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financial accounting

Questions and Answers of Financial Accounting

1. Prepare the income statement for Wilson Towing Service for the month ending June 30, 2018.2. What does the income statement report?The account balances of Wilson Towing Service at June 30, 2018,
1. Prepare the statement of retained earnings for Wilson Towing Service for the month ending June 30, 2018.2. What does the statement of retained earnings report?The account balances of Wilson Towing
1. Prepare the balance sheet for Wilson Towing Service as of June 30, 2018.2. What does the balance sheet report?The account balances of Wilson Towing Service at June 30, 2018, follow:
Prepare the income statement for Damon Design Studio for the year ending December 31, 2018.The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31,
Prepare the statement of retained earnings for Damon Design Studio for the year ending December 31, 2018.The assets, liabilities, and equities of Damon Design Studio have the following balances at
Prepare the balance sheet for Damon Design Studio as of December 31, 2018.The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained
Morning Bean Food Equipment Company had the following transactions for the month ending January 31, 2018. Morning Bean's cash balance on January 1, 2018, was $11,800. Jan. 1 Common stock was issued
Alice Appliance Service had net income for the year of $58,500. In addition, the balance sheet reports the following balances:Calculate the return on assets for Alice Appliance Service for the year
Meg McKinney opened a public relations firm called Solid Gold on August 1, 2018. The following amounts summarize her business on August 31, 2018:During September 2018, the business completed the
Prepare the statement of retained earnings of Centerpiece Arrangements for the year ended December 31, 2018.Centerpiece Arrangements has just completed operations for the year ended December 31,
Conner Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 Received $19,000 cash from Conner in exchange for common stock. 2 Received
Presented here are the accounts of Hometown Décor Company for the year ended December 31, 2018.Requirements 1. Prepare Hometown Décor Company's income statement. 2. Prepare the
Picture Perfect Photography works weddings and prom-type parties. The balance of retained earnings was $16,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these
The bookkeeper of Outdoor Life Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet, shown on the next page, contains numerous errors. In particular, the
Allen Shonton recently opened his own accounting firm on April 1, which he operates as a corporation. The name of the new entity is Allen Shonton, CPA. Shonton experienced the following events during
Annette Pachelo recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Annette Pachelo, Attorney. Pachelo experienced the following events
Meg McIntyre opened a public relations firm called Pop Chart on August 1, 2018. The following amounts summarize her business on August 31, 2018:During September 2018, the business completed the
Cosmo Thomas started a new business, Thomas Gymnastics, and completed the following transactions during December: Dec. 1 Received $19,000 cash from Thomas in exchange for common stock. 2 Received
Presented here are the accounts of Pembroke Bookkeeping Company for the year ended December 31, 2018:Requirements1. Prepare Pembroke Bookkeeping Company's income statement.2. Prepare the statement of
Pretty Pictures works weddings and prom-type parties. The balance of Retained Earnings was $20,000 at December 31, 2017. At December 31, 2018, the business's accounting records show these
Prepare the balance sheet of Centerpiece Arrangements as of December 31, 2018.Centerpiece Arrangements has just completed operations for the year ended December 31, 2018. This is the third year of
The bookkeeper of Juniper Landscaping prepared the company's balance sheet while the accountant was ill. The balance sheet, shown on the next page, contains numerous errors. In particular, the
Amos Sharp recently opened his own accounting firm on October 1, which he operates as a corporation. The name of the new entity is Amos Sharp, CPA. Sharp experienced the following events during the
Abby Perry recently opened her own law office on December 1, which she operates as a corporation. The name of the new entity is Abby Perry, Attorney. Perry experienced the following events during the
Canyon Canoe Company is a service-based company that rents canoes for use on local lakes and rivers. Amber and Zack Wilson graduated from college about 10 years ago. They both worked for one of the
Thompson Handyman Services has total assets for the year of $18,400 and total liabilities of $9,050. Requirements 1. Use the accounting equation to solve for equity. 2. If next year assets increased
Roland's Overhead Doors reports the following financial information: Assets ................................ $ 45,800 Liabilities ............................. 17,220 Common Stock
Starbucks Corporation is the premier roaster, marketer, and retailer of specialty coffee in the world, operating in 68 countries. Starbucks generates revenues through company-operated stores,
Polk Street Homes had the following cash transactions for the month ended July 31, 2018. Cash receipts: Collections from customers ........................ $ 25,000 Issued common stock
Matured Water Services had net income for the month of October of $50,880. Assets as of the beginning and end of the month totaled $362,000, and $486,000, respectively. Calculate Matured Water
Wizco Advertising's balance sheet data at May 31, 2018, and June 30, 2018, follow:For each of the following situations that occurred in June, 2018 with regard to common stock and dividends of a
Mountain Drycleaners started 2018 with total assets of $19,000 and total liabilities of $14,000. At the end of 2018, Mountain's total assets stood at $12,000 and total liabilities were
During 2018, Flowing Rivers Spa reported revenue of $30,000. Total expenses for the year were $15,000. Flowing Rivers Spa ended the year with total assets of $43,000, and it owed debts totaling
The records of Felix Company show the following at December 31, 2018:Requirements 1. Compute the missing amount for Felix Company. You will need to determine Retained Earnings, December 31, 2018, and
Journalize the transactions of Lawrence Engineering. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts
1. Open the following T-accounts for Lawrence Engineering: Cash; Accounts Receivable; Office Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Service Revenue; and
Journalize the transactions of Wilke Technology Solutions. Include an explanation with each journal entry. Use the following accounts: Cash; Accounts Receivable; Office Supplies; Prepaid Advertising;
1. Open four-column accounts using the following account numbers: Cash, 110; Accounts Receivable, 120; Office Supplies, 130; Prepaid Advertising, 140; Land, 150; Building, 160; Accounts Payable, 210;
In December 2018, the first five transactions of Abling's Lawn Care Company have been posted to the T-accounts. Prepare the journal entries that served as the sources for the five transactions.
The accounts of Anderson Moving Company follow with their normal balances as of August 31, 2018. The accounts are listed in no particular order.Prepare Anderson's trial balance as of August 31, 2018.
The T-accounts of McMahon Farm Equipment Repair follow as of May 31, 2018.Prepare McMahon Farm Equipment Repair's trial balance as of May 31, 2018.
The following transactions occurred during the month for Teresa Parker, CPA: Jun. 1 Parker opened an accounting firm by contributing $13,200 cash and office furniture with a fair market value of
Courtney Meehan has trouble keeping her debits and credits equal. During a recent month, Courtney made the following accounting errors: a. In preparing the trial balance, Courtney omitted a $5,000
The accountant for Countryside Painting Specialists is having a hard time preparing the trial balance as of November 30, 2018:Prepare the corrected trial balance as of November 30, 2018. Assume all
The following trial balance of Joy McDowell Tutoring Service as of May 31, 2018, does not balance.Investigation of the accounting records reveals that the bookkeeper: a. Recorded a $400 cash revenue
John Hart, M.D., reported the following trial balance as of September 30, 2018:Calculate the debt ratio for John Hart, M.D.
Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: Jul. 1 York contributed $63,000 cash to the business in
Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions: Sep. 1 Received $48,000 cash and
Terrence Murphy opened a law office on January 1, 2018. During the first month of operations, the business completed the following transactions: Jan. 1 Murphy contributed $78,000 cash to the
The trial balance of Shawn Merry, CPA, is dated March 31, 2018:During April, the business completed the following transactions: Apr. 4 Collected $2,500 cash from a client on account. 8 Performed tax
The trial balance of Beautiful Tots Child Care does not balance.The following errors are detected: a. Cash is understated by $1,500. b. A $4,100 debit to Accounts Receivable was posted as a
The trial balance as of July 31, 2018, for Sara Simon, Registered Dietician, is presented below:Requirements 1. Prepare the income statement for the month ended July 31, 2018. 2. Prepare the
Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions: Mar. 1 Yang contributed $62,000 cash to the business
Beth Stewart started her practice as a design consultant on November 1, 2018. During the first month of operations, the business completed the following transactions: Nov. 1 Received $41,000 cash and
Theodore McMahon opened a law office on April 1, 2018. During the first month of operations, the business completed the following transactions: Apr. 1 McMahon contributed $70,000 cash to the
The trial balance of John Menning, CPA, is dated March 31, 2018:During April, the business completed the following transactions: Apr. 4 Collected $6,000 cash from a client on account. 8 Performed tax
The trial balance of Love to Learn Child Care does not balance.The following errors are detected: a. Cash is understated by $1,800. b. A $3,800 debit to Accounts Receivable was posted as a credit. c.
The trial balance as of July 31, 2018, for Sheila Sanchez, Registered Dietician, is presented below:Requirements 1. Prepare the income statement for the month ended July 31, 2018. 2. Prepare the
Problem P2-42 continues with the company introduced in Chapter 1, Canyon Canoe Company. Here you will account for Canyon Canoe Company's transactions as it is actually done in practice. Begin by
Consider the following transactional data for the first month of operations for Crystal Clear Cleaning. Nov. 1 Stockholders contributed $15,000 and a truck, with a market value of $3,000, to the
John Daniel opened a medical practice in Sacramento, California, and had the following transactions during the month of January. Jan. 1 The business received $34,000 cash and issued common stock to
Harper Sales Consultants completed the following transactions during the latter part of January: Jan. 22 Performed services for customers on account, $7,500. 30 Received cash on account from
Roland Foster Optical Dispensary completed the following transactions during the latter part of March: Mar. 15 Purchased office supplies on account, $3,400. 28 Paid $1,800 on account. Requirements 1.
Smithson Floor Coverings reported the following summarized data at December 31, 2018. Accounts appear in no particular order, and all have normal balances.Prepare the trial balance of Smithson Floor
Part of the Fry's Electronics, Inc.'s experience involves providing technical support to its customers. This includes in-home installations of electronics and also computer support at their retail
Your friend, Dean McChesney, requested that you advise him on the effects that certain transactions will have on his business, A-Plus Travel Planners. Time is short, so you cannot journalize the
Harrison Fishing Charters has collected the following data for the December 31 adjusting entries:a. The company received its electric bill on December 31 for $375 but will not pay it until January 5.
The unadjusted trial balance of Avery Air Purification System at December 31, 2018, and the data needed for the adjustments follow.Adjustment data at December 31 follow:a. On December 15, Avery
The unadjusted trial balance of Midway Inn Company at December 31, 2018, and the data needed for the adjustments follow.Adjustment data at December 31 follow:a. As of December 31, Midway Inn had $800
Galaxy Theater Production Company's partially completed worksheet as of December 31, 2018, follows.Adjustment data at December 31 follow: a. As of December 31, Galaxy had performed $900 of service
Sent It Pack'n Mail completed the following transactions during 2018:Nov. 1 Paid $6,000 store rent covering the four-month period ending February 28, 2019.1 Paid $7,800 insurance covering the
This problem continues the Canyon Canoe Company situation from Chapter 2. You will need to use the unadjusted trial balance and posted T-accounts.At December 31, the business gathers the following
This problem continues the Crystal Clear Cleaning situation from Chapter 2. Start from the unadjusted trial balance that Crystal Clear Cleaning prepared at November 30, 2018:Consider the following
On September 1, Big Fan of Toledo prepaid six months of rent, $3,300.Requirements1. Record the journal entry for the September 1 payment.2. Record the adjusting entry required at September 30.3.
On November 1, Carlisle Equipment had a beginning balance in the Office Supplies account of $600. During the month, Carlisle purchased $2,300 of office supplies. At November 30, Carlisle Equipment
On October 1, Orlando Gold Exchange paid cash of $57,600 for computers that are expected to remain useful for three years. At the end of three years, the value of the computers is expected to be
Eastside Magazine collects cash from subscribers in advance and then mails the magazines to subscribers over a one-year period. Requirements 1. Record the journal entry to record the original
iHeartMedia, Inc. in their annual report for the year ending December 31, 2015, state that the plant assets reported on its balance sheet includes the following: Plant Asset
The net income of Steinbach & Sons, a landscaping company, decreased sharply during 2018. Mort Steinbach, owner and manager of the company, anticipates the need for a bank loan in 2019. Late in 2018,
XM, Ltd. was a small engineering firm that built high-tech robotic devices for electronics manufacturers. One very complex device was partially completed at the end of 2018. Barb McLauren, head
Target Corporation-like all other businesses-makes adjusting entries at yearend in order to measure assets, liabilities, revenues, and expenses properly. Examine Target Corporation's balance sheet
The Pink Peonies Law Firm prepays for advertising in the local newspaper. On January 1, the law firm paid $3,000 for 10 months of advertising. How much advertising expense should Pink Peonies Law
Birch Park Senior Center has a weekly payroll of $12,500. December 31 falls on Wednesday, and Birch Park Senior Center will pay its employees the following Monday (January 5) for the previous full
Resort Travel borrowed $33,000 on September 1, 2018, by signing a one-year note payable to State One Bank. Resort's interest expense on the note payable for the remainder of the fiscal year
At the end of June, Gerber Dental had performed $9,000 of dental services but has not yet billed customers. Record the adjusting entry for accrued revenue.
Seth's Tax Services had the following accounts and account balances after adjusting entries. Assume all accounts have normal balances.Prepare the adjusted trial balance for Seth's Tax Services as of
Just Right Hair Stylists has begun the preparation of its worksheet as follows:Year-end data include the following: a. Office supplies on hand, $300. b. Depreciation, $700. c. Accrued interest
On October 1, 2018, Kitchen Design paid $15,000 for store rent covering the six-month period ending March 31, 2019.Requirements1. Journalize the entry on October 1 by using the alternative treatment
On September 1, 2018, Salem Landscaping collected $24,000 in advance from customers for landscaping services. The service revenue will be earned monthly over the 12-month period ending August 31,
Chef's Catering completed the following selected transactions during May 2018:May 1 Prepaid rent for three months, $2,400.5 Received and paid electricity bill, $700.9 Received cash for meals served
Protection Home provides house-sitting for people while they are away on vacation. Some of its customers pay immediately after the job is finished. Some customers ask that the business send them a
Consider the facts presented in the following table for Tropical View:Complete the table by filling in the missing values.
Consider the following situations:a. Business receives $3,200 on January 1 for 10-month service contract for the period January 1 through October 31.b. Total salaries for all employees is $3,600 per
Consider the following independent situations at December 31:a. On October 1, a business collected $3,000 rent in advance, debiting Cash and crediting Unearned Revenue. The tenant was paying one
Consider the following situations for Betterton Welding Services:a. Depreciation for the current year includes equipment, $2,100.b. Each Monday, Betterton pays employees for the previous week's work.
The accounting records of Mackay Architects include the following selected, unadjusted balances at March 31: Accounts Receivable, $1,500; Office Supplies, $700; Prepaid Rent, $2,240; Equipment,
The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows:During the 12 months ended December 31, 2018, All Mopped Up: a. used office supplies of $1,700. b. used
Refer to the data in Exercise E3-25, and prepare an adjusted trial balance.The unadjusted trial balance for All Mopped Up Company, a cleaning service, is as follows:During the 12 months ended
The following data at July 31, 2018, are given for RCO:a. Depreciation, $600.b. Prepaid rent expires, $200.c. Interest expense accrued, $700.d. Employee salaries owed for Monday through Thursday of a
The worksheet of Best Jobs Employment Service follows but is incomplete.The following data at April 30, 2018, are given for Best Jobs Employment Service: a. Service revenue accrued, $700. b. Office

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