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Questions and Answers of Accounting

Obtain General Electric’s 2008 annual report either through the “Investor Relations” portion of its Web site (do a web search for GE investor relations) or go to www.sec.gov and click “Search
Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:Answer the following questions:1. Determine the amounts in the accounting
Ehrlich Smith, the owner of The Shoe Box, has asked you to help him understand the proper way to account for certain accounting items as he prepares his 2009 financial statements. Smith has provided
How does accrual-basis net income differ from cash-basis net income?
Explain when revenue may be recognized in the accounting records.
What happens during the accounting cycle?
Provide two examples of transactions that begin and end at a particular point-in-time and two examples of continuous transactions.
Why are adjusting entries needed?
What accounting concepts require that adjusting entries be employed?
Describe the recording of transactions that begin and end at a particular point-in-time and continuous transactions. In your answer, be sure to refer to within-period journal entries and adjusting
For each of the four categories of adjusting entries, describe the business activity that produces circumstances requiring adjustment.
What is the difference between an accrual and a deferral?
Which type of adjustment will? (a) Increase both assets and revenues, (b) Increase revenues and decrease liabilities, (c) Increase expenses and decrease assets, (d) Increase both expenses and
How is the amount for an interest expense (or interest revenue) adjustment determined?
Describe the effect on the financial statements when an adjustment is prepared that record (a) Unrecorded revenue and (b) Unrecorded expense.
On the basis of what you have learned about adjustments, why do you think that adjusting entries are made on the last day of the accounting period rather than at several earlier times during the
Describe the four steps in the closing process.
Identify each of the following categories of accounts as temporary or permanent: assets, liabilities, equity, revenues, expenses, dividends. How is the distinction between temporary and permanent
Why are only the balance sheet accounts permanent?
List the seven steps in the accounting cycle in the order in which they occur.
What is the relationship between the accounting cycle and the worksheet?
Describe the structure of the worksheet and the accounting information it contains.
Multiple-Choice Questions1. Which of the following statements is true?a. Under cash-basis accounting, revenues are recorded when earned and expenses are recorded when incurred.b. Generally accepted
Multiple Choice Questions1. Ron’s Diner received the following bills for December 2009 utilities:Electricity: $400 on December 29, 2009Telephone: $150 on January 5, 2010Both bills were paid on
McDonald Music sells used CDs for $2.00 each. During the month of April, McDonald Music sold 21,200 CDs for cash and 7,300 CDs on credit. McDonald's cash collections in April included the $42,400 for
Speedy Delivery Company provides next-day delivery across the southeastern United States. During May, Speedy incurred $120,000 in fuel costs. Speedy paid $90,000 of the fuel cost in May, with the
Heartstrings Gift Shoppe sells an assortment of gifts for any occasion. During October, Heartstrings started a Gift-of-the-Month program. Under the terms of this program, Heartstrings would select
The following information describes transactions for Morgenstern Advertising Company during July:a. On July 5, Morgenstern purchased and received $21,500 of supplies on credit from Drexel Supply Inc.
Singleton, Inc., had the following transactions during the year.a. Merchandise was sold to customers on credit.b. Purchased equipment to be used in the operation of its business.c. A two-year
Powers Rental Service had the following items that require adjustment at year-end.a. Earned $6,420 of revenue from the rental of equipment for which the customer had not yet paid.b. Interest of $400
Manning Manufacturing Inc. had the following items that require adjustment at yearend.a. Salaries of $3,180 which were earned in December are unrecorded and unpaid.b. Used $2,598 of utilities in
Olney Cleaning Company had the following items that require adjustment at year-end.a. For one cleaning contract, $14,000 cash was received in advance. The cash was credited to unearned revenue upon
Best Company had the following items that require adjustment at year-end.a. Cash for equipment rental in the amount of $4,200 was paid in advance. The $4,200 was debited to prepaid equipment rent
Pain-Free Dental Group, Inc., purchased dental supplies of $15,500 during the year. At the end of the year, a physical count of supplies showed $2,300 of supplies on hand.Required:1. Prepare the
LaGarde Company has a machine that it purchased for $125,000 on January 1. Annual depreciation on the machine is estimated to be $11,400.Required:1. Prepare the adjusting entry needed at the end of
When adjusting entries were made at the end of the year, the accountant for Parker Company did not make the following adjustments.a. $2,900 of wages had been earned but were unpaidb. $3,750 of
Sparrow Company had the following adjusted trial balance at December 31, 2009.Required:Prepare a single-step income statement for Sparrow Company for2009.
Refer to the adjusted trial balance in Cornerstone Exercise 3-24.Required:Prepare a statement of retained earnings for Sparrow Company for 2009.
Refer to the adjusted trial balance in Cornerstone Exercise 3-24.Required:Prepare a classified balance sheet for Sparrow Company at December 31, 2009.
Refer to the adjusted trial balance in Cornerstone Exercise 3-24.Required:1. Prepare the closing entries for Sparrow Company at December 31, 2009.2. How does the closing process affect retained
The following is a list of steps in the accounting cycle.a. Post to the ledgerb. Close the accountsc. Analyze transactionsd. Adjust the accountse. Prepare financial statementsf. Journalize
The following information is taken from the accrual accounting records of Kroger Sales Company:a. During January, Kroger paid $8,500 for supplies to be used in sales to customers during the next two
Each of the following situations relates to the recognition of revenue:a. A store sells a gift card in December which will be given as a Christmas present. The card is not redeemed until January.b. A
Electronic Repair Company repaired a high-definition television for Sarah Merrifield in December 2009. Sarah paid $50 at the time of the repair and agreed to pay Electronic Repair Company $50 each
The records of Summers Building Company reveal the following information for 2009.a. Cash receipts during 2009 (including $50,000 paid by stockholders in exchange for common stock) were $220,000.b.
Treadway Dental Services gives each of its patients a toothbrush with the name and phone number of the dentist office and a logo imprinted on the brush. Treadway purchased 15,000 of the toothbrushes
Carrico Advertising Inc. performs advertising services for several Fortune 500 companies. The following information describes Carrico's activities during 2009.a. At the beginning of 2009, customers
Conklin Services prepares financial statements only once per year using an annual accounting period ending on December 31. Each of the following statements describes an entry made by Conklin on
Medina Motor Service is preparing adjusting entries for the year ended December 31, 2009. The following items describe Medina's continuous transactions during 2009:a. Medina's salaried employees are
Sentry Transport, Inc., of Atlanta provides in-town parcel delivery services in addition to a full range of passenger services. Sentry engaged in the following activities during the current year:a.
Faraday Electronic Service repairs stereos and DVD players. During a recent year, Faraday engaged in the following activities:a. On September 1, Faraday paid Wausau Insurance $1,860 for its liability
Greensboro Properties, Inc., owns a building in which it leases office space to small businesses and professionals. During 2009, Greensboro Properties engaged in the following transactions:a. On
JDM, Inc., made the following prepayments for expense items during 2009:a. Prepaid building rent for one year on April 1. JDM paid $6,300, debiting prepaid rent for the amount paid.b. Prepaid six
The downtown Chicago Nieman Marcus store purchases large quantities of supplies, including plastic garment bags and paper bags and boxes. At December 31, 2009, the following information is available
Allentown Services, Inc., is preparing adjusting entries for the year ending December 31, 2009. The following data are available:a. Interest is owed at December 31, 2009, on a six-month, 9 percent
Reynolds Computer Service offers data processing services to retail clothing stores. The following data have been collected to aid in the preparation of adjusting entries for Reynolds Computer
VanBrush Enterprises, a painting contractor, prepared the following adjusting entries at year-end:a. Wages Expense ......... 3,700Wages Payable ........ 3,700b. Accounts Receivable
Grand Rapids Consulting, Inc., began 2009 with a retained earnings balance of $38,100 and has the following accounts and balances at year-end:Sales Revenue ............$155,000Salaries Expense
James and Susan Morley recently converted a large turn-of-the-century house into a hotel and incorporated the business as Saginaw Enterprises. Their accountant is inexperienced and has made the
Unadjusted account balances at December 31, 2009, for Rapisarda Company at the top of the next page.The following data are not yet recorded:a. Depreciation on the equipment is $25,000.b. Unrecorded
George Hathaway, an electrician, entered into an agreement with a real estate management company to perform all maintenance of basic electrical systems and air-conditioning equipment in the apartment
Security Specialists performs security services for local businesses. During 2009, Security Specialists performed $900,000 of security services and collected $930,000 cash from customers. Security
Kuepper's Day Care is a large day-care center in South Orange, New Jersey. The day-care center serves several nearby businesses, as well as a number of individual families. The businesses pay $6,180
Bartow Photographic Services takes wedding and graduation photographs, At December 31, the end of Bartow's accounting period, the following information is available:a. All wedding photographs are
Four adjusting entries are shown below.a. Wages Expense ........ 2,490Wages Payable ...... 2,490b. Accounts Receivable ..... 3,350Service Revenue ..... 3,350c. Rent Expense
You have the following unadjusted trial balance for Rogers Corporation at December31, 2009:At year-end, you have the following data for adjustments:a. An analysis indicates that prepaid rent on
The following schedule shows all the accounts of Fresno Travel Agency that received year-end adjusting entries:Required:1. Calculate the missing amounts identified by the numbers (a) through (e).2.
Round Grove Alarm Company provides security services to homes in northwestern Indiana. At year-end 2009, after adjusting entries have been made, the following list of account balances is
Tarkington Freight Service provides delivery of merchandise to retail grocery stores in the Northeast. At the beginning of 2009, the following account balances were available:Cash ...................
Marsteller Properties, Inc., owns apartments that it rents to university students. At December 31, 2009, the following unadjusted account balances were available:Cash ..................... $
Martin Sharp, who repairs lawn mowers, collects cash from his customers when the repair services are completed. He maintains an inventory of repair parts that are purchased from a wholesale supplier.
Aunt Bea’s Catering Service provides catering service for special occasions. During 2009, Aunt Bea performed $125,000 of catering services and collected $118,500 of cash from customers. Salaries
Morgan Dance Inc. provides ballet, tap, and jazz dancing instruction to promising young dancers. Morgan began operations in January 2010 and is preparing its monthly financial statements for January
West Beach Resort operates a resort complex that specializes in hosting small business and professional meetings. West Beach closes its fiscal year on January 31, a time when it has few meetings
Four adjusting entries are shown below:a. Interest Expense ....... 1,458Interest Payable .... 1,458b. Interest Receivable ..... 839Interest Revenue .... 839c. Insurance Expense
The unadjusted trial balance for Mitchell Pharmacy appears below.The following information is available at year-end for adjustments:a. An analysis of insurance policies indicates that $1,400 of the
The following schedule shows all the accounts of Eagle Imports that received year-end adjusting entries:Required:1. Calculate the missing amounts identified by the numbers (a) through (e).2. Prepare
Port Austin Boat Repair Inc. has entered and posted its adjusting entries for 2009. The following are the adjusted account balances:Sales Revenue ................$578,500Interest Revenue
Wilburton Riding Stables provides stables, care for animals, and grounds for riding and showing horses. The account balances at the beginning of 2009 were:Cash ....................$ 2,200Accounts
Flint, Inc., operates a cable television system. At December 31, 2009, the following unadjusted account balances were available:Cash ...................... $ 2,000Accounts Receivable ...............
Katie Vote owns a small business that rents computers to students at the local university. Katie's typical rental contract requires the student to pay the year's rent of $900 ($100 per month) in
Jackson Dunlap is president of New Miami Maintenance Inc. which provides building maintenance services. On October 15, 2009, Mr. Dunlap signed a service contract with Western College. Under the
Beth Rader purchased North Shore Health Club in June 2009. Beth wanted to increase the size of the business by selling five-year memberships for $5,000, payable at the beginning of the membership
Newman Properties Inc. completed construction of a new shopping center in July 2009. During the first six months of 2009, Newman spent $750,000 for salaries, preparation of documents, travel, and
Cal-Lite Products, Inc., manufactures a line of food products that appeals to persons interested in weight loss. To stimulate sales, Cal-Lite includes cash refund coupons in many of its products.
Link Pictures, Inc., sells (licenses) the rights to exhibit motion pictures to theaters. Under the sales contract, the theater promises to pay a license fee equal to the larger of a guaranteed
Don Berthrong, the manager of the local Books-A-Million, is wondering whether adjusting entries will affect his financial statements. Don's business has grown steadily for several years, and Don
Barnes Building Systems made the following closing entries at the end of a recent year:a. Income Summary ........ 384,300Retained Earnings ..... 384,300b. Retained Earnings .......
Obtain FedEx Corporation's 2007 annual report either through the “Investor Relations” portion of their website (do a web search for FedEx investor relations) or go to www.sec.gov and click
Refer to the financial statements of Abercrombie & Fitch and Aeropostale that are supplied with this text.Required:Answer the following questions:1. Does each company apply the revenue
When is revenue recognized?
Explain the criteria for revenue recognition.
What four criteria has the SEC issued as further guidance for revenue recognition?
How is net sales revenue calculated?
Why might users of financial statements prefer the separate disclosure of gross sales revenue and sales returns and allowances to the disclosure of a single net sales revenue amount?
Why are sales discounts offered?
What are sales allowances? How do sales allowances differ from sales discounts?
What are trade discounts and quantity discounts? From an accounting viewpoint, how does the effect of trade and quantity discounts on selling (or invoice) price differ from the effect of sales
What documents must be present to trigger the recording of a sale (and associated receivable) in the accounting records?
Describe the documents that underlie the typical accounting system for sales. Give an example of a failure of internal control that might occur if these documents were not properly prepared.

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