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accounting principles

Questions and Answers of Accounting Principles

Frontenac Books uses the retail inventory method to estimate its monthly ending inventories. The following information is available for two of its departments at October 31, 2008.At December 31,
The notes that accompany a company’s financial statements provide informative details that would clutter the amounts and descriptions presented in the statements. Refer to the financial statements
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B. Instructions(a) Based on the information contained in these financial
On April 10,2008, fire damaged the office and warehouse of Inwood Company. Most of the accounting records were destroyed, but the following account balances were determined as of March 31, 2008:
You are the controller of Small Toys Inc. Janice LeMay, the president, recently mentioned to you that she found an error in the 2007 financial statements which she believes has corrected itself. She
Which of the following is not an advantage of computerized accounting systems?a. Data is entered only once in computerized accounting systems.b. Computerized accounting systems provide up-to-date
A sales journal will be used for: Credit Cash Sales Sales Sales Discounts a. no yes yes b. yes no yes c. yes no d. yes yes no
If a customer returns goods for credit, the selling company normally makes an entry in the:a. cash payments journal.b. sales journal.c. general journal.d. cash receipts journal.
On September 1 the balance of the Accounts Receivable control account in the general ledger of Seaver Company was \($10,960.\) The customers’ subsidiary ledger contained account balances as
Yu Suzuki Company has a balance in its Accounts Receivable control account of \($11,000\) on January 1, 2008. The subsidiary ledger contains three accounts: Smith Company, balance \($4,000;\) Green
Nobo Uematsu Company has a balance in its Accounts Payable control account of \($8,250\) on January 1, 2008. The subsidiary ledger contains three accounts: Jones Company, balance \($3,000;\) Brown
Montalvo Company uses special journals and a general journal. The following transactions occurred during September 2008.Instructions(a) Prepare a sales journal (see Illustration 7-7) and a
Pherigo Co. uses special journals and a general journal. The following transactions oc- curred during May 2008. Instructions(a) Prepare a multiple-column cash receipts journal (see Illustration 7-9)
Selected account balances for Matisyahu Company at January 1, 2008, are presented below.Matisyahu’s sales journal for January shows a total of \($100,000\) in the selling price column, and its
Sorvino Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Sorvino’s inventory consisted of 240 books
Newson Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Newson showed Cash of $10,000 and John Newson, Capital of
Huffman Department Store is located in midtown Metropolis. During the past several years, net income has been declining because of suburban shopping centers. At the end of the company's fiscal year
Mike Palmer, a former professional golf star, operates Mike's Pro Shop at Bay Golf Course. At the beginning of the current season on April 1, the ledger of Mike's Pro Shop showed Cash $2,500,
At the end of Duckwall Department Store’s fiscal year on November 30, 2008, these accounts appeared in its adjusted trial balance.Additional facts:1. Merchandise inventory on November 30, 2008, is
Howit Inc. operates a retail operation that purchases and sells snowmobiles, amongst other outdoor products. The company purchases all merchandise inventory on credit and uses a periodic inventory
At the beginning of the current season on April 1, the ledger of Four Oaks Pro Shop showed Cash \($2,500;\) Merchandise Inventory \($3,500;\) and Phil Mickel, Capital \($6,000.\) These trans- actions
The financial statements of PepsiCo are presented in Appendix A at the end of this textbook.Instructions Answer the following questions using the Consolidated Statement of Income.(a) What was the
PepsiCo's financial statements are presented in Appendix A. Coca-Cola's financial statements are presented in Appendix B. Instructions(a) Based on the information contained in these financial
Three years ago, Carrie Dungy and her brother-in-law Luke Barber opened FedCo Department Store. For the first two years, business was good, but the following condensed income results for 2007 were
Mintz Company discovers in 2008 that its ending inventory at December 31, 2007, was \($7,000\) understated. What effect will this error have on(a) 2007 net income,(b) 2008 net in- come, (c) the
Cody Company reports net income of \($90,000\) in 2008. However, ending inventory was understated \($10,000.\) What is the correct net income for 2008? What effect, if any, will this error have on
At December 31, 2008, the following information was available for J. Graff Company: ending inventory \($40,000,\) beginning inventory \($60,000,\) cost of goods sold \($270,000,\) and sales revenue
Lebo Hardware reported cost of goods sold as follows.Lebo made two errors: (1) 2008 ending inventory was overstated $3,000, and (2) 2009 ending inventory was understated $6,000.Instructions Compute
Staley Watch Company reported the following income statement data for a 2-year period.Staley uses a periodic inventory system. The inventories at January 1, 2008, and December 31, 2009, are correct.
This information is available for Santo's Photo Corporation for 2007, 2008, and 2009.Instructions Calculate inventory turnover, days in inventory, and gross profit rate for Santo's Photo Corporation
Doc Gibbs Company reported the following information for November and December 2008.Doc Gibbs’s ending inventory at December 31 was destroyed in a fire.Instructions(a) Compute the gross profit rate
Olaf Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Olaf showed Cash of \($9,000\) and M. Olaf, Capital of
Maine Department Store is located near the Village Shopping Mall. At the end of the company's fiscal year on December 31, 2008, the following accounts appeared in two of its trial balances.Analysis
J. Hafner, a former professional tennis star, operates Hafner's Tennis Shop at the Miller Lake Resort. At the beginning of the current season, the ledger of Hafner's Tennis Shop showed Cash
At the end of Gordman Department Store’s fiscal year on December 31, 2008, these accounts appeared in its adjusted trial balance.Additional facts:1. Merchandise inventory on December 31, 2008, is
Kristen Montana operates a retail clothing operation. She purchases all merchandise inventory on credit and uses a periodic inventory system. The accounts payable account is used for recording
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash \($2,500;\) Merchandise Inventory \($1,700;\) and Angie Wilbert, Capital \($4,200\). The following transactions
The trial balance of Terry Manning Fashion Center contained the following accounts at November 30, the end of the company's fiscal year.Adjustment data:1. Store supplies on hand totaled \($2,500.\)2.
Distinguish between the types of functional groupings of operating expenses. What problem is created by these groupings?
Maulder Company provides the following information for the month ended October 31, 2008: Sales on credit \($280,000\), cash sales \($100,000\), sales discounts \($13,000\), sales returns and
The adjusted trial balance of Zambrana Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2008: Sales \($800,000\), Freight-out \($16,000\), Sales Returns
Presented is information related to Rogers Co. for the month of January 2008.Instructions(a) Prepare the necessary adjusting entry for inventory.(b) Prepare the necessary closing entries. Ending
In its income statement for the year ended December 31, 2008, Pele Company reported the following condensed data.Instructions(a) Prepare a multiple-step income statement.(b) Prepare a single-step
In 2008, Walter Payton Company had net sales of \($900,000\) and cost of goods sold of \($540,000\). Operating expenses were \($230,000\), and interest expense was \($11,000\). Payton prepares a
The trial balance of G. Durler Company at the end of its fiscal year, August 31, 2008, includes these accounts: Merchandise Inventory \($17,200;\) Purchases \($149,000;\) Sales \($190,000;\)
On January 1, 2008, Rachael Ray Corporation had merchandise inventory of $50,000.At December 31, 2008, Rachael Ray had the following account balances.At December 31, 2008, Rachael Ray determines that
Presented below are selected accounts for Carpenter Company as reported in the worksheet at the end of May 2008.Instructions Complete the worksheet by extending amounts reported in the adjusted
The trial balance columns of the worksheet for Green Company at June 30, 2008, are as follows.Other data: Operating expenses incurred on account which have not yet been recorded total
The trial balance columns of the worksheet for Briscoe Company at June 30, 2008, are as follows.Other data:1. A physical count reveals \($300\) of supplies on hand.2. \($100\) of the unearned revenue
Emil Skoda Company had the following adjusted trial balance.Instructions(a) Prepare closing entries at June 30, 2008.(b) Prepare a post-closing trial balance. EMIL SKODA COMPANY Adjusted Trial
Apachi Company ended its fiscal year on July 31, 2008. The company’s adjusted trial balance as of the end of its fiscal year is as shown.Instructions(a) Prepare the closing entries using page
Max Weinberg Company discovered the following errors made in January 2008.1. A payment of Salaries Expense of \($600\) was debited to Equipment and credited to Cash, both for \($600.\)2. A collection
The adjusted trial balance for Karr Bowling Alley at December 31, 2008, contains the following accounts.Instructions(a) Prepare a classified balance sheet; assume that $13,900 of the note payable
The following items were taken from the financial statements of R. Stevens Company. (All dollars are in thousands.)Instructions Prepare a classified balance sheet in good form as of December 31,
These financial statement items are for B. Snyder Company at year-end, July 31, 2008.Instructions(a) Prepare an income statement and an owner’s equity statement for the year. The owner did not make
Thomas Magnum began operations as a private investigator on January 1, 2008. The trial balance columns of the worksheet for Thomas Magnum, P.I. at March 31 are as follows.Other data: 1. Supplies on
The adjusted trial balance columns of the worksheet for Porter Company are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial statement columns.(b) Prepare
The completed financial statement columns of the worksheet for Woods Company are shown below.Instructions(a) Prepare an income statement, owner's equity statement, and a classified balance sheet. S.
Joe Edmonds, CPA, was retained by Fox Cable to prepare financial statements for April 2008. Edmonds accumulated all the ledger balances per Fox's records and found the following.Joe Edmonds reviewed
The trial balance columns of the worksheet for Everlast Roofing at March 31, 2008, are as follows.Other data: 1. A physical count reveals only \($240\) of roofing supplies on hand. 2. Depreciation
The adjusted trial balance columns of the worksheet for Sparks Company, owned by Billy Sparks, are as follows.Instructions(a) Complete the worksheet by extending the balances to the financial
The completed financial statement columns of the worksheet for Molinda Company are shown below.Instructions(a) Prepare an income statement, owner's equity statement, and a classified balance
Pettengill Management Services began business on January 1, 2008, with a capital in- vestment of $120,000. The company manages condominiums for owners (Service Revenue) and rents space in its own
Lee Choi opened Choi's Window Washing on July 1, 2008. During July the following transactions were completed. The chart of accounts for Choi's Window Washing contains the following accounts: No. 101
Julie Molony opened Julie’s Maids Cleaning Service on July 1, 2008. During July, the company completed the following transactions.The chart of accounts for Julie’s Maids Cleaning Service contains
Appendix A at the end of this textbook presents the financial statements of PepsiCo, Instructions Answer the following questions using the Consolidated Balance Sheet and the Notes to Consolidated
Appendix A presents PepsiCo’s financial statements. Appendix B presents Coca-Cola’s financial statements.Instructions(a) Based on the information contained in these financial statements,
Whitegloves Janitorial Service was started 2 years ago by Nancy Kohl. Because business has been exceptionally good, Nancy decided on July 1, 2008, to expand operations by acquiring an additional
From the ledger balances given below, prepare a trial balance for the Cleland Company at June 30, 2008. List the accounts in the order shown on page 59 of the text. All account balances are
Selected transactions from the journal of Teresa Gonzalez, investment broker, are presented below.Instructions (a) Post the transactions to T accounts.(b) Prepare a trial balance at August 31, 2008.
The T accounts below summarize the ledger of Simon Landscaping Company at the end of the first month of operations.Instructions(a) Prepare the complete general journal (including explanations) from
Presented below and on the next page is the ledger for Heerey Co.Instructions(a) Reproduce the journal entries for the transactions that occurred on October 1, 10, and 20, and provide explanations
The accounts in the ledger of Sanford Delivery Service contain the following balances on July 31, 2008.Instructions Prepare a trial balance with the accounts arranged as illustrated in the chapter
Jane Kent is a licensed CPA. During the first month of operations of her business, the following events and transactions occurred.Jane uses the following chart of accounts: No. 101 Cash, No. 112
Jack Shellenkamp owns and manages a computer repair service, which had the following trial balance on December 31, 2007 (the end of its fiscal year).Summarized transactions for January 2008 were as
The Lake Theater is owned by Tony Carpino. All facilities were completed on March 31. At this time, the ledger showed: No. 101 Cash \($6,000;\) No. 140 Land \($10,000;\) No. 145 Buildings (concession
Rosa Perez is a licensed architect. During the first month of the operation of her business, the following events and transactions occurred.Rosa uses the following chart of accounts: No. 101 Cash,
Slocombe Services was formed on May 1, 2008. The following transactions took place during the first month.Transactions on May 1:1. Ronald Slocombe invested \($100,000\) cash in the company, as its
The trial balance of Don Kelso Co. shown below does not balance.Each of the listed accounts has a normal balance per the general ledger. An examination of the ledger and journal reveals the
The Quinn Theater, owned by Mike Quinn, will begin operations in March. The Quinn will be unique in that it will show only triple features of sequential theme movies. As of March 1, the ledger of
On July 1, 2008, Spahn Co. pays \($18,000\) to Randle Insurance Co. for a 3-year insurance contract. Both companies have fiscal years ending December 31. For Spahn Co., journalize and post the entry
The adjusted trial balance of Harmony Company at December 31, 2008, includes the following accounts: S. Harmony, Capital \($15,600;\) S. Harmony, Drawing \($6,000;\) Service Revenue \($35,400;\)
Conan Industries collected \($100,000\) from customers in 2008. Of the amount collected, \($25,000\) was from revenue earned on account in 2007. In addition, Conan earned \($40,000\) of revenue in
Emeril Corporation encounters the following situations: 1. Emeril collects \($1,000\) from a customer in 2008 for services to be performed in 2009. 2. Emeril incurs utility expense which is not yet
Drew Carey Company has the following balances in selected accounts on December 31, 2008.All the accounts have normal balances. The information below has been gathered at December 31, 2008.1. Drew
Andy Wright, D.D.S., opened a dental practice on January 1, 2008. 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 Sila Company at January 31, 2008, shows the following.Instructions Answer the following questions, assuming the year begins January 1.(a) If the amount in Supplies
The following data are taken from the comparative balance sheets of Girard Billiards Club, which prepares its financial statements using the accrual basis of accounting.Fees are billed to members
Colin Mochrie Company has the following balances in selected accounts on December 31, 2008.All the accounts have normal balances. Colin Mochrie Company debits prepayments to expense accounts when
Tony Masasi started his own consulting firm, Masasi Company, on June 1, 2008. The trial balance at June 30 is shown.In addition to those accounts listed on the trial balance, the chart of accounts
Fernetti Advertising Agency was founded by John Fernetti in January of 2007. Presented below are both the adjusted and unadjusted trial balances as of December 31, 2008.Instructions(a) Journalize the
A review of the ledger of Remington Company at December 31, 2008, produces the following data pertaining to the preparation of annual adjusting entries.1. Salaries Payable \($0.\) There are eight
On September 1, 2008, the account balances of Rand Equipment Repair were as follows.During September the following summary transactions were completed.Adjustment data consist of:1. Supplies on hand
Givens Graphics Company was organized on January 1, 2008, by Sue Givens. At the end of the first 6 months of operations, the trial balance contained the following accounts.Analysis reveals the
Linda Ace started her own consulting firm, Modine Consulting, on May 1, 2008. The Prepare adjusting entries, post trial balance at May 31 is as follows.In addition to those accounts listed on the
The Elston Motel opened for business on May 1, 2008. Its trial balance before adjustment on May 31 is as follows.In addition to those accounts listed on the trial balance, the chart of accounts for
Ortega Co. was organized on July 1, 2008. Quarterly financial statements are prepared. The unadjusted and adjusted trial balances as of September 30 are shown below.Instructions(a) Journalize the
A review of the ledger of Yoda Company at December 31, 2008, produces the following data pertaining to the preparation of annual adjusting entries. 1. Prepaid Insurance \($8,600.\) The company has
On November 1,2008, the account balances of Rondeli Equipment Repair were as follows.During November the following summary transactions were completed.Adjustment data consist of: 1. Supplies on hand
PepsiCo’s financial statements are presented in Appendix A. Coca-Cola’s financial statements are presented in Appendix B. .Instructions Based on information contained in these financial

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