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business
financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Financial analysis The now defunct Enron Corporation, once headquartered in Houston, Texas, provided products and services for natural gas, electricity, and communications to wholesale and retail
Cash flows Amazon.com, an Internet retailer, was incorporated and began operation in the mid-90s. On the statement of cash flows, would you expect Amazon.com’s net cash flows from operating,
Certification requirements for accountants By satisfying certain specific requirements, accountants may become certified as public accountants (CPAs), management accountants (CMAs), or internal
Transactions and financial statements Lisa Duncan, a junior in college, has been seeking ways to earn extra spending money.As an active sports enthusiast, Lisa plays tennis regularly at the Phoenix
Net income On January 1, 2015, Dr. Marcie Cousins established Health-Wise Medical, a medical practice organized as a corporation. The following conversation occurred the following August between Dr.
Ethics and professional conduct in business Group Project Colleen Fernandez, president of Rhino Enterprises, applied for a $175,000 loan from First Federal Bank. The bank requested financial
Missing amounts from financial statements OBJ. 5 The financial statements at the end of Atlas Realty’s first month of operations follow:Atlas Realty Income Statement For the Month Ended May 31,
Transactions; financial statements OBJ. 4, 5 Bev’s Dry Cleaners is owned and operated by Beverly Zahn. A building and equipment are currently being rented, pending expansion to new facilities. The
Transactions; financial statements OBJ. 4, 5 On April 1, 2016, Maria Adams established Custom Realty. Maria completed the following transactions during the month of April:a. Opened a business bank
Financial statements OBJ. 5 Jose Loder established Bronco Consulting on August 1, 2016. The effect of each transaction and the balances after each transaction for August follow:Assets 5Liabilities 1
Financial statements OBJ. 5 The amounts of the assets and liabilities of Wilderness Travel Service at April 30, 2016, the end of the year, and its revenue and expenses for the year follow. The
Transactions OBJ. 4 Amy Austin established an insurance agency on March 1 of the current year and completed the following transactions during March:a. Opened a business bank account with a deposit of
Missing amounts from financial statements OBJ. 5 The financial statements at the end of Wolverine Realty’s first month of operations are as follows:Wolverine Realty Income Statement For the Month
Transactions; financial statements OBJ. 4, 5 D’Lite Dry Cleaners is owned and operated by Joel Palk. A building and equipment are currently being rented, pending expansion to new facilities. The
Transactions; financial statements OBJ. 4, 5 On July 1, 2016, Pat Glenn established Half Moon Realty. Pat completed the following transactions during the month of July:a. Opened a business bank
Financial statements OBJ. 5 Seth Feye established Reliance Financial Services on July 1, 2016. Reliance Financial Services offers financial planning advice to its clients. The effect of each
Financial statements OBJ. 5 The amounts of the assets and liabilities of Nordic Travel Agency at December 31, 2016, the end of the year, and its revenue and expenses for the year follow. The retained
Transactions OBJ. 4 On April 1 of the current year, Andrea Byrd established a business to manage rental property. She completed the following transactions during April:a. Opened a business bank
Ratio of liabilities to stockholders’ equity OBJ. 6 Lowe’s Companies Inc., a major competitor of The Home Depot in the home improvement business, operates over 1,700 stores. Lowe’s recently
Ratio of liabilities to stockholders’ equity OBJ. 6 The Home Depot, Inc., is the world’s largest home improvement retailer and one of the largest retailers in the United States based on sales
Financial statements OBJ. 5 We-Sell Realty, organized August 1, 2016, is owned and operated by Omar Farah. How many errors can you find in the following statements for We-Sell Realty, prepared after
Statement of cash flows OBJ. 5 A summary of cash flows for Ethos Consulting Group for the year ended May 31, 2016, follows:Cash receipts:Cash received from customers $637,500 Cash received from
Statement of cash flows OBJ. 5 Indicate whether each of the following activities would be reported on the statement of cash flows as (a) an operating activity, (b) an investing activity, or (c) a
Financial statements OBJ. 5 Each of the following items is shown in the financial statements of Exxon Mobil Corporation:1. Accounts payable 2. Cash equivalents 3. Crude oil inventory 4. Equipment 5.
Balance sheets, net income OBJ. 5 Financial information related to Ebony Interiors for February and March 2016 is as follows:February 29, 2016 March 31, 2016 Cash 320,000 380,000 Accounts receivable
Missing amounts from balance sheet and income statement data OBJ. 5 One item is omitted in each of the following summaries of balance sheet and income statement data for the following four different
Income statement OBJ. 5 Dairy Services was organized on August 1, 2016. A summary of the revenue and expense transactions for August follows:Fees earned $783,000 Wages expense 550,000 Rent expense
Retained earnings statement OBJ. 5 Financial information related to Udder Products Company for the month ended April 30, 2016, is as follows:Net income for April $166,000 Cash dividends paid during
Income statement items OBJ. 5 Based on the data presented in Exercise 1-16, identify those items that would appear on the income statement.
Balance sheet items OBJ. 5 From the following list of selected items taken from the records of Bobcat Appliance Service as of a specific date, identify those that would appear on the balance sheet:1.
Net income and stockholders’ equity for four businesses OBJ. 5 Four different corporations, Jupiter, Mars, Saturn, and Venus, show the same balance sheet data at the beginning and end of a year.
Net income and dividends OBJ. 5 The income statement for the month of February indicates a net income of $17,500. During the same period, $25,500 in cash dividends were paid.Would it be correct to
Nature of transactions OBJ. 4 Teri West operates her own catering service. Summary financial data for July are presented in equation form as follows. Each line designated by a number indicates the
Transactions OBJ. 4 The following selected transactions were completed by Cota Delivery Service during July:1. Received cash in exchange for common stock, $35,000.2. Purchased supplies for cash,
Effect of transactions on stockholders’ equity OBJ. 4 Indicate whether each of the following types of transactions will either (a) increase stockholders’ equity or (b) decrease stockholders’
Effect of transactions on accounting equation OBJ. 4a. A vacant lot acquired for $115,000 is sold for $298,000 in cash. What is the effect of the sale on the total amount of the seller’s (1)
Effect of transactions on accounting equation OBJ. 4 Describe how the following business transactions affect the three elements of the accounting equation:a. Invested cash in business.b. Paid for
Asset, liability, and stockholders’ equity items OBJ. 3 Indicate whether each of the following is identified with (1) an asset, (2) a liability, or(3) stockholders’ equity:a. accounts payableb.
Accounting equation OBJ. 3, 4 Go44 is a motivational consulting business. At the end of its accounting period, December 31, 2015, Go44 has assets of $720,000 and liabilities of $180,000. Using the
Accounting equation OBJ. 3 Determine the missing amount for each of the following:Assets 5 Liabilities 1 Stockholders’ Equitya. X = $376,000 + $895,000b. $1,375,000 = X + $855,000c. $863,500 =
Accounting equation OBJ. 3 The total assets and total liabilities (in millions) of Dollar Tree Inc. and Target Corporation follow:Dollar Tree Target Corporation Assets $2,329 $46,630 Liabilities 984
Accounting equation OBJ. 3 The total assets and total liabilities (in millions) of Green Mountain Coffee Roasters, Inc.and Starbucks Corporation follow:Green Mountain Starbucks Assets $3,616 $8,219
Business entity concept OBJ. 2 Ozark Sports sells hunting and fishing equipment and provides guided hunting and fishing trips. Ozark Sports is owned and operated by Eric Griffith, a well-known sports
Professional ethics OBJ. 1 A fertilizer manufacturing company wants to relocate to Yellowstone County. A report from a fired researcher at the company indicates the company’s product is releasing
Types of businesses OBJ. 1 The following is a list of well-known companies:1. Alcoa Inc.2. Boeing 3. Caterpillar 4. Citigroup Inc.5. CVS 6. Dow Chemical Company 7. eBay Inc.8. FedEx 9. Ford Motor
Ratio of liabilities to stockholders’ equity OBJ. 6 The following data were taken from Alvarado Company’s balance sheet:Dec. 31, 2016 Dec. 31, 2015 Total liabilities $4,085,000 $2,880,000 Total
Ratio of liabilities to stockholders’ equity OBJ. 6 The following data were taken from Mesa Company’s balance sheet:Dec. 31, 2016 Dec. 31, 2015 Total liabilities $547,800 $518,000 Total
Statement of cash flows OBJ. 5 A summary of cash flows for Sentinel Travel Service for the year ended August 31, 2016, follows:Cash receipts:Cash received from customers $734,000 Cash received from
Statement of cash flows OBJ. 5 A summary of cash flows for Ousel Travel Service for the year ended November 30, 2016, follows:Cash receipts:Cash received from customers $1,465,000 Cash received from
Balance sheet OBJ. 5 Using the following data for Sentinel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5B, prepare a balance sheet as of August 31,
Balance sheet OBJ. 5 Using the following data for Ousel Travel Service as well as the retained earnings statement shown in Practice Exercise 1-5A, prepare a balance sheet as of November 30,
Retained earnings statement OBJ. 5 Using the income statement for Sentinel Travel Service shown in Practice Exercise 1-4B, prepare a retained earnings statement for the year ended August 31, 2016.
Retained Earnings Statement OBJ. 5 Using the income statement for Ousel Travel Service shown in Practice Exercise 1-4A, prepare a retained earnings statement for the year ended November 30, 2016.
Income statement OBJ. 5 The revenues and expenses of Sentinel Travel Service for the year ended August 31, 2016, follow:Fees earned $750,000 Office expense 295,000 Miscellaneous expense 12,000 Wages
Income statement OBJ. 5 The revenues and expenses of Ousel Travel Service for the year ended November 30, 2016, follow:Fees earned $1,475,000 Office expense 320,000 Miscellaneous expense 28,000 Wages
Transactions OBJ. 4 Interstate Delivery Service is owned and operated by Katie Wyer. The following selected transactions were completed by Interstate Delivery Service during May:1. Received cash in
Transactions OBJ. 4 Arrowhead Delivery Service is owned and operated by Gates Deeter. The following selected transactions were completed by Arrowhead Delivery Service during August:1. Received cash
Accounting equation OBJ. 3 Be-The-One is a motivational consulting business. At the end of its accounting period, December 31, 2015, Be-The-One has assets of $395,000 and liabilities of $97,000.
Accounting equation OBJ. 3 Dream-It LLC is a motivational consulting business. At the end of its accounting period, December 31, 2015, Dream-It has assets of $780,000 and liabilities of $150,000.
Cost concept OBJ. 2 On March 31, Higgins Repair Service extended an offer of $415,000 for land that had been priced for sale at $460,000. On April 15, Higgins Repair Service accepted the seller’s
Cost concept OBJ. 2 On February 22, Kountry Repair Service extended an offer of $200,000 for land that had been priced for sale at $250,000. On April 3, Kountry Repair Service accepted the seller’s
Compute the ratio of liabilities to stockholders’ equity.
Describe the usefulness of the ratio of liabilities to stockholders’equity.
Explain how the financial statements of a corporation are interrelated.
Prepare a statement of cash flows.
Prepare a balance sheet.
Prepare a retained earnings statement.
Prepare an income statement.
List and describe the financial statements of a corporation.
Using the accounting equation as a framework, record transactions.
Define a business transaction.
Given two elements of the accounting equation, solve for the third element.
Define assets, liabilities, and stockholders’ equity.
Describe and give an example of what is meant by the unit of measure concept.
Describe and give an example of what is meant by the objectivity concept.
Describe and give an example of what is meant by the cost concept.
Describe the characteristics of a proprietorship, partnership, corporation, and limited liability company.
Describe and give an example of what is meant by the business entity concept.
Describe how generally accepted accounting principles are developed.
Explain what is meant by generally accepted accounting principles.
Differentiate between private and public accounting.
Define ethics, and list two factors affecting ethical conduct.
Describe the role of accounting in business, and explain why accounting is called the “language of business.”
Distinguish among service, merchandising, and manufacturing businesses.
Budget for a state government Group Project In a group, find the home page of the state in which you presently live. The home page will be of the form www.statename.gov. For example, the state of
Integrity and evaluating budgeting systems The city of Milton has an annual budget cycle that begins on July 1 and ends on June 30.At the beginning of each budget year, an annual budget is
Objectives of the master budget Domino’s Pizza L.L.C. operates pizza delivery and carry-out restaurants. The annual report describes its business as follows:We offer a focused menu of high-quality,
Static budget for a service company A bank manager of City Savings Bank Inc. uses the managerial accounting system to track the costs of operating the various departments within the bank. The
Evaluating budgeting systems in a service company Children’s Hospital of the King’s Daughters Health System in Norfolk, Virginia, introduced a new budgeting method that allowed the hospital’s
Ethics and professional conduct in business The director of marketing for Starr Computer Co., Megan Hewitt, had the following discussion with the company controller, Cam Morley, on July 26 of the
Budgeted income statement and balance sheet OBJ. 4, 5 As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2017, the following
Cash budget OBJ. 5 The controller of Mercury Shoes Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:June July
Budgeted income statement and supporting budgets OBJ. 4 The budget director of Gold Medal Athletic Co., with the assistance of the controller, treasurer, production manager, and sales manager, has
Sales, production, direct materials purchases, and direct labor cost budgets OBJ. 4 The budget director of Royal Furniture Company requests estimates of sales, production, and other operating data
Forecast sales volume and sales budget OBJ. 4 Sentinel Systems Inc. prepared the following sales budget for 2016:Sentinel Systems Inc.Sales Budget For the Year Ending December 31, 2016 Product and
Budgeted income statement and balance sheet OBJ. 4, 5 As a preliminary to requesting budget estimates of sales, costs, and expenses for the fiscal year beginning January 1, 2017, the following
Cash budget OBJ. 5 The controller of Sonoma Housewares Inc. instructs you to prepare a monthly cash budget for the next three months. You are presented with the following budget information:May June
Schedule of cash payments for a service company OBJ. 5 EastGate Physical Therapy Inc. is planning its cash payments for operations for the first quarter (January–March), 2017. The Accrued Expenses
Schedule of cash payments for a service company OBJ. 5 Horizon Financial Inc. was organized on February 28, 2016. Projected selling and administrative expenses for each of the first three months of
Schedule of cash collections of accounts receivable OBJ. 5 OfficeMart Inc. has “cash and carry” customers and credit customers. OfficeMart estimates that 25% of monthly sales are to cash

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