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business
fundamental accounting
Questions and Answers of
Fundamental Accounting
The following transactions pertain to Sky Training Company for 2011.Required a. Record the preceding transactions in the general journal.b. Post the transactions to T-accounts and calculate the
Cummings Enterprises experienced the following events for 2011, the first year of operation.1. Acquired \(\$ 13,000\) cash from the issue of common stock.2. Paid \(\$ 4,000\) cash in advance for
At the end of 2012, the following information is available for City Cinema and Feature Flicks.Required a. For each company, compute the debt to assets ratio and the return on equity ratio.b.
Indicate whether each of the following accounts normally has a debit balance or a credit balance. a. Unearned Revenue b. Service Revenue c. Dividends d. Land e. Accounts Receivable f. Cash g. Common
Record each of the following Cummings Co. events in T-accounts and then explain how the event affects the accounting equation.a. Received \(\$ 20,000\) cash by issuing common stock.b. Purchased
Wong Company performed services on account for \(\$ 60,000\) in 2011 , its first year of operations. Wong collected \(\$ 48,000\) cash from accounts receivable during 2011 and the remaining \(\$
Kim Perz started and operated a small family consulting firm in 2011. The firm was affected by two events: (1) Perz provided \(\$ 18,000\) of services on account, and (2) she purchased \(\$ 5,000\)
Zhen received a \(\$ 60,000\) cash advance on March 1, 2011, for legal services to be performed in the future. Services were to be provided for a one-year term beginning March 1, 2011.Requireda.
Koch Inc. began the accounting period with a \(\$ 75,000\) debit balance in its Accounts Receivable account. During the accounting period, Koch earned revenue on account of \(\$ 320,000\). The ending
Cole Company began the accounting period with an \(\$ 18,000\) credit balance in its Accounts Payable account. During the accounting period, Cole incurred expenses on account of \(\$ 54,000\). The
California Mining began operations by issuing common stock for \(\$ 100,000\). The company paid \(\$ 90,000\) cash in advance for a one-year contract to lease machinery for the business. The lease
On December 31, 2011, Chang Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance. Common Stock $25,000 Salaries Expense 16,000
At the beginning of 2011, Mitchell Cleaning Service had the following normal balances in its accounts:The following events apply to Mitchell for 2011.1. Provided \(\$ 65,000\) of services on
Grange, Attorney at Law, experienced the following transactions in 2011, the first year of operations:1. Accepted \(\$ 24,000\) on April 1,2011 , as a retainer for services to be performed evenly
Package Express started the 2011 accounting period with \(\$ 2,000\) cash, \(\$ 1,200\) of common stock, and \(\$ 800\) of retained earnings. Package was affected by the following accounting events
On September 1, 2011, Anthony Park, attorney, accepted an \(\$ 18,000\) cash advance from his client, Slab Company, for services to be performed over the next six months.Required a. Record the
Mendez Inc. experienced the following accounting events during its 2011 accounting period.1. Paid cash to settle an account payable.2. Collected a cash advance for services that will be provided
Donald Jones started a personal financial planning business when he accepted \(\$ 30,000\) cash as advance payment for managing the financial assets of a large estate. Donald agreed to manage the
Lei, an accounting major, and Jim, a marketing major, are watching a Matlock rerun on latenight TV. Of course, there is a murder and the suspect wants to hire Matlock as the defense attorney. Matlock
The following events apply to 2011, the first year of operations of Shay Services:1. Acquired \(\$ 25,000\) cash from the issue of common stock.2. Paid \(\$ 18,000\) cash in advance for a one-year
Solimon Company earned \(\$ 13,000\) of revenue on account during 2011. The company collected \(\$ 7,000\) cash from accounts receivable during 2011.Required Based on this information alone,
Cook Inc. experienced the following events in 2011, its first year of operations.1. Received \(\$ 15,000\) cash from the issue of common stock.2. Performed services on account for \(\$ 42,000\).3.
The following transactions pertain to the operations of Colton Company for 2011:1. Acquired \(\$ 20,000\) cash from the issue of common stock.2. Provided \(\$ 80,000\) of services on account.3. Paid
Required Explain how each of the following events or series of events and any related adjusting entry will affect the amount of net income and the amount of cash flow from operating activities
\\ Required}Identify whether each of the following items would appear on the income statement (IS), statement of changes in stockholders' equity (SE), balance sheet (BS), or statement of cash flows
On May 1, 2011, Southern Corporation paid \(\$ 9,000\) cash in advance for a one-year lease on an office building. Assume that Southern records the prepaid rent as an asset and that the books are
In 2011, Ace Company billed its customers \(\$ 100,000\) for services performed. The company subsequently collected \(\$ 73,000\) of the amount billed. Ace incurred \(\$ 69,000\) of operating
The following information was drawn from the accounting records of Fulmer Company as of December 31, 2011, before the temporary accounts had been closed. The company's cash balance was \(\$ 2,500\),
Required a. Identify which of the following accounts are temporary (will be closed to Retained Earnings at the end of the year) and which are permanent.(1) Common Stock (2) Salaries Payable (3) Cash
The following information was drawn from the accounting records of Croom Company as of December 31, 2011, before the nominal accounts had been closed. The company's cash balancewas \(\$ 4,000\), and
Lotus Company's accounting records show a \$ \(\$ 27,400\) balance in its Retained Earnings account on January 1, 2011. During the 2011 accounting cycle Lotus earned \(\$ 15,200\) of revenue,
Required Indicate whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE) transaction.a. Performed services for clients on
Required a. Name an asset use transaction that will affect the income statement.b. Name an asset use transaction that will not affect the income statement.c. Name an asset exchange transaction that
Required Name and provide a brief explanation of the six articles of the AICPA Code of Professional Conduct.
The following events pertain to Union Inc.:1. Acquired \(\$ 8,000\) cash from the issue of common stock.2. Provided \(\$ 9,000\) of services on account.3. Provided services for \(\$ 3,000\) cash.4.
Each of the following independent events requires a year-end adjusting entry. Show how each event and its related adjusting entry affects the accounting equation. Assume a December 31 closing date.
Caban Company had the following balances in its accounting records as of December 31, 2011:Required Based on the preceding information, answer the following questions. All questions pertain to the
Required a. On February 1, 2011, Elder Company was formed when it acquired \(\$ 10,000\) cash from the issue of common stock. On June 1, 2011, the company paid \$2,400 cash in advance to rent office
The following accounts and balances were drawn from the records of Miller Company:Required The following accounts and balances were drawn from the 2011 accounting records of Miller Company. Use the
The following data were taken from the records of Valley Company. Except as otherwise indicated, all balances are as of December 31, 2011, before the closing entries had been recorded.Required a.
Southwest Plains Company was formed on January 1, 2011.Events Affecting the 2011 Accounting Period1. Acquired \(\$ 25,000\) cash from the issue of common stock.2. Purchased \(\$ 500\) of supplies on
On September 1, 2011, Ameriship paid West Coast Rentals \(\$ 36,000\) for a 12-month lease on warehouse space.Required a. Record the deferral and the related December 31, 2011, adjustment for
Morgan Associates experienced the following accounting events during its 2011 accounting period.1. Recognized revenue on account.2. Issued common stock.3. Paid cash to purchase supplies.4. Collected
Meg Sanderfert started a personal financial planning business when she accepted \(\$ 60,000\) cash as advance payment for managing the financial assets of a large estate. Sanderfert agreed to manage
The following events apply to 2011, the first year of operations of ITS Consulting Services:1. Acquired \(\$ 20,000\) cash from the issue of common stock.2. Paid \(\$ 12,000\) cash in advance for a
Pilgram Company earned \(\$ 6,000\) of service revenue on account during 2011. The company collected \(\$ 5,200\) cash from accounts receivable during 2011.RequiredBased on this information alone,
Hamby Inc. experienced the following events in 2011, in its first year of operation.1. Received \(\$ 15,000\) cash from the issue of common stock.2. Performed services on account for \(\$ 48,000\).3.
The following transactions pertain to the operations of Stone Company for 2011:1. Acquired \(\$ 24,000\) cash from the issue of common stock.2. Provided \(\$ 40,000\) of services on account.3.
On May 1, 2011, Dobler Corporation paid \$9,600 to purchase a 24-month insurance policy. Assume that Dobler records the purchase as an asset and that the books are closed on December 31.Required a.
In 2011, Lott Inc. billed its customers \(\$ 56,000\) for services performed. The company collected \(\$ 42,000\) of the amount billed. Lott incurred \(\$ 38,000\) of other operating expenses on
The following information was drawn from the accounting records of Spartan Company as of December 31, 2011, before the temporary accounts had been closed. The Cash balance was \(\$ 6,000\), and Notes
Comador Company's accounting records show an after-closing balance of \(\$ 16,800\) in its Retained Earnings account on December 31, 2011. During the 2011 accounting cycle, Comador earned \(\$
The following cash transactions occurred in five real-world companies:1. Cisco Systems issued \(\$ 4\) billion in bonds payable in February 2009. Bonds payable are a form of long-term borrowings.2.
Assume that Brown Company acquires \(\$ 1,400\) cash from creditors and \(\$ 1,800\) cash from investors (stockholders).Required a. Define the term business liquidation.b. If Brown has a net loss of
Betty Brock helped organize a charity fund to help cover the medical expenses of a friend of hers who was seriously injured in a bicycle accident. The fund was named Sandy Sayers Recovery Fund
As of December 31, 2011, Chepas Company had total assets of \(\$ 132,000\), retained earnings of \(\$ 79,600\), and common stock of \(\$ 45,000\). During 2012 Chepas earned \(\$ 42,000\) of cash
Total stockholders' equity of Davis Company increased by \(\$ 42,250\) between December 31, 2011, and December 31, 2012. During 2012 Davis acquired \(\$ 15,000\) cash from the issue of common stock.
Waldron Co. experienced the following events during 2011.1. Acquired cash from the issue of common stock.2. Provided services to clients for cash.3. Borrowed cash.4. Paid operating expenses with
Belmont Company was started in 2011 when it acquired \(\$ 48,000\) cash by issuing common stock. The cash acquisition was the only event that affected the business in 2011.Required Which financial
Portland Company was started in 2011 when it borrowed \(\$ 25,000\) from National Bank.Required Which financial statements would be affected by this event?
Chicago Company was started on January 1, 2011. During 2011, the company completed three accounting events: (1) earned cash revenues of \(\$ 12,500\), (2) paid cash expenses of \(\$ 6,400\), and (3)
At the beginning of 2011, Paramount Company's accounting records had the following general ledger accounts and balances.Paramount completed the following transactions during 2011:1. Purchased land
Carlos Company experienced the following events during its first year of operations.1. Acquired \(\$ 16,000\) cash from the issue of common stock.2. Paid \(\$ 3,500\) cash for salary expense.3.
Durango, Inc., experienced the following events during 2011.1. Acquired \(\$ 55,000\) cash from the issue of common stock.2. Paid \(\$ 15,000\) cash to purchase land.3. Borrowed \(\$ 10,000\) cash
Ashville Company was organized by issuing \(\$ 750\) of common stock and by borrowing \(\$ 450\). During the accounting period, the company earned cash revenue of \(\$ 900\) and paid cash expenses of
Sun Company purchased land in April 2008 at a cost of \(\$ 600,000\). The estimated market value of the land is \(\$ 700,000\) as of December 31,2011 . Sun purchased marketable equity securities
Nelson Company sold land for \(\$ 100,000\) cash to Shelton Company in 2011.Required a. Was this event an asset source, use, or exchange transaction for Nelson Company?b. Was this event an asset
Bailey's Boat Shop was started in 2012. During 2012, the company (1) acquired \(\$ 5,000\) cash from the issue of common stock, (2) earned cash revenue of \(\$ 22,000\), (3) paid cash expenses of
Roger Williams started Electronics, Inc. on January 1, 2011. The company experienced the following events during its first year of operation.1. Acquired \(\$ 15,000\) cash by issuing common stock.2.
Classic Photo Shop experienced the following events during its first year of operations, 2011.1. Acquired cash by issuing common stock.2. Provided services and collected cash.3. Borrowed cash from a
Maria Periz is a business consultant. She analyzed the business processes of one of her clients, Classics Companies, in November 2011. She prepared a report containing her recommendation for changes
A random list of various financial statements components follows: (1) Retained Earnings account ending balance, (2) revenues, (3) Common Stock account beginning balance, (4) Common Stock account
Yancy's Consulting Services experienced the following transactions for 2011, the first year of operations, and 2012. Assume that all transactions involve the receipt or payment of cash.Transactions
Harber Corp. started the accounting period with \(\$ 15,000\) of assets, \(\$ 2,200\) of liabilities, and \$4,550 of retained earnings. During the period, the Retained Earnings account increased by
Rooney Consulting experienced the following transactions during 2011.1. Acquired cash by issuing common stock.2. Received cash for performing services.3. Paid cash expenses.4. Borrowed cash from the
As of December 31, 2011, Eber Company had total assets of \(\$ 156,000\), total liabilities of \(\$ 85,600\), and common stock of \(\$ 52,400\). During 2012 Eber earned \(\$ 36,000\) of cash revenue,
The December 31, 2011, balance sheet for Classic Company showed total stockholders' equity of \(\$ 82,500\). Total stockholders' equity increased by \(\$ 53,400\) between December 31, 2011, and
Expo Co. was started in 2011. During 2011, the company (1) acquired \(\$ 11,000\) cash from the issue of common stock, (2) earned cash revenue of \(\$ 18,000\), (3) paid cash expenses of \(\$
Texas Corporation experienced the following transactions during 2011.1. Paid a cash dividend to the stockholders.2. Acquired cash by issuing additional common stock.3. Signed a contract to perform
Cooley Company was started on January 1, 2011, and experienced the following events during its first year of operation.1. Acquired \(\$ 30,000\) cash from the issue of common stock.2. Borrowed \(\$
What is U.S. GAAP? What is IFRS?
Discuss the ratios computed for Tyler Company in problems 13 through 16. What is your assessment of the performance and future potential of Tyler Company?Data From Problem 13:-The following reserve
Use the same facts as problem 20 and prepare entries using the following independent assumptions:a. Lease A is abandoned in 2022.b. Lease A is proved in 2022.c. Insignificant Lease Y, with a cost of
Assuming the same data as given in problem 9, was the well in each case profitable?Discuss your answer.Problem 9:- Property cost (acquisition cost). Drilling cost (one well). Estimated completion
Assume the same data as given in problem 9, except the company expects the following production:Case A: 300 bbl per month Case B: 500 bbl per month REQUIRED:a. Determine the number of months needed
Problem 8 is the same as problem 7 with respect to initial measurement of the ARO liability. Now assume that Tadpole’s credit standing improves over time, causing the credit-adjusted risk-free rate
Tyler Company reported the following costs on its financial statements (in thousands):REQUIRED: Using the reserve disclosure for Tyler Company in problem 13 and the data presented in this problem,
Tyler Company’s ASC 932-235 disclosures included the following information:REQUIRED: Using the information for Tyler Company in problems 13, 14, and 15 and in this problem:a. Compute the value of
Copy your worksheet from Question 7 into another worksheet.a. Change the increase from 10% to 18%.b. Protect the worksheet, so that changes cannot be made.Data from Question 7Open a new spreadsheet.
Using the spreadsheet, you created in Question 9, type “=120000/12” in Cell B3. Use a cell reference for cells C3–M3 so that the same number is shown in these cells.a. Total the monthly totals
Define the following:top leasebonusoption to leasepurchase in feedelinquent taxes paid by the lesseeimpairmentinternal costs
Alan Energy Corporation acquired a lease with a four-year primary term, paying$350/acre. During the next three years, Alan drilled three dry holes on the property.With one more year of the primary
Warren Energy Company, a successful efforts company, owns an individually significant lease, with a cost of $400,000. On December 31, 2019, the lease is not considered impaired. However, prior to
A(n)___________ is an oil and gas lease acquired on acreage that currently has a valid lease in effect.
Basic Petroleum, a new company using the successful efforts method of accounting, began operations in 2018 with the acquisition of four undeveloped leases, all individually significant.REQUIRED: Give
On December 31, 2018, the account for Drake Oil Company’s individually insignificant unproved properties had a balance of $800,000. The impairment allowance account had a balance of
The following data for Seaside Petroleum relates to unproved property:REQUIRED:a. Give the entries to record the abandonment of both Lease A and Lease B.b. Give the entries assuming instead that both
Costs of $200,000 were incurred by Davidson Oil Company’s internal land department in acquiring leases. Of the 1 million acres of prospects, only 420,000 acres were leased.REQUIRED:a. How much, if
Contender Oil Corporation obtained shooting rights only for $10,000 on 5,000 acres owned by Mr. See. Contender also obtained shooting rights coupled with an option to lease for $12,000 on 4,000 acres
Todd Energy Company computes individually insignificant property impairment by grouping such properties according to year of acquisition. During 2019, Todd Energy acquired individually insignificant
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