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business
accounting

Questions and Answers of Accounting

With a group of students, visit a local copy and graphics shop or a pizza restaurant. As you observe the operation, consider the costs associated with running the business. As a group, identify as
Hilton Inc. manufactures electric space heaters. While the CEO, Azra Khan, is visiting the production facility, the following conversation takes place with the plant manager, Paul Lopez:Azra: As I
What are the basic elements of a financial accounting system? Do these elements apply to all businesses, from a local restaurant to Apple Inc.? Explain.
Provide an example of a transaction that affects(a) Only one element of the accounting equation,(b) Two elements of the accounting equation,(c) Three elements of the accounting equation.
Indicate whether the following error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of balance. The payment of utilities of $3,700 was recorded as a
For each of the following errors, indicate whether the error would cause the accounting equation to be out of balance and, if so, indicate how it would be out of balance. (a) The purchase of land for
Millstone Consulting Services acquired land 8 years ago for $100,000. Millstone recently signed an agreement to sell the land for $375,000. In accordance with the sales agreement, the buyer
(a) How does the payment of dividends of $40,000 affect the three elements of the accounting equation? (b) Is net income affected by the payment of dividends? Explain.
Assume that Esquire Consulting erroneously recorded the payment of $25,000 of dividends as salary expense. (a) How would this error affect the equality of the accounting equation?(b) How would this
Assume that Bell Tower Realty Inc. borrowed $90,000 from First Bank and Trust. In recording the transaction, Bell Tower erroneously recorded the receipt as an increase in cash, $90,000, and an
Assume that as of January 1, 2011, Hamlet Consulting has total assets of $800,000 and total liabilities of $300,000. As of December 31, 2011, Hamlet has total liabilities of $350,000 and total
Using the January 1 and December 31, 2011, data given in Question 10, answer the following question: If Hamlet Consulting paid $45,000 of dividends during 2011, what
Determine the missing amount for each of the following:
The Walt Disney Company had the following assets and liabilities (in millions) as of September 29, 2007.Assets $60,928Liabilities 30,175a. Determine the stockholders’ equity of Walt Disney
Campbell Soup Co. had the following assets and liabilities (in millions) as of July 29, 2007.Assets $6,445Liabilities 5,150a. Determine the stockholders’ equity of Campbell Soup as of July
One item is omitted in each of the following summaries of balance sheet and income statement data (in millions) for Google and Verizon Communications as of December 31, 2008 and 2007. Determine the
Bryan Segota is the sole stockholder and operator of Thatch, a motivational consulting business. At the end of its accounting period, December 31, 2010, Thatch has assets of $760,000 and liabilities
For Target Corporation, indicate whether the following transactions would (1) increase, (2) decrease, or (3) have no effect on stockholders’ equity.a. Borrowed money from the bank.b. Paid
Describe how the following business transactions affect the three elements of the accounting equation.a. Received cash for services performed.b. Paid for utilities used in the business.c. Borrowed
A vacant lot acquired for $150,000, on which there is a balance owed of $80,000, is sold for $290,000 in cash. The seller pays the $80,000 owed. What is the effect of these transactions on the total
Indicate whether each of the following types of transactions will (a) increase stockholders’ equity or (b) decrease stockholders’ equity.a. Issued capital stock for cash.b. Received cash for fees
Lindberg Delivery Service had the following selected transactions during October:1. Received cash from issuance of capital stock, $75,000.2. Paid rent for October, $4,200.3. Paid advertising expense,
Sally Fleming operates her own catering service. Summary financial data for February are presented in equation form as follows. Each line designated by a number indicates the effect of a transaction
The income statement of a corporation for the month of July indicates a net income of $75,000. During the same period, $100,000 in cash dividends were paid. Would it be correct to say that the
Four different companies, A, B, C, and D, show the same balance sheet data at the beginning and end of a year. These data, exclusive of the amount of stockholders' equity, are summarized as
One item is omitted from each of the following summaries of balance sheet and income statement data for four different corporations Determine the amounts of the missing items, identifying them by
Use the following data (in thousands) for Barnes & Noble, Inc. for the year ending February 2, 2008, to answer the questions below:Retained earnings, February 3, 2007
Financial information related to Kate's Interiors for May and June of 2011 is as follows: a. Prepare balance sheets for Kate's Interiors as of May 31 and June 30, 2011.b. Determine the amount of
After its first month of operation, the following amounts were taken from the accounting records of Polaris Realty Inc. as of November 30, 2011.Prepare an income statement for the month ending
Using the financial data shown in Exercise 2-17 for Polaris Realty Inc., prepare a retained earnings statement for the month ending November 30, 2011.
Using the financial data shown in Exercise 2-17 for Polaris Realty Inc., prepare a balance sheet as of November 30, 2011.
Using the financial data shown in Exercise 2-17 for Polaris Realty Inc., prepare a statement of cash flows for the month ending November 30, 2011.
Describe how the following transactions of Sun Microsystems, Inc. would affect the three elements of the accounting equation.a. Paid research and development expenses for the current year.b.
Based upon the financial transactions for Sun Microsystems, Inc. shown in Exercise 2-21, indicate whether the transaction would be reported in the cash flows from operating, investing, or financing
Chris Woods established an insurance agency on July 1, 2011, and completed the following transactions during July:a. Opened a business bank account in the name of Woods Insurance Inc., with a deposit
Wendy Dwyer established Outlaw Computer Services on January 1, 2011. The effect of each transaction and the balances after each transaction for January are shown below in the integrated financial
The following amounts were taken from the accounting records of Bontancia Services, Inc., as of August 31, 2011. Bontancia Services began its operations on September 1, 2010.Capital stock
After its second year of operations, the following amounts were taken from the accounting records of Bontancia Services, Inc., as of August 31, 2012. Bontancia Services began its operations on
The financial statements at the end of Miramar, Inc.'s first month of operation are shown below. By analyzing the interrelationships among the financial statements, fill in the proper amounts for
Bitterroot Realty, Inc., organized October 1, 2011, is operated by Dale Flynn. How many errors can you find in the following financial statements for Bitterroot Realty, Inc., prepared after its
Assume that you are considering developing a nationwide chain of women’s clothing stores. You have contacted a Seattle-based firm that specializes in financing new business ventures and
On August 1, 2011, Dr. Dana Hendley established Med, a medical practice organized as a professional corporation. The following conversation occurred the following February between Dr. Hendley and a
Amazon.com, an Internet retailer, was incorporated in the early 1990s and opened its virtual doors on the Web shortly thereafter. On its statement of cash flows, would you expect Amazon.com's net
Yahoo.com’s finance Internet site provides summary financial information about public companies, such as stock quotes, recent financial filings with the Securities and Exchange Commission, and
On February 25, 2009, Gabriel Madway wrote an article titled \Apple Investors Get No Satisfaction on Jobs" which appeared on Reuters.com. The article raises concerns about Steve Jobs’s health and
Would Google and Wal-Mart use the cash basis or the accrual basis of accounting? Explain.
How are revenues and expenses reported on the income statement under? (a) The cash basis of accounting and (b) The accrual basis of accounting?
Is the supplies balance before the accounts have been adjusted the amount that should normally be reported on the balance sheet? Explain.
Identify the four different categories of adjustments frequently required at the end of an accounting period.
(a) Explain the purpose of the two accounts: Depreciation Expense and Accumulated Depreciation. (b) Is it customary for the balances of the two accounts to be equal?(c) In what financial statements,
Describe the nature of the assets that compose the following sections of a balance sheet: (a) Current assets, (b) Property, plant, and equipment.
Luv Care is owned and operated by Debbie Gonalez, the sole stockholder. During May 2011, Luv Care entered into the following transactions:a. Debbie Gonalez invested $20,000 in Luv Care in exchange
Using the data from Exercise 3-1, record the adjusting entries at the end of May to record the insurance expense and supplies expense. There were $650 of supplies on hand as of May 31. Identify the
Using the data from Exercises 3-1 and 3-2, prepare financial statements for May, including income statement, retained earnings statement, balance sheet, and statement of cash flows.
Using the income statement and statement of cash flows you prepared in Exercise 3-3, reconcile net income with the net cash flows from operations.
Merlin Forsyth established Avalon Services, P.C., a professional corporation, on August 1 of the current year. Avalon Services offers financial planning advice to its clients. The effect of each
Classify the following items as (a) Deferred expense (prepaid expense), (b) Deferred revenue (unearned revenue),(c) Accrued expense (accrued liability), or(d) Accrued revenue (accrued asset).1.
The following accounts were taken from the unadjusted trial balance of Inter Circle Co., a congressional lobbying firm. Indicate whether or not each account would normally require an adjusting entry.
The prepaid insurance account had a balance of $10,800 at the beginning of the year. The account was increased for $7,200 for premiums on policies purchased during the year. What is the adjustment
For the year ending June 30, 2008, Microsoft Corporation reported short-term unearned revenue of $13,397 million. For the year ending June 30, 2008, Microsoft also reported total revenues of $60,420
At the end of February, the first month of the business year, the usual adjustment transferring rent earned to a revenue account from the unearned rent account was omitted. Indicate which items will
Oceanside Realty Co. pays weekly salaries of $3,700 on Friday for a five-day week ending on that day. What is the adjustment at the end of the accounting period, assuming that the period ends?(a) On
Accrued salaries of $4,950 owed to employees for December 30 and 31 are not considered in preparing the financial statements for the year ended December 31, 2010. Indicate which items will be
Assume that the error in Exercise 3-15 was not corrected and that the $4,950 of accrued salaries was included in the first salary payment in January 2011. Indicate which items will be erroneously
For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $1,022,000,000. The income before taxes for The Campbell Soup Company for the year was
The accountant for Mystic Medical Co., a medical services consulting firm, mistakenly omitted adjusting entries for(a) Unearned revenue earned during the year ($21,950) and(b) Accrued wages ($6,100).
At the end of the current year, $41,980 of fees have been earned but have not been billed to clients.a. What is the adjustment to record the accrued fees? Indicate each account affected, whether the
The balance in the unearned fees account, before adjustment at the end of the year, is $110,000. Of these fees, $85,000 have been earned. In addition, $19,200 of fees have been earned but have not
The adjustment for accrued fees was omitted at March 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 year
The estimated amount of depreciation on equipment for the current year is $12,700. (a) How is the adjustment recorded? Indicate each account affected, whether the account is increased or decreased,
Silverado Company is a consulting firm specializing in pollution control. The following adjustments were made for Silverado Company: Identify each of the six pairs of adjustments. For each
For a recent year, Barnes & Noble Inc. reported Property, Plant, and Equipment of $2,400,685,000 and Accumulated Depreciation of $1,576,052,000.a. What was the book value of the fixed assets?b. Would
Identify each of the following as (a) A current asset or (b) Property, plant, and equipment:1. Accounts Receivable2. Building3. Cash4. Office Equipment5. Prepaid Insurance6. Supplies
At the balance sheet date, a business owes a mortgage note payable of $350,000, the terms of which provide for monthly payments of $7,000. Explain how the liability should be classified on the
Rehab Health Co. offers personal weight reduction consulting services to individuals. On June 30, 2010, the balances of selected accounts of Rehab Health Co. are as follows: Prepare a classified
La-Z-Boy Inc. is one of the world’s largest manufacturers of furniture and is best known for its reclining chairs. The following data (in thousands) were adapted from the 2008 annual report of
List the errors you find in the following balance sheet. Prepare a corrected balancesheet.
Espresso Health Care Inc. is owned and operated by Dr. Merri Eversole, the sole stockholder. During July 2011, Espresso Health Care entered into the following transactions: July 1 Received $18,000
Adjustment data for Espresso Health Care Inc. for July are as follows:1. Insurance expired, $800.2. Supplies on hand on July 31, $1,100.3. Depreciation on building, $2,000.4. Unearned rent revenue
Data for Espresso Health Care for July are provided in Problems 3-1 and 3-2.InstructionsPrepare an income statement, retained earnings statement, and a classified balance sheet for July. The notes
Data for Espresso Health Care for July are provided in Problems 3-1, 3-2, and 3-3.Instructions1. Prepare a statement of cash flows for July.2. Reconcile the net cash flows from operating activities
At the end of July, the first month of operations, the following selected data were taken from the financial statements of Monita Forche, Attorney at Law, P.C.: Net income for July $135,800 Total
Adjustment data for Magnum Therapeutics Inc. for the year ended May 31, 2011, are as follows:a. Wages accrued but not paid at May 31, $1,800b. Depreciation of equipment during the year, $12,500c.
The following is an excerpt from a conversation between Joel Loomis and Krista Truitt just before they boarded a flight to Paris on Delta Air Lines. They are going to Paris to attend their
Several years ago, your brother opened Niagara 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
Assume that you and two friends are debating whether to open an automotive and service retail chain that will be called Auto-Mart. Initially, Auto-Mart will open three stores locally, but the
The following operating data (in thousands) were adapted from the SEC 10-K filings of Walgreen and CVS: 1. Using the preceding data, adjust the operating income for CVS and Walgreen to an adjusted
The following data (in millions) were taken from finance.yahoo.com. 1. Match each of the following companies with the data for Company A, B, C, or D:Amazon.comCoca-Cola Inc.Delta Air LinesKroger2.
What distinguishes a merchandising business from a service business? Discuss in detail.
Can a business earn a gross profit but incur a net loss? Explain. Discuss.
Describe how the periodic method differs from the perpetual method of accounting for merchandise inventory.
Differentiate between the multiple-step and the single-step forms of the income statement.
What are the major advantages and disadvantages of the single-step form of income statement compared to the multiple-step statement?
What type of revenue is reported in the other income section of the multiple-step income statement?
How are sales to customers using Master-Card and VISA recorded?
What is the meaning of (a) 1/10, n/30;(b) n/90; (c) n/eom?
What is the nature of? (a) A credit memorandum issued by the seller of merchandise,(b) A debit memorandum issued by the buyer of merchandise?
When you purchase a new car, the sticker price includes a destination charge. Are you purchasing the car FOB shipping point or FOB destination? Explain.
During the current year, merchandise is sold for $795,000. The cost of the merchandise sold is $477,000.a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit
For (a) through (d), identify the items designated by “X” and “Y.”a. Purchases – (X + Y) = Net purchases.b. Net purchases + X = Cost of merchandise purchased.c. Merchandise inventory

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