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Questions and Answers of College Accounting

What accounts are taken from the adjusted trial balance to prepare an income statement?
In preparing financial statements from an adjusted trial balance, what statement is usually prepared second?
G. Venda, owner of Venda Services, withdrew \($25,000\) from the business during the current year. The entry to close the withdrawals account at the end of the year is: a. G. Venda, Withdrawals
The following information is available for the R. Kandamil Company before closing the accounts. After all of the closing entries are made, what will be the balance in the R. Kandamil, Capital
Which of the following is a permanent account?a. Income Summaryb. Sales Revenuec. Utilities Expensed. Rent Expensee. Cash
4. Which of the following errors would cause the balance sheet and statement of owner’s equity columns of a work sheet to be out of balance?a. Entering a revenue amount in the balance sheet and
The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owner’s capital account is called thea.
Refer to Circuit City’s balance sheet in Appendix A Identify the accounts listed as current liabilities. Consolidated Balance Sheets $ in millions, except per share amounts Asset Current Assets
Determining effects of closing entries Gloriosa Company began the current period with a \($28,000\) credit balance in the M. Gloriosa, Capital account. At the end of the period, the company’s
Interpreting a work sheet The following information is taken from the work sheet for Warton Company as of December 31, 2008 .Using this information, determine the amount for B. Warton, Capital that
Preparing a partial work sheet The ledger of Claudell Company includes the following unadjusted normal balances: Prepaid Rent \($1,000\) and Wages Expense \($25,000\). Adjusting entries are required
Preparing and posting closing entries Use the year-end information from the following ledger accounts (assume that all accounts have normal balances) to prepare closing journal entries and then post
Preparing closing entries and a post-closing trial balance The following adjusted trial balance contains the accounts and balances of Cruz Company as of December 31, 2008, the end of its fiscal year.
Preparing financial statements Use the following December 31, 2008, adjusted trial balance of Wilson Trucking Company to prepare the (1) income statement, (2) statement of owner’s equity, and (3)
Extending adjusted account balnce on a work sheet These 16 accounts are from the Adjusted Trial Balance columns of a company’s 10-column work sheet.In the blank space beside each account, write the
Preparing a work sheet and recording closing entries The following unadjusted trial balance contains the accounts and balances of Dylan Delivery Company as of December 31, 2008, its first year of
Applying the accounting cycle On April 1, 2008, Jiro Nozomi created a new travel agency, Adventure Travel. The following transactions occurred during the company’s first month.April 1. Nozomi
Preparing trial balances, closing entries, and financial statements The adjusted trial balance of Karise Repairs on December 31, 2008, follows.Required 1. Prepare an income statement and a statement
Preparing closing entries and financial statements The adjusted trial balance for Tybalt Construction as of December 31, 2008, follows.O. Tybalt invested \($5,000\) cash in the business during year
Preparing a work sheet, adjusting and closing entries, and financial statements The following unadjusted trial balance is for Ace Construction Co. as of the end of its 2008 fiscal year.The June 30,
Identify each of the following as either an asset, a liability, or equity:(a) Prepaid Rent,(b) Unearned Fees,(c) Building, (d) Wages Payable, and(e) Office Supplies.
What is an account? What is a ledger?
Does debit always mean increase and credit always mean decrease?
What types of transactions increase equity? What types decrease equity?
Why are accounting systems called double entry?
For each transaction, double-entry accounting requires which of the following: (a) Debits to asset accounts must create credits to liability or equity accounts, (b) a debit to a liability account
An owner invests \($15,000\) cash along with equipment having a market value of \($23,000\) in a company. Describe the debit-credit rules for this transaction.
Matt Waller receives \($3,000\) cash for his consulting services provided. Describe the debit-credit rules for this transaction.
Where are dollar signs typically entered in financial statements?
Describe the link between the income statement and the statement of owner’s equity.
Explain the link between the balance sheet and the statement of owner's equity.
Define and describe revenues and expenses.
Define and describe assets, liabilities, and equity.
The process of transferring debits and credits from the journal to the ledger is calleda. Transferringb. Postingc. Journalizingd. Referencing
Unearned revenue exists when customers pay in advance for products or services and is accounted for as a(n)a. Assetb. Revenuec. Expensed. Liability
Review the Circuit City balance sheet in Appendix A. Identify an asset with the word receivable in its account title and a liability with the word payable in its account title. Consolidated Balance
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

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