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accounting

Questions and Answers of Accounting

A How do reversing entries simplify recordkeeping?
If a company recorded accrued salaries expense of $500 at the end of its fiscal year, what reversing entry could be made? When would it be made?
Refer to the balance sheet for Research In Motion in Appendix A. What five main noncurrent asset categories are used on its classified balance sheet?
Refer to Nokia’s balance sheet in Appendix A. Identify and list its 9 current assets.
Refer to Palm’s financial statements in Appendix A. What journal entry was likely recorded as of May 31, 2009, to close its Income Summary account?
List the following steps of the accounting cycle in their proper order.a. Preparing the post-closing trial balance.b. Posting the journal entries.c. Journalizing and posting adjusting entries.d.
Complete the following descriptions related to temporary and permanent accounts.1. Temporary accounts accumulate data related to ______ accounting period.2. Permanent accounts report on activities
Compute Jamar Company’s current ratio using the following information.Accounts receivable . . . . . . . . . . . . . . $15,000Long-term notes payable . . . . . . . . . . $20,000Accounts payable . .
The following are common categories on a classified balance sheet.A. Current assetsB. Long-term investmentsC. Plant assetsD. Intangible assetsE. Current liabilitiesF. Long-term liabilitiesFor each
In preparing a work sheet, indicate the financial statement Debit column to which a normal balance in the following accounts should be extended. Use IS for the Income Statement Debit column and BS
List the following steps in preparing a work sheet in their proper order by writing numbers 1 – 5 in the blank spaces provided.a. ______ Prepare an adjusted trial balance on the work sheet.b.
The following selected information is taken from the work sheet for Wayman Company as of December 31, 2011. Using this information, determine the amount for K. Wayman, Capital, that should be
The ledger of Terrel Company includes the following unadjusted normal balances: Prepaid Rent $800, Services Revenue $11,600 and Wages Expense $5,000. Adjusting entries are required for(a) Accrued
The ledger of Avril Company includes the following accounts with normal balances: L. Avril, Capital $6,000; L. Avril, Withdrawals $400; Services Revenue $10,000; Wages Expense $5,200; and Rent
On December 31, 2010, Lester Co. prepared an adjusting entry for $6,700 of earned but unrecorded management fees. On January 16, 2011, Lester received $15,500 cash in management fees, which included
Answer each of the following questions related to international accounting standards.a. Explain how the closing process is different between accounting under IFRS versus U.S. GAAP.b. What basic
Use the March 31 fiscal year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post those entries to the
The adjusted trial balance for Sundance Marketing Co. follows. Complete the four right-most columns of the table by first entering information for the four closing entries (keyed 1 through 4) and
The following adjusted trial balance contains the accounts and balances of Showers Company as of December 31, 2011, the end of its fiscal year.(1) Prepare the December 31, 2011, closing entries for
Use the following adjusted trial balance of Webb Trucking Company to prepare the(1) Income statement and(2) Statement of ownerâ€™s equity, for the year ended December 31, 2011.The K. Webb,
Use the information in the adjusted trial balance reported in Exercise 4-4 to prepare Webb Trucking Companyâ€™s classified balance sheet as of December 31,2011.
Use the information in the adjusted trial balance reported in Exercise 4-4 to compute the current ratio as of the balance sheet date (round the ratio to two decimals). Interpret the current ratio
Calculate the current ratio in each of the following separate cases (round the ratio to two decimals). Identify the company case with the strongest liquidity position. (These cases represent
These 16 accounts are from the Adjusted Trial Balance columns of a company’s 10-column work sheet. In the blank space beside each account, write the letter of the appropriate financial statement
Use the following information from the Adjustments columns of a 10-column work sheet to prepare the necessary adjusting journal entries (a) through(e).
The Adjusted Trial Balance columns of a 10-column work sheet for Propel Company follow. Complete the work sheet by extending the account balances into the appropriate financial statement columns and
These partially completed Income Statement columns from a 10-column work sheet are for Welch€™s Red Sail Rental Company.(1) Use the information to determine the amount that should be
The following unadjusted trial balance contains the accounts and balances of Dalton Delivery Company as of December 31, 2011, its first year of operations.(1) Use the following information about the
The following two events occurred for Tanger Co. on October 31, 2011, the end of its fiscal year. a. Tanger rents a building from its owner for $3,200 per month. By a prearrangement, the company
Hinson Company records prepaid assets and unearned revenues in balance sheet accounts. The following information was used to prepare adjusting entries for the company as of August 31, the end of the
Argosy Company began the current period with a $14,000 credit balance in the D. Argosy, Capital account. At the end of the period, the company’s adjusted account balances include the following
Following are Nintendo’s revenue and expense accounts for a recent calendar year (yen in millions). Prepare the company’s closing entries for its revenues and its expenses.Net sales . . . . . . .
The following data are taken from the unadjusted trial balance of the Madison Company at December 31, 2011. Each account carries a normal balance and the accounts are shown here in alphabetical
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.A.
On April 1, 2011, Jennifer Stafford created a new travel agency, See-It-Now Travel. The following transactions occurred during the company’s first month.April 1 Stafford invested $20,000 cash and
The adjusted trial balance of Kobe Repairs on December 31, 2011, follows.Required1. Prepare an income statement and a statement of ownerâ€™s equity for the year 2011, and a classified balance
The adjusted trial balance for Sharp Construction as of December 31, 2011, follows.J. Sharp invested $50,000 cash in the business during year 2011 (the December 31, 2010, credit balance of the J.
The following unadjusted trial balance is for Adams Construction Co. as of the end of its 2011 fiscal year. The June 30, 2010, credit balance of the ownerâ€™s capital account was $52,660, and
The following six-column table for Bullseye Ranges includes the unadjusted trial balance as of December 31, 2011.Required1. Complete the six-column table by entering adjustments that reflect the
In the blank space beside each numbered balance sheet item, enter the letter of its balance sheet classification. If the item should not appear on the balance sheet, enter a Z in the blank.A.
On July 1, 2011, Lucinda Fogle created a new self-storage business, KeepSafe Co. The following transactions occurred during the companyâ€™s first month.July 1 Fogle invested $20,000 cash and
Heel-To-Toe Shoesâ€™ adjusted trial balance on December 31, 2011, follows.Required1. Prepare an income statement and a statement of ownerâ€™s equity for the year 2011, and a classified
The adjusted trial balance for Giovanni Co. as of December 31, 2011, follows.J. Giovanni invested $30,000 cash in the business during year 2011 (the December 31, 2010, credit balance of the J.
The following unadjusted trial balance is for Crush Demolition Company as of the end of its April 30, 2011, fiscal year. The April 30, 2010, credit balance of the owner’s capital account was
The following six-column table for Solutions Co. includes the unadjusted trial balance as of December 31, 2011.Required1. Complete the six-column table by entering adjustments that reflect the
Refer to Research In Motion’s financial statements in Appendix A to answer the following.Required1. For the fiscal year ended February 27, 2010, what amount is credited to Income Summary to
Key figures for the recent two years of Research In Motion and Apple follow.Required1. Compute the current ratio for both years for both companies.2. Which company has the better ability to pay
On January 20, 2011, Tamira Nelson, the accountant for Picton Enterprises, is feeling pressure to complete the annual financial statements. The company president has said he needs up-to-date
Assume that one of your classmates states that a company’s books should be ongoing and therefore not closed until that business is terminated. Write a half-page memo to this classmate explaining
Access Motley Fool’s discussion of the current ratio at Fool.com (search that site for the current ratio.)Required1. What level for the current ratio is generally regarded as sufficient to meet
The unadjusted trial balance and information for the accounting adjustments of Noseworthy Investigators follow. Each team member involved in this project is to assume one of the four responsibilities
Review this chapter’s opening feature involving Keith Mullin and his Gamer Grub business.1. Explain how a classified balance sheet can help Keith Mullin know what bills are due when, and whether
Nokia (www.Nokia.com) is a leading global manufacturer of mobile devices and services. The following selected information is available from Nokia’s financial statements.(Euro millions) Current
The December 31, 2011, adjusted trial balance of Business Solutions (reflecting its transactions from October through December of 2011) follows.Required1. Record and post the necessary closing
Aloha Inc. reported sales of $2 million for 2014. Accounts receivable decreased $140,000 and accounts payable increased $300,000. Compute cash receipts from customers, assuming that the receivable
Randy Owen invested $9,000 at 5% annual interest, and left the money invested without withdrawing any of the interest for 12 years. At the end of the 12 years, Randy withdrew the accumulated amount
You are a newly hired accountant with Spindle Company. On your first day, the controller asks you to identify the main internal control objectives related to payroll accounting. How would you respond?
Wade Yeo's regular hourly wage rate is $16, and he receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Wade works 47 hours. Wade's federal income tax
Data for Wade Yeo are presented in BE. Prepare the journal entries to record (a) Wade's pay for the period (b) The payment of Wade's wages. Use January 15 for the end of the pay period and the
In January, gross earnings in Padgett Company totaled $84,000. All earnings are subject to 7.65% FICA taxes, 5.4% state unemployment taxes, and 0.8% federal unemployment taxes. Prepare the entry to
Rahman Company has the following payroll procedures.(a) Supervisor approves overtime work.(b) The human resources department prepares hiring authorization forms for new hires.(c) A second payroll
Gabrielle Osmon's regular hourly wage rate is $14, and she receives a wage of 11„2 times the regular hourly rate for work in excess of 40 hours. During a March weekly pay period, Gabrielle
Employee earnings records for Redding Company reveal the following gross earnings for four employees through the pay period of December 15.D. Edwards ........... $83,500A. Seligman
Welstead Company has the following data for the weekly payroll ending January 31.Employees are paid 11â„2 times the regular hourly rate for all hours worked in excess of 40 hours per week. FICA
Selected data from a February payroll register for Halverson Company are presented below. Some amounts are intentionally omitted.€™FICA taxes are 7.65%. State income taxes are 4% of gross
According to a payroll register summary of Brand Company, the amount of employees' gross pay in December was $850,000, of which $64,000 was not subject to Social Security taxes of 6.2% and $760,000
Longwell Processing Company provides word-processing services for business clients and students in a university community. The work for business clients is fairly steady throughout the year. The work
Neal Forseth, president of the New View Company, has recently hired a number of additional employees. He recognizes that additional payroll taxes will be due as a result of this hiring, and that the
Jerry Martin owns and manages Jerry's Restaurant, a 24-hour restaurant near the city's medical complex. Jerry employs 9 full-time employees and 16 part-time employees. He pays all of the full-time
Ethridge Drug Store has four employees who are paid on an hourly basis plus time-and-a-half for all hours worked in excess of 40 a week. Payroll data for the week ended February 15, 2014, are
The following payroll liability accounts are included in the ledger of Stockbridge Company on January 1, 2014.FICA Taxes Payable .............. $ 662.20Federal Income Taxes Payable
For the year ended December 31, 2014, D. Pienkos Company reports the following summary payroll data.Gross earnings:Administrative salaries ............ $180,000Electricians€™ wages
The payroll procedures used by three different companies are described below.1. In Watson Company, each employee is required to mark on a clock card the hours worked. At the end of each pay period,
Ralph€™s Hardware has four employees who are paid on an hourly basis plus time-and-a half for all hours worked in excess of 40 a week. Payroll data for the week ended March 15, 2014, are
The following payroll liability accounts are included in the ledger of Marcus Company on January 1, 2014.FICA Taxes Payable .............. $ 760.00Federal Income Taxes Payable
For the year ended December 31, 2014, Grayson Electrical Repair Company reports the following summary payroll data.Gross earnings:Administrative salaries .......... $180,000Electricians€™
Selected payroll procedures of Schuster Company are described below.1. Department managers interview applicants and on the basis of the interview either hire or reject the applicants. When an
Burguet Company uses special journals. It recorded in a sales journal a sale made on account to P. Starch for $435. A few days later, P. Starch returns $70 worth of merchandise for credit. Where
A $500 purchase of merchandise on account from Hsu Company was properly recorded in the purchases journal. When posted, however, the amount recorded in the subsidiary ledger was $50. How might this
Presented below is information related to Cortes Company for its first month of operations. Identify the balances that appear in the accounts receivable subsidiary ledger and the accounts receivable
Lazar Co. uses special journals and a general journal. Identify the journal in which each of the following transactions is recorded.(a) Purchased equipment on account.(b) Purchased merchandise on
Serrato Computer Components Inc. uses a multi-column cash receipts journal.Indicate which column(s) is/are posted only in total, only daily, or both in total and daily.(a) Accounts Receivable.(b)
Zweifel Company has the following opening account balances in its general and subsidiary ledgers on January 1 and uses the periodic inventory system. All accounts have normal debit and credit
Presented below is information related to Koniar Company for its first month of operations. Determine the balances that appear in the accounts payable subsidiary ledger.What Accounts Payable
Ligare Company had the following transactions during April.1. Sold merchandise on account.2. Purchased merchandise on account.3. Collected cash from a sale to Estes Company.4. Recorded accrued
Kimani Company uses both special journals and a general journal as described in this appendix. On June 30, after all monthly postings had been completed, the Accounts Receivable control account in
Presented below is the subsidiary accounts receivable account of Mailee Long.InstructionsWrite a memo to Erica Henes, chief financial officer, that explains eachtransaction.
Bill Mellen Company has a balance in its Accounts Receivable control account of $10,200 on January 1, 2014. The subsidiary ledger contains three accounts: Burris Company, balance $4,000; Uhlig
Chia Vang Company has a balance in its Accounts Payable control account of $8,250 on January 1, 2014. The subsidiary ledger contains three accounts: Tym Company, balance $3,000; Keyes Company,
Pashak Company uses special journals and a general journal. The following transactions occurred during September 2014.Sept. 2 Sold merchandise on account to J. Witten, invoice no. 101, $780, terms
Newell Co. uses special journals and a general journal. The following transactions occurred during May 2014.May 1 M. Newell invested $48,000 cash in the business in exchange for common stock.2 Sold
Cosey Company uses the columnar cash journals illustrated in the textbook. In April, the following selected cash transactions occurred.1. Made a refund to a customer for the return of damaged
Moncado Company has the following selected transactions during March.Mar. 2 Purchased equipment costing $9,400 from Aleksic Company on account.5 Received credit of $410 from Dumont Company for
Below are some typical transactions incurred by Khiani Company.1. Payment of creditors on account.2. Return of merchandise sold for credit.3. Collection on account from customers.4. Sale of land for
The general ledger of Saxena Company contained the following Accounts Payable control account (in T-account form). Also shown is the related subsidiary ledger.Instructions(a) Indicate the missing
Selected accounts from the ledgers of Masud Company at July 31 showed the following.InstructionsFrom the data prepare:(a) The single-column purchases journal for July.(b) The general journal entries
Schara Products uses both special journals and a general journal as described in this appendix. Schara also posts customers€™ accounts in the accounts receivable subsidiary ledger. The
Selected account balances for Satina Company at January 1, 2014, are presented below.Accounts Payable ............ $19,000Accounts Receivable........... 22,000Cash .................
Bryant Co. uses a perpetual inventory system and both an accounts receivable and an accounts payable subsidiary ledger. Balances related to both the general ledger and the subsidiary ledger for
Intuit provides some of the leading accounting software packages. Information related to its products are found at its website.Address: quickbooks.intuit.com, or go to

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