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Questions and Answers of Accounting

The following account balances were drawn from the financial records of Kerr Company (KC) as of January 1, 2013. Assets, $25,000; Liabilities, $8,000; Common Stock, $10,000; and Retained Earnings,
Josey Enterprises was started when it acquired $4,000 cash from creditors and $8,000 from owners. The company immediately purchased land that cost $10,000. Required a. Record the events under an
a. Based on this information alone, can you determine whether Wayne can pay a $2,000 cash dividend? Why or why not?b. Reconstruct the accounting equation for each company using percentages on the
As of December 31, 2013, Gibbs Company had total cash of $89,000, notes payable of $25,600, and common stock of $41,000. During 2014, Gibbs earned $52,000 of cash revenue, paid $34,000 for cash
Grayson Co. experienced the following events during 2013:1. Acquired cash from the issue of common stock.2. Borrowed cash.3. Collected cash from providing services.4. Purchased land with cash.5.
At the beginning of 2013, Sauder Companyâ€™s accounting records had the following general ledger accounts and balances.Paramount completed the following transactions during 2013:1. Purchased
The following account titles were drawn from the general ledger of Holt Food Supplies, Incorporated (HFSI): Computers, Operating Expenses, Rent Revenue, Building, Cash, Notes Payable, Land, Utilities
Texas Company experienced the following events during its first year of operations:1. Acquired an additional $1,000 cash from the issue of common stock. 2. Paid $2,400 cash for utilities expense.
Sung Company purchased land in April 2008 at a cost of $500,000. The estimated market value of the land is $800,000 as of December 31, 2013. Sung purchased marketable equity securities (bought the
Majka Company was started on January 1, 2013. During 2013, the company experienced the following three accounting events: (1) earned cash revenues of $28,600, (2) paid cash expenses of $13,200, and
On January 1, 2013, Moore, a fast-food company, had a balance in its Cash account of $45,800. During the 2013 accounting period, the company had (1) net cash inflow from operating activities of
All-Star Automotive Company experienced the following accounting events during 2013:1. Performed services for $25,000 cash. 2. Purchased land for $6,000 cash. 3. Hired an accountant to keep the
Metal Works borrowed $100,000 cash from First State Bank in 2013: Required a. Was this event an asset source, use, or exchange transaction for Metal Works? b. Was this event an asset source, use, or
Dakota, Inc., experienced the following events during 2013:1. Acquired $30,000 cash from the issue of common stock.2. Paid $12,000 cash to purchase land.3. Borrowed $10,000 cash from First Bank.4.
As of January 1, 2013, Floor Design Inc. had a balance of $9,900 in Cash, $3,500 in Common Stock and $6,400 in Retained Earnings. These were the only accounts with balances in the ledger on January
On January 1, 2013, the following information was drawn from the accounting records of Craven Company: cash of $800; land of $3,500; notes payable of $1,600; and common stock of $1,000. Required a.
Total stockholders’ equity of Davis Company increased by $42,250 between December 31, 2013, and December 31, 2014. During 2014 Davis acquired $15,000 cash from the issue of common stock. The
Laura€™s Flowers opened on January 1, 2013. Laura€™s reported the following for cash revenues and cash expenses for the years 2013 to 2015:Requireda. What would Laura€™s
Critz Company was started on January 1, 2013. During the month of January, Critz earned $7,500 of revenue and incurred $4,800 of expense. During the remainder of 2013, Critz earned $86,000 and
As of December 31, 2013, Zip Express Company had total assets of $80,000, total liabilities of $20,000, and common stock of $25,000.Requireda. Determine the amount of retained earnings as of December
The Candle Shop experienced the following events during its first year of operations, 2013:1. Acquired cash by issuing common stock.2. Paid a cash dividend to the stockholders.3. Paid cash for
Accounting is a social science. It reflects the cultural differences of the countries in which it is developed. The reporting standards in one country may be very different than those used in another
Jan Perkins is a business consultant. She analyzed the business processes of one of her clients, Diamond Companies, in November 2013. She prepared a report containing her recommendation for changes
The following business scenarios are independent from one another:1. Bob Wilder starts a business by transferring $10,000 from his personal checking account into a checking account for his business,
A random list of various financial statements components follows:(1) Common Stock account ending balance,(2) Common stock issued during the period,(3) Liabilities,(4) Financing
Mabry’s Consulting Services experienced the following transactions for 2013, the first year of operations, and 2014. Assume that all transactions involve the receipt or payment of cash.Transactions
Pratt Corp. started the accounting period with $30,000 of assets, $12,000 of liabilities, and $5,000 of retained earnings. During the period, the Retained Earnings account increased by $7,550. The
Molpus Company was started January 1, 2013, and experienced the following events during its first year of operation:1. Acquired $30,000 cash from the issue of common stock.2. Borrowed $40,000 cash
The following information is available for Pacilio Security Services Inc. for 2011, its first year of operations. Pacilio provides security services for local sporting events. The following summary
Business Applications Case Understanding real-world annual reportsRequiredUse the Target Corporation’s annual report in Appendix B to answer the following questions.a. What was Target’s net
The following selected financial information is available for Best, Inc. Amounts are in millions of dollars.Required a. Divide the class into groups of four or five students each. Organize the groups
The following cash transactions occurred in five real-world companies:1. In June 2010, Dow Chemical Company sold its Styron subsidiary to Bain Capital Partners for $1.6 billion. 2. General Motors
The following information was drawn from the annual report of Active Wilderness Adventures (AWA).Requireda. Compute the percentage of growth in net income from 2013 to 2014. Can stockholders expect a
Assume that Kevin has been working for you for five years. He has had an excellent work history and has received generous pay raises in response. The raises have been so generous that Kevin is quite
Coates Inc. experienced the following events in 2013, in its first year of operation:1. Received $20,000 cash from the issue of common stock.2. Performed services on account for $38,000.3. Paid
Burke Company earned $12,000 of service revenue on account during 2013. The company collected $9,800 cash from accounts receivable during 2013. Required Based on this information alone, determine
During 2013, Crest Corporation earned $5,000 of cash revenue and accrued $3,000 of salaries expense.RequiredBased on this information alone:a. Prepare the December 31, 2013, balance sheet.b.
Valmont Inc. experienced the following events in 2013, its first year of operation:1. Received $50,000 cash from the issue of common stock.2. Performed services on account for $67,000.3. Paid a
The following events apply to Brown and Birgin, a public accounting firm, for the 2013 accounting period:1. Performed $96,000 of services for clients on account.2. Performed $65,000 of services for
Panoramic Inc. had a beginning balance of $2,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $2,400. During the period, Panoramic recognized $40,000 of revenue
Accounting Professionals Inc. experienced the following events in 2013, its first year of operation: 1. Performed services for $20,000 cash. 2. Purchased $4,000 of supplies on account. 3. A
Copy Express Inc. began the 2013 accounting period with $9,000 cash, $5,000 of common stock, and $4,000 of retained earnings. Copy Express was affected by the following accounting events during
Therapy Inc. experienced the following events in 2013, its first year of operation:1. Performed counseling services for $18,000 cash. 2. On February 1, 2013, paid $12,000 cash to rent office space
On June 1, 2013, Cole Corporation paid $8,400 to purchase a 24-month insurance policy. Assume that Cole records the purchase as an asset and that the books are closed on December 31.Requireda. Show
Interior Design Consultants (IDC) experienced the following events in 2013, its first year of operation:1. On October 1, 2013, IDC collected $24,000 for consulting services it agreed to provide
Ed Arnold started a personal financial planning business when he accepted $120,000 cash as advance payment for managing the financial assets of a large estate. Arnold agreed to manage the estate for
Kim Wong received $800 in advance for tutoring fees when she agreed to help Joe Pratt with his introductory accounting course. Upon receiving the cash, Kim mentioned that she would have to record the
Ross, Attorney at Law, experienced the following transactions in 2013, the first year of operations:1. Purchased $1,500 of office supplies on account.2. Accepted $36,000 on February 1, 2013, as a
On October 1, 2013, Caldonia Company paid East Alabama Rentals $4,800 for a 12-month lease on warehouse space. Required a. Record the deferral and the related December 31, 2013, adjustment for
A cost can be either an asset or an expense. Required a. Distinguish between a cost that is an asset and a cost that is an expense. b. List three costs that are assets. c. List three costs that are
Mikita Inc. experienced the following accounting events during its 2013 accounting period:1. Paid cash to settle an account payable.2. Collected a cash advance for services that will be provided
The following transactions pertain to the operations of Blair Company for 2013:1. Acquired $30,000 cash from the issue of common stock.2. Performed services for $12,000 cash.3. Paid a $7,200 cash
In 2013, Zoe Inc. billed its customers $62,000 for services performed. The company collected $51,000 of the amount billed. Zoe incurred $39,000 of other operating expenses on account. Zoe paid
Explain how each of the following events or series of events and the related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities reported on the
The following information was drawn from the accounting records of Swanson Company as of December 31, 2013, before the temporary accounts had been closed. The Cash balance was $6,000, and Notes
Rollins Company’s accounting records show an after-closing balance of $19,400 in its Retained Earnings account on December 31, 2013. During the 2013 accounting cycle, Rollins earned $15,100 of
Ethical conduct Required Name and provide a brief explanation of the six articles of the AICPA Code of Professional Conduct.
Leach Company invested $80,000 in a certificate of deposit on June 1, 2013. The certificate had a 6 percent annual rate of interest and a one-year term to maturity. Required a. What amount of
The following events apply to The Taco Factory for the 2013 fiscal year:1. Started the company when it acquired $21,000 cash from the issue of common stock.2. Purchased a new cooktop that cost
On January 1, 2013, Metro Maxx Inc. paid $23,000 cash to purchase a taxi cab. The taxi had a four-year useful life and a $3,000 salvage value. Required a. Determine the amount of depreciation expense
The following events pertain to James Cleaning Company:1. Acquired $15,000 cash from the issue of common stock.2. Provided services for $6,000 cash.3. Provided $18,000 of services on account.4.
The following selected accounts and account balances were taken from the records of Bates Company. Except as otherwise indicated, all balances are as of December 31, 2013, before the closing entries
Davis Company had the following balances in its accounting records as of December 31, 2013:The following accounting events apply to Davis for 2014:Jan. 1 Acquired an additional $30,000 cash from the
The following accounts and balances were drawn from the records of Dawkins Company at December 31, 2013:Required Use the accounts and balances from Dawkins Company to construct an income statement,
Alabama Service Company was formed on January 1, 2013.Events Affecting the 2013 Accounting Period1. Acquired cash of $60,000 from the issue of common stock.2. Purchased $1,200 of supplies on
Raula Kato discovered a material reporting error in accounting records of Sampoon, Inc. (SI), during the annual audit. The error was so significant that it will certainly have an adverse effect on
Able Inc. experienced the following events in 2013, its first year of operations:1. Received $20,000 cash from the issue of common stock.2. Performed services on account for $56,000.3. Paid the
Capaning Company earned $18,000 of revenue on account during 2013. The company collected $14,000 cash from accounts receivable during 2013. Required Based on this information alone, determine the
During 2013, Chung Corporation earned $8,000 of cash revenue and accrued $5,000 of salaries expense.RequiredBased on this information alone:a. Prepare the December 31, 2013, balance sheet.b.
Bricca Inc. experienced the following events in 2013, its first year of operation:1. Received $40,000 cash from the issue of common stock.2. Performed services on account for $82,000.3. Paid a $6,000
The following events apply to Culvin and Piper, a public accounting firm, for the 2013 accounting period:1. Performed $70,000 of services for clients on account.2. Performed $40,000 of services for
Carver Inc. had a beginning balance of $4,000 in its Accounts Receivable account. The ending balance of Accounts Receivable was $4,500. During the period, Carver recognized $68,000 of revenue on
Expert Janitorial Services Inc. experienced the following events in 2013, its first year of operation:1. Performed services for $35,000 cash. 2. Purchased $6,000 of supplies on account. 3. A
Copy Magic began the 2013 accounting period with $2,500 cash, $1,400 of common stock, and $1,100 of retained earnings. Copy Magic was affected by the following accounting events during 2013:1.
Secret Services Inc. experienced the following events in 2013, its first year of operation:1. Performed counseling services for $36,000 cash.2. On February 1, 2013, paid $18,000 cash to rent office
On April 1, 2013, Idaho Corporation paid $18,000 cash in advance for a one-year lease on an office building. Assume that Idaho records the prepaid rent as an asset and that the books are closed on
Young and Associates experienced the following events in 2013, its first year of operation:1. On October 1, 2013, Young collected $54,000 for consulting services it agreed to provide during the
Chris Holmes started a personal financial planning business when he accepted $36,000 cash as advance payment for managing the financial assets of a large estate. Chris agreed to manage the estate for
Lan, an accounting major, and Pat, a marketing major, are watching a Matlock rerun on late-night TV. Of course, there is a murder and the suspect wants to hire Matlock as the defense attorney.
Roe, Attorney at Law, experienced the following transactions in 2013, the first year of operations:1. Accepted $36,000 on April 1, 2013, as a retainer for services to be performed evenly over the
On October 1, 2013, Josh Smith, attorney, accepted an $10,800 cash advance from his client, James Company, for services to be performed over the next six months. Required a. Record the deferral and
Amber Gray tells you that the accountants where she works are real hair splitters. For example, they make a big issue over the difference between a cost and an expense. She says the two terms mean
Victory Associates experienced the following accounting events during its 2013 accounting period.1. Recognized revenue on account. 2. Issued common stock. 3. Paid cash to purchase supplies. 4.
The following transactions pertain to the operations of Luckett Company for 2013:1. Acquired $30,000 cash from the issue of common stock.2. Provided $65,000 of services on account.3. Paid $22,000
In 2013, Ring Company billed its customers $90,000 for services performed. The company subsequently collected $73,000 of the amount billed. Ring incurred $72,000 of operating expenses on account.
Effect of accounting events on the income statement and statement of cash flowsRequiredExplain how each of the following events or series of events and any related adjusting entry will affect the
The following information was drawn from the accounting records of Dorman Company as of December 31, 2013, before the temporary accounts had been closed. The company’s cash balance was $3,600, and
Baker Company’s accounting records show a $42,100 balance in its Retained Earnings account on January 1, 2013. During the 2013 accounting cycle Baker earned $19,400 of revenue, incurred $9,800 of
Arthur Troy started Troy Company on January 1, 2013. The company experienced the following events during its first year of operation:1. Earned $6,200 of cash revenue.2. Borrowed $5,000 cash from the
Texas Company invested $90,000 in a certificate of deposit on August 1, 2013. The certificate had a 6 percent annual rate of interest and a one-year term to maturity. Required a. What amount of
The following events apply to Dill’s Diner for the 2013 fiscal year:1. Started the company when it acquired $40,000 cash by issuing common stock.2. Purchased a new stove that cost $26,000 cash.3.
On January 1, 2013, Hartland Inc. paid $34,000 cash to purchase a taxi cab. The taxi had a four-year useful life and a $4,000 salvage value. Required a. Determine the amount of depreciation expense
The following events pertain to Jack€™s Inc.:1. Acquired $10,000 cash from the issue of common stock.2. Provided $15,000 of services on account.3. Provided services for $5,000 cash.4.
Effect of adjusting entries on the accounting equationRequiredEach of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affects
The following data were taken from the records of Wathen Company. Except as otherwise indicated, all balances are as of December 31, 2013, before the closing entries had been recorded.Consulting
Barker Company had the following balances in its accounting records as of December 31, 2012:The following accounting events apply to Barker Companyâ€™s 2013 fiscal year:Jan. 1 Acquired $20,000
The following accounts and balances were drawn from the records of Griffin Company:RequiredThe following accounts and balances were drawn from the 2013 accounting records of Griffin Company. Use the
Andrews Company was formed on January 1, 2013.Events Affecting the 2013 Accounting Period1. Acquired $20,000 cash from the issue of common stock.2. Purchased $800 of supplies on account.3. Purchased
Porser Company had the following balances in its accounting records as of December 31, 2013:The following accounting events apply to Porser Companyâ€™s 2014 fiscal year:Jan. 1 Acquired $15,000
The trial balance of Pacilio Security Services Inc. as of January 1, 2012, was as follows:Cash ........ $8,500Land ....... 4,000Notes Payable .... 5,000Common Stock .. 6,000Retained Earnings .

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