All Matches
Solution Library
Expert Answer
Textbooks
Search Textbook questions, tutors and Books
Oops, something went wrong!
Change your search query and then try again
Toggle navigation
FREE Trial
S
Books
FREE
Tutors
Study Help
Expert Questions
Accounting
General Management
Mathematics
Finance
Organizational Behaviour
Law
Physics
Operating System
Management Leadership
Sociology
Programming
Marketing
Database
Computer Network
Economics
Textbooks Solutions
Accounting
Managerial Accounting
Management Leadership
Cost Accounting
Statistics
Business Law
Corporate Finance
Finance
Economics
Auditing
Ask a Question
Search
Search
Sign In
Register
study help
business
college accounting
Questions and Answers of
College Accounting
Identifying type and normal balances of accounts For each of the following (1) identify the type of account as an asset, liability, equity, revenue, or expense, (2) enter debit (Dr.) or credit (Cr.)
Recording effects of transactions in T-accounts Record the transactions below for Amena Company by recording debit and credit amounts directly in the following T-accounts: Cash; Accounts Receivable;
Preparing a trial balance After recording the transactions of Exercise 3-2 in T-accounts and calculating the ending balance of each account, prepare a trial balance. Use May 31, 2008, as its report
Analyzing revenue transactions Examine the following transactions and identify those that create revenues for Valdez Services, a company owned by Brina Valdez. Use debit-credit rules to record the
Analyzing expense transactions Examine the following transactions and identify those that create expenses for Valdez Services. Use debitcredit rules to record the transactions that create expenses.
Preparing a balance sheet Refer to the T-accounts in Exercise 3-7. Compute ending balances and prepare Belle Company’s balance sheet. Assume the balance sheet is dated December 31, 2007. (Its
Interpreting the debt ratioa. Compute the debt ratio using year-end information for each of the following six separate companies.b. Of the six companies, which relies most heavily on creditor
Applying the debit-credit rules;preparing a trial balance Kendis Lanelle opened a computer consulting business called Viva Consultants and completed the following transactions in the first month of
Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio The accounting records of Faviana Adriano Shipping show the following assets and liabilities as of
Analyzing account balances and reconhsetprhue cting transactions Yi Min started an engineering firm called Min Engineering. He began operations and completed seven transactions in May, which included
Preparing and posting journal entries; preparing a trial balance Diella Management Services opens for business and completes these transactions in November.Nov.1 Cicely Diella, the owner, invested
Preparing and posting journal entries; preparing a trial balance Johnson Management Services opens for business and completes these transactions in September.Sept. 1 John Johnson, the owner, invests
Computing net income from equity analysis, preparing a balance sheet, and computing the debt ratio The accounting records of Tama Co. show the following assets and liabilities as of December 31,
Preparing a trial balance Roshaun Gould started a Web consulting firm called Gould Solutions. He began operations and completed seven transactions in April that resulted in the following accounts,
On October 1, 2007, Adriana Lopez launched a computer services company called Success Systems, which provides consulting services, computer system installations, and custom program development.Lopez
Refer to Best Buy’s financial statements in Appendix A for the following questions.Required 1. What amount of total liabilities does Best Buy report for each of the fiscal years ended February 28,
Key comparative figures ($ thousands) for both Best Buy and Circuit City follow.1. What is the debt ratio for Best Buy in the current year and in the prior year?2. What is the debt ratio for Circuit
Access EDGAR online (www.sec.gov) and locate the 2004 fiscal year 10-K report of Amazon.com (ticker AMZN) filed on March 11, 2005. Review its financial statements reported for fiscal years ended
Assume Warren Brown of Cake Love wishes to expand but needs a \($30,000\) loan. The bank requests Warren to prepare a balance sheet and key financial ratios. Warren has not kept formal records but is
When is the accounting equation in balance, and what does that mean?
How can a transaction not affect any liability and equity accounts?
Describe a transaction that increases equity and another transaction that decreases equity.
Identify a transaction that decreases both assets and liabilities.
Explain the link between the income statement and the statement of owner's equity.
Describe the link between the balance sheet and the statement of owner's equity.
Asset and expense accounts normally havea. Zero balancesb. Credit balancesc. Debit balancesd. Negative balances
The accounting equation requires that if assets have a balance of \($1\) million and equity has a balance of \($600,000\), then liabilities must equala. $600,000b. $1,600,000c. $0d. $400,000
Kirk Hinrich starts a new business by making an investment of \($600,000\) cash. Using the double-entry method, this increase in cash should be accounted for bya. Debiting Cashb. Crediting Cash¢.
To record the payment of wages to its employees, Roy Beach Co. woulda. Debit Wage Expense, debit Cashb. Debit Wage Expense, credit Cash¢c. Debit Cash, credit Wage Expensed. Credit Cash, credit Wage
On May 1, Mattingly Lawn Service collected \($2,500\) cash from a customer in advance of five months of lawn service.Following the debit-credit rules, Mattingly records this increase in liability as
What is an unearned revenue account? Why would customers pay in advance for services (or products) not yet received?
Identifying financial statement items Identify the financial statement(s) where each of the following items appears. Use 1 for income statement, E for statement of owner’s equity, and B for balance
Linking debit or credit with normal balance Using Exhibit 3.6 as a guide, indicate whether a debit or credit decreases the normal balance of each other following accounts.a. Repair Services Revenueb.
Identifying normal balance Identify the normal balance (debit or credit) for each of the following accounts.a. Office Suppliesb. Owner Withdrawalsc. Fees Earnedd. Wages Expensee. Cash h. Buildingf.
Classifying accounts in financial statements Indicate the financial statement on which each of the following items appears. Use I for income statement, E for statement of owner’s equity, and B for
Computing the debt ratio Compute the debt ratio for the following companies.a. Bob’s Barbecue had total assets of \($370,000\), total liabilities of \($121,500\), and total equity of
Computing missing information using accounting knowledge The following financial statement information is from five separate companies.Required 1. Answer the following questions about Company V.a.
Identifying effects of transactions on financial statements Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction
Preparing an income statementRequired Prepare the 2007 income statement for Offshore Co. Selected financial information for Offshore Co. for the year ended December 31, 2007, follows: Revenues
Preparing a balance sheet The following is selected financial information for TLC Company as of December 31, 2007.Required Prepare the balance sheet for TLC as of December 31, 2007. Liabilities
Preparing a statement of owner's equity Following is selected financial information of First Act for the year ended December 31, 2007.Required Prepare the 2007 calendar-year statement of owner’s
Analyzing transactions and OE financial statements Truro Excavating Co., owned by Raul Truro, began operations in July and completed the following transactions during that first month.July 1 R. Truro
Analyzing effects of transactions Nico Mitchell started a new business, Nico’s Solutions, that completed the following transactions during its first year of operations.a. N. Mitchell invests
On October 1, 2007, Adriana Lopez started a computer services company, Success Systems, that provides consulting services, computer system installations, and custom program development. Lopez expects
Key financial figures for Best Buy’s fiscal year ended February 26, 2005, follow.Required 1. What is the total amount of assets invested in Best Buy?2. What is Best Buy’s return on assets? Its
Key comparative figures ($ millions) for both Best Buy and Circuit City followRequired 1. What is the total amount of assets invested in(a) Best Buy and(b) Circuit City?2. What is the return on
WorldCom committed fraud by accounting for some expenses as if they were assets.Required I. Using the accounting equation, show the accounting for an expense and the accounting for an asset (assume
Refer to this chapter’s opening feature about Million Dollar Home Page. Assume that the founder, Alex Tew, is having difficulty assessing how well his business has performed over the past
Visit the EDGAR database at (www.sEc.gov). Access the Form 10-K report of World Wrestling Entertainment (ticker WWE) filed on July 13, 2004, covering its 2004 fiscal year.Required 1. Item 7 of its
Divide the class into teams and play Monopoly™. Each team takes ten turns. Each team starts with \($1,500\) of owners’ capital, in cash.Required 1. Each team accounts for its first ten
Refer to this chapter’s opening feature about Million Dollar Home Page. Assume that Alex Tew decides to open a new Website to meet customer demand. This new company will be called Million Dollar
Identify the three basic financial statements of a business.
Identify the dollar amounts of Circuit City’s 2005 assets, liabilities, and equity shown in its statements in aty Appendix A near the end of the book.Appendix A: A Current Assets Cash and cash
Identifying items with financial statements Indicate in which financial statement each item would most likely appear: income statement (I), balance sheet (B); or statement of owner’s equity (E).a.
Classifying accounts Classify each of the following accounts as an asset (A), liability (L), or equity (E) account.1. Accounts Payable 2. Loan (or Notes) Payable 3. Accounts Receivable 4. Cash 5.
Preparing a statement of owner’s equity Jim Hunton starts a systems consulting business on October 1 by investing \($35,000\) cash in the business.His net income for October is \($14,000\) and he
Analysis of return on assets Swiss Group reports net income of \($40,000\) for 2007. At the beginning of 2007, Swiss Group had \($200,000\) in assets. By the end of 2007, assets had grown to
Computing missing information using accounting knowledge and the accounting equation The following financial statement information is from five separate companies.Required 1. Answer the following
Identifying effects of transactions on financial statements Identify how each of the following separate transactions affects financial statements. For the balance sheet, identify how each transaction
Preparing an income statement The following is selected financial information for Elko Energy Company for the year ended December 31, 2007: revenues, $55,000; expenses, $40,000; net income,
Preparing a balance sheet The following is selected financial information for Amity Company as of December 31, 2007: liabilities, $44,000; equity, $46,000; assets, $90,000.Required Prepare the
Preparing a statement of owner’s equity Following is selected financial information for Kasio Co. for the year ended December 31, 2007.Required Prepare the 2007 statement of owner’s equity for
Analyzing transactions and preparing financial statements Helga Ander started a new business and completed these transactions during December.Dec. 1 Helga Ander transferred \($65,000\) cash from a
When supplies are paid for with cash, which accounts increase or decrease?a. Supplies increase; Cash increases.b. Supplies increase; Accounts Payable increases.c. Supplies increase; Cash neither
When supplies are purchased on account, which accounts increase or decrease?a. Supplies increase; accounts payable increases.b. Supplies increase; accounts receivable increases.c. Supplies increase;
A company borrows \($50,000\) cash from Third National Bank.How does this transaction affect the accounting equation for this company?a. Assets increase by \($50,000;\) liabilities increase by
What is the relation between accounting and recordkeeping?
Who are the internal and external users of accounting information?
Identify at least five types of managers who are internal users of accounting information.
What are internal controls and why are they important?
What career opportunities exist in the taxation area?
What types of certificates are available in accounting?
What three-step guidelines can help people make ethical decisions?
Why are ethics and social responsibility valuable to organizations?
Why are ethics crucial in accounting?
Who sets U.S. accounting rules?
How are U.S. companies affected by international accounting standards?
Describing accounting responsibilities Many accounting professionals work in one of the following three areas.A. Financial accounting B. Managerial accounting C. Tax accounting Identify the area
Identifying accounting users and uses Much of accounting is directed at serving the information needs of those users that are external to an or- ganization. Identify at least three external users of
Learning the language of business Match each of the numbered descriptions 1 through 7 with the term or phrase it best reflects. Indicate your answer by writing the letter for the term or phrase in
Identifying accounting users The following is a list of selected users of accounting information. Match the appropriate user A through E to the following information needs 1 through 5.A.
identify opportunities in accounting The following is a list of broad opportunities in accounting. Match the appropriate opportunity A through D to the specific accounting opportunity 1 through 8.A.
Identifying accounting users The following is a list of selected internal users of accounting information. Match the appropriate user A through E to the following information needs 1 through 5.A.
Definition of accounting terms The following is a list of accounting terms. Match the appropriate accounting term A through D to its definition 1 through 4.A.
On October 1, 2007, Adriana Lopez launched a computer services company, Success Systems, that is organized as a proprietorship and provides consulting services, computer system installations, and
Find Best Buy’s annual report included in Appendix A near the end of the book. In the first footnote to the financial statements, Best Buy reports how it accounts for property and
Key comparative figures ($ millions) for both Best Buy and Circuit City follow.Required 1. Which company is largest in terms of assets? Which company is largest in terms of sales?2. Which company
William Shakespeare wrote, “The evil that men do lives after them; the good is oft interred wih their bones.” Business people are oft not remembered for their outstanding ethics, but rather
The Financial Accounting Standards Board (FASB) sets accounting standards. The FASB’s mission is described at its Website (FASB.org) under the tab “Facts about FASB.”Required Prepare a
Find Best Buy’s most current financial statements by going to their Website (BestBuy.com) and click on the link “For Our Investors” at the bottom of the page. Click on “Annual Reports” in
Assume that Shawn Nelson decides to open a new manufacturing facility to meet customer demand. This new company will be called Manufacturing. To open the new facility, Shawn would have to get a loan
Accounting is an information and measurement system that ____________information about an organization’s business activities.a. Translatesb. Recordsc. Choosesd. Prints out
External users of financial information include:a. Purchasing managersb. Service managersc. The chief executive officerd. Lenders
Typical accounting specialists with designations include all of the following except:a. Certified Financial Analyst (CFA)b. Certified Public Accountant (CPA)c. Certified Bookkeeper (CB)d. Certified
Generally accepted accounting principles do not aim to make information in financial statements:a. Reasonableb. Relevantc. Reliabled. Comparable
The Financial Accounting Standards Board is the:a. Governmental group that sets financial accounting principles.b. International group that identifies preferred international accounting principles.c.
Refer to the financial statements of Best Buy in Appendix A near the end of the book. Look at the cad consolidated statements of earnings (income statement).How many years are included and what are
Identifying accounting terms(a) Define these accounting-related acronyms: GAAP, SEC, FASB and IASB. (b) Briefly explain the importance of the knowledge base or organization that is referred to for
Prepare entries in general journal form to record the following:Aug. 6 Woodard Company failed to pay its 30-day, 10 percent note for $600, dated July 9. The note is thus dishonored at maturity.
Prepare entries in general journal form to record the following:June 12 Sold merchandise on account to K. Perrot; terms n/30; $1,740.July 12 Received $740 in cash from K. Perrot and a 60-day, 7
Showing 1 - 100
of 2224
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
Last