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accounting

Questions and Answers of Accounting

Hojan & Clark is a wholesaler of small appliances and parts. Hojan & Clark is operated by two owners, Mark Hojan and Laura Clark. In addition, the company has one employee, a repair
Joan Dorosz, a classmate, has a part-time bookkeeping job. She is concerned about the inefficiencies in journalizing and posting transactions. Scott Hogle is the owner of the company where Joan
Romberg Products Company operates three divisions, each with its own manufacturing plant and marketing/sales force. The corporate headquarters and central accounting office are in Romberg, and the
Nordeen Company’s chart of accounts includes the following selected accounts.101 ..........Cash112 ..........Accounts Receivable120 ..........Inventory311 ..........Common Stock401 ..........Sales
Gatske Company’s chart of accounts includes the following selected accounts.101 .........Cash120 .........Inventory130 .........Prepaid Insurance157 .........Equipment201 .........Accounts
The chart of accounts of Domingo Company includes the following selected accounts.112 ............Accounts Receivable120 ............Inventory126 ............Supplies157 ............Equipment201
Selected accounts from the chart of accounts of Valdez Company are shown below.101 ...........Cash112 ...........Accounts Receivable120 ...........Inventory126 ...........Supplies157
Presented below are the purchases and cash payments journals for Rosalez Co. for its first month of operations.In addition, the following transactions have not been journalized for July. The cost of
The post-closing trial balance for Amland Co. is as follows.The subsidiary ledgers contain the following information:(1) Accounts receivableâ€”M. Barajas $2,500, J. Clare $7,500, and E. Divine
Caspari Company’s chart of accounts includes the following selected accounts.101 ..........Cash112 ..........Accounts Receivable120 ..........Inventory311 ..........Common Stock401 ..........Sales
Grypp Company’s chart of accounts includes the following selected accounts.101 ..........Cash120 ..........Inventory130 ..........Prepaid Insurance157 ..........Equipment201 ..........Accounts
The chart of accounts of Ervin Company includes the following selected accounts.112 ...........Accounts Receivable120 ...........Inventory126 ...........Supplies157 ...........Equipment201
Selected accounts from the chart of accounts of Linvik Company are shown below.101 ..........Cash112 .........Accounts Receivable120 .........Inventory126 .........Supplies140 .........Land145
Presented below are the sales and cash receipts journals for Wesley Co. for its first month of operations.In addition, the following transactions have not been journalized for February 2014.Feb. 2
Kuchin Company rents a warehouse on a month-to-month basis for the storage of its excess inventory. The company periodically must rent space when its production greatly exceeds actual sales. What is
Palmer Company entered into an agreement to lease 12 computers from Wendt Electronics Inc. The present value of the lease payments is $186,300. Assuming that this is a capital lease, what entry would
Jesse Dorner and Corey Robb are reviewing pension plans. They ask your help in distinguishing between a defined-contribution plan and a defined-benefit plan.Explain the principal difference to Jesse
On December 1, Dulka Company introduces a new product that includes a 1-year warranty on parts. In December, 1,000 units are sold. Management believes that 4% of the units will be defective and that
In Estrada Company, employees are entitled to 1 day's vacation for each month worked. In January, 35 employees worked the full month. Record the vacation pay liability for January assuming the
Joseph Fasi Corporation leases new equipment on December 31, 2014. The lease transfers ownership of the equipment to Joseph Fasi at the end of the lease. The present value of the lease payments is
Huerta Company sells automatic can openers under a 75-day warranty for defective merchandise. Based on past experience, Huerta Company estimates that 3% of the units sold will become defective during
Kesete Online Company has the following liability accounts after posting adjusting entries: Accounts Payable $63,000, Unearned Ticket Revenue $21,000, Warranty Liability $18,000, Interest Payable
Presented below are two independent situations.1. Speedy Car Rental leased a car to Metnik Company for 1 year. Terms of the operating lease agreement call for monthly payments of $720.2. On January
Legaspi Company has two fringe benefit plans for its employees:1. It grants employees 2 days' vacation for each month worked. Ten employees worked the entire month of March at an average daily wage
Presented below is the condensed balance sheet for Rossiter, Inc. as of December 31, 2014.Rossiter has decided that it needs to purchase a new crane for its operations. The new crane costs $900,000
On January 1, 2014, the ledger of Russell Software Company contains the following liability accounts.Accounts Payable ............ $42,500Sales Taxes Payable ........... 5,800Unearned Service
Presented below are three different lease transactions in which Amsrud Enterprises engaged in 2014. Assume that all lease transactions start on January 1, 2014. In no case does Amsrud receive title
On January 1, 2014, the ledger of Khan Company contains the following liability accounts.Accounts Payable ......... $52,000Sales Taxes Payable ........ 7,700Unearned Service Revenue .....
Presented below are three different lease transactions that occurred for McKay Inc. in 2014. Assume that all lease contracts start on January 1, 2014. In no case does McKay receive title to the
Jackie Remmers Travel Agency purchased land for $85,000 cash on December 10, 2014. At December 31, 2014, the land’s value has increased to $93,000. What amount should be reported for land on Jackie
What are the three basic forms of profit-oriented business organizations?
Teresa Alvarez is the owner of a successful printing shop. Recently, her business has been increasing, and Teresa has been thinking about changing the organization of her business from a
Which of the following items are liabilities of Designer Jewelry Stores?(a) Cash. (b) Accounts payable. (c) Dividends. (d) Accounts receivable. (e) Supplies. (f) Equipment.(h) Service revenue.(g)
Listed below are some items found in the financial statements of Alex Greenway Co. Indicate in which financial statement(s) the following items would appear.(a) Service revenue.(b) Equipment.(c)
In February 2014, Paula Klink invested an additional $10,000 in Midtown Company. Midtown’s accountant, Jon Shin, recorded this receipt as an increase in cash and revenues. Is this treatment
Jardine Enterprises had a stockholders' equity balance of $158,000 at the beginning of the period. At the end of the accounting period, the stockholders' equity balance was $198,000.(a) Assuming no
Summarized operations for H. J. Oslo Co. for the month of July are as follows.Revenues earned: for cash $30,000; on account $70,000.Expenses incurred: for cash $26,000; on account $40,000.Indicate
Presented below is the basic accounting equation. Determine the missingamounts.
Given the accounting equation, answer each of the following questions.(a) The liabilities of Shumway Company are $120,000 and the stockholders' equity is $232,000. What is the amount of Shumway
At the beginning of the year, Gonzales Company had total assets of $870,000 and total liabilities of $500,000. Answer the following questions.(a) If total assets increased $150,000 during the year
Use the accounting equation to answer each of the following questions.(a) The liabilities of Alli Company are $90,000. Common stock account is $150,000; dividends are $40,000; revenues, $450,000; and
In alphabetical order below are balance sheet items for Grande Company at December 31, 2014. Kit Grande is the owner of Grande Company. Prepare a balance sheet, following the format of Illustration
Transactions made by Callahan and Co., a law firm, for the month of March are shown below. Prepare a tabular analysis which shows the effects of these transactions on the accounting equation, similar
Presented below is selected information related to Narrow Gage Company at December 31, 2014. Narrow Gage reports financial information monthly.Accounts Payable .............$ 3,000Cash
Sondgeroth Company performs the following accounting tasks during the year.______Analyzing and interpreting information.______Classifying economic events.______Explaining uses, meaning, and
Leon Manternach, president of Manternach Company, has instructed Carla Ruden, the head of the accounting department for Manternach Company, to report the company's land in the company's accounting
The following situations involve accounting principles and assumptions.1. Julia Company owns buildings that are worth substantially more than they originally cost. In an effort to provide more
Robinson Cleaners has the following balance sheet items.Accounts payable .......... Accounts receivableCash ............... Notes payableEquipment .............. Salaries and wages payableSupplies
Selected transactions for Spring Green Lawn Care Company are listed below.1. Sold common stock for cash to start business.2. Paid monthly rent.3. Purchased equipment on account.4. Billed customers
Collins Computer Timeshare Company entered into the following transactions during May 2014.1. Purchased computer terminals for $20,000 from Digital Equipment on account.2. Paid $3,000 cash for May
An analysis of the transactions made by J. L. Kang & Co., a certified public accounting firm, for the month of August is shown below. Each increase and decrease in stockholders' equity is
An analysis of transactions for J. L. Kang & Co. was presented in E.InstructionsPrepare an income statement and a retained earnings statement for August and a balance sheet at August 31,2014.
Kimmy Company had the following assets and liabilities on the dates indicated.Kimmy began business on January 1, 2013, with an investment of $100,000 from stockholders.InstructionsFrom an analysis of
The following information relates to Karen Weigel Co. for the year 2014.Retained earnings, January 1, 2014 .........$48,000Dividends during 2014 ............. 5,000Service revenue ................
Lynn Dreise is the bookkeeper for Sanculi Company. Lynn has been trying to get the balance sheet of Sanculi Company to balance. Sanculiâ€™s balance sheet is shown below.InstructionsPrepare a
Bear Park, a public camping ground near the Lake Mead National Recreation Area, has compiled the following financial information as of December 31, 2014.Revenues during 2014—camping fees .......
Presented below is financial information related to the 2014 operations of Donna Marie Cruise Company.Maintenance and repairs expense ........$ 97,000Utilities expense ................ 10,000Salaries
Presented below is information related to Williams and Douglas, Attorneys at Law.Retained earnings, January 1, 2014 ......$ 23,000Legal service revenue—2014 ......... 340,000Total expenses—2014
This information is for Belleview Company for the year ended December 31, 2014.Cash received from revenues from customers ......$600,000Cash received for issuance of common stock ..... 280,000Cash
Lucy and Nick Lars, local golf stars, opened the Chip-Shot Driving Range Company on March 1, 2014. They invested $20,000 cash and received common stock in exchange for their investment. A caddy shack
Erin Danielle, the bookkeeper for New York Company, has been trying to get the balance sheet to balance. The companyâ€™s balance sheet is shown below.InstructionsExplain to Erin Danielle in a
When companies need money, they go to investors or creditors. Before investors or creditors will give a company cash, they want to know the company's financial position and performance. They want to
Kinney's Repair Inc. was started on May 1. A summary of May transactions is presented below.1. Stockholders invested $10,000 cash in the business in exchange for common stock.2. Purchased equipment
On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Equipment $6,000, Accounts Payable $3,600, Common Stock $13,000, and
On May 1, Blue Sky Flying School, a company that provides flying lessons, was started with an investment of $45,000 cash in the business. Following are the assets and liabilities of the company on
Matt Stiner started a delivery service, Stiner Deliveries, on June 1, 2014. The following transactions occurred during the month of June.June 1 Stockholders invested $10,000 cash in the business in
Financial statement information about four different companies is as follows.Instructions(a) Determine the missing amounts.(b) Prepare the retained earnings statement for Stills Company. Assume
On April 1, Holly Dahl established Holiday Travel Agency. The following transactions were completed during the month.1. Stockholders invested $10,000 cash in the business in exchange for common
Mandy Arnold opened a law office, Mandy Arnold, Attorney at Law, on July 1, 2014. On July 31, the balance sheet showed Cash $4,000, Accounts Receivable $1,500, Supplies $500, Equipment $5,000,
Angelic Cosmetics Co., a company that provides individual skin care treatment, was started on June 1 with an investment of $25,000 cash. Following are the assets and liabilities of the company at
Jessi Paulis started a consulting firm, Paulis Consulting, on May 1, 2014. The following transactions occurred during the month of May.May 1 Paulis invested $8,000 cash in the business in exchange
Financial statement information about four different companies is shown below.Instructions(a) Determine the missing amounts. (Hint: For example, to solve for (a), Assets â€“ Liabilities =
At December 31, accrued salaries payable totaled $3,500. On January 10, total salaries of $9,200 are paid. (a) Assume that reversing entries are made at January 1. Give the January 10 entry, and
The ledger of Keo Company includes the following unadjusted balances: Prepaid Insurance $3,000, Service Revenue $61,000, and Salaries and Wages Expense $25,000. Adjusting entries are required for (a)
The following selected accounts appear in the adjusted trial balance columns of the worksheet for Cesar Company: Accumulated Depreciation; Depreciation Expense; Common Stock; Dividends; Service
The ledger of Rowen Company contains the following balances: Retained Earnings $30,000; Dividends $2,000; Service Revenue $47,000; Salaries and Wages Expense $27,000; and Supplies Expense $5,000.
The income statement for Mosquera Golf Club for the month ending July 31 shows Service Revenue $19,200, Salaries and Wages Expense $8,800, Maintenance and Repairs Expense $2,500, and Net Income
At Rafeul Company, the following errors were discovered after the transactions had been journalized and posted. Prepare the correcting entries.1. A collection on account from a customer for $690 was
The balance sheet debit column of the worksheet for Kren Company includes the following accounts: Accounts Receivable $12,500; Prepaid Insurance $3,600; Cash $6,700; Supplies $5,200; and Short-Term
At October 31, Prasad Company made an accrued expense adjusting entry of $1,680 for salaries. Prepare the reversing entry on November 1, and indicate the balances in Salaries and Wages Payable and
Janet Adams is preparing a worksheet. Explain to Janet how she should extend the following adjusted trial balance accounts to the financial statement columns of the worksheet.Service Revenue
The worksheet for Olympic Company shows the following in the financial statement columns.Dividends ......... $15,000Common Stock ....... 70,000Net income ......... 47,000Prepare the closing
Tyler Pahl recently received the following information related to Pahl Company’s December 31, 2014, balance sheet.Inventory ................$ 4,100Cash .................. 3,900Equipment
The following accounts were taken from the financial statements of Orville Company.______ Interest revenue ______ Common stock______ Utilities payable ______ Accumulated
The trial balance columns of the worksheet for Cajon Company at June 30, 2014, are as follows.Other data:1. A physical count reveals $500 of supplies on hand.2. $100 of the unearned revenue is still
The adjusted trial balance columns of the worksheet for Albanese Company are as follows.InstructionsComplete theworksheet.
Worksheet data for Albanese Company are presented in E. No common stock was issued during April.InstructionsPrepare an income statement, a retained earnings statement, and a classified balancesheet.
Worksheet data for Albanese Company are presented in E.Instructions(a) Journalize the closing entries at April 30.(b) Post the closing entries to Income Summary and Retained Earnings. Use
The adjustments columns of the worksheet for Munoz Company are shown below.Instructions(a) Prepare the adjusting entries.(b) Assuming the adjusted trial balance amount for each account is normal,
Selected worksheet data for Freeman Company are presented below.Instructions(a) Fill in the missing amounts.(b) Prepare the adjusting entries that weremade.
Lanza Company had the following adjusted trial balance.Instructions(a) Prepare closing entries at June 30, 2014.(b) Prepare a post-closing trialbalance.
Roth Company ended its fiscal year on July 31, 2014. The company€™s adjusted trial balance as of the end of its fiscal year is as shown below.Instructions(a) Prepare the closing entries
The adjusted trial balance for Roth Company is presented in E.Instructions(a) Prepare an income statement and a retained earnings statement for the year.(b) Prepare a classified balance sheet at
Patrick Kellogg has prepared the following list of statements about the accounting cycle.1. "Journalize the transactions" is the first step in the accounting cycle.2. Reversing entries are a required
Selected accounts for Michelle€™s Salon are presented below. All June 30 postings are from closing entries.Instructions(a) Prepare the closing entries that were made.(b) Post the closing
Joshua Company discovered the following errors made in January 2014.1. A payment of Salaries and Wages Expense of $700 was debited to Equipment and credited to Cash, both for $700.2. A collection of
Kogan Company has an inexperienced accountant. During the first 2 weeks on the job, the accountant made the following errors in journalizing transactions. All entries were posted as made.1. A payment
The adjusted trial balance for Rego Bowling Alley at December 31, 2014, contains the following accounts.Instructions(a) Prepare a classified balance sheet; assume that $15,000 of the note payable
The following items were taken from the financial statements of Sexton Company. (All dollars are in thousands.)InstructionsPrepare a classified balance sheet in good form as of December 31,2014.
These financial statement items are for Emjay Company at year-end, July 31, 2014.Instructions(a) Prepare an income statement and a retained earnings statement for the year.(b) Prepare a classified

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