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accounting

Questions and Answers of Accounting

Identify each of the following accounts of Universal Services Co. as asset, liability, owner’s equity, revenue, or expense, and state in each case whether the normal balance is a debit or a
The following table summarizes the rules of debit and credit. For each of the items (a) through (l), indicate whether the proper answer is a debit or acredit.
As of January 1, Seth Fite, Capital, had a credit balance of $10,500. During the year, withdrawals totaled $4,000 and the business incurred a net loss of $8,000.a. Calculate the balance of Seth Fite,
The following errors took place in journalizing and posting transactions:a. A withdrawal of $15,000 by Gerald Owen, owner of the business, was recorded as a debit to Wages Expense and a credit to
The following errors took place in journalizing and posting transactions:a. A $550 purchase of supplies on account was recorded as a debit to Miscellaneous Expense and a credit to Prepaid Rent.b.
The financial statements for The Home Depot are presented in Appendix E at the end of the text.a. For Home Depot, comparing 2003 with 2002, determine the amount of change in millions and the percent
On August 1 of the current year, a business paid the August rent on the building that it occupies. (a) Do the rights acquired at August 1 represent an asset or an expense? (b) What is the
The balance in the prepaid insurance account, before adjustment at the end of the year, is $2,475. Journalize the adjusting entry required under each of the following alternatives for determining the
The prepaid insurance account had a balance of $5,600 at the beginning of the year. The account was debited for $1,800 for premiums on policies purchased during the year. Journalize the adjusting
Titanium Financial Services was organized on April 1 of the current year. On April 2, Titanium prepaid $1,260 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes
At the end of the current year, $11,500 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 equipment account is $318,500, and the balance in the accumulated depreciation-equipment account is $113,900.a. What is the book value of the equipment?b. Does the balance in the
Microsoft Corporation reported Property, Plant, and Equipment of $5,891 million and Accumulated Depreciation of $3,623 million at June 30, 2002.a. What was the book value of the fixed assets at June
On December 31, a business estimates depreciation on equipment used during the first year of operations to be $7,500.(a) Journalize the adjusting entry required as of December 31.(b) If the adjusting
The financial statements for The Home Depot are presented in Appendix E at the end of the text.a. Determine for Home Depot:1. The amount of the change (in millions) and percent of change in net
The following income statement data (in thousands) for Dell Computer Corporation and Gateway Inc. were taken from their recent annual reports:a. Prepare a vertical analysis of the income statement
On August 31, 2006, the following data were accumulated to assist the accountant in preparing the adjusting entries for Osage Realty:a. Fees accrued but unbilled at August 31 are $7,100.b. The
Selected account balances before adjustment for Flanders Realty at March 31, 2006, the end of the current year, are as follows:Data needed for year-end adjustments are as follows:a. Supplies on hand
Wild Trout Co., an outfitter store for fishing treks, prepared the following trial balance at the end of its first year of operations:For preparing the adjusting entries, the following data were
Dynamo Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2006, the accountant for Dynamo Company prepared the trial balances shown
On October 31, 2006, the following data were accumulated to assist the accountant in preparing the adjusting entries for Melville Realty:a. The supplies account balance on October 31 is $1,875. The
Selected account balances before adjustment for Maltese Realty at May 31, 2006, the end of the current year, are as follows:Data needed for year-end adjustments are as follows:a. Unbilled fees at May
Anguilla Company, an electronics repair store, prepared the following trial balance at the end of its first year of operations:For preparing the adjusting entries, the following data were
Expose Company specializes in the repair of music equipment and is owned and operated by Gavin Staub. On June 30, 2006, the end of the current year, the accountant for Expose Company prepared the
Is the work sheet a substitute for the financial statements? Discuss.
In the Income Statement columns of the work sheet, the Debit column total is greater than the Credit column total before the amount for the net income or net loss has been included. Would the income
In the Balance Sheet columns of the work sheet for Teton Co. for the current year, the Debit column total is $68,500 greater than the Credit column total before the amount for net income or net loss
The fiscal years for several well-known companies were as follows:What general characteristic shared by these companies explains why they do not have fiscal years ending December31?
If a company has positive working capital, will its current ratio always be greater than 1? Explain.
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the work sheet. Indicate whether each balance should be extended to(a) An Income Statement column(b) A
The steps performed in completing a work sheet are listed below in random order.a. Extend the adjusted trial balance amounts to the Income Statement columns and the Balance Sheet columns.b. Enter
Ithaca Services Co. offers cleaning services to business clients. Complete the following work sheet for Ithaca ServicesCo.
Based upon the data in Exercise 4-5, prepare the adjusting entries for Ithaca Services Co.
The following account balances were taken from the Adjusted Trial Balance columns of the work sheet for Larynx Messenger Service, a delivery service firm, for the current fiscal year ended June 30,
The following revenue and expense account balances were taken from the ledger of Sirocco Services Co. after the accounts had been adjusted on March 31, 2006, the end of the current fiscal
At the balance sheet date, a business owes a mortgage note payable of $500,000, the terms of which provide for monthly payments of $13,750.Explain how the liability should be classified on the
Tudor Co. offers personal weight reduction consulting services to individuals. After all the accounts have been closed on April 30, 2006, the end of the current fiscal year, the balances of selected
Green Earth Co. is a consulting firm specializing in pollution control. The entries in the Adjustments columns of the work sheet for Green Earth Co. are as follows.Prepare the adjusting
Prior to its closing, Income Summary had total debits of $450,750 and total credits of $712,500.Briefly explain the purpose served by the income summary account and the nature of the entries that
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.
The financial statements for The Home Depot are presented in Appendix E at the end of the text.a. Determine the working capital (in millions) and the current ratio for Home Depot as of February 2,
The following data (in thousands) were taken from recent financial statements of 7 Eleven, Inc., a convenience store chain:a. Compute the working capital and the current ratio as of December 31,
Portions of the wages expense account of a business are shown at the top of the following page.a. Indicate the nature of the entry (payment, adjusting, closing, reversing) from which each numbered
During the current year, merchandise is sold for $250,000 cash and for $975,000 on account. The cost of the merchandise sold is $735,000.a. What is the amount of the gross profit?b. Compute the gross
In 2003, Best Buy Co. reported net sales of $20,946 million. Its gross profit was $5,236 million. What was the amount of Best Buy’s cost of merchandise sold?
Identify the errors in the following incomestatement:
Two items are omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them byletter.
On January 31, 2006, the balances of the accounts appearing in the ledger of Calloway Company, a furniture wholesaler, are as follows:a. Prepare a multiple-step income statement for the year ended
Journalize the entries for the following transactions:a. Sold merchandise for cash, $6,900. The cost of the merchandise sold was $4,830.b. Sold merchandise on account, $7,500. The cost of the
The debits and credits for three related transactions are presented in the following T accounts. Describe eachtransaction.
A retailer is considering the purchase of one hundred units of a specific item from either of two suppliers. Their offers are as follows:A: $400 a unit, total of $40,000, 2/10, n/30, plus
Determine the amount to be paid in full settlement of each of the following invoices, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid
Pulmonary Inc.’s perpetual inventory records indicate that $382,800 of merchandise should be on hand on March 31, 2006. The physical inventory indicates that $371,250 of merchandise is actually on
The financial statements for Home Depot are presented in Appendix E at the end of the text.a. Determine the ratio of net sales to average total assets for Home Depot for the years ended February 2,
Winn-Dixie Stores reported the following data in its financial statements for 2002:Net sales and revenues ......... $12,334,353,000Total assets at end of 2002 ...... 2,937,578,000Total assets at
Myrina Rug Company had the following credit sales transactions during August 2006:The August 1 inventory was $19,000, consisting of:During August, Myrina Rug Company purchased the following rugs from
Why is cash the asset that often warrants the most attention in the design of an effective internal control structure?
The combined cash count of all cash registers at the close of business is $110 less than the cash sales indicated by the cash register records. (a) In what account is the cash shortage recorded? (b)
In which section of the income statement would a credit balance in Cash Short and Over be reported?
In what order are vouchers ordinarily filed (a) In the unpaid voucher file and(b) In the paid voucher file? Give reasons for the answers.
Explain why some cash payments are made in coins and currency from a petty cash fund.
What account or accounts are debited when? (a) Establishing a petty cash fund and (b) Replenishing a petty cash fund?
The petty cash account has a debit balance of $800. At the end of the accounting period, there is $110 in the petty cash fund, along with petty cash receipts totaling $690. Should the fund be
Identify each of the following reconciling items as: (a) An addition to the cash balance according to the bank statement, (b) A deduction from the cash balance according to the bank statement, (c) An
Which of the reconciling items listed in Exercise 7-8 require an entry in the depositor's accounts?
Identify the errors in the following bankreconciliation:
Prometheus Co. records all cash receipts on the basis of its cash register tapes. Prometheus Co. discovered during April 2006 that one of its sales clerks had stolen an undetermined amount of cash
For a recent fiscal year, Circuit City’s quarterly balances of cash and cash equivalents were as follows:End of February ........ $885 millionEnd of May ......... $1,176 millionEnd of August
The financial statements for Home Depot are presented in Appendix E at the end of the text.a. Compute the doomsday ratio for Home Depot for 2003 and 2002.b. What conclusions can be drawn from
After the accounts are adjusted and closed at the end of the fiscal year, Accounts Receivable has a balance of $883,150 and Allowance for Doubtful Accounts has a balance of $123,250. Describe how
The note receivable dishonored in Question 14 is paid on August 29 by the maker, plus interest for 30 days, 12%. What entry should be made to record the receipt of the payment?
At the end of the current year, the accounts receivable account has a debit balance of $840,000, and net sales for the year total $7,150,000. Determine the amount of the adjusting entry to provide
Mobley Company issued a promissory note to Ellsworth Company. (a) Who is the payee? (b) What is the title of the account used by Ellsworth Company in recording the note?
During its first year of operations, O'Hara Automotive Supply Co. had net sales of $4,050,000, wrote off $112,350 of accounts as uncollectible using the direct write-off method, and reported net
The maker of a $20,000, 9%, 120-day note receivable failed to pay the note on the due date of July 30. What accounts should be debited and credited by the payee to record the dishonored note
Earthlink, Inc., is a nationwide Internet Service Provider (ISP). Earthlink provides a variety of services to its customers, including narrowband access, broadband or high-speed access, and Web
Fridley Company sells carpeting. Over 50% of all carpet sales are on credit. The following procedures are used by Fridley to process this large number of credit sales and the subsequent
Hilton Hotels Corporation owns and operates casinos at several of its hotels, located primarily in Nevada. At the end of a fiscal year, the following accounts and notes receivable were reported (in
Herman€™s Auto Supply distributes new and used automobile parts to local dealers throughout the Midwest. Herman€™s credit terms are n/30. As of the end of business on July 31, the
The accounts receivable clerk for Intimacy Mattress Company prepared the following partially completed aging-of-receivables schedule as of the end of business on November 30.The following accounts
Intimacy Mattress Company has a past history of uncollectible accounts, as shown below. Estimate the allowance for doubtful accounts, based on the aging-of-receivables schedule you completed in
Using the data in Exercise 8-5, assume that the allowance for doubtful accounts for Intimacy Mattress Company has a credit balance of $7,180 before adjustment on November 30. Journalize the adjusting
Using the data in Exercise 8-7, assume that the allowance for doubtful accounts for Kubota Co. had a debit balance of $1,575 as of December 31, 2006.Journalize the adjusting entry for uncollectible
Anchor.com, a computer consulting firm, has decided to write off the $7,130 balance of an account owed by a customer. Journalize the entry to record the write-off,(a) Assuming that the allowance
Journalize the following transactions in the accounts of Linden Company, a restaurant supply company that uses the allowance method of accounting for uncollectible receivables:Feb. 20. Sold
Journalize the following transactions in the accounts of Graybeal Co., a hospital supply company that uses the direct write-off method of accounting for uncollectible receivables:July 6. Sold
Using the data in Exercise 8-13, assume that during the second year of operations O'Hara Automotive Supply Co. had net sales of $4,800,000, wrote off $114,800 of accounts as uncollectible using the
Determine the due date and the amount of interest due at maturity on the followingnotes:
Magpie Interior Decorators issued a 120-day, 6% note for $24,000, dated April 10, to Peel's Furniture Company on account.a. Determine the due date of the note.b. Determine the maturity value of the
The series of seven transactions recorded in the following T accounts were related to a sale to a customer on account and the receipt of the amount owed. Briefly describe eachtransaction.
The following selected transactions were completed by Cassidy Co., a supplier of elastic bands for clothing:2005Dec. 13. Received from Visage Co., on account, a $25,000, 120-day, 6% note dated
Journalize the following transactions of Prairie Theater Productions:July 8. Received a $30,000, 90-day, 8% note dated July 8 from Pennington Company on account.Oct. 6. The note is dishonored by
Journalize the following transactions in the accounts of Blue Sky Co., which operates a riverboat casino:Mar. 1. Received a $15,000, 60-day, 5% note dated March 1 from Absaroka Co. on account.18.
List any errors you can find in the following partial balancesheet.
Circuit City Stores, Inc. is a national retailer of brand-name consumer electronics including televisions, DVD players, compact disc players, personal computers, printers, video games, DVD movies,
Use the Circuit City data in Exercise 8-22 to analyze days' sales in receivables.a. Compute the days' sales in receivables at the end of 2003 and 2002. Round to one decimal place.b. What conclusions
The Limited Inc. sells women's and men's clothing through specialty retail stores, including Structure, Limited, Express, Lane Bryant, and Lerner New York. The Limited sells women's intimate apparel
Theisen Co., a building construction company, holds a 90-day, 6% note for $20,000, dated March 15, which was received from a customer on account. On April 14, the note is discounted at the bank at
Journalize the following transactions in the accounts of Allied Theater Productions:June 1. Received a $60,000, 60-day, 8% note dated June 1 from Rhodes Company on account.July 1. Discounted the note
The following transactions, adjusting entries, and closing entries were completed by Elko Contractors Co. during the year ended December 31, 2006:Mar. 15. Received 60% of the $18,500 balance owed by

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