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

Result Not Found

Books FREE
Tutors
Study Help
Hire a Tutor
AI Study Help New

Search
Sign In
Register

study help
business
financial accounting 11th edition

Questions and Answers of Financial Accounting 11th Edition

2. The following normal balances appear on the adjusted trial balance of Parks National Company:The carrying amount of the equipment isa. $120,000.b. $127,500.c. $142,500.d. $150,000. Equipment
3. Pisces, Inc., purchased supplies for $1,300 during 20X6. At year-end, Pisces had $800 of supplies left. The adjusting entry shoulda. credit Supplies $800.b. debit Supplies $500.c. debit Supplies
4. The accountant for Starter Corp. failed to make the adjusting entry to record depreciation for the current year. The effect of this error is which of the following?a. Assets are overstated;
5. Interest earned on a note receivable at December 31 equals $400. What adjusting entry is required to accrue this interest?a. Interest Receivable 400 Interest Revenue 400b. Interest Expense 400
6. If a real estate company fails to accrue commission revenue,a. revenues are understated and net income is overstated.b. net income is understated and shareholders’ equity is overstated.c.
7. All of the following statements are true except one. Which statement is false?a. Accrual-basis accounting produces better information than cash-basis accounting.b. Adjusting entries are required
8. The account Unearned Revenue is a(n)a. revenue.b. asset.c. liability.d. expense.
9. Adjusting entriesa. are needed to measure the period’s net income or net loss accounts.b. usually do not debit or credit the cash account.c. update the accounts.d. apply to all of the above.
10. An adjusting entry that debits an expense and credits a liability is which type of expense?a. Accrued expenseb. Cash expensec. Prepaid expensed. Depreciation expense
11. On a trial balance, which of the following would indicate that an error has been made?a. Accumulated Depreciation has a credit balance.b. Service Revenue has a debit balance.c. Salary Expense has
12. The entry to close Management Fee Revenue would be which of the following?a. Retained Earningsb. Management Fee Revenuec. Retained Earningsd. Dividend does not need to be closed.
13. Which of the following accounts is not closed?a. Accumulated Depreciationb. Dividendsc. Interest Revenued. Depreciation Expense
S3-1. (Learning Objective 1: Linking accrual accounting and cash flows) Patrick Corporation made sales of $850 million during 20X6. Of this amount, Patrick collected cash for all but $30 million. The
S3-2. (Learning Objective 1: Explaining how accrual accounting differs from cash-basis accounting) County Corporation began 20X6 owing notes payable of $4.2 million. During 20X6, County borrowed $2.8
S3-3. (Learning Objectives 1, 2: Linking accrual accounting and cash flows; applying accounting principles) As the controller of Apple Consulting, you have hired a new employee, whom you must train.
S3-4. (Learning Objective 2: Applying the revenue and expense recognition principles) A large auto manufacturer sells large fleets of vehicles to auto rental companies, such as Lewis and Clark.
S3-5. (Learning Objective 2: Applying accounting concepts and principles) Write a short paragraph in your own words to explain the concept of depreciation as used in accounting.
S3-6. (Learning Objective 2: Applying accounting concepts and principles) Identify the accounting concept or principle that gives the most direction on how to account for each of the following
S3-7. (Learning Objective 3: Adjusting prepaid expenses) Answer the following questions about prepaid expenses:a. On March 1, Sunshine Travel prepaid $5,400 for six months’ rent. Provide the
S3-8. (Learning Objectives 1, 3: Recording depreciation; linking accrual accounting and cash flows) Suppose that on January 1 Gulfstream Golf Company paid cash of $60,000 for computers that are
S3-9. (Learning Objective 2: Applying the revenue recognition principles and matching concept) During 20X6, Litblue Airlines paid salary expenses of €39.7 million. At December 31, 20X6, Litblue
S3-10. (Learning Objective 3: Accruing and paying interest expense) Leisure Travel borrowed$100,000 on October 1 by signing a note payable to First State Bank. The interest expense for each month is
S3-11. (Learning Objective 3: Accruing and receiving cash from interest revenue) Return to the situation in Short Exercise 3-10. Here you are accounting for the same transactions on the books of
S3-12. (Learning Objectives 1, 3: Relating accrual accounting to cash flows; adjusting the accounts) Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your
S3-13. (Learning Objectives 3, 4: Adjusting the accounts; reporting prepaid expenses) Eagle Express Co. prepaid four years’ rent ($24,000) on January 1, 20X6. At December 31, 20X6, Eagle prepared a
S3-14. (Learning Objective 3: Adjusting the accounts) Richmond, Inc., collects cash from customers two ways:a. Accrued revenue. Some customers pay Richmond after Richmond has performed services for
S3-15. (Learning Objective 4: Preparing the financial statements) Suppose Hawk Sporting Goods Company reported the following data at March 31, 20X8, with amounts in thousands:Use these data to
S3-16. (Learning Objective 5: Making closing entries) Use the Hawk Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at March 31, 20X8.Then set up a T-account
E3-17A. (Learning Objective 1: Linking accrual accounting and cash flows) During 20X7, Milky Way Corporation made sales of $4,600 (assume all on account) and collected cash of$4,800 from customers.
E3-18A. (Learning Objective 1: Linking accrual accounting and cash flows) During 20X7, Plateau Sales, Inc., earned revenues of $590,000 on account. Plateau collected $610,000 from customers during
E3-19A. (Learning Objectives 1, 2: Using accrual accounting; applying accounting principles)During 20X8, Carson Network, Inc., which designs network servers, earned revenues of$850 million. Expenses
E3-20A. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and cash basis) An accountant made the following adjustments at December
E3-21A. (Learning Objectives 2, 3: Applying the matching concept; allocating supplies cost between the asset and the expense) Blue Buttons, Inc., experienced four situations for its supplies. Compute
E3-22A. (Learning Objective 3: Journalizing adjusting entries) Jose Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 20X7, for each situation.
E3-23A. (Learning Objective 3: Making adjustments in T-accounts) The accounting records of Fiona Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, $1,500;
E3-24A. (Learning Objective 4: Preparing the financial statements) The adjusted trial balance of Tasty Food, Inc., follows.Requirement 1. Prepare Tasty Food, Inc.’s Income Statement and statement
E3-25A. (Learning Objectives 3, 4: Measuring financial statement amounts; preparing financial statement amounts) The adjusted trial balances of Doyle Corporation at March 31, 20X8, and March 31,
E3-26A. (Learning Objective 4: Reporting on the financial statements) This question deals with the items and the amounts that two entities, Mother Catherine Hospital (Mother Catherine)and City of
E3-27A. (Learning Objectives 1, 3: Linking deferrals and cash flows) New Age Mobile, the British wireless phone service provider, collects cash in advance from customers. All amounts are in millions
E3-28A. (Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of Sunnyside Corporation at December 31, 20X8:How much net
E3-29A. (Learning Objectives 3, 5: Identifying and recording adjusting and closing entries)The unadjusted trial balance and Income Statement amounts from the December 31 adjusted trial balance of
E3-30B. (Learning Objective 1: Linking accrual accounting and cash flows) During 20X7, Andromeda Corporation made sales of €4,200 (assume all on account) and collected cash of€4,800 from
E3-31B. (Learning Objective 1: Linking accrual accounting and cash flows) During 20X7, Valley Sales, Inc., earned revenues of €690,000 on account. Valley collected€650,000 from customers during
E3-32B. (Learning Objectives 1, 2: Using the accrual basis of accounting; applying accounting principles) During 20X8, Carlton Network, Inc., which designs network servers, earned revenues of €800
E3-33B. (Learning Objectives 1, 3: Journalizing adjusting entries and analyzing their effects on net income; comparing accrual and cash basis) An accountant made the following adjustments at December
E3-34B. (Learning Objectives 2, 3: Applying the revenue recognition principles; allocating supplies cost between the asset and the expense) Mega Minds, Inc., experienced four situations for its
E3-35B. (Learning Objective 3: Journalizing adjusting entries) Felipe Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 20X7, for each situation.
E3-36B. (Learning Objective 3: Making adjustments in T-accounts) The accounting records of Harry Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, €1,400;
E3-37B. (Learning Objective 4: Preparing the financial statements) The adjusted trial balance of Sweet Hut, Inc., is as follows.Requirement 1. Prepare Sweet Hut, Inc.’s Income Statement and
E3-38B. (Learning Objectives 3, 4: Measuring financial statement amounts; preparing financial statement amounts) The adjusted trial balances of Austen Corporation at March 31, 20X8, and March 31,
E3-39B. (Learning Objective 4: Reporting on the financial statements) This question deals with the items and the amounts that two entities, Mother Claire Hospital (Mother Claire) and City of Murcia
E3-40B. (Learning Objectives 1, 3: Linking deferrals and cash flows) GTel, the British wireless phone service provider, collects cash in advance from customers. All amounts are in millions of pounds
E3-41B. (Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of North Shore Corporation at December 31, 20X8:How much net
E3-42B. (Learning Objectives 3, 5: Identifying and recording adjusting and closing entries)The unadjusted trial balance and Income Statement amounts from the December 31 adjusted trial balance of
E3-43. (Learning Objectives 3, 4, 5: Adjusting the accounts; preparing the financial statements; closing the accounts) Refer to Exercise 2-36. Start from the trial balance and the posted T-accounts
E3-44. (Learning Objectives 3, 4: Computing financial statement amounts) The accounts of Gretel Company prior to the year-end adjustments follow.Adjusting data at the end of the year include which of
You are promoting a rock concert in your area. Assume you organize as a corporation, with each member of your group purchasing $10,000 of the corporation’s shares. Therefore, each of you is risking
Q3-45. In which month should Kelly record the cost of the cleaning supplies as an expense?a. Januaryc. Marchb. Februaryd. April
This case spans all 12 chapters and is based on the consolidated financial statements of Nestlé.As you work with Nestlé throughout this course, you will develop the confidence and ability to use
Q3-46. In which month should Kelly report the $35 revenue on the company’s Income Statement?a. Januaryc. Marchb. Februaryd. April
Issue 3. Community Bank has a loan receivable from IMS Chocolates. IMS is six months late in making payments to the bank, and Jan French, a Community Bank vice president, is assisting IMS to
Q3-47. If Kelly Company uses the cash basis of accounting instead of the accrual basis, in which month will it report revenue and in which month will it report expense?Revenue Expensea. February
Issue 2. Barry Galvin is executive vice president of Community Bank. Active in community affairs, Galvin serves on the board of directors of The Salvation Army. The Salvation Army is expanding
Issue 1. Sunrise Bank recently appointed the accounting firm of Smith, Godfroy, and Hannaford as the bank’s auditor. Sunrise quickly became one of Smith, Godfroy, and Hannaford’s largest clients.
Q3-48. In which month should revenue be recorded?a. In the month that goods are ordered by the customerb. In the month that cash is collected from the customerc. In the month that the invoice is
Case 2. (Learning Objectives 1, 2: Learning about fraud; correcting an internal control weakness) This case is based on an actual situation experienced by one of the authors. Gilead Construction,
P5-72B. (Learning Objective 2: Identifying internal control weakness in sales and cash receipts)Glowing Skin Care makes all sales on credit. Cash receipts arrive by mail, usually within 30 days of
Q3-49. On January 1 of the current year, Dumbo Company paid $1,200 rent to cover six months(January–June). Dumbo recorded this transaction as follows:Dumbo adjusts the accounts at the end of each
P5-70B. (Learning Objectives 1, 2: Learning about fraud; identifying internal control weakness)Each of the following situations reveals an internal control weakness:Situationa. In evaluating the
P5-63A. (Learning Objective 2: Identifying internal control weakness in sales and cash receipts)Smooth Skin Care makes all sales on credit. Cash receipts arrive by mail, usually within 30 days of the
P5-61A. (Learning Objectives 1, 2: Learning about fraud; identifying internal control weakness) Each of the following situations reveals an internal control weakness:a. In evaluating the internal
Q5-60. Gordon Company uses the aging method in setting its allowance for doubtful receivables.Allowance for doubtful accounts prior to adjustment has a credit balance of $2,900. Management estimates
Q3-50. Assume the same facts as in question 3-49. Dumbo’s adjusting entry at the end of February should include a debit to Rent Expense in the amount ofa. $400.c. $200.b. $0.d. $1,000.
Q5-57. Under the allowance method for uncollectible receivables, the entry to record uncollectible-account expense has what effect on the financial statements?a. Decreases assets and has no effect on
Q5-56. Before paying an invoice for goods received on account, the controller or treasurer should ensure thata. the company is paying for the goods it ordered.b. the company has not already paid this
Q3-51. What effect does the adjusting entry in question 3-50 have on Dumbo’s net income for February?a. Increase by $200c. Decrease by $200b. Increase by $400d. Decrease by $400
Q5-55. If a bank reconciliation included a deposit in transit of $780, the entry to record this reconciling item would includea. a debit to cash for $780.c. a credit to prepaid insurance for $780.b.
Q5-54. If a bookkeeper mistakenly recorded a $45 deposit as $54, the error would be shown on the bank reconciliation as aa. $9 deduction from the book balance.c. $54 deduction from the book
Q3-52. An adjusting entry recorded April salary expense that will be paid in May. Which statement best describes the effect of this adjusting entry on the company’s accounting equation?a. Assets
Q5-53. All of the following are controls for cash received over the counter excepta. the cash drawer should open only when the sales clerk enters an amount on the keys.b. the customer should be able
Q5-52. Requiring that an employee with no access to cash do the accounting is an example of which characteristic of internal control?a. Competent and reliable personnelc. Separation of dutiesb.
Q5-51. All of the following are objectives of internal control excepta. to safeguard assets.b. to maximize net income.c. to comply with legal requirements.d. to ensure accurate and reliable
Q3-53. On April 1, 20X7, Royal Insurance Company sold a one-year insurance policy covering the year ended April 1, 20X8. Royal collected the full $3,200 on April 1, 20X7. Royal made the following
E5-50. (Learning Objective 4: Reconstructing receivables and bad-debt amounts) Suppose Hearts, Inc., reported net receivables of $2,856 million and $2,628 million at January 31, 20X7 and 20X6, after
E5-48. (Learning Objectives 1, 2: Learning about fraud; evaluating internal controls over cash payments; focusing on ethical considerations) Shirley Hopper, the owner of Shirley’s Perfect Presents,
Q3-54. The Unearned Revenue account of Genius Incorporated began 20X6 with a normal balance of $3,000 and ended 20X6 with a normal balance of $18,000. During 20X6, the Unearned Revenue account was
E5-43B. (Learning Objective 4: Using the allowance method for bad debts) On April 30, Hilltop Party Planners had a €38,000 balance in Accounts Receivable and a €4,500 credit balance in Allowance
E5-42B. (Learning Objective 4: Reporting bad debts by the allowance method) At December 31, Will’s Travel has an accounts receivable balance of €90,000. Allowance for Doubtful Accounts has a
E5-41B. (Learning Objective 3: Preparing a cash budget) Fellow Communications, Inc., is preparing its cash budget for 20X7. Fellow ended 20X6 with cash of €85 million, and managers need to keep a
E5-40B. (Learning Objective 3: Making journal entries from a bank reconciliation) Use the data from Exercise 5-39B to make the journal entries that Sparks should record on September 30 to update his
Q3-55. What is the effect on the financial statements of recording depreciation on equipment?a. Assets are decreased, but net income and shareholders’ equity are not affected.b. Net income and
E5-39B. (Learning Objective 3: Preparing a bank reconciliation) Harry Sparks operates a bowling alley. He has just received the monthly bank statement at September 30 from City National Bank, and the
E5-37B. (Learning Objective 3: Classifying bank reconciliation items) The following items appear on a bank reconciliation.Classify each item as (a) an addition to the book balance, (b) a subtraction
Q3-56. For 20X6, Martin Company had revenues in excess of expenses. Which statement describes Martin’s closing entries at the end of 20X6?a. Revenues will be debited, expenses will be credited, and
E5-36B. (Learning Objective 2, 4: Evaluating internal control over cash payments) Long Range Golf Company manufactures a popular line of golf clubs. Long Range Golf employs 167 workers and keeps
E5-35B. (Learning Objective 2: Evaluating internal control over cash receipts) Ripley stores use point-of-sale terminals as cash registers. The register shows the amount of each sale, the cash
E5-34B. (Learning Objectives 1, 2: Learning about fraud; correcting an internal control weakness) Simon Stuart served as executive director of Downtown Scanlon, an organization created to revitalize
Q3-57. Which of the following accounts would not be included in the closing entries?a. Accumulated Depreciationc. Service Revenueb. Depreciation Expensed. Retained Earnings
E5-33B. (Learning Objective 2: Identifying internal control strengths and weaknesses) The following situations describe two cash payment situations and two cash receipt situations. In each pair, one
Q3-58. A major purpose of preparing closing entries is toa. update the Retained Earnings account.b. adjust the asset accounts to their correct current balances.c. close out the Supplies account.d.

Showing 900 - 1000 of 2576

First
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Last

Services

Sitemap
Fun
Definitions
Become Tutor
Study Help Categories
Recent Questions
Expert Questions

Company Info

Security
Copyrights
Privacy Policy
Terms & Conditions
SolutionInn Fee
Scholarship

Get In Touch

About Us
Contact Us
Career
Jobs
FAQ
Campus Ambassador

Secure Payment

Download Our App

© 2024 SolutionInn. All Rights Reserved