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accounting

Questions and Answers of Accounting

(Multiple Choice)1. Which of the following is not an asset account?a. Salary Expense b. Service Revenue c. Common Stockd. None of the above accounts is an asset.2. Which statement is false?a.
The trial balance of Dorman Specialties, Inc., follows.Abby Ricardo, your best friend, is considering investing in Dorman Specialties, Inc. Abby seeks your advice in interpreting this information.
The following amounts summarize the financial position of Martin Resources, Inc., on May 31, 2012:During June 2012, Martin Resources completed these transactions:a. The business received cash of
This problem can be used in conjunction with Problem 2-58A. Refer to Problem 2-58A.Requirements1. Journalize the June transactions of Martin Resources, Inc. Explanations are not required.2. Prepare
Carlson 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, Desimone Auction Co. completed the following transactions:Desimone€™s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable,
During the first month of operations, Cloutier Heating and Air Conditioning, Inc., completed the following transactions:Requirements1. Record each transaction in the journal. Key each transaction by
During the first month of operations (October 2012), Self Music Services Corporation completed the following selected transactions:a. The business received cash of $25,000 and a building valued at
The trial balance of Famous Specialties, Inc., follows:Rachel Sill, your best friend, is considering making an investment in Famous Specialties, Inc. Rachel seeks your advice in interpreting the
The following amounts summarize the financial position of Davis Resources on May 31, 2012:During June, 2012, the business completed these transactions:a. The business received cash of $8,900 and
This problem can be used in conjunction with Problem 2-65B. Refer to Problem 2-65B.Requirements1. Journalize the transactions of Davis Resources, Inc. Explanations are not required.2. Prepare
Jones Real Estate Co. experienced the following events during the organizing phase and its fi rst month of operations. Some of the events were personal for the stockholders and did not aff ect the
During December, Blanton Auction Co. completed the following transactions:Blanton€™s business uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes
During the first month of operations, Johnson Plumbing, Inc., completed the following transactions:Requirements1. Record each transaction in the journal. Key each transaction by date. Explanations
During the first month of operations (February 2012), Starr Entertainment Corporation completed the following selected transactions:a. The business received cash of $19,000 and a building valued at
The manager of Eisenhower Furniture needs to compute the following amounts.a. Total cash paid during December.b. Cash collections from customers during December. Analyze Accounts Receivable.c. Cash
The trial balance of Rectangle 120, Inc., at August 31, 2012, 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, Burlington Co. and Gardner Hospital, should report in their financial statements.During November, Gardner provided Burlington with
All-Star Advertising creates, plans, and handles advertising needs in the Tri-State area. Recently, All-Star had to replace an inexperienced office worker in charge of bookkeeping because of some
Western Corporation made sales of $850 million during 2012. Of this amount, Western collected cash for all but $27 million. The company’s cost of goods sold was $290 million, and all other expenses
Duneside Corporation began 2012 owing notes payable of $4.1 million. During 2012 Duneside borrowed $1.7 million on notes payable and paid off $1.6 million of notes payable from prior years. Interest
As the controller of Emblem 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
A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Budget and Hertz. Suppose Budget is negotiating with the auto manufacturer to purchase 827 vehicles. Write a
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 $38,000 is accrued at the end of the period to
Answer the following questions about prepaid expenses:a. On October 1, Up & Down Travel prepaid $3,000 for six months’ rent. Give the adjusting entry to record rent expense at October 31. Include
Suppose that on January 1 Foreton Golf Company paid cash of $50,000 for computers that are expected to remain useful for five years. At the end of five years, the computers’ values are expected to
During 2012, Transit Airlines paid salary expense of $42.4 million. At December 31, 2012, Transit accrued salary expense of $2.2 million. Transit then paid $2.2 million to its employees on January 3,
Cheap Travel borrowed $60,000 on October 1 by signing a note payable to Community Bank. The interest expense for each month is $250. The loan agreement requires Cheap to pay interest on December 31.
Return to the situation in Short Exercise 3-10 . Here you are accounting for the same transactions on the books of Community Bank, which lent the money to Cheap Travel.1. Make Community Bank’s
Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your explanation, use the following actual example:The World Star, a national newspaper, collects cash from
Dove Golf Co. prepaid three years’ rent ($18,000) on January 1, 2012. At December 31, 2012, Dove prepared a trial balance and then made the necessary adjusting entry at the end of the year. Dove
Bantley, Inc., collects cash from customers two ways:a. Accrued revenue. Some customers pay Bantley after Bantley has performed service for the customer. During 2012, Bantley made sales of $55,000 on
Suppose Sparrow Sporting Goods Company reported the following data at March 31, 2012, with amounts in thousands:Use these data to prepare Sparrow Sporting Goods Company's income statement for the
Use the Sparrow Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at March 31, 2012. Then set up a T-account for Retained Earnings and post to that account.
Sparrow Sporting Goods reported the following data at March 31, 2012, with amounts adapted in thousands:1. Compute Sparrow's net working capital.2. Compute Sparrow's current ratio. Round to two
Refer to the Sparrow Sporting Goods Company data in Short Exercise 3-17.At March 31, 2012, Sparrow Sporting Goods Company’s current ratio was 1.61 and their debt ratio was 0.53. Compute Sparrow’s
During 2012, Consolidated Corporation made sales of $4,300 (assume all on account) and collected cash of $4,500 from customers. Operating expenses totaled $1,200, all paid in cash. At year end, 2012,
During 2012, Tundra Sales, Inc., earned revenues of $530,000 on account. Tundra collected $540,000 from customers during the year. Expenses totaled $440,000, and the related cash payments were
During 2012, Barron Network, Inc., which designs network servers, earned revenues of $840 million. Expenses totaled $500 million. Barron collected all but $26 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, $400. Payments for insurance during the period, $1,200. Prepaid
Bird-Watcher, 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
Morton Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 2012, for each situation. Consider each fact separately.a. The business has interest expense
The accounting records of Fairmount Publishing Company include the following unadjusted balances at August 31: Accounts Receivable, $1,500; Supplies, $500; Salary Payable, $0; Unearned Service
The adjusted trial balance of Honeyglazed Hams, Inc., follows.RequirementPrepare Honeyglazed Hams, Inc.â€™s income statement and statement of retained earnings for the year ended December 31,
The adjusted trial balances of Verne Corporation at March 31, 2012, and March 31, 2011, include these amounts (in millions):Verne completed these transactions during the year ended March 31,
Bennett, 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 Bennett collected
Prepare the closing entries from the following selected accounts from the records of North Shore Corporation at December 31, 2012:How much net income did North Shore earn during 2012? Prepare a
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Anderson Production Company follow.RequirementJournalize the adjusting and closing entries of
Refer to Exercise 3-30A.Requirements1. Use the data in the partial worksheet to prepare Anderson Production Company€™s classified balance sheet at December 31 of the current year. Use the
Johnston Company reported these ratios at December 31, 2012 (dollar amounts in millions):Johnston Company completed these transactions during 2013:a. Purchased equipment on account, $5b. Paid
During 2012, Orion Corporation made sales of $4,400 (assume all on account) and collected cash of $4,600 from customers. Operating expenses totaled $1,300, all paid in cash. At year end, 2012, Orion
During 2012, Valley Sales, Inc., earned revenues of $500,000 on account. Valley collected $510,000 from customers during the year. Expenses totaled $450,000, and the related cash payments were
During 2012, Gibson Network, Inc., which designs network servers, earned revenues of $780 million. Expenses totaled $530 million. Gibson collected all but $25 million of the revenues and paid $560
An accountant made the following adjustments at December 31, the end of the accounting period:a. Prepaid insurance, beginning, $300. Payments for insurance during the period, $900. Prepaid insurance,
Paradise, 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
Forrest Company faced the following situations. Journalize the adjusting entry needed at December 31, 2012, for each situation. Consider each fact separately.a. The business has interest expense of
The accounting records of Belmont Publishing Company include the following unadjusted balances at August 31: Accounts Receivable, $1,400; Supplies, $300; Salary Payable, $0; Unearned Service Revenue,
The adjusted trial balance of Honeybee Hams, Inc., follows.RequirementPrepare Honeybee Hams, Inc.â€™s income statement and statement of retained earnings for the year ended December 31, 2012,
The adjusted trial balances of King Corporation at March 31, 2012, and March 31, 2011, include these amounts (in millions):King completed these transactions during the year ended March 31,
Terra, 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 Terra collected
Prepare the closing entries from the following selected accounts from the records of North Pole Corporation at December 31, 2012:How much net income did North Pole earn during 2012? Prepare a
The unadjusted trial balance and income statement amounts from the December 31 adjusted trial balance of Durkin Production Company follow.RequirementJournalize the adjusting and closing entries of
Refer to Exercise 3-44B.Requirements1. Use the data in the partial worksheet to prepare Durkin Production Company€™s classified balance sheet at December 31 of the current year. Use the
Bart Morris Company reported these ratios at December 31, 2012 (dollar amounts in millions):Bart Morris Company completed these transactions during 2013:a. Purchased equipment on account, $8b. Paid
Refer to Exercise 2-36 of Chapter 2. Start from the trial balance and the posted T-accounts that Steve Ruiz, Certified Public Accountant, Professional Corporation (P.C.), prepared for his accounting
(Multiple Choice)Questions 1€“3 are based on the following facts: Fred Harris began a music business in July 2012. Harris prepares monthly financial statements and uses the accrual basis
(Multiple Choice)1. The Unearned Revenue account of Lorelai Incorporated began 2012 with a normal balance of $5,000 and ended 2012 with a normal balance of $15,000. During 2012, the Unearned Revenue
Cova Corporation earned revenues of $40 million during 2013 and ended the year with net income of $6 million. During 2013, Cova collected $25 million from customers and paid cash for all of its
Masters Consulting had the following selected transactions in July:Jul 1 Prepaid insurance for July through November, $2,000.4 Purchased office furniture for cash, $1,000.5 Performed services and
Journalize the adjusting entry needed on December 31, end of the current accounting period, for each of the following independent cases affecting Green Corp. Include an explanation for each entry.a.
Consider the unadjusted trial balance of Lady, Inc., at July 31, 2012, and the related month-end adjustment data.Adjustment data at July 31, 2012:a. Accrued service revenue at July 31, $1,700.b.
Valley Apartments, Inc.€™s unadjusted and adjusted trial balances at April 30, 2012, follow.Requirements1. Make the adjusting entries that account for the differences between the two trial
The adjusted trial balance of Simpson Corporation at March 31, 2012, follows.Requirements1. Prepare Simpson Corporationâ€™s 2012 income statement, statement of retained earnings, and balance
The accounts of Mountain Lodge Service, Inc., at March 31, 2012, are listed in alphabetical order.Requirements1. All adjustments have been journalized and posted, but the closing entries have not yet
Refer back to Problem 3-71A.Requirements1. Use the Mountain Lodge data in Problem 3-71A to prepare the company€™s classified balance sheet at March 31, 2012. Show captions for total
This problem demonstrates the effects of transactions on the current ratio and the debt ratio of Harrington Company. Harrington€™s condensed and adapted balance sheet at December 31, 2012,
Cherokee Corporation earned revenues of $37 million during 2012 and ended the year with net income of $7 million. During 2012, Cherokee collected cash of $20 million from customers and paid cash for
Healthy Hearts Consulting had the following selected transactions in December:Dec 1 Prepaid insurance for December through April, $3,500.4 Purchased office furniture for cash, $900.5 Performed
Journalize the adjusting entry needed on December 31, the end of the current accounting period, for each of the following independent cases affecting Woods Corp. Include an explanation for each
Consider the unadjusted trial balance of Princess, Inc., at August 31, 2012, and the related month-end adjustment data.Adjustment data at August 31, 2012, include the following:a. Accrued advertising
Crossway Apartments, Inc.€™s unadjusted and adjusted trial balances at April 30, 2012, follow:Requirements1. Make the adjusting entries that account for the differences between the two
The adjusted trial balance of Nicholl Corporation at May 31, 2012, follows:Requirements1. Prepare Nichollâ€™s 2012 income statement, statement of retained earnings, and balance sheet. List
The accounts of Cool River Service, Inc., at March 31, 2012, are listed in alphabetical order.Requirements1. All adjustments have been journalized and posted, but the closing entries have not yet
Refer back to Problem 3-80B.Requirements1. Prepare the company€™s classified balance sheet in report form at March 31, 2012. 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 Hiaport Company. Hiaport’s condensed and adapted balance sheet at December 31, 2011, follows.(In
Valley Forge Corporation reported the following current accounts at December 31, 2011 (amounts in thousands):Cash................................................
The accounts of Gleneagles Company prior to the year-end adjustments follow.Adjusting data at the end of the year include the following:a. Unearned service revenue that has been earned, $1,650b.
Express Detail, Inc. provides mobile car washing and detailing to its customers. The Income Statement for the month ended January 31, 2012, the Balance Sheet for December 31, 2011, and details of
The net income of Solas Photography Company decreased sharply during 2012. Lisa Almond, owner of the company, anticipates the need for a bank loan in 2013. Late in 2012, Almond instructed Brad Lail,
Amazon.com, Inc. —like all other businesses—adjusts accounts prior to year end to get correct amounts for the financial statements. Examine Amazon.com, Inc.’s Consolidated Balance Sheets in
Refer to the consolidated financial statements of RadioShack Corporation in Appendix B . During 2010, the company had numerous accruals and deferrals. As a new member of RadioShack’s accounting
Matt Trozo formed a lawn service company as a summer job. To start the business on May 1, he deposited $2,500 in a new bank account in the name of Trozzo Lawn Service, Inc. consisting of a $1,500
Newfield Corp. holds a portfolio of trading securities. Suppose that on October 15, Newfield paid $85,000 for an investment in Turok shares to add to its portfolio. At December 31, the market value
Siegal Investments purchased Demer shares as a trading security on December 16 for $109,000.1. Suppose the Demer shares decreased in value to $100,000 at December 31. Make the Siegal journal entry to
Refer to the facts in S5-5. The sales terms on the invoice are 2/10, net 30. What does this mean? What is Sports R Us’ potential savings, if any? How much time does the company have to take
Refer to the facts in S5-5. Suppose that, when store personnel uncrate the shipment of merchandise, they find that a shipment of clothing worth $5,000 is defective. They notify Big Sky of the problem
As a recent college graduate, you land your first job in the customer collections department of City Publishing. Zeke Pitt, the manager, asked you to propose a system to ensure that cash received
During its first year of operations, Chocolate Passion, Inc., had sales of $361,000, all on account. Industry experience suggests that Chocolate Passion’s uncollectibles will amount to 2% of credit
During 2013, Chocolate Passion completed these transactions:1. Sales revenue on account, $1,030,0002. Collections on account, $895,0003. Write-off s of uncollectibles, $15,0004. Uncollectible-account
Use the information from the journal entries of Chocolate Passion, Inc., to answer the following questions:Requirements1. Start with Accounts Receivableâ€™s beginning balance ($35,000), and then

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