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business
introductory financial accounting

Questions and Answers of Introductory Financial Accounting

Identify whether each of the following transactions is an asset source (AS), asset use (AU), asset exchange (AE), or claims exchange (CE). Also explain how each event affects the accounting equation
Indicate whether each of the following accounts normally has a debit balance or a credit balance:a. Unearned Revenueb. Service Revenuec. Dividendsd. Lande. Accounts Receivablef. Cashg. Common Stockh.
The December 31, Year 2, balance sheet for Shannon’s Lamps, Inc. (SLI) showed Cash of $64,000, Common Stock of $24,000, and Retained Earnings of $40,000. During Year 3, SLI experienced the
As of January 1, Year 5, the accounting records for Antique Art, Inc. (AAI) showed Cash of $130,000, Common Stock of $100,000, and Retained Earnings of $30,000. During Year 5, AAI experienced the
Colton Enterprises experienced the following events for Year 1, the first year of operation:1. Acquired $35,000 cash from the issue of common stock.2. Paid $12,000 cash in advance for rent. The
The following transactions pertain to Smith Training Company for Year 1:Jan. 30 Established the business when it acquired $45,000 cash from the issue of common stock.Feb. 1 Paid rent for office space
The following trial balance was prepared from the ledger accounts of Ricardo Company:When the trial balance failed to balance, the accountant reviewed the records and discovered the following
Each of the following independent events requires a year-end adjusting entry. Record each event and the related adjusting entry in general journal format. The first event is recorded as an example.
The following information is from the records of attorney Glenn Price. Write a brief explanation of the accounting event represented in each of the general journal entries. Date Account Titles Deblt
The preceding 13 different accounting events are presented in general journal format. Use a horizontal statements model to show how each event affects the balance sheet, income statement, and
The following accounting events apply to Mary’s Designs for Year 1:Asset Source Transactions1. Began operations by acquiring $90,000 of cash from the issue of common stock.2. Performed services and
The following balances were drawn from the accounts of Carter Company. The accounts and balances shown here are presented in random
The following information was drawn from the accounting records of Chapin Company.1. On January 1, Year 1, Chapin paid $56,000 cash to purchase a truck. The truck had a five-year useful life and a
At the beginning of Year 1, Oak Consulting had the following normal balances in its accounts:Account
The following financial information was taken from the books of Zone Health Club, a small spa and fitness club:Account Balances as of December 31, Year 1Accounts Receivable
On December 31, Year 1, Morgan Company had the following normal account balances in its general ledger. Use this information to prepare a trial balance.Land
The following events apply to Montgomery Company for Year 1, its first year of operation:1. Received cash of $36,000 from the issue of common stock.2. Performed $48,000 of services on account.3.
On December 31, Year 1, BIG Company had accrued salaries of $6,400.Requireda. Record in general journal format the adjustment required as of December 31, Year 1.b. Show the above adjustment in a
Cherokee Company began operations when it issued common stock for $80,000 cash. It paid $60,000 cash in advance for a one-year contract to lease delivery equipment for the business. It signed the
Raylan received a $60,000 cash advance payment on June 1, Year 1, for consulting services to be performed in the future. Services were to be provided for a one year term beginning June 1, Year
Sye Chase started and operated a small family architectural firm in Year 1. The firm was affected by two events: (1) Chase provided $25,000 of services on account,(2) He purchased $2,800 of
Davos Company performed services on account for $160,000 in Year 1. Davos collected $120,000 cash from accounts receivable during Year 1, and the remaining $40,000 was collected in cash during Year
For each of the following T-accounts, indicate the side of the account that should be used to record an increase or decrease in the account balance: Cash Accounts Payable Debit Credit Common Stock
Two introductory accounting students were arguing about how to record a transaction involving an exchange of cash for land. Laura stated that the transaction should have a debit to Land and a credit
Complete the following table by indicating whether a debit or credit is used to increase or decrease the balance of accounts belonging to each category of financial statement elements. The
Define debit and credit. How are assets, liabilities, and stockholders equity affected (increased or decreased) by debits and by credits?
In 2016 and 2015, Sears Holding Corporation reported net losses and negative cash flows from operating activities. Using the company’s Form 10-K for the fiscal year ended January 28, 2017 (2016),
The following financial statements were drawn from the records of Matrix Shoes:Income Statement For the Year Ended December 31, Year 2Sales revenue
York Company engaged in the following transactions for the year Year 1. The beginning cash balance was $86,000 and the ending cash balance was $59,100.1. Sales on account were $548,000. The beginning
The comparative balance sheets and an income statement for Raceway Corporation follow:Income StatementFor the Year Ended December 31, Year 2Sales
The comparative balance sheets and income statements for Gypsy Company follow.Income StatementFor the Year Ended December 31, Year 2Sales revenue
The following information can be obtained by examining a company’s balance sheet and income statement information:a. Increases in current asset account balances, other than cash.b. Decreases in
The following information was drawn from the year-end balance sheets of Fox River, Inc.The following is additional information regarding transactions that occurred during Year 2:1. Fox River, Inc.
The following information was drawn from the year-end balance sheets of Mass Trading Company:The following is additional information regarding transactions that occurred during Year 2:1. Investment
Green Brands, Inc. (GBI) presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from GBI’s Year 2 and Year 1 year-end balance
The following accounts and corresponding balances were drawn from Dexter Company’s Year 2 and Year 1 year-end balance sheets:Other information drawn from the accounting records:1. Dividends paid
On January 1, Year 1, Hardy Company had a balance of $150,000 in its Common Stock account. During Year 1, Hardy paid $20,000 to purchase treasury stock. Treasury stock is accounted for using the
On January 1, Year 1, DIBA Company had a balance of $450,000 in its Bonds Payable account. During Year 1, DIBA issued bonds with a $200,000 face value. There was no premium or discount associated
The following accounts and corresponding balances were drawn from Delsey Company’s Year 2 and Year 1 year-end balance sheets:Other information drawn from the accounting records:1. Delsey incurred a
On January 1, Year 1, Bacco Company had a balance of $72,350 in its Delivery Equipment account. During Year 1, Bacco purchased delivery equipment that cost $22,100. The balance in the Delivery
On January 1, Year 1, Shelton Company had a balance of $325,000 in its Land account. During Year 1, Shelton sold land that had cost $106,500 for $132,000 cash. The balance in the Land account on
The following accounts and corresponding balances were drawn from Jogger Company’s Year 2 and Year 1 year-end balance sheets:The Year 2 income statement is shown next: Income StatementSales
The following accounts and corresponding balances were drawn from Marinelli Company’s Year 2 and Year 1 year-end balance sheets:The Year 2 income statement is shown next: Income StatementSales
The following accounts and corresponding balances were drawn from Avia Company’s Year 2 and Year 1 year-end balance sheets:During the year, $46,000 of unearned revenue was recognized as having been
Shim Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Shim’s Year 2 and Year 1 year-end balance sheets.The
Alfonza Incorporated presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from the company’s Year 2 and Year 1 year-end
An accountant for Southern Manufacturing Companies (SMC) computed the following information by making comparisons between SMC’s Year 1 and Year 2 balance sheets. Further information was determined
The annual report for Target Corporation opens with a general description of business operations, risk factors, stock market registration, and selected financial data. This is followed by
Carr Corporation issued $50,000 of 6 percent, 10-year bonds on January 1, Year 1, for a price that reflected a 7 percent market rate of interest. Interest is payable annually on December
The following transactions pertain to Harrison Imports for Year 1:1. Started business by acquiring $30,000 cash from the issue of common stock.2. Provided $90,000 of services for cash.3. Invested
Complete the following table for the three categories of marketable investment securities: Recognition of Cash Flow from Purchase or Sale of Securitles Is Classifled as Investing activity Unrealized
Molten, Inc. began Year 2 with $100,000 in both cash and common stock. The company engaged in the following investment transactions during Year 2:1. Purchased $20,000 of marketable investment
The following information pertains to Botter Supply Co. for Year 1:1. Purchased $100,000 of marketable investment securities.2. Earned $10,000 of cash investment revenue.3. Sold for $30,000
Norris Co. purchased $36,000 of marketable securities on March 1, Year 1. On the company’s fiscal year closing date, December 31, Year 1, the securities had a market value of $27,000. During Year
The following financial statements and information are available for Blythe Industries Inc.:Income Statement For the Year Ended December 31, 2017Sales revenue
Tesla, Inc. began operations in 2003 but did not begin selling its stock to the public until June 28, 2010. It has lost money every year it has been in existence, and by December 31, 2016, it had
Obtain the Target Corporation’s annual report at http://investors.target.com using the instructions in Appendix B and use it to answer the following questions:a. For the year ended January 28, 2017
The following financial statements were drawn from the records of Boston Materials, Inc.:Income Statement For the Year Ended December 31, Year 2Sales revenue
The Electric Company engaged in the following transactions during Year 2. The beginning cash balance was $43,000 and the ending cash balance was $48,600.1. Sales on account were $274,000. The
The comparative balance sheets and an income statement for Wang Beauty Products, Inc. are shown next:Income Statement For the Year Ended December 31, Year 2Sales
The following financial statements were drawn from the records of Culinary Products Co.:Income Statement For the Year Ended December 31, Year 2Sales revenue
The following information was drawn from the year-end balance sheets of Long’s Wholesale, Inc.:The following is additional information regarding transactions that occurred during Year 2:1. Long’s
The following information was drawn from the year-end balance sheets of Vigotti Company:The following is additional information regarding transactions that occurred during Year 2:1. Investment
The following accounts and corresponding balances were drawn from Crimson Sports, Inc.’s Year 2 and Year 1 year-end balance sheets:The Year 2 income statement is shown next: Income StatementSales
The following accounts and corresponding balances were drawn from Cushing Company’s Year 2 and Year 1 year-end balance sheets:Other information drawn from the accounting records:1. Dividends paid
On January 1, Year 1, Milam Company had a balance of $300,000 in its Common Stock account. During Year 1, Milam paid $18,000 to purchase treasury stock. Treasury stock is accounted for using the
On January 1, Year 1, Van Company had a balance of $800,000 in its Bonds Payable account. During Year 1, Van issued bonds with a $300,000 face value. There was no premium or discount associated with
The following accounts and corresponding balances were drawn from Teva Company’s Year 2 and Year 1 year-end balance sheets:Other information drawn from the accounting records:1. Teva incurred a
On January 1, Year 1, Sanita Company had a balance of $76,300 in its Office Equipment account. During Year 1, Sanita purchased office equipment that cost $30,300. The balance in the Office Equipment
On January 1, Year 1, Poole Company had a balance of $178,000 in its Land account. During Year 1, Poole sold land that had cost $71,000 for $95,000 cash. The balance in the Land account on December
The following accounts and corresponding balances were drawn from Geneses Company’s Year 2 and Year 1 year-end balance sheets:The Year 2 income statement is shown next: Income StatementSales
The following accounts and corresponding balances were drawn from Pixi Company’s Year 2 and Year 1 year-end balance sheets:The Year 2 income statement is shown next: Income StatementSales
The following accounts and corresponding balances were drawn from Osprey Company’s Year 2 and Year 1 year-end balance sheets:During the year, $84,000 of unearned revenue was recognized as having
Pella Company presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from Pella’s Year 2 and Year 1 year-end balance sheets:The
Napoleon Incorporated presents its statement of cash flows using the indirect method. The following accounts and corresponding balances were drawn from the company’s Year 2 and Year 1 year-end
An accountant for Farve Enterprise Companies (FEC) computed the following information by making comparisons between FEC’s Year 2 and Year 1 balance sheets. Further information was determined by
There were 36,899 McDonald’s Company restaurants in 120 countries as of December 31, 2016. Shake Shack, Inc., a much newer fast-food restaurant company, began operations as a hot dog cart in 2001.
Listed here are data for five companies. These data are for the companies’ 2016 fiscal years. The market price per share is the closing price of the companies’ stock as of March 24, 2017. Except
The following are the stockholders’ equity sections of three public companies for years ending in 2015 and 2016:Requireda. Divide the class into three sections and divide each section into groups
Obtain the Target Corporation’s annual report at http://investors.target.com using the instructions in Appendix B and use it to answer the following questions:Requireda. What is the par value per
An investor is trying to decide whether to purchase stock in Henderson Inc. or Glover Corporation. Glover Corporation reported annual earnings per share of $8, and the current market price of Glover
Rabern Corp. completed the following transactions in Year 1, the first year of operation.1. Issued 15,000 shares of $10 par common stock at par.2. Issued 5,000 shares of $50 stated value preferred
Burk Corp. completed the following transactions in Year 1, the first year of operation:1. Issued 30,000 shares of $10 par common stock for $15 per share.2. Issued 6,000 shares of $100 par, 5
The stockholders’ equity section of the balance sheet for Stinson Company at December 31, Year 1, is as follows:The market value per share of the common stock is $40, and the market value per
Edgar Corporation was authorized to issue 100,000 shares of $8 par common stock and 50,000 shares of $80 par, 4 percent, cumulative preferred stock. Edgar Corporation completed the following
The Corners Corporation experienced three events that affected its financial statements, as shown in the following table. Assume that the original issue (Entry 1) Awas for 400,000 shares, and the
Tyler Corp. had the following stock issued and outstanding at January 1, Year 1.1. 60,000 shares of no-par common stock.2. 15,000 shares of $100 par, 4 percent, cumulative preferred stock. (Dividends
Best Auto Parts Company was started on January 1, Year 1, when the owners invested $120,000 cash in the business. During Year 1, the company earned cash revenues of $80,000 and incurred cash expenses
Pepper Company’s earnings were approximately the same in Year 1 and Year 2. Even so, the company’s P/E ratio dropped significantly.RequiredSpeculate about why Pepper’s P/E ratio dropped
On December 30, Odom Enterprises (OE) had $120,000 in cash, $35,000 in liabilities, $50,000 of common stock, and $35,000 in unrestricted retained earnings. On December 31, OE appropriated retained
On October 1, Year 1, Nicholes Corporation declared a $50,000 cash dividend to be paid on December 15 to shareholders of record on November 1.RequiredRecord the events occurring on October 1,
The following information pertains to Ming Corp. at January 1, Year 1:Common stock, $10 par, 50,000 shares authorized,3,000 shares issued and outstanding
Reiss Inc. was organized on June 1, Year 1. It was authorized to issue 500,000 shares of $10 par common stock and 100,000 shares of 4 percent cumulative class A preferred stock. The class A stock
Newly formed Irwin Services Corporation has 100,000 shares of $10 par common stock authorized. On March 1, Year 1, Irwin Services issued 20,000 shares of the stock for $12 per share. On May 2, the
ALR Corporation had the following stock issued and outstanding at January 1, Year 1.1. 200,000 shares of $10 par common stock.2. 8,000 shares of $100 par, 4 percent, noncumulative preferred stock.On
When Ching Corporation was organized in January Year 1, it immediately issued 10,000 shares of $50 par, 5 percent, cumulative preferred stock and 15,000 shares of $10 par common stock. The
The stockholders’ equity section of Creighton Company’s balance sheet is shown as follows:Requireda. Assuming the preferred stock was originally issued for cash, determine the amount of cash
Bronson Inc. has 300,000 shares authorized, 175,000 shares issued, and 25,000 shares of treasury stock. At this point, Bronson has $820,000 of assets. $250,000 liabilities, $400,000 of common stock,
D. Reed and J. Files started the RF partnership on January 1, Year 1. The business acquired $70,000 cash from Reed and $140,000 from Files. During Year 1, the partnership earned $75,000 in cash
A sole proprietorship was started on January 1, Year 1, when it received $30,000 cash from Maria Lopez, the owner. During Year 1, the company earned $50,000 in cash revenues and paid $22,300 in cash

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