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accounting

Questions and Answers of Accounting

On October 1, 2010, the firm of Orson, Dorr, and Killough decided to liquidate their partnership. The partners have capital balances of $48,000, $63,000, and $11,000, respectively.The cash balance is
Dustin Edwards, M.D., and Daylan Hayes, M.D., are sole owners of two medical practices that operate in the same medical building. The two doctors agree to combine assets and liabilities of the two
Rahmel Becker and Heather Morrow decide to form a partnership. Becker will contribute $300,000 to the partnership, while Morrow will contribute only $30,000. However, Morrow will be responsible for
The following table shows key operating statistics for the four largest public accounting firms:a. Determine the revenue per partner and revenue per professional staff for each firm. Round to the
Kelly Herron has agreed to invest $200,000 into an LLC with Michelle Moss and Dan Kim. Moss and Kim will not invest any money, but will provide effort and expertise to the LLC. Moss and Kim have
In an assigned group or individually (if so assigned), go to the Web site for Chrysler LLC at www.chryslerllc.com. Using this Web site and other Internet information about Chrysler LLC, answer the
Describe the stockholders’ liability to creditors of a corporation.
Of two corporations organized at approximately the same time and engaged in competing businesses, one issued $100 par common stock, and the other issued $0.01 par common stock. Do the par
When a corporation issues stock at a premium, is the premium income? Explain.
A corporation with both preferred stock and common stock outstanding has a substantial credit balance in its retained earnings account at the beginning of the current fiscal year. Although net income
What is the primary advantage of combining the retained earnings statement with the income statement?
Indicate how prior period adjustments would be reported on the financial statements presented only for the current period.
When is a statement of stockholders’ equity normally prepared?
What is the primary purpose of a stock split?
Krisch Enterprises Inc. produces aeronautical navigation equipment. The stockholders' equity accounts of Krisch Enterprises Inc., with balances on January 1, 2010, are as follows:The following
Ivy Enterprises Inc. manufactures bathroom fixtures. The stockholders’ equity accounts of Ivy Enterprises Inc., with balances on January 1, 2010, are as follows:The following selected transactions
Jas Bosley and Nadine Jaffe are organizing Precious Metals Unlimited Inc. to undertake a high-risk gold-mining venture in Canada. Jas and Nadine tentatively plan to request authorization for
The following stock exchange data for General Electric was taken from the Yahoo! Finance Web site on April 18, 2008:a. If you owned 500 shares of GE, what amount would you receive as a quarterly
Rainbow Designs Inc. has paid quarterly cash dividends since 1997. These dividends have steadily increased from $0.05 per share to the latest dividend declaration of $0.40 per share. The board of
Select a public corporation you are familiar with or which interests you. Using the Internet, your school library, and other sources, develop a short (1 to 2 pages) profile of the corporation.
Don Wishne, a lawyer, accepts a legal engagement in March, performs the work in April, and is paid in May. If Wishnes law firm prepares monthly financial statements, when should it recognize revenue
In completing the engagement in question 3, Wishne pays no costs in March, $2,500 in April, and $2,200 in May (incurred in April). How much expense should the firm deduct from revenues in the month
Briefly define net income and net loss.
Explain the equation for the income statement. What are the three major items reported on the income statement?
Explain the equation for the balance sheet. Define the three major components reported on the balance sheet.
Explain the equation for the statement of cash flows. Explain the three major components reported on the statement of cash flows.
Explain the equation for the statement of retained earnings. Explain the four major items reported on the statement of retained earnings.
Financial statements discussed in this chapter are aimed at external users. Briefly explain how a company’s internal managers in different functional areas (e.g., marketing, purchasing, human
Briefly describe the way that accounting measurement rules (generally accepted accounting principles) are determined in the United States.
Briefly explain the responsibility of company management and the independent auditors in the accounting communication process.
Supplement A Briefly differentiate between a sole proprietorship, a partnership, and a corporation.
Supplement B List and briefly explain the three primary services that CPAs in public practice provide.
Matching Definitions with Terms or AbbreviationsMatch each definition with its related term or abbreviation by entering the appropriate letter in the space provided.Term or Abbreviation (1) SEC(2)
Matching Financial Statement Items to Financial Statement Categories According to its annual report, “P&G’s more than 250 brands include Pampers, Tide, Ariel, Always, Whisper, Pantene, Bounty,
Matching Financial Statement Items to Financial Statement CategoriesTootsie Roll Industries is engaged in the manufacture and sale of candy. Major products include Tootsie Roll, Tootsie Roll Pops,
Preparing a Balance SheetHonda Motor Corporation of Japan is a leading international manufacturer of automobiles, motorcycles, all-terrain vehicles, and personal watercraft. As a Japanese company, it
Completing a Balance Sheet and Inferring Net IncomeCarlos Ramirez and Camila Garza organized New World Book Store as a corporation; each contributed $70,000 cash to start the business and received
Analyzing Revenues and Expenses and Preparing an Income StatementAssume that you are the owner of College Connection, which specializes in items that interest students. At the end of January 2011,
Preparing an Income Statement and Inferring Missing ValuesWalgreen Co. is one of the nation’s leading drugstore chains. Its recent quarterly income statement contained the following items (in
Analyzing Revenues and Expenses and Completing an Income Statement Neighborhood Realty, Incorporated, has been operating for three years and is owned by three investors. S. Bhojraj owns 60 percent of
Inferring Values Using the Income Statement and Balance Sheet EquationsReview the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each
Inferring Values Using the Income Statement and Balance Sheet EquationsReview the chapter explanations of the income statement and the balance sheet equations. Apply these equations in each
Preparing an Income Statement and Balance SheetPainter Corporation was organized by five individuals on January 1, 2011. At the end of January 2011, the following monthly financial data are
Preparing a Statement of Retained EarningsClint’s Stonework Corporation was organized on January 1, 2011. For its first two years of operations, it reported the following:Net income for
Focus on Cash Flows: Matching Cash Flow Statement Items to CategoriesThe following items were taken from a recent cash flow statement. Note that different companies use slightly different titles for
Preparing a Statement of Cash FlowsLAH Manufacturing Corporation is preparing the annual financial statements for the stockholders. A statement of cash flows must be prepared. The following data on
Matching Elements with Financial StatementsMatch each element with its financial statement by entering the appropriate letter in the space provided. Element Financial Statement
Matching Financial Statement Items to Financial Statement CategoriesMark each item in the following list as an asset (A), liability (L), or stockholders’ equity (SE) item that would appear on the
Identifying Important Accounting AbbreviationsThe following is a list of important abbreviations used in the chapter. These abbreviations also are used widely in business. For each abbreviation, give
Multiple Choice Question 1. Which of the following is not one of the four basic financial statements?a. Balance sheet b. Audit report c. Income statementd. Statement of cash flows2. As stated in
Preparing an Income Statement, Statement of Retained Earnings, and Balance SheetAssume that you are the president of Gaslight Company. At the end of the first year (December 31, 2011) of operations,
Analyzing a Student’s Business and Preparing an Income StatementDuring the summer between her junior and senior years, Bridget Lewis needed to earn sufficient money for the coming academic year.
Comparing Income with Cash Flow (A Challenging Problem)Huang Trucking Company was organized on January 1, 2011. At the end of the first quarter (three months) of operations, the owner prepared a
Evaluating Data to Support a Loan Application (A Challenging Problem)On January 1, 2011, three individuals organized Northwest Company as a corporation. Each individual invested $10,000 cash in the
Preparing an Income Statement, Statement of Retained Earnings, and Balance SheetAssume that you are the president of Influence Corporation. At the end of the first year (June 30, 2011) of operations,
Analyzing a Student’s Business and Preparing an Income StatementUpon graduation from high school, Sam List immediately accepted a job as an electrician’s assistant for a large local electrical
Comparing Income with Cash Flow (A Challenging Problem)Choice Chicken Company was organized on January 1, 2011. At the end of the first quarter (three months) of operations, the owner prepared a
Finding Financial InformationRefer to the financial statements of American Eagle Outfitters in Appendix B at the end of this book.Required:Skim the annual report. Look at the income statement,
Finding Financial InformationRefer to the financial statements of Urban Outfitters in Appendix C at the end of this book.Required:1. What is the amount of net income for the most recent year?2. What
Comparing Companies within an IndustryRefer to the financial statements of American Eagle Outfitters in Appendix B and Urban Outfitters in Appendix C.Required:1. Total assets is a common measure of
Using Financial Reports: Identifying and Correcting Deficiencies in an Income Statement and Balance SheetPerformance Corporation was organized on January 1, 2009. At the end of 2009, the company had
Making Decisions as an Owner: Deciding about a Proposed AuditYou are one of three partners who own and operate Mary’s Maid Service. The company has been operating for seven years. One of the other
Evaluating an Ethical Dilemma: Ethics and Auditor Responsibilities A key factor that an auditor provides is independence. The AICPA Code of Professional Conduct states that “a member in public
What is a trial balance? What is its purpose?
What is the purpose of recording adjusting entries?
List the four types of adjusting entries, and give an example of each type.
What is a contra-asset? Give an example of one.
Explain how the financial statements relate to each other.
What is the equation for each of the following statements: (a) Income statement, (b) Balance sheet,(c) Statement of cash flows, and (d) Statement of stockholders’ equity?
Explain the effect of adjusting entries on cash.
How is earnings per share computed and interpreted?
How is net profit margin computed and interpreted?
Contrast an unadjusted trial balance with an adjusted trial balance. What is the purpose of each?
What are the purposes for closing the books?
Differentiate among (a) Permanent, (b) Temporary, (c) Real, and (d) Nominal accounts.
Why are the income statement accounts closed but the balance sheet accounts are not?
What is a post-closing trial balance? Is it a useful part of the accounting information processing cycle? Explain.
Multiple Choice Question1. Which of the following accounts would not appear in a closing entry?a. Salary Expenseb. Interest Incomec. Accumulated Depreciationd. Retained Earnings2. Which account is
Preparing a Trial BalancePaige Consultants, Inc., provides marketing research for clients in the retail industry. The company had the following unadjusted balances at September 30,
Identifying Adjusting Entries from Unadjusted Trial BalanceIn its annual report, Hewlett-Packard Company states, €œWe are a leading global provider of products, technologies, solutions and
Recording Adjusting EntriesRamos Company completed its first year of operations on December 31, 2011. All of the 2011 entries have been recorded except for the following:a. At year-end, employees
Recording Adjusting Entries and Reporting Balances in Financial StatementsAubrae Company is making adjusting entries for the year ended December 31, 2011. In developing information for the adjusting
Determining Financial Statement Effects of Adjusting EntriesRefer to E4-3 and E4-4.Required:For each of the transactions in E4-3 and E4-4, indicate the amount and direction of effects of the
Recording Seven Typical Adjusting EntriesDittman’s Variety Store is completing the accounting process for the year just ended, December 31, 2011. The transactions during 2011 have been journalized
Recording Seven Typical Adjusting EntriesCardon’s Boat Yard, Inc., repairs, stores, and cleans boats for customers. It is completing the accounting process for the year just ended, November 30,
Determining Financial Statement Effects of Seven Typical Adjusting EntriesRefer to E4-6.Required:For each of the transactions in E4-6, indicate the amount and direction of effects of the adjusting
Determining Financial Statement Effects of Seven Typical Adjusting EntriesRefer to E4-7.Required:For each of the transactions in E4-7, indicate the amount and direction of effects of the adjusting
Recording Transactions Including Adjusting and Closing Entries (Nonquantitative)The following accounts are used by Britt€™s Knits, Inc.Required:For each of the following nine independent
Determining Financial Statement Effects of Three Adjusting EntriesTerbish Company started operations on January 1, 2012. It is now December 31, 2012, the end of the annual accounting period. The
Determining Financial Statement Effects of Adjustments for Interest on Two NotesNote 1: On April 1, 2011, Warren Corporation received a $30,000, 10 percent note from a customer in settlement of a
Inferring TransactionsDeere & Company is the world€™s leading producer of agricultural equipment; a leading supplier of a broad range of industrial equipment for construction, forestry, and
Analyzing the Effects of Errors on Financial Statement ItemsCohen & Boyd, Inc., publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December
Analyzing the Effects of Adjusting Entries on the Income Statement and Balance SheetOn December 31, 2011, Yates Company prepared an income statement and balance sheet and failed to take into
Recording the Effects of Adjusting Entries and Reporting a Corrected Income Statement and Balance SheetOn December 31, 2011, the bookkeeper for Grillo Company prepared the following income statement
Reporting a Correct Income Statement with Earnings per Share to Include the Effects of Adjusting Entries and Evaluating the Net Profit Margin as an AuditorTyson, Inc., a party rental business,
Recording Four Adjusting Entries and Completing the Trial Balance WorksheetRed River Company prepared the following trial balance at the end of its first year of operations ending December 31, 2011.
Reporting an Income Statement, Statement of Stockholders’ Equity, and Balance SheetRefer to E4-18.Required:Using the adjusted balances in E4-18, prepare an income statement, statement of
Recording Closing EntriesRefer to E4-18.Required:1. What are the purposes of “closing the books” at the end of the accounting period?2. Using the adjusted balances in E4-18, give the closing
Preparing a Trial BalanceHagadorn Company has the following adjusted accounts and balances at year-end (June 30, 2011):Prepare an adjusted trial balance in good form for the Hagadorn Company at June
Matching Definitions with TermsMatch each definition with its related term by entering the appropriate letter in the spaceprovided.

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