at fiscal year end October 31, 2012, follows.Requirements1. Prepare A Plus's 2012 income statement.2. Prepare the statement of
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 2-61 of Chapter 2. Start from the trial balance and the posted T-accounts that Lawlor Lawn Service prepared at May 31,
This problem continues the Draper Consulting, Inc., situation from Problem 2-62 of Chapter 2. Start from the trial balance and the posted T-accounts that Draper Consulting, Inc., prepared at December
It’s Just Lunch is a nationwide service company that arranges lunch dates for clients. It’s Just Lunch collects cash up front for a package of dates. Suppose your group is opening an It’s Just
Lee Nicholas has been the principal stockholder and has operated World.com Advertising, Inc., since its beginning 10 years ago. The company has prospered. Recently, Nicholas mentioned that he would
One year ago, Tyler Stasney founded Swift Classified Ads. Stasney remembers that you took an accounting course while in college and comes to you for advice. He wishes to know how much net income his
The net income of Steinbach & Sons, a department store, decreased sharply during 2014. Mort Steinbach, manager of the store, anticipates the need for a bank loan in 2015. Late in 2014, Steinbach
Amazon.com—like all other businesses—makes adjusting entries prior to year-end in order to measure assets, liabilities, revenues, and expenses properly. Examine Amazon’s balance sheet and Note
XM, Ltd., was a small engineering firm that built hi-tech robotic devices for electronics manufacturers. One very complex device was partially completed at the end of 2014. Barb McLauren, head
Using the trial balance prepared in Chapter 2, consider the following adjustment data gathered by Evan:a. Evan prepared an inventory of supplies and found there were $50 of supplies in the cabinet on
Consider the following adjusting entries:Requirement1. State one reason why each of the previous adjusting entries were made. Example: The explanation for journal entry a could be some of the Prepaid
Consider the following list of accounts:a. Accounts receivable b. Supplies c. Prepaid rent d. Furniture e. Accumulated depreciation—furnituref. Accounts payableg. Unearned service revenueh.
Answer the following questions:Requirements1. What type of normal balance does the Retained earnings account have—debit or credit?2. Which type of income statement account has the same type of
It is December 31 and time for you to close the books for Brett Tilman Enterprises.Requirement1. Journalize the closing entries for Brett Tilman Enterprises:a. Service revenue, $20,600.b. Make a
It is December 31 and time for your business to close the books. The following balances appear on the books of Sarah Simon Enterprises:a. Dividends, $8,500.b. Service revenue, $23,700.c. Expense
Brown Insurance Agency reported the following items at November 30, 2012:Requirement1. Journalize Browns closing entries, as needed for theseaccounts.
Patel Insurance Agency reported the following items at September 30:Requirement1. Prepare T-accounts for Patel Insurance Agency. Insert the account balances prior to closing. Post the closing entries
After closing its accounts at July 31, 2012, Goodrow Electric Company had the following account balances:Requirement1. Prepare Goodrows post-closing trial balance at July 31,2012.
Jet Fast Printing reported the following:Requirements1. Identify the assets (including contra assets) and liabilities.2. Classify each asset and each liability as current orlong-term.
Examine Jet Fast Printing’s account balances in Short Exercise 4-9.Requirement1. Identify or compute the following amounts for Jet Fast Printing:a. Total current assetsb. Total current
Heart of Texas Telecom has these account balances at December 31, 2012:Requirements1. Compute Heart of Texas Telecoms current ratio and debt ratio.2. How much in current assets does Heart
Data for the unadjusted trial balance of Mexican Riviera Tanning Salon at March 31, 2012, follow.Adjusting data for March 2012 are:a. Accrued service revenue, $2,600.b. Supplies used in operations,
The trial balance of Telegraphic Link, Inc., at November 30, follows:Additional information at November 30, 2012:a. Accrued service revenue, $600.b. Depreciation, $300.c. Accrued salary expense,
Use your answer from E4-13.Requirement1. Prepare Telegraphic Link’s balance sheet as of November 30, 2012.
Use your answer from E4-13.Requirement1. Journalize Telegraphic Link’s adjusting and closing entries at November 30, 2012.
Consider the entries prepared in Exercise 4-15.Requirements1. Set up T-accounts for those accounts affected by the adjusting and closing entries in Exercise 4-15.2. Post the adjusting and closing
Todd McKinney Magic Shows accounting records include the following account balances as of December 31:During 2012, the business recorded the following:a. Prepaid annual rent of $8,000.b.
The adjusted trial balance from the January worksheet of Silver Sign Company follows:Requirements1. Journalize Silvers closing entries at January 31.2. How much net income or net loss did
Selected accounts of Guitars by Peter, Inc., for the year ended December 31, 2012, follow:Requirement1. Prepare the companys statement of retained earnings for theyear.
Gunther recorded the following transactions and year-end adjustments during 2012:Requirements1. Assuming that there were no other service revenue and rent expense transactions during 2012, journalize
The accountant for Klein Photography has posted adjusting entries (a)(e) to the following selected accounts at December 31, 2012.Requirements1. Journalize Klein Photographys
Review your answers from Exercises 4-13 through 4-16.Requirement1. Prepare the post-closing trial balance of Telegraphic Link at November 30, 2012.
The adjusted trial balance and the income statement amounts from the August worksheet of Brian OBrion Dance Studio Company follow:Requirements1. Prepare the classified balance sheet of
The trial balance and adjustment data of Mylas Motors, Inc., at November 30, 2012, follow:Additional data at November 30, 2012:a. Depreciation on equipment, $1,100.b. Accrued wage
The trial balance of Fugazy Investment Advisers, Inc., at December 31, 2012, follows:Adjustment data at December 31, 2012:a. Unearned service revenue earned during the year, $500.b. Supplies on hand,
The trial balance of Wolfe Anvils, Inc., at October 31, 2012, and the data for the month-end adjustments follow:Adjustment data:a. Unearned service revenue still unearned at October 31, $1,200.b.
The trial balance of Racer Internet, Inc., at March 31, 2012, follows:Adjusting data at March 31, 2012:a. Unearned service revenue still unearned, $500.b. Prepaid rent still in force, $2,000.c.
The unadjusted trial balance and adjustment data of Elias Real Estate Appraisal Company at June 30, 2012, follow:Adjustment data at June 30, 2012:a. Prepaid insurance expired, $300.b. Accrued service
Selected accounts of Blume Irrigation System at December 31, 2012, follow:Requirements1. Prepare the companys classified balance sheet in report form at December 31, 2012.2. Compute the
The trial balance and adjustment data of Brookes Motors, Inc., at September 30, 2012, follow:Additional data at September 30, 2012:a. Depreciation on equipment, $1,100.b. Accrued wage
The trial balance of Giambi Investment Advisers, Inc., at December 31, 2012, follows:Adjustment data at December 31, 2012:a. Unearned service revenue earned during the year, $500.b. Supplies on hand,
The trial balance of Leopard Anvils, Inc., at January 31, 2012, and the data for the month-end adjustments follow:Adjustment data:a. Unearned service revenue still unearned at January 31, $400.b.
The trial balance of Road Runner Internet, Inc., at July 31, 2012, follows:Adjusting data at July 31, 2012:a. Unearned service revenue still unearned, $1,200.b. Prepaid rent still in force at July
The unadjusted trial balance and adjustment data of Smith Real Estate Appraisal Company at June 30, 2012, follow:Adjustment data at June 30, 2012:a. Prepaid insurance expired, $400.b. Accrued service
Selected accounts of Browne Irrigation Systems at December 31, 2012, follow:Requirements1. Prepare the companys classified balance sheet in report form at December 31, 2012.2. Compute
This exercise continues the Lawlor Lawn Service, Inc., situation from Exercise 3-48 of Chapter 3. Start from the posted T-accounts and the adjusted trial balance for Lawlor Lawn Service prepared for
Start from the posted T-accounts and the adjusted trial balance that Draper Consulting prepared for the company at December 31:Requirements1. Complete the accounting worksheet at December 31.2.
Kathy Wintz formed a lawn service business as a summer job. To start the business on May 1, she deposited $1,000 in a new bank account in the name of the business. The $1,000 consisted of a $600 loan
Matthews Delivery Service, Inc., completed the following transactions during its first month of operations for January 2012:a. Matthews Delivery Service, Inc., began operations by receiving $6,000
One year ago, Ralph Collins founded Collins Consignment Sales Company, and the business has prospered. Collins comes to you for advice. He wishes to know how much net income the business earned
Grant Film Productions wishes to expand and has borrowed $100,000. As a condition for making this loan, the bank requires that the business maintain a current ratio of at least 1.50.Business has been
This case, based on the balance sheet of Amazon.com in Appendix A at the end of the book, will familiarize you with some of the assets and liabilities of that company. Use the Amazon.com balance
Arthur Chen, a newly minted CPA, was on his second audit job in the Midwest with a new client called Parson Farm Products, Inc. He was looking through the last four years of financials, and doing a
Refer to the Practice Set data provided in Chapters 1, 2, and 3.Requirements1. Prepare an accounting worksheet.2. Prepare an income statement, statement of retained earnings, and balance sheet using
Brenda Longval Travel Design, Inc., prepared its trial balance. Suppose Longval made an error: She erroneously listed common stock of $30,600 as a debit rather than a credit.Requirement1. Compute the
Consider accounts receivable and notes receivable.Requirement1. What is the difference between accounts receivable and notes receivable?
Consider internal control over receivables collections.Requirement1. What job must be withheld from a company’s credit department in order to safeguard its cash? If the credit department does
During its first year of operations, Spring Garden Plans earned revenue of $322,000 on account. Industry experience suggests that bad debts will amount to 2% of revenues. At December 31, 2012,
The Accounts receivable balance for Winter Retreats at December 31, 2011, was $18,000. During 2012, Winter completed the following transactions:a. Sales revenue on account, $447,000 (ignore cost of
Summer and Sandcastles Resort had the following balances at December 31, 2012, before the year-end adjustments:The aging of accounts receivable yields the following data:Requirements1. Journalize
Sherman Peterson is an attorney in Los Angeles. Peterson uses the direct write-off method to account for uncollectible receivables.At January 31, 2012, Peterson’s accounts receivable totaled
Gate City Cycles had trouble collecting its account receivable from Sue Ann Noel. On June 19, 2012, Gate City finally wrote off Noel’s $700 account receivable. Gate City turned the account over to
Restaurants do a large volume of business by credit and debit cards. Suppose Chocolate Passion restaurant had these transactions on January 28, 2012:National Express credit-card sales . . . . . . . $
A table of notes receivable for 2012 follows:Requirement1. For each of the notes receivable, compute the amount of interest revenue earned during 2012. Use a 360-day year, and round to the
Lakeland Bank & Trust Company lent $110,000 to Samantha Michael on a 90-day, 9% note.Requirement1. Journalize the following transactions for the bank (explanations are not required):a. Lending the
Northend Medical Center included the following items in its financial statements:Requirements1. How much net income did Northend earn for the month?2. Show two ways Northend can report receivables on
Southside Clothiers reported the following items at September 30, 2012 (last years2011amounts also given as needed):Requirement1. Compute Southsides
Common receivables termsTERMS: 1. Account receivable2. Promissory note3. Borrower4. Note receivable5. Maturity date6. CreditorDEFINITIONS:A. Transaction results in a liability for this partyB.
Suppose The Right Rig Dealership is opening a regional office in Omaha. Cary Regal, the office manager, is designing the internal control system. Regal proposes the following procedures for credit
At December 31, 2012, the Accounts receivable balance of GPS Technology is $190,000. The Allowance for doubtful accounts has an $8,600 credit balance. GPS Technology prepares the following aging
At September 30, 2012, Windy Mountain Flagpoles had Accounts receivable of $34,000 and Allowance for uncollectible accounts had a credit balance of $3,000. During October 2012, Windy Mountain
Refer to the facts presented in Exercise 8-16.Requirements1. Journalize sales, collections, uncollectible account expense using the direct writeoff method, and write-offs of uncollectibles during
High Performance Cell Phones sold $23,000 of merchandise to Anthony Trucking Company on account. Anthony fell on hard times and paid only $8,000 of the account receivable. After repeated attempts to
Marathon Running Shoes reports the following:2012May 4 Recorded Estate credit-card sales of $107,000, net of processor fee of 3%.Sep 1 Loaned $17,000 to Jean Porter, an executive with the company, on
On September 30, 2012, Synergy Bank loaned $88,000 to Kendall Kelsing on a oneyear, 12% note.Requirements1. Journalize all entries for Synergy Bank related to the note for 2012 and 2013.2. Which
The following selected transactions occurred during 2012 for Caspian Importers.The company ends its accounting year on April 30, 2012:Feb 1 Loaned $14,000 cash to Brett Dowling on a one-year, 8%
Hot Heat Steam Cleaning performs services on account. When a customer account becomes four months old, Hot Heat converts the account to a note receivable. During 2012, the company completed the
Algonquin Carpets reported the following amounts in its 2013 financial statements. The 2012 figures are given for comparison.Requirements1. Calculate Algonquins acid-test ratio for 2013.
Contemporary Media Sign Company sells on account. Recently, Contemporary reported the following figures: 2012 2011Net sales. . . . . . . . . . . . . . . . . . . . . . . $ 572,000
Organizational Kings performs organizational consulting services on account, so virtually all cash receipts arrive in the mail. Average daily cash receipts are $36,000. Katie Stykle, the owner, has
On August 31, 2012, Daisy Floral Supply had a $155,000 debit balance in Accounts receivable and a $6,200 credit balance in Allowance for uncollectible accounts. During September, Daisy madeSales on
At September 30, 2012, the accounts of Mountain Terrace Medical Center (MTMC) include the following:Accounts receivable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $
Quality Watches completed the following selected transactions during 2012 and 2013:2012Dec 31 Estimated that uncollectible account expense for the year was 2% of credit sales of $450,000 and recorded
Relaxing Recliner Chairs completed the following selected transactions: 2011Jul 1 Sold inventory to Great – Mart, receiving a $45,000, nine-month, 12% note. Ignore cost of goods sold.Oct 31
Kelly Realty loaned money and received the following notes during 2012.RequirementsFor each note, compute interest using a 360-day year. Explanations are not required.1. Determine the due date and
Consider the following transactions for Jo Jo Music.2011Dec 6 Received a $7,000, 90-day, 12% note on account from Dark Star Music.31 Made an adjusting entry to accrue interest on the Dark Star Music
The comparative financial statements of Lakeland Cosmetic Supply for 2012, 2011, and 2010 include the data shown here:Requirements1. Compute these ratios for 2012 and 2011:a. Acid-test ratiob. Days'
Tutor Tots performs tutoring services on account, so virtually all cash receipts arrive by mail and are then placed in the petty cash box for a week. Average daily cash receipts are $24,000. Jennifer
On October 31, 2012, Blossom Floral Supply had a $180,000 debit balance in Accounts receivable and a $7,200 credit balance in Allowance for uncollectible accounts. During November, Blossom madeSales
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