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accounting

Questions and Answers of Accounting

A partial adjusted trial balance for Orlando Company is given in E4-13. InstructionsPrepare the closing entries at January 31, 2010.
Selected accounts of Callahan Company are shown here.InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31.
The trial balances shown on below are before and after adjustment for Ivy Company at the end of its fiscal year.InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Ivy Company is given in E4-16.InstructionsPrepare the income and retained earnings statements for the year and the classified balance sheet at August 31.
The adjusted trial balance for Ivy Company is given in E4-16.InstructionsPrepare the closing entries for the temporary accounts at August 31.
The following selected data are taken from the comparative financial statements of Ottawa Curling Club. The Club prepares its financial statements using the accrual basis of accounting.Dues are
Nick Waege started his own consulting firm, Waegelein Consulting, on June 1, 2010. The trial balance at June 30 is as follows.In addition to those accounts listed on the trial balance, the chart of
The Olathe Hotel opened for business on May 1, 2010. Here is its trial balance before adjustment on May 31.Other data:1. Insurance expires at the rate of $300 per month.2. A count of supplies shows
Four Oaks Golf Inc. was organized on July 1, 2010. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here.Instructions(a) Journalize
A review of the ledger of Napier Company at December 31, 2010, produces these data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $15,200. The company has separate
Happy Camper Travel Court was organized on July 1, 2009, by Kristen Silas. Kristen is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Kristen prepared
On November 1, 2010, the following were the account balances of Montana Equipment Repair.During November the following summary transactions were completed.Nov. 8 Paid $1,220 for salaries due
Linda Blye opened Cardinal Window Washing Inc. on July 1, 2010. During July the following transactions were completed.July 1 Issued 11,000 shares of common stock for $11,000 cash.1 Purchased used
The following data are taken from the comparative balance sheets of Pinebluff Club, which prepares its financial statements using the accrual basis of accounting.Fees are billed to members based
Tiffany Goren started her own consulting firm, Goren Consulting, on May 1, 2010. The trial balance at May 31 is as shown below.In addition to those accounts listed on the trial balance, the chart of
Flint Hills Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here.Other data:1. Insurance expires at the rate of
Longly Advertising Agency was founded by Jeff Longly in January 2005. Presented here are both the adjusted and unadjusted trial balances as of December 31, 2010.Instructions(a) Journalize the annual
A review of the ledger of Quayle Company at December 31, 2010, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries Payable $0: There are eight salaried
The Wyandotte Travel Agency was organized on January 1, 2008, by Ron Dexter. Ron is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Ron prepared the
On September 1, 2010, the following were the account balances of Pittsburg Equipment Repair.During September the following summary transactions were completed.Sept. 8 Paid $1,100 for salaries due
Kathy Herman opened Kwick Cleaners on March 1, 2010. During March, the following transactions were completed.Mar. 1 Issued 10,000 shares of common stock for $15,000 cash.1 Purchased used truck for
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Identify two accounts on Hershey Foods’
The August 16, 2007, issue of the Wall Street Journal includes an article by Michael Corkery and David Reilly titled “Beazer’s Accounting Woes Extend Roller-Coaster Ride.”InstructionsRead the
Grand Valley Park was organized on April 1, 2009, by Janet Elston. Janet is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Janet prepared the
Diamond Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Diamond’s chemical pesticides. During the coming
In alphabetical order below are balance sheet items for Mantle Company at December 31, 2010. Prepare a balance sheet following the format of Illustration 1-8.Accounts payable
At the beginning of the year, Fuqua Company had total assets of $800,000 and total liabilities of $500,000.(a) If total assets increased $150,000 during the year and total liabilities decreased
Cougar Corporation began operations on January 1, 2010. The following information is available for Cougar Corporation on December 31, 2010.Prepare an income statement, a retained earnings statement,
The Long Run Golf & Country Club details the following accounts in its financial statements. (a) (b)Accounts payable and accrued liabilities _____ _____Accounts receivable _____
This information relates to Denson Co. for the year 2010.Retained earnings, January 1, 2010 ......... $64,000Advertising expense ............... 1,800Dividends paid during 2010 ...........
The following information was taken from the 2006 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions.Retained earnings, January 1, 2006
Presented here is information for Willingham Inc. for 2010.Retained earnings, January 1 ......... $130,000Revenue from legal services ......... 400,000Total expenses .............
Consider each of the following independent situations.(a) The retained earnings statement of Hollis Corporation shows dividends of $68,000, while net income for the year was $75,000.(b) The statement
The following items and amounts were taken from Wayside Inc.'s 2010 income statement and balance sheet.Instructions(a) In each, case, identify on the blank line whether the item is an asset (A),
Here are incomplete financial statements for Garrett, Inc.InstructionsCalculate the missingamounts.
Forest Park is a private camping ground near the Lathom Peak Recreation Area. It has compiled the following financial information as of December 31, 2010.Instructions(a) Determine Forest
Kellogg Company is the world€™s leading producer of ready-to-eat cereal and a leading producer of grain-based convenience foods such as frozen waffles and cereal bars. The following items
This information is for Damon Corporation for the year ended December 31, 2010.Cash received from lenders ........ $20,000Cash received from customers ....... 60,000Cash paid for new equipment
The following data are derived from the 2006 financial statements of Southwest Airlines. All dollars are in millions. Southwest has a December 31 year-end.Cash balance, January 1, 2006
Mike Paul is the bookkeeper for Benelli Company. Mike has been trying to get the balance sheet of Benelli Company to balance. It finally balanced, but now he€™s not sure it is
The following items were taken from the balance sheet of Nike, Inc.InstructionsPerform each of the following.(a) Classify each of these items as an asset, liability, or stockholders' equity and
The summaries of data from the balance sheet, income statement, and retained earnings statement for two corporations, Elder Corporation and Holden Enterprises, are presented below for
Presented below are five independent situations.(a) Three physics professors at MIT have formed a business to improve the speed of information transfer over the Internet for stock exchange
On June 1 Eckersley Service Co. was started with an initial investment in the company of $26,200 cash. Here are the assets and liabilities of the company at June 30, and the revenues and expenses for
Presented below is selected financial information for Maris Corporation for December 31, 2010.Instructions(a) Determine which items should be included in a statement of cash flows and then prepare
Penington Corporation was formed on January 1, 2010. At December 31, 2010, Trent Radinsky, the president and sole stockholder, decided to prepare a balance sheet, which appeared as follows.Trent
Presented below are five independent situations. (a) Sally Quayle, a college student looking for summer employment, opened a vegetable stand along a busy local highway. Each morning she buys produce
Labette Delivery was started on May 1 with an investment of $45,000 cash. To €œjump start€ its sales, the company spent significant money on advertising. Following are the assets
Presented below are selected financial statement items for Eaton Corporation for December 31, 2010.Instructions(a) Determine which items should be included in a statement of cash flows, and then
Houston Corporation was formed during 2009 by Glenda Lee. Glenda is the president and sole stockholder. At December 31, 2010, Glenda prepared an income statement for Houston Corporation. Glenda is
Financial statements of Hershey Foods Corporation are presented in Appendix B, and Tootsie Roll’s simplified financial statements are presented in Illustrations 1-11 through 1-14.Instructions(a)
Diane Wynne is the bookkeeper for Bates Company, Inc. Diane has been trying to get the company's balance sheet to balance. She finally got it to balance, but she still isn't sure that it is
(a) Glenda Rosen believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Glenda correct? Explain.(b) Are short-term
Simplified 2007 financial statements of Tootsie Roll Industries, Inc. are given in Illustrations 1-11 through 1-14.InstructionsRefer to Tootsie Roll’s financial statements to answer the following
Jack Pine, the founder of Water-boots Inc., needs to raise $500,000 to expand his company’s operations. He has been told that raising the money through debt will increase the riskiness of his
Jan Leonard, the president of King Company, is pleased. King substantially increased its net income in 2010 while keeping its unit inventory relatively the same. Joe Morton, chief accountant,
A list of financial statement items for Rondelli Company includes the following: accounts receivable $14,000; prepaid insurance $3,300; cash $10,400; supplies $3,800 and short-term investments
The following information (in millions of dollars) is available for Limited Brands for 2007: Sales revenue $10,671; net income $676; preferred stock dividend $0; average shares outstanding 402
Danny’s Books & Music Inc. reported the following selected information at March 31.2010Total current assets ............$262,787Total assets ............... 439,832Total current liabilities
Gantner Company uses these accounting practices:(a) Inventory is reported at cost when market value is lower.(b) Small tools are recorded as plant assets and depreciated.(c) The income statement
Theremin Corporation has collected the following information related to its December 31, 2010, balance sheet.Prepare the assets section of Theremin Corporation€™s balancesheet.
The following financial statement items were taken from the financial statements of de Vries Corp.____ Trademarks ____ Inventories____ Current maturities of long-term debt ____ Accumulated
The following information is available for Allotrope Corporation.(a) Compute earnings per share for 2010 and 2009 for Allotrope, and comment on the change. Allotrope's primary competitor, Triatomic
The following items were taken from the December 31, 2006, assets section of the Boeing Company balance sheet. (All dollars are in millions.)InstructionsPrepare the assets section of a classified
The following information (in thousands of dollars) is available for H.J. Heinz Company€”famous for ketchup and other fine food products€”for the year ended May 2,
These items are taken from the financial statements of Cleland Co. at December 31, 2010.Building ................ $105,800Accounts receivable .......... 12,600Prepaid insurance ...........
The following items were taken from the 2006 financial statements of Texas Instruments, Inc. (All dollars are in millions.)InstructionsPrepare a classified balance sheet in good form as of December
The following information is available for Callaway Golf Company for the years 2006 and 2005. (Dollars are in thousands, except share information.)There were 69,111,349 shares outstanding at the end
These financial statement items are for Barone Corporation at year-end, July 31, 2010.Salaries payable ............ $ 2,080Salaries expense ............ 51,700Utilities expense ............
Nordstrom, Inc. operates department stores in numerous states. Selected financial statement data (in millions of dollars) for the year ended February 3, 2007, follow.Instructions(a) Compute working
The chief financial officer (CFO) of Greenstem Corporation requested that the accounting department prepare a preliminary balance sheet on December 30, 2010, so that the CFO could get an idea of how
The following data were taken from the 2007 and 2006 financial statements of American Eagle Outfitters. (All dollars are in thousands.)InstructionsPerform each of the following.(a) Calculate the
Ghosh Co. had three major business transactions during 2010.(a) Reported at its market value of $260,000 merchandise inventory with a cost of $208,000.(b) The president of Ghosh Co., Dipak Ghosh,
The following items are taken from the 2006 balance sheet of Yahoo! Inc. (All dollars are in thousands.)Intangible assets ................... $3,374,379Common stock ....................
These items are taken from the financial statements of Finn Corporation for 2010.Retained earnings (beginning of year) ....... $31,000Utilities expense ................. 2,000Equipment
You are provided with the following information for Kiley Enterprises, effective as of its April 30, 2010, year-end.Accounts payable ................ $ 834Accounts receivable ...............
Comparative financial statement data for Bedene Corporation and Groneman Corporation, two competitors, appear below. All balance sheet data are as of December 31, 2010.Instructions(a) Comment on the
Here and on page 88 are financial statements of Edmiston Company.EDMISTON COMPANYIncome StatementFor the Year Ended December 31, 2010Net sales .............$2,218,500Cost of goods sold .........
Condensed balance sheet and income statement data for Lark Corporation are presented here.InstructionsCompute these values and ratios for 2009 and 2010.(a) Earnings per share.(b) Working capital.(c)
Selected financial data of two competitors, Target and Wal-Mart, are presented here. (All dollars are in millions.)InstructionsFor each company, compute these values and ratios.(a) Working
A friend of yours, Cindy Estes, recently completed an undergraduate degree in science and has just started working with a biotechnology company. Cindy tells you that the owners of the business are
The following items are from the 2006 balance sheet of Kellogg Company. (All dollars are in millions.)Common stock ............$ 396.9Other assets ............5,471.4Notes payable—current
These items are taken from the financial statements of Pinson, Inc.Prepaid insurance ........ $ 1,800Equipment .......... 31,000Salaries expense ....... 36,000Utilities expense .......
You are provided with the following information for Milner Corporation, effective as of its April 30, 2010, year-end.Accounts payable ......... $ 2,400Accounts receivable ........ 9,150Accumulated
Comparative statement data for Smyth Company and James Company, two competitors, are presented below. All balance sheet data are as of December 31, 2010.Instructions(a) Comment on the relative
The financial statements of Windsor Company are presented here.WINDSOR COMPANYIncome StatementFor the Year Ended December 31, 2010Net sales .............$700,000Cost of goods sold .........
Condensed balance sheet and income statement data for Pratt Corporation are presented below.InstructionsCompute the following values and ratios for 2009 and 2010.(a) Earnings per share.(b) Working
Net Nanny Software International Inc., headquartered in Vancouver, specializes in Internet safety and computer security products for both the home and commercial markets. In a recent balance sheet,
The financial statements of Tootsie Roll Industries, Inc., appear in Appendix A at the end of this book.InstructionsAnswer the following questions using the Consolidated Balance Sheet and the Notes
The financial statements of Hershey Foods appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Assume Hershey’s average number of shares outstanding was
The January 2008 edition of Strategic Finance includes an article by Curtis C. Verschoor titled “ERC Says Ethics Risk Landscape Still Treacherous.”InstructionsRead the article and answer the
The following information was reported by Gap, Inc. in its 2006 annual report.(a) Determine the overall percentage decrease in Gap's total assets from 2002 to 2006. What was the average decrease per
T. J. Rains is the chief executive officer of Tomorrow’s Products. T. J. is an expert engineer but a novice in accounting.InstructionsWrite a letter to T. J. Rains that explains(a) The three main
A May 20, 2002, Business Week story by Stanley Holmes and Mike France entitled “Boeing’s Secret” discusses issues surrounding the timing of the disclosure of information at the giant airplane
(a) “The steps in the accounting cycle for a merchandising company differ from the steps in the accounting cycle for a service enterprise.” Do you agree or disagree? (b) Is the measurement of net
Denise Fritz, CEO of Save-A-Lot Discount Stores, is considering a recommendation made by both the company’s purchasing manager and director of finance that the company should invest in a
Keisler Co. has sales revenue of $100,000, cost of goods sold of $65,000, and operating expenses of $20,000. What is its gross profit?
Janet Kent believes revenues from credit sales may be earned before they are collected in cash. Do you agree? Explain.
A credit sale is made on July 10 for $900, terms 2/10, n/30. On July 12, the purchaser returns $100 of goods for credit. Give the journal entry on July 19 to record the receipt of the balance due
As the end of Ray Company’s fiscal year-end approached, it became clear that the company had considerable excess inventory. Jefferson Bunker, the head of marketing and sales, ordered salespeople to

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