Questions and Answers of Accounting Principles

Happy Camper Park was organized on April 1, 2007, by Amaya Berge. Amaya is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Amaya prepared the
Mark Miller started his own delivery service, Miller Deliveries, on June 1,2008. The following transactions occurred during the month of June.Instructions(a) Show the effects of the previous
Cindy Belton opened a law office, Cindy Belton, Attorney at Law, on July 1, 2008. On July 31, the balance sheet showed Cash \($4,000,\) Accounts Receivable \($1,500,\) Supplies \($500,\) Office
On June 1, Michelle Bullock started Divine Cosmetics Co., a company that provides individual skin care treatment, by investing \($26,200\) cash in the business. Following are the assets and
Laura Geller started her own consulting firm, Geller Consulting, on May 1, 2008. The following transactions occurred during the month of May.Instructions(a) Show the effects of the previous
The actual financial statements of PepsiCo, as presented in the company’s 2005 Annual Report, are contained in Appendix A (at the back of the textbook).Instructions Refer to PepsiCo’s financial
PepsiCo’s financial statements are presented in Appendix A. The Coca-Cola Company’s financial statements are presented in Appendix B.Instructions(a) Based on the information contained in these
Mary and Jack Gray, local golf stars, opened the Chip-Shot Driving Range on March 1, 2008, by investing \($25,000\) of their cash savings in the business. A caddy shack was constructed for cash at a
As of December 31, 2008, Stoneland Company has assets of \($3,500\) and owner’s equity of \($2,000.\) What are the liabilities for Stoneland Company as of December 31, 2008?a.
Karen Sommers Travel Agency purchased land for \($90,000\) cash on December 10, 2008. At December 31, 2008, the land's value has increased to \($93,000.\) What amount should be reported for land on
In February 2008, Paula King invested an additional \($10,000\) in her business, King’s Pharmacy, which is organized as a proprietorship. King’s accountant, Lance Jones, recorded this receipt as
alphabetical order below are balance sheet items for Lopez Company at December 31, 2008. Kim Lopez is the owner of Lopez Company. Prepare a balance sheet, following the format of Illustration
Brandon Computer Timeshare Company entered into the following transactions during May 2008.1. Purchased computer terminals for $20,000 from Digital Equipment on account.2. Paid $4,000 cash for May
An analysis of transactions for S. Moses & Co. was presented in E1-8.Instructions Prepare an income statement and an owner’s equity statement for August and a balance sheet at August 31,
Lily Company had the following assets and liabilities on the dates indicated. Lily began business on January 1, 2007, with an investment of \($100,000.\)Instructions From an analysis of the change
Two items are omitted from each of the following summaries of balance sheet and income statement data for two proprietorships for the year 2008, Craig Cantrel and Mills
The following information relates to Linda Stanley Co. for the year 2008.Instructions After analyzing the data, prepare an income statement and an owner’s equity statement for the year ending
Jan Nab is the sole owner of Deer Park, a public camping ground near the Lake Mead National Recreation Area. Jan has compiled the following financial information as of December 31,
Presented below is financial information related to the 2008 operations of Summers Cruise Company.InstructionsPrepare the 2008 income statement for Summers Cruise Company. Maintenance expense
Presented below is information related to the sole proprietorship of Kevin Johnson, attorney.Instructions Prepare the 2008 owner’s equity statement for Kevin Johnson’s legal practice. Legal

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