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business
financial accounting information for decisions

Questions and Answers of Financial Accounting Information For Decisions

Biloxi Gifts uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this appendix. Journalize its November
Wilcox Electronics uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursements journal, and a general journal as illustrated in this appendix. Wilcox recently completed
Does the balance sheet of Apple in Appendix A indicate the identifiable assets owned by its business segments?If so, list them.AppendixLO1
Does the income statement of Circuit City in Appendix A indicate the net income earned by its business segments? If so, list them.AppendixLO1
Locate the note that discusses Best Buy’s operations by segments in Appendix A. In what two segments does it predominantly operate?AppendixLO1
Why should sales to and receipts of cash from credit customers be recorded and posted immediately?AppendixLO1
Credits to customer accounts and credits to Other Accounts are individually posted from a cash receipts journal such as the one in Exhibit E.7. Why not put both types of credits in the same column
Describe the procedures involving the use of copies of a company’s sales invoices as a sales journal.AppendixLO1
When a general journal entry is used to record sales returns, the credit of the entry must be posted twice. Does this cause the trial balance to be out of balance? Explain.AppendixLO1
What notations are entered into the Posting Reference column of a ledger account?AppendixLO1
When special journals are used, they are usually used to record each of four different types of transactions. What are these four types of transactions?AppendixLO1
What purpose is served by the output devices of an accounting system?AppendixLO1
What is the difference between data that are stored off-line and data that are stored online?AppendixLO1
What is the purpose of an input device? Give examples of input devices for computer systems.AppendixLO1
What are source documents? Give two examples.AppendixLO1
What are five basic components of an accounting system?AppendixLO1
What are the five fundamental principles of accounting information systems?AppendixLO1
Enterprise resource planning softwarea. Refers to programs that help manage company operations.b. Is another name for spreadsheet programs.c. Uses batch processing of business information.d. Is
A subsidiary ledger that contains a separate account for each supplier (creditor) to the company is thea. Controlling accountb. Accounts payable ledger Appendix E Reporting and Preparing Special
The ledger that contains the financial statement accounts of a company is thea. General journalb. Column balance journalc. Special ledgerd. General ledgere. Special journal AppendixLO1
The purchases journal is used to recorda. Credit salesb. Cash salesc. Cash receiptsd. Cash purchasese. Credit purchases.AppendixLO1
The sales journal is used to recorda. Credit salesb. Cash salesc. Cash receiptsd. Cash purchasese. Credit purchases AppendixLO1
Describe ERP software and its potential advantages to businesses.AppendixLO1
Identify an advantage of computer networks.AppendixLO1
What advantages do computer systems offer over manual systems?AppendixLO1
Identify an advantage of an integrated computer-based accounting system.AppendixLO1
Why does a company need a general journal when using special journals for sales, purchases, cash receipts, and cash disbursements?AppendixLO1
How do we prove the accuracy of account balances in the general ledger and subsidiary ledgers after posting?AppendixLO1
What is the process for posting to a subsidiary ledger and its controlling account?AppendixLO1
What are the normal recording and posting procedures when using special journals and controlling accounts with subsidiary ledgers?AppendixLO1
What is direct posting of sales invoices?AppendixLO1
How are sales taxes recorded in the context of special journals?AppendixLO1
How do we identify the journal from which an amount in a ledger account was posted?AppendixLO1
How do debits and credits remain equal when credit sales are posted twice (once to Accounts Receivable and once to the customer’s subsidiary account)?AppendixLO1
How does a columnar journal save posting time and effort?AppendixLO1
When special journals are used, where are cash payments by check recorded?AppendixLO1
How are data in the information storage component of an accounting system used?AppendixLO1
What is the aim of information processors in an accounting system?AppendixLO1
Identify the five primary components of an accounting information system.AppendixLO1
Appendix E-A—Journalize and post transactions using special journals in a periodic inventory system.AppendixLO1
Prepare and prove the accuracy of subsidiary ledgers. (p. E-9)AppendixLO1
Journalize and post transactions using special journals. (p. E-8)AppendixLO1
Compute segment return on assets and use it to evaluate segment performance.AppendixLO1
Explain how technology-based information systems impact accounting.AppendixLO1
Describe the use of controlling accounts and subsidiary ledgers.(p. E-6)AppendixLO1
Explain the goals and uses of special journals. (p. E-5)AppendixLO1
Identify components of accounting information systems. (p. E-3)AppendixLO1
Identify fundamental principles of accounting information systems.(p. E-2)AppendixLO1
Assume that you are studying for an upcoming accounting exam with a good friend. Your friend says that she has a solid understanding of general partnerships but is less sure that she understands
Lasure, Ramirez, and Toney, who share income and loss in a 2:1:2 ratio, plan to liquidate their partnership.At liquidation, their balance sheet appears as follows.LASURE, RAMIREZ, AND TONEY Balance
Part 1. Craig, Cook, and Chan are partners and share income and loss in a 5:1:4 ratio. The partnership’s capital balances are as follows: Craig, $606,000; Cook, $148,000; and Chan, $446,000. Craig
Sally Cook, Lin Xi, and Ken Schwartz formed the CXS Partnership by making capital contributions of$144,000, $216,000, and $120,000, respectively. They predict annual partnership net income of
Maria Bell and J. R. Green are forming a partnership to which Bell will devote one-third time and Green will devote full time. They have discussed the following alternative plans for sharing income
Matt Albin, Ryan Peters, and Seth Ramsey invested $164,000, $98,400, and $65,600, respectively, in a partnership. During its first calendar-year, the firm earned $270,000.Required Prepare the entry
Kendra, Cogley, and Mei share income and loss in a 3:2:1 ratio. The partners have decided to liquidate their partnership. On the day of liquidation their balance sheet appears as follows.(2c) Cr.
Part 1. Meir, Benson, and Lau are partners and share income and loss in a 3:2:5 ratio. The partnership’s capital balances are as follows: Meir, $168,000; Benson, $138,000; and Lau, $294,000. Benson
Bill Beck, Bruce Beck, and Barb Beck formed the BBB Partnership by making capital contributions of $67,500, $262,500, and $420,000, respectively. They predict annual partnership net income of
Irma Watts and John Lyon are forming a partnership to which Watts will devote one-half time and Lyon will devote full time. They have discussed the following alternative plans for sharing income and
Kim Ries, Tere Bax, and Josh Thomas invested $80,000, $112,000, and $128,000, respectively, in a partnership.During its first calendar-year, the firm earned $249,000.Required Prepare the entry to
Hunt Sports Enterprises LP is organized as a limited partnership consisting of two individual partners:Soccer LP and Football LP. Both partners separately operate a minor league soccer team and a
Assume that the Turner, Roth, and Lowe partnership of Exercise D-10 is a limited partnership. Turner and Roth are general partners and Lowe is a limited partner. How much of the remaining $28,000
Turner, Roth, and Lowe are partners who share income and loss in a 1:4:5 ratio. After lengthy disagreements among the partners and several unprofitable periods, the partners decided to liquidate the
The Red, White & Blue partnership was begun with investments by the partners as follows: Red, $180,000;White, $240,000; and Blue, $210,000. The operations did not go well, and the partners eventually
Holland, Flowers, and Tulip have been partners while sharing net income and loss in a 5:3:2 ratio. On January 31, the date Tulip retires from the partnership, the equities of the partners are
The Struter Partnership has total partners’ equity of $510,000, which is made up of Main, Capital,$400,000, and Frist, Capital, $110,000. The partners share net income and loss in a ratio of 80% to
The partners in the Biz Partnership have agreed that partner Mandy may sell her $100,000 equity in the partnership to Brittney, for which Brittney will pay Mandy $85,000. Present the partnership’s
Assume that the partners of Exercise D-4 agreed to share net income and loss by granting annual salary allowances of $50,000 to Kramer and $40,000 to Knox, 10% interest allowances on their
Kramer and Knox began a partnership by investing $60,000 and $80,000, respectively. During its first year, the partnership earned $160,000. Prepare calculations showing how the $160,000 income should
On March 1, 2008, Eckert and Kelley formed a partnership. Eckert contributed $82,500 cash and Kelley contributed land valued at $60,000 and a building valued at $100,000. The partnership also assumed
For each of the following separate cases, recommend a form of business organization. With each recommendation, explain how business income would be taxed if the owners adopt the form of organization
Next to the following list of eight characteristics of business organizations, write a brief description of how each characteristic applies to general partnerships.Characteristic Application to
Howe and Duley’s company is organized as a partnership. At the prior year-end, partnership equity totaled$150,000 ($100,000 from Howe and $50,000 from Duley). For the current year, partnership net
Jules and Johnson are partners, each with $40,000 in their partnership capital accounts. Kwon is admitted to the partnership by investing $40,000 cash. Make the entry to show Kwon’s admission to
Stein agrees to pay Choi and Amal $10,000 each for a one-third (331⁄3%) interest in the Choi and Amal partnership. Immediately prior to Stein’s admission, each partner had a $30,000 capital
Frain organized a limited partnership and is the only general partner. Mourlan invested $20,000 in the partnership and was admitted as a limited partner with the understanding that he would receive
Blake and Matthai are partners who agree that Blake will receive a $100,000 salary allowance and that any remaining income or loss will be shared equally. If Matthai’s capital account is credited
Ann Stolton and Susie Bright are partners in a business they started two years ago. The partnership agreement states that Stolton should receive a salary allowance of $15,000 and that Bright should
Amaya and Leon are partners in operating a store. Without consulting Amaya, Leon enters into a contract to purchase merchandise for the store. Amaya contends that she did not authorize the order and
Assume a partner withdraws from a partnership and receives assets of greater value than the book value of his equity. Should the remaining partners share the resulting reduction in their equities in
After all partnership assets have been converted to cash and all liabilities paid, the remaining cash should equal the sum of the balances of the partners’ capital accounts. Why?AppendixLO1
Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance.Moreover, she is unable to meet the deficit from her personal assets, and her
George, Burton, and Dillman have been partners for three years.The partnership is being dissolved. George is leaving the firm, but Burton and Dillman plan to carry on the business. In the final
How does a general partnership differ from a limited partnership?AppendixLO1
What does the term unlimited liability mean when it is applied to partnership members?AppendixLO1
Allocation of partnership income among the partners appears on what financial statement?AppendixLO1
Assume that the Barnes and Ardmore partnership agreement provides for a two-third/one-third sharing of income but says nothing about losses. The first year of partnership operation resulted in a
Assume that Amey and Lacey are partners. Lacey dies, and her son claims the right to take his mother’s place in the partnership.Does he have this right? Why or why not?AppendixLO1
Can partners limit the right of a partner to commit their partnership to contracts? Would such an agreement be binding(a) on the partners and (b) on outsiders?AppendixLO1
What does the term mutual agency mean when applied to a partnership?AppendixLO1
If a partnership contract does not state the period of time the partnership is to exist, when does the partnership end?AppendixLO1
Mee Su is a partner in Hartford Partners, LLC. Her partnership capital balance at the beginning of the current year was$110,000, and her ending balance was $124,000. Her share of the partnership
Hansen and Fleming are partners and share equally in income or loss. Hansen’s current capital balance in the partnership is$125,000 and Fleming’s is $124,000. Hansen and Fleming agree to accept
Jamison and Blue form a partnership with capital contributions of $600,000 and $800,000, respectively. Their partnership agreement calls for Jamison to receive $120,000 per year in salary. Also, each
Katherine, Alliah, and Paulina form a partnership. Katherine contributes $150,000, Alliah contributes $150,000, and Paulina contributes $100,000. Their partnership agreement calls for the income or
Stokely and Leder are forming a partnership. Stokely invests a building that has a market value of $250,000; and the partnership assumes responsibility for a $50,000 note secured by a mortgage on
Denzel and Shantell form a partnership by contributing $70,000 and $35,000, respectively. They agree to an interest allowance equal to 10% of each partner’s capital balance at the beginning of the
Which of the following forms of organization do not provide limited liability to all of its owners:(a) S corporation, (b) limited liability company, (c) limited partnership?AppendixLO1
What does the term unlimited liability mean when applied to a general partnership?AppendixLO1
A partnership is terminated in the event (a) a partnership agreement is not in writing,(b) a partner dies, (c) a partner exercises mutual agency.AppendixLO1
Prepare entries for partnership liquidation.AppendixLO1

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