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accounting

Questions and Answers of Accounting

Determining the effect of errors on the trial balanceRequiredExplain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because
The following events apply to Davis Dry Cleaners in 2013, its first year of operations:1. Received $45,000 cash from the issue of common stock.2. Earned $37,500 of service revenue on account.3.
At the beginning of 2013, Eva Event Service had the following normal balances in its accounts:Account ............ BalanceCash .............. $60,000Accounts Receivable ........ 38,000Accounts
The following information was drawn from the balance sheets of two companies:Requireda. Compute the debt to assets ratio to measure the level of financial risk of both companies.b. Compare the two
Using one of the websites referenced in the Focus on International Issues feature on page 159, define the IASB and describe its function.
Identifying debit and credit balancesRequiredIndicate whether each of the following accounts normally has a debit or credit balance:a. Interest Receivableb. Interest Revenuec. Dividendsd. Operating
The following events apply to Box Enterprises:1. Acquired $30,000 cash from the issue of common stock.2. Recognized $28,000 of service revenue on account.3. Paid cash to rent office space for the
The following accounting events apply to Barnes Co. for the year 2013:Asset Source Transactions1. Began operations when the business acquired $40,000 cash from the issue of common stock.2.
Effect of journal entries on financial statementsRequiredThe preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event
Identifying accounting events from journal entriesRequiredThe following information is from the records of Floral Design. Write a brief explanation of the accounting event represented in each of the
Recording adjusting entries in general journal formatRequiredEach of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general
The following trial balance was prepared from the ledger accounts of Smith Inc.:The accountant for Smith, Inc., made the following errors during May 2013:1. The cash purchase of land for $3,000 was
The following transactions pertain to Boykin Corporation for 2013:Jan. 1 Began operations when the business acquired $25,000 cash from the issue of common stock.Mar. 1 Paid rent for office space for
Allantis Machining experienced the following events during 2013: 1. Started operations by acquiring $100,000 of cash from the issue of common stock. 2. Paid $12,000 cash in advance for rent during
At the end of 2013 the following information is available for the Boise Company and the Tucson Company:Requireda. For each company, compute the debt to assets ratio and the return on equity ratio.b.
Bombay Inc. acquired $10,000 cash by issuing a promissory note to the National Bank on November 1, 2013. The note stipulated a one-year term and a 9% annual interest rate.RequiredPrepare the general
Lee Company started the period with cash of $22,000, common stock of $12,000, and retained earnings of $10,000. Lee engaged in the following transactions in 2013:Transaction During 20131. On January
Matching debit and credit terminology with accounting elementsRequiredComplete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts
Matching debit and credit terminology with account titlesRequiredIndicate whether each of the following accounts normally has a debit balance or a credit balance:a. Salaries Payableb. Cashc. Prepaid
Applying debit/credit terminology to accounting eventsRequireda. In parallel columns, list the accounts that would be debited and credited for each of the following unrelated transactions:(1)
Debit/credit terminologyRequiredFor each of the following independent events, identify the account that would be debited and the account that would be credited. The accounts for the first event are
Identifying transaction type, its effect on the accounting equation, and whether the effect is recorded with a debit or creditRequiredIdentify whether each of the following transactions is an asset
Identifying increases and decreases in T-accountsRequiredFor each of the following T-accounts, indicate the side of the account that should be used to record an increase or decrease in the
T-accounts and the accounting equationRequiredRecord each of the following Zeke Co. events in T-accounts, and then explain how the event affects the accounting equation:a. Received $10,000 cash by
Grant Company performed services on account for $80,000 in 2013. Grant collected $50,000 cash from accounts receivable during 2013, and the remaining $30,000 was collected in cash during
Ben Parker started and operated a small family architectural firm in 2013. The firm was affected by two events: (1) Parker provided $12,500 of services on account, and (2) he purchased $3,000 of
Jackie received a $30,000 cash advance payment on June 1, 2013, for consulting services to be performed in the future. Services were to be provided for a one-year term beginning June 1,
Delta Co. began the accounting period with a $116,000 debit balance in its Accounts Receivable account. During the accounting period, Delta Co. earned revenue on account of $152,000. The ending
The Flower Company began the accounting period with an $80,000 credit balance in its Accounts Payable account. During the accounting period, Flower Co. incurred expenses on account of $190,000. The
Record each of the following transactions in general journal form and then show the effect of the transaction in a horizontal statements model. The first transaction is shown as an example.a.
Southern Company began operations when it issued common stock for $100,000 cash. It paid $96,000 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the
On December 31, 2011, CST Company had accrued salaries of $4,800.Requireda. Record in general journal format the adjustment required as of December 31, 2013.b. Record the above adjustment in a
The following financial information was taken from the books of Get Fit Health Club, a small spa and health club:Account Balances as of December 31, 2013Accounts Receivable
The following events apply to Goodman Company for 2013, its first year of operation:1. Received cash of $24,000 from the issue of common stock. 2. Performed $42,500 of services on account. 3.
On December 31, 2013, Green Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.Land ............... $40,000Unearned Revenue
Explain how each of the following posting errors affects a trial balance. State whether the trial balance will be out of balance because of the posting error, and indicate which side of the trial
The following events apply to Computer Services Inc. in its first year of operation:1. Acquired $40,000 cash from the issue of common stock. 2. Earned $28,000 of service revenue on account. 3.
At the beginning of 2013, Ron€™s Consulting had the following normal balances in its accounts:Account BalanceCash ............... $26,000Accounts Receivable ........ 19,000Accounts
The following information was drawn from the balance sheets of two companies:Requireda. Compute the debt to assets ratio to measure the level of financial risk of both companies.b. Compare the two
a. Describe some way that U.S. GAAP and IFRS are different. b. How are U.S. GAAP and IFRS alike for reporting purposes?
Indicate whether each of the following accounts normally has a debit or credit balance:a. Service Revenue b. Accounts Payable c. Operating Expense d. Unearned Revenue e. Dividends f. Cash g.
The following events apply to Kate Enterprises:1. Acquired $50,000 cash from the issue of common stock.2. Paid salaries to employees, $3,500 cash.3. Collected $16,200 cash for services to be
The following accounting events apply to Leeâ€™s Designs for the year 2013:Asset Source Transactions1. Began operations by acquiring $80,000 of cash from the issue of common stock.2. Performed
Effect of journal entries on financial statementsRequired The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each
The following information is from the records of attorney Matt Black. Write a brief explanation of the accounting event represented in each of the general journalentries.
Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example.
The following trial balance was prepared from the ledger accounts of Zumba Company:When the trial balance failed to balance, the accountant reviewed the records and discovered the following errors:1.
The following transactions pertain to Chef Training Company for 2013:Jan. 30 Established the business when it acquired $37,500 cash from the issue of common stock.Feb. 1 Paid rent for office space
Heckel Enterprises experienced the following events for 2013, the first year of operation:1. Acquired $26,000 cash from the issue of common stock.2. Paid $8,000 cash in advance for rent. The payment
At the end of 2014, the following information is available for Teton Co. and Glacier, Inc:Requireda. For each company, compute the debt to assets ratio and the return on equity ratio.b. Determine
Duval Inc. acquired $50,000 cash by issuing a promissory note to the National Bank on May 1, 2013. Duval issued a promissory note with a one-year term and a 6% annual interest rate. Required Prepare
Bower Consulting Company started the period with cash of $25,000, common stock of $13,000, and retained earnings of $12,000. Bower engaged in the following transactions in 2013: Transactions during
Understanding real-world annual reportsRequiredUse the Target Corporation’s annual report in Appendix B to answer the following questions:a. What was Target’s debt to assets ratio for its
The beginning account balances for Miller Company were as follows for 2013, 2014, and 2015:Miller Company experienced the following events for the accounting periods 2013, 2014, and 2015: 2013 1.
Consider the following brief descriptions of four companies, listed alphabetically, from different industries. Six Flags, Inc. operates regional theme-parks. It operates 17 parks in the United
The following data were taken from Netflix, Inc.’s 2010 annual report. All dollar amounts are in millions.Requireda. For each year, compute Netflix’s debt to assets ratio, return on assets ratio,
The following data were taken from the 2010 annual reports of Biogen Idec, Inc., and Amgen Inc. Both companies are leaders in biotechnology. All dollar amounts are in millions.Requireda. For each
Toyo Company is holding land that cost $900,000 for future use. However, plans have changed and the company may not need the land in the foreseeable future. The president is concerned about the
In the late 1400s, a wealthy land owner named Caster was trying to decide which of his twin sons, Rogan or Argon, to designate as the first heir to the family fortune. He decided to set up each son
Many companies must file financial reports with the SEC. Many of these reports are available electronically through the EDGAR database. EDGAR is an acronym for Electronic Data Gathering, Analysis,
Adams Company started operations on January 1, 2013. Six months later on June 30, 2013, the company decided to prepare financial statements. The companyâ€™s accountant decided to problem solves
At the end of the accounting period, Adams Companyâ€™s general ledger contained the following adjusted balances:Required1. Set up the preceding spreadsheet format. (The spreadsheet tips for ATC
The trial balance of Pacilio Security Services Inc. as of January 1, 2013 had the following normal balances:Cash ..............$8,900Accounts Receivable ......... 1,500Supplies ..............
The financial statements for Simple Company are reported here using an Excel spreadsheet.RequiredRecreate the financial statements using your own Excel spreadsheet.a. For each number with an arrow
a. Enter the following headings for the horizontal statements model onto a blank spreadsheet.b. Under the appropriate headings, record the effects of each of the following accounting events for the
The following information is available for two different types of businesses for the 2013 accounting period. Blake Consulting is a service business that provides consulting services to small
Justin Swords started a small merchandising business in 2013. The business experienced the following events during its first year of operation. Assume that Swords uses the perpetual inventory
During 2013, Sistronk Merchandising Company purchased $40,000 of inventory on account.The company sold inventory on account that cost $30,000 for $50,000. Cash payments on accounts payable were
Tripp’s Toner Supply experienced the following events during 2013, its first year of operation:1. Acquired $25,000 cash from the issue of common stock. 2. Purchased inventory for $32,000 cash.3.
Callegari Basket Company had an $8,500 beginning balance in its Merchandise Inventory account. The following information regarding Callegari’s purchases and sales of inventory during its 2013
The trial balance for The Box Shop as of January 1, 2013, was as follows:The following events affected the company during the 2013 accounting period:1. Purchased merchandise on account that cost
Wilson Co. experienced the following events for the 2013 accounting period:1. Acquired $20,000 cash from the issue of common stock.2. Purchased $36,000 of inventory on account.3. Received goods
On March 6, 2013, Cobb€™s Imports purchased merchandise from Games Inc. with a list price of $19,000, terms 2y10, ny45. On March 10, Cobb€™s returned merchandise to Games Inc. for
Mario Company experienced the following events:1. Purchased merchandise inventory for cash.2. Sold merchandise inventory on account. Label the revenue recognition 2a and the expense recognition
In 2013, Byrd Incorporated sold land for $82,000 cash. The land had originally cost $50,000. Also, Byrd sold inventory that had cost $176,000 for $265,000 cash. Operating expenses amounted to
The following information was drawn from the 2013 accounting records of Sawyer Merchandisers.1. Inventory with a list price of $40,000 was purchased under terms 2y10, nety30.2. Sawyer returned $4,200
The Wedding Shop (TWS) started the 2013 accounting period with the balances given in the financial statements model shown below. During 2013 TWS experienced the following business events:1.
The following information was taken from the accounts of Healthy Eats, a delicatessen, at December 31, 2013. The accounts are listed in alphabetical order, and each has a normal balance. Accounts
Royal Sales experienced the following events during 2013, its first year of operation:1. Started the business when it acquired $80,000 cash from the issue of common stock. 2. Paid $35,000 cash to
Poole Company began the 2013 accounting period with $36,000 cash, $80,000 inventory, $70,000 common stock, and $46,000 retained earnings. During the 2013 accounting period, Poole experienced the
The following income statements were drawn from the annual reports of the Pines Company and the Yew Company:Requireda. One of the companies is a high-end retailer that operates in exclusive shopping
At the end of 2013 the following information is available for Badger and Marmot companies:Requireda. Prepare a common size income statement for each company.b. Compute the return on assets and return
Sara Hitt is the owner of SH Cleaning. At the beginning of the year, Hitt had $4,800 in inventory. During the year, Hitt purchased inventory that cost $26,000. At the end of the year, inventory on
India Retailers uses the periodic inventory system to account for its inventory transactions. The following account titles and balances were drawn from India’s records for the year 2013: beginning
The following events apply to Mia’s Gift Shop for 2013, its first year of operation:1. Acquired $60,000 cash from the issue of common stock. 2. Issued common stock to Mia Smart, one of the
Cushing Company was started in 2013 when it acquired $40,000 from the issue of common stock. The following data summarize the company€™s first three years€™ operating activities.
Identifying freight cost Required For each of the following events, determine the amount of freight paid by Tom’s Parts House. Also indicate whether the freight is classified as a product or period
The following information was drawn from the records of Moore Sales Company:Required a. Prepare a multistep income statement for each year. b. Prepare a common size income statement for each year. c.
At the beginning of 2013, P & D Enterprises had the following balances in its accounts:Cash .......... $16,800Inventory ........ 4,000Land .......... 2,000Common stock ......
The following account titles and balances were taken from the adjusted trial balance of Gaskin Sales Co. at December 31, 2013. The company uses the periodic inventory method.Account Title
The following trial balance pertains to Feazell Hardware as of January 1, 2013:The following events occurred in 2013. Assume that Feazell Hardware uses the periodic inventory system.1. Purchased land
The following information is available for two different types of businesses for the 2013 accounting period. Lewis CPAs is a service business that provides accounting services to small businesses.
John Tyler started a small merchandising business in 2014. The business experienced the following events during its first year of operation. Assume that Tyler uses the perpetual inventory system.1.
During 2013, King Merchandising Company purchased $30,000 of inventory on account. King sold inventory on account that cost $22,500 for $31,000. Cash payments on accounts payable were $18,000. There
Hilo Clothing experienced the following events during 2013, its first year of operation:1. Acquired $25,000 cash from the issue of common stock. 2. Purchased inventory for $12,000 cash. 3. Sold
Determining the cost of inventory RequiredFor each of the following cases determine the ending balance in the inventory account. a. Mona’s Dress Shop had a beginning balance in its inventory
The trial balance for Austin€™s Auto Shop as of January 1, 2013, follows:The following events affected the company during the 2013 accounting period:1. Purchased merchandise on account
The Sports Store experienced the following events for the 2013 accounting period:1. Acquired $40,000 cash from the issue of common stock.2. Purchased $78,000 of inventory on account.3. Received goods
On April 6, 2013, Fashion Furnishings purchased $24,800 of merchandise from Jamesâ€™ Imports, terms 2y10 ny45. On April 8, Fashion returned $2,400 of the merchandise to Jamesâ€™ Imports for
Dahl Sales Company experienced the following events:1. Purchased merchandise inventory on account.2. Sold merchandise inventory for cash. Label the revenue recognition 2a and the expense recognition

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