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accounting

Questions and Answers of Accounting

Compute the missing amount for each of the following separate companies a throughd.
Assume the following T-accounts reflect Belle Co.€™s general ledger and that seven transactions a through g are posted to them. Provide a short description of each transaction. Include the
Posting errors are identified in the following table. In column (1), enter the amount of the difference between the two trial balance columns (debit and credit) due to the error. In column (2),
You are told the column totals in a trial balance are not equal. After careful analysis, you discover only one error. Specifically, a correctly journalized credit purchase of an automobile for
Aracel Engineering completed the following transactions in the month of June.a. Jenna Aracel, the owner, invested $100,000 cash, office equipment with a value of $5,000, and $60,000 of drafting
Denzel Brooks opens a Web consulting business called Venture Consultants and completes the following transactions in March.March 1 Brooks invested $150,000 cash along with $22,000 in office equipment
Karla Tanner opens a Web consulting business called Linkworks and completes the following transactions in its first month of operations.April 1 Tanner invests $80,000 cash along with office equipment
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31, 2012 and 2013.Late in December 2013, the business purchased a small office building and land
Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included his initial investment of $18,000 cash. After those seven
Business transactions completed by Hannah Venedict during the month of September are as follows.a. Venedict invested $60,000 cash along with office equipment valued at $25,000 in a new sole
At the beginning of April, Bernadette Grechus launched a custom computer solutions company called Softworks. The company had the following transactions during April.a. Bernadette Grechus invested
Zucker Management Services opens for business and completes these transactions in November.Nov. 1 Matt Zucker, the owner, invested $30,000 cash along with $15,000 of office equipment in the company.2
Humble Management Services opens for business and completes these transactions in September.Sept. 1 Henry Humble, the owner, invests $38,000 cash along with office equipment valued at $15,000 in the
The accounting records of Tama Co. show the following assets and liabilities as of December 31, 2012 and 2013.Late in December 2013, the business purchased a small office building and land for
Roshaun Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts, which all have normal
Nuncio Consulting completed the following transactions during June.a. Armand Nuncio, the owner, invested $35,000 cash along with office equipment valued at $11,000 in the new company.b. The company
On October 1, 2013, Adria Lopez launched a computer services company called Success Systems, which provides consulting services, computer system installations, and custom program development. Adria
Refer to Polaris’ financial statements in Appendix A for the following questions.Required1. What amount of total liabilities does it report for each of the fiscal years ended December 31, 2011 and
Key comparative figures for Polaris and Arctic Cat follow.1. What is the debt ratio for Polaris in the current year and for the prior year?2. What is the debt ratio for Arctic Cat in the current year
Assume Misa Chien and Jennifer Green of Nom Nom Truck plan on expanding their business to accommodate more product lines. They are considering financing their expansion in one of two ways: (1)
Angel Martin is a young entrepreneur who operates Martin Music Services, offering singing lessons and instruction on musical instruments. Martin wishes to expand but needs a $30,000 loan. The bank
KTM (www.KTM.com) is a leading manufacturer of offroad and street motorcycles, and it competes to some extent with both Polaris and Arctic Cat. Key financial ratios for the current fiscal year
Review the balance sheet of Polaris in Appendix A. Identify one asset account that requires adjustment before annual financial statements can be prepared. What would be the effect on the income
Review the balance sheet of Arctic Cat in Appendix A. Identify the amount for property and equipment. What adjusting entry is necessary (no numbers required) for this account when preparing
a. On July 1, 2013, Lamis Company paid $1,200 for six months of insurance coverage. No adjustments have been made to the Prepaid Insurance account, and it is now December 31, 2013. Prepare the
a. Bargains Company purchases $20,000 of equipment on January 1, 2013. The equipment is expected to last five years and be worth $2,000 at the end of that time. Prepare the entry to record one
Jasmine Culpepper employs one college student every summer in her coffee shop. The student works the five weekdays and is paid on the following Monday. (For example, a student who works Monday
a. Tao Co. receives $10,000 cash in advance for 4 months of legal services on October 1, 2013, and records it by debiting Cash and crediting Unearned Revenue both for $10,000. It is now December 31,
In its first year of operations, Roma Co. earned $45,000 in revenues and received $37,000 cash from these customers. The company incurred expenses of $25,500 but had not paid $5,250 of them at
During the year, Sereno Co. recorded prepayments of expenses in asset accounts, and cash receipts of unearned revenues in liability accounts. At the end of its annual accounting period, the company
The following information is taken from Brooke Company€™s unadjusted and adjusted trial balances.Given this information, which of the following is likely included among its adjusting
In making adjusting entries at the end of its accounting period, Chao Consulting failed to record $3,200 of insurance coverage that had expired. This $3,200 cost had been initially debited to the
Deklin Company reported net income of $48,025 and net sales of $425,000 for the current year. Calculate the company’s profit margin and interpret the result. Assume that its competitors earn an
For each separate case below, follow the 3-step process for adjusting the prepaid asset account: Step 1: Determine what the current account balance equals. Step 2: Determine what the current account
For each separate case below, follow the 3-step process for adjusting the supplies asset account: Step 1: Determine what the current account balance equals. Step 2: Determine what the current account
For each separate case below, follow the 3-step process for adjusting the accumulated depreciation account: Step 1: Determine what the current account balance equals. Step 2: Determine what the
For each separate case below, follow the 3-step process for adjusting the unearned revenue liability account: Step 1: Determine what the current account balance equals. Step 2: Determine what the
For each separate case below, follow the 3-step process for adjusting the accrued expense account: Step 1: Determine what the current account balance equals. Step 2: Determine what the current
For each separate case below, follow the 3-step process for adjusting the accrued revenue account: Step 1: Determine what the current account balance equals. Step 2: Determine what the current
In the blank space beside each adjusting entry, enter the letter of the explanation A through F that most closely describes the entry.A. To record this period€™s depreciation expense.B. To
Prepare adjusting journal entries for the year ended (date of) December 31, 2013, for each of these separate situations. Assume that prepaid expenses are initially recorded in asset accounts. Also
For each of the following separate cases, prepare adjusting entries required of financial statements for the year ended (date of) December 31, 2013. (Assume that prepaid expenses are initially
The following three separate situations require adjusting journal entries to prepare financial statements as of April 30. For each situation, present both the April 30 adjusting entry and the
Determine the missing amounts in each of these four separate situations a throughd.
Following are two income statements for Alexis Co. for the year ended December 31. The left column is prepared before any adjusting entries are recorded, and the right column includes the effects of
On March 1, 2011, a company paid a $18,000 premium on a 36-month insurance policy for coverage beginning on that date. Refer to that policy and fill in the blanks in the followingtable.
Use the following information to compute profit margin for each separate company a through e.Net Income Net Salesa. $ 4,361 .......$ 44,500b. 97,706 ....... 398,800c. 111,281....... 257,000d.
Ricardo Construction began operations on December 1. In setting up its accounting procedures, the company decided to debit expense accounts when it prepays its expenses and to credit revenue accounts
Costanza Company experienced the following events and transactions during July.July 1 Received $3,000 cash in advance of performing work for Vivian Solana.6 Received $7,500 cash in advance of
Adidas AG reports the following balance sheet accounts for the year ended December 31, 2011 (euros in millions). Prepare the balance sheet for this company as of December 31, 2011, following usual
For each of the following entries, enter the letter of the explanation that most closely describes it in the space beside each entry. (You can use letters more than once.)A. To record receipt of
Arnez Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The companyâ€™s annual accounting period ends on December 31, 2013. The following
Wells Technical Institute (WTI), a school owned by Tristana Wells, provides training to individuals who pay tuition directly to the school. WTI also offers training to groups in off-site locations.
A six-column table for JKL Company follows. The first two columns contain the unadjusted trial balance for the company as of July 31, 2013. The last two columns contain the adjusted trial balance as
The adjusted trial balance for Chiara Company as of December 31, 2013, follows.Required1. Use the information in the adjusted trial balance to prepare(a) The income statement for the year ended
Gomez Co. had the following transactions in the last two months of its year ended December 31.Nov. 1 Paid $1,800 cash for future newspaper advertising.1 Paid $2,460 cash for 12 months of insurance
Natsu Co. follows the practice of recording prepaid expenses and unearned revenues in balance sheet accounts. The companyâ€™s annual accounting period ends on October 31, 2013. The following
Following is the unadjusted trial balance for Augustus Institute as of December 31, 2013, which initially records prepaid expenses and unearned revenues in balance sheet accounts. The Institute
A six-column table for Yan Consulting Company follows. The first two columns contain the unadjusted trial balance for the company as of December 31, 2013, and the last two columns contain the
The adjusted trial balance for Speedy Courier as of December 31, 2013, follows.Required1. Use the information in the adjusted trial balance to prepare(a) The income statement for the year ended
Tremor Co. had the following transactions in the last two months of its fiscal year ended May 31.Apr. 1 Paid $2,450 cash to an accounting firm for future consulting services.1 Paid $3,600 cash for 12
After the success of the company's first two months, Adria Lopez continues to operate Success Systems. (Transactions for the first two months are described in the serial problem of Chapter 2.) The
Refer to Polaris’ financial statements in Appendix A to answer the following.1. Identify and write down the revenue recognition principle as explained in the chapter.2. Review Polaris’ footnotes
Key figures for the recent two years of both Polaris and Arctic Cat follow.Required1. Compute profit margins for(a) Polaris and(b) Arctic Cat for the two years of data shown.2. Which company is more
Jessica Boland works for Sea Biscuit Co. She and Farah Smith, her manager, are preparing adjusting entries for annual financial statements. Boland computes depreciation and records it asDepreciation
Review the opening feature of this chapter dealing with ash&dans and the entrepreneurial owners, Ashley Cook and Danielle Dankner.Required1. Assume that ash&dans sells a $300 gift certificate to a
Piaggio (Piaggio.com) manufactures two-, three- and four-wheel vehicles, and is Europe’s leading manufacturer of motorcycles and scooters.\Required1. Locate the notes to its December 31, 2011,
Prepare journal entries to record each of the following sales transactions of a merchandising company. Show supporting calculations and assume a perpetual inventory system. Apr. 1 Sold merchandise
Compute net sales, gross profit, and the gross margin ratio for each separate case a through d. Interpret the gross margin ratio for casea.
Nix’It Company’s ledger on July 31, its fiscal year- end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).Merchandise inventory .
Closing entries P3 Refer to QS 5-6 and prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage that is made to solve QS
Use the following information on current assets and current liabilities to compute and interpret the acid-test ratio. Explain what the acid- test ratio of a company measures.Cash . . . . . . . . . .
Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2011, follows. The company applies IFRS, as adopted by the
On August 1, Gilmore Company purchased merchandise from Hendren with an invoice price of $ 60,000 and credit terms of 2/10, n/30. Gilmore Company paid Hendren on August 11. Prepare any required
On September 15, Krug Company purchased merchandise inventory from Makarov with an invoice price of $ 35,000 and credit terms of 2/10, n/30. Schneider Company paid Makarov on September 28. Prepare
Use the following information (in alphabetical order) from a service company and from a merchandiser to compute net income. For the merchandiser, also compute gross profit, the goods available for
Prepare journal entries to record the following transactions for a retail store. Assume a perpetual inventory system. Apr. 2 Purchased merchandise from Lyon Company under the following terms: $4,600
Santa Fe Company purchased merchandise for resale from Mesa Company with an invoice price of $ 24,000 and credit terms of 3/10, n/60. The merchandise had cost Mesa $ 16,000. Santa Fe paid within the
Allied Parts was organized on May 1, 2013, and made its first purchase of merchandise on May 3. The purchase was for 2,000 units at a price of $ 10 per unit. On May 5, Allied Parts sold 1,500 of the
Refer to Exercise 5-4 and prepare the appropriate journal entries for Baker Co. to record the May 5 purchase and each of the three separate transactions a through c. Baker is a retailer that uses a
On May 11, Sydney Co. accepts delivery of $40,000 of merchandise it purchases for resale from Troy Corporation. With the merchandise is an invoice dated May 11, with terms of 3/10, n/90, FOB shipping
The following supplementary records summarize Tosca Company’s merchandising activities for year 2013. Set up T- accounts for Merchandise Inventory and Cost of Goods Sold. Then record the summarized
The following list includes selected permanent accounts and all of the temporary accounts from the December 31, 2013, unadjusted trial balance of Emiko Co., a business owned by Kumi Emiko. Use these
Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it inparentheses.
Compute the current ratio and acid-test ratio for each of the following separate cases. (Round ratios to two decimals.) Which company case is in the best position to meet short-term
Journalize the following merchandising transactions for Chilton Systems assuming it uses a perpetual inventory system. 1. On November 1, Chilton Systems purchases merchandise for $ 1,500 on credit
A company reports the following sales related information: Sales (gross) of $200,000; Sales discounts of $4,000; Sales returns and allowances of $16,000; Sales salaries expense of $10,000. Prepare
L’Oréal reports the following income statement accounts for the year ended December 31, 2011 (euros in millions). Prepare the income statement for this company for the year ended December 31,
Prepare journal entries to record the following merchandising transactions of Blink Company, which applies the perpetual inventory system.July 1 Purchased merchandise from Boden Company for $ 6,000
Prepare journal entries to record the following merchandising transactions of Sheng Company, which applies the perpetual inventory system.Aug. 1 Purchased merchandise from Arotek Company for $ 7,500
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company.Rent expense and salaries expense are equally divided between selling activities and the general and
Valley Company's adjusted trial balance on August 31, 2013, its fiscal year- end, follows.On August 31, 2012, merchandise inventory was $ 25,400. Supplementary records of merchandising activities for
Use the data for Valley Company in Problem 5-4 to complete the following requirements.In Problem 5-4, Valley Companyâ€™s adjusted trial balance on August 31, 2013, its fiscal year- end,
Prepare journal entries to record the following merchandising transactions of Yarvelle Company, which applies the perpetual inventory system.May 2 Purchased merchandise from Havel Co. for $ 10,000
Prepare journal entries to record the following merchandising transactions of Mason Company, which applies the perpetual inventory system.July 3 Purchased merchandise from OLB Corp. for $ 15,000
The following unadjusted trial balance is prepared at fiscal year-end for Foster Products Company.Rent expense and salaries expense are equally divided between selling activities and the general and
Barkley Companyâ€™s adjusted trial balance on March 31, 2013, its fiscal year-end, follows.On March 31, 2012, merchandise inventory was $ 37,500. Supplementary records of merchandising
Use the data for Barkley Company in Problem 5-4 to complete the following requirements.In Problem 5-4, Barkley Companyâ€™s adjusted trial balance on March 31, 2013, its fiscal year-end,
Refer to Polaris’ financial statements in Appendix A to answer the following. Required 1. Assume that the amounts reported for inventories and cost of sales reflect items purchased in a form ready
Key comparative figures for both Polaris and Arctic Cat follow.Required1. Compute the dollar amount of gross margin and the gross margin ratio for the two years shown for each of these companies.2.

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