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business
financial accounting information

Questions and Answers of Financial Accounting Information

(Learning Objective 4: Reporting on the fi nancial statements) This question deals with the items and the amounts that two entities, Mother Meghan Hospital (Mother Meghan)and City of Antwerp
(Learning Objectives 3, 4: Measuring fi nancial statement amounts; preparing fi nancial statement amounts) The adjusted trial balances of Dickens Corporation at March 31, 20X6, and March 31, 20X5,
(Learning Objective 4: Preparing the fi nancial statements) The adjusted trial balance of Delicious Hams, Inc., follows.❙ Requirement 1. Prepare Delicious Hams, Inc.’s income statement and
(Learning Objective 3: Making adjustments in T-accounts) The accounting records of Fletcher Publishing Company include the following unadjusted balances at May 31: Accounts Receivable, $1,600;
(Learning Objective 3: Journalizing adjusting entries) Jenkins Motor Company faced the following situations. Journalize the adjusting entry needed at December 31, 20X6, for each situation. Consider
(Learning Objectives 2, 3: Applying the matching concept; allocating supplies cost between the asset and the expense) Bird-Bath, Inc., experienced four situations for its supplies.Compute the amounts
(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 31, the
(Learning Objectives 1, 2: Using the accrual basis of accounting; applying accounting principles) During 20X6, Carson Network, Inc., which designs network servers, earned revenues of $800 million.
(Learning Objective 1: Linking accrual accounting and cash fl ows) During 20X6 Prairie Sales, Inc., earned revenues of $580,000 on account. Prairie collected $590,000 from customers during the year.
(Learning Objective 1: Linking accrual accounting and cash fl ows) During 20X6 Galaxy Corporation made sales of $4,100 (assume all on account) and collected cash of$4,900 from customers. Operating
(Learning Objective 5: Making closing entries) Use the Vulture Sporting Goods Company data in Short Exercise 3-15 to make the company’s closing entries at March 31, 20X6.Then set up a T-account for
(Learning Objective 4: Preparing the fi nancial statements) Suppose Vulture Sporting Goods Company reported the following data at March 31, 20X6, with amounts in thousands:Use these data to prepare
(Learning Objective 3: Adjusting the accounts) Bryson, Inc., collects cash from customers two ways:a. Accrued revenue. Some customers pay Bryson after Bryson has performed services for the customer.
(Learning Objective 3, 4: Adjusting the accounts; reporting prepaid expenses) Crow Golf Co. prepaid three years’ rent ($24,000) on January 1, 20X6. At December 31, 20X6, Crow prepared a trial
(Learning Objectives 1, 3: Relating accrual accounting to cash fl ows; adjusting the accounts) Write a paragraph to explain why unearned revenues are liabilities instead of revenues. In your
(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 Texas First
(Learning Objective 3: Accruing and paying interest expense) Resort Travel borrowed$80,000 on October 1 by signing a note payable to Texas First Bank. The interest expense for each month is $500. The
(Learning Objective 2: Applying the revenue recognition principles and matching concept) During 20X6, Lufthansa Airlines paid salary expense of €38.3 million. At December 31, 20X6, Lufthansa
(Learning Objectives 1, 3: Recording depreciation; linking accrual accounting and cash fl ows) Suppose that on January 1, Georgetown Golf Company paid cash of $80,000 for computers that are expected
(Learning Objective 3: Adjusting prepaid expenses) Answer the following questions about prepaid expenses:a. On March 1, Blue & Green Travel prepaid $4,800 for six months’ rent. Give the adjusting
(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
(Learning Objective 2: Applying accounting concepts and principles) Write a short paragraph to explain in your own words the concept of depreciation as used in accounting.
(Learning Objective 2: Applying the revenue recognition principles) A large auto manufacturer sells large fl eets of vehicles to auto rental companies, such as Acme and Harris.Suppose Acme is
(Learning Objectives 1, 2: Linking accrual accounting and cash fl ows; applying accounting principles) As the controller of Eden Consulting, you have hired a new employee, whom you must train. She
(Learning Objective 1: Linking accrual accounting and cash fl ows) Capeside Corporation began 20X6 owing notes payable of $3.9 million. During 20X6, Capeside borrowed$2.3 million on notes payable and
(Learning Objective 1: Linking accrual accounting and cash fl ows) St. Pierre Corporation made sales of $960 million during 20X6. Of this amount, St. Pierre collected cash for all but$25 million. The
Which of the following accounts is not closed?a. Dividendsb. Depreciation Expensec. Interest Revenued. Accumulated Depreciation
The entry to close Management Fee Revenue would be which of the following?a. Management Fee Revenue Retained Earningsb. Management Fee Revenue does not need to be closed.c. Retained Earnings
On a trial balance, which of the following would indicate that an error has been made?a. Accumulated Depreciation has a credit balance.b. Salary Expense has a debit balance.c. Service Revenue has a
An adjusting entry that debits an expense and credits a liability is which type?a. Depreciation expenseb. Cash expensec. Accrued expensed. Prepaid expense
Adjusting entriesa. update the accounts.b. are needed to measure the period’s net income or net loss.c. do not debit or credit cash.d. all of the above.
The account Unearned Revenue is a(n)a. asset.b. expense.c. revenue.d. liability.
All of the following statements are true except one. Which statement is false?a. A fi nancial year is not always the same as a calendar year.b. The matching concept directs accountants to identify
If a real estate company fails to accrue commission revenuea. Revenues are understated and net income is overstated.b. Assets are understated and net income is understated.c. Net income is
Interest earned on a note receivable at December 31 equals $375. What adjusting entry is required to accrue this interest?a. Interest Expense 375 Interest Payable 375b. Interest Receivable 375
The accountant for Exeter 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, net income, and
Details, Inc., purchased supplies for $1,300 during 20X6. At year-end Details had $800 of supplies left. The adjusting entry shoulda. debit Supplies $800.b. credit Supplies $800.c. debit Supplies
The following normal balances appear on the adjusted trial balance of Greenville National Company:REVIEW ACCRUAL ACCOUNTING The carrying amount of the equipment isa. $82,500.b. $66,000.c. $88,000.d.
On October 1, River Place Apartments received $5,200 from a tenant for four months’rent. The receipt was credited to Unearned Rent Revenue. What adjusting entry is needed on December 31?a. Unearned
Suppose ShineBrite Car Wash holds a note receivable as an investment. At the end of June, $100 of interest revenue has been earned but not yet received. Journalize the accrued revenue adjustment at
What will be the carrying amount of ShineBrite’s equipment at the end of July?
At the beginning of the month, supplies were $5,000. During the month, $7,000 of supplies were purchased. At month’s end, $3,000 of supplies are still on hand. What is the: ■ adjusting entry? ■
Maersk pays $4,500 on July 1 for offi ce rent for the next three months. Has Maersk incurred an expense on July 1?
A customer pays Maersk $1,000 on March 15 for a shipment in April. Has Maersk earned revenue on March 15? When will Maersk earn the revenue?
Measure these expenses, and subtract expenses from revenues to compute profi t or loss.
Identify decreases in assets or increases in liabilities that result in reduction in equity (excluding transactions with owners) during the period. These are expenses.
Learn about fraud and internal control
Apply internal controls to cash receipts and cash payments
Prepare and use a bank reconciliation
Account for receivables and uncollectible receivables
Use two financial ratios to evaluate a business
What is the adjusted bank balance?
What was the book balance of cash before the reconciliation?
What are the benefits and the costs of extending credit to customers?
Extend credit only to creditworthy customers.
Separate cash-handling and accounting duties to keep employees from stealing the cash collected from customers.
Pursue collection from customers to maximize cash flow.
Suppose Mustafa Confectionery had beginning allowance of SAR (Saudi Arabia Riyal) 600,000. During the year, it wrote off SAR 200,000 of receivables. At the end of the year, an assessment of its
Each of the following is an example of a control procedure, excepta. sound personnel procedures.c. separation of duties.b. a sound marketing plan.d. limited access to assets.Lowell Corporation has
A cheque for $835 written by Lowell during the current month was erroneously recorded as a $358 payment.
The bank statement showed interest earned of $65.
The bank statement included a cheque from a customer that was marked NSF.
The bank statement showed the bank had credited Lowell’s account for an $800 deposit made by Lawrence Company.
Which of the following reconciling items does not require a journal entry?a. Bank service chargeb. Bank collection of note receivablec. NSF chequed. Deposit in transit
A cash budget helps control cash bya. helping to determine whether additional cash is available for investments or new fi nancing is needed.b. developing a plan for increasing sales.c. ensuring
Accounts Receivable has a debit balance of $2,800, and the Allowance for Uncollectible Accounts has a credit balance of $400. A $90 account receivable is written off. What is the amount of net
Arief Company received a four-month, 9%, $2,800 note receivable on December 1. The adjusting entry on December 31 willa. debit Interest Receivable $21.c. both a and b.b. credit Interest Revenue
If the adjusting entry to accrue interest on a note receivable is omitted, thena. assets, net income, and shareholders’ equity are understated.b. assets are overstated, net income is understated,
Net sales total $803,000. Beginning and ending accounts receivable are $80,000 and$74,000, respectively. Calculate days’ sales in receivables.a. 35 daysc. 36 daysb. 10 daysd. 34 days
(Learning Objective 1: Defi ning fraud) Defi ne “fraud.” List and briefl y discuss the three major components of the “fraud triangle.”
(Learning Objective 2: Applying internal controls over cash receipts) Greta Cassidy sells memberships to the Phoenix Symphony Association in Vienna, Austria. The Symphony’s procedure requires
(Learning Objective 2: Applying internal control over cash payments by cheque) Answer the following questions about internal control over cash payments:1. Payment by cheque carries three controls
(Learning Objective 3: Preparing a bank reconciliation) The Cash account of Randell Corp. reported a balance of $2,400 at October 31. Included were outstanding cheques totaling $500 and an October 31
(Learning Objective 3: Using a bank reconciliation as a control device) Barbara Smith manages Jones Advertising. Smith fears that a trusted employee has been stealing from the company. This employee
(Learning Objective 3: Preparing a cash budget) Crescent Artichoke Growers (CAG) is a major food cooperative. Suppose CAG begins 20X6 with cash of $11 million. CAG estimates cash receipts during 20X6
(Learning Objective 4: Applying the allowance method to account for uncollectibles)Use the information from the following journal entries of Turning Leaves Furniture Restoration to answer the
(Learning Objective 4: Applying the allowance method to account for uncollectibles)Gray and Dumham, a law fi rm, started 20X6 with accounts receivable of $31,000 and an allowance for uncollectible
(Learning Objective 4: Applying the allowance method to account for uncollectibles)Perform the following accounting for the receivables of Evans and Tanner, a law fi rm, at December 31, 20X6.❙
(Learning Objectives 4: Answering practical questions about receivables) Answer these questions about receivables and uncollectibles. For the true-false questions, explain any answers that turn out
(Learning Objective 4: Accruing interest receivable and collecting a note receivable)On August 31, 20X6, Nancy Thompson borrowed $2,000 from Green Interstate Bank.Thompson signed a note payable,
(Learning Objective 5: Evaluating the current ratio and days’ sales in receivables)West Highland Clothiers reported the following amounts in its 20X7 fi nancial statements. The 20X6 amounts are
(Learning Objectives 1, 2: Learning about fraud; identifying internal control weaknesses) Identify the internal control weakness in the following situations. State how the person can hurt the
(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 set of
(Learning Objectives 1, 2: Learning about fraud; correcting an internal control weakness) Bobby Flynn served as executive director of Downtown Kalamazoo, an organization created to revitalize
(Learning Objective 2: Evaluating internal control over cash receipts) McCall stores use point-of-sale terminals as cash registers. The register shows the amount of each sale, the cash received from
(Learning Objective 2: Evaluating internal control over cash payments) Green Grass Golf Company manufactures a popular line of golf clubs. Green Grass Golf employs 188 workers and keeps their
(Learning Objective 3: Classifying bank reconciliation items) The following items appear on a bank reconciliation:1. ___ Outstanding cheques 2. ___ Bank error: The bank credited our account for a
(Learning Objective 3: Preparing a bank reconciliation) D.J. Hunter’s chequebook lists the following❙ Requirement 1. Prepare Hunter’s bank reconciliation at June 30.
(Learning Objective 3: Preparing a bank reconciliation) Evan Strikes operates a bowling alley. He has just received the monthly bank statement at April 30 from City National Bank, and the statement
(Learning Objective 3: Making journal entries from a bank reconciliation) Use the data from Exercise 5-23A to make the journal entries that Root should record on April 30 to update his Cash account.
(Learning Objective 3: Preparing a cash budget) Cole Communications, Inc., is preparing its cash budget for 20X7. Cole ended 20X6 with cash of $86 million, and managers need to keep a cash balance of
(Learning Objective 4: Reporting bad debts by the allowance method) On December 31, Darci’s Travel has an accounts receivable balance of $88,000. Allowance for Doubtful Accounts has a credit
(Learning Objective 4: Using the allowance method for bad debts) On September 30, Hilly Mountain Party Planners had a $30,000 balance in Accounts Receivable and a $2,000 credit balance in Allowance
(Learning Objective 4: Using the aging approach to estimate bad debts) On December 31, before any year-end adjustments, the Accounts Receivable balance of Alpha Company is $210,000. The Allowance for
(Learning Objective 4: Recording notes receivable and accruing interest revenue)Record the following note receivable transactions in the journal of Aegean Realty. How much interest revenue did Aegean
(Learning Objective 5: Using the current ratio and days’ sales in receivables to evaluate a company) Cherokee, Inc., reported the following items at December 31, 20X6 and 20X5:Requirement 1.
(Learning Objective 5: Analyzing a company’s fi nancial statements) Modern Limited, the electronics and appliance chain, reported these fi gures in millions of dollars:❙ Requirements 1. Compute
(Learning Objectives 1, 2: Learning about fraud; identifying internal control weaknesses) Identify the internal control weakness in the following situations. State how the person can hurt the
(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 set of
(Learning Objectives 1, 2: Learning about fraud; correcting an internal control weakness) Sam Smith served as executive director of Downtown Scanlon, an organization created to revitalize Scanlon.

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