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Questions and Answers of Accounting

The December 31, 2011, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Required:1. Prepare an income statement for the year ended December 31, 2011, and a classified
American Chip Corporation's fiscal year-end is December 31. The following is a partial adjusted trial balance as of December 31, 2011.Required:Prepare the necessary closing entries at December 31,
Presented below is income statement information of the Schefter Corporation for the year ended December 31, 2011.Required:Prepare the necessary closing entries at December 31, 2011.
The Righter Shoe Store Company prepares monthly financial statements for its bank. The November 30 and December 31, 2011, trial balances contained the following account information:The following
The following transactions occurred during 2011 for the Beehive Honey Corporation:Feb. 1 Borrowed $12,000 from a bank and signed a note. Principal and interest at 10% will be paid on January 31,
During the course of your examination of the financial statements of the Hales Corporation for the year ended December 31, 2011, you discover the following:a. An insurance policy covering three
Stanley and Jones Lawn Service Company (S&J) maintains its books on a cash basis. However, the company recently borrowed $100,000 from a local bank and the bank requires S&J to provide annual
Haskins and Jones, Attorneys-at-Law, maintains its books on a cash basis. During 2011, the company collected $545,000 in fees from its clients and paid out $412,000 in expenses. You are able to
The December 31, 2011, unadjusted trial balance for the Wolkstein Drug Company is presented below. December 31 is the company's fiscal year-end.The following year-end adjusting entries are
The employees of Xitrex, Inc., are paid each Friday. The company's fiscal year-end is June 30, which falls on a Wednesday for the current year. Wages are earned evenly throughout the five-day
Refer to Exercise 2–9 and respond to the following requirements.Required:1. If Microchip's accountant employed reversing entries for accruals, which adjusting entries would she likely reverse at
Refer to Exercise 2–9 and respond to the following requirements.Required:1. If Microchip's accountant employed reversing entries for prepayments, which transactions would be affected?2. Prepare the
The White Company's accounting system consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ). For each
The accounting system of K and M Manufacturing consists of a general journal (GJ), a cash receipts journal (CR), a cash disbursements journal (CD), a sales journal (SJ), and a purchases journal (PJ).
The following questions are used in the Kaplan CPA Review Course to study the accounting processing cycle while preparing for the CPA examination. Determine the response that best completes the
Halogen Laminated Products Company began business on January 1, 2011. During January, the following transactions occurred:Jan. 1Issued common stock in exchange for $100,000 cash.2 Purchased inventory
The following is the post-closing trial balance for the Whitlow Manufacturing Corporation as of December 31, 2010.The following transactions occurred during January 2011:Jan.1 Sold merchandise for
Pastina Company manufactures and sells various types of pasta to grocery chains as private label brands. The company's fiscal year-end is December 31. The unadjusted trial balance as of December 31,
Refer to Problem 2–3 and complete the following steps:1. Prepare an adjusted trial balance.2. Prepare an income statement and a statement of shareholders' equity for the year ended December 31,
Howarth Company's fiscal year-end is December 31. Below are the unadjusted and adjusted trial balances for December 31, 2011.Required:Prepare the adjusting journal entries that were made at December
The general ledger of the Karlin Company, a consulting company, at January 1, 2011, contained the following account balances:The following is a summary of the transactions for the year:a. Sales of
The information necessary for preparing the 2011 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31.a. On July 1, 2011, purchased $10,000 of IBM
Excalibur Corporation manufactures and sells video games for personal computers. The unadjusted trial balance as of December 31, 2011, appears below. December 31 is the company's fiscal year-end. The
The unadjusted trial balance as of December 31, 2011, for the Bagley Consulting Company appears below. December 31 is the company's fiscal year-end.1. From the trial balance and information given,
McGuire Corporation began operations in 2011. The company purchases computer equipment from manufacturers and then sells to retail stores. During 2011, the bookkeeper used a check register to record
Selected balance sheet information for the Wolf Company at November 30, and December 31, 2011, is presented below. The company uses the perpetual inventory system and all sales to customers are made
Zambrano Wholesale Corporation maintains its records on a cash basis. At the end of each year the company's accountant obtains the necessary information to prepare accrual basis financial statements.
Using the information from Problem 2–8, prepare and complete a worksheet similar to Illustration 2A–1. Use the information in the worksheet to prepare an income statement and a
You have recently been hired by Davis & Company, a small public accounting firm. One of the firm's partners, Alice Davis, has asked you to deal with a disgruntled client, Mr. Sean Pitt, owner of the
Refer to Case 2–1 above. Mr. Pitt has relented and agrees to provide you with the information necessary to convert his cash basis financial statements to accrual basis statements. He provides you
“I don't understand,” complained Chris, who responded to your bulletin board posting in your responsibilities as a tutor. The complaint was in response to your statements that recording adjusting
Describe the purpose of the balance sheet.
Explain why the balance sheet does not portray the market value of the entity.
Define current assets and list the typical asset categories included in this classification.
Define current liabilities and list the typical liability categories included in this classification.
Explain the difference(s) between investments in equity securities classified as current assets versus those classified as noncurrent assets.
Describe the common characteristics of assets classified as property, plant, and equipment and identify some assets included in this classification.
Distinguish between property, plant, and equipment and intangible assets.
Explain how each of the following liabilities would be classified in the balance sheet:• A note payable of $100,000 due in five years.• A note payable of $100,000 payable in annual installments
Disclosure notes are an integral part of the information provided in financial statements. In what ways are the notes critical to understanding the financial statements and to evaluating the firm's
A summary of the company's significant accounting policies is a required disclosure. Why is this disclosure important to external financial statement users?
Define a subsequent event.
Every annual report of a public company includes an extensive discussion and analysis provided by the company's management. Specifically, which aspects of the company must this discussion address?
The auditors' report provides the analyst with an independent and professional opinion about the fairness of the representations in the financial statements. What are the four main types of opinion
What is a proxy statement? What information does it provide?
Define the terms working capital, current ratio, and acid-test ratio (or quick ratio).
Show the calculation of the following financing ratios: (1) The debt to equity ratio, (2) The times interest earned ratio.
Describe at least two differences between U.S. GAAP and IFRS in balance sheet presentation.
Segment reporting facilitates the financial statement analysis of diversified companies. What determines whether an operating segment is a reportable segment for this purpose?
For segment reporting purposes, what amounts are reported by each operating segment?
Describe any differences in segment disclosure requirements between U.S. GAAP and IFRS.
Indicate whether each of the following assets and liabilities should be classified as current or noncurrent: (a) Accounts receivable; (b) Prepaid rent for the next six months; (c) Note receivable due
The trial balance for K and J Nursery, Inc. listed the following account balances at December, 31, 2011, the end of its fiscal year: cash, $16,000; accounts receivable, $11,000; inventories, $25,000;
Refer to the situation described in BE 3-2. Determine the year-end balance in retained earnings for K and J Nursery, Inc.In BE 3-2. The trial balance for K and J Nursery, Inc. listed the following
Refer to the situation described in BE 3-2. Prepare a classified balance sheet for K and J Nursery, Inc. The equipment originally cost $140,000.In BE 3-2, The trial balance for K and J Nursery, Inc.
The following is a December 31, 2011, post-closing trial balance for Culver City Lighting, Inc. Prepare a classified balance sheet for the company.
You have been asked to review the December 31, 2011, balance sheet for Champion Cleaning. After completing your review, you list the following three items for discussion with your superior:1. An
The following information is taken from the balance sheet of Raineer Plumbing: cash and cash equivalents, $40,000; accounts receivable, $120,000; inventories, ?; total current assets, $235,000;
For each of the following note disclosures, indicate whether the disclosure would likely appear in (A) The summary of significant accounts policies(B) A separate note: (1) Depreciation method; (2)
Refer to the trial balance information in BE 3-5.Calculate the(a) Current ratio,(b) Acid-test ratio, and(c) Debt to equity ratio.The following is a December 31, 2011, post-closing trial balance for
At the end of 2011, Barker Corporation's preliminary trial balance indicated a current ratio of 1.2. Management is contemplating paying some of its accounts payable balance before the end of the
The current asset section of Stibbe Pharmaceutical Company's balance sheet included cash of $20,000 and accounts receivable of $40,000. The only other current asset is inventories. The company's
The following December 31, 2011, fiscal year-end account balance information is available for the Stonebridge Corporation:The only asset not listed is short-term investments. The only liabilities not
The following are the typical classifications used in a balance sheet:a. Current assetsb. Investments and fundsc. Property, plant, and equipmentd. Intangible assetse. Other assetsf. Current
The following are the typical classifications used in a balance sheet:a. Current assetsb. Investments and fundsc. Property, plant, and equipmentd. Intangible assetse. Other assetsf. Current
The following is a December 31, 2011, post-closing trial balance for the Jackson Corporation.Required:Prepare a classified balance sheet for Jackson Corporation at December 31, 2011.
The following is a December 31, 2011, post-closing trial balance for the Valley Pump Corporation.Additional information:1. The $120,000 balance in the land account consists of $100,000 for the cost
Presented below is a partial trial balance for the Kansas Instruments Corporation at December 31, 2011.Additional information:1. The note receivable, along with any accrued interest, is due on
The following balance sheet for the Los Gatos Corporation was prepared by a recently hired accountant. In reviewing the statement you notice several errors.Additional information:1. Cash includes a
Cone Corporation is in the process of preparing its December 31, 2011, balance sheet. There are some questions as to the proper classification of the following items:a. $50,000 in cash set aside in
The following is the balance sheet of Korver Supply Company at December 31, 2010. The note payable is dated June 30, 2010 and is due on June 30, 2012. Interest at 6% is payable annually on June 30.
The following are typical disclosures that would appear in the notes accompanying financial statements. For each of the items listed, indicate where the disclosure would likely appear—either in(A)
Hallergan Company produces car and truck batteries that it sells primarily to auto manufacturers. Dorothy Hawkins, the company's controller, is preparing the financial statements for the year ended
Parkman Sporting Goods is preparing its annual report for its 2011 fiscal year. The company's controller has asked for your help in determining how best to disclose information about the following
The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles.Required:1. Obtain the relevant authoritative literature on the
Access the FASB's Codification Research System at the FASB website (www.fasb.org). Determine the specific citation for each of the following items:1. What is the balance sheet classification for a
Listed below are several terms and phrases associated with the balance sheet and financial disclosures. Pair each item from List A (by letter) with the item from List B that is most appropriately
The 2011 balance sheet for Hallbrook Industries, Inc. is shown below.Required:Determine the following ratios for 2011:1. Current ratio2. Acid-test ratio3. Debt to equity ratio4. Times interest
Best Buy Co, Inc. is a leading retailer specializing in consumer electronics. A condensed income statement and balance sheet for the fiscal year ended February 28, 2009, are shown below.Required:1.
The current asset section of the Excalibur Tire Company's balance sheet consists of cash, marketable securities, accounts receivable, and inventories. The December 31, 2011, balance sheet revealed
The current asset section of Guardian Consultant's balance sheet consists of cash, accounts receivable, and prepaid expenses. The 2011 balance sheet reported the following: cash, $1,300,000;
Most decisions made by management impact the ratios analysts use to evaluate performance. Indicate (by letter) whether each of the actions listed below will immediately increase (I), decrease (D), or
The following questions are used in the Kaplan CPA Review Course to study balance sheet presentation, financial disclosures, and liquidity ratios while preparing for the CPA examination. Determine
The following questions dealing with balance sheet presentation, financial disclosures, and liquidity ratios are adapted from questions that previously appeared on Certified Management Accountant
Presented below is a list of balance sheet accounts in alphabetical order.Accounts payable .................. InventoriesAccounts receivable ................. Land (in use)Accumulated
The data listed below are taken from a balance sheet of Trident Corporation. Some amounts, indicated by question marks, have been intentionally omitted.Required:1. Determine the missing amounts.2.
The following is a December 31, 2011, post-closing trial balance for Almway Corporation.Additional information:1. The investment account includes an investment in common stock of another corporation
The following is a December 31, 2011, post-closing trial balance for the Weismuller Publishing Company.Additional information:1. Prepaid expenses include $120,000 paid on December 31, 2011, for a
The following is a June 30, 2011, post-closing trial balance for Excell Company.Additional information:1. The short-term investments account includes $18,000 in U.S. treasury bills purchased in May.
The following is a December 31, 2011, post-closing trial balance for the Vosburgh Electronics Corporation.Additional information:1. The common stock represents 1 million shares of no par stock
The following balance sheet for the Hubbard Corporation was prepared by the company:Additional information:1. The buildings, land, and machinery are all stated at cost except for a parcel of land
The following incomplete balance sheet for the Sanderson Manufacturing Company was prepared by the company's controller. As accounting manager for Sanderson, you are attempting to reconstruct and
Presented below is the balance sheet for HHD, Inc., at December 31, 2011. The captions shown in the summarized statement above include the following:a. Current assets: cash, $150,000; accounts
Melody Lane Music Company was started by John Ross early in 2011. Initial capital was acquired by issuing shares of common stock to various investors and by obtaining a bank loan. The company
A first-year accounting student is confused by a statement made in a recent class. Her instructor stated that the assets listed in the balance sheet of the IBM Corporation include computers that are
The usefulness of the balance sheet is enhanced when assets and liabilities are grouped according to common characteristics. The broad distinction made in the balance sheet is the current versus
The Red Hen Company produces, processes, and sells fresh eggs. The company is in the process of preparing financial statements at the end of its first year of operations and has asked for your help
Vodafone Group, Plc. a U.K. company, is the largest mobile telecommunications network company in the world. The company prepares its financial statements in accordance with International Financial
You recently joined the internal auditing department of Marcus Clothing Corporation. As one of your first assignments, you are examining a balance sheet prepared by a staff accountant.In the course

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