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Questions and Answers of Accounting

Condensed financial data of Cadet Company are shown below. Additional information:1. New plant assets costing $151,000 were purchased for cash during the year.2. Investments were sold at cost.3.
Data for Cadet Company are presented in P12-9B. Further analysis reveals that accounts payable pertain to merchandise creditors.InstructionsPrepare a statement of cash flows for Cadet Company using
Presented on the below are the comparative balance sheets for Lybeck Company at December 31. Additional information:1. Operating expenses include depreciation expense $65,000 and charges from
The financial statements of Tootsie Roll Industries are presented in Appendix A.InstructionsAnswer the following questions.(a) What was the amount of net cash provided by operating activities for
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll Industries in Appendix A.Instructions(a) Based on the information in
The March 4, 2010, edition of the Wall Street Journal Online contains an article by Jeffrey McCracken and Tom McGinty entitled “With Fistfuls of Cash, Firms on Hunt.”InstructionsRead the article
The incredible growth of Amazon.com has put fear into the hearts of traditional retailers. Its stock price has soared to amazing levels. However, in 2001 many investors were very concerned about
Bob Soakup and Clare Karr are examining the following statement of cash flows for Baldwin Company for the year ended January 31, 2012.BALDWIN COMPANYStatement of Cash FlowsFor the Year Ended January
Alex Mabry, the owner-president of Computer Services Company, is unfamiliar with the statement of cash flows that you, as his accountant, prepared. He asks for further explanation.InstructionsWrite
Riverside Automotive Corp. is a medium-sized wholesaler of automotive parts. It has 10 stockholders who have been paid a total of $1 million in cash dividends for 8 consecutive years. The board’s
In this chapter, you learned that companies prepare a statement of cash flows in order to keep track of their sources and uses of cash and to help them plan for their future cash needs. Planning for
If your school has a subscription to the FASB Codification, go to aaahq.org/ ascLogin.cfm to log in and prepare responses to the following. Use the Master Glossary to determine the proper
Discuss the differences that exist in the treatment of bank overdrafts under GAAP and IFRS.
Describe the treatment of each of the following items under IFRS versus GAAP.(a) Interest paid.(b) Interest received.(c) Dividends paid.(d) Dividends received.
The financial statements of Zetar plc are presented in Appendix C. The company’s complete annual report, including the notes to its financial statements, InstructionsUse the company’s annual
(a) How does the periodicity assumption affect an accountant’s analysis of accounting transactions?(b) Explain the term fiscal year.
Identify and state two generally accepted accounting principles that relate to adjusting the accounts.
Why may the financial information in an unadjusted trial balance not be up-to-date and complete?
Distinguish between the two categories of adjusting entries, and identify the types of adjustments applicable to each category.
Explain the differences between depreciation expense and accumulated depreciation.
Greenstreet Company purchased equipment for $15,000. By the current balance sheet date, the company had depreciated $7,000. Indicate the balance sheet presentation of the data.
Data Technologies provides maintenance service for computers and office equipment for companies throughout the Northeast. The sales manager is elated because she closed a $300,000 three-year
ValuMart, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company’s marketing manager, Chris
A company makes an accrued revenue adjusting entry for $780 and an accrued expense adjusting entry for $510. How much was net income understated prior to these entries? Explain.
On January 9 a company pays $6,200 for salaries, of which $1,100 was reported as Salaries and Wages Payable on December 31. Give the entry to record the payment.
For each of the following items before adjustment, indicate the type of adjusting entry—prepaid expense, unearned revenue, accrued revenue, and accrued expense— that is needed to correct the
One-half of the adjusting entry is given below. Indicate the account title for the other half of the entry.(a) Salaries and Wages Expense is debited.(b) Depreciation Expense is debited.(c) Interest
Which balance sheet account provides evidence that Tootsie Roll records sales on an accrual basis rather than a cash basis? Explain.
Why is it possible to prepare financial statements directly from an adjusted trial balance? Discuss.
(a) What information do accrual basis financial statements provide that cash basis statements do not?(b) What information do cash basis financial statements provide that accrual basis statements do
Identify the account(s) debited and credited in each of the four closing entries, assuming the company has net income for the year.
Some companies employ technologies that allow them to do a so-called “virtual close.” This enables them to close their books nearly instantaneously any time during the year. What advantages does
Describe the nature of the Income Summary account, and identify the types of summary data that may be posted to this account.
Indicate, in the sequence in which they are made, the three required steps in the accounting cycle that involve journalizing.
Identify, in the sequence in which they are prepared, the three trial balances that are required in the accounting cycle.
Explain the terms earnings management and quality of earnings.
Give examples of how companies manage earnings.
Transactions that affect earnings do not necessarily affect cash. Identify the effect, if any, that each of the following transactions would have upon cash and net income. The first transaction has
The ledger of Hubbard Company includes the following accounts. Explain why each account may require adjustment.(a) Prepaid Insurance.(b) Depreciation Expense.(c) Unearned Service Revenue.(d) Interest
Dicker Company accumulates the following adjustment data at December 31.Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and (2) the status of the accounts before
Stagg Advertising Company’s trial balance at December 31 shows Supplies $8,800 and Supplies Expense $0. On December 31 there are $1,100 of supplies on hand. Prepare the adjusting entry at December
At the end of its first year, the trial balance of Jules Company shows Equipment $22,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year
On July 1, 2012, Ryhn Co. pays $12,400 to Craig Insurance Co. for a 2-year insurance contract. Both companies have fiscal years ending December 31. For Ryhn Co., journalize and post the entry on July
Using the data in BE4-6, journalize and post the entry on July 1 and the adjusting entry on December 31 for Craig Insurance Co. Craig uses the accounts Unearned Service Revenue and Service Revenue.
The bookkeeper for Forseth Company asks you to prepare the following accrual adjusting entries at December 31.(a) Interest on notes payable of $300 is accrued.(b) Service revenue earned but unbilled
The trial balance of LaGrace Company includes the following balance sheet accounts. Identify the accounts that might require adjustment. For each account that requires adjustment, indicate (1) The
The adjusted trial balance of Hanlon Corporation at December 31, 2012, includes the following accounts: Retained Earnings $17,200; Dividends $6,000; Service Revenue $32,000; Salaries and Wages
Partial adjusted trial balance data for Hanlon Corporation are presented in BE4- 10. The balance in Retained Earnings is the balance as of January 1. Prepare a retained earnings statement for the
The following selected accounts appear in the adjusted trial balance for Cohen Company. Indicate the financial statement on which each account would be reported.(a) Accumulated Depreciation. (b)
Using the data in BE4-12, identify the accounts that would be included in a post-closing trial balance.
The income statement for the Timberline Golf Club Inc. for the month ended July 31 shows Service Revenue $16,000; Salaries and Wages Expense $8,400; Maintenance and Repairs Expense $2,500; and Income
The required steps in the accounting cycle are listed in random order below.List the steps in proper sequence.(a) Prepare a post-closing trial balance.(b) Prepare an adjusted trial balance.(c)
The ledger of Witzling, Inc. on March 31, 2012, includes the following selected accounts before adjusting entries. An analysis of the accounts shows the following:1. Insurance expires at the rate of
Tammy Krause is the new owner of Tammy’s Computer Services. At the end of July 2012, her first month of ownership, Tammy is trying to prepare monthly financial statements. She has the following
Indicate in which financial statement each of the following adjusted trial balance accounts would be presented.Service Revenue ......Accounts Receivable Notes Payable .......Accumulated
After closing revenues and expense, Natraj Company shows the following account balances. Dividends...................$22,000 Retained Earnings ................70,000 Income Summary
The following independent situations require professional judgment for determining when to recognize revenue from the transactions.(a) Southwest Airlines sells you an advance-purchase airline ticket
These are the assumptions, principles, and constraints discussed in this and previous chapters. 1. Economic entity assumption. 2. Expense recognition principle. 3. Monetary unit assumption. 4.
Here are some accounting reporting situations.(a) Dorfner Company recognizes revenue at the end of the production cycle but before sale. The price of the product, as well as the amount that can be
Your examination of the records of a company that follows the cash basis of accounting tells you that the company??s reported cash basis earnings in 2012 are $33,640. If this firm had followed
In its first year of operations, Lazirko Company earned $28,000 in service revenue, $6,000 of which was on account and still outstanding at year-end. The remaining $22,000 was received in cash from
Horeb Company, a ski tuning and repair shop, opened in November 2011. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end of
KidVid, a maker of electronic games for kids, has just completed its first year of operations. The company’s sales growth was explosive. To encourage large national stores to carry its products,
Peng Company accumulates the following adjustment data at December 31.(a) Service Revenue earned but unbilled totals $600.(b) Store supplies of $160 are on hand. Supplies account shows $1,900
The ledger of Sagovic Rental Agency on March 31 of the current year includes the selected accounts on page 206 before adjusting entries have been prepared. An analysis of the accounts shows the
Adam Singh, D.D.S., opened an incorporated dental practice on January 1, 2012.During the first month of operations the following transactions occurred:1. Performed services for patients who had
The unadjusted trial balance for Sierra Corp. is shown in Illustration 4-4 (page 168).In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data.1.
The income statement of Kaleta Co. for the month of July shows net income of $1,500 based on Service Revenue $5,500; Salaries and Wages Expense $2,100; Supplies Expense $900, and Utilities Expense
This is a partial adjusted trial balance of Fenske Company. InstructionsAnswer these questions, assuming the year begins January 1.(a) If the amount in Supplies Expense is the January 31
A partial adjusted trial balance for Fenske Company is given in E4-13.InstructionsPrepare the closing entries at January 31, 2012.
Selected accounts of Sandin Company are shown here. InstructionsAfter analyzing the accounts, journalize (a) The July transactions and (b) The adjusting entries that were made on July31.
The trial balances shown on page 208 are before and after adjustment for Amit Company at the end of its fiscal year. InstructionsPrepare the adjusting entries that weremade.
The adjusted trial balance for Amit Company is given in E4-16.InstructionsPrepare the income and retained earnings statements for the year and the classified balance sheet at August 31.
The adjusted trial balance for Amit Company is given in E4-16.InstructionsPrepare the closing entries for the temporary accounts at August 31.
The following selected data are taken from the comparative financial statements of Superior Curling Club. The club prepares its financial statements using the accrual basis of accounting. Dues are
Gil Vogel started his own consulting firm, Vogel Consulting, on June 1, 2012. The trial balance at June 30 is as follows. In addition to those accounts listed on the trial balance, the chart of
The Vang Hotel opened for business on May 1, 2012. Here is its trial balance before adjustment on May 31. Other data:1. Insurance expires at the rate of $450 per month.2. A count of supplies shows
Rolling Hills Golf Inc. was organized on July 1, 2012. Quarterly financial statements are prepared. The trial balance and adjusted trial balance on September 30 are shown here. Instructions(a)
A review of the ledger of Terrell Company at December 31, 2012, produces these data pertaining to the preparation of annual adjusting entries.1. Prepaid Insurance $15,200. The company has separate
Open Road Travel Court was organized on July 1, 2011, by Tiffany Lampkins. Tiffany is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Tiffany prepared
On November 1, 2012, the following were the account balances of Tate Equipment Repair. During November, the following summary transactions were completed.Nov. 8 Paid $1,220 for salaries due
Dana La Fontsee opened Pro Window Washing Inc. on July 1, 2012. During July the following transactions were completed.July 1 Issued 12,000 shares of common stock for $12,000 cash.1 Purchased used
The following data are taken from the comparative balance sheets of Glenview Club, which prepares its financial statements using the accrual basis of accounting. Fees are billed to members based
Pamela Quinn started her own consulting firm, Quinn Consulting, on May 1, 2012. The trial balance at May 31 is as shown below. In addition to those accounts listed on the trial balance, the chart of
Maquoketa Valley Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here. Other data:1. Insurance expires at the
Vedula Advertising Agency was founded by Murali Vedula in January 2007. Presented here are both the adjusted and unadjusted trial balances as of December 31, 2012. Instructions(a) Journalize the
A review of the ledger of Felipe Company at December 31, 2012, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries and Wages Payable $0: There are eight
The Fly Right Travel Agency was organized on January 1, 2010, by Joe Kirkpatrick. Joe is a good manager but a poor accountant. From the trial balance prepared by a parttime bookkeeper, Joe prepared
On September 1, 2012, the following were the account balances of Worthington Equipment Repair. During September, the following summary transactions were completed.Sept. 8 Paid $1,100 for salaries
Gina Balistrieri opened Genie Cleaners on March 1, 2012. During March, the following transactions were completed. Mar. 1 Issued 10,000 shares of common stock for $15,000 cash.1 Purchased used truck
Cookie Creations is gearing up for the winter holiday season. During the month of December 2011, the following transactions occur.Dec. 1 Natalie hires an assistant at an hourly wage of $8 to help
The financial statements of Tootsie Roll are presented in Appendix A at the end of this book.Instructions(a) Using the consolidated income statement and balance sheet, identify items that may result
The financial statements of The Hershey Company are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Identify two accounts on Hershey’s
The February 13, 2010, issue of the Wall Street Journal includes an article by Scott Thurm entitled “For Some Firms, a Case of ‘Quadrophobia’.”InstructionsRead the article and answer the
Laser Recording Systems, founded in 1981, produces disks for use in the home market. The following is an excerpt from Laser Recording Systems’ financial statements (all dollars in thousands).LASER
Purpose: To learn about the functions of the Securities and Exchange Commission (SEC).InstructionsUse the information in this site to answer the following questions.(a) What event spurred the
Council Bluff Park was organized on April 1, 2011, by Lori Delzer. Lori is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Lori prepared the following
On numerous occasions, proposals have surfaced to put the federal government on the accrual basis of accounting. This is no small issue because if this basis were used, it would mean that billions in
Prism Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Prism’s chemical pesticides. During the coming
Companies prepare balance sheets in order to know their financial position at a specific point in time. This enables them to make a comparison to their position at previous points in time and gives

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