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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

Kalia Vang was just hired as the assistant treasurer of Yorkshire Stores, a specialty chain store company that has nine retail stores concentrated in one metropolitan area. Among other things, the
Explain the revenue recognition principle and the matching principle.AppendixLO1
Differentiate between the cash basis and the accrual basis of accounting.AppendixLO1
Explain why adjusting entries are needed, and identify the major types of adjusting entries.AppendixLO1
Prepare adjusting entries for prepayments.AppendixLO1
Prepare adjusting entries for accruals.B Describe the nature and purpose of the adjusted trial balance.AppendixLO1
Explain the purpose of closing entries.AppendixLO1
Describe the required steps in the accounting cycle.AppendixLO1
Adjustments for unearned revenues: (a) decrease liabilities and increase revenues. (b) increase liabilities and increase revenues. (c) increase assets and increase revenues. (d) decrease revenues and
Adjustments for accrued revenues: (a) increase assets and increase liabilities. (b) increase assets and increase revenues. (c) decrease assets and decrease revenues. (d) decrease liabilities and
Which statement is incorrect concerning the ad- justed trial balance?AppendixLO1
(a) An adjusted trial balance proves the equal- ity of the total debit balances and the total credit balances in the ledger after all ad- justments are made. (b) The adjusted trial balance provides
Which account will have a zero balance after a company has journalized and posted closing entries? (a) Service Revenue. (b) Advertising Supplies. (c) Prepaid Insurance. (d) Accumulated
Which types of accounts will appear in the post- closing trial balance? (a) Permanent accounts. (b) Temporary accounts. (c) Accounts shown in the income statement columns of a work sheet. (d) None of
All of the following are required steps in the ac- counting cycle except: (a) journalizing and posting closing entries. (b) preparing an adjusted trial balance. (c) preparing a post-closing trial
(a) How does the time period assumption affect an accountant's analysis of accounting transactions? (b) Explain the term fiscal year.AppendixLO1
Identify and state two generally accepted accounting principles that relate to adjusting the accounts.AppendixLO1
Tony Galego, a lawyer, accepts a legal en- gagement in March, performs the work in April, and is paid in May. If Galego's law firm prepares monthly financial statements, when should it recognize rev-
In completing the engagement in question 3, Galego pays no costs in March, $2,500 in April, and $2,500 in May (incurred in April). How much expense should the firm deduct from revenues in the month
Why may the financial information in a trial balance not be up-to-date and complete?AppendixLO1
Distinguish between the two categories of adjusting entries, and identify the types of adjustments appli- cable to each category.AppendixLO1
What accounts does a company debit and credit in a prepaid expense adjusting entry?AppendixLO1
"Depreciation is a process of valuation that results in the reporting of the fair market value of the asset." Do you agree? Explain.AppendixLO1
Explain the differences between depreciation expense and accumulated depreciation.AppendixLO1
Genesis Company purchased equipment for $15,000. By the current balance sheet date, the company had depreciated $7,000. Indicate the balance sheet pres- entation of the data.AppendixLO1
What accounts are debited and credited in an un- earned revenue adjusting entry?AppendixLO1
Computer Technologies provides maintenance serv- ice for computers and office equipment for compa- nies throughout the Northeast. The sales managers is elated because she closed a $300,000 three-year
SquareDeal, a large national retail chain, is nearing its fiscal year-end. It appears that the company is not going to hit its revenue and net income targets. The company's marketing manager, Randal
A company fails to recognize revenue earned but not yet received. Which of the following accounts are involved in the adjusting entry: (a) as- set, (b) liability, (c) revenue, or (d) expense? For the
A company fails to recognize an expense incurred but not paid. Indicate which of the follow- ing accounts is debited and which is credited in the adjusting entry: (a) asset, (b) liability, (c)
On January 9 a company pays $5,000 for salaries, of which $1,100 was reported as Salaries Payable on December 31. Give the entry to record the payment.AppendixLO1
One-half of the adjusting entry is given below. Indi- cate the account title for the other half of the entry. (a) Salaries Expense is debited. (b) Depreciation Expense is debited. (c) Interest
"An adjusting entry may affect more than one balance sheet or income statement account." Do you agree? Why or why not?AppendixLO1
(a) What information do accrual basis financial state- ments provide that cash basis statements do not? (b) What information do cash basis financial state- ments provide that accrual basis statements
Identify the account(s) debited and credited in each of the four closing entries, assuming the company has net income for the year.AppendixLO1
Describe the nature of the Income Summary account, and identify the types of summary data that may be posted to this account.AppendixLO1
What items are disclosed on a post-closing trial bal- ance, and what is its purpose?AppendixLO1
Which of these accounts would not appear in the post- closing trial balance? Interest Payable, Equipment, Depreciation Expense, Dividends, Unearned Service Revenue, Accumulated
Indicate, in the sequence in which they are made, the three required steps in the accounting cycle that in- volve journalizing.AppendixLO1
Identify, in the sequence in which they are prepared, the three trial balances that are required in the ac- counting cycle.AppendixLO1
Explain the terms earnings management and quality of earnings.AppendixLO1
Give examples of how companies manage earnings.AppendixLO1
What is the purpose of a work sheet?AppendixLO1
What is the basic form of a work sheet?AppendixLO1
Transactions that affect earnings do not necessarily affect cash.transactions on cash and net PO HiE: Instructions(SO 2) Identify the effect, if any, that each of the following transactions would
The ledger of T. J. Bahr Company includes the following accounts. Explain why entries are needed. each account may require adjustment.(SO 3) (a) Prepaid Insurance.(b) Depreciation Expense.(c)
Lena Company accumulates the following adjustment data at December 31.adjusting entries. Indicate (1) the type of adjustment (prepaid expense, accrued revenue, and so on) and(SO 3) (2) the status of
Adler Advertising Company’s trial balance at December 31 shows Advertising supplies. Supplies $8,800 and Advertising Supplies Expense $0. On December 31 there are $1,700(SO 4) of supplies on hand.
At the end of its first year, the trial balance of Riko Company shows Equipment$22,000 and zero balances in Accumulated Depreciation—Equipment and Depreciation Expense. Depreciation for the year is
Using the data in BE4-6, journalize and post the entry on July 1 and the adjusting entry on December 31 for Patel Insurance Co. Patel uses the accounts Unearned Insurance Revenue and Insurance
The adjusted trial balance of Sain Corporation at December 31, 2007, includes the following accounts: Retained Earnings $17,200; Dividends $6,000; Service Revenue$37,000; Salaries Expense $13,000;
Partial adjusted trial balance data for Sain Corporation are presented in BE4-10.The balance in Retained Earnings is the balance as of January 1. Prepare a retained earnings statement for the year
The following selected accounts appear in the adjusted trial balance for Shah Company. Indicate the financial statement on which each account would be reported.(a) Accumulated Depreciation.(b)
The required steps in the accounting cycle are listed in random order below.List the steps in proper sequence.(a) Prepare a post-closing trial balance.(b) Prepare an adjusted trial balance.(c)
The following independent situations require professional judgement for soe ee(a) Southwest Airlines sells you an advance-purchase airline ticket in September for your flight home at Christmas.(b)
These are the assumptions, principles, and constraints discussed in this and previous chapters.. Economic entity assumption.. Matching principle.. Monetary unit assumption.. Time period assumption..
Your examination of the records of a company that follows the cash basis of accounting tells you that the company’s reported cash basis earnings in 2007 are $33,640.If this firm had followed
In its first year of operations Bere Company earned $28,000 in service revenue,$6,000 of which was on account and still outstanding at year-end. The remaining $22,000 was received in cash from
The Radical Edge, a ski tuning and repair shop, opened in November 2006. The company carefully kept track of all its cash receipts and cash payments. The following information is available at the end
MaxPlay, a maker of electronic games for kids, has just completed its first year of cash and accrual accounting. operations. The company’s sales growth was explosive. To encourage large national
Rollins Company accumulates the following adjustment data at December 31.and accounts before (a) Service Revenue earned but unbilled totals $600.adjustment. (b) Store supplies of $300 are on hand.
The ledger of Reliable Rental Agency on March 31 of the current year includes oa account data. these selected accounts before adjusting entries have been prepared.Debits Credits Prepaid Insurance $
Gene Hoffman, D.D.S., opened an incorporated dental practice on January 1,(SO 4, 5) 2007. During the first month of operations the following transactions occurred: 1. Performed services for patients
The unadjusted trial balance for Sierra Corp. is shown in Illustration 4-4 (page 162). In lieu of the adjusting entries shown in the text at October 31, assume the following adjustment data..
The income statement of Leno Co. for the month of July shows net income of$1,500 based on Service Revenue $5,500; Wages Expense $2,300; Supplies Expense $900, and Utilities Expense $800. In reviewing
This is a partial adjusted trial balance of Marliss Company.MARLISS COMPANY Adjusted Trial Balance January 31, 2007 Debit Credit Supplies $ 700 Prepaid Insurance 1,560 Salaries Payable $1,200
Selected accounts of Atlantis Company are shown here.and adjusting entries.(SO 4, 5, 6) Supplies Expense Salaries Payable Fulysi 850 | July 31 1,200 Salaries Expense Accounts Receivable July 15 1,200
The trial balances shown below are before and after adjustment for Hoi Comfrom analysis of trial pany at the end of its fiscal year.balance.(SO 4, 5, 6) HOI COMPANY Trial Balance August 31, 2007
The adjusted trial balance for Hoi Company is given in E4-15.Instructions Prepare the income and retained earnings statements for the year and the classified balance sheet at August 31.
The adjusted trial balance for Hoi Company is given in E4-15.Instructions Prepare the closing entries for the temporary accounts at August 31.
The following selected data are taken from the comparative financial statements of Alpine Curling Club. The Club prepares its financial statements using the accrual basis of accounting.September 30
Josh Stein started his own consulting firm, Astromech Consulting, on June 1, 2007. The trial balance at June 30 is as follows.ASTROMECH CONSULTING Trial Balance June 30, 2007 Debit Credit Cash $
The Julien Hotel opened for business on May 1, 2007. Here is its trial balance before adjustment on May 31.JULIEN HOTEL Trial Balance May 31, 2007 Debit Credit Cash $2500 Prepaid Insurance 1,800
Highlands Golf Inc. was organized on July 1, 2007. Quarterly financial state- Prepare adjusting entries and ments are prepared. The trial balance and adjusted trial balance on September 30 are _
A review of the ledger of Kaffen Company at December 31, 2007, produces these Prepare adjusting entries.data pertaining to the preparation of annual adjusting entries. (SO 4, 5) 1. Prepaid Insurance
On November 1, 2007, the following were the account balances of Coleman Equipment Repair.Debits Credits Cash $ 2,790 Accumulated Depreciation $ 500 Accounts Receivable 2,910 Accounts Payable 2,300
Katie Gage opened New View Window Washing Inc. on July 1, 2007. During J uly the following transactions were completed.July 1 Issued 11,000 shares of common stock for $11,000 cash.1 Purchased used
The following data are taken from the comparative balance sheets of EverGreen Club, which prepares its financial statements using the accrual basis of accounting.December 31 2007 2006 Accounts
Jessica Naboo started her own consulting firm, Naboo Consulting, on May 1, 2007. The trial balance at May 31 is as shown on page 205.NABOO CONSULTING Trial Balance May 31, 2007 Debit Credit Cash $
Happy Trails Resort opened for business on June 1 with eight air-conditioned units. Its trial balance before adjustment on August 31 is presented here.HAPPY TRAILS RESORT Trial Balance August 31,
Khanna Advertising Agency was founded by Matt Khanna in January 2002.Presented here are both the adjusted and unadjusted trial balances as of December 31, 2007.KHANNA ADVERTISING AGENCY Trial Balance
A review of the ledger of Ordman Company at December 31, 2007, produces the Prepare adjusting entries.following data pertaining to the preparation of annual adjusting entries. (SO 4, 5) 1. Salaries
The Fly Right Travel Agency was organized on January 1, 2005, by Sam Cheney. — prepare adjusting entries Sam is a good manager but a poor accountant. From the trial balance prepared bya part- and a
On September 1, 2007, the following were the account balances of Tech Know Equipment Repair.Debits Credits Cash $ 4,880 Accumulated Depreciation $ 1,600 Accounts Receivable 3,820 Accounts Payable
Julie Molony opened Valet Cleaners on March 1, 2007. During March, the fol- Complete all steps in lowing transactions were completed. accounting cycle.Mar. 1 _ Issued 10,000 shares of common stock
The financial statements of Tootsie Roll are presented in Appendix A at the end of this book.Instructions(a) Using the consolidated income statement and balance sheet, identify items that may result
The financial statements of Hershey Foods are presented in Appendix B, following the financial statements for Tootsie Roll in Appendix A.Instructions(a) Identify two accounts on Hershey Foods’
The July 2, 2004, issue of the Wall Street Journal includes an article by Gene Colter titled “Accrual Accounting Can Be Costly.”211 BROADENING YOUR PERSPECTIVE (iit 212 CHAPTER 4 Accrual
Laser Recording Systems, founded in 1981, produces disks for use in the home market. The following is an excerpt from Laser Recording Systems’ financial statements(all dollars in thousands).LASER
Purpose: To learn about the functions of the Securities and Exchange Commission(SEC).Address: www.sec.gov/about/whatwedo.shtml (or go to www.wiley.com/college/kimmel)Instructions Use the information
Swiss Valley Park was organized on April 1, 2006, by Erika Barnes. Erika is a good manager but a poor accountant. From the trial balance prepared by a part-time bookkeeper, Erika prepared the income
Beegone Company is a pesticide manufacturer. Its sales declined greatly this year due to the passage of legislation outlawing the sale of several of Beegone’s chemical 214 CHAPTER 4 Accrual
Analyze the effect of business transactions on the basic accounting equation.AppendixLO1
Explain what an account is and how it helps in the recording process.AppendixLO1
Define debits and credits and explain how they are used to record business transactions.AppendixLO1
Identify the basic steps in the recording process.AppendixLO1
Explain what a journal is and how it helps in the recording process.AppendixLO1
Explain what a ledger is and how it helps in the recording process.AppendixLO1
Explain what posting is and how it helps in the recording process.AppendixLO1
Explain the purposes of a trial balance.AppendixLO1

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