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Questions and Answers of Accounting

The trial balance of Circle 360, Inc., at October 31, 2010, does not balance.Requirements1. How much out of balance is the trial balance? Determine the out-of-balance amount.The error lies in the
This question concerns the items and the amounts that two entities, Nashua Co., and Ditka Hospital, should report in their financial statements. During September, Ditka provided Nashua with medical
Multiple Choice Questions1. An investment of cash into the business willa. Decrease total liabilities.b. Decrease total assets.c. Have no effect on total assets.d. Increase stockholders equity.2.
Multiple Choice Questions1. What is the effect on total assets and stockholders equity of paying the telephone bill as soon as it is received each month?Total assets Stockholders equitya. No effect
Multiple Choice Questions1. The journal entry to record the purchase of supplies on accounta. Debits Supplies and credits Accounts Payable.b. Credits Supplies and debits Cash.c. Credits Supplies and
The trial balance of Luxury Specialties, Inc., follows.Ashley Richards, your best friend, is considering investing in Luxury Specialties, Inc. Ashley seeks your advice in interpreting this
The following amounts summarize the financial position of Mason Resources, Inc., on May 31, 2010:During June 2010, Mason Resources completed these transactions:a. The business received cash of $9,200
This problem can be used in conjunction with Problem. Refer to Problem.During June 2010, Mason Resources completed these transactions:a. The business received cash of $9,200 and issued common
Demers Real Estate Co. experienced the following events during the organizing phase and its first month of operations. Some of the events were personal for the stockholders and did not affect the
During December, Smith Auction Co. completed the following transactions:Dec 1 Smith received $26,000 cash and issued common stock to the stockholders.5 Paid monthly rent, $1,100.9 Paid $8,500 cash
During the first month of operations, Simmons Heating and Air Conditioning, Inc., completed the following transactions: Jan 2 Simmons received $39,000 cash and issued common stock to the
During the first month of operations (November 2010), Stein Services Corporation completed the following selected transactions:a. The business received cash of $28,000 and a building valued at
The trial balance of Advantage Specialties, Inc., follows:Rebecca Smith, your best friend, is considering making an investment in Advantage Specialties, Inc. Rebecca seeks your advice in interpreting
The following amounts summarize the financial position of Rodriguez Resources on May 31, 2010:During June, 2010, the business completed these transactions:a. Rodriguez Resources received cash of
This problem can be used in conjunction with Problem. Refer to Problem.During June, 2010, the business completed these transactions:a. Rodriguez Resources received cash of $8,600 and issued common
Smith Real Estate Co. experienced the following events during the organizing phase and its first month of operations. Some of the events were personal for the stockholders and did not affect the
During December, Swanson Auction Co. completed the following transactions:Dec 1 Swanson received $28,000 cash and issued common stock to the stockholders.5 Paid monthly rent, $2,000.9 Paid $11,500
During the first month of operations, O’Shea Plumbing, Inc., completed the following transactions:Jan 2O Shea received $33,000 cash and issued common stock to the stockholders.3 Purchased supplies,
During the first month of operations (March 2010), Silver Entertainment Corporation completed the following selected transactions:a. The business received cash of $32,000 and a building valued at
A friend named Jay Barlow has asked what effect certain transactions will have on his company. Time is short, so you cannot apply the detailed procedures of journalizing and posting. Instead, you
Sophia Loren opened an Italian restaurant. Business has been good, and Loren is considering expanding the restaurant. Loren, who knows little accounting, produced the following financial statements
Scruffy Murphy is the president and principal stockholder of Scruffy’s Bar & Grill, Inc. To expand, the business is applying for a $250,000 bank loan. To get the loan, Murphy is considering two
Part a. You have received your grade in your first accounting course, and to your amazement, it is an A. You feel the instructor must have made a big mistake. Your grade was a B going into the final,
Refer to Amazon.com, Inc.’s financial statements in Appendix A at the end of the book. Assume that Amazon.com completed the following selected transactions during 2008.a. Made company sales
Refer to the Foot Locker, Inc., financial statements in Appendix B at the end of the book. Suppose you are an investor considering buying Foot Locker, Inc., common stock. The following questions are
St. Pierre Corporation made sales of $960 million during 2010. Of this amount, St. Pierre collected cash for all but $25 million. The company’s cost of goods sold was $270 million, and all other
Capeside Corporation began 2010 owing notes payable of $3.9 million. During 2010 Capeside borrowed $2.3 million on notes payable and paid off $2.0 million of notes payable from prior years. Interest
As the controller of Eden Consulting, you have hired a new employee, whom you must train. She objects to making an adjusting entry for accrued salaries at the end of the period. She reasons, we will
A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Acme and Harris. Suppose Acme is negotiating with the auto manufacturer to purchase 950 vehicles.Write a
Write a short paragraph to explain in your own words the concept of depreciation as used in accounting.
Identify the accounting concept or principle that gives the most direction on how to account for each of the following situations:a. Salary expense of $35,000 is accrued at the end of the period to
Answer the following questions about prepaid expenses:a. On March 1, Blue & Green Travel prepaid $4,800 for six months rent. Give the adjusting entry to record rent expense at March 31. Include the
Suppose that on January 1 Georgetown Golf Company paid cash of $80,000 for computers that are expected to remain useful for four years. At the end of four years, the computers values are expected to
During 2010, Northwest Airlines paid salary expense of $38.3 million. At December 31, 2010, Northwest accrued salary expense of $2.8 million. Northwest then paid $1.8 million to its employees on
Resort Travel borrowed $80,000 on October 1 by signing a note payable to Texas First Bank. The interest expense for each month is $500. The loan agreement requires Resort to pay interest on December
Return to the situation in Short Exercise. Here you are accounting for the same transactions on the books of Texas First Bank, which lent the money to Resort Travel.1. Make Texas First Banks
Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your explanation, use the following actual example: The Globe and Trail, a national newspaper, collects cash
Crow Golf Co. prepaid three years rent ($24,000) on January 1, 2010. At December 31, 2010, Crow prepared a trial balance and then made the necessary adjusting entry at the end of the year. Crow
Bryson, Inc., collects cash from customers two ways:a. Accrued revenue. Some customers pay Bryson after Bryson has performed service for the customer. During 2010, Bryson made sales of $60,000 on
Suppose Vulture Sporting Goods Company reported the following data at March 31, 2010, with amounts in thousands:Use these data to prepare Vulture Sporting Goods Companyâ€™s income statement for
Use the Vulture Sporting Goods Company data in Short Exercise to make the companyâ€™s closing entries at March 31, 2010.Then set up a T-account for Retained Earnings and post to that account.
Vulture Sporting Goods reported the following data at March 31, 2010, with amounts adapted in thousands:Vulture Sporting Goods CompanyIncome StatementFor the Year Ended March 31, 2010(Amounts in
Refer to the Vulture Sporting Goods Company data in Short Exercise. At March 31, 2010, Vulture Sporting Goods Company’s current ratio was 1.35 and their debt ratio was 0.62. Compute Vultures (a)
During 2010 Galaxy Corporation made sales of $4,100 (assume all on account) and collected cash of $4,900 from customers. Operating expenses totaled $1,400, all paid in cash. At year end, 2010, Galaxy
During 2010 Prairie Sales, Inc., earned revenues of $580,000 on account. Prairie collected $590,000 from customers during the year. Expenses totaled $480,000, and the related cash payments were
During 2010, Carson Network, Inc., which designs network servers, earned revenues of $800 million. Expenses totaled $590 million. Carson collected all but $28 million of the revenues and paid $610
An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, $500. Payments for insurance during the period, $1,500. Prepaid
Bird-Bath, Inc., experienced four situations for its supplies. Compute the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction. Consider
Jenkins Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2010, for each situation. Consider each fact separately.a. The business has interest
The accounting records of Fletcher Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, $1,600; Supplies, $600; Salary Payable, $0; Unearned Service Revenue,
The adjusted trial balance of Delicious Hams, Inc., follows.Requirement1. Prepare Delicious Hams, Inc.â€™s income statement and statement of retained earnings for the year ended December 31,
The adjusted trial balances of Dickens Corporation at March 31, 2010, and March 31, 2009, include these amounts (in millions):Dickens completed these transactions during the year ended March 31,
This question deals with the items and the amounts that two entities, Mother Meghan Hospital (Mother Meghan) and City of Boston (Boston) should report in their financial statements. Fill in the
Nanofone, the British wireless phone service provider, collects cash in advance from customers. All amounts are in millions of pounds sterling (£), the British monetary unit. Assume Nanofone
Prepare the closing entries from the following selected accounts from the records of Sunnydale Corporation at December 31, 2010:How much net income did Sunnydale earn during 2010? Prepare a T-account
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Draper Production Company follow.Requirement1. Journalize the adjusting and closing entries of
Refer to Exercise.Requirements1. Use the data in the partial worksheet to prepare Draper Production Company€™s classified balance sheet at December 31 of the current year. Use the report
Ben Williams Company reported these ratios at December 31, 2010 (dollar amounts in millions):Ben Williams Company completed these transactions during 2011:a. Purchased equipment on account, $8b. Paid
During 2010 Nebula Corporation made sales of $4,800 (assume all on account) and collected cash of $4,900 from customers. Operating expenses totaled $1,100, all paid in cash. At year end, 2010, Nebula
During 2010 Mountain Sales, Inc., earned revenues of $510,000 on account. Mountain collected $580,000 from customers during the year. Expenses totaled $470,000, and the related cash payments were
During 2010 Carlton Network, Inc., which designs network servers, earned revenues of $740 million. Expenses totaled $560 million. Carlton collected all but $24 million of the revenues and paid $580
An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, $800. Payments for insurance during the period, $2,400. Prepaid
Bird-Brain, Inc., experienced four situations for its supplies. Compute the amounts that have been left blank for each situation. For situations 1 and 2, journalize the needed transaction. Consider
Folton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2010, for each situation. Consider each fact separately.a. The business has interest expense
The accounting records of Harris Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, $1,200; Supplies, $300; Salary Payable, $0; Unearned Service Revenue,
The adjusted trial balance of Holiday Hams, Inc., follows.Requirement1. Prepare Holiday Hams, Inc.€™s income statement and statement of retained earnings for the year ended December 31,
The adjusted trial balances of Victory Corporation at March 31, 2010, and March 31, 2009, include these amounts (in millions):Victory completed these transactions during the year ended March 31,
This question deals with the items and the amounts that two entities, Mother Elizabeth Hospital (Mother Elizabeth) and City of Portland (Portland) should report in their financial statements. Fill in
Direct, the British wireless phone service provider collects cash in advance from customers. All amounts are in millions of pounds sterling (£), the British monetary unit. Assume Direct collected
Prepare the closing entries from the following selected accounts from the records of East Shore Corporation at December 31, 2010:How much net income did East Shore earn during 2010? Prepare a
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Wallace Production Company follow.Requirement1. Journalize the adjusting and closing entries
Refer to Exercise.Requirements1. Use the data in the partial worksheet to prepare Wallace Production Company€™s classified balance sheet at December 31 of the current year. Use the report
Brent Landry Company reported these ratios at December 31, 2010 (dollar amounts in millions):Brent Landry Company completed these transactions during 2011:a. Purchased equipment on account, $6b. Paid
Refer to Exercise of Chapter 2. Start from the trial balance and the posted T-accounts that Jerome Smith, Certified Public Accountant, Professional Corporation (P.C.), prepared for his accounting
Worthy Hills Corporation reported the following current accounts at December 31, 2010 (amounts in
The accounts of Greatbrook Company prior to the year-end adjustments follow.Adjusting data at the end of the year include which of the following?a. Unearned service revenue that has been earned,
Multiple Choice Questions1. In which month should Dunn record the cost of the music as an expense?a. Januaryb. Februaryc. Marchd. April2. In which month should Dunn report the $38 revenue on its
Multiple Choice Questions1. What effect does the adjusting entry in question 3-57 have on Bambis net income for February?a. Increase by $200b. Decrease by $200c. Increase by $400d. Decrease by $4002.
Multiple Choice Questions1. Which of the following accounts would not be included in the closing entries?a. Depreciation Expenseb. Accumulated Depreciationc. Retained Earningsd. Service Revenue2. A
Labear Corporation earned revenues of $41 million during 2011 and ended the year with net income of $5 million. During 2011, Labear collected $23 million from customers and paid cash for all of its
Elders Consulting had the following selected transactions in August:Aug 1 Prepaid insurance for August through December, $500.4 Purchased software for cash, $800.5 Performed services and received
Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Rowling Corp. Include an explanation for each
Consider the unadjusted trial balance of London, Inc., at December 31, 2010, and the related month-end adjustment data.Adjustment data December 31, 2010:a. Accrued service revenue at December 31,
Peachtree Apartments, Inc.€™s unadjusted and adjusted trial balances at April 30, 2010, follow.Requirements1. Make the adjusting entries that account for the differences between the two
The adjusted trial balance of Schneider Corporation at July 31, 2010, follows.Requirements1. Prepare Schneider Corporations 2010 income statement, statement of retained earnings, and balance sheet.
The accounts of Spa View Service, Inc., at March 31, 2010, are listed in alphabetical order.Requirements1. All adjustments have been journalized and posted, but the closing entries have not yet been
Refer back to Problem.Requirements1. Use the Spa View data in Problem 3-75A to prepare the company€™s classified balance sheet at March 31, 2010. Show captions for total assets, total
This problem demonstrates the effects of transactions on the current ratio and the debt ratio of Hartford Company. Hartford’s condensed and adapted balance sheet at December 31, 2010, follows.(In
Gauge Corporation earned revenues of $33 million during 2010 and ended the year with net income of $6 million. During 2010 Gauge collected cash of $24 million from customers and paid cash for all of
Kings Consulting had the following selected transactions in May:May 1 Prepaid insurance for May through September, $500.4 Purchased software for cash, $600.5 Performed services and received cash,
Journalize the adjusting entry needed on December 31 the end of the current accounting period, for each of the following independent cases affecting Irons Corp. Include an explanation for each
Consider the unadjusted trial balance of Kings, Inc., at August 31, 2010, and the related month-end adjustment data.Adjustment data at August 31, 2010 include the following:a. Accrued advertising
Fairview Apartments, Inc.€™s unadjusted and adjusted trial balances at April 30, 2010, follow:Requirements1. Make the adjusting entries that account for the differences between the two
The adjusted trial balance of Sneed Corporation at October 31, 2010, follows:Requirements1. Prepare Sneed€™s 2010 income statement, statement of retained earnings, and balance sheet. List
The accounts of Sunny Stream Service, Inc., at March 31, 2010, are listed in alphabetical order.Requirements1. All adjustments have been journalized and posted, but the closing entries have not yet
Refer back to Problem.Requirements1. Prepare the company€™s classified balance sheet in report form at March 31, 2010. Show captions for total assets, total liabilities, and total
This problem demonstrates the effects of transactions on the current ratio and the debt ratio of Hillsboro Company. Hillsboro’s condensed and adapted balance sheet at December 31, 2009,
The unadjusted trial balance of Good Times, Inc., at January 31, 2010, does not balance. In addition, the trial balance needs to be adjusted before the financial statements at January 31, 2010 can
On October 1, Lou Marks opened Eagle Restaurant, Inc. Marks is now at a crossroads. The October financial statements paint a glowing picture of the business, and Marks has asked you whether he
Stanley Williams has owned and operated SW Advertising, Inc., since its beginning 10 years ago. Recently, Williams mentioned that he would consider selling the company for the right price. Assume

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