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Accounting
The depreciation expense on office equipment for the month of March is $100. This is the third month that the office equipment, which cost $1,900, has been owned. Prepare the adjusting entry in
Wages are paid each Saturday for a six-day workweek. Wages are currently running $1,380 per week. Prepare the adjusting entry required on June 30, assuming July 1 falls on a Tuesday.
During the month of August, deposits in the amount of $2,200 were received for services to be performed. By the end of the month, services in the amount $1,520 had been performed. Prepare the
Unearned Revenue had a balance of $650 at the end of November and $450 at the end of December. Service Revenue was $2,550 for the month of December. How much cash was received for services provided
The adjusted trial balance for Shimura Company on December 31, 2010, contains the following accounts and balance: J. Shimura, Capital, $4,300; J. Shimura, Withdrawals, $175; Service Revenue, $1,300;
Develop a brief answer to each of the following questions.1. When a company has net income, what happens to its assets and/or to its liabilities?2. Is accrual accounting more closely related to a
Develop a brief answer to each of the following questions.1. If, as the end of the accounting period, you were looking at the T account for a prepaid expense like supplies, would you look for the
The accountant for Ronaldo Company makes the assumptions or performs the activities listed below. Tell which of the following concepts of accrual accounting most directly relates to each assumption
Four conditions must be met before revenue should be recognized. In each of the following cases, tell which condition has not been met.a. Company A accepts a contract to perform services in the
Fargo Voice of Fargo, North Dakota, publishes a monthly magazine featuring local restaurant reviews and upcoming social, cultural, and sporting events. Subscribers pay for subscriptions either one
An examination of the Prepaid Insurance account shows a balance of $16,845 at the end of an accounting period, before adjustment. Prepare entries in journal form to record the insurance expense for
Each of the following columns represents a Supplies account:1. Determine the amounts indicated by the question marks.2. Make the adjusting entry for column a, assuming supplies purchased are debited
Hugo Company has a five-day workweek and pays salaries of $35,000 each Friday.1. Prepare the adjusting entry required on May 31, assuming that June 1 falls on a Wednesday.2. Prepare the entry to pay
Optima Company produces computer software that Tech Company sells. Optima receives a royalty of 15 percent of sales. Tech Company pays royalties to Optima Company semiannually-on May 1 for sales made
Prepare the monthly income statement, monthly statement of owner's equity, and the balance sheet at August 31, 2011, for Alvin Cleaning Company from the data provided in the adjusted trial balance
Prepare year-end adjusting entries for each of the following:1. Office Supplies has a balance of $336 on January 1, Purchases debited to Office Supplies during the year amount to $1,660. A year-end
Robert Shapiro, a lawyer, received $84,000 on October 1 to represent a client in real estate negotiations over the next 12 months.1. Record the entries required in Shapiro’s records on October 1
After adjusting entries had been made, the balance sheets of Ramiro's Company showed the following asset and liability amounts at the end of 2009 and 2010:The following amounts were taken from the
The income statement for Sahan Company included the following expenses for 2011:Rent expense .....$75,000Interest expense .... 11,700Salaries expense ....121,000Listed below are the related balance
At the end of first three months of operation, the trial balance of City Answering Service appears as shown below. Tim Bass, the owner of City Answering Service, has hired an accountant to prepare
On November 31, the end of the current fiscal year, the following information is available to assist Caruso Company's accountants in making adjusting entries:a. Caruso Company's Supplies account
The trial balance for Prima Consultants Company on December 31, 2010, appears below. The following information is also available:a. Ending inventory of office supplies, $97b. Prepaid rent expired,
VIP Limo Service was organized to provide limousine service between the airport and various suburban locations. It has just completed its second year of business. Its trial balance is below.The
At the end of its fiscal year, the trial balance for Andy's Cleaners appear as shown below:The following information is also available:a. A study of the company's insurance policies shows that $680
One June 30, the end of the current fiscal year, the following information is available to Conti Company's accountants for making adjusting entries:a. Among the liabilities of the company is a
The trial balance for Best Advisors Service on December 31, 2011, is as follows:The following information is also available:a. Ending inventory of office supplies, $300b. Prepaid rent expired, $610c.
Helen Ortega opened a small tax-preparation service. At the end of its second year of operation, Ortega Tax Service had the trial balance that appears below.The following information is also
Never Flake Company, which operated in the northeastern part of the United States, provided a rust-prevention coating for the underside of new automobiles. The company advertised widely and offered
In recent years, the Securities and Exchange Commission (SEC) has been waging a public campaign against corporate accounting practices that manage or manipulate earnings to meet the expectations of
Main Street Service Co. has achieved fast growth in the St. Louis area by selling service contracts on large appliances, such as washers, dryers, and refrigerators. For a fee, Main Street agrees to
Visit a company with which you are familiar and observe its operations. (The company can be where you work, where you eat, or where you but things). Identify at least two sources of revenue for the
In CVS Corporation’s annual report in the Supplement to Chapter 5, refer to the balance sheet and the summary of Significant Accounting Policies in the notes to the financial statement.a. Examine
The Walt Disney Company is engaged in the financing, production, and distribution of motion pictures and television programming. In Disney’s 2008 annual report, the balance sheet contained an
Resequence the following activities to indicate the usual order of the accounting cycle:a. Close the accounts.b. Analyze the transactions.c. Post the entries to the ledger.d. Prepare the financial
Assuming that total revenues were $10,400 and total expenses were $6,000, prepare the entry in journal form to close the Income Summary account to the R. Shah, Capital account. The accounting period
Assuming that withdrawals during the accounting period were $1,600, prepare the entry in journal form to close the R. Shah, Withdrawals account to the R. Shah, Capital account. The accounting period
Below, indicated by letters, are the adjusting entries at the end of March.Prepare the required reversing entry in journal form.
Assume that at the end of the accounting period there are credit balances of $6,800 in Patient Services Revenues and $3,600 in Laboratory Fees Revenues. Prepare the required closing entry in journal
Assume that debit balances at the end of the accounting period are $2,800 in Rent Expense, $2,200 in Wages Expense, and $1,000 in Other Expenses. Prepare the required closing entry in journal form.
Show the effects of the transactions in SE 2, SE 3, SE 4, and SE 5 by entering beginning balances in appropriate T accounts and recording the transactions. Assume that the R. Shah, Capital account
Assume that prior not the adjustments in SE 7, salaries Expense had a debit balance of $1,800 and Salaries Payable had a zero balance. Prepare a T account for each of these accounts. Enter the
The adjusted trial balance for Mendoza Company on December 31, 2011, contains the following accounts and balances: C. Mendoza, Capital, $4,300; C. Mendoza, Withdrawals, $175; Service Revenue, $1,300;
Prepare the required closing entries in journal form for the year ended December 31, using the following items from the Income Statement columns of a work sheet and assuming that withdrawals by the
Develop brief answer to each of the following questions:1. Why is the accounting cycle called a “cycle”?2. Could closing entries be made without using the Income Summary account?3. Why does the
Develop brief answer to each of the following questions:1. Why are reversing entries helpful?2. Under what circumstances would the Income Statement and Balance Sheet columns on a work sheet balance
Selected September T accounts for Hubbord Company are presented below.1. In which of the accounts would a reversing entry be helpful? Why?2. Prepare the appropriate reversing entry.3. Prepare the
The Capital, Withdrawals, and Income Summary accounts for Evas Hair Salon are shown in T account form at the top of the next page. The closing entries have been recorded for the year
The income statement accounts for the Monroe Realty Company at the end of its fiscal year are shown below. Prepare the required closing entries in journal form. Chris Ross is theowner.
The following alphabetical list presents the account and balances for Sally’s Cleaners on June 30, 2011. All the accounts have normal balances.Accounts Payable ............. $15,420Accounts
The following is a highly simplified alphabetical list of trial balance accounts and their normal balances for the month ended March 31, 2011:Accounts Payable .................$4Accounts Receivable
The items that appear below are from the Adjustments columns of a work sheet dated June 30, 2011.1. Prepare the adjusting entries in journal form.2. Where required, prepare appropriate reversing
The items that follow are from the Income Statement columns of the work sheet for Ben's Repair Shop for the year ended December 31, 2011. Prepare entries in journal form to close the revenue,
In the partial work sheet for L. Wung Company that follows, the Trial Balance and Income Statement columns have been completed. All amounts are in dollars.1. Show the adjustments that have been made
Affordable Trailer Rental rents small trailers by the day for local moving jobs. This is its adjusted trial balance at the end of the current fiscal year:Required1. From the information given, record
The adjusted trial balance for Settles Tennis Club at the end of the company's fiscal year appears shown below.Required1. Prepare T accounts and enter the balances for B. Settles, Capital; B.
Robert Half International, Inc. is a global specialized staffing firm. Information adapted from the statement of earnings (in thousands, without earnings per share information) in its annual report
At the end of the fiscal year, the trial balance of Reed Delivery Service appeared as shown below.Required1. Enter the trial balance amounts in the Trial Balance columns of a work sheet and complete
On May 1, 2011, Conrad Sayer opened Conrad’s Repair Service. During the month, he completed the following transactions for the company:May 1 Began business by depositing $5,000 in a bank account in
The adjusted trial balance for Patch Consultant Company at the end of its fiscal year is shown below.1. Prepare the required closing entries.2. Explain why closing entries are necessary at the end of
The adjusted trial balance for Greg Painting Company at December 31, 2011, is provided below. The owner made no investments during the period.RequiredPrepare in journal from the required
Pierot Theater Company's trial balance at the end of its current fiscal year is shown below.Required1. Enter Pierot Theater Company's trial balance amounts in the Trial Balance columns of a work
The adjusted trial balance for Burke Consultants Company at the end of its fiscal year is shown below.RequiredPrepare in journal form the required closing entries for Burke ConsultantsCompany.
The adjusted trial balance for Van Rental Service at the end of its fiscal year is shown.REQUIREDPrepare in journal form the required closing entries for van rental service.
Offshore Drilling Company provides services for drilling operations off the coast of Louisiana. The company has a significant amount of debt to Southern National Bank in Baton Rouge. The bank
Maury Jacobs, owner of Jacobs Furniture Company, notices the amount of time it takes the company’s accountant to prepare closing entries. He suggests that the company could save time and money by
Way Heaters Company manufactures industrial heaters used in making candy. It sells its heaters to some customers on credit with generous terms specifying payment six months after purchase and an
James Bear, an accountant for Rosa Company, has made adjusting entries and is preparing the adjusted trial balance for the first six months of the year. Financial statement must be delivered to the
Refer to the notes to the financial statements in the CVS annual report in the Supplement to Chapter 5. When does CVS end its fiscal year? For what reasons might it have chosen this date? From the
Both CVS and Southwest Airlines provide quarterly financial information in their financial statements. Quarterly financial reports provide important information about the “seasonality” of a
This comprehensive problem involving Miller Design Studio covers all the learning objectives in this chapter and in the chapters on measuring business transaction and measuring business income. To
Identify each of the following statements as related to either an objective (O) of financial information or as a qualitative (Q) characteristic of account information:1. Information about business
State which of the accounting conventions-consistency, full disclosure, materiality, conservatism, or cost-benefit-is being followed in each case described below.1. Management provides detailed
Tell whether each of the following accounts is a current asset; an investment; property, plant, and equipment; in intangible asset; a current liability; a long-term liability; owner’s equity; or
Using the following accounts, prepare a classified balance sheet at year end, May 31, 20xx: Accounts Payable, $800; Accounts Receivable, $1,100; Accumulated Depreciation-Equipment, $700; Cash, $200;
Tell whether each of the following accounts is part of net sales, cost of goods sold, operating expenses, or other revenues and expenses, or is not on the income statement:1. Delivery Expense2.
Using the following accounts, prepare a single-step income statement at year end, May 31, 20xx: Cost of Goods Sold, $840; General Expenses, $450; Interest Expense, $210; Interest Income, $90; Net
Using the accounts presented in SE 6, prepare a multistep income statement.
Using the following accounts and balances taken from a year-end balance sheet, compute working capital and the current ratio.Accounts Payable ..............................$7,000Accounts Receivable
Assume that a company has a profit margin of 6.0 percent, an asset turnover of 3.2 times, and a debt to equity ratio of 50 percent. What are the company’s return on assets and return on equity?
Using the following information from a balance sheet and an income statement, compute the(1) Profit Margin,(2) Asset turnover,(3) Return on assets,(4) Debt to equity ratio, and(5) Return on equity.
Develop a brief answer to each of the following questions:1. How do the four basic financial statements meet the stewardship objective of financial reporting?2. What are some areas that require
Develop a brief answer to each of the following questions:1. Why is it that land held for future use and equipment not currently used in the business are classified as investments rather than as
The lettered items below represent a classification scheme for the concepts of financial accounting. Match each numbered term in the list that follows with the letter of the category in which it
Each of the statements below violates a convention in accounting. State which of the following accounting conventions is violated: consistency, materiality, conservatism, full disclosure, or
The lettered items below represent a classification scheme for a balance sheet, and the numbered items in the list below are account titles. Match each account with the letter of the category in
Using the classification scheme below for a multistep income statement, match each account with the letter of the category in which it belongs.a. Net salesb. Cost of salesc. Selling expensesd.
The accounts and balances that follow are from the general ledger of Dimaz Company. Compute the (1) Working capital and (2) Current ratio.Accounts Payable
The following data pertain to Branner Company: Accounts Payable, $10,200; Accounts Receivable, $7,600; Accumulated Depreciation-Building, $2,800; Accumulated Depreciation-Equipment, $3,400; Bonds
A company has the following data: net sales, $202,500; cost of goods sold, $110,000; selling expenses, $45,000; general and administrative expense, $30,000; interest expense, $2,000; and interest
A single-step income statement appears below. Present the information in a multistep income statement, and indicate what insights can be obtained from the multistep form as opposed to the
The following end-of-year amounts are from the financial statements of Jang Company: total assets, $213,000; total liabilities, $86,000; owner’s equity, $127,000; net sales, $391,000; cost of
The simplified balance sheet and income statement for a company appear below.Income StatementFor the Year Ended December 31, 2011Net sales ................ $415,000Cost of goods sold .............
In each case below, accounting conventions may have been violated.1. After careful study, Lipski Company, which has offices in 40 states, has determined that its method of depreciating office
The income statements that follow are for Dougs Tools Corporation.Required1. From the information provided, prepare a multistep income statement for 2011 and 2012 showing percentages of
In each case below, accounting conventions may have been violated.1. Rhonda’s Manufacturing Company uses the cost method for computing the balance sheet amount of inventory unless the market value
Oak Nursery Companys single-step income statements for 2011 and 2010 follow.Required1. From the information provided, prepare multistep income statements for 2010 and 2011 showing
The following information is from the June 30, 2011, post-closing trial balance of Mike's Hardware Company.Required1. From the information provided, prepare a classified balance sheet for Mike's
Arun Company has had poor operating results for the past two years. As the accountant for Arun Company, you have the following information available to you:Total assets and owner's equity at the
Jimenez Company sells outdoor sports equipment. At the December 31, 2009, year end, the following financial information was available from the income statement: administrative expenses, $80,800; cost
A summary of data from the income statements and balance sheet for Roman Construction Supply Company for 2011 and 2010 appears below.Total assets and owner's equity at the beginning of 2010 were
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