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Questions and Answers of Accounting

Cape Cod Lobster Shacks, Inc. (CCLS) is a seafood restaurant chain operating throughout the northeast. The company has two sources of long-term capital: debt and equity. The cost to CCLS of issuing
All-Canadian, Ltd. is a multiproduct company with three divisions: Pacific Division, Plains Division, and Atlantic Division. The company has two sources of long-term capital: debt and equity. The
Clear view Window Company manufactures windows for the home-building industry. Window frames are produced in the Frame Division. The frames are then transferred to the Glass Division, where the glass
Cortez Enterprises has two divisions: Birmingham and Tampa. Birmingham currently sells a diode reducer to manufactures of aircraft navigation systems for $775 per unit. Variable costs amount to $500,
Alpha Communications, Inc., which produces telecommunications equipment in the United States, has a very strong local market for its circuit board. The variable production cost is $130, and the
Provo Consolidated Resources Company (PCRC) has several divisions. However, only two divisions transfer products to other divisions. The Mining Division refine toldine, which is then transferred to
Holiday Entertainment Corporation (HEC), a subsidiary of New Age Industries, manufactures go-carts and other recreational vehicles. Family recreational centers that feature not only go-cart tracks
Inter Global Industries is a diversified corporation with separate operating divisions. Each divisionâ€™s performance is evaluated on the basis of profit and return on investment.The Air Comfort
General Instrumentation Company manufactures dashboard instruments for heavy construction equipment. The firm is based in Baltimore, but operates several divisions in the United States, Canada, and
Suppose you manage a Pizza Place restaurant. Identify the missing amount for eachsituation:
Drivers Wanted, Inc., needs funds, and Melissa Belk, the president, has asked you to consider investing in the business. Answer the following questions about the different ways that Belk might
David Newberry is chairman of the board of Healthy Food Brands, Inc. Suppose Mr. Newberry has just founded Healthy Food Brands, and assume that he treats his home and other personal assets as part of
Identify the accounting concept, assumption, or principle that best applies to each of the following situations:a. Wendy’s, the restaurant chain, sold a store location to Burger King. How can
1. Use the accounting equation to show how to determine the amount of a company’s owners’ equity. How would your answer change if you were analyzing your own household or a single IHOP
Accounting definitions are precise, and you must understand the vocabulary to properly use accounting. Sharpen your understanding of key terms by answering the following questions:1. How do the
Consider Wal-Mart, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Stockholders’ Equity (S) for Wal-Mart:a . _____ Accounts payableb. _____ Common stockc. _____
Split Second Wireless, Inc., began 2012 with total assets of $100 million and ended 2012 with assets of $190 million. During 2012, Split Second earned revenues of $97 million and had expenses of $26
CellPhone Corp. began 2012 with retained earnings of $290 million. Revenues during the year were $360 million, and expenses totaled $250 million. CellPhone declared dividends of $44 million. What was
At December 31, 2012, Landy Products has cash of $12,000, receivables of $8,000, and inventory of $44,000. The company’s equipment totals $88,000. Landy owes accounts payable of $13,000 and
Yidas Medical, Inc., ended 2011 with cash of $30,000. During 2012, Yidas earned net income of $80,000 and had adjustments to reconcile net income to net cash provided by operations totaling $11,000
Suppose you are analyzing the financial statements of Grant Medical, Inc. Identify each item with its appropriate financial statement, using the following abbreviations: Income statement (IS),
Apply your understanding of the relationships among the financial statements to answer these questions.a. How can a business earn large profits but have a small balance of retained earnings?b. Give
Compute the missing amount in the accounting equation for each company (amounts in billions):Which company appears to have the strongest financial position? Explain yourreasoning.
CoffeeShop Doughnuts has current assets of $280 million; property, plant, and equipment of $430 million; and other assets totaling $170 million. Current liabilities are $170 million and longterm
Swit, Inc.â€™s comparative balance sheet at January 31, 2013, and 2012, reports the following (in millions):RequirementsThree situations about Switâ€™s issuance of stock and payment of
Answer these questions about two companies.1. Diamond, Inc., began the year with total liabilities of $95,000 and total stockholders’ equity of $35,000. During the year, total assets increased by
Assume eat, Inc., is expanding into Norway. The company must decide where to locate and how to finance the expansion. Identify the financial statement where these decision makers can find the
Amounts of the assets and liabilities of Mary Burke Banking Company, as of August 31, 2012, are given as follows. Also included are revenue and expense figures for the year ended on that date
This exercise should be used with Exercise 1-21A. Refer to the data of Mary Burke Banking Company in Exercise 1-21A.Requirements1. Prepare the income statement of Mary Burke Banking Company for the
Glass, Inc., began 2012 with $83,000 in cash. During 2012, Glass earned net income of $430,000, and adjustments to reconcile net income to net cash provided by operations totaled $75,000, a positive
Assume the Dogan Copy Center ended the month of July 2012 with these data:Requirement1. Prepare the income statement and the statement of retained earnings of Dogan Copy Center, Inc., for the month
Refer to the data in Exercise 1-24A.RequirementPrepare the balance sheet of Dogan Copy Center, Inc., for July 31,2012.
Refer to the data in Exercises 1-24A and 1-25A.Prepare the statement of cash flows of Dogan Copy Center, Inc., for the month ended July 31, 2012. Using Exhibit 1-11 as a model, show with arrows the
This exercise should be used in conjunction with Exercises 1-24A through 1-26A. The owner of Dogan Copy Center seeks your advice as to whether he should cease operations or continue the business.
Compute the missing amount in the accounting equation for each company (amounts in billions):Which company appears to have the strongest financial position? Explain your reasoning.
Hombran Doughnuts has current assets of $270 million; property, plant, and equipment of $400 million; and other assets totaling $160 million. Current liabilities are $160 million and long-term
Most, Inc.â€™s comparative balance sheet at January 31, 2013, and 2012, reports the following (in millions):RequirementsThree situations about Mostâ€™s issuance of stock and payment of
Answer these questions about two companies.1. Emerald, Inc., began the year with total liabilities of $80,000 and total stockholders’ equity of $80,000. During the year, total assets increased by
Assume Neil, Inc., is expanding into Germany. The company must decide where to locate and how to finance the expansion. Identify the financial statement where these decision makers can find the
Amounts of the assets and liabilities of Jill Carlson Banking Company, as of May 31, 2012, are as follows. Also included are revenue and expense figures for the year ended on that date (amounts in
This exercise should be used with Exercise 1-33B.Requirements1. Prepare the income statement of Jill Carlson Banking Company for the year ended May 31, 2012.2. What amount of dividends did Jill
Groovy, Inc., began 2012 with $95,000 in cash. During 2012, Groovy earned net income of $360,000, and adjustments to reconcile net income to net cash provided by operations totaled $60,000, a
Assume a Croyden Copy Center ended the month of July 2013 with these data:Requirement1. Prepare the income statement and the statement of retained earnings of Croyden Copy Center, Inc., for the month
Refer to the data in Exercise 1-36B.RequirementPrepare the balance sheet of Croyden Copy Center, Inc., at July 31,2013.
Refer to the data in Exercises 1-36B and 1-37B.Requirement1. Prepare the statement of cash flows of Croyden Copy Center, Inc., for the month ended July 31, 2013. Using Exhibit 1-11 as a model, show
This exercise should be used in conjunction with Exercises 1-36B through 1-38B. The owner of Croyden Copy Center now seeks your advice as to whether he should cease operations or continue the
(Multiple choice)1. The primary objective of financial reporting is to provide informationa. on the cash flows of the company.b. to the federal government.c. useful for making investment and credit
(Multiple Choice Question)1. The financial statement that reports revenues and expenses is called thea. income statement.b. balance sheet.c. statement of cash flows.d. statement of retained
Assume that the A division of Harrold Corporation experienced the following transactions during the year ended December 31, 2013:a. Suppose division A supplied copy services for a customer for the
Compute the missing amount (?) for each companyâ€”amounts in millions.At the end of the year, which company has theHighest net income?Highest percent of net income torevenues?
The manager of Image Maker, Inc., prepared the companyâ€™s balance sheet as of March 31, 2012, while the accountant was ill. The balance sheet contains numerous errors. In particular, the
Carla Hilton is a realtor. She organized the business as a corporation on December 16, 2013. The business received $55,000 cash from Hilton and issued common stock. Consider the following facts as of
The assets and liabilities of Post Oak, Inc., as of December 31, 2012, and revenues and expenses for the year ended on that date follow.Beginning retained earnings was $114,000, and dividends totaled
The following data come from the financial statements of The Big Wave Company for the year ended May 31, 2013 (in millions):Requirements1. Prepare a cash flow statement for the year ended May 31,
Summarized versions of Nachos Corporation€™s financial statements are given for two recent years.RequirementDetermine the missing amounts denoted by theletters.
Assume that the A division of Truett Corporation experienced the following transactions during the year ended December 31, 2013:a. Suppose division A supplied copy services for a customer for the
Compute the missing amount (?) for each companyâ€”amounts in millions.Which company has theHighest net income?Highest percent of net income torevenues?
The manager of Salem News, Inc., prepared the company€™s balance sheet as of April 30, 2012, while the accountant was ill. The balance sheet contains numerous errors. In particular, the
Reva Hamlet is a realtor. She organized her business as a corporation on September 16, 2013. The business received $90,000 from Hamlet and issued common stock. Consider these facts as of September
The assets and liabilities of Post Fir as of December 31, 2012, and revenues and expenses for the year ended on that date follow.Beginning retained earnings was $114,000, and dividends totaled
The following data come from the financial statements of The Water Fun Company at the year ended May 31, 2013 (in millions).Requirements1. Prepare a cash flow statement for the year ended May 31,
Summarized versions of Sanchez Corporation€™s financial statements follow for two recent years.RequirementComplete Sanchez Corporation€™s financial statements by determining the
This and similar cases in succeeding chapters are based on the consolidated financial statements of Amazon.com, Inc. As you work with Amazon.com, Inc., throughout this course, you will develop the
This and similar cases in each chapter are based on the consolidated financial statements of RadioShack Corporation , given in Appendix B at the end of this book. As you work with RadioShack
Bill Hooper opened a software consulting firm that immediately paid $6,000 for a computer. Was Hooper’s computer an expense of the business? If not, explain.
Smith Software began with cash of $11,000. Smith then bought supplies for $2,400 on account.Separately, Smith paid $5,500 for a computer. Answer these questions.a. How much in total assets does Smith
Faith Varitek, MD, opened a medical practice. The business completed the following transactions:Apr 1 Varitek invested $27,000 cash to start her medical practice. The business issued common stock to
Refer to Short Exercise 2-3. Which of the transactions of Faith Varitek, MD, increased the total assets of the business? For each transaction, identify the asset that was increased.Apr 1 Varitek
Roma Design specializes in imported clothing. During March, Roma completed a series of transactions. For each of the following items, give an example of a transaction that has the described effect on
After operating for several months, architect Edmund Roberge completed the following transactions during the latter part of March:Journalize the transactions of Edmund Roberge, Architect. Include an
Architect Aaron Ashton purchased supplies on account for $1,700. Later Ashton paid $425 on account.1. Journalize the two transactions on the books of Aaron Ashton, architect. Include an explanation
Tolman Unlimited performed service for a client who could not pay immediately. Tolman expected to collect the $4,700 the following month. A month later, Tolman received $3,000 cash from the client.1.
Assume that Old Harbor reported the following summarized data at December 31, 2012. Accounts appear in no particular order; dollar amounts are in millions.Prepare the trial balance of Old Harbor at
Darlington, Inc.â€™s trial balance follows.Compute these amounts for the business:1. Total assets2. Total liabilities3. Net income or net loss duringDecember
Refer to Darlington, Inc.’s trial balance in Short Exercise 2-10. The purpose of this exercise is to help you learn how to correct three common accounting errors.Error 1. Slide. Suppose the trial
Eighth Investments, Inc., began by issuing common stock for cash of $100,000. The company immediately purchased computer equipment on account for $60,000.1. Set up the following T-accounts of Eighth
Assume Casual Wear opened a store in San Francisco, starting with cash and common stock of $98,000. Nicole Marchildon, the store manager, then signed a note payable to purchase land for $94,000 and a
The following selected events were experienced by either Fact Finders, Inc., a corporation, or Peter Flip, the major stockholder. State whether each event (1) increased, (2) decreased, or (3) had no
Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following
Refer to Exercise 2-16A.RequirementRecord the transactions in the journal of Bob Morin, P.C. List the transactions by date and give an explanation for eachtransaction.
Doherty Tree Cellular, Inc., completed the following transactions during April 2012, its first month of operations:Requirement1. Record the transactions in the journal of Doherty Tree Cellular, Inc.
Refer to Exercise 2-18A.Requirements1. After journalizing the transactions of Exercise 2-18A , post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of
The first seven transactions of Everett Advertising, Inc., have been posted to the company€™s accounts as follows:RequirementPrepare the journal entries that served as the sources for the
The accounts of Deluxe Patio Service, Inc., follow with their normal balances at June 30, 2012. The accounts are listed in no particular order.Requirements1. Prepare the company€™s trial
The trial balance of Garvey, Inc., at September 30, 2012, does not balance:The accounting records hold the following errors:a. Recorded a $100 cash revenue transaction by debiting Accounts
Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record the
Refer to Exercise 2-23A.1. After recording the transactions in Exercise 2-23A, and assuming they all occurred in the month of May 2012, prepare the trial balance of Lynn Dover, Attorney, at May 31,
Assume M. Crue opened a store in San Francisco, starting with cash and common stock of $104,000. Sharon Saboda, the store manager, then signed a note payable to purchase land for $95,000 and a
The following selected events were experienced by either Simply Sensible, Inc., a corporation, or Bill Griggs, the major stockholder. State whether each event (1) increased, (2) decreased, or (3) had
Gary Smith opened a medical practice specializing in surgery. During the first month of operation (July), the business, titled Gary Smith, Professional Corporation (P.C.), experienced the following
Refer to Exercise 2-27B.RequirementRecord the transactions in the journal of Gary Smith, P.C. List the transactions by date and give an explanation for eachtransaction.
Double Tree Cellular, Inc., completed the following transactions during September 2012, its first month of operations:RequirementRecord the transactions in the journal of Double Tree Cellular, Inc.
Refer to Exercise 2-29B.Requirements1. Post the entries to the ledger, using T-accounts. Key transactions by date. Date the ending balance of each account September 30.2. Prepare the trial balance of
The first seven transactions of Gallagher Advertising, Inc., have been posted to the company€™s accounts as follows:Requirement1. Prepare the journal entries that served as the sources for
The accounts of Custom Pool Service, Inc., follow with their normal balances at June 30, 2012. The accounts are listed in no particular order.Requirements1. Prepare the company€™s trial
The trial balance of Doyle, Inc., at September 30, 2012, does not balance.The accounting records hold the following errors:a. Recorded a $600 cash revenue transaction by debiting Accounts Receivable.
Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record
Refer to Exercise 2-34B.Requirements1. After recording the transactions in Exercise 2-34B, and assuming they all occurred in the month of March, 2012, prepare the trial balance of Lisa Oxford,
Steve Ruiz, Certified Public Accountant, operates as a professional corporation (P.C.). The business completed these transactions during the first part of January, 2012:Requirements1. Journalize the
(Multiple Choice)1. 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.

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