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Questions and Answers of Accounting

Sweet Company€™s balance sheet disclosed its long-term investment in Sour Company for comparative years as follows:In addition, the 2008 Sweet Company income statement disclosed equity
Goodman Company had a net income of $672,000 for 2008. Goodman Company’s balance sheet disclosed the stockholders’ equity on December 31, 2008, as follows:Preferred stock, 8,000 shares of $100
ExxonMobil Corporation is one of the largest companies in the world. The company explores, develops, refines, and markets petroleum products. The basic earnings per share for three comparative years
Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a
The following data were selected from the records of Xtreme World Inc. for the current fiscal year ended June 30, 2008:Advertising expense ......................$ 57,000Cost of merchandise sold
The following data were taken from the records of Amana Bread Corporation for the year ended October 31, 2008:Income statement data:Administrative expenses ...............$ 80,000Cost of merchandise
Samson Company is a wholesaler of men's hair products. The following transactions relate to certain securities acquired by Samson Company, which has a fiscal year ending on December 31:2006 Jan. 3.
Differences between the accounting methods applied to accounts and financial reports and those used in determining taxable income yielded the following amounts for the first four years of a
ATV Inc. sells off-road motorcycles and vehicles. The following data were selected from the records of ATV Inc. for the current fiscal year ended March 31, 2008:Advertising expense ..................
The following data were taken from the records of Disk N’ Dat Corporation for the year ended August 31, 2008. Income statement data:Administrative expenses .................... $ 23,000Cost of
Encore Design Inc. produces and sells theater set designs and costumes. The following transactions relate to certain securities acquired by Encore Design Inc., which has a fiscal year ending on
The following note to the consolidated financial statements for Goodyear Tire & Rubber Company relates to the principles of consolidation used in preparing the financial statements:The Company's
The two-year comparative income statements and a note disclosure for Mercury Shoes Inc. were as follows:A fixed asset impairment of $127,500 was recognized in 2008 as the result of abandoning an
The Stockholders' Equity section of Yum! Brands, Inc., the operator of Pizza Hut, KFC, and Taco Bell restaurants, for two recent comparative dates was as follows:1. What is the "other" comprehensive
Dillon Osborn is the president and chief operating officer of Dollars N' Sense Corporation, a developer of personal financial planning software. During the past year, Dollars N' Sense Corporation was
Sunshine Fruit Co. is in the process of preparing its annual financial statements. Sunshine Fruit is a large citrus grower located in central Florida. The following is a discussion between Curtis
In groups of three or four, search company annual reports, news releases, or the Internet for extraordinary items and announcements of discontinued operations. Identify the most unusual extraordinary
In the Income Statement columns of the end-of-period spreadsheet (work sheet) for Allen Consulting Co. for the current year, the Debit column total is $262,250 and the Credit column total is $323,500
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to (a) An
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to (a) An
In the Balance Sheet columns of the end-of-period spreadsheet (work sheet) for FreeLance Consulting Co. for the current year, the Debit column total is $247,690 and the Credit column total is
In the Income Statement columns of the end-of-period spreadsheet (work sheet) for Irwin Consulting Co. for the current year, the Debit column total is $436,700 and the Credit column total is $523,550
Jody Padget owns and operates Padget Advertising Services. On January 1, 2007, Jody Padget, Capital had a balance of $550,600. During the year, Jody invested an additional $50,000 and withdrew
Ali Khalid owns and operates AAA Delivery Services. On January 1, 2007, Ali Khalid, Capital had a balance of $854,450. During the year, Ali made no additional investments and withdrew $38,400. For
The following accounts appear in an adjusted trial balance of Ramrod Consulting. Indicate whether each account would be reported in the (a) Current asset; (b) Property, plant, and equipment; (c)
The following accounts appear in an adjusted trial balance of Fastback Consulting. Indicate whether each account would be reported in the (a) Current asset; (b) Property, plant, and equipment; (c)
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Velocity Delivery Services Co.:Lisa Jordon, Capital
After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Magnolia Landscaping Co.:Jayme Carmichael, Capital
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet (work sheet). Indicate whether each balance should be extended to (a) An
Sandy Bottom Consulting is a consulting firm owned and operated by Dee Schofield. The end-of-period spreadsheet (work sheet) shown below was prepared for the year ended August 31, 2008.Based upon the
Rectifier Consulting is a consulting firm owned and operated by Adam Beauchamp. The following end-of-period spreadsheet (work sheet) was prepared for the year ended June 30, 2008.Based upon the
The following account balances were taken from the adjusted trial balance for Admiral Messenger Service, a delivery service firm, for the current fiscal year ended April 30, 2008:Prepare an
The following revenue and expense account balances were taken from the ledger of Cupcake Services Co. after the accounts had been adjusted on October 31, 2008, the end of the current fiscal
FedEx Corporation had the following revenue and expense account balances (in millions) at its fiscal year-end of May 31, 2005:a. Prepare an income statement.b. Compare your income statement with the
Icon Systems Co. offers its services to residents in the Pasadena area. Selected accounts from the ledger of Icon Systems Co. for the current fiscal year ended August 31, 2008, are as follows:Prepare
Selected accounts from the ledger of Aspen Sports for the current fiscal year ended June 30, 2008, are as follows:Prepare a statement of owner€™s equity for theyear.
At the balance sheet date, a business owes a mortgage note payable of $750,000, the terms of which provide for monthly payments of $15,000.Explain how the liability should be classified on the
Healthy & Trim Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on November 30, 2008, the end of the current fiscal year, the balances
List the errors you find in the following balance sheet. Prepare a corrected balancesheet.
From the following list, identify the accounts that should be closed to Income Summary at the end of the fiscal year:a. Accounts Receivable b. Accumulated Depreciation—Equipment c. Depreciation
Prior to its closing, Income Summary had total debits of $279,615 and total credits of $392,750.Briefly explain the purpose served by the income summary account and the nature of the entries that
After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $218,380 and a credit of $375,000. At the same date, Rachel Bray, Capital has a
Firefly Services Co. offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted at October 31, the end of the fiscal year, the following
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payable b. Accumulated Depreciation c. Cash d. Depreciation Expense e. Fees Earned f. Office
An accountant prepared the following post-closing trial balance:Prepare a corrected post-closing trial balance. Assume that all accounts have normal balances and that the amounts shown arecorrect.
Dakota Services Co. offers cleaning services to business clients. The trial balance for Dakota Services Co. has been prepared on the end-of-period spreadsheet (work sheet) for the year ended July 31,
Dakota Services Co. offers cleaning services to business clients. Complete the following end-of-period spreadsheet (work sheet) for Dakota ServicesCo.
Based upon the data in Exercise 4-23, prepare an income statement, statement of owner’s equity, and balance sheet for Dakota Services Co.
Based upon the data in Exercise 4-22, prepare the adjusting entries for Dakota Services Co.
Based upon the data in Exercise 4-23, prepare the closing entries for Dakota Services Co.
Blink-On Company maintains and repairs warning lights, such as those found on radio towers and lighthouses. Blink-On Company prepared the end-of-period spreadsheet (work sheet) at the top of the
The Nevus Company is an investigative services firm that is owned and operated by Stacey Vargas. On April 30, 2008, the end of the current fiscal year, the accountant for The Nevus Company prepared
The unadjusted trial balance of Iguana Laundromat at June 30, 2008, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Laundry
The ledger and trial balance of Wainscot Services Co. as of March 31, 2008, the end of the first month of its current fiscal year, are presented in the working papers.Data needed to determine the
The unadjusted trial balance of Quick Repairs at October 31, 2008, the end of the current year, is shown below.The data needed to determine year-end adjustments are as follows:a. Supplies on hand at
For the past several years, Dawn Lytle has operated a part-time consulting business from her home. As of October 1, 2008, Dawn decided to move to rented quarters and to operate the business, which
Last-Chance Company offers legal consulting advice to prison inmates. Last-Chance Company prepared the end-of-period spreadsheet (work sheet) at the top of the following page at November 30, 2008,
The Ultra Services Company is a financial planning services firm owned and operated by Chad Tillman. As of July 31, 2008, the end of the current fiscal year, the accountant for The Ultra Services
The unadjusted trial balance of Best Laundry at March 31, 2008, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Laundry supplies
The ledger and trial balance of Wainscot Services Co. as of March 31, 2008, the end of the first month of its current fiscal year, are presented in the working papers.Data needed to determine the
The unadjusted trial balance of Reliable Repairs at December 31, 2008, the end of the current year, is shown at the top of the next page. The data needed to determine year-end adjustments are as
For the past several years, Derrick Epstein has operated a part-time consulting business from his home. As of June 1, 2008, Derrick decided to move to rented quarters and to operate the business,
The unadjusted trial balance of Dancin Music as of May 31, 2008, along with the adjustment data for the two months ended May 31, 2008.Based upon the adjustment data, the adjusted trial balance shown
Fantasy Graphics is a graphics arts design consulting firm. Terri Bierman, its treasurer and vice president of finance, has prepared a classified balance sheet as of January 31, 2008, the end of its
The following is an excerpt from a telephone conversation between Jan Young, president of Cupboard Supplies Co., and Steve Nisbet, owner of Nisbet Employment Co.Jan: Steve, you're going to have to do
Assume that you recently accepted a position with the First Security Bank as an assistant loan officer. As one of your first duties, you have been assigned the responsibility of evaluating a loan
Is the balance listed for cash on the trial balance, before the accounts have been adjusted, the amount that should normally be reported on the balance sheet? Explain.
Is the balance listed for supplies on the trial balance, before the accounts have been adjusted, the amount that should normally be reported on the balance sheet? Explain.
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Salaries Payableb. Landc. Dana Cates, Drawingd. Accumulated Depreciatione. Unearned
Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry.a. Mary Elizabeth Rebok, Capitalb. Buildingc. Prepaid Insuranced. Cashe. Interest
The supplies account had a beginning balance of $1,245 and was debited for $2,860 for supplies purchased during the year. Journalize the adjusting entry required at the end of the year assuming the
The prepaid insurance account had a beginning balance of $4,800 and was debited for $5,850 of premiums paid during the year. Journalize the adjusting entry required at the end of the year assuming
The balance in the unearned fees account, before adjustment at the end of the year, is $23,676. Journalize the adjusting entry required assuming the amount of unearned fees at the end of the year is
On August 1, 2007, Myopic Co. received $6,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2007.
At the end of the current year, $7,234 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
At the end of the current year, $1,772 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
Yarbrough Realty Co. pays weekly salaries of $11,875 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that
Hobbs Realty Co. pays weekly salaries of $24,840 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at the end of the accounting period assuming
The estimated amount of depreciation on equipment for the current year is $6,450. Journalize the adjusting entry to record the depreciation.
The estimated amount of depreciation on equipment for the current year is $1,820. Journalize the adjusting entry to record the depreciation.
For the year ending February 28, 2007, Miracle Medical Co. mistakenly omitted adjusting entries for (1) Depreciation of $2,276, (2) Fees earned that were not billed of $9,638, (3) Accrued wages of
For the year ending June 30, 2008, Ambulatory Medical Services Co. mistakenly omitted adjusting entries for (1) $1,034 of supplies that were used, (2) Unearned revenue of $6,481 that was earned, and
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance
For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If the error would cause the adjusted trial balance
The following accounts were taken from the unadjusted trial balance of Hartford Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If
The balance in the supplies account, before adjustment at the end of the year, is $2,975. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $614.
At December 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,
The balance in the prepaid insurance account, before adjustment at the end of the year, is $6,175. Journalize the adjusting entry required under each of the following alternatives for determining the
The prepaid insurance account had a balance of $3,600 at the beginning of the year. The account was debited for $4,800 for premiums on policies purchased during the year. Journalize the adjusting
The balance in the unearned fees account, before adjustment at the end of the year, is $49,500.Journalize the adjusting entry required if the amount of unearned fees at the end of the year is $27,180.
At the end of August, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items
At the end of the current year, $17,600 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
The balance in the unearned fees account, before adjustment at the end of the year, is $39,750. Of these fees, $12,300 have been earned. In addition, $7,100 of fees have been earned but have not been
Ash Realty Co. pays weekly salaries of $20,625 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the
Accrued salaries of $3,910 owed to employees for December 30 and 31 are not considered in preparing the financial statements for the year ended December 31. Indicate which items will be erroneously
Assume that the error in Exercise 3-15 was not corrected and that the $3,910 of accrued salaries was included in the first salary payment in January. Indicate which items will be erroneously stated,
Pisces Financial Services was organized on April 1 of the current year. On April 2, Pisces prepaid $3,000 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes
The estimated amount of depreciation on equipment for the current year is $3,275. Journalize the adjusting entry to record the depreciation.
The balance in the equipment account is $678,950, and the balance in the accumulated depreciation- equipment account is $262,200.a. What is the book value of the equipment?b. Does the balance in the
In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $6,078 million and Accumulated Depreciation of $3,855 million.a. What was the book value of the fixed

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