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accounting

Questions and Answers of Accounting

Two income statements for Newman Company are shown below.a. Prepare a vertical analysis of Newman Company’s income statements.b. Does the vertical analysis indicate a favorable or unfavorable trend?
Two income statements for Bradford Company are shown below.a. Prepare a vertical analysis of Bradford Company’s income statements.b. Does the vertical analysis indicate a favorable or unfavorable
Classify the following items as (a) Prepaid expense, (b) Unearned revenue, (c) Accrued revenue, or (d) Accrued expense.1. A three-year premium paid on a fire insurance policy.2. Fees earned but not
The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry. If the
The balance in the supplies account, before adjustment at the end of the year, is $3,915. Journalize the adjusting entry required if the amount of supplies on hand at the end of the year is $1,750.
At August 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted. Which items will be incorrectly stated,
The balance in the prepaid insurance account, before adjustment at the end of the year, is $14,800. Journalize the adjusting entry required under each of the following alternatives for determining
The prepaid insurance account had a balance of $4,800 at the beginning of the year. The account was debited for $15,000 for premiums on policies purchased during the year. Journalize the adjusting
The balance in the unearned fees account, before adjustment at the end of the year, is $45,000 Journalize the adjusting entry required if the amount of unearned fees sat the end of the year is $9,000.
At the end of October, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items
At the end of the current year, $12,300 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued fees.b. If the cash basis rather than the
The balance in the unearned fees account, before adjustment at the end of the year, is $96,000. Of these fees, $78,500 have been earned. In addition, $23,600 of fees have been earned but have not
The adjusting entry for accrued fees was omitted at July 31, the end of the current year. Indicate which items will be in error, because of the omission, on(a) The income statement for the current
Torrey Realty Co. pays weekly salaries of $9,375 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of the accounting period assuming that the
Accrued salaries owed to employees for December 30 and 31 are not considered in preparing the financial statements for the year ended December 31. Indicate which items will be erroneously stated,
Assume that the error in Exercise 3-15 was not corrected and that the accrued salaries were included in the first salary payment in January. Indicate which items will be erroneously stated, because
Andular Financial Services was organized on April 1 of the current year. On April 2, Andular prepaid $9,000 to the city for taxes (license fees) for the next 12 months and debited the prepaid taxes
The estimated amount of depreciation on equipment for the current year is $2,900. Journalize the adjusting entry to record the depreciation.
The balance in the equipment account is $750,000, and the balance in the accumulated depreciation-equipment account is $425,000.a. What is the book value of the equipment?b. Does the balance in the
In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $15,082 million and Accumulated Depreciation of $7,547 million.a. What was the book value of the fixed
The accountant for Hallmark Medical Co, a medical services consulting firm, mistakenly omitted adjusting entries for(a) Unearned revenue earned during the year ($18,000) and(b) Accrued wages
Econo Company, an electronics repaid store, prepared the unadjusted trial balance shown below at the end of its first year of operations. For preparing the adjusting entries, the following data were
Timken Company specializes in the repair of music equipment and is owned and operated by Secilia Timken. On April 30, 2012, the end of the current year, the accountant for Timken Company prepared the
Galloway Company is a small editorial services company owned and operated by Fran Driggs. On July 31, 2012, the end of the current year, Galloway Company?s accounting clerk prepared the unadjusted
At the end of June, the first month of operations, the following selected data were taken from the financial statements of Both Cato, an attorney: Net income for June? ? ? ? ? ? ? ??? ?? $
On January 31, 2012, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:a. Fees accrued but unbilled at January 31 are $10,280.b. The
Selected account balances before adjustment for Skylight Realty at June 30, 2012, the end of the current year, are shown below.Data needed for year-end adjustments are as follows:a. Supplies on hand
Brown Trout outfitters Co., an outfitter store for fishing treks, prepared the following unadjusted trial balance at the end of its first year of operations:For preparing the adjusting entries, the
Joshua Thorp opened Laser Co. on January 1, 2011. At the end of the first year, the business needed additional funds. On behalf of Laser, Joshua applied to Vermont National Bank for a loan of
On December 30, 2012, you buy a Ford 350F truck. It comes with a three-year, 48,000-mile warranty. On March 5, 2013, you return the truck to the dealership for some basic repairs covered under the
The following is an excerpt from a conversation between Kay Scott and Jeff Lee just before they boarded a flight to London on Delta Air Lines. They are going to London to attend their company’s
Several years ago, your brother opened Granite Appliance Repairs. He made a small initial investment and added money from his personal bank account as needed. He withdrew money for living expenses at
Obtain a copy of your college or University’s student code of conduct. In group of three or four, answer the following question:1. Compare this code of conduct with the accountant’s Codes of
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $579 million. The income before taxes for The Campbell Soup Company for the year was $1,079 million.a.
Why do some accountants prepare an end-of-period spreadsheet?
Describe the nature of the assets that compose the following section of a balance sheet.(a) Current assets,(b) Property, plant, and equipment.
What is the difference between a current liability and a long-term liability?
Why are closing entries required at the end of an accounting period?
What is the difference between adjusting entries and closing entries?
(a) What is the most important output of the accounting cycle? (b) Do all companies have an accounting cycle? Explain.
The fiscal years for several well-known companies are as follows:What general characteristic shared by these companies explains why they do not have fiscal years ending December31?
The balances for the accounts listed below appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement, retained
Balances for each of the following accounts appear in an adjusted trial balances. Identify each as (a) Assets,(b) Liability,(c) Revenue, or(d) Expense.1. Accounts Receivable2. Equipment3. Fees
Pacifica Consulting is a consulting firm owned and operated by Tara Millsap. The end-of-period spreadsheet shown below was prepared for the year ended August 31, 2012. Based on the preceding
Prior to its closing, income Summary had total debits of $815,000 and total credits of $1,280,000. Briefly explain the purpose served by the income summary account and the nature of the entries that
After all revenue and expense account have been closed at the end of the fiscal year, Income Summary has a debit of $315,000 and a credit of $449.500. At the same date, Retained Earnings has a credit
Imex Services Co, offers its services to individuals desiring to improve their personal images. After the accounts have been adjusted or March 31, the end of the fiscal year, the following balances
Which of the following accounts will usually appear in the post-closing trial balance?a. Accounts Payableb. Accumulated Depreciationc. Capital Stockd. Cashe. Dividendsf. Depreciation Expenseg. Fees
An accountant prepared the following post-closing trial balance. Prepare a corrected post-closing trial balance, Assume that all accounts have normal balance and that the amounts shown arecorrect.
Rearrange the following steps in the accounting cycle in proper sequence:a. Financial statements are prepared.b. An adjusted trial balance is prepared.c. Adjustment data are assembled and
The following data (in thousands) were taken from recent financial statements of Under Amour, Inc:a. Compute the working capital and the current ratio as of December 31, 2008 and 2007. Round to two
The following data (in thousands) were taken from recent financial statements of Starbucks Corporation:a. Compute the working capital and the current ratio as of September 27, 2009, and September
List (a) through (j) in the order they would be performed in preparing and completing an end-of-period spreadsheet (work sheet)a. Add the Debit and Credit columns of the Unadjusted Trial Balance
Zeidman Security Services Co offers security services to business clients. The trial balance for Zeidman Security Services Co. has been prepared on the end-of-period spreadsheet (work sheet) for the
Zediman Security Services Co. offers security services to business clients. Complete the following end-of-period spreadsheet (work sheet) for Zeidman Security ServicesCo.
Based on the data in Exercise 4-25, prepare an income statement, retained earnings statement, and balance sheet for Zeidman Security Services Co.
Based on the data in Exercise 4-24, prepare the adjusting entries for Zeidman Security Services Co.
Based on the data in Exercise 4-25, prepare the adjusting entries for Zeidman Security Services Co.
Laser Graphics is a graphics arts design consulting firm. Spencer Lowry, its treasurer and vice president of finance, has prepared a classified balance sheet as of March 31, 2012, the end of its
The following is an excerpt from a telephone conversation between Jared Bodine, president of Hometown Supplies co., and Julie Sims, owner of Express Employment Co.Jared: Julie, you’re going to have
Assume that you recently accepted a position with Frontier National Bank as an assistant loan officer. As one of your first duties, you been assigned the responsibility of evaluating a loan request
Group ProjectIn groups of three or four, compare the balance sheets of two different companies, and present to the class a summary of the similarities and differences of the two companies. You may
Kelly Pitney began her consulting business, Kelly consulting P.C., on April 1, 2012. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated on pages
The balances for the accounts listed below appear in the Adjusted “Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement,
The balances for the accounts listed below appear in the Adjusted “Trial Balance columns of the end-of-period spreadsheet. Indicate whether each account would flow into the income statement,
Judy Flint owns and operates Derby Advertising Services. On January 1, 2011, Retained Earnings had a balance of $290,000. During the year, Judy invested an additional $100,000 in exchange for capital
Mavis Curry owns and operates AZZ Delivery Services. On January 1, 2011, Retained Earnings had a balance of $600,000, during the year, Mavis made no additional investments and $45,000 of dividends
The following accounts appear in an adjusted trial balance of Pilot Consulting. Indicate whether each account would be reported in the(a) Current asset:(b) Property, plant, and equipment;(c) Current
The following accounts appear in an adjusted trial balance of Pilot Consulting. Indicate whether each account would be reported in the(a) Current asset:(b) Property, plant, and equipment;(c) Current
After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Silver Gate Delivery Services Co:Retained Earnings $
After the accounts have been adjusted at Retained Earnings $ 275,000Dividends 25,000Fees Earned 400,000Wages Expense 280,000Rent Expense 40,000Supplies Expense
From the following list of steps in the accounting cycle, identify what two steps are missing. a. Transaction are analyzed and recorded in the journal. b. An unadjusted trial balances is
From the following list of steps in the accounting cycle, identify what two steps are missing.a. Transaction are analyzed and recorded in the journal.b. Transaction are posted to the ledger.c. An
The following balance sheet data for Mayer Company are shown below. a. Determine the working capital and current ratio for 2012 and 2011.b. Does the change in the current ratio form 2011 to 2012
The following balance sheet data for Finn Company are shown below. a. Determine the working capital and current ratio for 2012 and 2011.b. Does the change in the current ratio form 2011 to 2012
Beacon Company maintains and repairs warnings lights, such as those found on radio towers and lighthouses. Beacon Company prepared the end-of-period spreadsheet shown on the next page at October 31,
For the past several years, Shane Banovich has operated a part-time consulting business from his home. As of October 1, 2012, Shene decided to move to rented quarters and to operate the business as
DNA 4 U Company offers legal consulting advice to prison inmates. DNA 4 U Company prepared the end-of-period spreadsheet at the top of the following page at April 31, 2012, the end of the current
Mather Services Company is a financial planning services firm owned and operated by Lee Mather. As of July 31, 2012, the end of the current fiscal year, the accountant for Mather Services Company
The unadjusted trial balance of Laundry Basket at January 31, 2012, the end of the current fiscal year, is shown below.The data needed to determine year-end adjustments are as follows:a. Wages
The ledger and trial balance of Sweetwater Services Co. as of July 31, 2012, the end of the first month of its current fiscal year, are presented in the working papers. Date needed to determine the
What distinguishes a merchandising business from a service business? Discuss.
Can a business earn a gross profit but incur a net loss? Explain.
What is the meaning of?(a) 1/15, n/60;(b) n/30;(c) n/eom?
What is the nature of? (a) A credit memo issued by the seller of merchandise, (b) A debit memo issued by the buyer of merchandise? Discuss.
Journalize the following merchandise transactions:a. Sold merchandise on account, $29,000 with terms 2/10, n/30. The cost of the merchandise sold was $21,750.b. Received payment less the discount.
Journalize the following merchandise transactions:a. Sold merchandise on account, $60,000 with terms 1/10, n/30. The cost of the merchandise sold was $40,000.b. Received payment less the discount.
Mr Tile Company purchased merchandise on account from a supplier for $9,000, terms 2/10, n/30. MR Tile Company returned $1,500 of the merchandise and received full credit.a. If MR Tile Company pays
Piedmont Company purchased merchandise on account from a supplier for $30,000, terms 1/10, n/30. Piedmont Company returned $4,000 of the merchandise and received full credit.a. If Piedmont Company
Determine the amount be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within
Determine the amount be paid in full settlement of each of invoices (a) and (b), assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within
Storall Co. sold merchandise to Bunting Co. on account, $8,000, terms 2/15, n/30. The cost of the merchandise sold is $3,000. Storall Co. issued a credit memo for $1,000 for merchandise returned and
SPA Co. sold merchandise to Boyd Co. on account, $25,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $16,000. SPA Co. paid freight of $675 and later received the amount
House of Clean Company’s perpetual inventory records indicate that $3757,000 of merchandise should be on hand on June 30, 2012. The physical inventory indicates that $366,500 of merchandise is
Zurich Company’s perpetual inventory records indicate that $1,380,000 of merchandise should be on hand on August 31, 2012. The physical inventory indicates that $1,315,900 of merchandise is
The following financial statement data for years ending December 31 for Foodworks Company are shown below.a. Determine the ratio of net sales to assets for 2012 and 2011.b. Does the change in the
The following financial statement data for years ending December 31 for Beading Company are shown below.a. Determine the ratio of net sales to assets for 2012 and 2011.b. Does the change in the ratio
During the current year, merchandise is sold for $775,000. The cost of the merchandise sold is $426,250.a. What is the amount of the gross profile?b. Compute the gross profile percentage (gross
For the fiscal year, sales were $6,750,000, sales discounts were $120,000. sales return and allowances were $900,000, and the cost of merchandise sold was $4,000,000.a. What was the amount of net
The following expenses were incurred by a merchandising business during the year. In which expense section of thee income statement should each be reported;(a) Selling,(b) Administrative, or(c)

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