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Questions and Answers of
Accounting
Locate Disney’s financial statements and related notes on the Internet and answer the following questions:1. Locate Disney’s note that discusses investments. What amount of the investment
The following note is taken from Ford Motor Companys 2007 annual report:1. What amount of gains and losses on available-for-sale securities is reported in the 2007 income statement? How
FASB Statement No. 115 outlines two different treatments for unrealized gains and losses depending on whether the security is classified as trading or available for sale. Unrealized gains and losses
To help you become familiar with the accounting standards, this case is designed to take you to the FASB’s Web site and have you access various publications. Access the FASB’s Web site at
You are the chief financial officer of a large manufacturing company. As CFO, you are responsible for investing excess cash in marketable securities and then handling the accounting for those
Match the terms on the left with the definition on the right:________ 1. Accounting________ 2. Profitability________ 3. Liquidity________ 4. Financing activities________ 5. Investing
Indicate whether each of the following words or phrases relates most closely to(a) A business transactions,(b) A separate entity, or(c) A money measure:1. Partnership2. U.S. dollar3. Payment of an
Match the descriptions on the left with the forms of business organization on the right:___________ 1. Most numerous___________ 2. Commands most revenues___________ 3. Has two or more
Determine the amounts missing from each accounting equationbelow.
Use the accounting equation to answer each question below.1. The assets of Aaron Company are $240,000, and the liabilities are $900,000. What is the amount of the owner’s equity?2. The liabilities
Use the accounting equation to answer each question below.1. At the beginning of the year, Fazio Company’s assets ire $45,000, and its owner’s equity was $25,000. During the year, acts increased
Carlton Company had assets of $280,000 and liabilities of $120,000 at the beginning of the year, and assets of $400,000 and liabilities of $140,000 at the end of the year. During the year, the owner
Use the following accounts and balances to prepare a balance sheet with the accounts in proper order for Global Company at June 30 2010, using Exhibit 1-3 as a model:Accounts Receivable .......$
Tarech Company engaged in activities during the first year of its operations that resulted in the following: service revenue, $4,800; expenses, $2,450; and withdrawals, $410. In addition, the
Develop a brief answer to each of the following questions:1. What makes accounting a valuable discipline?2. Why do managers in governmental and not-for-profit organizations need to understand
Develop a brief answer to each of the following questions:1. How arc expenses and withdrawals similar, and how are they different?2. In what ways are CVS and Southwest Airlines comparable? Not
Match the terms on the left with the descriptions on the right:_______ 1. Bookkeeping_______ 2. Creditors_______ 3. Money measure_______ 4. Financial Accounting Standards Board (FASB)_______ 5.
Gottlieb Pharmacy has recently been format to develop a new type of drug treatment for cancer. Previously a partnership, Gottlieb has now become a corporation. Describe the various groups that will
Velu owns and operates a minimart. Which of Velu’s actions described below are business transactions? Explain why any other actions are not considered transactions.1. Velu reduces the price of a
Financial accounting uses money measures to gauge the impact of business transactions on a separate business entity. Indicate whether each of the following words or phrases relates most closely to(a)
1. Indicate whether each of the following accounting is an asset (A), a liability (L), or a part of owner’s equity (OE):a. Cashb. Salaries Payablec. Accounts Receivabled. Owner’s Capitale. Landf.
Identify the accounting meaning of each of the following abbreviations: AICPA, SEC, PCAOB, GAAP, FASB, IRS, GASB, IASB, IMA, and CPA.
You have been asked to compare the sales and assets of four companies that make computer chips to determine which company is the largest in each category. You have gathered the following data, but
Use the accounting equation to answer each question that follows. Show any calculations you make.1. The assets of Rasche Company are $380,000 and the owner’s equity is $155,000. What is the amount
Listed in random order or some of the account balances for the Uptime Services Company as of December 31, 2011.Place the balance in proper order and prepare a balance sheet similar to the one in
Proviso Company had the following accounts and balances during 2010: Service Revenue, $26,400, Rent Expense, $2,400; Wages Expense, $16,680; Advertising Expense, $2,700; Utilities Expense, $1,800;
The total assets and liabilities at the beginning and end of the year for Schupan Company are listed below:Determine Schupan Company's net income or loss for the year under each of the following
Martin Service Company began the year 2010 with cash of $55,900. In addition to earning a net income of $38,000 and making cash withdrawals of $19,500, Martin Service borrowed $78,000 from the bank
Below is information from the statement of owner’s equity of Mrs. Kitty’s Cookies for a recent year.Withdrawals ............. 0Net income .............. ?Owner’s Equity, January 31, 2010
Below is a list of financial statement items.______ Utilities expense______ Building______ Owner’s capital______ Net income______ Land______ Equipment______ Revenues______ Accounts receivable______
The financial statements for the Oros Riding Club follow.Required1. Explain how the four statements for Oros Riding Club relate to each other.2. Which statements are most closely associated with the
The following three independent sets of financial statements have several amounts missing:Required1. Complete each set of financial statements by determining the amounts that correspond to the
Below are the financial accounts of Special Assets. The company has just completed its 10th year of operations ended December 31, 2011.Accounts Payable .......... $ 3,600Accounts Receivable ........
The following are the accounts of Unique Ad, an agency that develops marketing materials for print, radio, and television. The agency’s first year of operations just ended on January 31,
Below are three independent sets of financial statements with several amount missing.Required1. Complete each set of financial statements by determining the amounts that correspond to the
Below are the financial accounts of Metro Labs. The company has just completed its third year of operations ended November 30, 2011.Accounts Payable ............$ 7,400Accounts Receivable ..........
Below are the accounts of Giordano’s Pizza. The company has just completed its first year of operations ended September 30, 2010.Accounts Payable ............$10,500Accounts Receivable ..........
Below are three independent sets of financial statements with several amounts missing.Required1. Complete each set of financial statements by determining the amounts that correspond to the
Below are the financial accounts of Brad Realty. The company has just completed its 10th year of operations ended December 31, 2011.Accounts Payable .............$ 3,600Accounts Receivable
Costco Wholesale Corporation is America’s largest membership retail company. According to its letter to stockholders:Our mission is to bring quality goods and services to our members at the lowest
Southwest Airlines Co. is one of the most successful airlines in the United States. Its annual report contains this statement: “We are a company of People, not Planes. That is what distinguishes us
Fidelity Investments Company is a well-known mutual fund investment company. It makes investments worth billions of dollars in companies listed on the New York Stock Exchange and other stock markets.
Discuss the ethical choices in the situations below. In each instance, describe the ethical dilemma, determine the alternative courses of action, and tell what you would do.1. You are the payroll
Refer to the CVS annual report in the Supplement to Chapter 5 to answer the questions below. Keep in mind that every company, while following basic principles, adapts financial statements and
Refer to the CVS annual report and the financial statements of Southwest Airlines Co. in the Supplement to Chapter 5 to answer these questions:1. Which company is larger in terms of assets and in
Teague Corporation has the following long-term investments:1. 60 percent of the common stock of Ariel Corporation.2. 13 percent of the common stock of Copper, Inc.3. 50 percent of the nonvoting
Fulco Corporation has the following portfolio of long-term available-for-sale securities at year end, December 31, 2011:Both the Unrealized Loss on Long-Term Investments accounts and the Allowance to
On January 1, Rourke Corporation purchased, as long-term in vestment, 8 percent of the voting stock of Taglia Corporation for $250,000 and 45 percent of the voting stock of Curry Corporation for $2
Dale Company experiences heavy sales in the summer and early fall, after which time it has excess cash to invest until the next spring. On November 1, 2011, the company invested $194,000 in U.S.
Gulf Coast Corporation is a successful oil and gas exploration business in the southwestern United States. At the beginning of 2011, the company made investments in three companies that perform
Rylander Corporation owns 35 percent of the voting stock of Waters Corporation. The Investment account on Rylanders books as of January 1, 2011, was $720,000. During 2011, Waters reported
Omar Corporation, which has begun investing in trading securities, engaged in the following transactions:Jan. 6 Purchased 7,000 shares of Quaker Oats stock, $30 per share.Feb. 15 Purchased 9,000
Which of the following events would be recognized and entered in the accounting records of Kazuo Company? Why?Jan. 10 Kazuo Company places an order for office supplies.Feb. 15 Kazuo Company receives
Tell how the concepts of recognition, valuation, and classification apply to thistransaction:
Tell whether each of the following accounts is an assets, a liability, a revenue, an expense, or none of these.a. Accounts Payableb. Suppliesc. Withdrawalsd. Fees Earnede. Supplies Expensef. Accounts
Tell whether the normal balance of each account in SE 3 is a debit or a credit.
Leon Bear started a computer programming business, Bear’s Programming Service. For each transaction that follows, indicate which accounts is debited and which account is credited.May 2 Leon Bear
Set up T accounts and record each transaction in SE 5. Determine the balance of each account.
From the T accounts created in SE 6, prepare a trial balance dated May 31, 2010.
Use the T accounts for Cash below to record the portion of each of the following transactions, if any, that affect cash. How do these transactions affect the company's liquidity?Jan. 2 Provided
Prepare a general journal form like the one in Exhibit 2-4 and label it Page 4. Record the following transactions in the journal:Sept. 6 Billed a customer for services performed, $3,800.16 Received
Prepare ledger account forms like the ones in Exhibit 2-5 for the following accounts: Cash (111), Accounts Receivable (113), and Service Revenue (411). Post the transactions that are recorded in SE
Record the transactions in SE 5 in the general journal for 2011.
Develop a brief answer to each of the following questions.1. Which is the most important issue in recording a transaction: recognition, valuations, or classification?2. What is an example of how a
Develop a brief answer to each of the following questions.1. Which account would be most likely to have an account balance that is not normal?2. A company incurs a cost for a part that is needed to
Which of the following events would be recognized and recorded in the accounting records of Villa Company on the date indicated?Jan. 15 Villa Company offers to purchase a tract of land for $140,000.
Analyze transactions a-g, following the example below.a. Sarah Lopez invested $2,500 in cash to establish Sarah’s Beauty Parlor.b. Paid two months’ rent in advance, $1,680.c. Purchased supplies
The following accounts are applicable to Dales Lawn Service, a company that maintains condominium grounds:1. Cash2. Accounts Receivable3. Supplies4. Equipment5. Accounts Payable6. Lawn
Explain each transaction (a-h) entered in the following T accounts:
Which of the following errors would cause a trial balance to have unequal totals? Explain your answers.a. A payment to a creditor was recorded as a debit to Accounts Payable for $129 and as a credit
Torez Flower Shop uses a large amount of supplies in its business. The following table summarizes selected transaction data for supplies that Torez Flower Shop purchased.Determine the total purchases
You are given the following list of accounts with dollar amounts:Rent Expense .........$ 450Cash ............ 1,725Service Revenue ........ 750M. Powell, Withdrawals ..... 375Accounts Payable .......
The following ledger accounts are for the Tuner Service Company:a. Cashb. Wages Expensec. Accounts Receivabled. R. Shuckman, Capitale. Service Revenuef. Prepaid Rentg. Accounts Payableh. Investments
Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; T. Ornega, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following
After recording the transactions in E 9, prepare a trial balance in proper sequence for Ornega Repair Service as of June 30, 2011.
The list that follows presents the accounts (in alphabetical order) of the Dymarski Company as of March 31, 2011. The list does not include the amount of Accounts Payable.Accounts Payable .........
The trial balance for Marek Services at the end of July 2011 appeared at the Marek's accountant compared the amounts in the trial balance with the ledger, recomputed the account balances, and
A company engaged in the following transactions:Dec. 1 Performed services for cash, $750.1 Paid expenses in cash, $550.2 Performed services on credit, $900.3 Collected on account, $600.4 Incurred
Record the transactions in E 9 in the general journal.
Managers and accountants often encounter transactions with which they are unfamiliar. Use your analytical skills to analyze and record in journal form the following transactions, which have not yet
Open a general journal form like the one in Exhibit 2-4, and label it Page 10. After opening the form, record the following transactions in the journal:Dec.14 Purchased equipment for $6,000, paying
Delux Design Company creates radio and television advertising for local businesses in the twin cities. The following alphabetical list shows Delux Design's account balances as of January 31,
The following accounts are applicable to Tom's Warehouse Sweeps:1. Cash2. Accounts Receivable3. Supplies4. Prepaid Insurance5. Equipment6. Notes Payable7. Accounts Payable8. T. Henzel, Capital9. T.
Carmen Dahlen opened a secretarial school called Star office Training.a. Dahlen contributed the following assets to the business:Cash ........$5,700Computers ....... 5,000Office Equipments ...
Melvin Patel bid for and won a concession to rent bicycles in the local park during the summer. During the month of June, Patel completed the following transactions for his bicycle rental
Alpha Pro Company is a marketing firm. The company's trial balance on July 31, 2011, appears below.During the month of August, the company completed the following transactions:Aug. 2 Paid rent for
The Stewart Construction Company builds foundations for buildings and parking lots. The following alphabetical list shows Stewart Construction's account balances as of April 30, 2011:A. Stewart,
Brad Cupello began an upholstery cleaning business on October 1 and engaged in the following transactions during the month:Oct. 1 Began business by depositing $15,000 in a bank account in the name of
The Golden Nursery School Company provides baby-sitting and child-care programs. On January 31, 2011, the company had the following trial balance;During the month of February, the company completed
The following accounts are applicable to Walter's Chimney Sweeps:1. Cash2. Accounts Receivable3. Supplies4. Prepaid Insurance5. Equipment6. Notes Payable7. Accounts Payable8. W. Norman, Capital9. W.
Bob Lutz opened a secretarial school called Best Secretarial Training.a. Lutz contributed the following assets to the business:Cash .............$5,700Computers .......... 4,300Office Equipment
Nike, Inc. manufactures athletic shoes and related products. In one of its annual reports, Nike made this statement: “Property, plant, and equipment are recorded at cost.” Given that the
You have been promoted recently and now have access to the firms’ monthly financial statement. Business is good. Revenues are increasing rapidly, and income is at an all-time high. The balance
Jerry Hasbrow, a sales representative for Penn Office Supplies Company, is compensated on a commission basis and receives a substantial bonus if he meets his annual sales goal. The company’s
The dot-com business has raised many issues about accounting practices, some of which are of great concern to both the SEC and the FASB. Important ones relate to the valuation and classification of
Refer to the Summary of Significant Accounting Policies in the notes to the financial statements in the CVS Corporation annual report at the end of Chapter 5 to answer these questions:1. How does
Refer to the financial statements of CVS and Southwest Airlines Co. in the Supplement to Chapter 5. What is the total revenue for CVS and Southwest on the respective income statements? How do you
Match the concepts of accrual accounting on the right with the assumptions or actions on the left:_______ 1. Assumes expenses should be assigned to the accounting period in which they are used to
The Prepaid Insurance account began the year with a balance of $920. During the year, insurance in the amount of $2,080 was purchased. AT the end of the year (December 31), the amount of insurance
The Supplies account began the year with a balance of $760. During the year, supplies in the amount of $1,960 were purchased. AT the end of the year (December 31), the inventory of supplies on hand
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