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financial accounting tools for business

Questions and Answers of Financial Accounting Tools For Business

The effects on the basic accounting equation of performing services for cash are to:(a) increase assets and decrease stockholders’equity.(b) increase assets and increase stockholders’equity.(c)
Genesis Company buys a $900 machine on credit. This transaction will affect the:(a) income statement only.(b) balance sheet only.(c) income statement and retained earnings statement only.(d) income
Which statement about an account is true?(a) In its simplest form, an account consists of two parts.(b) An account is an individual accounting record of increases and decreases in specific asset,
Debits:(a) increase both assets and liabilities.(b) decrease both assets and liabilities.(c) increase assets and decrease liabilities.(d) decrease assets and increase liabilities.(2)AppendixLO1
A revenue account:(a) is increased by debits.(b) is decreased by credits.(c) has a normal balance of a debit.(d) is increased by credits.AppendixLO1
A ledger:Which of these statements about a journal is (SO 5)false?(a) It contains only revenue and expense accounts.(b) It provides a chronological record of transactions.(c) It helps to locate
Indicate how each business transaction affects the basic accounting equation. (a) Paid cash for janitorial services. (b) Purchased equipment for cash. (c) Issued common stock to investors in exchange
Why is an account referred to as a T account?AppendixLO1
The terms debit and credit mean "increase" and "de- crease," respectively. Do you agree? Explain.AppendixLO1
Frank Fantazzi, a fellow student, contends that the double-entry system means each transaction must be recorded twice. Is Frank correct? Explain.AppendixLO1
Emily Keshen, a beginning accounting student, be- lieves debit balances are favorable and credit bal- ances are unfavorable. Is Emily correct? Discuss.AppendixLO1
State the rules of debit and credit as applied to (a) asset accounts, (b) liability accounts, and (c) the common stock account.AppendixLO1
What is the normal balance for each of these ac- counts? (a) Accounts Receivable. (b) Cash. (c) Dividends. (d) Accounts Payable. (e) Service Revenue. (f) Salaries Expense. (g) Common Stock.AppendixLO1
Indicate whether each account is an asset, a liability, or a stockholders' equity account, and whether it would have a normal debit or credit balance. (a) Accounts Receivable. (b) Accounts Payable.
For the following transactions, indicate the account debited and the account credited. (a) Supplies are purchased on account. (b) Cash is received on signing a note payable. (c) Employees are paid
For each account listed here, indicate whether it gen- erally will have debit entries only, credit entries only, or both debit and credit entries. (a) Cash. (b) Accounts Receivable. (c) Dividends.
What are the basic steps in the recording process?AppendixLO1
(a) When entering a transaction in the journal, should the debit or credit be written first? (b) Which should be indented, the debit or the credit?AppendixLO1
(a) Can accounting transaction debits and credits be recorded directly in the ledger accounts? (b) What are the advantages of first recording transactions in the journal and then posting to the
Journalize these accounting transactions. (a) Stockholders invested $12,000 in the business in exchange for common stock. (b) Insurance of $800 is paid for the year. (c) Supplies of $1,500 are
(a) What is a ledger? (b) Why is a chart of accounts important?AppendixLO1
What is a trial balance and what are its purposes?AppendixLO1
Russ Holub is confused about how accounting in- formation flows through the accounting system. He believes information flows in this order:AppendixLO1
(a) Debits and credits are posted to the ledger. (b) Accounting transaction occurs. (c) Information is entered in the journal. (d) Financial statements are prepared. (e) Trial balance is prepared.
Presented on page 135 are three economic events. On a sheet of paper, list the letters (a), (b), and (c) with columns for assets, liabilities, and stockholders’ equity. In each column, indicate
During 2007, Walters Corp. entered into the following transactions. 1. Borrowed $80,000 by issuing bonds. 2. Paid $9,000 cash dividend to stockholders. 3. Received $17,000 cash from a customer who
During 2004, Starbucks entered into the following transactions. 1. Purchased property, plant, and equipment for $386,176,000 cash. 2. Issued common stock to investors for $137,590,000 cash. 3.
Transactions for Alvarez Company for the month of June are presented next.Identify the accounts to be debited and credited for each transaction.June 1. Issues common stock to investors in exchange
Use the data in BE3-5 and journalize the transactions. (You may omit explanations.)AppendixLO1
Jeremy Oslo, a fellow student, is unclear about the basic steps in the recording process. Identify and briefly explain the steps in the order in which they occur.BE3-8 Norris Corporation has the
Use the data in BE3-8 and journalize the transactions. (You may omit explanations.)AppendixLO1
From the ledger balances below, prepare a trial balance for Shumway Company at June 30, 2007. All account balances are normal.Accounts Payable $ 3,000 Service Revenue $6,600 Cash 3,400 Accounts
An inexperienced bookkeeper prepared the following trial balance that does not balance. Prepare a correct trial balance, assuming all account balances are normal.AppendixLO1 RICHARDSON COMPANY Trial
Selected transactions for Sidhu Advertising Company, Inc., are listed here.. Issued common stock to investors in exchange for cash received from investors.. Paid monthly rent.- Received cash from
Downtown Company entered into these transactions during May 2007. 1. Purchased computers for office use for $35,000 from Dell on account. 2. Paid $4,000 cash for May rent on storage space.Exercises ]
During 2007, its first year of operations as a delivery service, Cheng Corp. entered Determine effect of into the following transactions. transactions on basic accounting equation. Issued shares of
A tabular analysis of the transactions made during August 2007 by Verbos Company Analyze transactions and during its first month of operations is shown below. Each increase and decrease in stock-
The tabular analysis of transactions for Verbos Company is presented in E3-4.statement, retained earnings statement, and balance sheet. Instructions(SO 1) Prepare an income statement and a retained
Selected transactions for Welcome Home, an interior decorator corporation, in its normal balances and Pee areicions: first month of business, are as follows.(SO 3, 5) 1. Issued stock to investors for
This information relates to Matthews Real Estate Agency Corporation.determine their effect on Pent Oct. 1 Stockholders invested $25,000 in exchange for common stock of the(SO 3) corporation.2 Hires
Transaction data for Matthews Real Estate Agency are presented in E3-7.(SO 5)Instructions Journalize the transactions. Do not provide explanations.Post journal entries
Transaction data and journal entries for Matthews Real Estate Agency are preprepare a trial balance. sented in E3-7 and E3-8.(SO 7, 8) ;Instructions(a) Post the transactions to T accounts.(b) Prepare
Selected transactions for P.F. Quick Corporation during its first month in business are presented below.Sept. 1 Issued common stock in exchange for $15,000 cash received from investors.5 Purchased
These T accounts summarize the ledger of Hayley’s Gardening Company Inc. at Cash Unearned Revenue Apr. 1 12,000 Apr. 15 900 Apr. 30 600 a2. 700 25. 3,000 29 800 30 600 Accounts Receivable Common
Selected transactions from the journal of Dewitt Inc. during its first month of Post journal entries and operations are presented here.Date Account Titles Debit | Credit Aug. 1 | Cash 3,000 Common
Here is the ledger for Arseneault Co.T accounts and prepare a trial balance. Cash Common Stock(SO 5, 8)Oct. 1 4,800 Oct. 4 400 Oct. 1 4,800 10%" 750 12 1,500 25 2,000 10 8,000 15 250 20 ~800 30 2 m3
The bookkeeper for Beylea Corporation made these errors in journalizing and effects on trial balance. posting.(SO 8) 1. A credit posting of $400 to Accounts Receivable was omitted.Conn 2. A debit
The accounts in the ledger of Dependable Delivery Service contain the following balances on July 31, 2007.Accounts Receivable $13,400 Prepaid Insurance $ 1,800 Accounts Payable 7,400 Repair Expense
The following accounts, in alphabetical order, were selected from the 2004 financial statements of Krispy Kreme Doughnuts, Inc.Interest income Inventories Prepaid expenses Property and equipment
On April 1 Far and Wide Travel Agency Inc. was established. These transactions were completed during the month._ Stockholders invested $20,000 cash in the company in exchange for common stock.. Paid
Marie Blaesing started her own consulting firm, Blaesing Consulting Inc., on May 1, 2007. The following transactions occurred during the month of May.Problems: Set A 141 Prepare a trial
Mark Mader created a corporation providing legal services, Mark Mader Inc., on prepare an income statement, July 1, 2007. On July 31 the balance sheet showed: Cash $4,000; Accounts Receivable
Hometown Miniature Golf and Driving Range Inc. was opened on March 1 by oe Happy Gilmore. These selected events and transactions occurred during March.aa Mar. 1 Stockholders invested $60,000 cash in
EL. Wright Architects incorporated as licensed architects on April 1, 2007. During J ee rates: Post, the first month of the operation of the business, these events and transactions occurred: OEE TED
This is the trial balance of Aladdin Company on September 30.Journalize transactions, post, and prepare a trial balance.(SO'3) 5,677,8)ALADDIN COMPANY Trial Balance GLS|September 30, 2007 Debit
This trial balance of Izo Co. does not balance.balance.(SO 8)IZO CO.Trial Balance June 30, 2007 Debit Credit Cash $ 2,180 Accounts Receivable $ 3,370 Supplies 800 Equipment 3,000 Accounts Payable
The Three-Peat Theater Inc. was recently formed. It began operations in March and prepare a trial balance. 2007. The Three-Peat is unique in that it will show only triple features of sequential
The bookkeeper for Shirley Temple’s dance studio made the following errors in journalizing and posting. 1. A credit to Supplies of $600 was omitted. 2. A debit posting of $300 to Accounts Payable
Blue Sky Window Washing Inc. was started on May 1. Here is a summary of the May transactions.Problems: Set B 145(d) Cash Tot. trial balance $127,050$ 29,675 Analyze errors and their effects on the
Patrick Coleman started his own delivery service, At Your Service Inc., on June 1, 2007. The following transactions occurred during the month of June.June 1 Stockholders invested $16,000 cash in the
Janna Reed opened Reed Company, a veterinary business in Neosho, Wisconsin, on August 1, 2007. On August 31 the balance sheet showed: Cash $9,000; Accounts Receivable $1,700; Supplies $600; Office
RV Haven was started on April 1 by Don Patter. These selected events and trans- Journalize a series of actions occurred during April. transactions.(S@weres)Apr. 1 Stockholders invested $75,000 cash
Ricki Knapp incorporated Knapp Consulting, an accounting practice, on May 1, Journalize transactions, post, 2007. During the first month of operations, these events and transactions occurred. and
The trial balance of Artistic Dry Cleaners on June 30 is given here.and prepare a trial balance.(SO'3, 5, 6) 7,8)[GLS]ARTISTIC DRY CLEANERS Trial Balance June 30, 2007 Debit Credit Cash £12,532
This trial balance of Rosenberger Company does not balance.(SO 8)ROSENBERGER COMPANY Trial Balance May 31, 2007 Debit = Credit Cash $ 5,340 Accounts Receivable $ 2,750 Prepaid Insurance 700 Equipment
Classic Theater Inc. was recently formed. All facilities were completed on March 31. On April 1, the ledger showed: Cash $6,300; Land $10,000; Buildings (concession stand, projection room, ticket
first year co-op student working for UR Here.com recorded the transactions for the month. He wasn’t exactly sure how to journalize and post, but he did the best he could. He had a few questions,
The financial statements of Tootsie Roll in Appendix A at the back of this book E cS contain the following selected accounts, all in thousands of dollars.Common Stock $24,139 Accounts Payable 19,315
The financial statements of Hershey Foods are presented in Appendix B, fol- we ea “lowing the financial statements for Tootsie Roll in Appendix A.Instructions(a) Based on the information contained
The October 13, 2003, issue of Business Week includes an article by Stephanie Anderson titled “Is This Any Way To Run a Bank?”Instructions Read the article and answer the following questions.(a)
Doman Industries Ltd., whose products are sold in 30 countries worldwide, is an integrated Canadian forest products company.Doman sells the majority of its lumber products in the United States, and a
Purpose: This activity provides information about career opportunities for CPAs.Address: www.futurecpa.org (or go to www.wiley.com/college/kimmel)Steps 1. Go to the address shown above. 2. Click on
Katie Kim operates Double K Riding Academy, Inc. The academy's primary sources of revenue are riding fees and lesson fees, which are provided on a cash basis.Katie also boards horses for owners, who
Rachel McGaver is the assistant chief accountant at A2Z Company, a manufacturer of computer chips and cellular phones. The company presently has total sales of $20 million. It is the end of the first
Identify the sections of a classified balance sheet.AppendixLO1
Identify and compute ratios for analyzing a company's profitability.AppendixLO1
Explain the relationship between a retained earnings statement and a statement of stockholders' equity.AppendixLO1
Identify and compute ratios for analyzing a company's liquidity and solvency using a balance sheet.AppendixLO1
Use the statement of cash flows to evaluate solvency.AppendixLO1
Explain the meaning of generally accepted accounting principles. 7 Discuss financial reporting concepts.AppendixLO1
In a classified balance sheet, assets are usually classified as: (a) current assets; long-term assets; property, plant, and equipment; and intangible assets. (b) current assets; long-term
Current assets are listed:AppendixLO1
(a) by liquidity. (b) by importance. (c) by longevity. (d) alphabetically. Which is an indicator of profitability? (a) Current ratio. (b) Earnings per share. (c) Debt to total assets ratio. (d) Free
(a) net income. (b) net loss. (c) issuance of common stock. (d) dividends. Which of these measures is an eval- uation of a company's ability to pay current li- abilities? (a) Earnings per share. (b)
Companies can use free cash flow to: (a) pay additional dividends. (b) acquire property, plant, and equipment. (c) pay off debts. (d) All of the above.AppendixLO1
Verifiability is an ingredient of: (SO 7)Reliability | Relevance(a) Yes Yes(b) No No() Yes No(d) No Yes
What accounting constraint refers to the tendency _—_(SO 7)of accountants to resolve uncertainty in a way least likely to overstate assets and net income?(a) Comparability.(b) Materiality.Go to the
What is meant by the term operating cycle?AppendixLO1
Define current assets. What basis is used for ordering individual items within the current assets section?AppendixLO1
Distinguish between long-term investments and property, plant, and equipment.AppendixLO1
How do current liabilities differ from long-term liabilities?AppendixLO1
Identify the two parts of stockholders' equity in a cor- poration and indicate the purpose of each.AppendixLO1
(a) Brenda Starr believes that the analysis of financial statements is directed at two characteristics of a company: liquidity and profitability. Is Brenda correct? Explain. (b) Are short-term
What do these classes of ratios measure? (a) Liquidity ratios. (b) Profitability ratios. (c) Solvency ratios. Holding all other factors constant, indicate whether each of the following signals gen.
(a) What is the basic objective of financial report- ing? (b) Identify the characteristics of useful accounting information.
Sue Leonard, the president of Leon Company, is pleased. Leon substantially increased its net income: in 2007 while keeping its unit inventory relatively the same. Dan Noonan, chief accountant,
What is the distinction between comparability and consistency?AppendixLO1
Describe the two constraints inherent in the presen- tation of accounting information.AppendixLO1
Your roommate believes that international account- ing standards are uniform throughout the world. Is your roommate correct? Explain.AppendixLO1
What purpose does the going concern assumption serve?AppendixLO1

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