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college accounting

Questions and Answers of College Accounting

For each of the following cases, respond to the question asked and indicate the accounting principle or concept that applies.1. Wilson Company purchased many small tools during 2019 at a total cost
For each of the following cases, respond to the question and indicate the accounting principle or concept that applies.1. Williamson, LLC, paid insurance premiums of $8,400 on December 1, 2019. These
What criteria must exist in order for revenues to be recognized by public entities for reporting periods beginning after December 15, 2017?
What two tests must be met in order for revenues to be recognized by public entities for reporting periods beginning before December 15, 2017?
On December 1, 2019, Robert Santo, the accountant for Euro Specialty Products, downloaded the company’s November 30, 2019, bank statement from the bank’s website. The balance shown on the bank
On January 2, The Public Legal Clinic issued Check 2108 for $500 to establish a petty cash fund. Indicate how this transaction would be recorded in a cash payments journal.
Why do some wholesale businesses offer cash discounts to their customers?
How does a firm record a payment on account to a creditor when a cash discount is involved? Which journal is used?
What type of account is Purchases Discounts? How is this account presented on the income statement?
Go to the QuickBooks and Sage websites at quickbooks.com and na.sage.com. Select product overview and more information. You want to be sure to see a copy of a check and purchase order. Compare and
A company needs to develop an objective for paying bills. Does it want to stretch its cash flow as far as it can? Does it want to have a good reputation of always paying bills on time? Does it want
Many current assets are not shown at historic cost in the financial statements. For example, inventories are usually shown at the “lower of cost or market.” What concepts or conventions warrant
The Garden Supply Center is a retail store that sells garden equipment, furniture, and supplies. Its credit purchases and purchases returns and allowances for December are shown below. The general
The following transactions took place at Sonoma Auto Parts and Custom Shop during the first week of July. Indicate how these transactions would be entered in a purchases journal like the one shown in
On June 30 the general ledger of Beverly Hills Clothiers, a clothing store, showed a balance of $63,895 in the Purchases account, a balance of $2,975 in the Freight In account, and a balance of
On March 9, Modern Kitchens, a retail store, received Credit Memorandum 244 for $3,420 from J & M Appliance Corporation. The credit memorandum covered a return of damaged trash compactors
A business has purchased some new equipment for use in its operations, not for resale to customers. The terms of the invoice are n/30. Should this transaction be entered in the purchases journal? If
What is the normal balance of the Purchases account?
Why are the invoice date and terms recorded in the purchases journal?
The balances of certain accounts of Brittany Corporation on April 30, 2019, were as follows:Sales............................................................$220,000Sales Returns and
What is open-account credit?
What is the discount on credit card sales? What type of account is used to record this item?
How is a multicolumn special journal proved at the end of each month?
Understanding the steps in the accounting cycle is important to get accurate information about the condition of your company. In teams, make strips of paper with the nine steps of the accounting
From the following list, identify the accounts that will appear on the post-closing trial balance.ACCOUNTS1. Cash2. Accounts Receivable3. Supplies4. Equipment5. Accumulated Depreciation6. Accounts
On December 31, the Income Summary account of Madison Company has a debit balance of $111,000 after revenue of $117,000 and expenses of $228,000 were closed to the account. Madison Wells, Drawing has
The ledger accounts of AXX Internet Company appear as follows on March 31, 2019:All accounts have normal balances. Journalize and post the closing entries. Use 4 as the page number for the general
The Income Summary and Linda Carter, Capital accounts for Carter Production Company at the end of its accounting period follow.Complete the following statements:1. Total revenue for the period is
Prepaid insurance is the most common adjusting entry for a company. Use google.com to do a search of the various insurance companies that provide a variety of insurances to business. Try business
What effect does each of the following items have on net income?a. The owner withdrew cash from the business.b. Credit customers paid $3,000 on outstanding balances that were past due.c. The business
Enter “Accounting Careers” in a search tool like Google. Select a site that will provide the skills and talents required for an accountant. Also find the salaries for accountants in your local
Financial statements can reveal a great deal about a company. Corporations are required to produce a 10K report that includes the income statement and balance sheet. Go to the companies’ websites
Indicate whether each of the following accounts normally has a debit balance or a credit balance:1. Equipment2. Accounts Receivable3. Salaries Expense4. Supplies5. Accounts Payable6. Fee Income7.
Just before Johnson Laboratories opened for business, Howard Johnson, the owner, had the following assets and liabilities. Determine the totals that would appear in the firm’s fundamental
What are assets, liabilities, and owner’s equity?
What are expenses?
What is revenue?
In recent years, there have been many charges, some of them substantiated, that large companies have manipulated business transactions and accounting records to move income from one year to another
Many times a negative cash flow is a potential problem in a business. Go to the website for the local banks in your community. Check the requirements for a line of credit or mortgage in case your
The Home Depot, Inc., reported the following data in its FY 2015 10-K (for the fiscal year ended January 31, 2016):Analyze:1. What percentage of total current liabilities is made up of accrued
On April 30, 2019, Chung Furniture Company prepared its state unemployment tax return for the first quarter of the year. The firm had taxable wages of $100,050. Because of a favorable experience
On January 31, AC Baking Company prepared its Employer’s Annual Federal Unemployment Tax Return, Form 940. During the previous year, the business paid total wages of $462,150 to its 14 employees.
What is the periodicity of income concept?
How does the materiality convention affect day-to-day accounting?
The Home Depot, Inc. reported the following data in its Form 10-K filing (for the fiscal year ended January 31, 2016):Number of employees at January 31,
Go to the Internal Revenue website at www.irs.gov. Does the website contain the necessary federal forms? Can you use these forms to submit your report? What reports must be obtained from the IRS in
Give an example of an expense that is classified as Other Expense in the income statement.
Gomez Company had a current ratio of 2.0 in 2018 and 2.2 in 2019. Does this signify an improvement or decline in Gomez Company’s liquidity from 2018 to 2019?
Why is a conceptual framework necessary in developing accounting standards and rules?
What are the two most important bodies or organizations involved in developing generally accepted accounting principles in the United States?
Why is it desirable to have a set of fundamental concepts to be used in developing accounting standards and rules?
How will U.S. companies be affected by IFRS?
What is meant by the concept of neutrality in accounting?
Identify the normal balance of the following accounts. Use “Dr.” for debit or “Cr.” for credit.1. _____ Merchandise Inventory2. _____ Sales Tax Payable3. _____ Sales4. _____ Sales Discounts5.
Income Summary amounts are extended to which statement columns on the worksheet?
The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $199,000 recorded in the Debit column and $215,345 in the Credit column on the line for the
The president of Murray Stainless Steel Corporation has told you to go out to the factory and count merchandise inventory. He said the stockholders were coming for a meeting and he wanted to put on a
Give examples of some current assets that usually are classified as Current Assets on the balance sheet.
What types of accounts, permanent or temporary, appear on the post-closing trial balance?
Kagan Company’s inventory turnover ratio was nine times in 2018 and eight times in 2019. Did Kagan Company sell its inventory more quickly, or more slowly, in 2019 compared to 2018?

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