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business
financial accounting information

Questions and Answers of Financial Accounting Information

(Learning Objectives 2, 3, 4: Recording transactions; preparing a trial balance)Jerome Smith, Certifi ed Public Accountant, operates as a professional corporation (P.C.). The business completed these
(Learning Objective 4: Preparing and using a trial balance) Refer to Exercise 2-34B.❙ Requirements 1. Prepare the trial balance of Linda Conway, Attorney, at January 31, 20X6. Use the T-accounts
(Learning Objective 5: Recording transactions without a journal) Set up the following T-accounts: Cash, Accounts Receivable, Offi ce Supplies, Offi ce Furniture, Accounts Payable, Share Capital,
(Learning Objective 4: Correcting errors in a trial balance) The trial balance of Farris, Inc., at June 30, 20X6, does not balance.The accounting records hold the following errors:a. Recorded a
(Learning Objective 4: Preparing and using a trial balance) The accounts of Grand Pool Service, Inc., follow with their normal balances at June 30, 20X6. The accounts are listed in no particular
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) The fi rst seven transactions of Portman Advertising, Inc., have been posted to the company’s accounts as
(Learning Objectives 1, 4: Using accounting vocabulary; identifying items with the appropriate fi nancial statement) Suppose you are analyzing the fi nancial statements of Murphy Radiology, Inc.
(Learning Objectives 3, 4: Posting to the ledger; preparing and using a trial balance)Refer to Exercise 2-29B.❙ Requirements 1. Post the entries to the ledger, using T-accounts. Key transactions by
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Green Tree Cellular, Inc., completed the following transactions during April 20X6, its fi rst month of
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Refer to Exercise 2-27B.❙ Requirement 1. Record the transactions in the journal of Kyle Cohen, P.C. List
(Learning Objective 1: Analyzing transactions; using the accounting equation)Kyle Cohen opened a medical practice specialising in surgery. During the fi rst month of operation (July), the business,
(Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Simple Solutions, Inc., a corporation, or Bob Gallagher, the major shareholder. State whether
(Learning Objectives 1, 2: Analyzing transactions) Assume T. Crew opened a store in Frankfurt, Germany, starting with cash and ordinary shares of €90,000. Barbara Breen, the store manager, then
(Learning Objective 4: Preparing a statement of cash fl ows) Lanos Medical, Inc., ended 20X5 with cash of $25,000. During 20X6, Lanos earned net income of $95,000 and had adjustments to reconcile net
(Learning Objective 4: Preparing and using a trial balance) Refer to Exercise 2-23A.1. After recording the transactions in Exercise 2-23A, prepare the trial balance of Linda Oxford, Attorney, at May
(Learning Objective 5: Recording transactions without a journal) Set up the following T-accounts: Cash, Accounts Receivable, Offi ce Supplies, Offi ce Furniture, Accounts Payable, Share Capital,
(Learning Objective 4: Correcting errors in a trial balance) The trial balance of Carver, Inc., at September 30, 20X6, does not balance:The accounting records hold the following errors:a. Recorded a
(Learning Objective 4: Preparing and using a trial balance) The accounts of Deluxe Deck Service, Inc., follow with their normal balances at June 30, 20X6. The accounts are listed in no particular
(Learning Objective 4: Preparing a balance sheet) At December 31, 20X6, Tommer Products has cash of $12,000, receivables of $5,000, and inventory of $42,000. The company’s equipment totals $82,000.
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) The fi rst seven transactions of Fournier Advertising, Inc., have been posted to the company’s accounts as
(Learning Objectives 3, 4: Posting to the ledger; preparing and using a trial balance)Refer to Exercise 2-18A.❙ Requirements 1. After journalizing the transactions of Exercise 2-18A, post the
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Harris Tree Cellular, Inc., completed the following transactions during April 20X6, its fi rst month of
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) Refer to Exercise 2-16A.❙ Requirement 1. Record the transactions in the journal of Harry Samson, P.C. List
(Learning Objective 1: Analyzing transactions; using the accounting equation) Harry Samson opened a medical practice specialising in surgery. During the fi rst month of operation(March), the
(Learning Objective 4: Preparing a statement of changes in equity) Roam Corp.began 20X6 with retained earnings of $210 million and share capital of $100 million. Revenues during the year were $380
(Learning Objective 1: Analyzing transactions) The following selected events were experienced by either Solution Seekers, Inc., a corporation, or Paul Flynn, the major shareholder. State whether each
(Learning Objectives 1, 2: Analyzing transactions) Assume M. Crew opened a store in Hong Kong, starting with cash and ordinary shares of $94,000. Melissa Farino, the store manager, then signed a note
(Learning Objective 5: Analyzing transactions without a journal) Seventh Investments, Inc., began by issuing ordinary shares for cash of $140,000. The company immediately purchased computer equipment
(Learning Objective 2: Using key accounting terms) Accounting has its own vocabulary and basic relationships. Match the accounting terms at left with the corresponding defi nition or meaning at
(Learning Objective 4: Preparing an income statement) Call Anywhere Wireless, Inc., began 20X6 with total assets of $130 million and ended 20X6 with assets of $165 million.During 20X6 Call Anywhere
(Learning Objective 4: Using a trial balance) Refer to Redberry’s trial balance in Short Exercise 2-10. The purpose of this exercise is to help you learn how to correct three common accounting
(Learning Objective 4: Using a trial balance) Redberry’s trial balance follows.Compute these amounts for the business:1. Total assets 2. Total liabilities 3. Net income or net loss during December
(Learning Objective 4: Preparing and using a trial balance) Assume that Old Boardwalk reported the following summarized data at December 31, 20X6. Accounts appear in no particular order; dollar
(Learning Objectives 1, 4: Using accounting vocabulary; using the income statement)1.Identify the two basic categories of items on an income statement.2.What do we call the bottom line of the income
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions; posting) Orman Unlimited performed services for a client who could not pay immediately. Orman expected to
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions; posting) Architect David Delorme purchased supplies on account for $2,000. Later Delorme paid $500 on
(Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) After operating for several months, architect Gwen Markum completed the following transactions during the
(Learning Objective 1: Classifying assets, liabilities, and owners’ equity) Consider Carrefour, a large retailer. Classify the following items as an Asset (A), a Liability (L), or Shareholders’
(Learning Objective 1: Analyzing transactions) Capri Design specializes in imported clothing. During May, Capri completed a series of transactions. For each of the following items, give an example of
(Learning Objective 1: Analyzing transactions) Refer to Short Exercise 2-3. Which of the transactions of Hannah Lyle increased the total assets of the business? For each transaction, identify the
(Learning Objectives 1, 2: Analyzing transactions; understanding how accounting works) Hannah Lyle, a medical doctor, opened a medical practice. The business completed the following
(Learning Objective 1: Defi ning key accounting terms) Accounting defi nitions are precise, and you must understand the vocabulary to properly use accounting. Sharpen your understanding of key terms
(Learning Objective 1: Analyzing the effects of transactions) Young Software began with cash of $13,000. Young then bought supplies for $1,800 on account. Separately, Young paid $4,000 for a
(Learning Objective 1: Explaining an asset versus an expense) Brian Horton opened a software consulting fi rm that immediately paid $8,000 for a computer. Was Horton’s computer an expense of the
The error of posting $300 as $30 can be detected bya. totaling each account’s balance in the ledger.b. dividing the out-of-balance amount by 2.c. examining the chart of accounts.d. dividing the
Which is the correct sequence for recording transactions and preparing fi nancial statements?a. Ledger, trial balance, journal, fi nancial statementsb. Financial statements, trial balance, ledger,
A doctor purchases medical supplies of $760 and pays $380 cash with the remainder on account. The journal entry for this transaction would be which of the following?a. Suppliesc. Supplies Cash
Which accounts appear on which fi nancial statement?Balance sheet Income statementa. Receivables, land, payables Revenues, suppliesb. Cash, revenues, land Expenses, payablesc. Cash, receivables,
In a double-entry accounting systema. half of all the accounts have a normal credit balance.b. liabilities, owners’ equity, and revenue accounts all have normal debit balances.c. a debit entry is
The beginning Cash balance was $9,000. At the end of the period, the balance was$11,000. If total cash paid out during the period was $25,000, the amount of cash receipts wasa. $27,000.c. $23,000.b.
The basic summary device of accounting is thea. account.c. trial balance.b. ledger.d. journal.
(Learning Objective 2: Understanding Conceptual Framework) Identify the accounting assumption, principle or qualitative characteristic that best applies to each of the following situations:a. At the
The list of all accounts with their balances is thea. balance sheet.c. trial balance.b. journal.d. chart of accounts.
Accounts Payable had a normal beginning balance of $1,600. During the period, there were debit postings of $300 and credit postings of $900. What was the ending balance?a. $1,000 creditc. $2,200
An attorney performs services of $900 for a client and receives $100 cash with the remainder on account. The journal entry for this transaction woulda. debit Cash, debit Service Revenue, credit
Which account types normally have a credit balance?a. Revenuesc. Expensesb. Liabilitiesd. Both a and b
A debit entry to an accounta. increases liabilities.c. increases shareholders’ equity.b. increases assets.d. both a and c.
Where to report the: Results of operations? Financial position?
Where to list all the accounts and their balances?
Where to store all the information for each account?
How to record an increase or decrease in the following accounts?
Where to record the transaction?
Has a transaction occurred?
(Learning Objective 2: Applying accounting assumptions) Daniel Newman is chairman of the board of Quality Food Brands, Inc. Suppose Mr. Newman has just founded Quality Food Brands, and assume that he
Record the transaction in the journal, including a brief explanation. The debit side is always listed fi rst, entered in the left margin, and the credit side follows and is shown indented to the
Determine whether each account is increased or decreased by the transaction.Use the rules of debit and credit to increase or decrease each account.
Specify each account affected by the transaction and classify each account by type (asset, liability, shareholders’ equity, income, or expense).
(Learning Objective 1: Organizing a business) A Healthy Planet, Inc., needs funds, and Mary Barry, the president, has asked you to consider investing in the business. Answer the following questions
(Learning Objective 5: Making ethical judgments) Good business and accounting practices require the exercise of good judgment. How should ethics be incorporated into making accounting judgments? Why
(Learning Objective 3: Using the accounting equation) Suppose you manage a Pizza Sauce restaurant. Identify the missing amount for each situation:
Javis Company had total assets of $340,000 and total shareholders’ equity of $130,000 at the beginning of the year. During the year assets increased by $70,000 and liabilities increased by $25,000.
During the year, McKenna Company’s shareholders’ equity increased from $38,000 to$50,000. McKenna earned net income of $18,000. How much in dividends did McKenna declare during the year?a. $0 (no
Which item(s) is (are) reported on the balance sheet?a. Inventoryc. Retained earningsb. Accounts payabled. All of the above
EcoWash in question 7 had a:a. net loss of $50,000c. net income of $66,000b. net income of $70,000d. net income of $120,000
During the year, EcoWash has $120,000 in revenues, $50,000 in expenses, and $4,000 in dividend payments. Shareholders’ equity changed by:a. +$66,000c. −$66,000b. +$70,000d. +$74,000
Which fi nancial statement covers a period of time?a. Balance sheetc. Statement of cash fl owsb. Income statementd. Both b and c
Answer the following questions:a. How well did ShineBrite perform during its fi rst month of operations?b. Where does ShineBrite stand fi nancially at the end of April?❙ Requirement 2a. ShineBrite
Prepare the income statement, the statement of changes in equity, and the statement of cash fl ows for the month ended April 30, 20X6, and the balance sheet at April 30, 20X6.Draw arrows linking the
How will this decision make me feel afterward? How would it make me feel if my family were to read about it in the newspaper?
Who will be affected by the decision and how? Be as thorough about this analysis as possible, and analyze it from all three standpoints (economic, legal, and ethical).
Is the action legal? If not, steer clear, unless you want to go to jail or pay monetary damages to injured parties. If the action is legal, go on to questions (2) and (3).
Make the decision and be prepared to deal with the consequences.
Weigh the alternatives.
Who are the stakeholders, and what are the consequences of the decision to each?
What is the issue?
Where is the company’s cash coming from? How is cash being used?
Can the company pay itsa. Current liabilities?b. Current and long-term liabilities?
Can the company collect its receivables?
What percentage of sales revenue ends up as profit?
What are the main income measures to watch for trends?
Can the company sell its products?
If the beginning balance of retained earnings is $100,000, revenue is $75,000, expenses total $50,000, and the company pays a $10,000 dividend, what is the ending balance of retained earnings?
A company reported monthly revenues of $129,000 and expenses of $85,000. What is the result of operations for the month?
If the owners’ equity in a business is $160,000 and the liabilities are $130,000, how much are the assets?
If the assets of a business are $240,000 and the liabilities are $80,000, how much is the owners’equity?
Use information in financial statements to make business decisions, which are informed by economic, legal, and ethical guidelines
Evaluate business operations
Apply the accounting equation to business organizations
Learn underlying concepts, assumptions and principles of accounting
On June 30, 2008, your client, the Vandiver Corporation, was granted patents covering plastic cartons that it has been producing and marketing profitably for three years. One patent covers the

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