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accounting

Questions and Answers of Accounting

Dresser Company’s weekly payroll, paid on Fridays, totals $8,000. Employees work a 5-day week. Prepare Dresser’s adjusting entry on Wednesday, December 31, and the journal entry to record the
Included in Gonzalez Company’s December 31 trial balance is a note receivable of $12,000. The note is a 4-month, 10% note dated October 1. Prepare Gonzalez’s December 31 adjusting entry to record
Prepare the following adjusting entries at August 31 for Walgreens.(a) Interest on notes payable of $300 is accrued.(b) Services earned but unbilled total $1,400.(c) Salaries and wages earned by
At the end of its first year of operations, the trial balance of Alonzo Company shows Equipment $30,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense.
Side Kicks has year-end account balances of Sales Revenue $808,900; Interest Revenue $13,500; Cost of Goods Sold $556,200; Administrative Expenses $189,000; Income Tax Expense $35,100; and Dividends
Kelly Company had cash receipts from customers in 2012 of $142,000. Cash payments for operating expenses were $97,000. Kelly has determined that at January 1, accounts receivable was $13,000, and
Assume that Best Buy made a December 31 adjusting entry to debit Salaries and Wages Expense and credit Salaries and Wages Payable for $4,200 for one of its departments. On January 2, Best Buy paid
Christine Ewing is a licensed CPA. During the first month of operations of her business (a sole proprietorship), the following events and transactions occurred. April 2 Invested $30,000 cash and
The trial balance of Geronimo Company, shown on the next page, does not balance. Your review of the ledger reveals the following:(a) Each account had a normal balance.(b) The debit footings in
The following trial balance of Scarlatti Corporation does not balance. An examination of the ledger shows these errors.1. Cash received from a customer on account was recorded (both debit and
The following trial balance of Oakley Co. does not balance. Each of the listed accounts should have a normal balance per the general ledger. An examination of the ledger and journal reveals the
The ledger of Chopin Rental Agency on March 31 of the current year includes the following selected accounts before adjusting entries have been prepared. An analysis of the accounts shows the
Stephen King, D.D.S., opened a dental practice on January 1, 2012. During the first month of operations, the following transactions occurred.1. Performed services for patients who had dental plan
A partial adjusted trial balance of Safin Company at January 31, 2012, shows the following. InstructionsAnswer the following questions, assuming the year begins January 1.(a) If the amount in
William Bryant is the new owner of Ace Computer Services. At the end of August 2012, his first month of ownership, Bryant is trying to prepare monthly financial statements. Below is some information
Selected accounts of Leno Company are shown below. InstructionsFrom an analysis of the T-accounts, reconstruct (a) The October transaction entries, (b) The adjusting journal entries that were made
Uhura Resort opened for business on June 1 with eight air-conditioned units. Its trial balance on August 31 is as follows. Other data:1. The balance in prepaid insurance is a one-year premium paid
The adjusted trial balance of Cavamanlis Co. as of December 31, 2012, contains the following. Instructions(a) Prepare an income statement.(b) Prepare a statement of retained earnings.(c) Prepare a
Flynn Design Agency was founded by Kevin Flynn in January 2006. Presented below is the adjusted trial balance as of December 31, 2012. Instructions(a) Prepare an income statement and a statement of
The adjusted trial balance of Faulk Company shows the following data pertaining to sales at the end of its fiscal year, October 31, 2012: Sales Revenue $800,000, Freight-out $12,000, Sales Returns
Presented below is information related to Russell Corporation for the month of January 2012. InstructionsPrepare the necessary closingentries.
Presented below is financial information for two different companies. InstructionsCompute the missingamounts.
Presented below are selected account balances for Alistair Co. as of December 31, 2012. InstructionsPrepare closing entries for Alistair Co. on December 31, 2012. (Omitexplanations.)
Snyder Miniature Golf and Driving Range Inc. was opened on March 1 by Mickey Snyder. The following selected events and transactions occurred during March.Mar. 1 Invested $60,000 cash in the business
Corinne Dunbar, M.D., maintains the accounting records of Dunbar Clinic on a cash basis. During 2012, Dr. Dunbar collected $142,600 from her patients and paid $60,470 in expenses. At January 1, 2012,
Latta Corp. maintains its financial records on the cash basis of accounting. Interested in securing a long-term loan from its regular bank, Latta Corp. requests you as its independent CPA to convert
When the accounts of Constantine Inc. are examined, the adjusting data listed below are uncovered on December 31, the end of an annual fiscal period.1. The prepaid insurance account shows a debit of
Presented below are selected accounts for Acevedo Company as reported in the worksheet at the end of May 2012. InstructionsComplete the worksheet by extending amounts reported in the adjusted trial
The adjusted trial balance for Madrasah Co. is presented in the following worksheet for the month ended April 30, 2012. InstructionsComplete the worksheet and prepare a classified balancesheet.
Letterman Co. prepares monthly financial statements from a worksheet. Selected portions of the January worksheet showed the following data. During February no events occurred that affected these
Mason Advertising Agency was founded in January 2008. Presented below are adjusted and unadjusted trial balances as of December 31, 2012. Instructions(a) Journalize the annual adjusting entries
A review of the ledger of Baylor 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 trial balance of Bellemy Fashion Center contained the following accounts at November 30, the end of the company??s fiscal year. Adjustment data:1. Supplies on hand totaled $1,500.2. Depreciation
The accounts listed below appeared in the December 31 trial balance of the Savard Theater. Instructions(a) From the account balances listed above and the information given below, prepare the annual
Presented below are the trial balance and the other information related to Yorkis Perez, a consulting engineer. 1. Fees received in advance from clients $6,000.2. Services performed for clients
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)
Vedula Advertising Agency was founded by Murali Vedula in January 2007. Presented on the next page are both the adjusted and unadjusted trial balances as of December 31, 2012. Instructions(a)
Presented below is the trial balance of the Crestwood Golf Club, Inc. as of December 31. The books are closed annually on December 31. Instructions(a) Enter the balances in ledger accounts. Allow
Presented below is the December 31 trial balance of New York Boutique. Instructions(a) Construct T-accounts and enter the balances shown.(b) Prepare adjusting journal entries for the following and
On January 1, 2012, Norma Smith and Grant Wood formed a computer sales and service enterprise in Soapsville, Arkansas, by investing $90,000 cash. The new company, Arkansas Sales and Service, has the
The Amato Theater is nearing the end of the year and is preparing for a meeting with its bankers to discuss the renewal of a loan. The accounts listed below appeared in the December 31, 2012, trial
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants
Go to the book’s companion website and use information found there to answer the following questions related to The Coca-Cola Company and PepsiCo, Inc.(a) Which company had the greater percentage
The financial statements of P&G are presented in Appendix 5B or can be accessed at the book’s companion website, www.wiley.com/college/kieso.InstructionsRefer to these financial statements and
Kellogg Company has its headquarters in Battle Creek, Michigan. The company manufactures and sells ready-to-eat breakfast cereals and convenience foods including cookies, toaster pastries, and cereal
What are the characteristics of high-quality information in a company’s first IFRS financial statements?
What are the steps to be completed in preparing the opening IFRS statement of financial position?
Recording transactions in the accounting system requires knowledge of the important characteristics of the elements of financial statements, such as assets and liabilities. In addition, accountants
The financial statements of Marks and Spencer plc (M&S) are available at the book’s companion website or can be accessed at
A Wall Street Journal article noted that Apple reported higher income than its competitors by using a more aggressive policy for recognizing revenue on future upgrades to its products. Some contend
Distinguish between the modified all-inclusive income statement and the current operating performance income statement. According to present generally accepted accounting principles, which is
Indicate the section of a multiple-step income statement in which each of the following is shown.(a) Loss on inventory write-down.(b) Loss from strike.(c) Bad debt expense.(d) Loss on disposal of a
Perlman Land Development, Inc. purchased land for $70,000 and spent $30,000 developing it. It then sold the land for $160,000. Sheehan Manufacturing purchased land for a future plant site for
You run into Greg Norman at a party and begin discussing financial statements. Greg says, “I prefer the single-step income statement because the multiple-step format generally overstates income.”
Santo Corporation has eight expense accounts in its general ledger which could be classified as selling expenses. Should Santo report these eight expenses separately in its income statement or simply
Cooper Investments reported an unusual gain from the sale of certain assets in its 2012 income statement. How does intraperiod tax allocation affect the reporting of this unusual gain?
What effect does intraperiod tax allocation have on reported net income?
Neumann Company computed earnings per share as follows Neumann has a simple capital structure. What possible errors might the company have made in the computation?Explain.
Qualls Corporation reported 2012 earnings per share of $7.21. In 2013, Qualls reported earnings per share as follows.On income before extraordinary item $6.40On extraordinary item 1.88On net
During 2012, Liselotte Company earned income of $1,500,000 before income taxes and realized a gain of $450,000 on a government-forced condemnation sale of a division plant facility. The income is
On January 30, 2011, a suit was filed against Frazier Corporation under the Environmental Protection Act. On August 6, 2012, Frazier Corporation agreed to settle the action and pay $920,000 in
Linus Paper Company decided to close two small pulp mills in Conway, New Hampshire, and Corvallis, Oregon. Would these closings be reported in a separate section entitled “Discontinued operations
Starr Co. had sales revenue of $540,000 in 2012. Other items recorded during the year were:Cost of goods sold $330,000Salaries and wages expense 120,000Income tax expense
Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2012. Expenses for 2012 were: cost of goods sold $1,450,000; administrative expenses $212,000; selling expenses
Using the information provided in BE4-2, prepare a condensed multiple-step income statement for Brisky Corporation.
Finley Corporation had income from continuing operations of $10,600,000 in 2012. During 2012, it disposed of its restaurant division at an after-tax loss of $189,000. Prior to disposal, the division
Stacy Corporation had income before income taxes for 2012 of $6,300,000. In addition, it suffered an unusual and infrequent pretax loss of $770,000 from a volcano eruption. The corporation’s tax
During 2012, Williamson Company changed from FIFO to weighted-average inventory pricing. Pretax income in 2011 and 2010 (Williamson’s first year of operations) under FIFO was $160,000 and $180,000,
In 2012, Hollis Corporation reported net income of $1,000,000. It declared and paid preferred stock dividends of $250,000. During 2012, Hollis had a weighted average of 190,000 common shares
Portman Corporation has retained earnings of $675,000 at January 1, 2012. Net income during 2012 was $1,400,000, and cash dividends declared and paid during
On January 1, 2012, Richards Inc. had cash and common stock of $60,000. At that date, the company had no other asset, liability, or equity balances. On January 2, 2012, it purchased for cash $20,000
Presented below are changes in all the account balances of Jackson Furniture Co. during the current year, except for retained earnings. InstructionsCompute the net income for the current year,
Presented below are certain account balances of Wade Products Co InstructionsFrom the foregoing, compute the following: (a) total net revenue, (b) net income, (c) dividends declared during the
The financial records of Dunbar Inc. were destroyed by fire at the end of 2012. Fortunately, the controller had kept certain statistical data related to the income statement as presented below.1. The
Two accountants for the firm of Allen and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following
The following balances were taken from the books of Parnevik Corp. on December 31, 2012. Assume the total effective tax rate on all items is 34%.InstructionsPrepare a multiple-step income statement;
The accountant of Weatherspoon Shoe Co. has compiled the following information from the company’s records as a basis for an income statement for the year ended December 31, 2012.Rent revenue $
Presented below are selected amounts from the records of McGraw Corporation as of December 31, 2012.Presented below are selected amounts from the records of McGraw Corporation as of December 31,
Presented below is information related to Brokaw Corp. for the year 2012. Instructions(a) Prepare a multiple-step income statement for 2012. Assume that 60,000 shares of common stock are
The stockholders?? equity section of Sosa Corporation appears below as of December 31, 2012. Net income for 2012 reflects a total effective tax rate of 34%. Included in the net income figure is a
Presented below are selected ledger accounts of Woods Corporation at December 31, 2012. Woods??s effective tax rate on all items is 34%. A physical inventory indicates that the ending inventory is
McEntire Corporation began operations on January 1, 2009. During its first 3 years of operations, McEntire reported net income and declared dividends as follows. The following information relates
At December 31, 2011, Schroeder Corporation had the following stock outstanding. 8% cumulative preferred stock, $100 par, 107,500 shares $10,750,000Common stock, $5 par, 4,000,000 shares
Zehms Company began operations in 2010 and adopted weighted-average pricing for inventory. In 2012, in accordance with other companies in its industry, Zehms changed its inventory pricing to FIFO.
Armstrong Corporation reported the following for 2012: net sales $1,200,000; cost of goods sold $720,000; selling and administrative expenses $320,000; and an unrealized holding gain on
Bryant Co. reports the following information for 2012: sales revenue $750,000; cost of goods sold $500,000; operating expenses $80,000; and an unrealized holding loss on available-for-sale securities
The following information was taken from the records of Gibson Inc. for the year 2012: income tax applicable to income from continuing operations $119,000; income tax applicable to loss on
Presented below is information related to Dickinson Company for 2012.Retained earnings balance, January 1, 2012 $ 980,000Sales revenue 25,000,000Cost of goods sold
Presented below is the trial balance of Thompson Corporation at December 31, 2012. A physical count of inventory on December 31 resulted in an inventory amount of $64,000; thus, cost of goods sold
Maher Inc. reported income from continuing operations before taxes during 2012 of $790,000. Additional transactions occurring in 2012 but not considered in the $790,000 are as follows.1. The
The following account balances were included in the trial balance of Twain Corporation at June 30, 2012. The Retained Earnings account had a balance of $337,000 at July 1, 2011. There are 80,000
Presented below is a combined single-step income and retained earnings statement for Nerwin Company for 2012. Additional facts are as follows.1. ??Selling, general, and administrative expenses?? for
Below is the Retained Earnings account for the year 2012 for Acadian Corp. Instructions(a) Prepare a corrected retained earnings statement. Acadian Corp. normally sells investments of the type
Wade Corp. has 150,000 shares of common stock outstanding. In 2012, the company reports income from continuing operations before income tax of $1,210,000. Additional transactions not considered in
O??Malley Corporation was incorporated and began business on January 1, 2012. It has been successful and now requires a bank loan for additional working capital to finance expansion. The bank has
The following represents a recent income statement for Boeing Company. It includes only five separate numbers (two of which are in billions of dollars), two subtotals, and the net earnings
Derek Lee, vice president of finance for Atlanta Company, has recently been asked to discuss with the company’s division controllers the proper accounting for extraordinary items. Derek Lee
Bobek Inc. has recently reported steadily increasing income. The company reported income of $20,000 in 2009, $25,000 in 2010, and $30,000 in 2011. A number of market analysts have recommended that
Charlie Brown, controller for the Kelly Corporation, is preparing the company’s income statement at year-end. He notes that the company lost a considerable sum on the sale of some equipment it had
Simpson Corp. is an entertainment firm that derives approximately 30% of its income from the Casino Knights Division, which manages gambling facilities. As auditor for Simpson Corp., you have

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