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business
financial accounting 11th

Questions and Answers of Financial Accounting 11th

Prepare closing entries and a post-closing trial balance (Learning Objective 4) 20–25 min.The June 30, 2014, adjusted trial balance of KLR, Inc., is shown next.Requirements 1. Prepare the June
Prepare financial statements (Learning Objective 3) 20–25 min.The adjusted trial balance for Ocean Realty, Inc., at March 31, 2014, follows:Requirements 1. Prepare Ocean Realty’s income statement
Effects of adjusting journal entries on income statement accounts(Learning Objectives 2 & 3) 20–25 min.Sky Way, Corp., completed the following selected transactions and prepared these adjusting
Prepare adjusting journal entries and an adjusted trial balance (Learning Objectives 2 & 3) 25–30 min.The trial balance of Novelty Nook, Inc., at June 30, 2014, and the data needed for the
Recreating adjusting journal entries from trial balance (Learning Objective 2) 15–20 min.Assume the unadjusted and adjusted trial balances for Fox Theater, Inc., at November 30, 2014, show the
Prepare closing entries and a post-closing trial balance (Learning Objective 4) 20–25 min.The April 30, 2014, adjusted trial balance of Steamed Sensation, Inc., is shown next.Requirements 1.
Prepare financial statements (Learning Objective 3) 20–25 min.The adjusted trial balance of Titan Realty, Inc., at December 31, 2014, follows:Requirements 1. Prepare Titan Realty’s income
Effects of adjusting journal entries on income statement accounts(Learning Objectives 2 & 3) 20–25 min.Troy, Corp., completed the following selected transactions and prepared these adjusting
Prepare adjusting journal entries and an adjusted trial balance (Learning Objectives 2 & 3) 25–30 min.The trial balance of Advantage Advertising, Inc., at November 30, 2014, and the data needed
Recreating adjusting journal entries from trial balance (Learning Objective 2) 15–20 min.Assume the unadjusted and adjusted trial balances for Amusement Theater, Inc., at September 30, 2014, show
Prepare closing entries (Learning Objective 4) 10–15 min.The following is the adjusted trial balance of Best Way, Inc., for January 31, 2014.Requirement 1. Journalize the closing entries at January
Prepare a post-closing trial balance (Learning Objective 4) 10–15 min.The following post-closing trial balance was prepared for Photo Finish, Inc., but some balances were entered in the wrong
Statement of retained earnings preparation (Learning Objective 3)10–15 min.From the following accounts of Christianson & Associates, Inc., prepare the business’s statement of retained
Prepare closing entries (Learning Objective 4) 10–15 min.Requirements 1. Using the following selected accounts of Jona and Son Electrical, Inc., at April 30, 2014, prepare the entity’s closing
Financial statement preparation (Learning Objective 3) 15–20 min.The adjusted trial balance for Five Star Catering, Inc., is presented next. Prepare the income statement and statement of retained
Income statement preparation (Learning Objective 3) 15–20 min.The accountant for Cyclone Construction, Inc., posted adjusting entries (a) through (e)to the accounts at July 31, 2014. Selected
Adjusting journal entry—prepaid insurance (Learning Objective 2)5–10 min.Calculate the missing amounts for each of the Prepaid Insurance situations.For situation A, journalize the adjusting
Prepare closing entries (Learning Objective 4) 10–15 min.The adjusted trial balance shown below is for Brava Company at the end of its fiscal year.Requirement 1. Prepare the closing entries for the
Prepare a post-closing trial balance (Learning Objective 4) 10–15 min.The following post-closing trial balance was prepared for Perfect Portraits, Inc., but some balances were entered in the wrong
Statement of retained earnings preparation (Learning Objective 3)10–15 min.From the following accounts of Waves Salon, Inc., prepare the business’s statement of retained earnings for the year
Prepare closing entries (Learning Objective 4) 10–15 min.Requirements 1. Using the following selected accounts of Allied Electrical, Inc., at November 30, 2014, prepare the entity’s closing
Financial statement preparation (Learning Objective 3) 15–20 min.The adjusted trial balance of Credit Financier Co. appears below. Using the information from the adjusted trial balance, you are to
Income statement preparation (Learning Objective 3) 15–20 min.The accountant for Halco, Inc., posted adjusting entries (a) through (e) to the accounts at December 31, 2014. Selected balance sheet
Adjusting journal entry—prepaid insurance (Learning Objective 2)5–10 min.Calculate the missing amounts for each of the following Prepaid Insurance situations.For situation A, journalize the
Preparing a post-closing trial balance (Learning Objective 4) 5–10 min.After closing its accounts at July 31, 2014, Anderson Realty, Inc., had the following account balances:AppendixLO1 Notes
Adjusting and closing entries (Learning Objectives 2 & 4) 5–10 min.For the following series of journal entries, indicate whether each is an adjusting entry(ADJ) or a closing entry
Which of the following is not a closing entry?AppendixLO1 DATE ACCOUNTS a. Salaries Payable POST REF. DR. CR. 1,000 b. Retained Earnings Service Revenue Retained Earnings 1,000 1,200 1,200 C.
Assume that the weekly payroll of ASR, Inc., is $4,500. Employees work five days per week, Monday through Friday. December 31, the end of the year, falls on Wednesday, but the company won’t pay
Prepare a trial balance, income statement, statement of retained earnings, and balance sheet (Learning Objective 4) 20–25 min.The accounts of Baker Consulting, Inc., follow with their normal
Journalizing, posting, and trial balance preparation (Learning Objectives 3& 4) 25–30 min.The trial balance for XYZ Systems, Inc., at January 15, 2014, follows:During the remainder of January,
Journalizing, posting, and trial balance preparation (Learning Objectives 3 & 4) 20–25 min.Tom Slater opened an accounting firm on July 1, 2014. During the month of July, the business completed
Journalizing transactions (Learning Objective 3) 15–20 min.Action Advertising, Inc., engaged in the following business transactions during May 2014:Action Advertising, Inc., uses the following
Journalizing transactions (Learning Objective 3) 15–20 min.Tina Dalton practices law under the business title Tina Dalton, Attorney at Law, Inc.During September, her law practice engaged in the
Prepare a trial balance, income statement, statement of retained earnings, and balance sheet (Learning Objective 4) 20–25 min.The accounts of Apex Consulting, Inc., follow with their normal
Journalizing, posting, and trial balance preparation (Learning Objectives 3 & 4) 25–30 min.The trial balance for Safe Systems, Inc., at September 15, 2014, follows:During the remainder of
Journalizing, posting, and trial balance preparation (Learning Objectives 3 & 4) 20–25 min.Tucker Stevens opened an accounting firm on October 1, 2014. During the month of October, the business
Journalizing transactions (Learning Objective 3) 15–20 min.Annabel Marshall practices law under the business title Annabel Marshall, Attorney at Law, Inc. During April, her law practice engaged in
Journalizing, posting, trial balance, income statement, and balance sheet (Learning Objectives 3 & 4) 25–30 min.Nolan Consulting, Inc., completed the following transactions during September
Balancing accounts and prepare trial balance (Learning Objectives 2 & 3)10–15 min.The transactions for Fun Time Daycare, Inc., for the month of May 2014 are posted in the following
Journalizing transactions (Learning Objective 3) 15–20 min.Flores & Associates, Inc., completed the following transactions during December 2014, its first month of operations:Requirement 1.
Journalizing transactions (Learning Objective 3) 15–20 min.Using the steps outlined in the five-step transaction analysis, record the following transactions in the general journal for Washup
Journalizing transactions (Learning Objectives 2 & 3) 10–15 min.The following are six journal entries KLP Engineering, Inc., made during the month of April.Requirement 1. For each transaction
Error correction (Learning Objective 4) 20–25 min.Allie Murphy has trouble keeping her debits and credits equal. During a recent month, Allie made the following errors:a. Allie recorded a $450
Record transactions and prepare a trial balance (Learning Objectives 3 & 4)15–20 min.Baily Realty, Inc., had the following transactions for the month of March 2014.The following T-accounts have
Prepare trial balance (Learning Objective 4) 10–15 min.The accounting records for Audio Masters, Corp., contain the following amounts on April 30, 2014. The accounts appear in no particular
The entry to record the payment of $1,500 rent expense would be which of the following?AppendixLO1 DATE a. ACCOUNTS Rent Expense POST REF. DR. CR. 1,500 b. Cash Cash Rent Expense 1,500 1,500 1,500 C.
Which journal entry records obtaining a bank loan of $10,000?AppendixLO1 DATE a. ACCOUNTS Notes Payable Cash b. Cash Notes Payable POST REF. DR. CR. 10,000 10,000 10,000 10,000 C. Notes Payable
Posting a $500 purchase of supplies on account appears as which of the following?AppendixLO1 a. Supplies 500 Accounts Payable 500 C. Cash Supplies 500 500 b. Supplies 500 Accounts Payable 500 d.
Cathy’s Catering, Inc., purchased $200 of supplies on account. The journal entry to record this transaction is denoted by which of the following?AppendixLO1 DATE a. ACCOUNTS Supplies Accounts
Analyzing stockholders’ equity (Learning Objective 7) 15–20 min.Columbia Analysts, Inc., reported the following statement of stockholders’ equity for the year ended September 30, 2014.Columbia
Accounting for various stockholders’ equity transactions (Learning Objectives 5, 6, 7) 20–25 min.The balance sheet of Relaxation, Inc., at December 31, 2013, reported 650,000 shares of $2 par
Accounting for various stockholders’ equity transactions (Learning Objectives 4, 5, & 6) 20–25 min.Sinclair Corporation completed the following selected transactions during 2014:Jan 6 Jan 20 Mar
Accounting for cash dividends (Learning Objective 4) 15–20 min.Kahluna Consulting, Inc., has 8,000 shares of $5.00, no-par preferred stock and 70,000 shares of no-par common stock outstanding for
Analyzing stockholders’ equity (Learning Objectives 2, 3, & 4) 20–25 min.Davenport, Inc., included the following stockholders’ equity on its year-end balance sheet at December 31, 2014, with
Analyzing stockholders’ equity (Learning Objectives 2, 3, 4, & 7)20–25 min.Mackay, Inc., was organized in 2013. At December 31, 2013, Mackay, Inc.’s balance sheet reported the following
Stock issuance (Learning Objectives 3 & 7) 10–15 min.Partners Rodriguez and Salizar wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the
Analyzing stockholders’ equity (Learning Objective 7) 15–20 min.Market Analysts, Inc., reported the following statement of stockholders’ equity for the year ended September 30, 2014:Quick
Accounting for various stockholders’ equity transactions (Learning Objectives 5, 6, & 7) 20–25 min.The balance sheet of Britton, Inc., at December 31, 2013, reported 900,000 shares of$2 par
Accounting for various stockholders’ equity transactions(Learning Objectives 4, 5, & 6) 20–25 min.Littleton Corporation completed the following selected transactions during 2014:Jan 6 Jan 20 Mar
Accounting for cash dividends (Learning Objective 4) 15–20 min.Conway Consulting, Inc., has 10,000 shares of $4.50, no-par preferred stock and 30,000 shares of no-par common stock outstanding for
Analyzing stockholders’ equity (Learning Objectives 2, 3, & 4) 20–25 min.Malton Hotel, Inc., included the following stockholders’ equity on its year-end balance sheet at December 31, 2014, with
Analyzing stockholders’ equity (Learning Objectives 2, 3, 4, & 7) 20–25 min.Comstock Corporation was organized in 2013. At December 31, 2013, Comstock Corporation’s balance sheet reported the
Stock issuance (Learning Objectives 3 & 7) 10–15 min.Partners Pat and Quincy wish to avoid the unlimited personal liability of the partnership form of business, so they are incorporating the
Calculating return on equity (Learning Objective 8) 10–15 min.Assume that Hanson Industrial Supply, Inc., has the following data:Net income for 2014
Accounting for various stockholders’ equity transactions (Learning Objectives 3, 5, & 7) 20–25 min.Global Communications, Inc., began 2014 with 3 million shares of $2 par common stock issued and
Accounting for various stockholders’ equity transactions (Learning Objective 7) 20–25 min.At December 31, 2013, Fernandes, Corp., reported the following stockholders’ equity.Paid-in
Balance sheet disclosure of stockholders’ equity (Learning Objective 7)10–15 min.Mackay Manufacturing, Co., has the following selected account balances at January 31, 2014.$400,000 57,000 123,000
Accounting for treasury stock (Learning Objectives 6 & 7) 20–25 min.Frontier, Inc., had the following stockholders’ equity on November 30:Paid-in Capital:Common Stock, $4 par, 500,000 shares
Accounting for treasury stock (Learning Objectives 3 & 6) 20–25 min.Journalize the following transactions of Sinclair Sports, Inc., a chain of sports stores:Mar 4 May 22 Sep 22 Issued 20,000 shares
Accounting for stock issuance, splits, and treasury stock(Learning Objectives 3, 5, & 6) 20–25 min.Consider each of the following transactions separately from every other transaction:a. Issuance of
Accounting for stock splits (Learning Objectives 5 & 7) 10–15 min.Schmitz Construction, Inc., had the following stockholders’ equity at January 31:Paid-in Capital:Common Stock, $2 par, 800,000
Accounting for cash and stock dividends (Learning Objectives 4 & 5)10–15 min.Inland Machine Tool, Inc., is authorized to issue 700,000 shares of $5 par common stock. The company issued 71,000
Accounting for stock dividends (Learning Objectives 5 & 7) 10–15 min.The stockholders’ equity for Shamrock, Inc., on December 31, 2013, follows:Paid-in Capital:Common Stock, $10 par, 900,000
Accounting for cash dividends (Learning Objective 4) 10–15 min.The following elements of stockholders’ equity are adapted from the balance sheet of Sandler Corporation.Preferred Stock,
Accounting for cash dividends (Learning Objective 4) 10–15 min.Tri State Supply, Inc., has the following stockholders’ equity:Tri State Supply, Inc.Stockholders’ Equity Paid-in
Issuance of stock for cash and noncash assets (Learning Objective 3)10–15 min.Alley, Co., recently organized. The company issued no-par common stock to an attorney in exchange for his patent with a
Stock issuance (Learning Objective 3) 10–15 min.Hastings, Corp., issued 12,000 shares of no-par common stock for $18 per share.Requirements 1. Record issuance of the stock if the stock:a. is no-par
Stock issuance (Learning Objectives 3 & 7) 10–15 min.The charter for Zoom, Inc., authorizes the company to issue 900,000 shares of $3, nopar preferred stock and 1,400,000 shares of common stock
Stock issuance (Learning Objective 3) 10–15 min.TDR Systems completed the following stock issuance transactions:Sep 19 Oct 3 11 Issued 1,500 shares of $6 par common stock for cash of $11.50 per
Calculating return on equity (Learning Objective 8) 10–15 min.Assume that Simmons, Inc., has the following data:Net income for 2014
Accounting for various stockholders’ equity transactions (Learning Objectives 3, 5, & 7) 20–25 min.Oxford Communications, Inc., began 2014 with 2.8 million shares of $1 par common stock issued
Accounting for various stockholders’ equity transactions (Learning Objective 7) 20–25 min.At December 31, 2013, Dungy Corp. reported the following stockholders’ equity:Paid-in Capital:Common
Balance sheet disclosure of stockholders’ equity (Learning Objective 7)10–15 min.Oulette Manufacturing, Co., has the following selected account balances at August 31, 2014.$160,000 101,000
Accounting for treasury stock (Learning Objectives 6 & 7) 20–25 min.Swanson, Inc., had the following stockholders’ equity on November 30:Paid-in Capital:Common Stock, $2 par, 750,000 shares
Accounting for treasury stock (Learning Objectives 3 & 6) 20–25 min.Journalize the following transactions of All Sports, Inc., a chain of sports stores:May 4 Jul 22 Nov 22 Issued 29,000 shares of
Accounting for stock issuance, splits, and treasury stock(Learning Objectives 3, 5, & 6) 20–25 min.Consider each of the following transactions separately from every other transaction:a. Issuance of
Accounting for stock splits (Learning Objectives 5 & 7) 10–15 min.Tour Dejour, Inc., had the following stockholders’ equity at January 31:Paid-in Capital:Common Stock, $5 par, 500,000 shares
Accounting for cash and stock dividends (Learning Objectives 4 & 5)10–15 min.Cassel, Inc., is authorized to issue 700,000 shares of $2 par common stock. The company issued 80,000 shares at $9 per
Accounting for stock dividends (Learning Objectives 5 & 7) 10–15 min.The stockholders’ equity for Dunelit, Inc., on December 31, 2013, follows:Paid-in Capital:Common Stock, $1 par, 450,000 shares
Accounting for cash dividends (Learning Objective 4) 10–15 min.The following elements of stockholders’ equity are adapted from the balance sheet of Wolfe Corporation.Preferred Stock, cumulative,
Accounting for cash dividends (Learning Objective 4) 10–15 min.City Communications has the following stockholders’ equity:City Communications Stockholders’ Equity Paid-in Capital:Preferred
Issuance of stock for cash and noncash assets (Learning Objective 3)10–15 min.On December 1, Kadmous Corporation declares and distributes a 15% stock dividend when the market value of the stock is
Stock issuance (Learning Objective 3) 10–15 min.Elissar Corporation’s transactions pertaining to its $10 par value preferred stock are given below. Journalize the transactions. Indicate the
Stock issuance (Learning Objectives 3 & 7) 10–15 min.The charter for Watkins Inc. authorizes the company to issue 500,000 shares of $8, nopar preferred stock and 1,200,000 shares of common stock
Stock issuance (Learning Objective 3) 10–15 min.Byblos Co. had these transactions during the current period.Jun 11 Jul 12 Nov 25 Issued 50,000 shares of $3 par value common stock for cash of
Analyzing stockholders’ equity (Learning Objective 7) 10–15 min.Use the statement of stockholders’ equity in Exhibit 10-8 to answer the following questions:1. Make journal entries to record the
Balance sheet disclosure of stockholders’ equity (Learning Objective 7)5–10 min.The financial statements of Timberview, Inc., reported the following accounts (in thousands except for par
Accounting for treasury stock (Learning Objective 6) 10–15 min.Liquidation World, Inc., began operations in 2014. After issuing its common stock to the public, Liquidation World, Inc., completed
Accounting for stock splits (Learning Objective 5) 5–10 min.Suppose Nolan, Inc., has common stock, $8 par, 500,000 shares authorized, 120,000 shares issued and outstanding. The company also has
Comparing cash and stock dividends (Learning Objectives 4 & 5)10–15 min.Compare and contrast the accounting for cash dividends and stock dividends. In the space provided, insert either “Cash

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