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financial and managerial accounting

Questions and Answers of Financial And Managerial Accounting

Prepare an adjusting entry for depreciation expense.
Determine the effect on the income statement and balance sheet of omitting an adjusting entry for prepaid expense, unearned revenue, accrued revenue, accrued expense, and depreciation.
Prepare an adjusted trial balance.
Determine the effect of errors on the equality of the adjusted trial balance.
Describe vertical analysis.
Prepare a vertical analysis report of a financial statement
Accounts requiring adjustment OBJ. 1 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry:a. Accumulated Depreciationc. Lande. Suppliesb.
Accounts requiring adjustment OBJ. 1 Indicate with a Yes or No whether or not each of the following accounts normally requires an adjusting entry:a. Buildingc. Interest Expensee. Common Stockb.
Type of adjustment OBJ. 1 Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense:a. Cash received for services not yet renderedc. Rent
Type of adjustment OBJ. 1 Classify the following items as (1) prepaid expense, (2) unearned revenue, (3) accrued revenue, or (4) accrued expense:a. Cash received for use of land next monthc. Rent
Adjustment for prepaid expense OBJ. 2 The supplies account had a beginning balance of $3,375 and was debited for $6,450 for supplies purchased during the year. Journalize the adjusting entry required
Adjustment for prepaid expense OBJ. 2 The prepaid insurance account had a beginning balance of $9,600 and was debited for$12,900 of premiums paid during the year. Journalize the adjusting entry
Adjustment for unearned revenue OBJ. 2 The balance in the unearned fees account, before adjustment at the end of the year, is$272,500. Journalize the adjusting entry required, assuming the amount of
Adjustment for unearned revenue OBJ. 2 On June 1, 2016, Herbal Co. received $18,900 for the rent of land for 12 months. Journalize the adjusting entry required for unearned rent on December 31, 2016.
Adjustment for accrued revenues OBJ. 2 At the end of the current year, $23,570 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
Adjustment for accrued revenues OBJ. 2 At the end of the current year, $17,555 of fees have been earned but have not been billed to clients. Journalize the adjusting entry to record the accrued fees.
Adjustment for accrued expense OBJ. 2 We-Sell Realty Co. pays weekly salaries of $11,800 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the end of
Adjustment for accrued expense OBJ. 2 Prospect Realty Co. pays weekly salaries of $27,600 on Monday for a six-day workweek ending the preceding Saturday. Journalize the necessary adjusting entry at
Adjustment for depreciation OBJ. 2 The estimated amount of depreciation on equipment for the current year is $6,880.Journalize the adjusting entry to record the depreciation.
Adjustment for depreciation OBJ. 2 The estimated amount of depreciation on equipment for the current year is $7,700.Journalize the adjusting entry to record the depreciation.
Effect of omitting adjustments OBJ. 3 For the year ending August 31, 2016, Mammalia Medical Co. mistakenly omitted adjusting entries for (1) depreciation of $5,800, (2) fees earned that were not
Effect of omitting adjustments OBJ. 3 For the year ending April 30, 2016, Urology Medical Services Co. mistakenly omitted adjusting entries for (1) $1,400 of supplies that were used, (2) unearned
Effect of errors on adjusted trial balance OBJ. 4 For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If
Effect of errors on adjusted trial balance OBJ. 4 For each of the following errors, considered individually, indicate whether the error would cause the adjusted trial balance totals to be unequal. If
Vertical analysis OBJ. 5 Two income statements for Hemlock Company follow:Hemlock Company Income Statements For Years Ended December 31 2016 2015 Fees earned $725,000 $615,000 Operating expenses
Vertical analysis OBJ. 5 Two income statements for Cornea Company follow:Cornea Company Income Statements For Years Ended December 31 2016 2015 Fees earned $1,640,000 $1,300,000Operating expenses
Classifying types of adjustments OBJ. 1 Classify the following items as (a) prepaid expense, (b) unearned revenue, (c) accrued revenue, or (d) accrued expense:1. A two-year premium paid on a fire
Classifying adjusting entries OBJ. 1 The following accounts were taken from the unadjusted trial balance of Orion Co., a congressional lobbying firm. Indicate whether or not each account would
Adjusting entry for supplies OBJ. 2 The balance in the supplies account, before adjustment at the end of the year, is $5,330.Journalize the adjusting entry required if the amount of supplies on hand
Determining supplies purchased OBJ. 2 The supplies and supplies expense accounts at December 31, after adjusting entries have been posted at the end of the first year of operations, are shown in the
Effect of omitting adjusting entry OBJ. 2, 3 At March 31, the end of the first month of operations, the usual adjusting entry transferring prepaid insurance expired to an expense account is omitted.
Adjusting entries for prepaid insurance OBJ. 2 The balance in the prepaid insurance account, before adjustment at the end of the year, is $18,630. Journalize the adjusting entry required under each
Adjusting entries for prepaid insurance OBJ. 2 The prepaid insurance account had a balance of $7,000 at the beginning of the year.The account was debited for $24,000 for premiums on policies
Adjusting entries for unearned fees OBJ. 2 The balance in the unearned fees account, before adjustment at the end of the year, is$36,950. Journalize the adjusting entry required if the amount of
Effect of omitting adjusting entry OBJ. 2, 3 At the end of July, the first month of the business year, the usual adjusting entry transferring rent earned to a revenue account from the unearned rent
Adjusting entry for accrued fees OBJ. 2 At the end of the current year, $22,650 of fees have been earned but have not been billed to clients.a. Journalize the adjusting entry to record the accrued
Adjusting entries for unearned and accrued fees OBJ. 2 The balance in the unearned fees account, before adjustment at the end of the year, is $97,770. Of these fees, $82,220 have been earned. In
Effect of omitting adjusting entry OBJ. 2, 3 The adjusting entry for accrued fees was omitted at October 31, the end of the current year. Indicate which items will be in error, because of the
Adjusting entries for accrued salaries OBJ. 2 Ocular Realty Co. pays weekly salaries of $16,600 on Friday for a five-day workweek ending on that day. Journalize the necessary adjusting entry at the
Determining wages paid OBJ. 2 The wages payable and wages expense accounts at May 31, after adjusting entries have been posted at the end of the first month of operations, are shown in the following
Effect of omitting adjusting entry OBJ. 2, 3 Accrued salaries owed to employees for October 30 and 31 are not considered in preparing the financial statements for the year ended October 31. Indicate
Effect of omitting adjusting entry OBJ. 2, 3 Assume that the error in Exercise 3-15 was not corrected and that the accrued salaries were included in the first salary payment in November. Indicate
Adjusting entries for prepaid and accrued taxes OBJ. 2 Art Imaging Company was organized on April 1 of the current year. On April 2, Art Imaging Company prepaid $54,000 to the city for taxes (license
Adjustment for depreciation OBJ. 2 The estimated amount of depreciation on equipment for the current year is $10,650.Journalize the adjusting entry to record the depreciation.
Determining fixed asset’s book value OBJ. 2 The balance in the equipment account is $28,650,000, and the balance in the accumulated depreciation—equipment account is $16,430,000.a. What is the
Book value of fixed assets OBJ. 2 In a recent balance sheet, Microsoft Corporation reported Property, Plant, and Equipment of $19,231 million and Accumulated Depreciation of $10,962 million.a. What
Effects of errors on financial statements OBJ. 2, 3 For a recent period, the balance sheet for Costco Wholesale Corporation reported accrued expenses of $2,890 million. For the same period, Costco
Effects of errors on financial statements OBJ. 2, 3 For a recent year, the balance sheet for The Campbell Soup Company includes accrued expenses of $598 million. The income before taxes for The
Effects of errors on financial statements OBJ. 2, 3 If the net income for the current year had been $196,400 in Exercise 3-23, what would have been the correct net income if the proper adjusting
Adjusting entries for depreciation; effect of error OBJ. 2, 3 On December 31, a business estimates depreciation on equipment used during the first year of operations to be $13,900.a. Journalize the
Adjusting entries from trial balances OBJ. 4 The unadjusted and adjusted trial balances for American Leaf Company on October 31, 2016, follow:American Leaf Company Trial Balances October 31, 2016
Vertical analysis of income statement OBJ. 5 The following data (in millions) are taken from recent financial statements of Nike Inc.:Year 2 Year 1 Sales (revenues) $24,128 $20,862 Net income 2,223
Vertical analysis of income statement OBJ. 5 The following income statement data (in millions) for Dell Inc. and Hewlett-Packard Company (HP) were taken from their recent annual reports:Dell
Adjusting entries OBJ. 2 On March 31, 2016, the following data were accumulated to assist the accountant in preparing the adjusting entries for Potomac Realty:a. The supplies account balance on March
Adjusting entries OBJ. 2, 3 Selected account balances before adjustment for Alantic Coast Realty at July 31, 2016, the end of the current year, are as follows:Debits Credits Accounts Receivable $
Adjusting entries OBJ. 2, 3 Reliable Repairs & Service, an electronics repair store, prepared the following unadjusted trial balance at the end of its first year of operations:Reliable Repairs &
Adjusting entries OBJ. 2, 3, 4 Good Note Company specializes in the repair of music equipment and is owned and operated by Robin Stahl. On November 30, 2016, the end of the current year, the
Adjusting entries and adjusted trial balances OBJ. 2, 3, 4 Rowland Company is a small editorial services company owned and operated by Marlene Rowland. On August 31, 2016, the end of the current
Adjusting entries and errors OBJ. 2, 3 At the end of April, the first month of operations, the following selected data were taken from the financial statements of Shelby Crawford, an attorney:Net
Adjusting entries OBJ. 2 On May 31, 2016, the following data were accumulated to assist the accountant in preparing the adjusting entries for Oceanside Realty:a. Fees accrued but unbilled at May 31
Adjusting entries OBJ. 2, 3 Selected account balances before adjustment for Intuit Realty at November 30, the end of the current year, follow:Debits Credits Accounts Receivable $ 75,000 Equipment
Adjusting entries OBJ. 2, 3, 4 The Signage Company specializes in the maintenance and repair of signs, such as billboards. On March 31, 2016, the accountant for The Signage Company prepared the
Adjusting entries and adjusted trial balances OBJ. 2, 3, 4 Reece Financial Services Co., which specializes in appliance repair services, is owned and operated by Joni Reece. Reece Financial Services
Adjusting entries and errors OBJ. 2, 3 At the end of August, the first month of operations, the following selected data were taken from the financial statements of Tucker Jacobs, an attorney:Net
Ethics and professional conduct in business Daryl Kirby opened Squid Realty Co. on January 1, 2015. At the end of the first year, the business needed additional capital. On behalf of Squid Realty
Adjustments and financial statements Several years ago, your brother opened Magna Appliance Repairs. He made a small initial investment and added money from his personal bank account as needed. He
Codes of ethics Group Project Obtain a copy of your college or university’s student code of conduct. In groups of three or four, answer the following questions:1. Compare this code of conduct with
Using an end-of-period spreadsheet, describe how the unadjusted trial balance accounts are affected by adjustments and how the adjusted trial balance accounts flow into the income statement and
Describe how the net income or net loss from the period can be determined from an end-of-period spreadsheet.
Prepare an income statement, a retained earnings statement, and a balance sheet.
Indicate how accounts would be reported on a classified balance sheet.
Prepare the closing entry for revenues.
Prepare the closing entry for expenses.
Prepare the closing entry for transferring the balance of Income Summary to the retained earnings account.
Prepare the closing entry for the dividends account.
List the 10 steps of the accounting cycle.
Determine whether any steps are out of order in a listing of accounting cycle steps.
Determine whether there are any missing steps in a listing of accounting cycle steps.
Complete the accounting cycle for a period from beginning to end.
Explain why companies use a fiscal year that is different from the calendar year.
Define liquidity and solvency.
Compute working capital.
Compute the current ratio.
Recent fiscal years for several well-known companies are as follows:Company Fiscal Year Ending JCPenney January 27 Limited Brands, Inc. January 27 Sears January 27 Target Corp. January 27 Home Depot
Flow of accounts into financial statements OBJ. 1 The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each
Flow of accounts into financial statements OBJ. 1 The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each
Retained earnings statement OBJ. 2 Marcie Davies owns and operates Gemini Advertising Services. On January 1, 2015, Retained Earnings had a balance of $618,500. During the year, Marcie invested an
Retained earnings statement OBJ. 2 Blake Knudson owns and operates Grab Bag Delivery Services. On January 1, 2015, Retained Earnings had a balance of $918,000. During the year, no additional common
Classified balance sheet OBJ. 2 The following accounts appear in an adjusted trial balance of San Jose Consulting. Indicate whether each account would be reported in the (a) current asset; (b)
Classified balance sheet OBJ. 2 The following accounts appear in an adjusted trial balance of Kangaroo Consulting. Indicate whether each account would be reported in the (a) current asset; (b)
Closing entries OBJ. 3 After the accounts have been adjusted at October 31, the end of the fiscal year, the following balances were taken from the ledger of Smart Delivery Services Co.:Retained
Closing entries OBJ. 3 After the accounts have been adjusted at April 30, the end of the fiscal year, the following balances were taken from the ledger of Nuclear Landscaping Co.:Retained Earnings
Accounting cycle OBJ. 4 From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. An unadjusted trial
Accounting cycle OBJ. 4 From the following list of steps in the accounting cycle, identify what two steps are missing:a. Transactions are analyzed and recorded in the journal.b. Transactions are
Working capital and current ratio OBJ. 7 Balance sheet data for HQ Properties Company follows:2016 2015 Current assets $2,175,000 $1,900,000 Current liabilities 1,500,000 1,250,000a. Determine the
Working capital and current ratio OBJ. 7 Balance sheet data for Brimstone Company follows:2016 2015 Current assets $1,586,250 $1,210,000 Current liabilities 705,000 550,000a. Determine the working
Flow of accounts into financial statements OBJ. 1, 2 The balances for the accounts that follow appear in the Adjusted Trial Balance columns of the end-of-period spreadsheet. Indicate whether each
Classifying accounts OBJ. 1, 2 Balances for each of the following accounts appear in an adjusted trial balance. Identify each as (a) asset, (b) liability, (c) revenue, or (d) expense.1. Accounts
Financial statements from the end-of-period spreadsheet OBJ. 1, 2 Bamboo Consulting is a consulting firm owned and operated by Lisa Gooch. The following end-of-period spreadsheet was prepared for the
Financial statements from the end-of-period spreadsheet OBJ. 1, 2 Elliptical Consulting is a consulting firm owned and operated by Jayson Neese. The following end-of-period spreadsheet was prepared

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